DTP by SHADE
1
.RUQHO0DNXV]\ĔVNL
.
3LąWHSU]H]G]LHVLąWH
.
.
.
DTP by SHADE
2
$FKMDNLĪSLĊNQ\W\WXá²]DZRáDXUDGRZDQ\F]\WHOQLN
0XV]Ċ]DXZDĪ\üRGUD]XZFHOXXQLNQLĊFLDQLHSRUR]XPLHĔĪHF]\WHOQLNMHVWWRLQ-
G\ZLGXXP NWyUH VLĊ UDGXMH E\OH F]HP 3RQXUH PRMH VSRVWU]HĪHQLH SRFKRG]L ZáDĞQLH
] SRZRGX WHJR W\WXáX %R L F]HP VLĊ UDGRZDü" 'OD PQLH W\WXá WHQ MHVW SHáHQ ]JUR]\
R]QDF]DRQERZLHPĪHDXWRUEĊG]LHSU]HPDZLDáQLHZLHOHZLĊFHMLE\QDMPQLHMQLHZLHOH
SLĊNQLHMQLĪ]DZRGRZ\ZDUMDWERW\ONRWDMHG\QLHUR]XPQDJURPDGNDOXG]NDJDGDü
]Z\NáD³SLąWHSU]H]G]LHVLąWH´
-HĪHOLNWRĞEUHG]LWRVLĊRQLPXQDVPyZLĪHJDGDDOER³WU]\SRWU]\´²DOER³SLąWH
SU]H]G]LHVLąWH´]QDüZW\FKSRZLHG]HQLDFKĪ\ZLRáRZ\ZVWUĊW3RODNyZGRUDFKXQNyZ
LGRPDWHPDW\NLLSHZLHQHJRLVW\F]QD]UHV]WąQDJPLQQLHQDERĪQ\V]DFXQHNGODV]D-
OHĔFyZ-HVWHPWHĪSHZLHQĪHPRMDNVLąĪHF]NDWDNLPWU\EHPQD]ZDQDEĊG]LHF]\WDQD
]V]DFXQNLHPL]SRZDJą
6NąGSRFKRG]LWHQW\WXá":SUDZG]LHPDáRWRNRJRNROZLHNREFKRG]LOHF]QLHEĊG]LH
RGU]HF]\MHĞOLSRZLHPĪHW\WXáWHQ]RVWDáSU]HĪHUDQLHREP\ĞORQ\SUDFRZLFLHL]Z\-
VLáNLHP SRGF]DV EH]VHQQ\FK QRF\ D ZV]\VWNR WR SR WR DE\ F]\WHOQLF\ PRJOL SRWHP
NLZDüOLWRĞFLZLHJáRZąOXEMHMSRáRZąFRWDPNWRPDLU]HFáDFKRQPyZL³SLąWHSU]H]
G]LHVLąWH´&]\WHOQLNERZLHPMHVWWRVWZRU]HQLHEH]ZVW\GQHQLHOLWRĞFLZHáQLHZG]LĊF]-
QHDU]DGNRNWyU\XPLHVLĊ]GRE\üQDWRE\DXWRURZLXF]\QLüWĊGUREQąSU]\MHPQRĞü
LGRVWDüSRGF]DVF]\WDQLDSRPLHV]DQLD]P\VáyZ
$XWRU]DĞWHJRW\ONRSUDJQąáLWRQLHSU]H]]áRĞOLZRĞü%\QDMPQLHM5D]MHGHQVWDU\
JRáąERILDURZDáDXWRURZLVZRMHáDJRGQHVHUFHQD]DPLDQĊLDXWRUVLĊQLH]JRG]LáJRáĊ-
ELHVHUFHE\áR]DPDáRáDJRGQH
&]HJyĪWHG\SUDJQLHF]áRZLHNNWyU\WHVáRZDSLV]H"
7HJRE\F]\WHOQLNQDFKZLOĊRV]DODáERMHĞOLRV]DOHMHWRVLĊQDPRPHQWSU]HQLHVLH
GROHSV]HJRĞZLDWDZMDNLHгSLąWHSU]H]G]LHVLąWH´QLHERJG]LHZV]\VWNR]UDGRĞFLVWDMH
QDJáRZLHJG]LHP\ĞOLWDĔF]ąLVáRZDVąSLMDQHJG]LHNDĪGH]GDQLHVLĊ]DWDF]DJG]LH
QLNRJRQLHEROą]ĊE\QLNWVPĊWQLHQLHĞSLHZD³V]XPLąMRGá\QDJyUV]F]\FLH´JG]LHMHVW
SRJRGDZLHF]\VWDJG]LHQLNWQLHSDWU]\SRQXUROHF]NDĪG\]XĞPLHFKHPLJG]LHĪ\FLH
MDNFKáRSLĊUR]LJUDQHJUDZSLáNĊ]RGXU]RQ\PF]áRZLHNLHP
2FKMDNDĪWRUR]NRV]PyFF]DVHPP\ĞOHüOXEF]DVHPPyZLü²³SLąWHSU]H]G]LH-
VLąWH´²MDNDĪWRUR]NRV]1LH³SU\QF\SLDOQLH´QLHPHWRG\F]QLHQLHQDSXV]HQLHQLH
ORJLF]QLHOHF]EDZLüVLĊV]DOHĔVWZHPVáRZDUR]LJUDQLHPP\ĞOLVSRMU]HQLHPZHVRáHP
RSRZLHĞFLąZDUMDFNąRE\OHF]HPE\OHW\ONRGDüVXVD]]LHPLLSU]H]MHGQRPJQLHQLH
RNDXWU]\PDüVLĊZSRZLHWU]X
2WyĪF]\WHOQLNXXGHU]\ZV]\NLONDNURüJáRZąRWZDUG\PXULSRP\ĞODZV]\]HGZLH
WU]\GRE\²SRMPLHV]VNąGWHQW\WXáLFR]QDF]\"3U]HWRWHQW\WXáSRZLDGDEĊGĊPyZLá
RZV]\VWNLHPFRPLĞOLQDQDMĊ]\NSU]\QLHVLHFRPLW\ONRVWU]HOLGRáEDRF]HPSWDN
]DĞSLHZD²ZV]\VWNRMHGQRRF]HPZLĊFLRSLąWHPLRG]LHVLąWHPEĊGĊPyZLáEH]
WURVNL]SRZDJąVWDUHJRZDUMDWDUHF\G\ZLVW\]VHUGHF]QąRWZDUWRĞFLąG]LHFND
2F]\WHOQLNX*G\E\ĞZLHG]LDáMDNáDWZRE\üIDáV]\Z\PILOR]RIHPDMDNEDUG]R
WUXGQRZHVRá\PV]DOHĔFHP-DNáDWZRMHVWPyZLüSUDZGĊUR]WURSQLHDMDNEDUG]RWUXG-
QRMHVWNáDPDüOHNNRP\ĞOQLHDSLĊNQLH*G\E\ĞWRZLHG]LDá]PyZLáE\ĞWU]\=GURZDĞ
0DUMRLWU]\$QLRá3DĔVNL]D]JXELRQąGXV]ĊDXWRUD«
6ąWDNLHZDUMDW\FRZáDĪąQDJyUVNLJU]ELHWáQDGSU]HSDĞFLąFRSDV]F]Ċ]DFKáDQ-
QLHRWZLHUDXVLáXMą]HUZDüDNVDPLWQ\V]DU\ĞOLF]Q\NZLDWHNJG\PLOMRQOXG]LFKRG]L
SRZ\JRGQHMXOLF\JG]LHPRĪQDNXSLüáDWZRQDMZVSDQLDOV]HNZLDW\LSRVáDüMHRSDVáHM
LJáXSLHMNRFKDQFH+D2WRMHVWSRUyZQDQLHZ\ERUQHLZQDMOHSV]\PJDWXQNX6ąWHĪ
VWDUHZDUMDW\FRZáDĪąJG]LHĞSRGQLHERSRQDGSU]HSDĞFLHDE\WDPQDV]F]\FLHV]D-
OHĔVWZD QD FKZLHMąF\P VLĊ NDP\F]NX OHNNRP\ĞOQRĞFL ]QDOHĨü MHGHQ PL]HUQ\ V]DU\
OHF]ĞOLF]Q\XĞPLHFKSRGF]DVNLHG\LQQLEH]SLHF]QLHFKRG]ąSRV]HURNLHMXOLF\Z\EUX-
NRZDQHMEDQDOQLHSáDVNLHMMDNGRVWRMQDGXV]DV]WXF]QLHRĞZLHWORQHMLWDPVRELHNX-
SXMą]MHáF]DáąIDáV]\ZąSRH]MąNZDĞQąILOR]RIMHVDFKDU\QĊVHQW\PHQWXSRGUDELDQH
ZLQRXF]XFLDLVHUFHRZLWHZVUHEUQąF\QIROMĊ
DTP by SHADE
3
5DGRĞüĪ\FLDWU]HED]DZV]HZ3ROVFHSU]HP\FDüSU]H]FHOQąJUDQLFĊQDNWyUHMVWRL
VWUDĪQLNLQDOHSLDHW\NLHW\%H]HW\NLHW\QLFVLĊQLHRVWRL3U]HWRMHĞOLUDGRĞüVáRQHF]Qą
SRĪ\ZDV]ZNDĪGHPVáRZLHDOER]HĔMDN]ZLQQHJRJURQDZ\FLVNDV]NUHZVáRĔFD²
VáRGNLVRNNLHG\MHVWHĞMDNG]LHFNRFRPDQLHELHVNLHRF]\LZGáRQLHFKFHFKZ\FLüSUR-
PLHĔDOER]HEUDüQLHPLPLJRWOLZ\EODVN]SRZLHU]FKQLZyG\ZWHG\FLĊSDOFHPSRNDĪą
PyZLąFSDWU]FLHSDWU]FLHWRMHVW³VPXWQ\KXPRU\VWD´
$FKGODF]HJRVPXWQ\LGODF]HJRKXPRU\VWD"6PXWHNMHVWWRWDNLSROVNLVRVNWy-
UHJR VLĊ XĪ\ZD GR NDĪGHM SRWUDZ\ %H] VPXWNX VPĊWNX PHODQFKROML WĊVNQRW\ĪDOX
LJRU\F]\QLHGDOHNR]DMHG]LHV]RFKQLHGDOHNRĩHE\ĞVLĊUDGRZDáMDNVáRĔFHVDPRSR-
ZLHG]ąFLĪHMHVWHĞVPXWQ\FKRüVDPRWHPQLHZLHV]3RSXODUQLHQD]\ZDVLĊWR³ZPD-
ZLDQLHPZĪ\GDFKRURE\´.LHG\]DĞGRVáRZD³VPXWQ\´GRGDG]ąVáRZR³KXPRU\VWD´
WRVLĊ]WHJRURELSDUDGRNVWDNVWUDV]OLZLHNUZDZ\MDNWU]\G]LHVWROHWQLDZRMQDDOERMDN
U]HĨQLD
1DNVLąĪFHSU]HWRNWyUDVLĊFKFHXĞPLHFKQąüQDOHĪ\SLVDüRVWU]HĪHQLH³1LHMH-
VWHPVPXWQDĞPLHMĊVLĊXF]FLZLHEH]GZX]QDF]QLNyZQLHMHVWHPV]DWDQHPLURQMLDQL
XĞPLHFKQLĊW\PQLHERV]F]\NLHP´
$SRWHPGRSLHURWU]HEDZ\SLVDüW\WXáQDFKXG\PJU]ELHFLHNVLąĪNL
7\WXáMHVWU]HF]ąGRZ\P\ĞOHQLDWUXGQą$XWRUPD]WHPNáRSRWWDNLMDNPDWND
NWyUDSU]H]RVLHPPLHVLĊF\UR]P\ĞODQDGWHPMDNQD]ZLHVZRMHPDOHĔVWZRDOERMDN
F]áRZLHNNWyU\GRVWDáPáRGHJRSVDDOERMDNNRFKDQHNNWyU\UR]P\ĞODXFLąĪOLZLHMDN
]GUREQLüLPLĊVZHMNRFKDQNL0DWFHMHVWáDWZRERPDGRG\VSR]\FMLNDOHQGDU]URG]LQQH
WUDG\FMHEDENLLWHĞFLRZHGRQDUDG\ZáDĞFLFLHOSVDZ\ELHUDMHGQRLPLĊ]SVLHJRLPLHQQL-
NDNWyUHMHVWQLHZLHONLH1HUR/RUG%U\ĞàREX]+XOWDM3LN7UHIO&DUR&RHXU3RP\-
VáRZRĞüOXG]NDZSVLHPNUyOHVWZLHGDOHNRQLH]DV]áD=QDáHPMHGQHJRW\ONRF]áRZLHND
NWyU\VLĊ]GRE\áQDGRZFLSLSVLHEOLĨQLĊWDQD]ZDáĞOLF]QLHMHJR:KLVN\DMą6RGDSU]H]
FRZ\ND]DáZ\VRNLHMNODV\NXOWXUĊSLMDFNąLZ]QLRVáRĞüGRZFLSX.RFKDQNĊQD]ZDüMHVW
WUXGQLHML]D]Z\F]DM]GUREQLDáHMHMLPLĊMHVWKDQLHEQHPRV]XVWHPPLáRĞFLNWyUDEDEĊ
JUXEąMDNSLHFQD]\ZD0XV]NąDOER3WDV]NLHPDOER.RFLDNLHP²PLáRĞüERZLHPQDM-
FKĊWQLHMV]XNDQDWFKQLHQLDZPHQDĪHUML²EDEĊ]DĞZ\EXMDáąV]NLHOHWRZDáDLW\F]NĊ
FKPLHORZH]RZLH5yĪ\F]Ną/LOLMNą6WRNURWNąDOERLQQąMDNąĞMDU]\QąF]\]LHOVNLHP
-HGHQ L GUXJL URG]DM WHQ IDXQLF]Q\ L WHQ ERWDQLF]Q\ VSURZDG]D VLĊ SR ]HUZDQLX
L SR DZDQWXU]H GR MHGQHJR SLHV]F]RWOLZHJR VNUyWX ]XSHáQLH MXĪ QLH DOHJRU\F]QHJR
ERSRSHZQ\PF]DVLHL0XV]NDL/LOLMNąQD]\ZDVLĊ³WDPDáSD]LHORQD´0LáRĞüERZLHP
Pą ]DZV]H QD RF]DFK WĊF]Ċ L VLHGHP MHM EDUZ L GODWHJR QDZHW PDáSD Z MHM MĊ]\NX
PDEDUZĊ]LHORQą
1LHUyZQLHWUXGQLHMMHVWQD]ZDüNVLąĪNĊERFKRFLDĪNVLąĪNDMHVWF]DVHPSVDZDUWD
WUXGQRMHMGDüSVLHLPLĊFKRFLDĪMHVWZLHUQLHMV]DQLĪNRFKDQNDQLHQD]ZLHV]MHMLPLH-
QLHPNWyUHVLĊ]SLHV]F]RW\RFLHUDMDNNRW
0RĪQDE\ VLĊ ]DVWDQRZLü SU]\ VSRVREQRĞFL F]\ PRĪQD Z MDNL VSRVyE SRUyZQDü
NVLąĪNĊGRNRELHW\0\ĞOĊĪHWDN:ĞUyGNRELHWVąNVLąĪNLQLHPRUDOQHNVLąĪNLGRQD-
ERĪHĔVWZDLNVLąĪNLNXFKDUVNLH.VLąĪNDMHVWMHGQHPZLHONLHPNáDPVWZHPLNRELHWDQLH
MHVWPQLHMV]HP:QDMJáXSV]HMNVLąĪFHMHVWMHGQR]GDQLHPąGUHZQDMEU]\GV]HMNRELH-
FLHMHVW]DZV]HFRĞFRMHVWSLĊNQH.VLąĪNDáNRELHWDZLHOHFLVSUDZLDUR]NRV]\.VLąĪNĊ
LNRELHWĊZ\P\ĞOLáGMDEHá7DNLHMHVWSU]\QDMPQLHM]GDQLHPĊĪyZĞZLąWREOLZ\FKá\V\FK
LĪ\MąF\FKQDSXVW\QL5]HF]SURVWDĪHVLĊ]QLHPQLHJRG]Ċ
.VLąĪNDMHVWSRFLHV]\FLHONąĪ\ZRWDLNRELHWDQLąMHVW7DNRSRZLDGDMąQDMVWDUVLOX-
G]LHNWyU]\ZRJyOHEUHG]ą
:ĞUyGSU]HFLZLHĔVWZQDWNQLHV]VLĊZSUDZG]LHQDPRPHQW\SRQXUHOHF]LQDUDGR-
VQHEDUG]RUDGRVQH%RZLHP
.VLąĪNDPLOF]\LPyZLü]DF]\QDNLHG\W\WHJR]HFKFHV]PLONQLHQDWZyMUR]ND]
6SUyEXMWRXF]\QLü]NRELHWąRQLHV]F]ĊVQ\
.VLąĪNĊPRĪHV]SRĪ\F]\üGDURZDüLVSU]HGDü1LHQDOHĪ\WHJRF]\QLü]NRELHWą
=NVLąĪNąPRĪQDZ]LąüUR]ZyGRGVWRáXLáRĪD]NRELHWąMHVWWRFRNROZLHNWUXGQLHM
DTP by SHADE
4
.VLąĪNDQLHPDDQLWHĞFLRZHMDQLFLRWNLW\ONRMHGQHJRFLFKHJRXERJLHJRNUHZQHJR
²DXWRUDNRELHWDMHVWSRGW\PZ]JOĊGHPQDOHĪ\FLH]DRSDWU]RQD
.VLąĪNĊ PRĪH ]DPRUGRZDü XVáXĪQ\ NU\W\N WRELH VPXWQ\ EUDFLH MHĞOL R NRELHWĊ
LG]LHQLNWWDNLHMGUREQHMSU]\VáXJLQLHRGGD
.VLąĪNDQLHMHQLHSLMHQLHVWURLVLĊQLHJUDZNDUW\QLHUREL]DPLHV]DQLD.RELHWD
LWG
$FK]JQLHZDZV]\VLĊQDNVLąĪNĊPRĪHV]MąFLVQąüZRJLHĔLQLNWRWRGRFLHELHQLH
EĊG]LHPLDáSUHWHQVMLQLĪDOX$JG\SDQ/DQGUXVSDOLáMHGHQDĞFLHNRFKDQHNLOHĪE\áR
NU]\NXQDREXSyáNXODFK"
1LHPDP\MHGQDN]DPLDUXUR]SUDZLDüWXRNRELHFLHERNVLąĪHF]NDWDPDE\üZROQD
RGP\ĞOLVPXWQ\FKLRGWHJRZV]\VWNLHJRFRMHVWĨUyGáHP]PDUWZLHQLDFKRUyELĞPLHU-
FLLZLHF]QHJRZRJQLXSLHNLHOQ\PSRWĊSLHQLD'ODWHJRNRELHWD]RVWDáDWXZVSRPQLDQD
SU]\SDGNLHPSU]HVXQąZV]\VLĊMDNFKPXUDSU]H]SRJRGĊQDV]HJRP\ĞOHQLD
5]XüP\NRELHFLHUyĪĊLSRFDáXQHNUĊNąLSyMGĨP\GDOHMJG]LHMHMQLHPD%D$OH
JG]LHĪWRMHMQLHPD":QLHELHMDNRĞZLĊWD&HF\OMDMDNR+HNDWHZSRG]LHPLDFKMDNR
3DQQDQDILUPDPHQFLHMHG\QDSDQQDNWyUDVLĊXFKRZD(ZDQD]LHPLĝPLHUüXVFK\á-
NXĪ\ZRWDĝPLHUüMHVWZQDV]HMHU]HNRELHWąMDNE\WHJRE\áR]DPDáR²VWDUHOXG\
ZRODá\XPLHUDü]PĊĪF]\]QąLSRPĊVNX0X]\QD+HOLNRQLH²ZV]ĊG]LHZV]ĊG]LH
ZV]ĊG]LH1LHPDV]]DNąWNDQD]LHPLQDQLHELHLZHZQĊWU]QRĞFLDFK]LHPLERL=LHPLD
MHVWNRELHWą
0RĪHGODWHJRĞZLDWMHVWWDNFXGRZQLHSLĊNQ\LWDNLSHáHQJRU\F]\LVPXWNXPRĪH
GODWHJROXG]LHWDNVLĊJDUQąGRQLHEDL]WHJRVDPHJRSRZRGXGUĪąSU]HGSLHNáHPPRĪH
GODWHJRNRFKDQNRZLH0X]XZDĪDQLVąGRĞüVáXV]QLH]DREáąNDĔFyZVPXWQ\FKLQLHV]NR-
GOLZ\FKFKRüSHáQ\FKERVNLHJRV]DOHĔVWZD
.RELHWD]DUD]LáDĞZLDWV]DOHĔVWZHPL]LHPLąLJZLD]G\2QDWRVSUDZLáDĪHZV]\VW-
NRMHVW]QLHMSU]H]QLąLGODQLHM2F]HPNROZLHNF]áRZLHNP\ĞOLLRF]HPNROZLHNPyZL
FRNROZLHNF]\QL²RQDMHVWZWHP-HVWWRGRZyGMHMPRF\GMDEHOVNLHMLF]DURG]LHMVNLHM
NWyUHMWDNEDUG]RVáXV]QLHEDOLVLĊOXG]LHĞZLąWREOLZLXPLáRZDQLSU]H]QLHER]DVZRMH
FQRW\WDNZLHOFHĪHLPQLHERQLHSR]ZROLáRPLHüĪRQUDMLPF]\QLąFMXĪQD]LHPL
3U]HZURWQRĞüMHMMHVWWDNZLHONDĪHQDZHWWHQNWyU\ZLHONLHNOąWZ\QDQLHFLVND
SDWU]\QDQLą]H]GXPLHQLHPL]DFKZ\WHP7DNPQLFKĞUHGQLRZLHF]Q\E\áSHáHQQDMPLO-
V]HJRV]DOHĔVWZDSDWU]ąFQDSLĊNQąQDJąF]DURZQLFĊ
3LHNLHOQHVąWRV]WXNLLFLHPQH2WRQLHPLDáHP]DPLDUXPyZLHQLDRNRELHFLHQLH
FKFąF VLĊ XSRLü MHM ZVSRPQLHQLHP MDN ZLQHP D PXV]Ċ PyZLü ER VWRL SR]D PQą
XĞPLHFKDVLĊLZRG]LSLyUHPPRMHPSRSDSLHU]HDRQRSLV]HMDN]DF]DURZDQH7DN
F]\QLNDĪG\EĊGąFLJUDV]NąZMHMUĊNX1LJG\WHĪQLNWVLĊEDUG]RQLHEURQLá²MDQDM-
PQLHM
7RWHĪQDWĊFKZLOĊW\ONRSRQLHZDĪPLVLĊZFLąĪSOąF]HZĞUyGVáyZMDNSQąFHUyĪH
FRVLĊZLMąZNDĪGHMV]F]HOLQLHPXUXLPRFQRPLSU]HV]NDG]DRGSĊG]ĊWRZLGPRF]D-
URG]LHMVNLHZ\PDZLDMąFV]HSWHPHJ]RUF\]P\L]DNOĊFLDNWyU\FKPQLHQDXF]\áMHGHQ
F]áRZLHNEDUG]RPąGU\WDNPąGU\ĪHPLDáSLĊüĪRQLZV]\VWNLHRGQLHJRXFLHNá\3yĨ-
QLHMZ\JáRV]ĊSáRPLHQLVW\K\PQQDF]HĞüNRELHW\«
:UDFDMąFGRVSUDZ\REP\ĞODQLDW\WXáyZGODNVLąĪHNQDOHĪ\REMDĞQLüĪHMHVWWRVSUD-
ZDZDĪQD
,OXĪ OXG]L GODWHJR W\ONR ]URELáR NDU M HUĊ ĪH PLHOL V]F]ĊĞOLZLH GREUDQH QD]ZLVNR
LOXĪGODWHJRW\ONR]QDOD]áRSLĊNQHĪRQ\OXENRFKDQNLJG\²SU]HFLZQLH²QDMV]ODFKHW-
QLHMV]\LJHQMDOQ\F]áRZLHNQLJG\GRQLF]HJRQLHGRSURZDG]LáERVLĊQD]\ZDáDOER%\N
DOER&KU]ąV]F]DOERSLHV]F]RWOLZLH6WROLF]HNDOER*X]LNDOER6WU]HOEDDOER.RUGHODV
.LHáEDVD6DOFHVRQ.LV]NDOXE]XSHáQLHSRSURVWX0DWRU%LHGDF]NRZLHWRVąQLHZLQQL
LSRĪDáRZDQLDJRGQL
7DNWHĪL]NVLąĪNą&RE\áRGRZ\P\ĞOHQLDZW\PZ]JOĊG]LHWRMXĪOXG]LHZ\P\ĞOLOL
LMXĪWHUD]RGPLHQLDMąW\ONRVWDUHGREUHW\WXá\Z\NUĊFDMąLPVWDZ\]PLHQLDMąGDZQ\
SRU]ąGHN&]DVHPMDNLĞEĊFZDáMDNDĞĞOHSDNXUDZ\JU]HELH]SLDVNXJáRZ\W\WXáZ\-
DTP by SHADE
5
ERUQ\LGRWHJRGRF]HSLDIXUĊVLDQDWRPSRH]MLDOERSRZLHĞü6LDQRWR]MDGDSRWHP
VDPEH]ZVSyáXG]LDáXF]\WHOQLNyZNWyU]\ZROąRZLHV
1DMOHSLHM MHVW WHG\ QDSLVDZV]\ NVLąĪNĊ ]DPNQąü QD FKZLOĊ RF]\ á QDSLVDü W\WXá
1LHMHVWWRQDMJRUV]DPHWRGDQLJG\QLHSR]QDV]]IL]MRJQRPMLFRVLHG]LZHZQĊWU]X
F]áRZLHNDU]DGNRWHĪQDMSLĊNQLHMREP\ĞORQ\W\WXáMHVWZ]JRG]LH]WHPFRNVLąĪNĊ
Z\SHáQLD
$MDNGXFKERĪ\XQRVLáVLĊQDGZRGDPLLQLFLQQHJRQLHE\áRSUyF]ZRG\WDNF]D-
VHPZNVLąĪFHGXFKERĪ\MHVWW\ONRXJyU\QDRNáDGFHDZSU]HSDĞFLDFKNVLąĪNLW\ONR
ZRGDLVSLĊWU]RQHV]XPLąFHEDáZDQ\ZOLF]DMąFZWRLDXWRUD
/HSLHM MHVW WHG\ VáXV]QLHM L VSUDZLHGOLZLHM DE\ W\WXá E\á SXVW\ D ZHZQąWU] E\á
RNUXFKERĪHJRGXFKDQLĪQDRGZUyW:REHFF]HJRZ\EUDáHPVRELHW\WXáQLMDNL
-HVWWRMHGQDNW\WXáPLPRZV]\VWNRFK\WU\LSU]HQLNOLZ\NWyĪ²PLERZLHPGRZLH-
G]LHĪHQLHGRWU]\PDáHPRELHWQLF\]áRĪRQHMZW\WXOHNWyĪPLZ\NDĪHĪHWRQLH³SLąWH
SU]H]G]LHVLąWH´"1LNW2WyĪZ\ERUQ\WRMHVWW\WXá%RVNLWRMHVWW\WXá%yJERZLHPZLH
MHGHQFRPDR]QDF]DüLFRVLĊSRGQLPNU\MH"
.VLąĪNDSRZLQQDE\üQDSHáQLRQDWDN]áRW\PSá\QHPZ\FLĞQLĊW\P]HVáRĔFDMDNEX-
WHONDZLQDQDNWyUHMQLHSU]\OHSLRQRIDáV]\ZHMLNáDPOLZHMHW\NLHW\DWHQFRMąRWZLHUD
QLHZLHFR]QLHMSRSá\QLHVáRG\F]ZLQDF]\MHJRSRWĊJDWĊJRĞüF]\]DSDFKUR]NRV]-
Q\SRGREQ\GRWHJRNWyU\PSDFKQLHFKOHEĞZLHĪRXSLHF]RQ\F]\QDSyMFRUR]PDU]D
MDNPLáRĞüF]\WHQNWyU\EXU]\NUHZMDNVWDUDEDOODGD"7DFKZLODF]HNDQLDLGUĪąFHJR
QLHSRNRMXMHVWSHáQDVáRGNLHMUR]NRV]\
7D NVLąĪHF]ND OLFKD QLH WDNLH PD ]DP\Vá\ 1D]ZD MHM MHVW V]DUD L QLMDND D ZQĊ-
WU]HWDNLHVRELH-HGQRRQLHMZLHPĪHMHVWQLHIUDVREOLZD-HĞOLSRGMDEáRQLąOHJQLHV]
QDWUDZLHDUR]LJUDQ\EąNQDGXFKHPFL]DEXF]\WREĊG]LHFLWDNMDNE\ĞWĊSU]HF]\WDá
NVLąĪF]\QĊ:NVLĊJDFKREV]HUQ\FKZWUXG]LHSLVDQ\FK]DSLVXMHELHGQDGXV]DOXG]ND
WRFR]VLHELHZ\VQXáD]DGXPDQDJáĊERNRQDGZV]\VWNLHPĪ\ZHPFRFLHUSLERZLHP
FLHUSLZV]\VWNRFRMHVWĪ\ZH
$ZWDNLFKMDNWDNVLąĪHF]NDFKXĞPLHFKQLĊWDMDNQDZDNDFMDFKV]NROQHFKáRSLĊ
]DSLVXMHVRELHJĊVLHPSLyUHPWRZV]\VWNRFRVNąGNROZLHNSU]\ZLDáZLDWU$ZLDWUSU]\-
QRVLOLVWLXĞPLHFK]GDOHNDZHVRá\SRNU]\NSLMDNyZLKDááDNRZDQLHUR]LJUDQHMF]HUHG\
OXG]LFRFLVNDMąZVLHELHU\PHPMDNUyĪą
3RFRWR]ELHUDü"&]\MDZLHP«3HZQLHGODWHJRĪHVURND]ELHUDĞZLHFLGHáNDZLH-
ZLyUNDRU]HFK\VWDU\RU\JLQDáSXGHáNDRG]DSDáHNEDENDV]SDUJDá\QDQLFQLNRPXQLH-
SRWU]HEQHV]NROQ\ĪDNSRF]WRZHPDUNL]DNRFKDQDSDQLHQND]DVXV]RQHZSRGUĊF]QLNX
V]NROQ\PNZLDWNL1LNRPXLQDQLFQLHMHVWWRSRWU]HEQHDMHGQDNVLĊWRFKRZDLF]DVHP
SRSLHĞFLVSRMU]HQLHP]F]DVHPWRVSHá]QLHL]ZLRWF]HMHDMHGQDNQLH]DZDG]ąQLNRPX
LQLNWQLHMHVW]D]GURVQ\RWĊPDáąPLLORĞüPDá\FKU]HF]\7\ONRZLHONLHQDPLĊWQRĞFL
PLMDMDNEXU]DUR]GDUáV]\VHUFHV]SRQHPJURPXWDNLHPDáHWUZDMąGáXJRLPUąSRZROL
ĞPLHUFLąQLHELHVNą
7DNLP ODPXVHP PDá\P MHVW GOD PQLH NVLąĪHF]ND WDND ZáDĞQLH MDNWD &R Z QLHM
MHVW"3UDZLHQLF-HVW²U]HF]SURVWD²OLVW]=DNRSDQHJRERDXWRSRVWDQRZLá]EDZLü
=DNRSDQH ZLĊF ĪDGQHM QLH RPLĔ VSRVREQRĞFL DE\ JR QLH XV]F]\SQąü Z *XEDáyZNą
MHVWRSRZLHĞüRWHPLSRZLDVWNDRRZHPDFRQDMZDĪQLHMV]D²VąZQLHMPRĪHGZD
PRĪHWU]\XĞPLHFK\ĩ\FLHMHVWMDNWDNLGREU\ROEU]\PNWyU\MHVWSRWZRUQLVLOQ\NLHG\
JRV]HZVNDFKZ\FLSDVMDNLHG\PXQ]áHJRQLHXF]\QLRQRUDGVLĊZLHONROXGSRĞPLHMH
LZWHG\PXPRĪQDVLDGDüQDZąVDFKL]DJOąGDüZRF]\
.RFKDüJRMHGQDNQLHQDOHĪ\]HVWUDFKXW\ONR]ZLHONLHMGRWHJRRFKRW\1LNRPXVLĊ
ZWHG\QLHVWDQNU]\ZGD«
-DVRELH]W\PROEU]\PHPJDGDPZHVRáRLQLIUDVREOLZLHRQZLHĪHVąWDNLHFKZLOH
FKPXUQHNLHG\QDVLHELHSDWU]\P\]H]HPNLHG\VLĊ ZV]HONLĞPLHüRGV\áDGRGMDEáD
LJDGDVLĊ]QLPFLĊĪNLHPVáRZHPNLHG\MHGQDNSRJRGDMHVWQDQLHELHLZVHUFDFKZRáD
ĞPLHFKFRMDNSWDNQDSREOLVNLHPVLHG]LGU]HZLHDOHSU]\OHFLDáLXVLDGáPLQDUDPLHQLX
MDNVRNyá
DTP by SHADE
6
.
2VWDWQLOLVW]=DNRSDQHJR
I.
.
7HQ OLVW WR SLąWH SU]H] G]LHVLąWH R =DNRSDQHP WR MXĪ OLVW R QLHP RVWDWQL :LHOH
MXĪQDSLVDáHPRWHPPLHĞFLHVWUDV]OLZHP3U]HPDZLDáHPPXGRVXPLHQLDGRGXV]\
GRVHUFDLGRJáRZ\1LFQLHSRPRJáR:LDüSLV]ĊRQLHPWHQOLVWRVWDWQL]FDáąSHZQR-
ĞFLąRVWDWQLQLHGáXJRERZLHPFDáH=DNRSDQH]RVWDQLHZWUąFRQHZFLHPQLFĊORFK\ZLĊ-
]LHQQHF]\OLPyZLąFQLHWDNURPDQW\F]QLHEĊG]LHVLHG]LDáRZNU\PLQDOH]WDNLP]DĞ
FRWDPVLHG]LDáQLNWVLĊMDZQLHSU]\QDMPQLHM]DGDZDüQLHEĊG]LH3U]HWRQDOHĪ\PLSR-
ĪHJQDü WĊ OLFKą LPLWDFMĊ PLDVWD NWyUH ]JLQąü PXVL VURPRWQLH MHGQHJR GQLD ERZLHP
]LU\WRZDQ\GREU\3DQ%yJFKZ\FLZUĊNĊ*LHZRQWMDNPáRWNDPLHQQ\LSRF]QLHMHWáXF
SRáELHUR]ZDOLZV]\VWNLHMHJREXG\L]HWU]H]SRZLHU]FKQL]LHPLDE\ĞODGSRQLHPQLH
SR]RVWDá
/LVWWHQGDWRZDQ\MHVW]HVW\F]QLDURNX:WHG\WRFKZ\FLáZLHONLPUy]DPQLH
JRUąFDSDVMD
-HVWHP WDN GRVNRQDOH RFKU]F]RQ\ ĪH QLH PLDáHP ]DPLDUX WHM ]LP\ Z\MHĪGĪDQLD
GR=DNRSDQHJR6WDUHQDáRJLFKRG]ąMHGQDNĪHSRNRĞFLDFKZLĊFMDNMDVNyáNDZMHVLHQL
F]XüQDJOH]DF]\QDĪHMHMF]DVMXĪSXĞFLüVLĊ]DPRU]HLMDNUyĪRZDSDQLHQNDSRF]XMH
GQLDMHGQHJRĪHMXĪMHMF]DVSXĞFLüVLĊ]D²QLHQLHWDNDOHFRĞZW\PVHQVLH²WDN
VWDU\ZáyF]ĊJDF]XMHZĞURGNX]LP\ĪHQDGV]HGáF]DVDE\VLĊSRZOHFGRWHJRSU]HNOĊ-
WHJR=DNRSDQHJR
0DáRZSUDZG]LHSRGREQ\MHVWHPGRMDVNyáNLQLHEDUG]RWHĪFRPQLHPDUWZLSU]\-
SRPLQDPUyĪRZąMDNREáRNG]LHZLFĊOHF]MHVWHPVWDU\PZáyF]ĊJąZLĊFSRMHFKDáHP
7DNLHP\ĞOLQDFKRG]ąF]áRZLHND]Z\NOHZQRF\LPQLHP\ĞOZ\MD]GXSU]\V]áDWHĪ
ZQRF\PQLHPDPWHG\ĪHDOERWHMQRF\NWRĞVLĊ]PRLFK]QDMRP\FKSRZLHVLáFR]DSR-
ZLDGDQLHV]F]ĊĞFLHZSLHUZV]\PU]ĊG]LHLEH]VSRUQLHGODSRZLHV]RQHJRZGUXJLPGOD
MHJRNUHZQ\FKMHĞOLQLH]RVWDZLáPDMąWNXZWU]HFLPGODMHJR]QDMRP\FKNWyU\PE\á
ZLQLHQ²DOERWHĪPXV]ĊPLHüMDNLHJRĞZURJDQLHERV]F]\NDNWyU\PLZQRFQHMFLV]\
áDMGDFNLHSRGV]HSWXMHSODQ\
'RĞüĪHSRMHFKDáHP7\OHMXĪUD]\E\áHPZ=DNRSDQHPĪHPQLHQLFMXĪWDPQLH
]GXPLHZD&RVLĊPRĪH]PLHQLüZ=DNRSDQHPSU]H]SyáURNX"%\áRNU]\ZHMHVWLEĊ-
G]LH%\áRQLHFKOXMQHMHVWLEĊG]LH%\á\Ī\G\VąLEĊGą
$MHGQDNZ]LPLHURNXEH]SDĔVNLHJR²FRĞG]LZQHJRVWDáRVLĊZWHMZ\OĊJDUQL
EDNF\OyZ
-XĪ QD GZRUFX NROHMRZ\P ]DXZDĪ\áHP G]LZQH ]MDZLVNR 2WR SRáRZD OXG]L Z\-
MHĪGĪDMąFD ] =DNRSDQHJR ZVLDGDáD GR ZDJRQyZ OLFKR ZLH GODF]HJR ² Z ELHOLĨQLH
'ZDG]LHĞFLDVWRSQLPUR]XDGRSU]HG]LDáXZáD]LPyM]QDMRP\]FLXSDJąZVLQHMGáRQL
ZNRV]XOLW\ONRLZMDHJHUDFK-DHJHU\WRMHVWWDNLHFRĞ]ZHáQ\Z\P\ĞORQHZ1LHP-
F]HFK F]HJR ] REDZ\ ]D]LĊELHQLD F]áRZLHN V\VWHPDW\F]Q\ QLH ]GHMPXMH QLJG\ SU]H]
RVLHPPLHVLĊF\ZURNX
=DW\PJRá\POH]LHGUXJL]DQLPWU]HFL
²3U]HSUDV]DPSDQD²SRZLDGDP]HVáRG\F]ąZJáRVLH²DOH]GDMHPLVLĊMHĞOL
VLĊQLHP\OĊĪHSDQ]DSRPQLDáQDSRGUyĪZG]LDüVSRGQLH
=QDMRP\VSRMU]DáQDPQLH]JRáDG]LNLPZ]URNLHP
²+DKD²V\NQąá²VSRGQLH"3LOQXMSDQVZRLFKPyMSDQLH
²0DV]F]\W\]DMĊWH²SRP\ĞODáHP]HZVSyáF]XFLHPQLHW\OHPDMąFQDXZDG]H
SáXFDLOHUDF]HMJáRZĊ
']LZQHG]LZQHU]HF]\
$OHWRGRSLHURE\áSRF]ąWHN
+XF]QLH EXĔF]XF]QLH ] EU]ĊNLHP G]ZRQNyZ ]H VWU]HODQLHP ] EDWD ] FLąJáHP
JXELHQLHPZDOL]NL]SDSLHURVHPZ]ĊEDFK]HVWUDFKHPZGXV]\MDGĊGRSHQVMRQDWX
NWyUHJRQD]Z\U]HF]SURVWDQLHZ\PLHQLDPERJREĊGĊRF]HUQLDáFR]UHV]WąMXĪQLH-
DTP by SHADE
7
UD]URELáHP-HVWWRQDMPLOV]\Z=DNRSDQHPSHQVMRQDWQDWXUDOQLHGODWHJRĪHMDZQLP
]DZV]HPLHV]NDPMDLSU]\MDFLRá\PRMH,QQHMUDFMLGRZ\UyĪQLHQLDQLHZLG]Ċ
0LHV]NDMą WDPGREU]\ OXG]LH D ZáDĞFLFLHO Z\GDZDá PL VLĊ ]DZV]H SU]\ ]GURZ\FK
]P\VáDFK
-DNLĞMHGQDNRZHM]LP\SDGáQDQLFKXURN
6á\V]ĊMDNĪRQDWHJR]DFQHJRF]áRZLHNDZRáDGRQLHJR
²:LQNHOULHG]LH:LQNHOULHG]LH
²&]HJyĪWRĪąGDV]/R]DQQR"
²1LHZLG]LDáHĞSDQQ\/XFHUQ\"
²3RV]áDQDQDUWDFKQDáąNĊ5XWWOL«6áXFKDPLXV]RPQLHZLHU]H
²$OERWRPUy]WDNQDQLFKG]LDáD²P\ĞOĊSRQXUR²DOERVLĊWHĪQDPyMSU]\MD]G
]UDGRĞFLXUĪQĊOL
-HVWHPMHGQDN]DWURVNDQ\LVPXWQ\-HPSLHUZV]\REMDGJáĊERNR]DP\ĞORQ\
3RGDMą VHU ] ZLHONLPL G]LXUDPL F]HJR WX QLJG\ QLH URELRQR ']LXU\ F]DVHP E\á\
WXZREUXVLHVHUDQDQLPQLHE\áRQLJG\
² 7R V]ZDMFDUVNL ² SRZLDGD PL ] GXPą SRGDMąFD GR VWRáX G]LHZLFD NWyUD VLĊ
RGXURG]HQLD=DNRSDQHJRQD]\ZDáD-y]LD3RZLDGDPMHM
²-y]LXNRFKDQDQLHFKPL-y]LDSRZLH«
²-DVLĊQLHQD]\ZDP-y]LD«-DVLĊQD]\ZDPWHUD]$UPJDUGD/
²2M$0DU\VLDWRMXĪWDNĪHQLHMHVW0DU\VLD"
²&DáXMĊUąF]NLWDNĪHQLH2QDVLĊWHUD]QD]\ZD0HFKW\OGD«
3RZDUMRZDOLMDNPL%yJPLá\3LVDOLPL:SUDZG]LHSU]HGWHP]=DNRSDQHJR]DWRMXĪ
QLH=DNRSDQHW\ONR6]ZDMFDUMDDOHQLHP\ĞODáHPĪHDĪGRWHJRVWRSQLD
$OHLQDWHPQLHNRQLHF
3R REMHG]LHZV]\VWNRZ\OHJáRQDEDONRQ\ ]DSDUDWDPLIRWRJUDILF]Q\PL 'RPZ\-
JOąGDMDN]DPHNĞUHGQLRZLHF]Q\SRGF]DVWXUQLHMXSU]HGGRPHP]DĞG]LZQDRGE\ZD
VLĊXURF]\VWRĞüSRGMRGáąVWRL QLHUXFKRP\MDNEDáZDQFKáRSF]\NGRSRV\áHNS\]DW\
LXĞPLHFKQLĊW\MDNSU]\VWDáRQDPáRGHJRLGMRWĊDQDJáRZLHPDMDEáNR]DĞZáDĞFLFLHO
SHQVMRQDWXRGZLHĞFLHNURNyZRGGDORQ\QDSLQDáXN]URELRQ\]REUĊF]\VWDUHMEHF]NL
]FLĊFLZą]HV]QXUNDLPLHU]\E\VWU]HZPáRGHJRLGMRWĊ
3RWPLZ\VWąSLáQDF]RáR
=UR]XPLDáHP 7DN WR MHVW 6]ZDMFDUMD D WH SUDZG]LZL 6]ZDMFDURZLH ² UDFKXQHN
EĊG]LHZHIUDQNDFKV]ZDMFDUVNLFK&LFRZ\MHĪGĪDOLZELHáLĨQLHWDNĪHVLĊRWHPGRZLH-
G]LHOLSU]HGHPQą'RVWDáHPPDáHJR]DüPLHQLDXP\VáXMDNLHMĞSDQLHQFHSRZLHG]LDáHP
ĪHMHVWV]ZDMFDUVNLHFLHOĊMDNLHMĞGDPLHSU]HGVWDZLáHPVLĊSRQXUR
²-HVWHP:HUQHU6WDXIIDFKHU]NDQWRQX6FKZ\],]JU]\WQąüPXVLDáHP]ĊEDPL
EREDED]ZLDáDMDNNR]LFD
-DN6]ZDMFDUMDWR6]ZDMFDUMD
, RWR WDP JG]LH GXFK\ L XSLRU\ SLMDá\ V]DPSDQD JG]LH UR]SUDZLDQR R WHP NWR
]NLPJG]LHMDNLNLHG\"²F]\WRSUDZGDĪHRQQLHFKFLDáDOHRQDVLĊXSDUáD"²RWHP
F]\SDQQRPQLHV]NRG]LMD]GDQDVDQHF]NDFK²JG]LHSRUXV]DQRZHVRáRLEH]WURVNLWH-
PDW\SLĊNQHLSRXF]DMąFH²G]LĞSRQXU\GXFKVDPLHFJDGDGRSRQXUHMVDPLF\GXFKD
²)UDQN]QRZXVNRF]\á
²$QLHFKVNDF]HLQLHFKQRJLSRáDPLH
2WRZV]\VWNRFR]RVWDáR]]DNRSLDĔVNLHJRĪ\ZRWDERPDáRFRZLĊFHM
&KRUREDVLĊ]URELáDHSLGHPLF]QD
3U]\FKRG]Ċ GR UHVWDXUDFML .DUSRZLF]D RGĞZLHĪRQHM L RĞZLHWORQHM QLHVá\FKDQLH
=QRZXRF]RPQLHZLHU]ĊZVDOLSXVWRĪDGQHJRJRĞFLDDOHPLPRWHJRUXFKMHVWZLHO-
NLLWDNĪHMDNDĞXURF]\VWRĞüQDSRGMXPZHWNQLĊWRFLXSDJĊDQDFLXSDG]H]DZLHV]RQR
VWDU\NDSHOXV]G]LHZLFHSRGDMąFHSRWUDZ\XVWDZLRQHZV]HUHJ]QLHĞPLHUWHOQą+RQRU-
FLąQDF]HOHSU]HFKRG]ąRERNLVNáDGDMąNDSHOXV]RZLJáĊERNLXNáRQ
²&]\MWRNDSHOXV]QD%RJD"
²3DQD.DUSRZLF]D
DTP by SHADE
8
6]ZDMFDU6]ZDMFDU].DQWRQX8UL
,WHQWDNĪH«
7DNWDN&LFRSU]HGHPQąWXE\OLPXVLHOLZ\MHFKDüEH]SRUWHN1LH]RVWDZLRQR
LPQDZHWQDRWDUFLHáH]:REHFWHJR]DF]\QDMąOXG]LHPąGU]HüL]DPLHQLOL =DNRSDQH
QDMHGQąZLHONąF]DUQąJLHáGĊ*G\E\WHQG]LHOQ\NRPLVDU]FRZ\áDS\ZDáZ:DUV]DZLH
GRODURZ\FKĪ\GNyZSRMHFKDáGR=DNRSDQHJR]ZDUMRZDáE\]HV]F]ĊĞFLDPyJáE\SR-
SURVWXRWRF]\üFDáH=DNRSDQHLZ\SURZDG]LüGRNU\PLQDáXMDNF]DURG]LHMZ\SURZDG]D
V]F]XU\
0DUNDSROVNDMXĪQLHE\áD]QDQDZ=DNRSDQHPEUDOLMąOHV]F]HQLHFKĊWQLHQDSR-
F]FLHLZPDUNDFKXG]LHODáRVLĊSU]\MDFLHOVNLFKSRĪ\F]HN3R]DWHPZDOXWą=DNRSDQHJR
E\áGRODU0RĪQDJRE\áR]PLHQLüZV]ĊG]LHQDMWUXGQLHM]DĞZEDQNXGODZ\JRG\PRLFK
QDVWĊSFyZZ=DNRSDQHPPXV]ĊZV]\VWNLFKSRXF]\üĪHGRODU\QDMNRU]\VWQLHMPLHQLD
WDPMHGHQIU\]MHUHGZDSXQNW\ZLĊFHMGDMHMHGHQV]ODFKHWQ\V]HZFPRJĊWHĪSRGDü
DGUHV MHGQHM DNXV]HUNL QD .UXSyZNDFK NWyUD NXSXMH ZSUDZG]LH GRODU\ QDMFKĊWQLHM
MHGQDNELHU]HF]HVNLHNRURQ\IUDQNLIUDQFXVNLHSU]\MPXMHW\ONRGZyFKNHOQHUyZMHGHQ
]0RUVNLHJR2NDGUXJLRG7U]DVNLOLU\ZáRVNLHMHGQDW\ONREDEDFRVWDZLDEDĔNLLPDMąF
MXĪ GRĞü LQQHM ZDOXW\ SROXELáD VHUGHF]QLH SDSLHU\ ZáRVNLH 3R GZyFK GQLDFK SRE\WX
Z=DNRSDQHPPRĪQDRWU]\PDüZV]\VWNLHDGUHV\GRNáDGQHLREV]HGáV]\IU\]MHUDV]HZ-
FDDNXV]HUNĊLNHOQHUyZVSU]HGDüGRODUDQDMNRU]\VWQLHMXMHGQHJRU]HĨQLNDNWyUHJR
DGUHVXQLH]GUDG]ĊERURELáHP]QLPEUXGQHLQWHUHV\JLHáGRZH
3R]D WHUD KDQGOXMą GRODUDPL ZV]\VWNLH Ī\G\ ]DVLHG]LDáH L QDSá\ZRZH SRG NDĪGą
FKDáXSąZNDĪG\PSHQVMRQDFLHZNDĪGHMNDZLDUQLQDĪ\GRZVNLP*LHZRQFLHZNLQH-
PDWRJUDILHQDGZRUFXNROHMRZ\PLSRGF]DVMD]G\ZVDQNDFK$OHWRZV]\VWNRQLF
1DMUXFKOLZV]ąQDMSRWĊĪQLHMV]ąQDMEDUG]LHMSRGVWĊSQąLFK\WUąQDMEDUG]LHMVNRP-
ELQRZDQą MHVW JLHáGD OLWHUDFNR ² DUW\VW\F]QD Z NDZLDUQL 7U]DVNL QD ZHUDQG]LH PLĊ-
G]\GZXQDVWąDGUXJąZSRáXGQLHDMHĞOLWRZDU]\VWZRE\áRSRSU]HGQLHJRGQLD]DODQH
WRQLHFRSyĨQLHM=G]LNąVDW\VIDNFMąGRQRV]ĊRWHPSDQXPLQLVWURZLVNDUEXERPQLH
WDPKDQLHEQLHLEH]HFQLHRUĪQĊOL
)XQNFMRQXMą WDP VWUDV]OLZH QLHQDV\FRQH V]DNDOH F]WHUHFK SRHWyZ RFK
FR]DZVW\GSLĊFLXPDODU]yZVHUFHVLĊNUDMHMDNDKDĔED²MHGHQDUFKLWHNWRGSXĞü
PX%RĪHZJRG]LQĊĞPLHUFL²MHGHQ]QDNRPLW\DNWRUQDVFHQĊJUDüQLHQDJLHá-
GĊ²MHGHQNU\W\NOLWHUDFNLXNU\ZDMąF\ZDOXWĊZPHORQLNXFR]D]EURGQLF]\VSU\W
LMHGHQZLHONLEDUG]RZLHONLPX]\NRVáDEáHP
-DNWRĞSLHZDMąZ³1RZ\P'RQ.LFKRFLH´"³'RZLĊ]LHQLDGRZLĊ]LHQLDEH]GDOV]H-
JRWáyPDF]HQLD´ELV
2WyĪWDJURPDGDSRGVWĊSQ\FK]áRF]\ĔFyZZDPSLUyZFHOQLNyZK\HQLV]DNDOL]GR-
áDáDVNXSLüZVZRLFKUĊNDFKF]WHUQDĞFLHGRODUyZG]LHVLĊüIUDQNyZLGZLHNRURQ\F]HVNLH
LRGWU]HFKPLHVLĊF\KDQGOXMHWHPREUDFDPLHQLDPLĊWRVLVSU]HGDMHNXSXMHSRĪ\F]D
GDMH Z ]DVWDZ ZDORU\]XMH ORPEDUGX@H 'RV]OL Z WHP GR WDNLHM Ī\GRZVNLHM ZSUDZ\
ĪHSRG]LZELHU]H3U]\FKRG]ĊQDWĊJLHáGĊQDSLüVLĊZyGNLERMHVWWDPWDNL]Z\F]DM
ĪHNWRFKFHURELüGRODURZ\LQWHUHV²WHQSLMHZyGNĊNWRURELZNRURQDFKF]HVNLFK²
SLMHSLZRNWRZHIUDQNDFKWHQSLMHZRGĊVRGRZą2W\FKWDMHPQ\FK]QDNDFKZVSRPL-
QDPGODXĪ\WNXSROLFMLDE\QLHZLHU]\áDSR]RURP
-DNRQRZ\JRĞüSU]\VáXFKXMĊVLĊ]]DFLHNDZLHQLHPGMDORJRPPRLFK]QDNRPLW\FK
NROHJyZ'MDORJLVąWUHĞFLZHLWURFKĊQLH]UR]XPLDáH
3RZLDGDDUFKLWHNWGRSRHW\²%ULHIGRSDQDQDG]LHVLĊü
²*HOGQDRVLHP²SRZLDGDSRHWD
²=áDPNDUN²U]HF]HDUFKLWHNW
,QWHUHVZLGRF]QLHQLHGRV]HGáGRVNXWNXMHGQDNĪHWHUPLQRORJMDĪ\GRZVNR²JLHá-
GRZD]DFKĊFLáDPQLHGR]URELHQLDLQWHUHVX
3RJDGDZV]\ZLĊF]GXV]ą]GDMąFVRELH]WHJRVSUDZĊĪHGRNRQXMĊZLHONLHMWUDQV-
DNFMLU]XFDPQDJOHVáRZRĞPLDáHLSRWĊĪQH
².XSLĊGRODUD
DTP by SHADE
-DNNLHG\SDGQLHVWU]DáLQDJOHZV]\VWNLHSWDNLSU]HUDĪRQHPLONQąWDNXPLONOLPRL
SU]\MDFLHOH-D²SU]\]QDMĊ²E\áHPWURFKĊEODG\DOHVáRZRVLĊU]HNáR2QLVSRMU]HOL
MHGHQQDGUXJLHJR
²,OH"²MĊNQąáOLWHUDW
²-DN²WR²LOH"-DNZJD]HFLH
=DEU]PLDáQLHV]F]HU\ĞPLHFKáDMGDNNHOQHUSU]\VáXFKXMąF\VLĊWUDQVDNFML]DSHZQH
FLFK\ZVSyOQLNXĞPLHFKQąáVLĊ]SROLWRZDQLHP%\áHPEODG\SRWZ\VWąSLáQDF]RáR
²:LĊFLOH"
3U]\MDFLHOSRZLDGDPLGREURWOLZLHMDNE\SRXF]DáQLHPRZOĊ
²ĩ\G]LURELąQDXOWLPRSLĊWQDĞFLH«
²&RWR]QDF]\³QDXOWLPR´"
7HPS\WDQLHPRGGDáHPVLĊLPZUĊFH&]áRZLHNNWyU\QLHZLHFRWR]QDF]\³QDXO-
WLPR´MHVWPLá\PLGMRWąGODNWyUHJRQLHPDUDWXQNX:LĊFDXWRUGUDPDW\F]Q\REMDĞQLD
²³1DXOWLPR´²WR]QDF]\ĪH]NRĔFHPPLHVLąFDNDĪG\FL]DWHJRGRODUDGDSLĊW-
QDĞFLHPLOMRQyZ«
²-DNWR²NDĪG\"
²1R«QLHNDĪG\«DOHMHĞOLVLĊ]NLPXPyZLV]«
²$ĪWREąPRĪQD"
²0RĪQDW\ONRĪHMDVLĊZ\FRIXMĊ]LQWHUHVyZ«
²$KD:LĊFLOH]DGRODUD"
² 'OD WDNLHJR SU]\MDFLHOD MHGHQDĞFLH PLOMRQyZ GZLH ZyGNL GXĪH MHGHQ SRUWHU
MHGQRMDVQHĞOHGĨLGZDSDSLHURV\
²=JRGDDOHEH]SRUWHUX
²%H]SRUWHUX"²WRQLHMHVWĪDGHQLQWHUHV«
²1RWRGDZDMGRODUD
3U]\MDFLHOUR]MDĞQLáJĊEĊSRĪ\F]\áGRODUDRGDUFKLWHNWD]DWU]\ZyGNLLĞOHG]LDDĪ
GR]ZURWXDMDJRNXSLáHP
=DWU]\GQLSU]\FKRG]ĊLZRáDPĞPLDáRMXĪMDNVWDU\JLHáG]LDU]
²3U]\MDFLHOHVSU]HGDPGRODUD
&LFKRMDNPDNLHPVLDáàDMGDNNHOQHUVLĊXĞPLHFKQąá:LGDü]WHJRĪHQLNWQLHNXSL
GRODUD =EODGáHP L QRJL SRGHPQą ]DGUĪDá\ -HVWHP ]UXMQRZDQ\ : JURQLH ZDPSLUyZ
]QDOD]áVLĊMHGQDNF]áRZLHN]PLHNNLHPVHUFHPDXWRU³:LRVQ\LZLQD´
6XPLHQLHJRWNQĊáRLSRZLDGD
²0RĪHV]HZFNXSL«
²)U\]MHUOHSLHMSáDFL²GRGDáDUFKLWHNWNWyUHPXRE\VLĊNDĪG\GRP]DZDOLá
6SU]HGDáHPWHJRGRODUD]DRVLHPPLOMRQRZ«
3ROLFMDJG]LHMHVWSROLFMD"7DPQDWHMJLHáG]LHG]LHMąVLĊSRWZRUQHU]HF]\:LHONL
PX]\NPLDáG]LHVLĊüIUDQNyZ6SU]HGDáNXSLá]DPLHQLáLGZDG]LHĞFLDGZDUD]\]DVWD-
ZLDáSRWU]HFKPLHVLąFDFKWHQVDPEDQNQRWZUyFLáGRQLHJRWHQVDPOHF]QLHWHQVDP
E\áDQDQLPNUHZOXG]NDNUZDZ\SRWSODPDRGPDVáDG]LXUNDZ\SDORQDSDSLHURVHP
UR]PDLWH SDVNXG]WZR L ĞODG\ VHUGHF]Q\FK áH] 0\ĞOĊ MHGQDN ĪH JG\E\P PLDá QDZHW
UD]MHV]F]HZEUHZSU]\VLĊG]HSRMHFKDüGR=DNRSDQHJRWRSU]HFLHĪSRMDGĊNLHG\VLĊ
GRZLHPĪHGZXQDVWXPRLFKSU]\MDFLyáEĊGąSURZDG]LOLSU]H].UXSyZNL]áDĔFXFKDPL
QDUĊNDFKLQRJDFK
2FKFR]DUR]NRV]Q\ZLGRNGODVHUFDFRG\V]\]HPVWą
1DUD]LHLPSU]HEDF]DPQLHFKWDQLKDQGOXMąGURJLHFKáRSDNL-HV]F]HW\ONRDE\
W\FKFHOQLNyZ]REDF]\üLWHJĊE\UR]UDGRZDQHZDUWRSU]\MHFKDüGR=DNRSDQHJRL]D-
U\]\NRZDüMHGQHJRGRODUDQDKDQGHO
&RMHVWMHGQDNZWHPQDMG]LZQLHMV]HJRWRWRĪHWHĪ\G\NDWROLFNLHVąZQDMOHSV]H
NRPLW\ZLH ] SROLFMą 1D ZáDVQH RF]\ ZLG]LDáHP MDN NRPHQGDQW ]DNRSLDĔVNLHM SROLFML
UXPLDQ\ MDN SDQQD L ]H V]WXNą QD GRVNRQDáHM VWRSLH Ī\MąF\ QLH SU]HF]XZDMąF ] NLP
PDGRF]\QLHQLDSU]\V]HGáLFKSURVLüQDEDO$OERZLHPWU]HEDZLHG]LHüĪHZ=DNRSD-
QHPE\áEDO²SROLFML%\áWREDOZSUDZG]LHQDG]Z\F]DMQ\ERQLJG]LHQLHPRĪQD]QDOHĨü
DTP by SHADE
10
PLOV]\FKLEDUG]LHMV\PSDW\F]Q\FKPáRG\FKOXG]LMDNZSROLF\MQ\FKPXQGXUNDFKOHF]
UyZQRF]HĞQLH EDOQLH]Z\Ná\ ER] PLHMVFRZ\FKOXG]L QLNWVLĊQDQLP QLH ]MDZLá W\ONR
VDPLREF\
0LHMVFRZLOXG]LHSDWU]\OLQDWHQEDOSRGHMU]OLZLHMHGHQZáDĞFLFLHOSHQVMRQDWXPyZLá
V]HSWHPGRGUXJLHJR
²1LHFKSDQDUĊNDERVNDEURQLĪHE\ĞSDQPLDáSyMĞüQDWHQEDO
²1LE\F]HPX"
²3DQLH7RĪWRRUG\QDUQDSXáDSND«3RMHGQHPXQLHGDG]ąQDPUDG\DMDNE\QDV
WDPGRVWDOLUD]HPWRW\ONRORNDORWRF]\ü«
²$WHQ]³0RUVNLHJR2ND´LG]LH
²7HQPRĪHWHQMXĪGRVWDáVZRMHGZDW\JRGQLHMDNNWRPRNU\WHQPRĪHZOHĨü
GRZRG\DOHPQLHMHV]F]HPLáHĪ\FLH
²3DWU]SDQSDWU]SDQ0QLHVLĊWHĪWRRGUD]XQLHSRGREDáR«3ROLFMDLWDĔFH«3DQ
6]ZDMFDU"
²3HZQLHĪH6]ZDMFDU«7ROHSLHMQLHFKRG]Lü"
²0DMąSDQDZ]LąüWROHSLHM]GRĔLXSRFR]EDOX"
7RWHĪSDGáV]\QDNRODQDEáDJDP3DQD%RJDDE\LFKZV]\VWNLFK]DEUDOLFKRüE\
]GRPX:WHG\VLĊZ=DNRSDQHP]URELSU]HVWURQQHLSU]\MHPQLH
.
DTP by SHADE
11
II.
.
=LPRZ\VH]RQWHJRURNXZ]LĊOLGMDEOL]F]HJRZ\QLNDĪHLGMDEOLPRJąF]D-
VHPGRNRQDüU]HF]\VáXV]QHMLVSUDZLHGOLZHM
'DZQRMXĪSU]\SXV]F]DáHPĪHPXU]\QL=DNRSDQHPXV]F]ĊĞFLDQLHSU]\QLRVąSR-
QLHZDĪ]DĞWHJRF]DUQHJRWDáDáDMVWZDQDPQRĪ\áRVLĊZ=DNRSDQHPFRQLHPLDUD]GDZDü
VLĊ SRF]ĊáR WHM ]DSDVNXG]RQHMPLHĞFLQLH WHM ĪDELH QDGĊWHMWHM OLFKHM LPLWDFML PLDVWD
W\PF]WHUHPFKDáXSRPGZRPSRWRNRPLMHGQHPXNLQWRSRZLĪHMHVWVá\QQąHXURSHMVNą
PLHMVFRZRĞFLąNOLPDW\F]QąLQDMZ\UDĨQLHMRV]DODáR
.LHG\F]áRZLHNRZLXSDGQLHPDá\NDPLHĔQDPy]JMXĪPRĪH]ZDUMRZDüDSU]HFLHĪ
W\P]=DNRSDQHJRFDáH7DWU\XSDGá\QDJáRZĊ5]HF]VZRMąGURJąQLHSRMĊWDMDN3DQ
%yJPRĪHSR]ZDODüQDWRE\XSRGQyĪDWDNLFKFXGRZQ\FKJyUĪ\áRWDNLHSDVNXGQH
PLDVWHF]NR"3DVNXGQH²WRMHV]F]HQLFDOHWDNLHEH]F]HOQHQDG\PDVLĊDMHVWEUXGQH
SRáDPDQHSRNU]\ZLRQHMDNE\PLDáRSU]HWUąFRQ\NUĊJRVáXSL]DWH]G]LHUDLREG]LHUD
DMDNFLZ\GDUHV]WĊWRNLONDVXFKRWQLF]\FKQDGREQ\FKXURG]LZ\FKEDNF\OyZĝOLF]QH
PLDVWR
.LHG\U\FHU]*LHZRQWNáDGáVLĊQDVZyMNDPLHQQ\VHQPXVLDáSHZQLH²ĪHWR]SX-
VW\P ĪRáąGNLHP ĞSL VLĊ OHSLHM ² GRNRQDüMDNLHMĞ IXQNFML V]SHWQHM , ] WHJR SRZVWDáR
=DNRSDQHĝODG\WHJRSRFKRG]HQLDSá\Qą]UHV]WąSRGF]DVRGZLOĪ\SR.UXSyZNDFK
ĩHE\WRMHV]F]HSRZLHG]LHOLVRELHZ=DNRSDQHPQLHFKEĊG]LHXERJRDOHFKĊGRJR
ĩHE\ĪWR7\PF]DVHPPDQMHU\DIXP\D]DG]LHUDQLHQRVDDIDVRQ\.DZLDUQLHEDOH
GDQFLQJLPXU]\Q\MD]]EDQG\
$³RQR´MDNSá\QĊáRSR.UXSyZNDFKWDNSá\QLH:NDZLDUQLGDG]ąFLWDNLHMNDZ\
ĪHVLĊĪRáąGHN]DP\NDQDJZDáWLNU]\F]\QLHFKFĊQLHFKFĊDNHOQHUXZDĪDDE\ĞJR-
ĞFLXSU]HNOĊW\á\ĪHF]NLQLHXNUDGáWDNLHMá\ĪHF]NLF\QRZHMQDNWyUHM]QDüĞODG\ZV]\VW-
NLFK]ĊEyZ
'DQFLQJMHVWQLHE\ZDá\2EZLHVLOLNQDMSĊF]HPĞSRWZRUQHPMDNąĞ]LHORQąV]PD-
WąZUD]LOLZWRG]LHVLĊüHOHNWU\F]Q\FKODPSHNLWRMHVWQDMZ\WZRUQLHMV]DVDODEDORZD
Z=DNRSDQHP1D]\ZDVLĊWR³6PRF]DMDPD´FRPD]QDF]\üĪHWD]LHORQDSáDFKWDSR-
VPDURZDQDNOHMHP]PLHV]DQ\P]SLDVNLHPQDNRORU]DVWDU]DáHMJDQJUHQ\MHVWVNyUą
]GMĊWą]HVPRND+D7RMHVWĞOLF]QH-HĞOLWHQVPRNJG]LH]GHFKáWR]SHZQRĞFLąWXWDM
Z\SLáEXWHONĊV]DPSDQDLUR]SXNQąáVLĊERQDZHWVPRNWHJRV]DPSDQDQLHZ\WU]\PD
:WDNLPGDQFLQJXVLHG]ąĪ\G\LUDGXMąVLĊZLHOFH7RG]LHFLVPRND2QMąFKZ\WD
]DVWDQF\ZLOQ\RQDMHJR]DFRĞWDPLWDNWDĔF]ąSLĊNQLH7DĔF]\0RULW]MDNZ6W0R-
ULW]$NDWROLNLW\PF]DVHPXPLHUDMąQDVXFKRW\ERQLHPDMą]DFRURELüFRLQQHJR
&L]DĞFRJUDMąZW\PGDQFLQJXFLąJOHZ\MąMDNREG]LHUDQ\]HVNyU\VPRN-DVLĊ
QLHG]LZLĊ*RĞüSU]\MG]LHLSyMG]LHDOHFLQLHV]F]ĊĞOLZLPXV]ąSDWU]HüQDWĊVPRF]ą
GHNRUDFMĊSU]H]FDáHQRFH:\MąZLĊF]UR]SDF]\DE\VLĊ]DJáXV]\ü0Lá\WRMHVWORNDO
QLHPDFRDOH]DWRQDMZVSDQLDOV]\Z=DNRSDQHPàDGQLHMPRĪHE\üW\ONRZNU\PLQDOH
DOERZWDNLPGRPXNWyUHJRQLHPRĪQDQD]ZDüSU\ZDWQ\PW\ONRMDNRĞLQDF]HM
-HVWWRQDUD]LHMHG\QDUR]U\ZNDZWHPVá\QQHPPLHĞFLHLQQ\FKQLHPDSR]DWHP
PRĪQDMHV]F]HQRVLüQDSOHFDFKQDUW\LFKRG]LüSU]H]GZDGQLZSRV]XNLZDQLXĞQLHJX
³6H]RQ´ZLĊFWDNVLĊSU]HGVWDZLD]DZV]HE\áDSRJRGDZWHG\NLHG\FLHELHWXMHV]-
F]HQLHE\áRLEĊG]LH]SHZQRĞFLąZWHG\NLHG\Z\MHG]LHV].LHG\]DĞMHVWHĞQDPLHMVFX
ZWHG\JyUQLHZLGDüERMHVWPJáDĞQLHJXQLHPDERMHVWKDOQ\ZLDWUQDXOLFDFK
MHVW EáRWR ER SDGD GHV]F] FLHSáHM ZRG\ QLHPD ER FRĞ VLĊ VWDáR ] UXUą ĞZLDWáR
]JDVáRERWXWDNL]Z\F]DMFHQ\SRGQLHĞOLERWDNLHWZRMHSVLHV]F]ĊĞFLH]VDQNDPLFLĊ
Z\ZUyFLOLERZáDĞQLHMHVWĞOL]JDZLFDZ\ELáHĞVRELHGZD]ĊE\ERVWXGQLDVWRLQDĞURG-
NXFKRGQLNDLGRNRáDQLHMMHVWVNáDGORGXNZLF]RáyZQLHPDERSDQ.DUSRZLF]Z\MH-
FKDáGRVLHELHQDZLHĞSLZDQLHPDERQLHSU]\ZLHĨOL]ĩ\ZFDD].UDNRZDQLHFKFLHOL
WDP SyMĞü QLH PRĪQD ER JUXĨOLFD WDP QLH Z\SDGD ER NWRĞ XPDUá MDMHN QLH GRVWD-
QLHV]ER³]DWHSLHQLąG]HQLHFKSDQVRELHVDP]QLHVLH´SLHQLĊG]\FLZEDQNXQLHGDOL
ER³MHV]F]HLGą´²³DNLHG\PRJąQDGHMĞü"´²³PRĪH]DPLHVLąF´²SRĪ\F]\üQLHPR-
DTP by SHADE
12
ĪHV]ERZV]\VF\JROLZLQDQLHPDERZRGD]DPDU]áDPLĊVDQLHPDERĪDGHQEDUDQQLH
]GHFKáZ\MHFKDüQLHPRĪHV]ER³QLHZLDGRPRF]\ZDJRQEĊG]LH´XPU]HüQLHPRĪHV]
ERWR]E\WNRV]WRZQDKHFD0RĪHV]W\ONRXVLąĞüQDJRáROHG]LZ]LąüEU\áĊORGXZUĊNĊ
LWáXFVLĊSRJáXSLPáELHLU]HZQLHSáDF]ąFPRĪHV]PyZLüVDPGRVLHELH
²$GREU]HFLWDNLGMRWR.WRFLND]DáMHFKDüGR=DNRSDQHJR"
ĩHE\]DгVH]RQ´E\áZFDáHMSHáQLGRVNRQDá\LJRGQ\XZLHOELHQLD²=DNRSDQHZ\-
P\ĞOLáRVRELHGZDUD]\ZMHGQ\PW\JRGQLXKDOQ\ZLDWU
-HVW WR QLH]Z\NOH PLáD L ]DFKZ\FDMąFD LQVW\WXFMD WDNL UR]NRV]Q\ ZLDWHUHN NWyU\
VRELHZHVRáHF]\QLLJUDV]NL
6ą ZLDWU\ SRZDĪQH VWDWHF]QH ZLDWU\ ĞZLV]F]ąFH HIHNWRZQH XĪ\ZDQH ]DZV]H
ZWHDWUDFKZLDWU\SU]\MHPQHáREX]\QLHZLQQHZLDWU\ZHVRáH]DG]LHUDMąFHSDQQRP
NLHFNLMDNE\FKFLDá\OLFKRZLHSRFR"²VSUDZG]DüSDQQDF]\WHĪW\ONRXGDMH"MHVW
ZLDWUSDMDFNWyU\SU]\SRPLQDZHVRáHJRSVDFRVLĊ]DZáDVQ\PSRNUĊFLRJRQHPLGDOHM
ELHĪ\ZLDWUEDOHWQLNFRSRGVNDNXMHLW\ONRZUyEOHVWUDV]\ZLDWU]áRG]LHMFR]HV]QXU-
NyZVXV]ąFąVLĊNUDGQLHELHOL]QĊVąZLDWU\WDNLHLRZDNLH
=DĞZLDWUKDOQ\MHVWWRZLDWU²ZDUMDWZLDWU²IXUMDWSLMDQ\]ZLHU]]DZDOLGURJD
GHOLU\N]JRUąF\PáEHPĪ\GZLHF]Q\WXáDF]RSĊWDQLHFNWyU\PLHMVFDVRELH]QDOHĨüQLH
PRĪHQD]LHPLDQLQDQLHELHZLDWUGDQWHMVNL
8URG]LVLĊWDNLHĞZLV]F]ąFHE\GOĊJG]LHĞFK\EDZ$IU\FHLQDJOHPDLQWHUHVGR=D-
NRSDQHJR&]\MXĪWRVDPRQLHGRZRG]LMHJRV]DOHĔVWZD"3U]\OHFLDáZLĊFSRKXODáZĞUyG
GROLQLQDJOHSRZąFKDá=DNRSDQH:WHG\PXJRUąFDNUHZXGHU]DGRJáRZ\ZWHG\VLĊ
ZĞFLHNáLRV]DODá-DVLĊQLHG]LZLĊ2V]DODá\]DF]\QDRUJMĊODWDMDNV]DORQ\WXLWDP
LV]XND5DG\JPLQQHM]Z\UDĨQ\P]DPLDUHPSRXU\ZDQLDáEyZWHMUDG]LH&]DVHPZ\áD-
PLHODVQLHGXĪRF]WHUG]LHĞFLSLĊüG]LHVLąWW\VLĊF\GU]HZF]DVHPZ\ZUyFLGRPF]DVHP
SRUZLHF]áRZLHND0QLHQLHGDáUDG\RVLHPG]LHVLąWNLORJUDPyZLFLĊĪNLGRZFLSOHF]
XELHJáHJRURNXSRUZDáPHJRSU]\MDFLHOD]DFQHJRSRHWĊ/HFKRQLDLSU]H]GZDGQLJR
QRVLáSU]H]SRZLHWU]HRG7U]DVNLGR.DUSRZLF]DWDPL]SRZURWHPNRFKDQ\WHQF]áR-
ZLHNGRVWDáRGWHJRF]DVXWDNLHMPDQMLĪHZFLąĪELHJDRGNQDMS\GRNQDMS\²QDZHW
Z:DUV]DZLH
6WUDV]OLZ\WHQZLDWUPDSRP\Vá\JRGQHZDUMDWDVWDUHJRUXW\QRZDQHJRZDUMDWD
:LDWU]Z\F]DMQ\ZLHMHNUyFHMOXEGáXĪHM]Z\NOHZMHGQ\PNLHUXQNX]DZV]HZSU]HFLZ-
Q\PQLĪWHQNWyU\]DSRZLDGDELXOHW\QREVHUZDWRUMXP0RĪQDVLĊGRQLHJR]DVWRVRZDü
LPRĪQDVRELHGDü]QLPUDGĊRGZUyFLZV]\VLĊGRQLHJRSOHFDPL1LNWMHGQDNQLHPRĪH
SU]HZLG]LHüFR]URELVNąG]DZLHMHL]MDNąVLáąWHQKDOQ\GUDSLFKUXVW3RPLQąZV]\MXĪ
WDNLHQLHZLQQHGURELD]JLMDNZ\ZUDFDQLHFKDáXSZLDWUWHQPDPHWRG\GUĊF]\FLHOVNLH
3U]H] Syá JRG]LQ\ QDSU]\NáDG ZDOL FL SLĊĞFLą Z RNQR L QDMZ\UDĨQLHM VWDUD VLĊ Z\UZDü
]]DZLDVyZ7DU]DVLĊSU]\WHP]UDGRĞFLMDNRSĊWDQ\LZLG]ąFSU]H]V]\E\WZRMąZĞFLH-
NáRĞü]UDGRĞFLSLHMHU\F]\EXOJRF]HSRNU]\NXMHĞPLHMHVLĊMDNSXV]F]\NJGDF]HMDN
NXUDJZLĪGĪHMDN0HILVWRIHOHVX%RLW\WU]HEDZLĊF]JDVLüODPSĊDE\E\GOĊQLHZLG]LDáR
ĪHVLĊLU\WXMHV]
2GRVNRQDOH
= PLHMVFD ]DZUyFLá L SRZLDá Z LQQą VWURQĊ E© Vá\FKDü QDJá\ UZHWHV VNU]\SLHQLH
L SáDF] MRGHá 7DP áDMGDN XĪ\ZD :WHG\ XVLáXMHV] ]DVQąü OHGZLHĞ RF]\ SU]\PNQąá ²
RQ MXĪ MHVW 3DOQąá GáRQLą QD SáDVN Z RNQD Z\UZDá ] GDFKX GZLH GDFKyZNL L SUDVQąá
MHRĞQLHJZSDUáVLĊZ]LHPLĊLQDMZ\UDĨQLHMFKFHZ\ZUyFLüGRP-XĪQLNWQLH]PUXĪ\
RND
7DNLWRMHVWPLá\ZLDWHUHN0DDIU\NDĔVNLJRUąF\áHEJRUąF\MĊ]RULFDáHFLDáRUR]SD-
ORQHZLĊFVLĊ]OXERĞFLąWDU]DSRĞQLHJX]OL]XMHJRR]RUHPJU\]LHOyGDZ\áDPDQHJR
]NRU]HQLHPĞZLHUNDXĪ\ZDMDNRZ\NDáDF]NL0DPZUDĪHQLHĪHWRĪ\GRZLHVSURZDG]DMą
WHQZLDWU]SXVW\QLQDSDPLąWNĊVZRMHMZĊGUyZNLZLDWUWHQERZLHPZLHMHZ=DNRSDQHP
]DZV]HNLHG\SU]HE\ZDWDPSRQDGVLHGHPG]LHVLąWSURFHQWĪ\GyZZW\P]DĞVH]RQLH
QLHOLF]ąFPXU]\QyZNWyU]\SRGREQRVąSRF]HUQLRQ\PLĪ\GDPLE\áRZ=DNRSDQHPVWR
GZDG]LHĞFLDSLĊüSURFHQWĪ\GyZ
DTP by SHADE
13
3RWDNLPZLHWU]HW\OHMHVWW\ONRZ=DNRSDQHPĞQLHJXLOHJRSRWU]HEDQD]URELHQLH
ORGyZZSLHUZV]RU]ĊGQ\PSHQVMRQDFLH%LHU]HVLĊGZLHPLHGQLFHĞQLHJXá\ĪNĊFXNUX
SyáV]NODQNLĞPLHWDQNLNR]LHMLWU]\F\WU\Q\3RWHP]DĞZĞURGNXVW\F]QLD]DF]\QDSDGDü
GHV]F]\NWDNLQDV]NRFKDQ\NDSXĞQLDF]HN3RU]ąGQHJRF]áRZLHND]ELHUDUR]SDF]WHQ
LyZ]LU\WXMHVLĊLXZLHUDDRQVRELHSRSDGXMH
³6áRĔFHĞZLHFLGHV]F]\NSDGD.DUSRZLF]GRODU\VNáDGD«´
$FKMDNĞOLF]QLH
7RWHĪJG\E\ZV]\VF\NWyU]\ZW\PURNXFKFLHOLVLĊSRZLHVLüSRZLHVLOLVLĊE\OLQD-
SUDZGĊEUDNáRE\ĞZLHUNyZZ=DNRSDQHP
2JOąGDáHPVLĊLMD]DMDNLPĞWĊJLPĞZLHUNLHPNLHG\PLSRZLDGDMą
²3RF]HNDM.DURO6]\PDQRZVNL]DJUD«
6]\PDQRZVNL]DJUD":DUWRĪ\ü
%LOHWyZQLHVSU]HGDZDQRW\ONRZ\EUDQ\PLW\ONRZRJUDQLF]RQHMLORĞFL2VWDWHF]-
QLHSRND]DáRVLĊĪHSU]HFLHĪMHVWZ=DNRSDQHPGZXVWXSRU]ąGQ\FKOXG]LMHVWWRQLH
GRZLDU\DMHGQDNWDNE\áR
.RQFHUWRGE\áVLĊZ&]HUZRQ\P.U]\ĪXZVDOLĞZLHWQLHRJU]DQHMERSRGF]DVNRQ-
FHUWXW\ONRGZLHSDQLHRGPUR]Lá\VRELHXV]\DMHGHQRILFHURELHQRJL-DE\áHPSU]H-
]RUQ\LSU]\QLRVáHPVRELHJDUQHN]ZĊJODPLNWyUHWU]\PDáHPSRGNU]HVáHP6WU\MHĔVNL
ZMHFKDáQDVDOĊQDQDUWDFKZSOHFDNX]DĞPLDáWHUPRV]JRUąFąKHUEDWąGZLHEXWHONL
ZyGNLLĪRQĊĝQLHJQDVDOLQLHSDGDáWU]HEDE\üVSUDZLHGOLZ\P
:\FKRG]L6]\PDQRZVNL²ZHIUDNX6SUDZLDáRWRZUDĪHQLHĪHF]áRZLHNZHIUDNX
EĊG]LHJUDáSRGELHJXQHP]DNXWDQ\PZIXWUD(VNLPRVRPVVąF\PV]SLN]UHQLIHURZ\FK
NRĞFL&KFHFRĞSU]HPyZLüGRSXEOLF]QRĞFLĪHQLHMHVWZLUWXR]HPLĪHEĊG]LHJUDáW\ONR
VZRMHXWZRU\OHF]]]LPQD]DFLQDPXVLĊV]F]ĊND]ĊE\V]F]ĊNDMąMDNNODZLV]HLNRQLHF
]GDQLD]DPDU]áZSRZLHWU]X/XG]LHZLWDMąJRRNODVNDPLWURFKĊ]PLáRĞFLDSU]HGHZ-
V]\VWNLHPGODWHJRĪHE\VLĊUR]JU]DüUXFKHP
6]\PDQRZVNLELHU]HSLHUZV]\DNRUG
+D&RWRMHVW"&RPDE\ü")RUWHSLDQVLĊNLZDERPDSRSU]HWUąFDQHZNRODQDFK
QRJL
3U]\FLVNDQRJąSHGDá+D&RWRMHVW"&RPDE\ü"²1LF3HGDáVNU]\SLMDNVWDUD
EDED Z WDĔFX MDN QLHERV]F]\N NWyUHJR RGZUDFDMą QD GUXJą VWURQĊ DE\ PX VLĊ QLH
QXG]LáRMDNGU]ZLZLĊ]LHQLDMDNSUDFRZLWHáyĪNRMDNNRáDZR]XQDNWyU\PZLR]ąVND-
]DĔFDMDNSLDVHNZ]ĊEDFKNLHG\U\G]yZQLHZ\P\WRMDNQLHGREUDQHPDáĪHĔVWZRMDN
JDUGáRFKyU]\VWNLMDNQRZHEXW\IDUPDFHXW\
&]HUZRQ\ .U]\Ī SRVLDGD GREU\ IRUWHSLDQ )RUWHSLDQ FKRU\ ]D]LĊELRQ\ ] ]DSDOH-
QLHPSáXF]FKRUREąSU]HZOHNáąVWUXQJáRVRZ\FK]HV]SDWHP]]Rá]DPL]NR]LĔFHP
RFKZDFRQ\EH]]ĊEQ\IRUWHSLDQG]LZRIRUWHSLDQPRQVWUXP]áDMGDF]RQ\]EOD]RZDQ\
]JU\ĨOLZ\]UR]ELWHPVHUFHP]GHQHUZRZDQ\LU\WXMąF\VLĊ
1D WDNLP IRUWHSLDQLH JUDá .DURO 6]\PDQRZVNL *UDá WDN FXGRZQH U]HF]\ ĪH VLĊ
WR ]ZLHU]Ċ WU]\QRĪQH ]GXPLDáR L ZĞFLHNáH ] SRF]ąWNX SRGGDáR VLĊ PX ]DFKZ\FRQH
MDNKLVWRU\F]NDNWyUąNWRĞXURNLHPQLHSU]HSDUW\P]QLHZROLá%\áWRQDMG]LZDF]QLHMV]\
QDĞZLHFLHNRQFHUW3RZLQQLWDPQDWHPSXGOHF]DUQHPSU]\ELüWDEOLF]NĊQDSDPLąWNĊ
ĪH.DURO6]\PDQRZVNLJUDüQDQLPUDF]\á
:SDX]DFKUR]ĞFLHUDQRZLHONLHJRPX]\NDĞQLHJLHPLZyGNąSRWHPZ\SURZDG]L-
OLĞP\ JR W\OQHPZ\MĞFLHPDE\ JR QLH VSRWNDáORV 2UIHXV]D ER JR EDFKDQWNLFKFLDá\
UR]HUZDüQDSDPLąWNĊ3RQLHZDĪ]DĞNRĞFLyáMXĪE\á]DPNQLĊW\ZLĊFGáXJRZQRFX.DU-
SRZLF]DG]LĊNRZDOLĞP\%RJXLJRUąFRLPRGOLWZą]DPURĪRQąĪHMHV]F]HPX]\NDG]LDáD
QDOXG]LLQDSHáQLDLFK]DFKZ\WHP
=UHV]Wą VNXWNL Vá\QQHJR WHJR NRQFHUWX E\á\ IDWDOQH ZV]\VF\ ]DF]ĊOL JUDü WHQ
QDIRUWHSLDQLHWHQQDGRODUDFKWHQZNDUW\QDF]HPNWRXPLDáDĪHWDPZ\SLWRMDNLHĞ
SyáEXWHONL²PyM%RĪHNWyĪVLĊG]LZLüPRĪHHQWX]MDVWRP$OHMDNLHWRMHGQDNRK\GQH
PLDVWR-HGQDEDEDGUXJLHMEDELHRSRZLDGDáDĪHMHGHQSU]\MDFLHODUW\VWyZ³WHQ]%R-
UXW\´²WRVRELHUĊNĊZ\ZLFKQąáRGRWZLHUDQLDEXWHOHNDWHQGUXJL²SURV]ĊSDQL²
DTP by SHADE
14
WRLF]HNDüQLHFKFLDáDĪEXWHONĊRWZRU]ąW\ONRV]\MNĊRGJU\]DáRGEXWHONL]ĊEDPL
=WąUĊNąWRWURFKĊSU]HVDG]RQHDOH]WHPRGJU\]DQLHPV]\MHNWRMXĪáDMGDFNLZ\-
P\Vá%\áRG]LHVLĊüEXWHOHNQDRVREĊD]DUD]SDVNXGQHS\VNL]URELą]WHJRGZDQDĞFLH
7URFKĊ VLĊ MHGQDN RĪ\ZLáR Z =DNRSDQHP RG WHJR F]DVX , NLHG\ F]áRZLHN MDĞQLHM
VSRMU]DáWRPXVLĊL]GHPRELOL]RZDQ\JHQHUDáZ\VRNRJyUVNLHMNRPSDQML*LHZRQWZ\GDá
MDNRPDá\F]áRZLHNFRVLĊVFKODáLOHĪ\LEXMQRSLHUĞQD*XEDáyZNDV]HURNDZELRGUDFK
EDEDZ\GDáDPXVLĊSU]\MHPQD7RMHGQDNW\ONRQDVWURMH
-HVW MHGQDN WDNLH PLHMVFH Z =DNRSDQHP JG]LH VáRĔFH ]DZV]H PLHV]ND L JG]LH
QDMF]\VWV]D UDGRĞüMDNą W\ONR Z\PDU]\ü VRELH PRĪQD EH] SU]HUZ\ SDQXMH 1LH MHVW
WRZVDPHP=DNRSDQHPOHF]RSRGDO
7RWDPJG]LHPLHV]ND.DVSURZLF]
:\SUĊĪ\áHPZWHMFKZLOLSLyURMDNĪRáQLHU]NDUDELQQDEDF]QRĞüSU]HGMHQHUDáHP
2QRUDWHDOWLVVLPRDOWLVVLPRSRHWD
:LHONLMDVQ\LSURPLHQLVW\GXV]DWDNDF]\VWDMDNZRGD'XQDMFDF]áRZLHNFLFK\
L VNURPQ\ MDN G]LHFNR MDNE\ WHP ]DĪHQRZDQ\ ĪH MHVW WDN ZLHONL SU]\MDFLHO ZLHUQ\
NRPSDQĪHGUXJLHJRWDNLHJRQDĞZLHFLHQLHPDF]áRZLHNEH]ĪyáFLLZąWURE\2OLPSLM-
F]\N FR Z Ī\FLX SUDNW\F]QHP RND]XMH GRĞZLDGF]HQLH F]WHUROHWQLHJR FKáRSFD IXUMDW
SUDF\ROEU]\PGXFKDSURVWDF]HNNWyU\VNáDPDüE\QLHXPLDáJG\E\RĪ\FLHFKRG]LáR
²WRMHVW.DVSURZLF]-DNWHJRF]áRZLHNDZV]\VF\EH]LQWHUHVRZQLHNRFKDMąMDNZLHOELą
WĊSURVWRWĊUXEDV]QąMDNVLĊOXG]LHGRQLHJRVHUFDPLJDUQąWRPRĪH]UR]XPLHüWHQNWR
WRZLG]LDáERMHVWWRQLHGRZLDU\
7HUD] VLĊ SU]HQLyVá ]H /ZRZD QD VWDáH GR =DNRSDQHJR L QD MDNLPĞ WU]HFLP NLOR-
PHWU]HQDGURG]HGR3RURQLQDNXSLáVRELHGRPQDGZRGąLWDP³VLHG]L´ZĞUyG*XWyZ
L0DUGXáyZ.UZDZ\FKF]\MDNLPWDP
7RMHVWGRP"7RZFDOHQLHMHVWGRP²WRMHVWKRWHOF]\FRXOLFKD.LHG\WDPSU]\M-
G]LHV]]DZV]HSHáQR.DVSURZLF]PDSU]\MDFLyáQDFDá\PĞZLHFLHWRWHĪVLĊ]FDáHJR
ĞZLDWDGRQLHJRĞFLąJDMąDEDFD.DVSURZLF]XSURJXVWRLUĊFHUR]NáDGDLXĞPLHFKHP
VLĊ]NDĪG\PSU]HáDPLHMDNFKOHEHP7áXPQRJZDUQRZHVRáRVáRGNDQLHZLDVWDSDQL
.DVSURZLF]RZD MDNLHĞ ELEOLMQH V]WXNL UREL DE\ ] Syá PHWUD NLHáEDV\ ]URELü NLORPHWU
ERWRZDU]\VWZR]Z\NOHMHVWĪDUáRF]QH-DQDOHĪDáHPGRQDMJURĨQLHMV]\FK,WDNZFLąĪ
LWDNZFLąĪ.DĪG\E\WURFKĊ]ZDUMRZDáDZW\PGRPXVLĊUDGXMą-HVWMXĪG]LHVLĊFLX
3RODNyZMDNLHĞLQQHQDFMHEDQDZHW%XáJDU+D7R]DPDáR
=DSLĊüPLQXWQRZHVDQNLWRJD]GD]JDĨG]LQą]3RURQLQD³]ZL]\Wą´GRVąVLDGD
.LHáEDVDVLĊZ\GáXĪDFKOHEVLĊUR]UDVWDD3DQ%yJVLĊXĞPLHFKDĪHPRĪHWHPXGURJLH-
PXF]áRZLHNRZLQRZ\PVLĊSU]\VáXĪ\üFXGHP
6ąZV]\VWNLHSRHW\ZV]\VWNLHPDODU]HZV]\VWNLHPX]\NDQW\,MHVWGREU]H$QDM-
OHSLHMĪHMHVWQDV]ZVSyOQ\SU]\MDFLHOFKRüQDV]Z\GDZFD:áDG\VáDZ.RĞFLHOVNL3DQ
%yJURELFXG\DOHU]DGNRRQ]DĞQLH]DZRGQLHSRWUDILSU]HGáXĪ\üWĊPLVW\F]QąNLHáEDVĊ
Z QLHVNRĔF]RQRĞü 3RU]ąGQ\ F]áRZLHN V]ODFKHWQ\ SRHWD 1LHFK PD ]DZV]H ZV]\VWNLH
QDNáDG\Z\F]HUSDQH
.DVSURZLF]XU]ąG]DGRP'RPQD³+DUHQG]LH´ERWDNVLĊWRQD]\ZD³WR´QDGSR-
WRNLHPDĪHE\WDPWUDILüWU]HEDVLĊNLHURZDüZHGOHZV]\VWNLFKJZLD]GLZHGOHMHGQHJR
PRVWNX
'XĪRZLG]LDáHPZĪ\FLXZHVRá\FKNRPHG\MZLHOHZLG]LDáHPV]DORQ\FKPLáRĞFLDOH
DQLPąĪĪRQ\DQLPDWNDG]LHFLDQLVNąSLHF]áRWDWDNQLHNRFKDMDN.DVSURZLF]WĊVZRMą
³+DUHQGĊ´.XSLáĞFLDQ\LGDFKDWHUD]KRKR²SDáDF]DPHNNDV]WHOZVSDQLDáRĞü
:HUVDO(VNXULDO$OKDPEUD6SUREyM.DVSURZLF]RZLSRZLHG]LHüFRLQQHJRWRMDNMHVW
áDJRGQ\F]áRZLHNWRFK\EDVLĊUR]SáDF]H:LĊFU]HF]SURVWDĪHQLHPDQDFDáHP3RGKDOX
SLĊNQLHMV]HJRGRPXFK\EDZ3DU\ĪXDOHLWRQLHSHZQH=EURGQLDU]MHVWL]JRáD]Z\Ná\
áDMGDNNWRWHJRQLHZLG]L
7HUD].DVSURZLF]]ZR]LGHVNLNXSLRQH]DWRPSU]HNáDGyZSRHWyZVWDURDQJLHOVNLFK
RF]HP]UHV]WąVSU]HGDMąF\JyUDOFK\EDQLHZLHG]LDá
²%RWRXZDĪDV]²SRZLDGD²QLHNRQLHFVáRGNLSDQLH%ĊGĊEXGRZDáKDOO
DTP by SHADE
15
,SDWU]\SRGHMU]OLZLHMDNLHZUDĪHQLHUREL³KDOO´
²+DOO"6áXV]QLH.DĪG\]DPHNDQJLHOVNLPDWDNLKDOO«
.DVSURZLF]PDá]\ZRF]DFKĪHEĊG]LHPLDáKDOO/DVNąEĊGĊELáSRJáRZLHNDĪGHJR
SU]H]FDá\G]LHĔNWRE\SU]HF]\áĪHWRQLHEĊG]LHQDMSLĊNQLHMV]\KDOLĞZLDWD
3RWHPELHU]HODWDUQLĊLZLHG]LHFLĊSRGUDELQLHQDVWU\FK]PLáRĞFLGODQDMGURĪV]HJR
SRHW\XGDMHV]ĪHFLWRQLHVá\FKDQąSU]\MHPQRĞüVSUDZLDĪHUD]VLĊRNLHPQDG]LDáHĞ
QDZ\VWDMąFą]GDFKXGHVNĊLĪHZáDĞFLZLHODWDUQLDMHVWQLHSRWU]HEQDJG\Ī]D.DĪG\P
NURNLHP XGHU]DV] JáRZą R EHONĊ DOER R NRPLQ FR ]DUD] ]DSDOD VWDU\P ]Z\F]DMHP
ĞZLHF]NLZRF]DFK
²$FKMDNWXZ\JRGQLH7DNSRZLDGDV]
$2QQDWR
²7XEĊGąJRĞFLQQHSRNRMH'ZD
7R³GZD´EU]PLMDNIDQIDUDNLHG\NUyOZNUDF]DGRVZRMHMVWROLF\
²$ĪGZD"²]GXPLDáHĞVLĊ
²2F]\ZLVWDVáRGNLSDQLH*RĞFLQQH
3DQ%yJFLĊĪNRSRNDU]HWHJRJRĞFLDNWyU\WDPEĊG]LHPLHV]NDáLNWyU\QLHEĊG]LH
]DFKZ\FRQ\
3RWHPFLĊZLHG]LHQD³SRGZyU]HF´6WRMąWDPGZDGU]HZNDNWyUHZLDWUSRVLDá
²7RPRMH²SRZLDGD.DVSURZLF]
3RVLDGDRQNRPDQGRUVNL.U]\Ī3RORQMLRILFHUVNL.U]\Ī/HJML+RQRURZHMDOHJG\E\
]DWRPyJáPLHüWU]HFLHGU]HZNR²VSU]HGDáE\RUGHU\
²$WRFR"²S\WDP²WDEXGD".DVSURZLF]VLĊ]DVĊSLá
²7RVąVLDGD²PyZLQDJOHV]HSWHP²$OHMDWRNXSLĊ
&XGRZQDFKáRSVNDSR]QDĔVNDGXV]DZ-HJR0DJQLILFHQFMLNLHG\R]LHPLĊLG]LHQLH
SRSXĞFL
,]DUD]SODQ\
²7XXZDĪDV]EĊG]LHVWDMQLDWDPWRWDPRZR7XVLĊ]DVLHMHWDPRJUyGWDP
ĞFLHĪNL
0yZLąF WR ZV]\VWNR SDWU]\ FL MHGQDN WR JHQMDOQH G]LHFNR QLHVSRNRMQLH Z WZDU]
&RĞMHVWZQLHSRU]ąGNXDOHQLHZLHV]FR"&]HJRĞQLH]DXZDĪ\áHĞDWRZ\UDĨQLHPDUWZL
G]LHG]LFD$FK-HVW
²0yM%RĪH²ZRáDV]²ĪyUDZ
3DQD .DVSURZLF]RZH REOLF]H UR]MDĞQLD VLĊ MD VáRĔFH MHVW GXPQ\ L V]F]ĊĞOLZ\
%R ] W\P ĪyUDZLHP WR FDáD DZDQWXUD MDN =DNRSDQH =DNRSDQHP QLNW QL ZLG]LDá WDP
VWXGQL]ĪyUDZLHPDRQPDĪyUDZLD«
²ĩyUDZ+D&R":6]DIODUDFKMXĪVąWXQLJG\/XG]LHVLĊG]LZLOLDOHSU]\Z\NOL
²3\V]QDVWXGQLD
²6LHGHPLSyáPHWUD²NU]\F]\MXĪ.DVSURZLF]
²%RĪHGURJL²FKZ\FLáHPVLĊ]DJáRZĊ²DĪWDNDJáĊERNRĞü
² = WDNLHM JáĊEL ZLGDü MXĪ JZLD]G\ Z G]LHĔ« ² PyZL ] UyZQLH JáĊERNLHP MDN
WDVWXGQLDSU]HNRQDQLHPQDV]SU]\MDFLHOREHFQ\SU]\WHP
*ZLD]G\ZLGDü
*G\E\ZWHMFKZLOLVSDGá\QDWHJRFXGRZQHJRSRHWĊQDMZLĊNV]HJRGQRĞFLQDZHW
E\QDQLHQLHVSRMU]DáZREHFWHJRĪH]MHJRRWFKáDQQHMVWXGQLZLGDüJZLD]G\-HVWHP
SU]HNRQDQ\ĪHQLHZąWSOLZLHF]HNDZLRVQ\DE\ZOHĨüGRVWXGQLL]REDF]\üJZLD]G\2
QLHFKMH]REDF]\1DMZLĊNV]HQDMSLĊNQLHMV]HQDMEDUG]LHMGMDPHQWRZH
:LĊFXUDGRZDQ\V]F]ĊĞOLZ\LGXPQ\SURZDG]LQDVGRGRPX3RGURG]H]DĞ
²8ZDĪDMFLHSU]\GU]ZLDFKMHVWVWUDV]OLZLH]á\SLHV
:LĊFVLĊRNURSQLHERLP\W\PF]DVHPEDáZDQSLHVZLG]ąFOLWHUDWXUĊQDMZ\UDĨQLHM
VLĊXĞPLHFKDLPHUGDRJRQHP'DMĊPX]QDNLDE\E\áZĞFLHNá\DE\ZSDGáZV]DáDE\
EURQLá GRPX ER ³MHVW VWUDV]QLH ]á\ ] W\FK QDMG]LNV]\FK´ ² W\PF]DVHP WD SVLD PDü
GDOHMVLĊXĞPLHFKD.RSQąáE\PE\GOĊ
²']LĞMHVWMDNLĞZ\MąWNRZRáDJRGQ\«²SRZLDGDSRHWDWURFKĊ]DZVW\G]RQ\
DTP by SHADE
16
²7RSRJRGDWDNG]LDáD²PyZLĊU]XFDMąF³G]LNLHPX´SVXG]LNLHVSRMU]HQLH
$WHQV]F]HU]\]ĊE\SVLDNUHZ
8.DVSURZLF]DQDZHWSLHVQLHSRWUDILE\ü]á\7DNLWRMXĪORV
$ZW\PGRPXZFXGRZQ\PW\PGRPXPLHV]NDVáRĔFHLSRJRGDZFKRG]ąFDSU]H]
RNQDLGU]ZLELMąFD]WHJRZLHONLHJRVHUFDQDPDORZDQDQDREUD]NDFKDQDMZLĊFHMMHM
XNU\WRZW\FKW\VLąFDFKĞOLF]Q\FKVWDU\FKNVLąĪHNNWyUHVąQDMZLĊNV]ąGXPą.DVSUR-
ZLF]D :\JU]HE\ZDá MH ] S\áX RG Ī\GRZLQyZ Z\QĊFDá ĝZLĊWRNU]\VNą XOLFĊ Z\GHSWDá
L]JURPDG]LáVRELHVNDUEF]\NQDG]Z\F]DMQ\
$NVLąĪNLWHMDNE\Ī\ZHNLHG\QDNRPLQNXQDSDOą]áRWHPLRF]\PDOLWHUQDVNy-
U]HZ\FLĞQLĊW\FKSDWU]ąZGREUHG]LHFLQQHRF]\WHJRF]áRZLHNDNWyU\MHNRFKDSRQDG
ZV]\VWNRLQRZHWZRU]\WDNLHFRVHUGHF]Q\PLSHáQHPLQLH]PLHUQHMPLáRĞFLĞSLHZDMą
JáRVDPL
1LHFKMHSLV]HQDWHMVZRMHM+DUHQG]LHJG]LHVNU]\SLĪyUDZQLHFKSLV]HMDNQDM-
GáXĪHM
7DNLMHVWV]F]ĊĞOLZ\ĪHVLĊFLąJOHXĞPLHFKDLSRGĞSLHZXMHVRELHG]LZQLHIDáV]\ZLH
=HĞSLHZDQLHPMHVWJRU]HM
'OD XĪ\WNX KLVWRUML L SU]\V]á\FK .DVSURZLF]D ELRJUDIyZ PXV]Ċ GDü ]ZLĊ]á\ WHPDW
GRUR]G]LDáyZSRGW\WXáHP³:LHONLSRHWDMDNRĞSLHZDNJUDF]ZNDUW\LRSRZLDGDF]
ZHVRá\FKDQHJGRW´.LHG\G]LHFLĊFDLMDNJyUVNDZRGDWDNF]\VWDGXV]D.DVSURZLF]D
MHVWSRQDGOXG]NąPLDUĊZHVRáDZWHG\ZLHONLSDQ-DQ²ĞSLHZD0GOHMHZWHG\ZQLHELH
ĞZLĊWD&HF\OMDD]DEU]XFK\WU]\PDMąVLĊ]ZLHONLHMXFLHFK\ĞZLĊFLSDĔVF\.DVSURZLF]
XPLHW\ONRMHGQąSLRVHQNĊW]Z³ĩ\GRZVNLNUDNRZLDN´²]DF]\QDMąFąVLĊRGĪ\GRZ-
VNLHJR]DNOĊFLD³1LHZLHU]DMJRQLHNRFKDMPX´²DNRĔF]ąFąVLĊVWUDV]OLZ\PEHáNR-
WHP ]HSVXWHM NRE]\ ³WUXGXUXGXUX´ ĝSLHZD Mą RG ZLHOX ODW QLHXVWDQQLH NX RJURPQHM
VZRMHMUDGRĞFL=DSHZQHMHVWSU]HNRQDQ\ĪHMHVWWRQDM]DEDZQLHMV]DSLRVHQNDĞZLDWD
.DVSURZLF]ĞPLHMHVLĊUDGLWDNVHUGHF]QLH]WDNLHPSU]HMĊFLHPWHĪMDNG]LHFNR
.LHG\MHVWZ]DFQHMNRPSDQMLNWyUHMZV]\VWNLHVHUFDOJQąGRQLHJROZLąWVLĊZ\GDMH
UDGRVQ\LZV]\VWNRGRNRáDVLĊXĞPLHFKD2QMDN0DUFKRáWDGRNRáDQLHJRGZRU]DQ\
EH]WURVNLH FR ZLG]ąF MDN JR ZV]\VWNR FLHV]\ Z\VLODMą ZHVRáRĞü SRHW\FNLHJR VHUFD
NWyUHVLĊĞPLHMHZJáRVDMHGQDNRQ]DZV]HQDMJáRĞQLHMVLĊĞPLHMH,RGODWGZXG]LHVWX
]QLHVá\FKDQHPSU]HMĊFLHPRSRZLDGDMDNRQDMĞZLHĪV]ąQDMZVSDQLDOV]ąUHZHODF\MQą²
MHGQąDQHJGRWNĊRGZyFKĪ\GDFKFRWRGRNąGFLĞWDPMHFKDOLLSURZDG]LOLFK\WU\GMDORJ
6á\V]DáHPMąSLĊüW\VLĊF\UD]\DOHFLĊĪNRE\PQLH%yJSRNDUDáJG\E\PVLĊ]DNDĪG\P
UD]HPQLHĞPLDáJáRĞQLHMOHV]F]HQLĪSRSU]HGQLPUD]HP
:RáDV] ³DFK ĞZLHWQH DFK QDG]Z\F]DMQH FXGRZQH´ D WHJR ROEU]\PD GXFKD
WHJRSRH]MLSXUSXUDWDNWyUHPXWURVNDZLHF]QDL]DGXPDZLHONLHGZDJX]\]EXGRZDáD
QDZVSDQLDáHPF]ROHMDNJG\E\ĞZWHMFKZLOLZVDG]LáQDVWRNRQLWDNLMHVWGXPQ\ĪHWDN
Z\ERUQąRSRZLHG]LDáIUDV]NĊ
5DG WHĪ U\PHP IUDV]NL VRELH UREL R WHP L R RZHP .LHG\ JR GHPRQ MHJR SRH]ML
QDPRPHQWZ\]ZROLLQD]LHPLĊPX]HMĞüQLHEURQL².DVSURZLF]EDZLVLĊU\PHPZH-
VRá\PMDNV]NODQLFąLQQL*DGDZLHUV]HPSU]\SRZLDVWNLVZ\ZROLQLPLZJáRVVLĊQLP
ĞPLHMH:WDNLHMZHVRáRĞFLGQLDSRZV]HGQLHJRSRZVWDáDIUDV]NDNWyUąGRZVSDQLDáHJR
VZRMHJR³0DUFKRáWD´SRWHPZUD]LáIUDV]NDS\V]QDZNWyUHMMDN=DJáREDRVRELHSRZLD-
GD³ZQĊWU]QRĞFLQLHFRUHEHOL]RZDá\´]DF]\QDMąFDVLĊRGVáyZ
.
³0ĊGU]HFVWDU\DOHMDU\
1LHZLHG]LDáJG]LHVą6]DIODU\«´
.
6DPZLHONLHPZĪ\FLXG]LHFNLHPEĊGąFG]LHFLQDGPLHUQLHNRFKDZHĨPLHF]DVHP
PDOXWNąZQXF]NĊVZRMą(ZFLĊQDNRODQDLJRG]LQDPLZLHUV]\NDPL]QLąJDGD(ZFLD
ĞOLF]Q\ EąN QLH ZLH MDNL WR ZLHONL SRHWD LJUDV]NL ZLHUV]RZDQH GOD QLHM F]\QL NLHG\Ğ
VLĊRWHPGRZLHLSU]\SRPQLVRELHWDNLZLHUV]\NEH]NRĔFDQDQXWĊFKRG]LáDF]DSOD
SRGHVFHNLHG\WRWDNLVWUDV]QLHGREU\SDQ]F]XSU\QąRPLĊNNRĞFLMHGZDELXJDGDá
DTP by SHADE
17
GRQLHM
.
(ZD(ZD(ZD
&KRG]LNRáRGU]HZD
,ZFLąĪVRELHĞSLHZD
$MHMG]LDGXĞVWDU\
:áRĪ\áRNXODU\,JD]HWĊF]\WD«
.
1LHZROQRPLEH]SR]ZROHQLDSRHW\DWURFKĊ]HZ]JOĊGXQDRE\F]DMQRĞüF\WRZDü
W\FK IUDV]HN NWyUHPL UR]UDGRZDQD UXEDV]QRĞü .DVSURZLF]D SR 5H\X RG]LHG]LF]RQD
ZLHOELĪ\FLHDOERG]LHĔVáRQHF]Q\)UDV]ND]DF]\QDMąFDVLĊWDN
.
³1DXOLF\:DUHFNLHM
6WDáDSDQQDEH]NLHFNL«´
.
RSRZLDGDWDNG]LZQHSU]\JRG\ĪHLFKQLHVSRVyESRZWDU]DüQDVXFKREH]ZLQD
LEH]ZWyUXĞPLHFKXOLWHUDFNLHMNRPSDQML
7DNLHJRURGXZHVRáHJRMHVWZ\VRNLHMS\V]QHMPLDU\ZLHUV]NWyU\.DVSURZLF]QDSL-
VDáZRGSRZLHG]LQDWHQRSLV+DUHQG\FRVLĊQDSRSU]HGQLFKWHMNVLąĪHF]NLVWURQLFDFK
XĞPLHFKD
:LHUV]WHQQD]ZDQ\³=OLVWyZGRSU]\MDFLyáL]QDMRP\FKRZV]\VWNLHPLRQLF]HP´
MHVW SRFKZDáą ]DNRSLDĔVNLHJR Ī\ZRWD D ZĞUyG QLHM WDND ] VHUFD Z\ODQD LQZRNDFMD
GRSU]\MDFLyá
.
³«=DFQLOLWHUDFL
3U]H]DFQLDUW\VWRZLH.DĪG\FHFKĊSáDFL
=DVLHELHDF]DVDPLJG\VLĊWDNZ\GDU]\
,]DVZRMHJRGUXKD2GZV]HONLFKPRFDU]\
0RFQLHMVLLERJDWVLRGZV]\VWNLFKERJDF]\
'UXKRZLHPRLGURG]\«
.
-HVW Z W\P ZLHUV]X VDG]RQ\P EU\ODQWDPL L PLHMVFH FLHPQH JG\Ī R PQLH WDP
PRZD6ąWRQDMPLOV]HRV]F]HUVWZD]HPVW\ZDUWH
.
³«.RUQHOFLRSRZLDGD9
ĩHFRG]LHĔJRIRUWXQDREHMPXMHUDGD
ĩHFKRFLDĪMHVWĪHĔVNLHJRURG]DMX²WR]QDF]\
D1LH.RUQHOOHF])RUWXQD²WRMHGQDNSURVWDF]\
=P\VáMDNLHMĞODILU\QG\E\VZHJRNRFKDQND
&KFLHü]GUDG]Lü²MHVWMHMREF\1LHMHVWWRSU]HVáDQND
ĩH]]DNDUNXWDSDQLQLJG\PXQLH]QLND
,V]HSFHFRPD]DJUDüGZyMNĊWUHIOF]\SLND"
2WV]F]ĊĞFLPXVLĊNLONDGQLWHPXP\RED
3DQ.RUQHOLWDPRMDVNURPQLXWNDRVRED
RVNyU\ĞP\]áXSLOLJRVSRGDUVWZDGZRMH
3U]HPLá\FK«´
.
7X QDOHĪ\ VLĊ KLVWRUML ]H Z]JOĊGX QD .DVSURZLF]D Z\MDĞQLHQLH QD WHPDW WU]HFL
³:LHONLSRHWDMDNRJUDF]ZNDUW\´
2WyĪ VNURPQH WZLHUG]HQLH ĪH .DVSURZLF] SRWUDILá NRJRNROZLHN QD ĞZLHFLH RJUDü
MHVWSXVWąSU]HFKZDáNą1DOHĪ\ERZLHP]GUDG]LüĪH.DVSURZLF]DQDMVNURPQLHMV]HJR
ZĞUyGZLHONLFKUR]SLHUDGXPDQLHVá\FKDQDNLHG\PQLHPDĪHZ\ERUQLHJUDZEULGJH¶D
3RZLHG]PXWRWRFKRüREUD]LüVLĊQLHXPLHDOHVLĊMHGQDNREUD]L7RMHVWSLĊWDER-
DTP by SHADE
18
VNLHJR$FKLOOD:U]HF]\ZLVWRĞFLG]LHFNRF]WHUROHWQLHEH]QDMPQLHMV]HJRZ\VLáNXRJUD
.DVSURZLF]DZNDUW\]DĞ.DVSURZLF]ZEULGJH¶DJUDMąF\MHVWWRZLGRNJRGQ\QDMZHVHO-
V]\FKERJyZĝZLDWPRĪHVLĊZDOLü²MHJRWRZWHMFKZLOLQLHREFKRG]LWDNWRFHOHEUXMH
F]XSU\QąSRWU]ąVDEUZLPDUV]F]\VWUDV]OLZLHJURĨQLHRNLHPEá\VND
OMRZLV]RZHF]RáRPXVLĊFKPXU]\+D0\ĞODáE\ĞĪHWHQF]áRZLHNJUDZWU\V]DND
]GMDEáHPRGXV]ĊDOERR+DUHQGĊ']LHVLĊüUD]\NDĪGHMNDUW\GRWNQLHG]LHVLĊüUD]\
MąREUyFL²QDZURJD]DĪDUW\²Z]URNLHPFKPXUQ\PD]Z\FLĊVNLPSRREHFQ\FKSRWR-
F]\LZUHV]FLHMDNNUyOFRNRURQĊ]SDWRVHPFLVNDWDNRQFLVNDGDPĊNDURZą²QDM-
JRU]HMZĞZLHFLH
²$M²NU]\F]\SDUWQHU]UR]SDF]\
²&R"FR"²ZRáDSRHWD²$FKSUDZGDFKFLDáHPLQDF]HMW\ONRPLVDPDZ\VNR-
F]\áD2F]\ZLĞFLH1DWXUDOQLH
,SáDNDüVLĊFKFHWHPXSRWĊĪQHPXEULGĪ\ĞFLH.DĪG\VLĊXĞPLHFKD]UR]U]HZQLH-
QLHP DE\ PX QLH XF]\QLü SU]\NUHĞFL $ ]D FKZLOĊ SRHWD ]QyZ JURĨQLH RNLHP WRF]\-
²LĞPLHUü]DSRZLDGDZURJRPLWDNDNXUDWQLH]DJUDĪHERNL]U\ZDü
2VáRGNLQDMPLOV]\F]áRZLHNX
7DNDMHVWNRáRQLHJRMDVQRĞüWDNDGREURüQLHGRZ\UDĪHQLDZGRPXMHJRPLHV]ND
ĪHMDNGRĨUyGáDSRZRGĊRĪ\ZF]ąWDNVLĊZĊGURZDáRGRWHM+DUHQG\SHáQHMVáRĔFD
:ĊGURZDáR"
2KWDN3UDFąQLH]PLHUQą]PĊF]RQ\ZLHONLSRHWDQLHFR]DFKRU]DáLND]DOLPXRSX-
ĞFLüWHQGRPNWyU\PDIXQGDPHQW\]H]áRWDDĞFLDQ\]EáĊNLWX
/HF]MHĞOLSRH]MDSROVNDPDáDVNĊX3DQD%RJDWRU\PHPQDMSLĊNQLHMV]\PZ\EáDJD
WRX1LHJRDE\MHMV\QQDMPLOV]\-DQ.DVSURZLF]JD]GDQD+DUHQG]LHMDNQDMSUĊG]HM
GRQLHMSRZUyFLáWDNQDFLHOHPRFQ\MDNGXFKHPMHVWSRWĊĪQ\
.
DTP by SHADE
/LVW\].DUOVEDGX
I.
.
³&XG]HFKZDOLFLHERVZRMH]QDFLH´²PyJáE\U]HFF]\WHOQLNSRSU]HF]\WDQLXW\FK
³/LVWyZ´JG\E\E\áGRZFLSQ\FRPLVLĊZ\GDMHQLHMDNLHPQLHSUDZGRSRGRELHĔVWZHP
$E\V\WXDFMDRGUD]XE\áDMDVQDQDOHĪ\RĞZLDGF]\ü]JyU\L]GRáXĪHMHĪHOLFR-
NROZLHNFKZDOLP\REFHJRWRF]\QLP\WRMHG\QLH]QDGPLHUQHMGREURFLVHUFDF]áRZLHND
V]F]ĊĞOLZHJRNWyU\GODWHJRMHVWQDGZ\UD]V]F]ĊĞOLZ\JG\ĪZV]\VWNRFRMHVWMHJRMHVW
SLĊNQHLQDG]Z\F]DMQHSRQDGZV]HONąSRFKZDáĊZLĊFUHV]WNąQDEU]PLDáHJRRGUDGRĞFL
VHUFDFKZDOLLFXG]H1LHFKZLHG]ąVąVLHG]LĪHMHVWHĞP\GREU]\LĪHFKRüXQDVZV]\VW-
NRMHVWQDMOHSV]HLQDMGRVNRQDOV]HMHGQDNSU]\]QDP\LLPQLHMDNLH]DOHW\
=á\WRSWDNNWyU\NDODDWUDPHQWHPZáDVQHJQLD]GR7RWHĪUDF]ĊME\P]áRPLáSLyUR
PRMHQLĪE\PSRZLHG]LDá]áHVáRZRRJQLHĨG]LHVZRMHPL]DVPXFLáGREU\FK3RODNyZ2
QLH7HJRMDQLHXF]\QLĊ,FKRFLDĪ:LVáDMHVWWRU]HNDV]DUR²ĪyáWDSLDV]F]\VWD]áRĞOL-
ZD]DQRJLZZLU\VZRMHELHGQ\FKOXG]LFLąJQąFDPDODUMąRGG\FKDMąFD²NWyĪE\ĞPLDá
]ZDüMąLQDF]HMQLĪ³VUHEUQą:LVHáNą´",MDMąWDNQD]\ZDP
&KRFLDĪ]DFQ\ZLHĞQLDNĪąGDVNyU\PRMHMLRVWDWQLHMSDU\VSRGQL]DV]HĞüMDMDĪRQ\
WZRMHMLNLONRURG]LDWHN]DNXUĊNWyUHMVLĊĪ\FLHQDZVLVSU]\NU]\áR]DZV]HPyZLP\
RQLPRF]\Z]QRV]ąFNXQLHEXQDV]NPLRWHNNRFKDQ\´
=DNRSDQH ² FKRü VLĊ VDP GREU\ 3DQ %yJ Z]GU\JD LOH UD]\ SU]H]UR]WDUJQLHQLH
ZMHJRVWURQĊVSRMU]\²QLHFKEĊG]LH]DZV]H³XURF]ąOHWQLąVWROLFą3ROVNL´
1LHFKNDĪG\²JG\PXVLĊV]F]ĊĞOLZLHXPU]Hü]GDU]\FKRüE\á]DĪ\FLDIXUIDQW
DOERHJRLVWDREU]\GOLZ\DOERF\JDQDOERUDPROQLHXĪ\W\²EĊG]LHSRĞPLHUFLZJD]H-
FLH³RE\ZDWHOHPG]LHOQ\PFRVWHUDáVLá\ZVáXĪELHNUDMX´:LGRF]QLHWDNWU]HED1LH-
ERV]F]\NSáDFLJUXEHSLHQLąG]H]DRJáRV]HQLHZNXUMHUNXRVZRMHMĞPLHUFLZLĊFPXVLĊ
]DWRGREUHVáRZRQDOHĪ\
:V]\VWNRQLHFKEĊG]LHLĞOLF]QHLV]DQRZQHLGRVWRMQHLQLHSRUyZQDQH=GDMHVLĊ
ĪHW\ONRZĞUyGOXG]LSROLW\NLQLH]QDMG]LH]DVWRVRZDQLDWDV]ODFKHWQDPHWRGDZ\PLHQQD
QDGRPRZ\XĪ\WHNERF]\WRZGR²PXF]\QDZ\QRV]DJUDQLFĊ]DZV]HWHQ]QD-
SU]HFLZNDEĊG]LHáDMGDNLHP:\VRNLHMSUyE\DWHQ]ERNXU]H]LPLHV]NLHPJUXEHJRNDOL-
EUXNUHW\QHPQLHJRGQ\PDE\JRĞZLĊWDSROVND]LHPLDQRVLáD
3RQLHZDĪMHGQDN]NRQLHF]QRĞFL²QLHNDĪG\XSDGáWDNQLVNRDE\VLĊ]DMPRZDáW\ONR
SROLW\Ną L PRZD MHVW R VSUDZDFK Z]QLRVá\FK WU]HED VRELH SRZLHG]LHü ĪH ZV]\VWNR
FRQDV]HMHVWGRVNRQDáHLQDMOHSV]HQDĞZLHFLHLĪHW\ONRSU]\URG]RQDQDPILJODUQRĞü
UXEDV]Q\KXPRULUR]HĞPLDQDGREURWOLZRĞüFKFąFXQLNQąüV]DU]\]Q\LELWHMGURJLVSUD-
ZLDĪHZHZV]\VWNLHPMHVWIDQWD]MDLPLáDQLHVSRG]LDQND
1DZLHONLPĞZLHFLHZRJyOHMHVWJáXSLRERVLĊZV]\VWNRG]LHMHQLHPLOHSUHF\]\MQLH
EH]IDQWD]MLEH]SRORWXEH]QLHVSRG]LDQHN.XSLV]Z'DQMLPDVáR,RWRFRNXSLáHĞ"
7\ONR PDVáR ² F]\VWH QXGQLH ĪyáWH MDN ]áRWR ]Z\F]DMQH PDVáR 'RSUDZG\ ĪH ]áRĞü
F]áRZLHNDSRU\ZD$XQDV]DWRMHVWQDZHW]PDVáHP]DZV]HZHVRáDLĞPLHFKEXG]ąFD
KLVWRUMD.XSLáHĞPDVáRRGNPLRWNDL]DUD]SU]HFKRG]LFLĊPLá\GUHV]F]UR]NRV]QHMFLH-
NRZRĞFLFRMHVWZWHPPDĞOH",OHĪSRWHPMHVWĞPLHFKXNLHG\P\ĞODáHĞĪH]QDMG]LHV]
:QLHPJZyĨGĨD]QDOD]áHĞW\ONRV]NáRP\ĞODáHĞĪHSDSLHUD]QDFKRG]LV]WDU]DMąFVLĊ
RGĞPLHFKXZáRV\NURZLHJRRJRQDP\ĞODáHĞĪHFLĊĪNLHMHVWGODWHJRĪH:HWNQLĊWR
ZQLHRáyZDWRW\ONRFHJáD'RáH]VLĊPRĪQDXĞPLDü
.XSLáHĞ ZH )UDQFML DHURSODQ , FR" , QLF /DWDV] VRELH VSRNRMQLH L NRQLHF 1LHPD
QLFQXGQLHMV]HJRSRG²VáRĔFHPMDNWDNDQXGQDGRVNRQDáRĞü$MDNVRELHNXSLV]DH-
URSODQGRPRZHMURERW\WRDĪRF]\Z\WU]HV]F]DV]]FLHNDZRĞFLFRVLĊVWDQLH"0\ĞOLV]
VRELHĪHVNU]\GáRFRĞNROZLHNMHVWNU]\ZHL]QLHPSHZQLHEĊG]LHKHFD,SRP\OLV]VLĊ
]DZV]H:WHG\NLHG\]ZUDFDV]XZDJĊQDVNU]\GáR]DZV]HRGOHFLĞPLJDDSRQLHZDĪ
U]HF]VLĊRGE\ZDQDZ\VRNRĞFLGZyFKW\VLĊF\PHWUyZKLVWRUMDMHVWWHP]DEDZQLHMV]D
1LPXPU]HV]PDV]GRĞPLHFKXGRĞüGáXJąFKZLOĊ
.XSLV]JG]LHNROZLHNQDĞZLHFLHSDSLHURVD3XV]F]DV]JR]G\PHPPDV]MDNąWDNą
DTP by SHADE
20
SU]\MHPQRĞü L SRFKZLOL R QLP ]DSRPQLV] &]\ SR WR MHVW SDSLHURV" 1LJG\ =D VZRMH
SLHQLąG]HQDOHĪ\FLVLĊFRĞZLĊFHM,ZLĊFHMGRVWDQLHV]ZNUDMX-XĪWRVDPRMHVWVHU-
GHF]QLH]DEDZQHĪHQLJG\QLHZLHV]F]\ZW\PSDSLHURVLH]QDMGXMHVLĊNRU]HĔMRGá\
F]\OLĞüEXUDF]DQ\EDZLV]VLĊZLĊFVPDNRZDQLHPLZHVRáR]JDGXMHV],QLHW\ONRVDP
PDV] SU]\MHPQRĞü DOH WDNĪH SRWUDILV] SDOąF SDSLHURVD EDZLü QDMZLĊNV]H WRZDU]\-
VWZR1DJOHERZLHP]DF]\QDV]VLĊNU]WXVLüGáDZLüUĪHüLSDUVNDü5RELV]VLĊILROHWRZ\
LZV]\VF\QLHZ\áąF]DMąFVSDGNRELHUFyZSDWU]ąQDFLHELH]SUDZG]LZąSU]\MHPQRĞFLą
=DEDZDMHVWRJyOQDLQLHIUDVREOLZD7RPLMHVWGRSLHURSDSLHURV
.XSLV]QDĞZLHFLHEXWHONĊZLQD$FKMDNĪHĪWRáDWZR,FyĪPDV]]WHJR]DSU]\-
MHPQRĞü"1DHW\NLHFLHQDSLVDQRJG]LHVLĊXURG]LáRNLHG\NWRL]DMDNąFHQĊFLMHVSU]H-
GDá,MDNDĪWRGODFLHELHVHQVDFMD"1LHVPDNLHPW\ONRQDSHáQLüPRĪHWDNDSHGDQW\F]QD
GURELD]JRZRĞüQDEXWHOFH]DZLHUDMąFHMUDGRĞüĪ\FLD«:NUDMX]DĞNLHG\SLMHV]ZLQR
WRVLĊQDMSLHUZSU]\MHPQLH]GXPLHMHV]ĪHMHVWWDNLHPRFQHLĪHZLGRF]QLH]GUyZMH-
VWHĞMDNNRĔMHĞOLSRSLHUZV]\Pá\NXQLHSDGáHĞRGUD]XWUXSHP=DF]HPSR]QDZV]\
ĪHZLQRWR]URELRQHMHVW]PLHV]DQLQ\QDOHZNLQDURG]\QNDFK]NZDVHPVLDUF]DQ\P
PDV]FKZLOHUyZQLHPLáHJR]GXPLHQLDLSRG]LZXĪHSU]HP\ĞOQRĞüOXG]NDWDNLHU]HF]\
SRWUDIL =DVWDQRZLV] VLĊ SRP\ĞOLV] SRGXPDV] PDV] ]\VN PRUDOQ\ MHV]F]H ZLĊNV]\
ZFKZLOLNLHG\ZWRELHZQĊWU]QRĞFLSRZ\SLFLXWHJRZLQDRV]DOHMąLRJQLHPVLĊĪUąF\P
QDSHáQLąZWHG\ERZLHPSRMPLHV]ĪHQLHXPLDUNRZDQLDZSLFLXQDWXUDQLH]QRVL7RFLĊ
PRĪHSU]\ZLHĞüGRRSDPLĊWDQLDSRGF]DVNLHG\ZLQHPIUDQFXVNLHPPRĪHV]VLĊUR]SLü
LXWUDFLüGXV]ĊDFRJRUV]D²PDMąWHN
3RMHG]LHV] GR MDNLHMNROZLHN QD ĞZLHFLH PLHMVFRZRĞFL NXUDF\MQHM L RGUD]X WZRMD
V]F]HUD SROVND QDWXUD Z WRELH UHEHOL]XMH L VWDMH GĊED &]\ж W\ VSU]ĊW EDJDĪ ZDOL]-
NDF]\3RODN"$RQLWDP]WREąSRVWĊSXMąWDNXP\ĞOQLH]áRĞOLZLHĪHE\FLĊ]LU\WRZDü
&]HNDQDFLHELH]DPyZLRQ\SRNyMF]HNDZV]\VWNRSU]\PLODVLĊGRFLHELHLáDVLREáXG-
QLH,WRPDE\üĪ\FLH"2QLHZHĨPLHV]1LHPF]HF]\&]HFKXQDNDZDá3RODND3RODN
ZLHĪHZWHPMHVWMDNDĞSRGU\ZNDMDNDĞLQWU\JD:REHFWHJRZV]\VWNLHJRMHVWMDNLĞ
QLHVZyMLW\ONRVWUDFL]GURZLH]DPLDVWĪHE\VLĊZ\OHF]\á1LHPRĪQDERZLHPEXU]\ü
SU]\]Z\F]DMHĔQLHPRĪQDSĊWDüEXU]\&RWR]DVHQVĪ\üEH]LU\WDFMLEH]Z]UXV]HĔ
QDJá\FKLVLOQ\FK-DNRĞMHGQDNZWHM3ROVFHPLPRJáXSLFKJDGDĔMHGQDNMHVWOHSLHM
7XXPLHMą]QDOHĨü SRGQLHWĊGODWHPSHUDPHQWXWHPDWGRUR]SUDZ\SRZyG GRELWZ\
³SODWIRUPĊ´GODSORWHNSXQNW]DF]HSLHQLDGRMDGRZLWHMNRUHVSRQGHQFMLZ³']ZRQNXOX-
EDUWRZVNLP´=DPyZLáHĞSRNyMZ=DNRSDQHPSU]\MHĪGĪDV]DZWZRLPSRNRMXGDPD
PLHV]NDLSLHUVLDPLGU]ZLEDU\NDGXMH$FKMDNDĪPLáDSU]\JRGDĝSLV]ZZDQQLH²F]\
WRQLHĞPLHV]QH"2ERNMHVWMDNLĞSU]\E\WHNPRFQRQLHVSRNRMQ\LV]XPLąF\ZRGąZLĊF
PDU]ąFPDV]SRHW\FNLHZLG]HQLDĪHĞSLV]ZGROLQLH-JG]LHSDFKQąNZLDW\LV]XPLąVL-
NODZ\&]\WRQLHáDGQH"2NUDGQąFLĊ]DGZDGQLL]RVWDMHV]ZMHGQHMELH²OLĨQLHGDOHNR
RGGRPX&XG]R]LHPLHFPLDáE\FRGRRSRZLDGDQLDQDFDáHĪ\FLHDW\VLĊW\ONRXĞPLH-
FKDV]ZHVRáR=áDPLHV]]DWU]\GQLQRJĊERZPRVWNXE\áDG]LXUDLXPLHUDV]]UDGRĞFL
JG\ĪVRELHWDNLPWDQLPNRV]WHPSU]HGáXĪDV]XUORS-HGQHPVáRZHPZSROVNLHPPLHMVFX
NXUDF\MQHPĪ\MHV]FDáąSLHUVLąZFLąJá\PUXFKXZFLąĪSRGQLHFRQ\ZZLHF]QHMFLHND-
ZRĞFLFRFLNDĪą]DSáDFLüUR]HĞPLDQ\LV]F]ĊĞOLZ\
$OHWRQLHZV]\VWNR+D:QLHVNRĔF]RQRĞüPRĪQDPQRĪ\üSU]\NáDG\MDNQXGQR
MHVWQDV]HURNLPĞZLHFLHDMDNEXMQHMHVWĪ\FLHSROVNLHMDNRGPLHQQHLZREMDZDFK
VZRLFK]JRáDQLHVSRG]LDQH
.LHG\ QD W\P XWDUW\P V]HURNLP JRĞFLĔFX ĞZLDWD SU]\MG]LHV] GR EDQNX ]D SLĊü
PLQXWZ\SáDFąFLWZRMHSLHQLąG]HSRGMHGQ\PZDUXQNLHPĪHQLHVIDáV]RZDáHĞF]HNX
$Ī VLĊ PGáR UREL« 7\PF]DVHP X VLHELH SU]HĪ\ZDV] Z WDNLHM RND]ML PRPHQW\ VLOQ\FK
Z]UXV]HĔ0DV]SU]HGHZV]\VWNLHPZLHOHF]DVXDE\VLĊSU]\SDWU]HüĪ\FLXZHZQĊWU]X
EDQNXZLĊFZLG]LV]SDQLHQNLQDGREQHSLMąFHKHUEDWĊSDWU]\V]]]D]GURĞFLąMDNSDQ
QDF]HOQLNRGG]LDáXF]\WDJD]HWĊDLQQ\áDSLHZHVRáąPXFKĊNWyUD]QLPLJUDSRVXZDV]
VLĊZNROHMFHSU]HGWREąG]LHVLĊFLXĪ\GyZD]DWREąMHGHQDVWXNLHG\]DĞGRMG]LHV]
GR RNLHQND 6H]DPX ZWHG\ FL ZHVRá\ L EDUG]R XSU]HMP\ SDQ SRZLDGD ĪH EDUG]R ĨOH
DTP by SHADE
21
]URELáHĞQLHSU]\OHSLZV]\QDF]HNXPDUNLVWHPSORZHM]DWU]\LSyáJURV]D&RZWHG\
F]\QLV]" 8ĞPLHFKDV] VLĊ ] ZáDVQHJR UR]WDUJQLHQLD L ELHJQLHV] QD PLDVWR DE\ NXSLü
WĊPDUNĊ-HVWHĞSRGQLHFRQ\FRFLG]LDáDGREU]HQDWUDZLHQLH3\WDV]SROLFMDQWDJG]LH
PRĪQDNXSLüPDUNĊ"3ROLFMDQWQLHZLHERLVNąGPDZLHG]LHü"ĝPLHMHV]VLĊVDP]WHJR
SU]\SXV]F]HQLDĪHSROLFMDQWPLDáE\RWHPZLHG]LHü:LĊFFKRG]LV]RGVNOHSXGRVNOH-
SXZMHGQ\PFLSURSRQXMąPXV]WDUGĊZGUXJLP]DOHFDMąĞZLHĪHĞOHG]LHZG]LHVLąW\P
WUXPQĊDOHQLJG]LHQLHPDMąPDUNL²:UHV]FLH]QDMRP\WZRMHJR]QDMRPHJRSRZLDGD
FL
²1LHFKSDQVSUyEXMHZW\PVNOHSLHQDSU]HFLZNR
²+DKD²ĞPLHMHV]VLĊMDNRSĊWDQ\²DOHĪWDPVSU]HGDMąSRZLGáD
²7RQLF5D]MHGQDNPRMDFLRWNDGRVWDáDWDPPDUNL
3U]\SXĞüP\ĪHZUHV]FLHNXSLáHĞPDUNĊ-DNV]F]\JLHáZHVRá\ZUDFDV]GREDQNX
DOHEDQNMHVWMXĪ]DPNQLĊW\3U]HFKDG]DV]VLĊWHG\ZHVRáRLZUDFDV]QD]DMXWU]SRSLH-
QLąG]H QD NWyUH Z\GDá FL F]HN WZyM SU]\MDFLHO =QRZX RJRQHN Ī\G\ ] SU]RGX Ī\G\
]W\áXDOHZUHV]FLH]WU\XPIHPZUĊF]DV]VZyMF]HNLSU]\JRWRZXMHV]ZLHONąWHNĊVNy-
U]DQąQDSLHQLąG]H
8U]ĊGQLNXĞPLHFKDVLĊGRFLHELHSU]\MDĨQLHLSRZLDGD
²3URV]ĊSDQDF]HNQLHPDSRNU\FLD«
=DWDF]DV] VLĊ ]H ĞPLHFKX ER F]\Ī WR QLH MHVW ĪDUWHP Z\ERUQ\P SRV\áDü NRJRĞ
GR EDQNX ] F]HNLHP QD NWyU\ QLH PD SRNU\FLD" .DĪG\ LGMRWD GDMąF FL F]HN PLDáE\
ZEDQNXSLHQLąG]HDOHF]áRZLHN]IDQWD]MąUREL]DZV]HGREUHĪDUW\
=GDU]DVLĊMHGQDNĪHSLHQLąG]HVą&RF]\QLV]ZWHG\":WHG\]GHMPXMHV]NDSHOXV]
ER LQWHUHV LQWHUHVHP EDQN EDQNLHP D SROVND JU]HF]QRĞü JU]HF]QRĞFLą 5R]PDZLDV]
] NDVMHUHP DOER ZLWDV] VLĊ JáRĞQR XUDGRZDQ\ ]H ]QDMRP\P ER WR NRSĊ ODW L W G
ERWRJyUD]JyUąLWG3RWHPELHU]HV]NDSHOXV]NWyU\MHV]F]HMHVWLFKFHV]]DEUDüSLH-
QLąG]HNWyU\FKMXĪQLHPD:REHFF]HJRSU]\SRPLQDV]VRELHĪHVLĊNRáRFLHELHNUĊFLá
MDNLĞ]áRG]LHMDV]HN
$MXĪQDMĞPLHV]QLHMV]HKLVWRUMHZ\SUDZLDMąSR]D3ROVNą²QDĞZLHFLH²NRELHW\
$FK FyĪ ]D FXGDFWZD MDNLH IDQDEHUMH : JáRZLH VLĊ PąFL RG W\FK Z\QDOD]NyZ WHJR
QLE\³ZLHONLHJRĞZLDWD´RGW\FKRV]XNDĔF]\FKDZDQWXU%RSRP\ĞOFLHMHVWHĞZ3DU\ĪX
LLG]LHV]VLĊ]DEDZLü*G]LHĞ]SRG]LHPLF]\WHĪUDF]HM]SRGG\ZDQX]DZV]HZ\UDVWD
WDPNRELHWDĝOLF]F]QD²QLHPDFRPyZLü²VWURMQDGRVNRQDOHXEUDQD$OHFLMHVW
QLHVZRMR 0X]\ND V]DOHMH ZLQR FLVND ³L VLHELH SHUá\ ĞZLDWáR V]DOHMH L OXG]LH V]DOHMą
$NRELHWDEH]ZVWĊSyZEH]ĪHQDG\EH]SU]\JRWRZDĔSRVWĊSXMH]WREąWDNMDNE\FLĊ
]QDáDRGVWXODWV\SLHGRZFLSDPLMDN]UĊNDZDFKRüPRGQDMHMVXNQLDMHVWEH]UĊND-
ZyZĞPLHMHVLĊMDNUR]VZDZRORQHG]LHFNRFLVNDZFLHELHNZLDWDPLLSRZLDGDĪHFLĊ
NRFKDĪHFLĊXZLHOELDLĪHFLĊ]DUD]QDGRZyGWHJRXFDáXMHZVDPHXVWD%OHGQLHV]
Z]GU\JDV]VLĊGXV]DZWRELHVWDMHGĊEDDWDNDFXG]R]LHPVNDPDáSDFDáXMHFLĊLZLVWR-
FLHLZXVWDLPyZLDFKPyMGURJL3RODNX²DOERMHV]F]HJRU]HM,NDĪHFLVLĊEDZLü
ĞPLDü VLĊ L V]DOHü ³ &yĪ WR X %RJD 2MFD ]D ]Z\F]DMH -DNLHĞ V]DOHĔVWZR QDJPLQQH
SDGáRW\POXG]LRPQDPy]JLMHĞOLNRELHWDF]\QLWDNLHU]HF]\LZV]\VF\VLĊWHPEDZLą
$MXĪQDMJRUV]DSRGU\ZNDPXVLE\üZWHPĪHWDNDSDQLQLF]HJR]DWRQLHĪąGDSáDFLV]
SLZRQLHFKEĊG]LHSLZRNXSXMHV]V]DPSDQDQLHFKEĊG]LHV]DPSDQ²WHPOHSLHM-HĞOL
MHGQDNNXSLV]UyĪĊ]DSyáIUDQNDLXFDáXMHV]Mą]DQLPMąRILDUXMHV]WRWHĪQLHEĊG]LH
QDMJRU]HM0XVLE\üZWHPMDNLĞSRGVWĊSOXEFRQDMZDĪQLHMV]DĪHWDNDSDQLPRĪHP\-
ĞOHüĪH3RODNDQLHVWDüQDFRLQQHJRMDNQDZąWáąUyĪĊLWĊJąPLáRĞü«
6]F]HUDRWZDUWDLMDVQDQDWXUDNRELHWNLSROVNLHMLQDF]HM]DáDWZLDWDNLHVSUDZ\R
LQDF]HM7RQLHSXVWDJáRZDSáRFKHVHUFHLGRZFLSQDMĊ]\NX²WRSRZDJDVPĊWHN
PHODQFKROMDPDáRPyZQRĞüSHáQDZLHONLHMWUHĞFL]DGXPDJRGQRĞüGRVWRMHĔVWZRSR-
F]XFLHVZRMHMNRELHFRĞFLJyUQRĞüLLQQHU]HF]\SLĊNQH$RWRSRNDĪHFLWRZV]\VWNRQLH
MDNDĞKUDELQDNWyUąQDXF]\OLZ\VRNLHJRVW\OXĪ\FLDOHF]NDĪGDPDáDG]LHZF]\QND²
WDNEDUG]RMHVWWRZURG]RQHQDV]HMQDWXU]H3DWU]LSRG]LZLDM
=DSUDV]DV]QDNRODFMĊ6WHOOĊ.DUWRIHOFKyU]\VWNĊRSHU\
DTP by SHADE
22
²&yĪWRSDQVRELHP\ĞOLĪHMDFKRG]ĊSRNRODFMDFK"
²$FKQDMPRFQLHMSU]HSUDV]DP0RĪHMHGQDNSDQQD6WHOOD]URELGODPQLHZ\MąWHN
=QDPMHGQąWDNąPLáąNQDMSĊ«
²0RĪHLQV]HFKRG]ąGRNQDMS\-DNSDQMXĪWDNEDUG]RFKFHWRGRJDELQHWX
,G]LHV] GR JDELQHWX -HVWHĞ GXPQ\ ĪH WD G]LHZF]\QD ] OXGX ]QD WDN QDMZ\ĪV]H
SLĊWURĪ\FLDLĪHWDNEH]Z\VLáNXXPLH]HUZDüNZLDW]UR]NRV]\Z\WZRUQHMLQDGREQHM
3DWU]SDWU]']LHZF]Ċ]DFKRZXMHVLĊMDNKLV]SDĔVNDLQIDQWND6LHG]LMDNE\QDSU]H-
NąVNĊ]MDGáDNLMQLHPyZLQLFW\ONRVLĊZFLąĪSU]HJOąGDZOXVWU]H7ZRMHSRP\Vá\DE\
Mą UR]EDZLü SU]\MPXMH ] OLWRĞFLZ\P XĞPLHFKHP SRJDUG\ =DF]\QDV] Mą ZLHOELü FRUD]
EDUG]LHM$OHĪWRNVLĊĪQLF]NDQLHPáRGDG]LHZF]\QD]FKyUX
3U]HWRFLRF]\Z\FKRG]ąQDZLHU]FK]HV]F]ĊĞOLZHJR]GXPLHQLDNLHG\WRQDMPLOV]H
VWZRU]HQLHZ\GD]VLHELHZUHV]FLHJáRVLNLHG\PyZL
²1LHFKEĊG]LHNDZLRUDOHMDOXELĊW\ONR]FHEXOąSRWHPWDNLSWDNFRPDGáXJL
RJRQL]RJRQHPJRSRGDMąQDSyáPLVNXLWRZLQRFRWDNXGHU]DGRQRVDĪHDĪNUĊFL«
$FKFXGQDZ\WZRUQDSURVWRWR.ZLHFLH]LHPLQDV]HM3LRVHQNRZ\ĞSLHZDQDSU]H]
PD]RZLHFNąUyZQLĊ5R]U]HZQLHQLHPQDSHáQLDVLĊVHUFHĪH:OXG]LHMHVWW\OHSRF]XFLD
KRQRUXW\OHV]ODFKHFNLHJRJHVWXWDNDSDĔVNRĞüQLHXĞZLDGRPLRQD1LHPNDSLMHSLZR
)UDQFXVNDNLHOLV]HNNRQLDNX²PDáS\²DWRG]LHFNRGXP\LJRGQRĞFLSUDJQLHNDZLR-
UX%DĪDQWDLV]DPSDQD&]\QLWR]WDNąQLHZ\V]XNDQąSURVWRWąĪHVLĊVáDERUREL-DNLHĪ
VNDUE\GXV]\XNU\ZDüVLĊPXV]ąZVHUFXWHMNRELHW\MHĞOLWDNLFKVNDUEyZSRĪąGDMHM
ĪRáąGHN2WDN
3U]HWRMHVWHĞRQLHĞPLHORQ\LV]F]ĊĞOLZ\2WRGRWNQąáHĞ]QDGPLDUXXF]XFLDMHMUĊNL
DZWHG\GXPDWHMG]LHZF]\Q\RVDG]DFLĊMDNUXPDNDZĊG]LGáR
²&]\VLĊSDQZĞFLNF]\FR"-DMHVWHPXF]FLZDG]LHZF]\QDLQDE\OHNRODFMĊPQLH
QLHZHĨPLH²-XĪWDNLFKZLG]LHOLDOHJáXSLZ\MHFKDOLGR$PHU\NL
³-DNDJRGQRĞüMDNLHZ]LĊFLH´+UDELQD8F]WXMHWHG\]ZDPLSRZDJDLPLOF]ąFH
ZLHONLHV]F]ĊĞFLH
2WR Vą WH ZLHONLH QLHSRPLHUQH UyĪQLFH NWyUHPL JyUXMHP\ QDG FDá\P ĞZLDWHP
'UREQHMHG\QLHSU]\WRF]\áHPVSUDZ\DE\WHPáDFQLHMMDVQRVLĊVWDáRĪHZ?ZLHONLFK
MHV]F]H SHZQLHM ZáDVQą NURF]\P\ GURJą 1LH Wą GURJą XWUDWą SR NWyUHM MHG]LH MDN
SR UHOVDFK NROHMą QXGQą ĪHOD]Qą QLH]PLHQQą ² VWDUD ORNRPRW\ZD (XURS\ 2 QLH
0\QDVNU]\GáDFK]ZLFKUHP]EXU]ą
'ODWHJRZLHOELüWU]HEDZV]\VWNRVZRMHERFXG]HW\ONRQDSLHUZV]\U]XWRNDREHM-
U]DQH SRZLHU]FKRZQLH L W\ONR OXG]LRP SRZLHU]FKRZQ\P Z\GDü VLĊ PRĪH Z\JRGQLHM-
V]HP+DKD:\JRGQLHMV]HP²WRGODFLDáDDOHFyĪ]RVWDQLHGODGXFKDFR]RVWDQLH
GODIDQWD]ML1LF
$VZRMHZV]\VWNRXURG]RQHMHVW]IDQWD]MLLVWąGSRFKRG]LWHQQLH]PLHUQ\ZG]LĊN
VZRMV]F]\]Q\ WD UDGRĞü PDVNDUDG\ Ī\FLD Z NWyUHM VLĊ ZV]\VWNR ZHVRáR SU]HLQDF]D
JG\EDQNMHVWVDORQHPKRWHO/XQD3DUNLHPSHáQ\PQLHVSRG]LDQHNWHDWUXURF]\VW\P
GRPHPSU]HGSRJU]HERZ\PDG]LHZF]\QDNDĪGD²KUDELQą
-HVWWRPLáHLSLĊNQHLJRGQHRSLVX
2WHPP\ĞOĊ]DZV]HMDGąF]DJUDQLFĊLGXPDURVSLHUDVHUFHPRMH7RWHĪMHĞOLRSL-
V]ĊWX]Z\F]DMHF]HVNLHJRNUDMXWRW\ONRGODWHJRDE\MDVQRZ\ND]DüSU]H]SRUyZQDQLD
MDNZ\VRNRJG]LHĞQDREáRNDFKEXMDĪ\FLHQDV]HDMDNQLVNRSR]LHPLFKRG]ąLQQH
OXG]LH
2E\LFK%yJRĞZLHFLá«
.
DTP by SHADE
23
II
.
1DUD]LHQLH]GDMąRQLVRELH]WHJRVSUDZ\SU]HWRRĞZLHFHQLHLFKSRGW\PZ]JOĊ-
GHPQLHEĊG]LHEH]SRĪ\WNX7U]HEDE\üDSRVWRáHPSLĊNQHJRJHVWXLSU]\MHPQHJRV]D-
OHĔVWZDLQDF]HMERZLHPGXV]DĞZLDWDVWDQLHVLĊGRVNRQDáąPDV]\QąFRQDVWDN]UD]L
GRĞZLDWDĪHPXZ\SRZLHP\SU]\MDĨĔ:WHG\ĞZLDWVLĊ]UR]SDF]\]DVWU]HOL
1DW\P]á\PĞZLHFLHZV]\VWNRMHVWLQDF]HMQLĪXQDV&LOXG]LHURELąQDPZ\UDĨ-
QLHQD]áRĞü3RGSDWUXMąMDNWRP\FRNROZLHNURELP\LZWHMFKZLOLURELąWRVDPRW\ONR
QDRGZUyW-HVWWRLU\WXMąFHL]DZV]HEDUG]RPQLHQLHFLHUSOLZLERZLHPERMHVWHPSU]H-
NRQDQ\ĪHZV]\VWNRVZRMHMHVWQDMOHSV]HZ\ERUQLHREP\ĞORQHL]DMPXMąFH,ZV]\VWNR
PDVZRMąUDFMĊNWyUąSU]\GREUHMZROLPRĪQDZ\QDOHĨüLQDZHWVLĊQLą]DFKZ\FLüOHF]
WDSU]HNOĊWDQDWXUDSROVNDZV]\VWNRJDQLZV]\VWNRNU\W\NXMHZV]\VWNRMHMQLHZVPDN
1LHPyZLĊRVSUDZDFKZLHONLHMZDJLERW\FKQLHGRW\NDPZLHG]ąFĪHZLHONDEX-
GRZDQLHMHVWU]HF]ąáDWZą$OHSRĪDUWXMP\VRELHQLHFR]PDá\FKVSUDZ7RFK\EDZROQR
2WyĪZUDFDMąFGRU]HF]\]áRĞOLZRĞüQDV]\FKVąVLDGyZZSU]HGU]HĨQLDQLXQDVMHVW
PRFQRLU\WXMąFDLGRF]HJyĪRQDSURZDG]L"'RSVXFLDVRELHNUZL
-HG]LHV]QDWHQSU]\NáDGGR&]HFKEROXG]LRPF]DVHPSU]\FKRG]ąGRJáRZ\QDM-
PQLHMSUDZGRSRGREQHSRP\Vá\1DJUDQLF]QHMVWDFMLSROVNLHMNDĪąFLZ\VLDGDü]ZDJR-
QyZ]G]LHüPL]WRERáDPL]WáyPRNDPLL]ĪRQą3DGDGHV]F]7HPXMHGQDNQLHMHVW
ZLQLHQ U]ąG SDGD ER PX VLĊ WDN SRGRED 5R]HVSDQH G]LHFL SáDF]ą 5REL VLĊ UZHWHV
&]HPX"&]\U]ąGFLND]DáSáRG]LüG]LHFL"&]\FLZWHPPLQLVWHUSRPDJDá"µ&]HPX]UHV]-
WąSR]ZDODV]G]LHFLRPVSDüZGURG]H]DPLDVWNV]WDáFLüZQLFKSRF]XFLHSLĊNQHJRNUD-
MREUD]XLSRPQDĪDüZQLFKSU]H]SRJDGDQNLPLáRĞüGR]LHPLURG]LQQHM2WyĪSUHWHQVMD
3U]HVWDĔP\QDU]HNDüLLGĨP\VSHáQLüRERZLą]HNNWyU\SROHJDQDWHPĪHE\SRND-
]DüSDV]SRUWLEDJDĪH1DSDV]SRUFLHMHVW]PLĊWDWZDU]ZZDOL]FH]PLĊWHVSRGQLH²
UD]HPQLFQDG]Z\F]DMQHJR7UZDWRNUyFLXWNR²JRG]LQĊF]DVHPGZLH3RFRW\OHNU]\-
NX"%LHGQLXU]ĊGQLF\QDVWDFMLJUDQLF]QHMQXG]ąVLĊRGSRFLąJXGRSRFLąJXZLĊFPDMą
WĊPDáąUR]U\ZNĊĪH]REDF]ąOXG]NLHWZDU]HSRJDGDMąWURFKĊXMU]ąG]LHFL]DNWyUH-
PLSU]HSDGDMąGRWNQąGDPVNLHMELHOL]Q\²NWyĪZLĊFEĊG]LH²ĪDáRZDáNUyWNLHMJRG]LQ\
] GáXJLHJR VZHJR Ī\FLD GOD PLáHJR FKáRSDND FR VLĊ EDZL Z\ZUDFDMąF ²FL Z ZDOL]LH
VSRGQLHGRJyU\QRJDPLDOERNDSHOXV]GRJyU\JáRZą"
:WHP]UHV]WąFRVLĊSá\WNRP\ĞOąFHPXF]áRZLHNRZLZ\GDMH]DUD]NU]\ZGąQLH-
SRWU]HEQą V]\NDQą PDUQRZDQLHP F]DVX LU\WRZDQLHP XF]FLZ\FK RE\ZDWHOL ² RFK
MDNáDWZRRZ\P\ĞODQLD²XNU\ZDVLĊP\ĞOJáĊEV]DLQWHQFMD]DFQDLSLĊNQD:V]DN
MHG]LHV]QDREF]\]QĊGRREF\FKOXG]LNWyU]\²RFK\WURĞFL²EĊGąFLQDGVNDNLZDOL
QDNDĪG\PNURNXDE\FLĊVNDSWRZDüUR]F]XOLüLZ]UXV]\ü0RĪHV]áDWZR]JXELüVZRMą
GXV]ĊSURVWąLXF]FLZąPRĪHV]²RQLHGDM%RĪH²]DSRPQLHüRURG]LQQ\PNUDMX
PRĪHV]QDZHWQLHRGF]XüWĊVNQRW\]DQLP]DZLHU]EąSáDF]ąFą]DPD]RZLHFNLPVPĊW-
NLHP0\ĞODáRWHPGUĪDá]DĞP\ĞOąFWHQFRND]DáQDJUDQLF\SU]\SRPQLHüFLUD]MHV]-
F]HGRELWQLHLGRWNOLZLHĪHWZyMNUDMFLĊQLHFKFHZ\SXĞFLüERFLĊNRFKD1LHPDQLNW
SUDZD ]DWU]\P\ZDü FLĊ MHĞOL FLĊ FRĞ SĊG]L GR W\FK REF\FK OHF] PD SUDZR áDJRGQHM
SHUVZD]ML¶.DĪG\P\ĞOL]LU\WRZDQ\ĪHFHOQLNQDJUDQLF\G\ELHQDMHJRVWRSDSLHURVyZ
1LJG\2QQLE\V]XNDQLE\Z\ZUDFDZQĊWU]QRĞFLZWZRMHMZDOL]LHMDNFKLUXUJVLĊZWHP
JU]HELHDOHMHJRQLHELHVNLHRF]\SDWU]ąZWZRMHRF]\GXV]DZGXV]ĊSDWU]\LWHQFHOQLN
PyZLEH]JáRĞQLHVHUFXWZRMHPX
²3RFRSDQZ\MHĪGĪD"1LHFKSDQQLHMHG]LHSDQLHQDMGURĪV]\&K\EDQDPSU]\M-
G]LHRF]\Z\SáDNDü]DSDQHP«2QLHFKSDQVáXFKDMDNV]XPLODV«7RSROVNLODV1LHFK
SDQSDWU]\MDNVLĊQLHERFKPXU]\QDZVFKRG]LH7RSROVNLHQLHER
7DNRQPyZLDW\VLĊ]Ī\PDV]ERG]LHFLSáDF]ąERGHV]F]SDGDDW\GĨZLJDV]
ZDOL]\NWyUHGRVWDá\SRPLHV]DQLD]P\VáyZLĪRQĊNWyUDMHVWUyZQLHĪRGWHJRQLHGDOHNR
&XG]R]LHPF\NOQąQDF]HPĞZLDWVWRLWDNDOHFXG]R]LHPLHFQLHRGF]XZDZHZQĊWU]QHM
GXFKRZHMZDJLWHMJUDQLF]QHMVSUDZ\
&HOQLF\Vą]Z\NOHWDN]PDUWZLHQLWHPĪHW\OXPLá\FKOXG]LZ\MHĪGĪD]NUDMXĪHRF]\
DTP by SHADE
24
PDMąSHáQHáH]1LFG]LZQHJRZLĊFĪHQLHZLG]ąSU]H]á]\MDNRERNSU]H]]LHORQąJUDQL-
FĊMHG]LH]ERĪHĞZLQLHJĊVLVUHEUREU\ODQW\Ī\G\ZV]\VWNRERJDFWZRQDV]H.WyĪE\
WDPGEDáRWDNLHGURELD]JLZREHFWHJRĪHZ\MHĪGĪDMąOXG]LHV]ODFKHWQL"
=GUXJLHMVWURQ\SDWU]ą&]HVLLZLG]ąFFRVLĊG]LHMHQDSROVNLHMJUDQLF\]DUD]FRĞ
]HVREąSRV]HSWDMąSRV]ZDUJRFąQDUDG]ąVLĊL²URELąQD]áRĞüURELąFZV]\VWNRQD-
RGZUyW 3URV]ą XSU]HMPLH DE\ ZV]\VF\ ]RVWDOL Z ZDJRQDFK QDLZQLH VLĊ WáyPDF]ąF
ĪH áDWZLHM DXURP XU]ĊGQLNRP ZHMĞü GR G]LHVLĊFLX ZDJRQyZ QLĪ WU]\VWX OXG]LRP :\-
FKRG]Lü]WRERáDPLGRGZyFKXU]ĊGQLNyZ7RQLHMHVWĪDGQHWáRPDF]HQLHMDVQHPMHVW
ĪHURELąWRSU]H]]áRĞü
$ MDNL WHJR VNXWHN" 1LHVSRG]LDQ\ RNURSQ\ VNXWHN +D KD 0\ĞODá FK\WU\ &]HFK
ĪH FL QDG]Z\F]DMQą XF]\QL XSU]HMPRĞü ER VLĊ SLĊNQLH XNáRQLá QD SDV]SRUW VSRMU]Dá
DQDZDOL]NLPDFKQąáUĊNą$NXUDWQLH=DPLDVWSU]\MHPQRĞFLXF]XZDV]SU]\NURĞüQDZHW
EDUG]RZLHONąSU]\NURĞüERVLĊZVW\G]LV]ĪH&]HVLZLG]LHOLMDNFLĊQLHFKFLDQR]3RO-
VNLZ\SXĞFLü,FyĪFL]WHJRSU]\MĊFLD"2MHMZFDáHM(XURSLHMHVWWDNVDPRZLĊFQLH
MHVWWRWDNLQDG]Z\F]DMQ\Z\QDOD]HN:WHG\GRSLHURVLĊF]XMHĪHMHGQDNSRGUyĪSU]H]
SROVNąJUDQLFĊPDVZyM8URNĪHGDMHPQyVWZRZ]UXV]HĔSRGQLHFDGHQHUZXMHEXU]\
NUHZ]DOHZDĪyáüSRGQRVLQDJáRZLHZáRV\ĪHMHGQHPVáRZHPMDGąFGR.DUOVEDGX
JG]LHVáRQR]DWRSáDFLüSRWU]HEDQDSROVNLHMJUDQLF\]DGDUPRVLĊRWU]\PXMHVSRVRE\
QD]XSHáQąLQDJáąSU]HPLDQĊPDWHUML/XG]LH]QXG]HQLLFKRU]\QDVSOHHQLQDPHODQ-
FKROMĊPXV]ąMHĨG]LüSRWDNLHZ]UXV]HQLDGR$IU\NLDOERGR0HNV\NX$XQDVPDV]
WRSRGUĊNą7RSU]\Z\MHĨG]LH7RGURELD]J$OąNLHG\VLĊSRZUDFDWRGRSLHURF]\QL
VLĊKRVDQQD%RĪHĪ7\PyM8U]ĊGQLF\WDNVLĊFLHV]ąMDNG]LHFL5]XFDMąVLĊ]SáDF]HP
QDWZRMHZDOL]NLĞFLVNDMąMH]HZ]UXV]HQLHP]HĞPLHFKHP]PLáRĞFLą:]UXV]HQLSR-
GUyĪQLPDMąá]\ZRF]DFK«
5R]SRF]\QDMąVLĊZWHG\ZHVRáHLJUDV]NLLQDMPLOV]D]DEDZD.WRĞVRELHNXSLáSLĊNQ\
NUDZDWLGRVNRQDOHJRVFKRZDáDXUDGRZDQ\SRZURWHPGREU\FKOXG]LMXĪLWDN]QD-
WXU\ZHVRá\FHOQLNSRVWDQRZLáJR]QDOHĞü2QV]XNDDW\VRELHSRPUXNXMHV]ZHVRáR
³=LPQR FLHSáR ]QRZX ]LPQR« FLHSáR« FLHSáR JRUąFR´ ĝPLHV]QLH MHVW WDN
ĪHOXG]LH]U\ZDMąVRELHERNL7U]HEDERZLHPZLHG]LHüĪHZNDĪG\PF]áRZLHNXVLHG]L
JG]LHĞZQDMJáĊEV]HPXNU\FLXRGURELQDU]H]LPLHV]NDFRFKFHGDüIROJĊVZRLPQLH]XĪ\-
W\PWHPSHUDPHQWRPSU]H]WRĪH³QDELHUD´SDĔVWZRQDSLĊüG]LHVLąWJURV]\FáDĩDGHQ
WHĪVSRUWQLHMHVWWDNOXELRQ\LĪDGHQQLHMHVWWDNPLOHSRGQLHFDMąF\MDNZDOND]FHO-
QLNLHPQDFK\WURĞü7DNWHĪ]DEDZQHMHVWWRV]XNDQLHNUDZDWDDOERODONL]JDáJDQNyZ
QDJUXEV]HU]HF]\VąVSRVRE\ĪH]DEDZDURELVLĊRJyOQD,]QyZZĞUyGĞPLHFKXQLNW
QLHZLG]LĪHRERNMDGąEH]FáDVWHUW\NDUWRIOLFDáHURG\ĞZLĔLOHQLNRQRSLH
1DMĞPLHV]QLHMV]HMHVWWRĪHSUDZG]LZ\3RODNNWyUHJRSU]\áDSLą]MDNLPĞGURELD-
]JLHPQDJUDQLF\EXQWXMHVLĊZGXV]\LMHVWUR]ĪDORQ\EDMHVWQDZHWREUDĪRQ\QD2MF]\-
]QĊ1DQLNRJRE\VLĊQLHREUD]Lá]DNOąZV]\W\ONRĪHJRSU]HĞODGXMHSHFKDOHQDVZRMą
JUDQLFĊ]DZV]HVLĊREUD]L
²+D²ZRáDZVHUFXSHáQHPĪDOXLJRU\F]\²WRMDWRELH2MF]\]QRLNUHZLĪ\FLH
LPLHQLHDW\]HPQąWDN"7RĞQDWRSRZVWDáDĪHE\F]áRZLHNNLONXEXWHOHNNRQLDNXQLH
PyJáSU]HZLHĨüRG&]HFKyZ"7RĪGODNRJRWRZLR]Ċ"'ODFLHELHGODVZRLFKGODURGD-
NyZ«
6áXV]QLHSUDZLZVHUFXVZRMHPGREU\WDNLRE\ZDWHOERFKRüPXNUHZ]QRVDW\ONR
SRFLHNáDĪ\FLDRGQLHJRQLJG\QLNWQLHFKFLDáDPLHQLHSU]HSLVDáQDĪRQĊMHGQDNZGR-
EUHMGXV]\PDU]\áFXGQLHDVURG]HJR]EXG]RQR%RLMDNĪH0\ĞODáNDĪG\ĪHMDNEĊG]LH
ZUHV]FLHWDQDMGURĪV]D2MF]\]QDWRLQDSLMHV]VLĊEUDFLHLZHVHOLüVLĊEĊG]LHV]LSU]H]
JUDQLFĊ SU]HZLH]LHV] FR GXV]D ]DSUDJQLH PUXJQąZV]\ SRUR]XPLHZDZF]R QD URGDND
FHOQLNDLRUGHUGRVWDQLHV]LSRGDWNLFLSRGDUXMąERĞFK\EDQDWR]DVáXĪ\áERĞR2M-
F]\ĨQLHĞQLáLSD²WUMRWąE\áHĞ$RWRMDZQLHFLĊSU]HĞODGXMąSRGDWNL]HVNyU\ĞFLąJDMą
DOHWRGURELD]J7HJRQLNWGRVHUFDEDUG]RQLHELHU]H$OHĪHE\RE\ZDWHODWDNREUDĪDü
LGXPĊMHJRWDNVSRQLHZLHUDüLWDN]DELMDüZQLPU]HZQąGRNUDMXWĊVNQRWĊĪHE\MHG-
QHPVáRZHPUHZLGRZDüPXQDJUDQLF\EDJDĪH²QLH²WRVLĊQLHJRG]L,NWRWRUREL"
DTP by SHADE
25
0RVNDO1LHPLHF"1LHWRUREL3RODN3RODNRZLEUDWEUDWXURGDNRZLURGDN7RWHĪRGJUD-
QLF\GR:DUV]DZ\MHG]LHZZDJRQLHNROHMRZ\PROEU]\PLDLORĞüSROVNLHJRWRZDUXJR-
U\F]\-HGQHMSDQLND]DOL
=DSáDFLü]DODONĊLQQHM]DMHGZDEQHV]PDWNLZLĊFVLĊEDE\UR]HáNDá\LKDMĪHQD3R-
ODNyZ
²,FRWRPRMDSDQLNRPXV]NRG]L":LR]áDPODONĊGODPRMHM-DQHF]NLLPyZLĊWHPX
SDQX3DQLHWRGODPRMHJRG]LHFND0RVNDOPRMDSDQLWRE\VLĊZ]UXV]\áDWDNLWREH]
VXPLHQLDLEH]VHUFD3RZLDGDMDNSDQLPRJáDNXSRZDüWDNąNRV]WRZQąODONĊZ0DUMHQ-
EDG]LHWRSDQLPRĪH]DSáDFLüSLĊü]áRW\FKZ3ROVFH-HV]F]HPLOHNFMĊEĊG]LHGDZDáWDNL
EDáZDQ$OHXQDVWRZV]\VWNRWDNSURV]ĊSDQL=WDNLPU]ąGHPFRPRĪHE\üOHSV]HJR"
'RXVWQLHPDFRZáRĪ\üDZV]ĊG]LHV]\NDQ\3DQLąWRWDNĪHSU]\áDSDOL"
²3U]\áDSDOLERVLĊQDPQLHXZ]LąáWDNLMDNLĞPáRG\
²7DNLWRQDMJRUV]\«
²3\WDVLĊF]\PDPFRGRRFOHQLD:LĊFPXPyZLĊ3DQLHZ.DUOVEDG]LHPLSLH-
QLĊG]\QDNXUDFMĊ]DEUDNáR]DFRPLDáDPNXSRZDü"$RQQLF3RZLDGDSURV]ĊRWZRU]\ü
ZDOL]Ċ
²&R]DEH]F]HOQRĞü
²$OHMDP\ĞOĊVRELHĪHQLHSRWU]HEDWDNLHJRUR]GUDĪQLDüERPLDáDPZZDOL]FH
SDUĊQRZ\FKNDZDáNyZ«
²5R]XPLHVLĊ«
²:LĊFPXSRZLDGDPMDSDQXGDMĊVáRZRKRQRUXĪHPDPVDPHVWDUHU]HF]\
²,QLHXZLHU]\á"1LHWRQLHVá\FKDQH
²1RZLG]LSDQL,SU]HSUDáDPLNDUWHF]NĊ]ILUPą]GMĊáDPLSU]\VLĊJDáDPQDZV]\VW-
NRFRĞZLĊWHĪHWRNXSLRQHX+HUVHJRQLHXZLHU]\á&R]DF]DV\SDQLGURJD&]áRZLH-
NRZLZVW\GĪHWDNLHU]HF]\PRJąVLĊG]LDüXQDV:V]ĊG]LHV]ZLQGHOLSURWHNFMD&]\
SDQLZLHĪHWHJRSDQDFRWDPVLHG]LWRZFDOHQLHUHZLGRZDOL"
²1LHPRĪHE\ü&RRQG\SORPDWD"
²(MWURFKĊMDNDĞSRGHMU]DQDJĊED«²,QLHUHZLGRZDOL"
² 3U]\VLĊJDP SDQL ĪH QLH 3U]\V]HGá GR QLHJR XU]ĊGQLN L PyZL ĪHE\ RWZRU]\á
ZDOL]NĊ$RQQLFW\ONRZ\MPXMHSDV]SRUWLFRĞSDOFHPWDPSRND]XMH8U]ĊGQLNF]\WD
JáRĞQR³/LWHUDW´SRWHPVLĊ]DĞPLDáPDFKQąáUĊNąLSRV]HGá:LG]LSDQL"7DNLHF]DV\
ĪHQDMJRUV]DKRáRWDPDSURWHNFMĊDELHGQąNRELHWĊGRSURWRNyáXFLąJDMą]DGZDWX]LQ\
MHGZDEQ\FKSRĔF]RFK
7DNLHVą³GáXJLHQRFQHURGDNyZUR]PRZ\´-HGQRPQLHZQLFKXERGáRSRJDUGDGOD
OLWHUDWXU\,WRZFKZLOLNLHG\Z.DUOVEDG]LFE\áRRNRáRW\VLąFDSROVNLFKOLWHUDWyZ0RĪH
QDZHWQLHW\VLąFDOHSLĊüVHWWRE\áR]SHZQRĞFLą1DSUDZGĊ%RWRE\áRWDNSDV]SRUW
]DJUDQLF]Q\NRV]WRZDá]áRW\FKSLĊüVHWGODOLWHUDWyZLDUW\VWyZ²GZDG]LHĞFLD3RND]DáR
VLĊWHG\ĪHNDĪG\FRZ\MHĪGĪD]DJUDQLFĊMHVWDOERSLVDU]HPDERLQQHJRNXQV]WXDU-
W\VWą1DZáDVQHRF]\ZLG]LDáHPGDPĊNWyUDPLDáDEU\ODQW\ZLHONRĞFLQDMZLĊNV]\FKND-
PLHQLĪyáFLRZ\FKĪRQĊJáRĞQHJRERJDF]DSU]HP\VáRZHJR3U]\MHFKDáDGR&]HFK]SDV]-
SRUWHPXOJRZ\PMDNR³OLWHUDWND´1LNWQLHSU]\SXV]F]DáĪHV]ODFKHWQLĪ\GRZLHPDMąWDN
RJURPQąLORĞüWZyUFyZNWyU\FKQDMZLĊFHMZ\GDáDàyGĨ
.
DTP by SHADE
26
III.
.
&RGREXGRZ\IL]\F]QHMLSV\FKLF]QHMF]áRZLHNDXF]HQLQLHVąZ]JRG]LHMDMHVWHP
]ZROHQQLNLHPWHMV]NRá\NWyUDWZLHUG]LĪHRUJDQL]POXG]NLMHVWQDMMDVNUDZV]HP]áX-
G]HQLHPLFKRFLDĪVLĊZ\GDMHĪHF]áRZLHNMHVWSRGREQ\GRF]áRZLHNDMDNGZLHNURSOH
EUXGQHMZRG\WDNMHGQDNQLHMHVWZHGOHVSRVWU]HĪHĔJáĊERNLFKLWUDIQ\FKW\ONRSRáRZD
OXG]LQD]LHPLSRVLDGDJáRZĊE\üPRĪHQDZHWĪHRGOLF]\ZV]\G]LHFLVWDUFyZNRELHW\
L]JLORW\QRZDQ\FKW\ONRMHGQDWU]HFLD-HGQDSLąWDOXG]NRĞFLSRVLDGDGXV]ĊVHUFHSR-
VLDGDEDUG]R]QLNRP\XáDPHNOLF]E\]DOXGQLHQLDĞZLDWD
0QLHM ZLĊFHM MHGQDN ]JRGQLH SU]\]QDMą DQWURSRORJRZLH ĪH ZV]\VF\ OXG]LH PDMą
ĪRáąGHNĪyáüLZąWUREĊ3RQLHZDĪ]DĞVąWRRUJDQ\XĪ\ZDQHQDMF]ĊĞFLHMLEDUG]RSU]H]
XĪ\FLHQLV]F]RQH²ZNDĪG\PUD]LHQLV]F]RQHSU]H]Z\VLáHNZLĊFHMQLĪJáRZD²QDOH-
ĪDáRZ\QDOHĨüĞURGNLOHF]ąFH
6WDW\VW\NDZ\ND]XMHĪHSRáRZąURG]DMXPĊVNLHJRXOHJáDPDQMLSU]\ELHUDQLDVRELH
GR ERNX ĪRQ\ :SUDZG]LH NRQVHUZXMH WR VHUFH D MHV]F]H ZLĊFHM ĪRáąGHN MHGQDNĪH
G]LDáDIDWDOQLHL]DEyMF]RQDĪyáüLQDZąWUREĊ3RáRZDOXG]NRĞFLMHVWFKRUDLPXVLOHF]\ü
WHRUJDQ\SRGREQRSRWU]HEQHGRĪ\FLDLQDF]HMERZLHPUyGOXG]NLPXVLDáE\]DJLQąü
EH]RGSRUQRĞFLERZLHPV]ODFKHWQHMZąWURE\QLHE\áE\]GROQ\F]áRZLHNGRZ\WU]\PDQLD
MHGQHJR GQLD ] NRFKDMąFą L NRFKDQą NRELHWą -DN ]DĞ VSHFMDOQ\ EDNF\O DWDNXMH EáRQ\
QRVRZHMDNLQQ\Z\VSHFMDOL]RZDáVLĊZDWDNRZDQLXMHOLWLQQ\F]HJRĞWDPMHV]F]HWDN
NRELHWD]XSHáQLH]DQLHGEXMąFRUJDQ\QLHUyZQLHV]ODFKHWQLHMV]HPy]JLVHUFHRGZLH-
NyZ DWDNXMH ZąWUREĊ 1LNW WHM PDQML Z\WáyPDF]\ü VRELH QLH XPLH 1DMZLĊNVL XF]HQL
]DGDZDOLVRELHS\WDQLHFRPRĪHQDWXU]HNRELHFHM]DOHĪHüQDWHPDE\VLĊZNLPĞUR]-
ODáDĪyáüDOERĪHE\VLĊZQLP³]DSLHNáD´ZąWURED"']LZQH']LZQH-XĪ*UHF\NWyU]\
ZLHOHOPLHOLGRF]\QLHQLD]NRELHWąZVNXWHNF]HJR]JLQĊOLPDUQLH«]QDOLFKRUREĊFLĊĪ-
NąLGRWNOLZąNWyUDVLĊSRJUHFNXQD]\ZD³PHODQFKROMą´FRSRSROVNX]QDF]\³F]DUQD
ZąWURED´1DFKRUREĊWĊFLHUSLHOLQDMF]ĊĞFLHMSRHFLU]HF]SURVWDMDNROXG]LHQDMPQLHM
RGSRUQLQDNRELHFąW\UDQMĊLZSURVWRFLHVZHJRZLHONLHJRGXFKDQLHXPLHMąF\SU]HZL-
G]LHüZV]\VWNLFKMHM]DVDG]HN.RELHWDERZLHPMHVWGHPRQHP²KD²NWyUHJRQDWXUD
VWZRU]\áDSRWRDE\UHJXORZDáDSU]H]V\VWHPDW\F]QHQLV]F]HQLHQDGPLDUPĊVNLHMGXP\
LPĊVNLHM]DERUF]RĞFL'HPRQG]LDáDWHG\RGZLHNyZSU]\ELHUDMąFUR]PDLWHGMDEHOVNLH
SRVWDFLH ZLĊF E\áD ]EXQWRZDQ\P DQLRáHP $PD]RQNą VWU]\Ją F]DURZQLFą SRF]HP
NXUW\]DQą.VDQW\Są0HVVDOLQą7HRGRUD]DF]HPSRHWHVVąGHZRWNąSRZLHĞFLRSLVDU-
Ną GDPą RG GREURF]\QQRĞFL WHOHIRQLVWNą GDNW\ORJUDINą :LHONLH MHM G]LHMH ]PDODá\
LGHPRQL]PMHMZNV]WDáFLHG]LVLHMV]\PZ\UDĪDVLĊZF]\QQRĞFLXSRUF]\ZHM]DZ]LĊWHM
QLHXVWDQQHMEROHVQHMZVNXWNDFKRNURSQHMZF]\QQRĞFLSRZV]HFKQHM]ZDQHMSRSX-
ODUQLH³Z\SUyZDQLHPIODNyZ´]áDJRGQHJRF]áRZLHND$PD]RQNąRSLHUDMąFąáXNRSLHUĞ
XP\ĞOQLHLSHUILGQLHRNDOHF]RQąDE\PyFWRF]\QLüZ\JRGQLHMG]LĞ]DMĊáDE\VLĊSROL-
FMDZLĊF$PD]RQNDQLHURELMXĪVRELHQLHSRWU]HEQHMNU]\ZG\SLHUVLQLHW\ONRVRELHQLH
REFLQDDOHUDF]HMMąV]WXNXMHLQLHXĪ\ZDVLá\OHF]áDJRGQHJRSRGVWĊSXQDNWyU\FDáD
SROLFMDĞZLDWDQLHSRUDG]LJU\]LHZWRELHZąWUREĊ
3U]HUDĪHQL OXG]LH SRF]ĊOL WHG\ V]XNDü UR]SDF]OLZLH OHNyZ FXGRWZyUF]\FK MDNLFKĞ
PLQHUDáyZ MDNLFKĞ ]Lyá MDNLHMĞ ZRG\ DE\ WHQ RUJDQ QLHV]F]ĊVQ\ RFDOLü 'REU\ %yJ
NWyU\ZUHV]FLHPLDáMXĪGRĞüWHJRJU\]LHQLDVZRMHJRWZRUXWDNSRNLHURZDáVSUDZĊDE\
F]áRZLHNPyJá]QDOHĨüWRF]HJRV]XNDá]UR]SDF]RQ\
1LHPDO QD FXG WR Z\JOąGD ĪH JRQLRQ\ MHOHĔ ZSDGá GR ĨUyGáD JRUąFHM ZRG\ DE\
WHQFHVDU]FRJRQLáPyJáZSDĞüQDP\ĞOĪHFRĞPXVLE\üGREUHJRZJRUąFHMZRG]LH
8ĞPLHFKHP WHJR FXGX MHVW WR ĪH OHNDUVWZR GOD QLHV]F]ĊVQHJR PĊĪF]\]Q\ ]QDOD]á ²
MHOHĔMHJRSLĊNQ\EUDW
:WHQVSRVyE]RVWDá\Z\QDOH]LRQHVá\QQHĨUyGáDSU]H]FHVDU]D.DUROD,9FRPyJáE\
SRĞZLDGF]\üW\ONRWHQ]ZDUMRZDQ\MHOHĔNWyU\VLĊFKFLDáĪ\ZFHPXJRWRZDüLSU]\VLąG]
QDURJLĪHWRZV]\VWNRSUDZGD:NDĪG\PUD]LHMHOHĔMHVWĞZLĊWHP]ZLHU]ĊFLHP.DU-
áRZ\FK9DUyZMDNRERKDWHUOHJHQG\.DĪGHZRJyOHX]GURMRZLVNRSRZLQQRPLHüWDNą
DTP by SHADE
27
OHJHQGĊLWDNLHJRKHUERZHJR]ZLHU]DW\ONROXG]LHPDMąPDáRSRP\VáRZRĞFL
0RĪQDE\ VNRPSRQRZDü ĞOLF]Qą OHJHQGĊ R WHP MDN QS ]D .D]LPLHU]D :LHONLHJR
Ī\G\JRQLá\G]LNLHJREDUDQDDE\JRXJRWRZDüGOD(VWHUNLJRQLąJRGPąFZURJLQDJOH
EDUDQ]DSDGDVLĊLU]HZQLHEHF]\3U]\ELHJDMąĪ\G\LQDSLQDMąNXV]HDEDUDQQDWR
SáDF]ąFOXG]NLPSRZLDGDJáRVHP
²1LH]DELMDMFLHPQLHV\QRZLH,]UDHODERZSDGáHPZERURZLQĊZNWyUHMVLĊEĊGą
NąSDüZDV]HFyU\
0RĪQDE\ SU]HP\FLü GR VWDU\FK OHJHQG R 3RGKDOX WDNą SLĊNQą OHJHQGĊ R WHP
ĪHNLHG\SRG*LHZRQWHP]EyMQLF\SĊG]LOLWXF]QHJRZLHSU]DDE\JRVURG]H]DPRUGRZDü
LVPDF]QLHVSRĪ\üZLHSU]QDJOHSRáRĪ\áVLĊZWHPPLHMVFXJG]LHG]LĞZ=DNRSDQHP
Vą.UXSyZNLL]DNU]\NQąá
²7X]RVWDQĊLWXVLĊUR]PQRĪĊ
7RU]HNáV]\]DáRĪ\áSLHUZV]ąZ=DNRSDQHPUHVWDXUDFMĊD]EyMQLF\ZWUZRG]HXFLH-
NOL
-HOHĔ.DUORZ\FK9DUyZMHVWVWZRU]HQLHPSLĊNQHPLGHNRUDF\MQHPVWRLQDZ\QLR-
VáHPZ]JyU]XSRQDGPLDVWHPLSDWU]\]XĞPLHFKHPMDNZMHJR6SUXGOXOHF]ąVLĊOXG]-
NLHMHOHQLHWUąF]H]PDUWZLHQLDJáRZĊ
.WRRGNU\á.DUáRZH9DU\FHVDU]F]\MHOHĔF]\RE\GZDMUD]HPMHVWWRZFDOHRER-
MĊWQH'REU]H]URELáMHGHQ]GUXJLPĪHMHRGNU\áZG]LNLPOHVLHZĞUyGZ]JyU]LGROLQ
&yĪMHGQDN]W\FKURPDQW\F]Q\FKĨUyGHá]URELOLOXG]LH"2WRZWHPPLHMVFXZ\GD-
MHPLVLĊĪHWU]HEDZ\VáDZLüSRH]MĊSROVNLHMQDWXU\2NROLFDMHVWSLĊNQDODV\U]HND
PJá\ SRG ZLHF]yU VWRNL VNDá\ XUZLVND *G\E\ WR E\áR X QDV E\áR E\ ĞOLF]QH 6WDáD
E\GUHZQLDQDEXGDZMDNLPĞU]HZQ\PVW\OXU]HNDZ\OHZDáDE\QDZLRVQĊDZLDGRPR
ĪHUR]OHZVSLHQLRQ\FKZyGMHVWĞOLF]Q\ZODVDFKQDSDGDOLE\]EyMQLF\MDN+UDELHJRSRG
%LUEDQWH5RFFDFXGRWZyUF]ąZRGĊSLáRE\VLĊF]DSNDPLQLHE\áRE\áD]LHQHNERWRQLH
PD VHQVX MDGáRE\ VLĊ V]\V]NL ER QLF LQQHJR E\ QLH E\áR QLH E\áRE\ HOHNWU\F]QHJR
RĞZLHWOHQLDERRGF]HJyĪZáDĞFLZLHMHVWWDNDFXGRZQDODPSDQLHELHVND²NVLĊĪ\F²
DOH]DWRE\áRE\SLĊNQLHURPDQW\F]QLHFXGRZQLH
, GODWHJR SU]\MHĪGĪDMąF\ GR .DUáRZ\FK 9DUyZ 3RODN PD PLQĊ QLHVZRMD -HVW PX
SU]\NUR-HVWVNUĊSRZDQ\LSU]\NUR]G]LZLRQ\&L&]HVLLF]HVF\1LHPF\MHVWWRQDUyG
QLHXPLHMąF\]DFKRZDüEXMQHJRSLĊNQDSU]\URG\LRWRSDWU]FLHFRSRURELOL]WHJR.DUOV-
EDGX]W\FK.DUáRZ\FK9DUyZ
&]\VWRWDNĪHRNRQLHPDQDF]HPVSRF]ąü=QXG]RQ\WąF]\VWRĞFLąRFHQLáHPGR-
SLHURZWHG\]UR]U]HZQLHQLHPVHUFDZLGRNJáyZQHMXOLF\Z=DNRSDQHPSU]\NWyUHMVWRL
NLONDNR]LFKVWDMHQ&RXOLFKD,G]LHV]OHZąVWURQąXOLF\ERWDNFLVLĊZáDĞQLHSRGRED
DZWHG\SRGFKRG]LGRFLHELHWDNLSDQZPXQGXU]HLZVND]XMHFLVWURQĊSUDZąNWyUD
VLĊMHPXSRGREDLFRQDMJRUV]HPXVLV]WDPSyMĞüERFL]URELąVNDQGDO%RĪHPLá\"
:=DNRSDQHPNURZ\VRELHFKRG]ąSR.UXSyZNDFKWĊG\LRZĊG\]DJOąGDMąGRVNOHSyZ
G]LZLąVLĊFLHV]ąVLĊPLáHVWZRU]HQLDWDNĪHVLĊQDWRSDWU]HüPXVL]UR]U]HZQLHQLHP
DWXOXG]LRP²OXG]LRP²QLHZROQRFKRG]LüNWyUĊG\FKFą
:.U\QLF\PRĪHV]VRELHUR]SDOLüRJQLVNRQDĞURGNX³GHSWDNXLZV]\VF\]SU]\MHP-
QRĞFLąSRZLWDMąPLáąUR]PDLWRĞüZ&LHFKRFLQNX]NDĪGHJRĪ\GRZVNLHJRGRPXZ\OHZDMą
P\GOLQ\QDĞURGHNXOLF\LQLFWRQLNRPXQLHV]NRG]L,VáXV]QLH-DNPRĪHNRPXFR]D-
V]NRG]LüZPLHMVFXJG]LHVLĊVSU]HGDMH]GURZLH"$WX"$ĪPLZVW\GSRZWyU]\üDOHPQLH
VLĊWRZáDĞQLHZ\GDU]\áR1LHGDOHNRRGĨUyGáD]DSDODPQDXOLF\SDSLHURVD=DSáDFLáHP
WDNVĊNXUDF\MQąMHVWHPJRĞFLHPLVZRLPSDQHP:WHMFKZLOLZ\UDVWD]SRG]LHPLSR-
OLFMDQWLEDUG]RPQLHSURVLDE\PZWHMFKZLOLSDSLHURVD]DJDVLáERGRRNRáDMHVWWáXP
OXG]LNWyU]\VLĊOHF]ąLNWyU\PPRĪHWR]DV]NRG]LüĪHMDSDOĊ
&]\ĞFLH Vá\V]HOL" 7HQ F]áRZLHN ĞPLDá WR SRZLHG]LHü PQLH PQLH NWyU\ ZLG]LDáHP
QDZáDVQHRF]\MDNZ=DNRSDQHPSĊG]ąXOLFąVWDGREDUDQyZNXU]VLĊURELWDNLMDNL
VLĊSRGQLyVáQDSXVW\QLNLHG\Ī\GRZLHXFLHNDOL](JLSWXLWU]HFKVXFKRWQLNyZOHĪąF\FK
QDZHUDQG]LH]MDGáV]\WHJRNXU]XLORĞüQLH]PLHUQąGRZLHF]RUDSU]HQRVLVLĊQDWDPWHQ
ĞZLDWSRQDG7DWU\QD1LHELHVNL*U]HELHĔ«
DTP by SHADE
28
$WXJRĞFLRPV]NRG]L]DUD]G\P]PRMHJRSDSLHURVD
-DNĪHĪZLĊF3RODNPRĪHVLĊF]XüGREU]HZĞUyGW\FKQLH]QRĞQ\FKU\JRU]\VWyZ"5]X-
FLV]JD]HWĊQDXOLF\NDĪąFLMąSRGQLHĞüLZU]XFLüGRNRV]D:\VXQąáHĞVLĊRMHGQąRVREĊ
ZNROHMFHLGąFGRĨUyGáD]DUD]RWRWDNDDZDQWXUDMDNE\ĞNRJRSU]HVNRF]\áZDZDQVLH
ĩHE\VDPSUH]\GHQW0DVDU\NVWDáZNROHMFHWRE\PXWDNąVDPą]URELOLDZDQWXUĊ-DNLĪ
QLHXSU]HMP\QDUyG$ĪĪDOELHUQH8QDVNDĪGHMSDQLHQFH]DUD]URELąPLHMVFHZNROHMFH
MHĞOLVLĊXĞPLHFKQLHDRILFHUWRMXĪQDZHWQLNRJRRSR]ZROHQLHQLHS\WDW\ONRFLĊZ\-
SU]HG]LXRNLHQNDSU]\NDVLHNROHMRZHMERVLĊĞSLHV]\«SHZQLHQDZRMQĊ
3RGZyFKGQLDFKSRE\WXZ.DUáRZ\FK9DUDFKMHVWHĞUR]VWURMRQ\LQDGXFKXRSDGá\
7RWRĪ\FLHEH]IDQWD]ML]DELMHFLĊVZRMąQLHSRP\VáRZRĞFLąEUDNLHPZV]HONLFKSRP\-
VáyZHNVF\WXMąF\FK,OHUD]\MDGĊZ:DUV]DZLHGRURĪNąPDP]DMĊFLHQLHMDGĊEH]P\ĞO-
QLHZLĊFQDMSLHUZVWDUDPVLĊRGF]\WDüQDSOHFDFKGRURĪNDU]DMHJRQXPHUQDZV]HONL
Z\SDGHNERPRĪHE\üDZDQWXUDSRWHPUR]P\ĞODPGáXJRLOH]DSáDFLü"&]\E\üRG-
ZDĪQ\PL]DSáDFLüZHGáXJWDNV\F]\OHSLHMQLHU\]\NRZDü"%RMĊVLĊMHVWHPF]áRZLHN
VSRNRMQ\ L SáDFĊ GZD UD]\ W\OH FR SRF]FLZHJR GRURĪNDU]D ZSURZDG]D Z V]Dá L FKFH
PQLHELü-HVWHPSRGQLHFLRQ\ZRáDPSROLFMDQWDXFLHNDPERVLĊUREL]ELHJRZLVNRGR-
EU]\OXG]LHNU]\F]ą³EXUĪXMSU]HNOĊW\MDFKDüWRMDG]LHDELHGDNDSRWHPNU]\ZG]L´
²PDPFRRSRZLDGDüSU]\MDFLRáRP²MHGQHPVáRZHPSU]\JRGDMHVWSU]\MHPQDL]DM-
PXMąFD$XW\FKQXGQ\FK&]HFKyZ"2MIODNL]ROHMHP«3\WDV]GRURĪNDU]D³,OH"´²
³7\OHLW\OH«´²³3URV]Ċ´²³']LĊNXMĊáDVNDZHPXSDQX"«´,NRQLHF:\ERUQLHPRĪQD
WXVWXGMRZDüRE\F]DMHLGRMĞüGRZQLRVNXĪHQLJG]LHQDĞZLHFLHRE\F]DMHQLHVąPLOV]H
LEDUG]LHMXUR]PDLFRQHQLĪXQDV
-HV]F]HGDPMHGHQSU]\NáDGDE\VLĊOXG]LHPRJOL]GXPLHüIDQWD]MąQDV]HJRĪ\FLD
LMHJREXMQąEDUZą
&KRGĨP\GRVNOHSX
::DUV]DZLH
:FKRG]LV] XQLĪRQ\ ]GHMPXMHV] NDSHOXV] L JU]HF]QLH SURVLV] DE\ SDQ NXSLHF E\á
áDVNDZVSU]HGDüFLVSLQNĊGRNRV]XOL7RZSUDZG]LHGURELD]JDOHNRQLHF]Q\
3DQNXSLHFSDWU]\QDFLHELHMDNGHWHNW\ZQDU]H]LPLHV]ND&]\WDV]ZMHJRZ]URNX
² 3R VSLQNĊ ZFKRG]LV] ]ZLHU]X MHGHQ GR PHJR SRU]ąGQHJR VNOHSX" 7R MD P\-
ĞODáHPĪHNXSLV]GZDQDĞFLHF\OLQGUyZLODVNĊ]H]áRWąUąF]NąDW\SRVSLQNĊ"«0DV]
PDV]XGáDZVLĊ
3DQSRPRFQLNSDQDNXSFDZ\V\SXMHFLQDVWyáWX]LQVSLQHN:\EUDáHĞ=DSáDFLáHĞ
.DVMHUNDQLHPDUHV]W\]H]áRWHJRMHĞOLNWRSáDFLG]LHVLĊüJURV]\ERXF]FLZ\F]áRZLHN
QLHNXSXMH]DG]LHVLĊüJURV]\«
.áDQLDV] VLĊ JU]HF]QLH MHVWHĞ ]DZVW\G]RQ\ Z\FKRG]LV] FK\áNLHP 1LJG\ MXĪ QLH
ZUyFLV]GRWHJRVNOHSXERVLĊZVW\G]LV]ERVLĊERLV]LMHVWHĞVNRPSURPLWRZDQ\+D
:.DUáRZ\FK9DUDFKDOERZ3UDG]H
3U]\FKRG]LV] GR ZVSDQLDáHJR VNOHSX 2WDF]D FLĊ JURPDGD SRPRFQLNyZ ZLHONLHJR
NXSFD =D FKZLOĊ QDGELHJD VDP ZLHONL NXSLHF NWyU\ PD ILUPĊ ]QDQą Z FDáHM (XUR-
SLHNáDQLDFLVLĊEDUG]RQLVNRERVLĊGRZLHG]LDáĪHFKFHV]NXSLüMHGQąVSLQNĊDOER
MHGHQNRáQLHU]\N3RQLHZDĪZV]HGáHĞ]NRELHWąZLĊFNRELHFLHV]\ENRSRGDMąNU]HVáR
DE\ VSRF]ĊáD D GZLH SLĊNQH SDQLHQNL SURV]ą Mą DE\ UDF]\áD REHMU]Hü QRZH PRGHOH
ERVąĞOLF]QH.XSLHFMHVW]DFKZ\FRQ\ĪHFKFHV]NXSLüVSLQNĊ]DG]LHVLĊüKDOHU]\-HVW
GXPQ\ĪHZ\EUDáHĞMHJRVNOHS3RND]XMHFLGZDW\VLąFHVSLQHNL]DFKZDODFLQDMSUDN-
W\F]QLHMV]ąRVWU]HJDMąFĪHMHVWGURĪV]D]QDF]QLHNRV]WXMHERZLHPKDOHU]\SLĊWQDĞFLH
=DQLPZ\ELHU]HV]WĊNWyUąVRELHZQLHVá\FKDQHMáDVNDZRĞFLVZRMHMXSRGREDV]ZLHONL
NXSLHFPLDáF]DVLFKĊüDE\FLĊSRS\WDüR]GURZLHRWZyMNUDMRSRJRGĊLRWZRMHG]LH-
FL0LDáWHĪF]DVDE\FLSRND]DüĞOLF]QHQRZHZ\URE\]HVNyU\LMHGZDEQąELHOL]QĊQLH
FKFHDE\ĞNXSLáERSU]HFLHĪNXSXMHV]VSLQNĊ5DG]LáE\FLMHGQDNDE\ĞNXSLá]LPRZ\
ZVSDQLDá\NDSHOXV]ERFKRüWRGRSLHUROLSLHFDOHZJUXGQLXPRJąE\üGURĪV]H.LOND
NUDZDWyZWDNĪHQLH]DZDG]LZáDĞQLHSRVLDGDQDVNáDG]LHSU]HĞOLF]QH$GRNUDZDWDSLD-
VNRZHJRNRORUXZ\ERUQLHE\VLĊQDGDZDáRXEUDQLH:NRORU]HSRGREQ\P2WRZáDĞQLH
DTP by SHADE
]ZyMVXNQD-XĪJRUR]ZLQĊOLLSU]\PLHU]DMąQDXĞPLHFKQLĊW\PSRPRFQLNX=DFKZLOĊ
SRáRZĊVNOHSXUR]áRĪRQRQDVWRáDFKLNU]HVáDFK
&]áRZLHNX3U]\V]HGáHĞDE\ĞNXSLüVSLQNĊDOERNRáQLHU]\N.LHG\Z\FKRG]LV]QLRVą
]DWREąSyáVNOHSXERĞNXSLáLV]HONLLNUDZDW\LXEUDQLHLF\OLQGHULGZDG]LHĞFLDF]WHU\
SDU\VNDUSHWHNL]DSDOQLF]NĊGRSDSLHURVyZFKRüQLHSDOLV]LMHVWHĞEDUG]R]DGRZRORQ\
$FKWDXSU]HMPRĞü=DFKZ\FDV]VLĊQLąMHVWHĞQLąRF]DURZDQ\SRV\áDV]WDPSU]\-
MDFLHOD]DFKRG]LV]VDPMHV]F]HG]LHVLĊüUD]\
&]\WRáDGQLH"&]\Z\WU]\PXMHWHQREUD]HNSRUyZQDQLH]VROLGQąLGRVWRMQąSRZDJą
SROVNLHJRNXSFDF]áRQND$UFKLNRQIUDWHUQLOLWHUDFNLHM"2$F]\WRZ\SDGDDE\ERJDW\
]DĪ\ZQ\ NXSLHF RMFLHF URG]LQ\ WHĞü MDNLHJRĞ Z\VRNLHJR XU]ĊGQLND VDP VSU]HGDZDá
NUDZDW\"2WyĪWR3ROVNLHJRNXSFDSR]DVNOHSHPPRĪQDSU]H]SRP\áNĊZ]Ląü]DKUD-
ELHJR$WDPWHJR"
'REU]HMHVWWHG\ĪH3RODNPD]DZV]HPLQĊGRNRQWXV]D1DZHWSUDFXMąFGDFLSR-
]QDüZ\UDĨQLHĪHSUDFXMH]PXVXERWDNLHWRMXĪSVLDNUHZĪ\FLHDOHPyJáE\E\üNUy-
OHPSU]\GREUHMRND]ML6ąLZ\URGNLQDWXUDOQLH6ą3U]\NURRWHPPyZLüDOHVąWDF\
NXSF\FRVąW\ONRNXSFDPLLWDF\U]HPLHĞOQLF\FRPLQQLHURELą$OHWDPZV]\VF\WDF\«
7DPQLHPDQLJG]LHWHJRFR8QDVMHVWQDNDĪG\PNURNXSRF]XFLDGXP\LJRGQRĞFL
RVRELVWHM
1DWHQSU]\NáDGNLHG\FKFHV]]MHĞüRELDGZ&]HFKDFKLG]LHV]GRWDNLHJR]DNáDGX
NWyU\QDWR]DáRĪRQRDE\NDUPLüOXG]L2EVNRF]ąFLĊSRUDG]ą]DFKZDOąLGDG]ąGRVNR-
QDáHMHG]HQLHSDQLHQNDNWyUDFLXVáXJXMHĞPLHMHVLĊGRFLHELHLGREDUDQLHJRNRWOHWX
GRZV]\VWNLHJR&]\WDNLRELDGPRĪHVPDNRZDü"7DNLPGá\RELDG]XĞPLHFKDPLEH]
DZDQWXU\"&RWR]DMHG]HQLH«
:3ROVFHGRSUDZG\ĪHLQDF]HMVPDNXMH
:UHVWDXUDFMLZ=DNRSDQHPWR]WDNLPRELDGHPMHVWSU]\QDMPQLHMFDáDNRPHGMD
²3URV]ĊRNDF]NĊ
²1LHPD
²²3U]HFLHĪWXQDSLVDQRNDF]ND"
²%\áDDOHZ\V]áD«
²:LĊFFRPRĪHE\ü"
²&RSDQG]LHG]LFNDĪH
²:LĊFSURV]ĊRU\EĊ
²1LHPDERQLHSU]\QLHĞOL«0RĪHFRXVPDĪ\ü"
²1LHFKSDQXVPDĪ\«3URV]ĊXVPDĪ\üNRWOHW«
².LHG\QLHPRĪQDERNXFKDU]H]DVWUDMNRZDOL
$OHMDMNLVąPRĪHFR]MDMNyZ«,G]LHV]GRNRQNXUHQWD
².WRSU]\W\PVWROHXVáXJXMH"«
²7OLVLĊQLHXVáXJXMHWXVLĊSRGDMH«²:LĊFSURV]ĊPLSRGDüSLZR$GRMHG]HQLD
QLF"
²=DPRPHQFLN
3RJRG]LQLHFLSRZLHG]ąĪHVDPRSLZRSLMDVLĊQLHWXW\ONRQDSU]HFLZNR
2WyĪWR,DSHW\WPDV]LMHĞüFLVLĊFKFHLMHVWFLSU]\MHPQLH$WH&]HFK\"
.
DTP by SHADE
30
IV.
.
.LHG\MXĪMHVWHPMDNR/XNXOOXVOXE*DPDV]LUR]P\ĞODPRXF]WRZDQLXQLHRGU]H-
F]\EĊG]LHMHĞOLRSRZLHPMDNZ\JáRG]RQ\Z=DNRSDQHPPLDáHPG]LZQHJRUąF]NRZH
SU]\ZLG]HQLD Z .DUORY\FK 9DUDFK :LGRF]QLH SLFLH JRUąF\FK ZyG G]LDáD QD PQLH WDN
SRGQLHFDMąFRĪHPLHZDPZLG]HQLD
6LHG]ąFQDZHUDQG]LHX3XSSDUR]P\ĞODáHPVRELHSRQXURQDGJD]HWąNWyUDPLáNDáD
ZUĊNDFKĪHZRMF]\ĨQLHMHVWJáRGQRLGURJRĪHQLHPDFKOHEDMDMHNĞZLĔJĊVLFXNUX
LLQQ\FKU]HF]\GREU\FKLVLáĊUGDMąF\FKERVLĊWRZV]\VWNRZSUDZG]LHURG]LDOHJG]LHĞ
]DUD]SRWHP]DSDGDVLĊSRG]LHPLą
7DN P\ĞOąF XGHU]\áHP á\ĪHF]Ną Z MDMNR L GUJQąáHP -DMNR QDMZ\UDĨQLHM SLV]F]\
-HVWWRQLHGRZLDU\OHF]DXWHQW\F]QH'UJQąáHPLQDVWDZLDPXFKD$RQRU]HZQLH
²:LWDPFLĊURGDNX%RMD]3ROVNLSURV]Ċ
²1LHPRĪHE\ü
²$OHĪWDN1DVWXSU]\ZLHĨOLĪHGZDG]LHĞFLDZDJRQyZ«
².WRZDVZ\ZLy]á]RMF]\]Q\QD%RJD"
²3DQ&\QDGHUEDUG]RPLá\F]áRZLHN«
7HJRGQLDUR]PDZLDáHPZJRUąF]FH]SROVNLPNDUWRIOHPL]EXáNą]SROVNLHJR]ERĪD
FXGRZQLHZ\SLHF]RQą0\ĞODQRMHGQDNĪHP]ZDUMRZDáNLHG\]DF]ąáHPSU]\VWROHUR]-
PDZLDü]XSLHF]RQąJĊVLą
²&RWDPXZDVVá\FKDü"²SRZLDGDPLJĊĞ]WDOHU]D
²2JĊVL²NU]\NQąáHP²RSROVNLáDEĊG]LXµ6NąGMHVWHĞ"
²-DMHVWHPNUDNRZLDQNDDOHVąWX]SRG.DOLV]DL]SRG:DUV]DZ\*ĊVLMDNSDQX
ZLDGRPR PDMą VNáRQQRĞü GR QDEU]PLHQLD ZąWURE\ ZLĊF QDV WXWDM Z\ZRĪą =UHV]Wą
Z3ROVFHWDNGRVNRQDOHE\PQLHQLHXSLHNOL
.LHG\XMU]DáHPQDZ\VWDZLHVSRĪ\ZF]HJRVNOHSX]DV]\EąG]LZQLHZ\SDWURV]RQH
SURVLĊXĞPLHFKQĊáRVLĊGRPQLHVPXWQR7RE\áRSROVNLHSURVLĊ-HJRRMFD]MHGOLZ3UD-
G]HEUDWDZ2áRPXĔFXVWU\MDZ%HUOLQLHPDFRFKĊZ*GDĔVNX7RWUDJLF]QDURG]LQD«
&DáHOHF]HQLHE\áRQDQLF:ąWUREDVLĊZHPQLH]QRZX³]DSLHNáD´
&KRG]LáHPSR.DUáRZ\FK9DUDFKVPXWQ\LSU]\]DVWDQDZLDMąFVLĊF]\WHĪSU]\SDG-
NLHPJRUąFDZRGDZ0KOEUXQQLHQLHMHVWWRSROVNDZRGDNWyUąWXRGJU]HZDMą":L-
GRF]QLHMHGQDNQLHERMąUR]GDMąGDUPR
3LáHP ZLĊF WĊ ZRGĊ QD XPyU DE\ RFDOLü QLHV]F]ĊVQą ZąWUREĊ NWyUą QDGZHUĊĪ\-
áHPZNUDMXQDSUHPLHUDFKZWHDWU]HSU]\F]\WDQLXSROHPLNZJD]HWDFKSU]\NDĪGHM
ZUHV]FLHVSRVREQRĞFLWHPVLĊW\ONRSRFLHV]DMąFĪHQLNWZ3ROVFHQLHPD]GURZHMZą-
WURE\=W\FKFRURELąWRVDPRFRMD
1LH QDOHĪ\ MHGQDN P\ĞOHü ĪH QLH PD UDGRĞFL QD W\P ĞZLHFLH :LGRN VWUDV]OLZH-
JRĪ\GDZFKDáDFLHNWyU\SLMHZRGĊSU]H]V]NODQąUXUNĊDE\QLHSRSVXüVRELHHPDOML
]ĊEyZMHVWUR]NRV]Q\,QQ\]DĞUDGRĞFLąFLĊQDSHáQLNLHG\Z\SLMDZWDMHPQLF\SU]HG
OHNDU]HPOG]LHVLĊüNXENyZZRG\]DPLDVWWU]HFKQDZV]HONLZ\SDGHNDF]\QLWRFK\-
WU]H SU]HP\NDMąF VLĊ Z FLĪELH FKRü SLHV QD QLHJR QLH SDWU]\ ER ZV]\VWNLP MHVW
ZV]\VWNRMHGQRLOHWHJRZ\SLMH$OH]DZV]HSU]\MHPQLHZ\SLüZLĊFHMNLHG\ZV]\VF\
P\ĞOąĪHVLĊSLMHPQLHM
:LHONą ]DEDZą Z WHP ĞOLF]QHP QDSUDZGĊ PLHĞFLH MHVW REVHUZRZDQLH VSHFMDOQHM
LRJyOQLH]QDQHMFKRURE\NDUOVEDG]NLHMFKRURE\SRĪąGOLZHJRNXSRZDQLD-HVWWRQLHE\-
ZDá\ZLGRN0LDVWRZ]GáXĪU]HNLVLĊWáRF]ąFH]DPNQLĊWHGZRPDSDVPDPLZ]JyU]MHVW
ZáDĞFLZLH MHGQą W\ONR XOLFą ZVSDQLDáą XOLFą SRGREQą GR .DUWQHUULQJX ZLHGHĔVNLHJR
JG]LHZV]\VWNRMHVWQDSRND]8OLFDWDWRVHWNLVNOHSyZQDMZ\WZRUQLHMV]\FKLQDMGURĪ-
V]\FKPDOXWNLVNOHS]DĞWDNLZV]\VWNRFRPDZ\VWDZLDQDZLGRNSXEOLF]Q\ZZLWU\-
QLHLFRGQLDMą]PLHQLDSU]HUDELDXVWDZLDLQDF]HMSU]HGPLRW\LQDF]HMMHVWURLF]\QL
MąFRUD]EDUG]LHMSRĪąGDĔV]ą.XSLHFNDUVEDG]NLMHVWZ\ERUQ\PSV\FKRORJLHPNWyU\
SROXMHSU]HGHZV]\VWNLHPQDNRELHW\ZVSRVyE]XSHáQLHUDILQRZDQ\2V]DáDPLDMąQĊFL
GHQHUZXMHQLHSRNRLZ]\ZDSRGQLHFDZUHV]FLHGRSURZDG]DGRV]DáX7HQV]DáQD]\-
DTP by SHADE
31
ZDVLĊ³.DXIVXFKW´&RW\ONRQDĞZLHFLHZ\P\ĞOLáDPRGDFRZ\SURGXNRZDáZ\NZLQW
WRZV]\VWNRWXMHVWWRZV]\VWNRVWUXJDPLHOHNWU\F]QRĞFL]DODQHS\V]QLVLĊ]DOXVWU]D-
QąV]\EąLNU]\F]\LZRáDMDN0HILVWRIHOHVELHGQą0DáJRU]DWNĊ*RU]HMERL)DXVWFKR-
G]LQLHVSRNRMQ\Lá\SLHSRĪąGOLZLHRF]\PDQDS\MDPĊNWyUDE\]GRáDáD]DLPSRQRZDü
FKLĔVNLHMFHVDU]RZHM&yĪPDF]\QLü]ELHGQąVZRMąGXV]ąELHGQD0DáJRU]DWDQDZLGRN
EU\ODQWyZLSHUHá"&]\XPU]HüVDPDDOERVLĊSRáRĪ\üQLHVDPD«
.WRQLHPDZ\ERUXWHQFLHUSL3U]\E\V]QDNWyUHJRWDNPLVWHUQH]DVWDZLRQRVLGáD
ZáyF]\VLĊSRWHMMHGQHMXOLF\WDPL]SRZURWHPVLHGHPG]LHVLąWVLHGHPUD]\G]LHQQLH
RGFKRG]L L ZUDFD GXPD L UR]P\ĞOD REOLF]D L UDFKXMH ZUHV]FLH JXEL GXV]Ċ L NXSXMH
2VRE\]DĞQLHV]F]ĊVQHNWyUHXOHJDMąFKRURELHNXSRZDQLD]DUD]SRSU]\E\FLXGRVWDMą
PDáHJRREáĊGX-HGQHJRGQLDRELHJQąZV]\VWNLHVNOHS\MDNE\VLĊMXWURPLDá\ZV]\VW-
NLHVSDOLüLV]\ENRSRU\ZDMąNRV]WRZQHU]HF]\MDNE\]DWUZRĪRQHĪHNWRĞMHZ\NXSLá
3RWHPGHSHV]XMąSRSLHQLąG]HJRáHPLPRVWRVyZMHGZDELyZDMHV]F]HSRWHPG]LZLą
VLĊRJURPQLHĪHXU]ĊGQLNFHOQ\QDJUDQLF\PDQLHMDNLHSUHWHQVMHGRV]ODFKHWQLH]ZDU-
MRZDQ\FKRVyE
0RMHV]DOHĔVWZRRVRELVWHQDZLGRNW\FK]E\WNyZQLHSU]HV]áRJUDQLFSU]\]ZRLWRĞFL
0DáRVLĊ]QDMąFQDPDWHUMDáDFKGDPVNLFKQLHPRJáHPXOHG]V]DáRZLRVWUHPX&HOHP
PRLFKRGZLHG]LQFRG]LHQQ\FKQLHE\á\ZLWU\Q\MXELOHUVNLHDQLVLHGHPJU]HFKyZJáyZ-
Q\FKZ\VWDZLRQ\FK]DV]\EDPLPDJD]\QyZ]NRQIHNFMą
²2QLH3RĪąGOLZRĞüPRMDSU]HVWĊSRZDáD]QRJLQDQRJĊSU]HGVNOHSDPLZNWy-
U\FKVSU]HGDMąFXGRZQHF]HVNLHNU\V]WDá\
2PĊNR
6WDZDOLĞP\]SU]\MDFLHOHPSRHWąDOER]SU]\MDFLHOHP]QDNRPLW\PDNWRUHPSU]HG
WDNLPVNOHSHPFDá\PZSURPLHQLDFKMHĞOLQDV]\EĊSDGQLHVáRĔFH
1DMSLHUZWUZDGáXJLHEODGHPLOF]HQLHSHáQHJáĊERNLHJRZ\UD]X3RWHPWDNLG\DORJ
²7HQVHUZLVGODSDSLHĪD«3DWU]SDWU]«3DSLHVNLHKHUE\«
²&XGQHV]NáR%RĪHMDNVLĊ]WHJRSLMH«
²=WHJR"=WHJRWRQLHDOHSDWU]QDWHNU\V]WDá\7HQNLHOLV]HNQDZ\VRNLHMQyĪFH
WRGRUHĔVNLHJR«
²0yM%RĪHPyM%RĪH«
² $ WH NLHOLV]NL WR GR EXUJXQJD« ĝZLDWáR VLĊ ]DáDPXMH QD W\FK HVDFK IORUHVDFK
LF]HUZLHĔZLQDZ\JOąGDZWHG\WDNMDNE\]QLHMV\SDá\VLĊVNU\«
²1LHPyZQLHPyZ«
²7HZ\VRNLHWRGRV]DPSDQD:\REUDĨVRELHMDNZWHPV]NOHZLQRVLĊSHUOL
%RVNDGXV]DZLQDPDZWHG\JRGQHVLHELHPLHV]NDQLH]DPHN]NU\V]WDáX«6]NáRSHZQLH
QLHZLGRF]QLH]UDGRĞFLL]SU]HMĊFLDGĨZLĊF]\
²1LHPĊF]PQLHF]HJRPQLHPĊF]\V]"&KRGĨP\VWąGERVWáXNĊWĊV]\EĊJáRZą«
2GFKRG]LP\LZUDFDP\ERZ\VWDZLOLQRZHV]NáRQDOHĪ\ZLĊF]DVWDQRZLüVLĊXZDĪ-
QLHF]\WHQNWyU\]QLHJREĊG]LHSLáEĊG]LHPLDá]QLHJRUR]NRV]F]\WU]RQHNNLHOLV]ND
QLH -HVW ]E\W ZLRWNL FR E\ PX PRJáR JUR]Lü QLHEH]SLHF]HĔVWZHP Z\ZURWX F]\ MHJR
RSDVáRĞüQLHMHVW]E\WZLHONDFR]QLHSUDZLDPLDUĊZLQDLF]\QLKDXVW]E\WGáXJLP
2GFKRG]LP\ WDN L ZUDFDP\ ZFLąĪ ZRGą RSLFL DE\ SDWU]Hü QD WH ĞOLF]QH U]HF]\
LQDVWUDV]OLZąWDQGHWĊNWyUHMMHVWFRQLHPLDUD1LFLQQHJRZ.DUORZ\FK9DUDFKQLNWQLH
Z\P\ĞOL*RHWKHSHZQLHQLHZLĊFHMPLDáGRURERW\SR]DRERZLą]NRZHPFKRG]HQLHP
*RHWKHERZLHPE\áQLHW\ONRZ.DUORY\FK9DUDFKDOHVLĊĪHPLHV]NDáZNDĪG\PGRPX
.DĪG\KRWHOEDUG]RFKFHDE\ZQLPPLHV]NDáNLHG\Ğ*RHWKH1DZ\VWDZDFKNVLĊJDUQL
PDáRNVLąĪHNSR]D³*RHWKHPZ.DUOVEDG]LH´
%\áRE\WHG\QXGQRGREUHPX3RODNRZLJG\E\QLHURGDF\5RGDNyZRFKU]F]RQ\FK
QDZHWMHVWFRQLHPLDUD6ąWRFLREáąNDĔF\NWyU]\QLHFKFąVSDüZ.U\QLF\ZZDQQLH
DOERQDELODUG]LHLĞPLąWZLHUG]LüĪHOHSV]\DVIDOWMDNOXVWURZ.DUORY\FK9DUDFKQLĪ
Z\ERMHLG]LXU\Z=DNRSDQHP
=DJQDáDLFKWX³]áDZąWURED´7RMDVQHQLHPąGUDQLHFKĊüGRVZRLFKGODWHJRĪHVZyM
FKFLDáVZHJRREG]LHUDü]HVNyU\$NRJyĪXOLFKDPD]QLHMREG]LHUDü$PHU\NDQLQD"
DTP by SHADE
32
3U]HFLHĪQLHSU]\MHG]LH
6áXV]QLHMHGQDNPRĪH]DS\WDüWHQLyZ
²7RRQL$OHF]HPXW\F]áRZLHNXZ\URGQ\Z\ZR]LV]JUXEHSLHQLąG]HGRREF\FK
NUDMyZ"
+D3RFRFLHELHWDPSRQLRVáR"
3U]\]QDPVLĊV]F]HU]H3RMHFKDáHPDE\RF]\ĞFLüVXPLHQLHLWĊZąWUREĊQLHV]F]Ċ-
VQąDOERZLHPVWUDV]OLZDMHMSU]H]MHMQLHGRPDJDQLDVWDáDVLĊNU]\ZGD²NRELHFLH
-HVWWRKLVWRUMDGáXJDDOHPDP\F]DV
2WyĪQLHGDZQRWHPXPLDáHPMHGQHMQRF\ZLG]HQLH
:VSDQLDáDVWDUDDQLHOLFDVWDQąZV]\QDGHPQąU]HNáDRFKU\Sá\PRGLU\WDFMLJáRVHP
²-HVWHPSDWURQNąVWRZDU]\V]HQLDGDPFKU]HĞFLMDĔVNLFK1DSOXJDZHM]LHPLE\áDP
KUDELQą=DZV]HQRVLáDPNRV]XOHLQLJG\QLHPLHV]NDáDPZ6DQDWR1DF]FLPRMHMQLHPD
SODP\
²%DUG]RPLSU]\MHPQLH²]DVNU]\SLDáHPUD]HP]áyĪNLHP
²=DUD]FLEĊG]LHQLHSU]\MHPQLH²NU]\NQĊáRZLGPR²+DGUĪ\V]"
²0DPWDNLHZUDĪHQLH²V]HSQąáHP
²7RFLĊVXPLHQLHWDNWU]ĊVLH7RGUĪ\ZWRELHWZRMDZąWUREDWRVLĊZWDNWRELH
ĪyáüZ\ZUDFD'DUHPQLHVLĊFKRZDV]SRGNRáGUĊ:LG]ĊWZyMVPXWQ\NRQLHF«:LĊF
SU]\FKRG]ĊDE\FLĊRVWU]HG]ERVLĊMXĪPLDUNDSU]HEUDáD«-HĪHOLQLHSU]HVWDQLHV]SLVDü
R]DFQ\FKNRELHWDFKWHJRFRSLV]HV]XPU]HV]ZSRKDĔELHQLX«8GHU]VLĊZSLHUVLNDMDM
VLĊLSáDF]ERNDUDGRĞFLJQLHFLĊZU\FKOH
7R³ZU\FKOH´XGHU]\áRPQLHMDNPDGHMRZDSDáND3RF]HP]MDZLVNR]QLNáRDMDSáD-
NDü]DF]ąáHPMDNWU]\GQLRZHG]LHFNR0LHV]NDPQDSLHUZV]HPSLĊWU]HDQDSDUWHU]H
P\ĞODQRĪHXPQLHZRGRFLąJSĊNá$WRSĊNáRVHUFHPRMHLW\OH]QLHJRZ\Sá\QĊáRáH]
$QLHOVNDGDPDPyZLáDVáXV]QLHLVSUDZLHGOLZLH0ąGUDWRE\áD]MDZD1DGDUHPQLHPQLH
SRFLHV]DQRĪHPXVLDáHPQDQRF]MHĞüEDUDQLQĊLZVNXWHNWHJRPLDáHPFLĊĪNLHVQ\1LH
WRQLHE\áDEDUDQLQD«
²=DSDGáHP QD ]GURZLX , GODWHJR SRMHFKDáHP GR W\FK F]HVNLFK ĨUyGHá P\ĞOąF
ĪHWDPZ\MPRZDüEĊGąPQLH]áąZąWUREĊLQDSDW\NXPRF]\üZ6SUXGOX26XPLHQLD
MHGQDNQLHPRĪQDREP\üZQDMFXGRZQLHMV]HMZRG]LH:LĊFPQLHLWDPJU\]áRLNąVDáR
Z\áRLMĊF]DáRZHPQLH
7R ZV]\VWNR VSRWNDáR PQLH ]D WR FR Z\SLV\ZDáHP R QLHZLHĞFLH R ELDáHM JáRZLH
RQDMSLĊNQLHMV]\PWZRU]HQDWXU\RNZLHFLH]LHPLRSURPLHQLXVáRĔFDR]DSDFKXSHU-
IXPREá\VNXSHUá\RWĊF]\FKPXUQHJRĪ\ZRWDRNRELHFLHPyZLąFMHGQHPQLHPąGUHP
VáRZHP3RVWDQRZLáHPWHG\]DSU]HVWDüVDP]DND]DüG]LHFLRPPRLPLEáDJDüSU]\MDFLyá
L]QDMRP\FKDE\WHĪ]áHU]HF]\SLVDüSU]HVWDOL3LVDU]HQLHĪRQDFLRGU]HNOLPLĪHLPMHVW
ZV]\VWNRMHGQRĪHPRJąSLVDüĨOHGREU]HOXEQLHSLVDüZFDOHERWRQLHMHVWĪDGHQ
WHPDWĪRQDFLMHGQDNXĞPLHFKQĊOLVLĊSRQXURFR]DSRZLDGDU]HF]\SRQXUH-DSU]\VLĊ-
JDáHPĪHQLHGRWNQĊNRELHW\²SLyUHP3DQLHPRJąE\üVSRNRMQH.XSLáHPVRELHZLHO-
NąIDMNĊLF]HNDPNWyUDMą]HFKFH]HPQąZ\SDOLü"-XĪMHVWHPFLFK\LSRNRUQHJRVHUFD
,áDJRGQHMZąWURE\
7RG]LDáDQLHFXGRZQ\FKZyGRGNU\W\FKSU]H]MHOHQLD
0RJáHPWĊSU]HPLDQĊPDWHUMLZGXV]\²RF]\ZLĞFLHLMHMV]ODFKHWQHVNXWNLVNRQ-
WURORZDüRGUD]XQDPLHMVFX:.DUORY\FK9DUDFKE\áRWHJRURNXMHGHQDĞFLHZDUV]DZ-
VNLFKDNWRUHN0RĪQDVRELHZ\REUD]LüMDNLHSU]\]áHMZąWURELHZVSDQLDáHE\á\GR]URELH-
QLDRGNU\FLDZG]LHG]LQLHNRELHFRĞFL0RĪQDE\QDSLVDüWRPyZMHGHQDĞFLH]ZDĪ\ZV]\
ĪHZNDĪGHMDNWRUFHMHVWFKRüE\W\ONRMHGHQW\VLąFVWURQLFRZ\WRPSHUILGML
,QLF
6áXFKDáHPDOHQLHQDSLVDáHPDQLVáRZDRGWąG]áHJRRNRELHFLH%\áE\PUDF]HMXWR-
SLáVLĊZ6SUXGOX-XĪWRQDZHWPQLHQLHFLHUSOLZLáRLJQLHZHP]DF]ĊáRQDSHáQLDüNLHG\
SDWU]\áHPMDN3RODF\]DELMDMąF]DVQXG]ąFVLĊ3RODF\NLHG\VLĊQXG]ąURELąSORWNL
3ORWNDMDNRNáDPVWZRQLHZLQQHLQLNRPXQLHF]\QLąFHNU]\ZG\MHVWMHGQDNU]HF]ą
]DEDZQąXWU]\PDQDM]DĞZWRQLHZ\WZRUQ\PEDUG]RZV]\VWNLFKĞPLHV]\VZRMąSR-
DTP by SHADE
33
JRGą3RODF\MDNRQDUyGSRJRGQ\EU]\G]ąVLĊRV]F]HUVWZHPLURELąW\ONRSORWNLNWyUH
VąVWUDV]QLHĞPLHV]QH
5HV]WNLPRLFK]á\FKKXPRUyZLU\WRZDüVLĊPRJá\MQDWDNLHGURELD]JLERZáDĞFLZLH
V]HURNRĞPLDüVLĊWU]HEDNLHG\VRELHFKRG]LV]SRREFHPPLHĞFLHZV]\VF\P\ĞOąĪHĞ
&]HFKDOER5XPXQDW\VRELHVáXFKDV]QLHZLQQ\FKNDZDáyZ
²1LHFKSDQLSDWU]\MDNWRVLĊGPLHLMDNQRVD]DG]LHUD0DWU]HFKNRFKDQNyZ
G]LHFLPRU]\JáRGHPLQLJG\VLĊQLHNąSLH«
&]\ĪQLHMHVW]DEDZQąZLDGRPRĞüĪHVLĊNWRĞQLHNąSLH"$OERWDN
²3DWU]SDQSDWU]SDQ«WHQFRMHG]LHZVPRJXGR,PSHUMDOXWRG\UHNWRUEDQNX
]:DUV]DZ\«1RDOHQLHFKWDPNLHG\]URELąUHZL]MĊ«%RĪHGURJL
:LVWRFLHWREDUG]RĞPLHV]QHE\üPXVLNLHG\ZEDQNXURELąQDJOHUHZL]MĊ
0RĪQDVNRQDü]HĞPLHFKXNLHG\VLĊF]áRZLHNZĞUyGQLHZLQQHJRV]F]HELRWXSORWNL
GRZLDGXMHRNLPĞRNLPP\ĞODáĪHMHVWQLHPUDZLHFLQLH]JXáDĪHWRMHGQDNMHVWF]áR-
ZLHNVWUDV]Q\FRVWUXáNRFKDQNĊáXJLHPRF]áRZLHNXFRQDRNRQLE\WU]HFK]OLF]\üQLH
XPLHĪHND]DáĪRQLHQDJRVNDNDüSU]H]UR]SDORQ\GRELDáRĞFLSUĊWNWyU\PMąRGF]DVX
GRF]DVXELáSROĊGĨZLDFK
² 1LHZLQQH WDNLH LJUDV]NL XUR]PDLFDMą Ī\FLH L SREXG]DM IDQWD]MĊ *G]LHLQG]LHM
WRE\]DUD]OLFKRZLHFRZ\P\ĞORQRDXQDVLWRáDGQLHLZPLDUĊ
$NWRUNL QDSU]\NáDG FKRüE\ VLĊ LQDF]HM Z\GDZDáR MHGQDN QLJG\ QDSUDZGĊ ĨOH
RQLNLPQLHPyZLą-HGHQDĞFLHDNWRUHNE\áRZ.DUORY\FK<DUDFKDMDVáRZD]áHJR]LFK
XVWRQLNLPQLHVá\V]DáHP0LDá\W\ONRZąWURE\FKRUHRGVáXFKDQLD]á\FKU]HF]\NWyUH
LQQLZ\JDGXMą
$NWRUNDQLHW\ONRZ3ROVFHDOHQDFDá\PĞZLHFLHURELMHG\QLHQLHZLQQHSORWNL
$NWRUNDPyZLPQLHMZLĊFHMWDN
²$FKMDNMDMąOXELĊWĊPRMąNROHĪDQNĊMDNDWRĞOLF]QDNRELHWD0RĪHE\E\áROHSLHM
DE\QLHE\áDQDXWU]\PDQLXDOH]F]HJRELHGDFWZRPDĪ\ü"3U]HFLHZV]ĊG]LHQĊG]D«
$]DKUDELHJRELHGDFWZRQLHZ\MG]LHERSLHJRZDWDQRJLZNDEáąN]SU]RGX]DZLHOH
]W\áXQLFJĊEDMDN6DVNL3ODFĪRáąGHNQDZLHU]FKXRGVWDMąFHXFKRPDWNDPDPDJLHO
FLRWNDV]\QNQD*U]\ERZLHRMFLHFZNU\PLQDOHDG]LHFLąWNRQDIODV]HF]FHWDNĪHE\VLĊ
]QDOD]áRJG\E\NWREDUG]RSRV]XNDáDOHSRFRMDVLĊPDP]DMPRZDüFXG]HPLVSUDZD-
PL"1LNWPQLHQLHREPDZLDWRLMDQLHREPDZLDPQLNRJR«
,VáXV]QLH
.
DTP by SHADE
34
V.
.
0yJáE\ NWRĞ U]HF ĪH JR ZRG]Ċ QD EH]GURĪD RELH²ERZLHP SU]HUDĨOLZH KLVWRUMH
]Ī\ZRWDF]HVNLHJRX]GURZLVNDQDFDá\ĞZLDWVáDZQHJRF]HSLDPVLĊOHJRSRNROHLMDN
VZDUOLZDĪRQDNWyUDVLĊF]HSLDPĊĪDQDZV]HONLHPRĪOLZHWHPDW\-DNRĪ\ZRQDMJRU-
V]HPDPUDFMHNXWHPXE\WDNLHJRF]\WHOQLNDXJRG]LüSLyUHPZVHUFHDOERWHĪZZą-
WUREĊERRQLHMPRZD$QDMSLHUZWDNVRELHSLV]ĊERWDNSRGRED]DF]HPF]\MDMH-
VWHPG]LHMRSLVDU]F]\MDMHVWHP3OLQLXV]DOER]JRáD)HUG\QDQG+RHVLFNF]\MDMHVWHP
%DHGHNHU".WRFKFHMDNZ\JOąGDMą.DUORY\9DU\QLHFKGRQLFKMHG]LHGRZLHVLĊ]DMHG-
Q\P]DPDFKHPL]DWHVDPHSLHQLąG]HMDNVLĊWDPĪ\MHMDNLHJRXF]XFLDZHZQĊWU]-
QHJRGR]QDMHF]áRZLHNSU]\SLFLX6SUXGODSU]\SLFLXLQQHMZRG\MDNLHJR²NąSLąFVLĊ
ZJD]LHMDNLHJRNąSLąFVLĊZJRUąFHPEáRFLH"6ąWRVSUDZ\VNRPSOLNRZDQHGRNWyU\FK
RSLVXWU]HEDPLHüPy]JĞFLVá\PHWRGĊLFLHUSOLZRĞü3RQLHZDĪMDMHVWHPWURFKĊV]DOH-
QLHFDPyMF]\WHOQLNMHĪHOLVLĊMDNL]QDMG]LHZVNXWHNWHJRVDPHJRMHVWWRMXĪZDUMDW
]XSHáQ\ZLĊFQLHEĊG]LHP\RWHPJDGDOL6WDWHF]QąPHWRGĊ]RVWDZP\³PHWRG\VWRP´
VDPL]DĞVLHG]ąFQDRNOHSQDEXMQHPVáRZLHMDNQDNRQLXVNDF]P\SU]H]SLąWHLSU]H]
G]LHVLąWHFRMHVWMD]Gą]QDF]QLHPLOV]ąQLĪMD]GDQDGUHZQLDQ\PUXPDNXZNDUX]HOX
³«-HGĨP\QLNWQLHZRáD«´
:.DUORY\FK<DUDFKWHĪMHĪGĪąERWDPXU]ąG]DMąNRQQHZ\ĞFLJL=QDáRJXSRUyZ-
Q\ZDQLDPXV]ĊLZWHPPLHMVFX]ZUyFLüXZDJĊMDNQLHUyZQLHEDUG]LHM]DMPXMąFRZ\-
JOąGDMąWDNLHU]HF]\XQDV.RQQHZ\ĞFLJL$FKVWUDV]QLHPL]DLPSRQRZDOL:LDGRPR
ĪHNRQLHPDMąQLH]UR]XPLDá\LQWHUHVZWHPDE\MHGHQSU]HĞFLJQąáGUXJLHJRFyĪZLĊF
ZWHP]DG]LZRĪH.DUáRZ\FK9DUDFKĞFLJDMąVLĊNRQLHVSURZDG]D]ZLHGHĔVNLFKWRUyZ
DZDUV]DZVNDĞOLF]QDDNWRUNDJUDZWRWDOL]DWRUDMDNV]DORQHĨUHELĊĩDGQHG]LZR8QDV
MHVWWR]DEDZQLHMV]HLQDSUDZGĊ]DMPXMąFH.LHG\VLĊZ7UXVNDZFXVWDQLHSU]\ĨUyGOH
³0DU\VLD´ZLG]LVLĊZ\ĞFLJLSUDZG]LZHMHVWWRĨUyGáRZ]UXV]DMąFH7DNWRGREU]HSR-
ZLHG]LDQH3LMąVRELHSU]\QLHPĪ\G\LZHVRáRV]ZDUJRFą1DJOHMDNE\GDKDVáRGRVWDU-
WXĪ\G\MDNV]ODFKHWQHUXPDNLZ\U\ZDMąVLĊZFZDáLJRQLąJRQLą7RPLVąGRSLHUR
Z\ĞFLJL1LNWWDPZSUDZG]LHQLHFKRG]LSDWU]HüGRFHORZQLNDNWyU\SU]\ELHJáSLHUZV]\
DOH]DZV]HMHVWWR]DMPXMąFH,SLĊNQDDNWRUNDZDUV]DZVNDWHĪQDQLNRJRQLHVWDZLD«
.LHG\SDWU]\áHPQDZ\ĞFLJRZHUXPDNLNDUOVEDG]NLHGUJQĊáRZHPQLHVHUFH=D-
F]ĊáRSXNDü
²&]HJRWDP"²SRZLDGDP
² 2 QLHSRF]FLZ\ ² U]HNáR PL VHUFH ² &]\ ZV]\VWNR WXWDM MHVW WDNLH SLĊNQH
DXQDVQLH]QDMG]LHV]QLF]HJRJRGQHJRXZDJL"
²1LHSU]\SRPLQDPVRELH²PUXF]ĊMD
²$OHVRELHSU]\SRPQLV]*G]LHE\áHĞZRVWDWQLFKF]DVDFK"
²:=DNRSDQHP
²1LHFKMH]LHPLDSRFKáRQLH1LHFK*XEDáyZNDLVSDGQLHQDJáRZĊ*G]LHMHV]F]H"
²:.U\QLF\
²1LHFKMHM%yJSU]HEDF]\*G]LHMHV]F]HJG]LH\
²:&LHFKRFLQNXZ7UXVNDZFXZ6RSRFLH«
²+DĔEDKDĔED2GHJQDMSUHF]Ī\GRZVNLHPDMDNL
²$FKE\áHPZH/ZRZLH«
²&]HĞüPXLFKZDáDDOHJG]LHMHV]F]H"SU]\SRPLQDPVRELH3U]\SRPQLM
²6SRMU]\MQDWHĪ\GRZVNLHNRQLH]:LHGQLD
²&]\FLWHNRQLHF]HJRQLHSU]\SRPLQDMą",QQHNRQLHSLĊNQLHMV]HĞOLF]QHNRQLH«
²+D²NU]\NQąáHP²E\áHPZ-DQRZLH
&]\WHOQLNU]HF]SURVWDQLHZLHFRWRMHVW-DQyZL]QRZXSUyEXMHPLQ\QDWHPDW
FRPQLHREFKRG]LMDNLĞ-DQyZ":REHFF]HJRSURV]ĊJRSRUD]RVWDWQLDE\]DSU]HVWDá
]Z\NU]\ZLDQLHPIL]MRJQRPMLLFLHUSOLZLHZ\VáXFKDáERLG]LHRU]HF]\ZDĪQH,GREU]H
ĪHPLWHPL]HUQHZ\ĞFLJLU]HF]\WHSU]\SRPQLDá\3RQLHZDĪ]DĞ6SUXGHOQLHZ\FLHNQLH
ERWHMSVLDNUHZVNLHMZRG\MHVWWXQLHZ\F]HUSDQDLORĞüZLĊFPDP\F]DVLSRJDGDMP\
DTP by SHADE
35
VRELHR-DQRZLH-DFKĊWQLHEDUG]RFKĊWQLHERZUHV]FLHMHVWFRĞ«0RMHVHUFHPLDáR
UDFMĊ6HUFH]DZV]HMHVWPĊGUV]HRGJáRZ\«
&RWHĪWDNLHJRQDG]Z\F]DMQHJRZLG]LDáHPZW\P-DQRZLH"
1LHE\ZDáHU]HF]\O
.DĪG\XF]FLZ\F]áRZLHNERLWDF\VLĊ]GDU]DMąNLHG\WRF]\WDüEĊG]LH]DUĪ\]JRáD
MDNV]ODFKHWQ\ZDáDFKNLHG\PXVLĊFRĞZHVRáHJRSU]\SRPQL:V]\VWNRVLĊERZLHPMXĪ
]GDU]DáRQDĞZLHFLHDQDOIDEHWDPRĪHE\üPLQLVWUHPPDODU]MHQHUDáHP²DOHQDSUDZ-
GĊU]DGNRVLĊ]GDU]DDE\PMDSLVDáRNRQLDFK'RWHJRRV]DODáHJRSRP\VáXSU]\ZLHGOL
PQLHPRLSU]\MDFLHOH
'RWąGPLDáHPRNRQLDFKGRĞüVáDEHSRMĊFLHDPRMD]QDMRPRĞüOLWHUDWXU\RNRQLX
E\áDGRĞüVNąSDJG\ĪSR]D³)DU\VHP´SR]DFLHNDZHPS\WDQLHP³(MW\QDV]\ENLP
NRQLXJG]LHSĊG]LV]NR]DF]H"´²SR]DRNU]\NLHP5\V]DUGD,,,NWyU\]á\FKFLDá]URELü
KDQGHO³.RQLD.UyOHVWZR]DNRQLD´²ZLHG]LDáHPPDáRFRZLĊFHM3R]DWHPMHVWHP
DXWRUHP SU]HUDĨOLZLH U]HZQHJR ZLHUV]D NWyU\ ] XáDĔVNLFK RF]X JUXEH ³á]\ Z\FLVND
ZLHUV]DSRGW\WXáHP³2NVLĊĪQLF]FH]DPLHQLRQHMZNRE\áĊ´6HUGHF]Q\FKXZDJSU]\
EULGJH¶XZURG]DMXWDNLFK³=DJUDáHĞMDNNRĔ´²QLHELHU]HVLĊSRGXZDJĊ
,RWRWDNLHJRF]áRZLHNDORV²ĞOHS\]áRĞOLZ\LNąĞOLZ\ZDáDFKSRNDUDáSU]\MDFLyáPL
G]LZQHJRDXWRUDPHQWXSU]\MDFLyáPL]NWyU\FKNDĪG\GRWNQLĊW\IHVWREáĊGHPFLĊĪNLP
LQLHPRĪOLZ\PGRZ\OHF]HQLDREáĊGHPPLáRĞFLGRNRQLD3U]\MDFLHOWDNLQLHZLHGREU]H
SRFR3DQ%yJVWZRU]\áQDVLHQLHWDNLHMDNF]áRZLHNERZáDĞFLZLHQDĞZLHFLHSRZLQQ\
E\üW\ONRNRQLHSU]H]FDáHĪ\FLHUR]SUDZLDW\ONRRNRQLDFKĞQLVLĊW\ONRNRĔNRFKD
W\ONRNRQLDQLHMDGáQLJG\NRQLQ\*G\E\WDNLHPXGDüGRZ\ERUXMDNQDREUD]NX6LH-
PLUDG]NLHJR³:D]RQF]\NRELHWD"´²NRFKDQNĊDOERUDVRZąNODF]QLH]DZDKDáE\VLĊ
QDMHGQRPDFKQLĊFLHNRĔVNLHJRRJRQD.RELHWDRGHV]áDE\ZHLSRKDĔELHQLX
=DZV]HVLĊ]DVWDQDZLDáHPFRVLHG]LZWDNLPNRQLDU]X"6LHG]L3RODN3RODNNWyU\
QDZHWSRPRU]XMHĨG]LáNRQQR3RODNQDMVHUGHF]QLHMV]\SU]\MDFLHOFXGRZQHJR]ZLHU]Ċ-
FLDFR]QLPUD]HPZDOF]\á]QLPSLáZLQR]QLPURELá]DMD]G\LEXUG\L]QLPZSU]\-
MDFLHOVNLHMVSyáFHUR]QRVLáVZyMWHPSHUDPHQW
3RODN²SRGROVNLEDáDJXáDL3RODN²ZLHF]Q\YXáDQ
1LHPRĪHWHMPLáRĞFLSRMąüF]áRZLHNGODNWyUHJRQDMF]ĊĞFLHMVSRW\NDQ\PNRQLHP
MHVWZLV]ąF\SU]\G\V]OXDE\QLHXSDGáNRĔGRURĪNDUVNL:LHONąWĊMMHGQDNLGREUR-
F]\QQąPLáRĞü]UR]XPLHWHQNWRXMU]\-SLĊNQRNRQLDZMHJRSRVWDFLQDMV]ODFKHWQLHMV]HM
LNRPXSRNDĪąWDNLHĞOLF]QH³PLDVWRNRQL´MDNPQLHSRND]DQR-DQyZ0RĪQD]ZDUMR-
ZDüZWHG\RVRELĞFLHZ²NDĪG\P]DĞUD]LHSU]HVWDüVLĊG]LZLüQDMPLOV]\PNRĔVNLP
]DSDOHĔFRP
0LHMVNLF]áRZLHNZLG]L]H]GXPLHQLHPĪHWRQLH³SDĔVND]DEDZND´ERRNUHĞOHQLH
WRZĞUyGJáXSLFKQDMJáXSV]HR]QDF]DF]DUQąFLĊĪNąQLJG\QLHNRĔF]ąFąVLĊSUDFĊ
&RURELąFLOXG]LH"
&L OXG]LH SUDFXMą EH] SU]HUZ\ QDG WFP DE\ ĪRáQLHU] PLDá QD ZRMQĊ V]ODFKHWQH
ZVSDQLDáH ĞPLJáH ]ZLHU]Ċ DE\ UROQLN RUDá QLH MDVQRNRĞFLVW\P V]NLHOHWHP OHF] ]ZLH-
U]ĊFLHPPRFQHPUGVáHPL]GURZHP&LOXG]LHSUDFXMąFLĊĪNREDUG]RFLĊĪNRDE\VLĊ
NUDMERJDFLá'RND]XMąFXGyZSU]HP\ĞOQRĞFLDE\]]DPRUVNLFKNUDMyZJG]LHVLĊNRQLD
SLHĞFLMDNQDURGRZHERJDFWZRSU]\ZLHĨüGR3ROVNLHJ]HPSODU]V]ODFKHWQ\
3DĔVWZRPDVWRMHGHQLQQ\FKNáRSRWyZZLĊFWU]HEDE\áRV]F]ĊĞFLDDE\VLĊ]QDOHĨOL
WDF\OXG]LHSU]HQLNOLZLHPąGU]\ZSU]\V]áRĞüSDWU]ąF\NWyU]\VLĊWHP]DMĊOL6ąWRWDF\
G]LZQLOXG]LHNWyU]\ZLHG]ąĪHSU]HFLZNDZDOHUML%XGLHQQHJRQLHZDUWRLĞüQDSLHFKRWĊ
-DNWHPDWXGRHJ]RW\F]QHJRURPDQVXSHáQHJRSU]\JyGQLHVDPRZLW\FKVáXFKDáHP
G]LZQHMGODPQLHLFLHNDZHMRSRZLHĞFLRWHPMDNGR3ROVNLRJUDELRQHMSR]áRG]LHMVNX
GRRVWDWQLHJRNRĔVNLHJRNRS\WDSURZDG]RQRVWDGRV]ODFKHWQ\FKNRQL]2GHV\,GOD
PQLHF]áRZLHNDSDSLHUXLGUXNDUVNLHJRF]HUQLGáDVWDá\VLĊQD]ZLVNDW\FKOXG]LFRWHJR
GRNRQDOLJRGQHJRV]DFXQNXWDNZLHONLHJRMDNLHJRJRGQHMHVWQD]ZLVNRG]LHOQHJRF]áR-
ZLHNDFR]SRĪDUXUDWXMHVNDUEQDURGRZ\,SRP\ĞODáHPVRELHĪHMHĞOLVLĊVáDZLWDNLH-
JRPLáHJRSDQDFRQDSLVDáWRPLNZLHUV]\UR]MĊF]DQ\FKDOERWDNLHJRSDQDFRXU]ąG]Lá
DTP by SHADE
36
IDQWRZąORWHUMĊQDMHGQRRNLFKWRMDNĪHĪJáRĞQHSRZLQQ\E\üW\FKOXG]LFRMHGQą]QDM-
ZDĪQLHMV]\FKJDáĊ]LJRVSRGDUVWZDSROVNLHJRSLHOĊJQXMą]WDNLHPQLHVá\FKDQHP]DPLáR-
ZDQLHPLODNLHPRGGDQLHPĪHMąXF]\QLOLNZLWQąFą
1LHZLHOHMHVWZWHPJRVSRGDUVWZLHWDNLFKU]HF]\]NWyU\FKE\PRĪQDE\üGXPQ\P
OHF]VąLWDNLHNWyUHPRĪQD]WDMRQąDZLHONąUDGRĞFLąSRND]DüZ(XURSLH'RQLFK
QDOHĪ\KRGRZODNRQLZ3ROVFHGODWHJRFXGRZQDĪHQLHPDOFXGHPVWZRU]RQDZ\SUR-
ZDG]RQD]QLF]HJRGRE\WD]ZRMHQQHJRSRWRSXW\ONRGODWHJRĪH3RODNNRQLDNRFKD
ĪHJRPLHüPXVL
:V]\VWNRWRVąU]HF]\]QDQHVSHFMDOLVWRP$WU]HEDRQLFKURELüZU]DVNQD3ROVNĊ
-D²ZW\FKVSUDZDFK²ODLNLQLHPRZDSDWU]ąFQD-DQyZQDáDGZQLPLGHDOQ\QDSR-
U]ąGHNEá\V]F]ąF\VWDGRZLG]ąFĞOLF]QHNWyUHPDNUHZV]ODFKHWQąSRFDáHMUR]SURZD-
G]Lü3ROVFHSDWU]ąFQDSDURENDNWyU\SLHĞFLNRQLDMDNG]LHFNRERWRURELáMHJRRMFLHF
LG]LDGUR]XPLDáHPF]HPMHVWWDNDLQVW\WXFMDWDNDRD]DSHáQDĪ\FLD
ĝOLF]QLHPLE\áRZW\P-DQRZLH3RGODVNLP5DGRĞü]ZLGRNXU]HF]\XF]FLZHMLSLĊN-
QHMUDGRĞü]Ī\FLDFRVLĊWXURG]LLGUĪ\]RFKRW\GRSĊGXPLHV]DVLĊ]UDGRĞFLąRF]X
FRRF]DURZDQHSDWU]ąQDQLHELHVNRĞü%XJXLQDSRGV]\FLHODVyZ$QDMSLĊNQLHMV]HZĞUyG
WHJRZV]\VWNLHJRMHVWWR]ZLHU]ĊQDMPLOV]H]HZV]\VWNLFKV]ODFKHWQHG]LHOQHLGXPQH
XNRFKDQH SROVNLH ]ZLHU]Ċ VNąGNROZLHN UyG VZyM Z\ZRG]L &]áRZLHN Z\GDMH VLĊ SU]\
QLHPEU]\GNL1LHEDUG]RW\PQDGREQ\PSLĊNQ\PMDNSDQQ\NODF]RPFKFLDáHPSRND-
]\ZDüQLHIRUHPQHPRMHREOLF]H7URFKĊWHĪWDMRQHMGUZLQ\ZLG]LDáHPZRF]DFKVLZHM
MDNPDUNL]D$PKDU\
7U]HED PLHü VSHFMDOQ\ Py]J DE\ VLĊ UR]H]QDü WáXPLH NRĔVNLP L ]QDü ZV]\VWNLH
LPLRQD&LMDQRZVF\OXG]LHPDMąWHJRSHáQHJáRZ\LZLHG]ąRNDĪGHMSODPFHLSHZQLH
RWHPLOHZáRVyZZRJRQLHPDWDNLHSU]\VWRMQHLNRFKDQHE\GOĊ3DWU]\áHPLVáXFKD-
áHP]UR]U]HZQLHQLHPSRJRG]LQLHMHGQDN²TĪDGQ\PPá\QLHQLHPDWDNLHJRUZHWHVX
ZQLHG]LHOĊ7ZRUNDFKNLHG\ZDUMDW\PDMąUHNUHDFMĊPQLHMMHVW]DPĊWXQLĪMDJRPLD-
áHPZJáRZLH
:\SURZDG]DMąNRQLHDMHGHQSLĊNQLHMV]\RGGUXJLHJR-DNKDQGODU]HG]LHZLFZ.R-
U\QFLHFPRNDMąPRLSU]\MDFLHOH]QDZF\]SRG]LZXLXZLHOELHQLDJDGDMą]ZDUMRZDQ\P
GODPQLHMĊ]\NLHPR³]ZLą]DQ\P]DG]LH´LLQQ\FKWDNLFKV]F]HJyáDFKRNWyU\FKU]DGNR
ZVSRPLQDSU]\SDQQDFK1LF]WHJRQLHUR]XPLHP'RELáRPQLHS\WDQLH
²,OHWDNODF]PRĪHPLHüSRGNRODQHP"
'RZLDGXMĊVLĊQLHE\ZDá\FKKLVWRUMLRQDMEDUG]LHMá\FKSU]HĪ\FLDFKNDĪGHMNRĔVNLHM
SDQLHQNL1LJG\QLHSU]\SXV]F]DáHP«7DNLHWRPáRGH²LMXĪ«
:\SRPLQDMąNRQLRZLNDĪGHPXZV]\VWNLFKMHJRSUDG]LDGNyZGRG]LHVLąWHJRSRNR-
OHQLD MDN VWDUH FLRWNL SU]\ VZDWDFK V]XNDMąFH SDUDQWHOL =DXZDĪ\áHP ĪH GRĞü ZLHOH
MHVWND]LURGF]\FKZĞUyGNRQLVWRVXQNyZ7DNLáDMGDNRJLHUWRSRWUDIL]ZáDVQąFLRWNą
NWRZLHQDZHW]EDENą$OHQDMEDUG]LHMSRGREDá\PLVLĊPLáHNRĔVNLHSDQQ\SLĊNQH
QRV]ąFHLPLRQD.DĪGDUĪ\QDWHPDW³3DWU]EU]\GNLSLVDU]XMDNDMDMHVWHPSLĊNQD´
2FKWDN
= SHZQą UH]HUZą SU]\JOąGDP VLĊ UR]SXVWQ\P RJLHURP NWyUH ] SRJDUGą NLZDMą
RJRQHP QD PHWRGĊ 6WHLQDFKD L :RURQRZD 3\V]QH WR GXPQH L Z\QLRVáH : RF]DFK
PDRJLHĔLNUHZZVRELHSRWĊJĊ6WDU\NRĔVNLKUDELDSDQ0RUJDQDWLFQLHZLHP]NLP
PRUJDQDW\F]QLHRĪHQLRQ\VWU]\ĪHXV]\PDVá\V]ąFREMDĞQLHQLHĪHMHVWV\QHP6W6L-
PRQD&]FLJRGQ\DUDEĞOLF]Q\MDNDUDEVNDEDMND%XUJDVSDWU]\QDPQLHWDNPąGU]H
L SU]\MDĨQLH ĪH PDP RFKRWĊ ³XĞFLVNDü PX GáRĔ´ L ]DZLDGRPLü ĪH Z MHJR RMF]\ĨQLH
ZV]\VWNRZSRU]ąGNXER$UDE\ELMąĩ\GyZ3DQRJLHU0DQWRQQDGREQ\MDNDQJLHOVNL
GDQG\ZLHRWHPĪHMHVWQLHE\ZDOHSU]\VWRMQ\LVWURLPLQ\ZLHONLHJRSDQD
3U]HĞOLF]QLH SU]HĞOLF]QLH :LĊF LGĊ QD áąNĊ JG]LH PQLH RJDUQLD UR]U]HZQLHQLH
ERZOD]áHPGRNRĔVNLHMIURHEOyZNLPLĊG]\PáRG]LHĪNRĔVNLHMDU\VWRNUDFML6PDUNDF]H
Vą WDN FXGRZQH ĪH VLĊ ZĞUyG QLFK F]áRZLHN F]XMH MDN ZĞUyG QDMOHSLHM Z\FKRZDQ\FK
G]LHFLáDJRGQHWRGREUHZLHONRSDĔVNLHUDVRZH%LHFL:\FKRZXMąMHZ-DQRZLH]WDNą
GREURFLąWDNLFKMHZ\NZLQWQ\FKXF]ąPDQLHUĪHP\ĞOROXG]LDFKZWHMFKZLOLLRPDá\FK
DTP by SHADE
37
OXG]NLFK'\]LDFK²MHVWSRQXUD
2EXG]LáVLĊZHPQLH3RODNFRSHZQLHPLDáNLHG\ĞNRQLD&]HSLáRVLĊLPQLHOHNNLH
V]DOHĔVWZRNRĔVNLHMPLáRĞFL5D]ZĪ\FLXVLHG]LDáHPQDNRQLXMDNNVLąG]0DUHNNWyU\
³MHĨG]LáSRáDFLQLH´ZWHMFKZLOLMHGQDNSDWU]ąFQDUHZMĊDUDEVNLFKRJLHUyZ]NWyU\FK
NDĪG\PDSLHUVLKXU\V\DQRJĊ3RONLE\áHP]GROQ\GRZV]\VWNLHJR
=DQXFLáHPG]LDUVNR³.RĔJRWyZL]EURMDG]LHZF]\QRW\PRMD´.RQLHVLĊXĞPLHFK-
QĊá\1LHVWHW\WUXGQLHMMHFKDüQDNRQLXQLĪQDU\PLH-HGQDNGRNRQDáHPERKDWHUVWZD
L PDP QD WR ĞZLDGNyZ 2 PDPPD PLD 'R SRZR]LNX ]DSU]ĊJOL SLĊü VáRZDPL SLĊü
RJLHUDQJLHOVNLFK,MDPDPMHFKDüQDWDNLPZy]NXG]LHĔDMDXMU]DáHPJZLD]G\'XV]D
ZHPQLHMĊNáDDRSXĞFLZV]\VZHVLHGOLVNRXVLDGáDPLQDUDPLHQLXMDNSWDV]\QDNDĪGHM
FKZLOLJRWRZDGRXFLHF]NLQDGU]HZR6SRMU]DáHPQDGURJĊJG]LH]DFKZLOĊGREU]\OX-
G]LHZNRĔVNąGHUNĊPRMHNRĞFL«,Ī\MĊ2JLHU\LGąMDNEDUDQNLERMDQRZVNLGRZyGFD
VWUDV]Q\ZRĨQLFDFRĞGRQLFKJDGDSRVZRMHPX7DF\WRVLĊUR]XPLHMą
7DPVLĊZV]\VF\UR]XPLHMą²OXG]LHLNRQLH7DJLPLHV]NDGXV]DUDVRZHJRNRQLD
:\MHĪGĪDáHP ] ĪDOHP $XWRPRELO ZDUNQąá QLHFLHUSOLZLH 7DNLH VWDORZH E\GOĊ ]D-
]GURVQHMHVWRNRQLDERNRĔMHVWSLĊNQ\0DV]\QDE\üPXVLDOHĪ\FLHMHVWSLĊNQLHMV]H
3LĊNQLHMV]\MHVWNRĔMHGQR]QDMSLĊNQLHMV]\FKVWZRU]HĔERVNLFK.RĔZLHUQ\LU\FHUVNL
6NRĔF]\áHP]NRĔPLLWHUD]SR]ZDODPF]\WHOQLNRZLUR]PDZLDü]HVREą:LĊFGOD-
F]HJRRWHPZV]\VWNLHPSLV]Ċ"%RPDPF]DVWHQF]DVNWyU\Z3ROVFH]DVWĊSXMHSLH-
QLąG]$SU]HGHZV]\VWNLHPGODWHJRĪHE\XOĪ\üZąWURELHLXFLHV]\üVHUFDĪHMHVWMHG-
QDNZ3ROVFHZLHOHSLĊNQ\FKU]HF]\SU]HG]LZQLHSLĊNQ\FK,JG\E\SROVNLKLSRFKRQGU\N
XPLDáLFKFLDáMH]REDF]\üQLNWQLHE\áE\FKRU\QDZąWUREĊLQLNWE\QLHMHĨG]LáOHF]\ü
VLĊ]DJUDQLFĊ
:V]\VF\3RODF\PDMąFKRUąZąWUREĊGODWHJRLPVLĊQLFQLHSRGREDGODWHJRZV]\VW-
NR]DZV]HE\áRGDZQLHMOHSV]HDOERWDNLHDOERRZDNLHNDĪGHGUDĔFLHLNDĪGDWDQGHWD
$WHUD]WRZV]\VWNLHPX²U]ąGZLQLHQ.XUDQLH]QRVLMDMERNRJXW]PĊF]RQ\²U]ąG
ZLQLHQ3DGDGHV]F]MHVWJRUąFRGRPVLĊ]DZDOLáĪRQDXFLHNáD]RILFHUHP²U]ąGZL-
QLHQ³'DZQLHMQLJG\E\GRWHJRQLHGRV]áR´
2SVLDNUHZ«
$OHVSRNRMQLHVSRNRMQLH
ĩ\FLHMHVWSLĊNQHDZąWUREąPRĪQDZ\OHF]\ü/XGĊVLĊWXUDGXMąZHVHOąWDĔF]ą
DGRNRáDJUDMąFXGRZQHRUNLHVWU\7RWDNĪHF]HVNLZ\QDOD]HNWDNLHZVSDQLDáHV\PIR-
QLF]QHRUNLHVWU\:=DNRSDQHPJUDNRE]LHMHGHQVWDU\JyUDO
³(MGXGDU]XVPĊWQLHJUDFLH0RĪHE\ĞFLHZHVRáHJRFR]DJUDOL"´
$NXUDWQLH:HVRáHJRFLVLĊ]DFKFLDáR«3ROVNDNRE]DJUDVPXWQRLU]HZQLHLWDNWĊ-
VNQLHWDNFXGRZQLHWĊVNQLHĪHGXV]DZWRELHSáDF]HMDNDQLRáSáDF]ąF\LFKROHUDFLĊ
ELHU]H«
&KRGĨP\VLĊQDSLüJRUąFHMZRG\«
.
DTP by SHADE
38
3DQ]NR]LąEUyGNą
.
3U]\MDFLHOPyMPLá\EDUG]RSRHWDRSRZLHG]LDáPLWĊKLVWRULĊNWyUDZ\JOąGDQDRSR-
ZLDGDQLH SDWHQWRZDQHJR ZDULDWD PDMąFHJR XU]ĊGRZH ]DĞZLDGF]HQLH SRPLHV]DQLD
]P\VáyZ3U]\MDFLHOGDZDáPLWU]\UD]\³QDMĞZLĊWV]HVáRZRKRQRUX´ĪHZWHMKHF\EUDá
XG]LDá*G\E\UD]WRPRĪHE\PMHV]F]HMDNRWDNRXZLHU]\áDOHWU]\UD]\²WRWURFKĊ
]DZLHOH8ERF]QLHW\ONRQDGPLHQLDPĪHPyMSU]\MDFLHOMHVWWRSLMDF]\QDQDZLHONLND-
PLHĔ3RGW\PNąWHPZLG]HQLDU]HF]VLĊVWDMH]UR]XPLDáD
2WRFRPLWHQEĊFZDáQDEUHG]Lá
1LHGDZQR RV]RáRPLáD PQLH PLáD ZLDGRPRĞü ĪH VWDU\ NXWZD SR NWyU\P PLDáHP
G]LHG]LF]\ü]MDGáSLHF]RQHSURVLĊQLHVá\FKDQąLORĞüĞOLZHNDSRWHPQDSLáVLĊORGRZDWHM
ZRG\.LHG\NWRPDODWVLHGHPG]LHVLąWQLHSRZLQLHQWHJRURELüFK\EDĪHPDPLáHJR
VSDGNRELHUFĊ=HPVWDQDWXU\E\áDQDW\FKPLDVWRZDLSRF]FLZ\VWDUXV]HNXPDUá=UR]-
U]HZQLHQLHPRSRZLDGDQRPLMDNGRRVWDWQLHMFKZLOL]DFKRZDáMDVQRĞüLE\VWURĞüXP\-
VáXLMDN]RV]F]ĊGQRĞFL]GPXFKQąáJURPQLFĊQDGáXJąFKZLOĊSU]HGĞPLHUFLą=MDGáWHĪ
SU]HGRGGDQLHP%RJXGXFKDSLHF]RQHNXUF]ąWNRDE\VLĊQLH]PDUQRZDáR
3RQLHZDĪG]LDáRVLĊWRZSURZLQFMRQDOQ\PREVNXUQ\PPLDVWHF]NXWU]HEDE\áRWDP
MHFKDüDE\VSUDZG]LüF]\GREU\VWDU\F]áRZLHF]\QDQDSUDZGĊXPDUáPRJáRLWRE\ü
ERZLHPĪH]RV]F]ĊGQRĞFLZSDGáQDGZDWU]\ODWDZOHWDUJDE\QLHPDUQRZDüĞZLHF
LRE\üVLĊEH]MHG]HQLD6SDGHN²U]HF]RF]\ZLVWD²E\áQDRVWDWQLPSODQLHFKRFLDĪ
W\ONRZPDá\FKPLDVWDFKE\ZDMąGXĪHVSDGNL7DP]DFQLQLHERV]F]\NRZLHXPLHMąZLHĞü
Ī\FLHVNURPQHLERJRERMQHWDĔV]HVąOHNDUVWZDLGRNWRU]\QLHWDNáDSF]\ZL6]F]HU]H
PLĪDOOXG]LNWyU]\VLĊVSRG]LHZDMąVSDGNXFKRüE\Z:DUV]DZLHJG]LHNRV]W\ĞPLHUFL
VąQLHSRPLHUQHLVSDGHNNXUF]\VLĊMDNMDV]F]XUZSRZLHĞFLS+RQRULXV]D%DO]DFD
-D]PRMHJRXF]FLZHJRQLHERV]F]\NDE\áHPZFDOH]DGRZRORQ\WDNĪHQLHSU]HNOL-
QDáHP]E\WQLRSRE\WXZV]DU\PEáRWQLVW\PLĪ\GRZVNLPPLHĞFLH0LQĊPLDáHPSU]\-
]ZRLFLHVWUDSLRQąLQLHERV]F]\NMHĞOLQDPQLHVSRMU]DáPyJáPLHüFKZLOĊSUDZG]LZHMUD-
GRĞFL7HPX]DFQHPXF]áRZLHNRZL]DZV]HLZHZV]\VWNLPVLĊZLRGáRLQDZHWSRĞPLHUFL
PLDáV]F]ĊĞFLHQDWDNLHJRMDNMDQDWUDILZV]\VSDGNRELHUFĊ
.LHG\VLĊVWDáRRF]\ZLVWHĪHPLá\QLHERV]F]\NQDZHWJG\E\VLĊ]EXG]Lá]OHWDUJX
QLH ]GRáD SRGĨZLJQąü QLHVá\FKDQHM LORĞFL NDPLHQLVWHM ]LHPL JG\Ī URERWD QD SURZLQFML
QLHMHVWIXV]HUVNąURERWąVWRáHF]QąDJUDEDU]HVąWDPGRNáDGQLLSUDFRZLFLNLHG\GXV]D
+DUSDJRQDRGHV]áDGRUDMXZFDáHMSDUDG]LHERZHIUDNXUR]FLĊW\PQDSOHFDFKWU]HED
E\áRSRP\ĞOHüZMDNLVSRVyEXNRLüĪDáRĞüL]PDUWZLHQLH
0XVLDáHPSU]H]GZDGQLMHV]F]HGUHSWDüSREUXNXSU]\MHPQHJRWHJRPLDVWD0yM
]DFQ\NUHZQ\VDPMXĪZUDMXEH]SáDWQLHZV]HONLFKZVSDQLDá\FKXĪ\ZDMąF\UR]NRV]\
QLH PyJá PLHü GR PQLH SUHWHQVML ĪH MHV]F]H ]D VZRMH SLHQLąG]H ER MHJR WU]\PDá\
ZXZLĊ]LQLH]OLF]RQHIRUPDOQRĞFLFKFĊSRFLHV]\üVWUDSLRQąLQLHZ\VSDQąGXV]Ċ7\ONR
OXG]LHĨOLLREáXGQLRWU]\PDZV]\VSDGHNXGDMąĪHXPLHUDMą]ĪDáRĞFLF]áRZLHNUR]VąG-
Q\SRZLQLHQXFLHV]\üQLHERV]F]\NDGDMąFPXGRZyGĪHMHJRVNDUEyZĨOHQLHXĪ\MH
OHF]MHVSRĪ\MHZUDGRĞFLLZEáRJLPZHVHOXĪHXF]\QLWRMHGQ\PVáRZHPF]HJRRQ
XF]\QLüQLHXPLDáLZVNXWHNWHJRPyJáE\PLHü]DJUREHPZ\U]XW\VXPLHQLD
'RĞü E\áR WUXGQR Z PDá\P PLHĞFLH RV]DOHü 0RĪQD VRELH E\áR ZSUDZG]LH ND]Dü
SRGDüGRRELDGXORG\DQDQDVRZHLKDZDĔVNLHF\JDURWDNLHMHGQDNSROHFHQLHQLHPLDáR
VHQVXERZ\ZRáDáRE\W\ONR]ELHJRZLVNR]XSHáQLH]UHV]WąQLHSRWU]HEQHJG\ĪZFDá\P
PLHĞFLHQLHE\áRDQLDQDQDVDDQLKDZDĔVNLHJRF\JDUD0RĪQDE\áR]DNXSLüZV]\VWNLH
SRNRMHZSLHUZV]RU]ĊGQ\PKRWHOXFRSRZLQQRZ\ZRáDüVHQVDFMĊLWHQSRP\VáMHGQDN
UyZQLHĪE\áEH]VHQVXZFDá\PERZLHPKRWHOXE\á\W\ONRGZDSRNRMHDZMHGQ\PVWDá
ELODUGNWyU\RGSU]\SDGNXVáXĪ\áMDNRáyĪNR
1LHE\áRWRMHGQDNPLDVWRQDMJRUV]HħOHMHVWVąG]Lü]SR]RUyZ2VWDWHF]QLHERZLHP
]QDOD]áDVLĊUR]U\ZNDSLHUZV]RU]ĊGQD:PLHĞFLHW\PJRĞFLáNDEDUHWWLQJHOWDQJHOFRĞ
ZW\PURG]DMX1D]LHORQ\PSDSLHU]HF]HUZRQąIDUEąNRĞODZ\PLOLWHUDPLXGDMąF\PL
OLWHU\GUXNXE\áRZ\SLVDQHĪHZNDZLDUQL³-DSRĔVNLHM´RGE\ZDVLĊFRG]LHQQLHSU]HG-
DTP by SHADE
VWDZLHQLH³PRQVWUH´QDMZ\ELWQLHMV]\FKJZLD]GĞZLDWDDUW\VWHNLDUW\VWyZVWRáHF]Q\FK
+DĪ\FLHEXFKDUDGRĞFLąMDNJHM]HU1DZHWWX
:SREOLĪXPLDVWD]QDMGRZDá\VLĊJáRĞQHZĞZLHFLHNRSDOQLHQDIW\ZLĊFĞURGRZLVNR
OXG]LERJDW\FKVNáRQQ\FKGRKD]DUGXEDUG]RSU]HWRV]F]ĊĞOLZ\FKOXEQLHV]F]ĊĞOLZ\FK
1DRELHWHGROHJOLZRĞFLQDV]F]ĊĞFLHLQDQLHV]F]ĊĞFLHZ\P\ĞOLáDQDWXUDMHGQRZVSyOQH
OHNDUVWZRV]DPSDQD5]HF]SURVWDĪHSRWDN]DZLá\PZ\NáDG]LHZQLRVHNMHVWSURVW\
WHQPLDQRZLFLHĪHQDZHWZWDNREVNXUQ\PPLHĞFLHNDEDUHWZNWyU\PPRĪQDGRVWDü
V]DPSDQDPyJáPLHüZLGRNLSRZRG]HQLD&]áRZLHNU]DGNRSLMDQDIWĊ]UHJXá\MHGQDN
XPLHQDIWĊ]PLHQLüZZLQR-HVWWRERVNąFHFKąQDWXU\OXG]NLHMĪHZV]\VWNRG]LHJLHü
VPRáĊVyOV]WXF]Q\QDZy]NDUWRIOHLSV]HQLFĊXPLHRQDV]\ENRMHGQ\PJHVWHPXĪ\-
ZDQ\PSU]H]F]DURZQLNyZ]PLHQLDüZZLQR
1LHEH]WUZRJLMHGQDNZFKRG]LáHPGRZ]QLRVáHJRORNDOXZNWyU\PV]DODáRPLHMVFR-
ZHĪ\FLH/RNDOE\áVSHOXQNą+LVWRULĊMHMPRĪQDE\áRZ\F]\WDüQDWDSHWDFK1LH]OLF]RQH
SRNROHQLDPXFKXPDUá\LSRJU]HEDQHVąQD³Ī\UDQGROX´ZVSDQLDOHOXVWUR]GRELáRMHGQą
ĞFLDQĊ .LHG\ Z WR OXVWUR SRU\VRZDQH SĊNQLĊWH Z VDP\P ĞURGNX Ī\ZRWD VZRMHJR
]DPRUXVDQHLQLHP\WHRGFKZLOLVZRLFKQDURG]LQVSRMU]DáF]áRZLHN²FRIDáVLĊQDW\FK-
PLDVWSU]HUDĪRQ\%\áRWR]DF]DURZDQH]ZLHUFLDGáR1DMEDUG]LHMXURG]LZDWZDU]F]\QLáD
VLĊV]SHWQDRF]\RGELHJDá\RGVLHELHMDNJG\E\ZQDJá\PSU]HUDĪHQLXQRVSU]\ELHUDá
NV]WDáW\ QLHVDPRZLWH XVWD UR]V]HU]Dá\ VLĊ Z RNURSQ\P FLHUSLHQLX ZLG]LDáHĞ XSLRUD
NWyU\E\á]LHORQ\LVWUDV]Q\%\áRWRSUDZG]LZH]ZLHUFLDGáRĪ\ZRWDZNWyU\PZV]HONL
V]\FKLPDUQRĞü]LHPVNDSU]\ELHUDá\NV]WDáWZáDĞFLZ\=EUXGQHMWRQL]ZLHUFLDGáDSDWU]\á
ZFLHELHXSLyUĞPLHMąF\VLĊV]DWDĔVNRQDWHPDWFKDFKD
=MHGQHMVWURQ\VDOLQDOHĪ\FLHĞPLHUG]ąFHME\áEXIHW1DGáXJLPVWROHRELW\PFHUD-
WąWáXVWRVLĊSRFąFąWDNĪHZV]\VWNLHZRG\ZV]\VWNLFKRFHDQyZ]P\üE\MHMGRF]\VWD
QLHPRJá\VWDá\MDNLHĞV]NáDMDNLHĞZĊGOLQ\LVHU\6DPREyMFDGUJQąáE\]EOLĪ\ZV]\VLĊ
GRWHM]DVWDZ\%\á\WDPU]HF]\UDGXMąFHĪRáąGHNE\á\MHGQDNLWDNLHNWyUHVąUDGRĞFLą
RF]XDSU]H]RF]\UDGXMąGXFKD:PHWDORZ\FKQLHZ\SRZLHG]LDQHJRNRORUXNLHOLV]NDFK
EDUZLá\VLĊNZLDW\6]WXF]QHNZLDW\SRGREQHGR]DNXU]RQHMXZLĊGáHMVWUDV]OLZHM]D-
ĞQLHG]LDáHMFQRW\
3RVWURQLHSU]HFLZQHMXVWDZLRQRHVWUDGĊNWyUDSU]\SRPLQDáDQXGQ\NDWDIDON6WDáR
QD QLHM SLDQLQR Z NWyU\P GXV]D GDZQR XPDUáD D WDUJDQD FR QRF\ ]D ZáRV\ VZR-
LFK VWUXQ Z\GDZDáD VSR]D JUREX FKUDSOLZH RNURSQH V]F]HNDMąFH U]ĊĪHQLD 3LDQLQR
WRELWHSRĪHEUDFKWRUWXURZDQH]SDVMąSU]H]RK\GQHJR7RUTXHPDGĊGUĪDáRMDNF]DUQD
WUXPQDZNWyUHMOHĪąF\QLHERV]F]\N]ZDULRZDáLZLHUFLVLĊ]SRZRGXZ\U]XWyZVXPLH-
QLDSáDNDáRGRVWDZDáRF]NDZNLMĊF]DáREDVHPJáXFK\PLSRG]LHPQ\PEXOJRWDáRVSD-
]PHPFKDUNRWDáRNDV]OHPXSRUF]\ZHJRVXFKRWQLNDQDJOH]DZ\áRSRF]\PRGH]ZDáR
VLĊGUHZQLDQ\PJáRVHPSXV]F]\NDDĪSRFKZLOL]DF]ĊáRNZLOLüFLHQLXWNLPSLVNOLZ\P
GUHV]F]EXG]ąF\PJáRVLNLHPSRGU]XWNDFLĞQLĊWHJRSRGFXG]HGU]ZLQDĞQLHJXLPUR-
]LHZV]\VWNLH]DĞWHJáRV\ZVWDZDá\LXPLHUDá\ZU\WPLHZLĊFNLHG\]DPNQąáHĞRF]\
PLDáHĞZLG]HQLHĪHRWRVWUDV]OLZ\V]NLHOHWZVWDáWDĔF]\LSOąVDUDGRĞQLHSLV]F]HODPL
VXFKR FKU]ĊĞFL L SRPUXNXMH VRELH UD] Z\VRNR UD] QLVNR D F]DVHP QLH PRĪH GRE\ü
JáRVX]SU]HSDORQHMĞPLHUFLąJDUG]LHOLJG\ĪFRGUXJLNODZLV]QLHRGSRZLDGDá:WDNLP
LQVWUXPHQFLHPXVLE\ü]DNOĊWDGXV]DVWDUHMSDQQ\NWyUDĨOHLEH]Z\WFKQLHQLDJUDMąF
QDIRUWHSLDQLH]DWUXZDáDĪ\FLHVąVLDGRP7HUD]Mą]DWRFLąJQą]DZáRV\NDĪG\PUX-
FKHPSHGDáDJQLRWąMHMáRQRDRQDVNDUĪ\VLĊELHGDFWZR
3LDQLQRWRMHJRGXV]DĪDáRĞQLHMDNJáRGQ\SLHVVNDPOąFDPXVLDáRZ]UXV]\üQLH-
MHGQHJRVáXFKDF]DGODWHJRGREU]\OXG]LHNLHG\VRELHZVHUFH]ZLQHPQDOHMąGREUR-
FLXĪDOąVLĊ]DZV]HQDGWDNLPLQVWUXPHQWHPLMHGHQOHMHZMHJRZQĊWU]HZLQRGUXJL
NLHOLV]HNNRQLDNXLQQ\VDUG\QNLZQLHZU]XFDF\WU\QĊF\JDUR$WR]ZLHU]ĊZV]\VWNR
SRĪHUDL]QRZXSáDF]HLáNDLU]Ċ]LLIODNL]VLHELHZĞUyGZ\FLDZ\SUXZD
=D EXIHWHP VLHG]LDáD SDQQD WáXVWD SU]\ SLDQLQLH PLVWU] EDUG]R FKXG\ 3DQLHQND
PLDáDSLHUVLWDNLHMQLH]Z\NáHMREILWRĞFLĪHPRJáDQLPLZ\NDUPLüQLHW\ONRPDáHLVNURP-
QHZZ\PDJDQLDFKQLHPRZOĊOHF]VWX7DWDUyZFKFLZLHLEH]RSDPLĊWDQLDSU]H]G]LHĔ
DTP by SHADE
40
FDá\NRE\OHPOHNRSLMąF\FK$ĪG]LZEUDáĪHZMHMSREOLĪXPyJáVLĊXFKRZDüNWRĞWDN
EDUG]RFKXG\MDNWRZLGPRSLV]F]HODPLSDOFyZWáXNąFHZSLV]F]HOHNODZLV]yZ2GVD-
PHJRSDWU]HQLDQDWĊPLáąSDQLHQNĊPRĪQDE\áRSU]\EUDüQDFLHOH6LHG]LDáD]DW\P
EXIHWHPSRQXUDMDNVRZDOLF]ąFNRVWNLFXNUXLSODVWHUNLF\WU\Q\,OHNURüVSRMU]DáNWR
QDQLąXĞPLHFKDáDVLĊMDNURSXFKDNLHG\VRELHSU]\SRPQLNRFKDQND
3RQLHZDĪE\áDWRQLHG]LHODZVSHOXQFHE\áRVSRURJRĞFLQLHWDNZLHOXMHGQDNDE\
LFKWRELHGDFWZRVSR]DEXIHWXQLHPRJáR]PLHĞFLüQDVZRLPáRQLHEH]ZLHONLHJRWUXGX
8ZHMĞFLDSU]\ZLWDáPQLHG\UHNWRUNDEDUHWX
8MU]DZV]\ WĊ WZDU] Z]GU\JQąáHP VLĊ ,QG\ZLGXXP E\áR ZH IUDNX NWyUHJR FR-
NROZLHNZ\WZRUQ\QLHERV]F]\NQLJG\QDVLHELHQLHSR]ZROLáE\ZáRĪ\ü:LHU]JDáE\MDN
NRĔ : EUXGQDZ\P JRUVLH ZLGRF]QLH SU]\F]HSLRQ\P GR QLHZLG]LDOQHM NRV]XOL WNZLá\
GZD EH]F]HOQH V]NLHáND ]URELRQH QD EU\ODQW\ 6SRGQLH XáRĪRQH E\á\ Z KDUPRQLMNĊ
,QG\ZLGXXPPLDáRMHGQDNWZDU]QLH]Z\Náą%\áWRVWDUV]\MXĪSDQVĊG]LZ\]EUyGNą
V]F]HFLQRZDWąSRGREQąGRNRĨOHM2F]\PLDáE\VWUHF]DUQHLPąGUH1DWZDU]\EODGHM
LQLH]Z\NOHLQWHOLJHQWQHMZLGQLDá\JáĊERNLHEUX]G\MDNE\ĞODGSRFLHUSLHQLXFRSU]H]
WĊWZDU]RV]ODFKHWQ\PZ\UD]LHSU]HV]áRMDNRVWU\SáXJ&]RáRZ\VRNLHPąGUHF]RáR
F]áRZLHNDP\ĞOąFHJRLQLHXVWDQQLHWUDSLRQHJRF]\PĞFRVLĊZQLPZJáĊERNLPZQĊWU]X
WáDPVLLSU]HZDOD%\áDWRWZDU]]DELHG]RQDEODGRĞFLąVZRMąSU]HFKRG]ąFąZVLQRĞü
QLHSRNRMąFD EU]\GND D MHGQDN Z EU]\GRFLH VZRMHM SRFLąJDMąFD 0LDáR VLĊ ZUDĪHQLH
ĪHWRZLHONLSDQUDVRZ\V]ODFKFLFSRELW\MDNLPĞQLHV]F]ĊĞFLHPSU]\ZG]LDáIUDNRK\G-
Q\L]DWáXV]F]RQ\LQDGQLHĪ\FLDĪHUXMHDE\Ī\ü
-HGQRZWHMWZDU]\G]LZDF]QHME\áRQDSUDZGĊĞOLF]QH²WRXĞPLHFK8ĞPLHFKVPXW-
Q\FLFK\MDNLĞUR]U]HZQLRQ\PLá\LGREU\DUyZQRF]HĞQLH]ERODá\LLURQLF]Q\XĞPLHFK
]LPQHMGRWNOLZHMSRJDUG\QLHVFKRG]Lá]SHUJDPLQXWHMWZDU]\LZFLąĪVLĊEáąNDáZFLąĪ
VLĊZLáZNRáRNąFLNyZXVW
&]áRZLHNWHQZ\JOąGDáMDNVWDU\DU\VWRNUDWDFRVLĊ]DEáąNDáGR]EyMHFNLHMVSHOXQNL
.LHG\ZV]HGáHPRFHQLáPQLHMHGQ\PUXFKHPPąGU\FKVZRLFKRF]XLV]\ENRSRG-
V]HGáNXPQLH:WHG\]DXZDĪ\áHPĪHFKURPDáVLOQLH
=XNáRQDPLSRGSURZDG]LáPQLHGRVWROLNDZSREOLĪXEXIHWXVSR]DNWyUHJRVSá\ZDá
NXPQLHG]LHZLF]\OHF]WáXVW\LJĊVW\MDN]MHáF]DáHPDVáRXĞPLHFK
3DQ]NR]LąEUyGNąZLGRF]QLHPQLHZ\UyĪQLDá]QLHZLHONLHMJURPDGNLJRĞFLWDNUR]-
EDZLRQ\FKMDNJG\E\WRE\áUDXWSDUDOLW\NyZDOERGRURF]QHĞZLĊWRZNOXELHVDPREyM-
FyZ
$WPRVIHUDE\áDFLĊĪNDGXV]QDLSDUQD
3DQG\UHNWRUREMDĞQLáPQLHĪHVWUDFLáHPGZDQXPHU\SURJUDPXOHF]ĪHQLHPDP
F]HJRĪDáRZDüJG\ĪE\á\VáDEH=DFKZLOĊMHGQDN]DF]QąVLĊDWUDNFMHZ\ERURZHZREHF
F]HJRVáXV]QHZ\GDáRVLĊS\WDQLHF]\EĊGĊMDGáNRODFMĊZW\PZ\WZRUQ\P]DNáDG]LH"
1LHQLHEĊGĊMDGáNRODFML.WRMHGQDNSU]\FKRG]LGRNDEDUHWXWHQV]XNDSHZQLHSRG-
QLHW\GRV]DOHĔVWZDLWDNLHPXSHZQLHMHVWZV]\VWNRMHGQR.RPXMHVWZV]\VWNRMHGQR
WHQVLĊ]Z\NOHXSLMD1LHPLDáHPZSUDZG]LHGRWHJRQDMPQLHMV]HMRFKRW\áDWZLHMMHGQDN
]ZOHFGZLHJRG]LQ\]EXWHONąQLĪEH]QLHM'REXWHONLPRĪQDJDGDüDRQDQLHRGSRZLD-
GDVáXV]QLHWHĪQDMZLĊNVLPĊGUF\X]QDOLIODV]Ċ]DMHG\QąWRZDU]\V]NĊJRGQąF]áRZLHND
:REHFWHJR]ZUyFLáHPVLĊGRV\PSDW\F]QHJRG\UHNWRUDNWyU\]XĞPLHFKHPáDJRG-
Q\PLPąGU\PF]HNDáUR]ND]yZ
²-DNLHPDFLHZLQD"
²1DMJRUV]HQDĞZLHFLH²RGU]HNááDJRGQLHG]LZQ\WHQF]áRZLHN
2GSRZLHGĨE\áDLPSRQXMąFD
8ĞPLHFKQąáHPVLĊ
²'REU\FKZLQQLHPDMXĪQLJG]LH²PyZLáRQ²áDMGDFWZROXG]NLHQLHXV]DQRZDáR
QDZHWZLQD&yĪPRĪHP\SDQXGDü"7URFKĊZRG\VRGRZHM]GURĪGĪDPLL]ODQGU\QNDPL
-DNSDQNDĪHDE\VLĊWRSDVNXG]WZRQD]\ZDáR"1D]Z\VąVWDUHLDXWHQW\F]QH
6SRMU]DáHP]SRG]LZHPQDWHJRV]F]HUHJRF]áRZLHNDLRQZWHMĪHFKZLOLVSRMU]Dá
PLZRF]\&RĞPQLHWNQĊáR7ĊFLHNDZąLQLH]Z\NáąWZDU]MXĪJG]LHĞZLG]LDáHP$OH
DTP by SHADE
41
JG]LH"
²3U]HGGZRPDGQLDPLSDQLH²U]HNáFLFKRG\UHNWRU
²&RVLĊVWDáRSU]HGGZRPDGQLDPL"
²:LG]LDáPQLHSDQZGRPXVZHJRZXMD
6WURSLáHPVLĊ&yĪ]DLQG\ZLGXXP"&]\WDZP\ĞODFKF]\FR"
²3DQMHVWRGJDG\ZDF]HPP\ĞOL"
² %\QDMPQLHM DOH JU\PDV WZDU]\ F]áRZLHND NWyU\ FKFH VRELH FRĞ SU]\SRPQLHü
MHVWEDUG]RáDWZ\GRRGF]\WDQLD:WHMFKZLOL]DĞPyJáSDQ]DMPRZDüVLĊW\ONRPRMą
PL]HUQąRVREą
:V]DNWRMDVQH
²7DNWRMDVQH«1LHFKSDQXVLąG]LHSDQLHG\UHNWRU]H
² ']LĊNXMĊ EDUG]R -HVW SDQ EDUG]R XSU]HMP\ =D FKZLOĊ RGUDELDP PyM QXPHU
QDWHMSU]HNOĊWHMHVWUDG]LHDOHPDPMHV]F]HF]DV«
3U]\QLHĞOL MDNLHJRĞ QRZR QDURG]RQHJR V]DPSDQD VWUDV]OLZD ]DĞ )L]MRQRPLD NHO-
QHUDQDNWyUHMZLGRN]DGUĪDáE\]UDGRĞFLNDĪG\VĊG]LDĞOHGF]\]DS\W\ZDáDPQLHF]\
QDODüWDNĪHG\UHNWRURZL".D]DáHPQDODüVNZDSOLZLH
²0XVLSDQSLüWRFRSDQVDPQDZDU]\á²U]HNáHPZFDOHW\PSRFLHV]RQ\ĪH]QD-
OD]áHPZVSyOQLNDGRQLHV]F]ĊĞFLDV]DPSDQWDNERZLHPZ\JOąGDáZLVWRFLHMDNQLHV]F]Ċ-
ĞFLH %\W EODGRĪyáW\ MDN F]áRZLHN NWyU\ ] UR]SDF]\ QLH ĞSL FLHUSNL MDN EH]QDG]LHMQLH
FKRU\NZDĞQ\MDNF]áRZLHNFKRU\QDZąWUREĊLF]XüJRE\áRNRUNLHP:\VRNDPDUND
MHGQ\PVáRZHP
²3LMHVLĊQLHZLQRW\ONRUDGRĞüNWyUDFKRG]L]DZLQHPLSLMHVLĊGXV]ĊF]áRZLHND
SU]\ZLQLH²U]HNáG\UHNWRU
²3LĊNQLHSRZLHG]LDQH«:LĊFMDSDQDZLG]LDáHPQDSRJU]HELHPRMHJRZXMD"7DN
WHUD]VRELHSU]\SRPLQDP«&]\SDQE\áMHJRSU]\MDFLHOHP"
²1LHPLDáHP]DV]F]\WX]QDüWHJRGRVWRMQHJRF]áRZLHND
²$M'ODF]HJyĪWHG\PLDáSDQWDNą]PDUWZLRQąPLQĊ"
²-HGQHJRF]áRZLHNDPQLHMQDĞZLHFLHFKRFLDĪWRPDá\SRZyGGRĪDáRĞFL:áDĞFL-
ZLHWRMDGODWHJRE\áHP]PDUWZLRQ\ĪHWRNRJRĞLQQHJRFKRZDMąDQLHPQLH
² 1R QR $ NWyĪ E\áD WD SDQL Z JUXEHM ĪDáRELH NWyUą SDQ SURZDG]Lá SRG UĊNĊ
FRWDNEDUG]RSáDNDáD"
²&KFLDáSDQSHZQLHSRZLHG]LHü³JUXEDSDQLZFLHQNLHMĪDáRELH´7RE\áDPRMDĪRQD
2VLHG]LZWHMFKZLOL]DEXIHWHP
²1LHSRGREQD$FyĪĪRQĊSDĔVNąáąF]\áR]PRLPZXMHP"
²1LF
²1LHUR]XPLHP:LĊFF]HPXWDNRELHWDSáDNDáD"
²%RWRZLG]LSDQMDMHVWHPUyZQRF]HĞQLHSU]HGVLĊELRUFąSRJU]HERZ\P«
²2RR
²7DNSDQLH0LDáHP]DV]F]\WZáDVQRUĊF]QLHEUDüPLDUĊ]QLHERV]F]\NDSUDJQąáHP
ERZLHPDE\WUXPQDE\áDZ\JRGQD1LHEĊGĊGRGDZDáĪHF]\QLáHPWR]FDáąPRĪOLZą
GHOLNDWQRĞFLąDE\]E\WQLRV]DQRZQHJRQLHERV]F]\NDQLHPLĊWRVLüMDNWRMHVWZ]Z\F]D-
MX3DQSRMĊFLDQLHPDREUXWDOQHMEH]FHUHPRQLDOQRĞFL]MDNąVLĊ]D]Z\F]DMFLV]DNDOH
NWyU]\XU]ąG]DMąSRJU]HERGQRV]ąGRGRVWRMQ\FK]ZáRN
²$SDĔVNDĪRQD"
² 8G]LDá PRMHM ĪRQ\ Z W\P VPXWQ\P REU]ĊG]LH E\á UDF]HM QDWXU\ DUW\VW\F]QHM
0RMDĪRQDE\áDNLHG\ĞDNWRUNąLJU\ZDáDĪDáRĞOLZHLU]HZQHUROH0DWNDNWyUHMMHGQHJR
GQLDXPDUáRVLHGPLRURG]LHFLQLHSRWUDILWDN]DSáDNDüMDNWREH]QDMPQLHMV]HJRSRZRGX
SRWUDILWDJHQLDOQDNRELHWD«&]\SDQSR]ZROLĪHSRĞOĊ MHM V]NODQHF]NĊWHJRSRGáHJR
ZLQD1DOHĪ\VLĊWRMHMWDOHQWRZL«
²$OHĪSURV]ĊFDáąEXWHONĊ
²']LĊNXMĊSDQX%XWHONDZLVWRFLHZLĊNV]ąMHMVSUDZLUDGRĞüQLĪWDNLQDSDUVWHN
1LHFK WR EĊG]LH ]DSáDWD ]D MHM U]HZQH á]\ NWyU\PL VNURSLáD ZXMRZL SDĔVNLHPXGURJĊ
GRZLHF]QRĞFL
DTP by SHADE
42
²$OHVNąGWHá]\"
²:áDĞQLHFKFĊSDQXSRZLHG]LHü'RVWRMQ\LF]FLJRGQ\QLHERV]F]\NMDNSDQXSHZ-
QLHZLDGRPRQLHRG]QDF]DáVLĊ]E\WQLąKRMQRĞFLą6ąG]ĊĪHQLHREUDĪĊSDĔVNLHJREOL-
VNLHJRNUHZQHJRMHĞOLSRZLHPREUD]RZRĪHSLHVE\áE\JRQDZHWRSXĞFLáQLHPRJąF
ZGRPXSDQD]QDOHĨüNRĞFLGRRJU\]LHQLDJG\ĪSDQF]\QLáWRVDP
3RNLZDáHPVPXWQLHJáRZą
²7DNSDQLH²PyZLáG\UHNWRU²SRQLHZDĪQLNWQLHZLHG]LDáĪHSDQSU]\MHG]LH
DE\RGGDüRVWDWQLąSU]\VáXJĊWHPX]DFQHPXF]áRZLHNRZL«
²%\QDMPQLHM-DSU]\MHFKDáHPSRVSDGHN
² -HVW WR WHĪ SHZQD IRUPD VHUGHF]QHM SDPLĊFL R XPDUá\P NWyU\ PXVLDá RGF]Xü
Ī\ZąSU]\MHPQRĞüĪHPDMąWHNMHJR]DELHU]HF]áRZLHNWDNEDUG]RPLá\MDNSDQ
²1LHFKEĊG]LH
²3RQLHZDĪWHG\V]ODFKHWQ\QLHERV]F]\NFKFLDáPLHüSRJU]HEZ\VWDZQ\ZLGRF]QLH
GODWHJRĪHVLĊZVW\G]LáĪ\FLDL]RVWDZLáXUHMHQWDQLHPDáąVXPĊQDWĊXURF]\VWRĞü]DDQ-
JDĪRZDáHPPRMąĪRQĊGRZ\ODQLDPRĪOLZLHMDNQDMZLĊNV]HMLORĞFLáH]0\ĞOĊĪHZ\ZLą-
]DáDVLĊRQDGRVNRQDOH]UROLVZRMHMVPXWQHMLUDQLąFHMVHUFH&]\SDQE\á]DGRZRORQ\"
²1LHFKSDQSRG]LĊNXMHVZRMHMPDáĪRQFH3áDNDáDWDNU]HZQLHMDNJG\E\WRRQD
GRVWDáDVSDGHNDQLHMD«
²']LĊNXMĊSDQXPyZLSU]H]SDQDDUW\VWD«$OHMHĞOLSDQSR]ZROLSRZUyFĊ]DSyá
JRG]LQ\JG\ĪWHUD]PXV]ĊLĞüQDHVWUDGĊ=REDF]\SDQQLH]Z\NáHV]WXNLPDJLF]QH
²&]HNDP]QLHFLHUSOLZRĞFLą
²'RZLG]HQLD
3DQG\UHNWRUSRZáyF]ąF]DVREąOHZąQRJĊJUXERG]LZDF]Q\PEXWHPV]WXNRZDQą
SRV]HGáQDHVWUDGĊ:\JáRVLáNUyWNąSU]HPRZĊGRSXEOLF]QRĞFLMXĪSU]\]ZRLFLHXUĪQLĊ-
WHMNWyUDJRSU]\ZLWDáDRNODVNDPLMDNVWDUHJR]QDMRPHJR6NáRQLáVLĊMHGQDNW\ONRPQLH
&R ]D Z\ERUQ\ F]áRZLHN 3U]HGVLĊELRUFD SRJU]HERZ\ G\UHNWRU NDEDUHWX F]DUQ\
PDJLNGXV]D]GDMHPLVLĊSU]H]SyáEáD]QDSU]H]SyáVPXWQHJRF]áRZLHNDLGLRW\F]QLH
V]F]HU\ERPEDVW\F]Q\LVNURPQ\KDQLHEQLHLURQLF]Q\3DWU]\áHPFLHNDZLHFRSRWUDIL
MDNRV]WXNPLVWU]3RND]Dá]SRF]ąWNXNLONDV]WXF]HNNWyUHVLĊZLGXMHZNDĪG\PSRG-
OHMV]\P F\UNX ] NDUWDPL SLHUĞFLRQNDPL L ]HJDUNDPL SRĪ\F]DQ\PL QLHFKĊWQLH SU]H]
SXEOLF]QRĞüSRF]\PZ\MPRZDá]XVWSáRQąFHSDNXá\G\PLáMDNORNRPRW\ZDSU]HFX-
GRZQLHXGDZDáJáRV\]ZLHU]ąWLSWDNyZZUHV]FLHSRND]DáV]WXF]NĊQLHE\ZDáąLWUXGQą
]QLNQąáQDPJQLHQLHRNDL]DUD]VLĊXND]Dá1LHE\áHPSLMDQ\LSU]HWDUáHPSDOFDPLRF]\
FKFąFVLĊSU]HNRQDüF]\QLHĞSLĊDOERF]\QLHXOHJáHPVXJHVWLL'\UHNWRUGRMU]DáWHQ
UXFK]HVWUDG\LXĞPLHFKQąáVLĊGRPQLH
3XEOLF]QRĞüRNODVNLZDáDJR]OĊNOLZ\P]DSDáHP
-D²SU]\]QDMĊ²]GXPLRQ\E\áHPGRVNRQDáąSUHF\]MąWHJRV]DUODWDĔVWZDWRWHĪ
]XSHáQLHV]F]HU]HRNODVNLZDáHPPRMHJRSU]\JRGQHJRSU]\MDFLHODLVNáDGDáHPPXĪ\Z\P
WRQHPĪ\F]HQLDNLHG\SRZUyFLáGRPRMHJRVWROLND
²6]WXF]NDSDĔVND]H]QLNQLĊFLHPEH]ĪDGQ\FK]DVáRQLEH]SDUDZDQyZMHVW]QD-
NRPLWD-DNVLĊWRUREL"
²3RSURVWX]QLNDVLĊ
²$OHMDN"
² 7R WUXGQR Z\MDĞQLü :áDĞFLZLH WR QLH MHVW ĪDGQD V]WXND ]QLNQąü 7\OH U]HF]\
]QLNDQDĞZLHFLHPDMąWNLOXG]LHĪRQ\NRFKDQNLLQLNWVLĊQLHG]LZL0RMDV]WXF]NDMHVW
GODWHJRG]LZQDĪHMDVLĊXND]XMĊ]SRZURWHP0QLHZROQRERWRZNDEDUHFLH:LHOX
MHGQDNOXG]L]HVWUDV]OLZ\PQLHFRJZDáWRZQ\PVSRWNDáRE\VLĊSU]\MĊFLHPJG\E\UD]
]QLNQąZV]\XND]DOLVLĊ]SRZURWHP*G\E\WDNV]ODFKHWQ\ZXMSDĔVNLNWyU\]QLNQąá
ZZLHF]QRĞFL«$FKMDW\ONRĪDUWXMĊQLHFKVLĊSDQáDVNDZLHQLHJQLHZD6WDPWąGPDáR
NWRSRZUDFD«
²0DáRNWR"6WDPWąGFK\EDQLNWQLHSRZUDFD
²7DNĞFLĞOHWHJRSRZLHG]LHüQLHPRĪQD$OHZUDFDMąFGRGDOV]\FKWHPDWyZ²MHVW
MHGQD RVRED QD ĞZLHFLH NWyUą E\P FKĊWQLH QDXF]\á V]WXNL ]QLNDQLD QLH QDXF]\ZV]\
DTP by SHADE
43
MHMV]WXNLSRZURWX«1LHFKSDQQLHSDWU]\ZVWURQĊEXIHWX«2VWURĪQLH*G\E\WDNRFK
RQD«0RMDĪRQD«
²$FK
²ĩRQDPRMDMHVWDQLRáHPGURJLSDQLH«$OHZĪ\FLXWRLDQLRáZLG]LSDQ«
²1DSLMP\VLĊ²U]HNáHPF]\PSUĊG]HM²SDQVLĊURELSRQXU\«
²2ZV]HPMHĞOLSDQáDVNDZWRVLĊFKĊWQLHQDSLMĊ=DFKZLOĊEĊG]LHWXSXVWR&]\
SDQXVLĊEDUG]RĞSLHV]\"
²:\MHĪGĪDPRyVPHMMXWURDVSDüPLVLĊQLHFKFH&KĊWQLH]SDQHPSRJDGDP
²-DMHV]F]HFKĊWQLHM$OHQLHFKVLĊSDQQLHJQLHZD]DPRMąEH]F]HOQRĞüF]\PRJĊ
PRMHMĪRQLHSRVáDüZSDĔVNLPLPLHQLXFRĞGRZ\SLFLD"
²$OHĪQDMFKĊWQLHM.HOQHUZLQR
²0RĪHQLHZLQR"&RĞVLOQLHMV]HJR«%XWHONĊUXPXQDSU]\NáDG"
²5XPX".RELHFLH"%XWHONĊ"
²$FKRQDZ\WU]\PD-HVWWRLVWRWDáDJRGQDDOHVLOQD6LOQ\WUXQHNG]LDáDQDQLą
]UHV]WąNRMąFR«'RUXPXF]XMHVSHFMDOQąSUHG\OHNFMĊERMąUR]PDU]D-DWDNĪHMHĞOL
SDQSR]ZROLLSDQXWHĪUDG]LáE\P]PLHQLüWRREU]\GOLZHZLQRQDFRĞPQLHMREU]\GOLZH-
JR
².RQLDN"
²3DQQLHFKSLMHNRQLDNDMD²MHĞOLZROQR²SURV]ĊRZyGNĊ&]\VWą]Z\F]DMQą
ZyGNĊ
.D]DáHPSRGDü0yMZXMREUyFLáVLĊZJURELHLVLHNQąá²QDMZ\UDĨQLHMVá\V]DáHP
²:yGND²JOĊG]LáPLá\WHQF]áRZLHN²PDZLHOHV]ODFKHWQ\FKZáDĞFLZRĞFLXĞPLH-
U]DEyOHSRGQLHFDWHPSHUDPHQWSRUXV]DOHQLZąFLĊĪNąNUHZSyáQRFQą3R]DW\PSU]\-
SRPLQDNU\V]WDáĨUyGODQHMZRG\ZLĊFPRĪHGODWHJRQLHZLQQL6DUPDFLWDNMąOXELą8QDV
ZLĊFHM]LP\QLĪODWDZLĊFHMORGXQLĪVáRĔFD$ZyGNDWRMHVWUR]WRSLRQ\OyG.DĪG\QDUyG
SLMHZW\PVHQVLH:áRFKL)UDQFX]SLMHUR]WRSLRQHQD]áRWRVáRĔFHP\OyG'ODWHJR3RODN
WDNVLĊSU]HĞOL]JXMHSRĪ\FLXMDNQDá\ĪZDFKLGODWHJRVLĊWDNF]ĊVWR]DWDF]DERPXĞOL-
VNR6PXWHN3RODNDMHVWWDNJRUąF\ĪHJRPXVLR]LĊELüZyGNąVPXWHNLQQ\FKQDURGyZ
MHVW]LPQ\ZLĊFJRSRGOHZDMąZLQHP0\MHGQDNPDP\WĊQLH]DSU]HF]RQąZ\ĪV]RĞü
QDG NDĪG\P QDURGHP ĞZLDWD ĪH SRWUDILP\ SLü ZV]\VWNR 3RG W\P Z]JOĊGHP PDP\
JHQLDOQH]GROQRĞFL*G\E\+LV]SDQZ\SLáEXWHONĊF]\VWHMXPDUáE\ZPĊNDFKD3RODND
SRGQLHFL WR W\ONR GR Z\SLFLD KLV]SDĔVNLHJR ZLQD 0RFQ\ QDUyG LRFKRF]\ GR Z\SLFLD
7U]HEDERZLHPXPLHüSLü:LGRNSLMDQHJRQDZHVRáR3RODNDMHVWNU]HSLąF\&R]DVLáD
SDQLHGURJLMDNDZ\WU]\PDáRĞüLMDNDRWZDUWRĞü$QJOLNSLMHMDNU]H]LPLHV]HNSRNU\-
MRPXQLHáDGQLH=WHJRSRZRGXPDPGODWHJRQDURGXXF]FLZąSRJDUGĊ)UDQFX]SLMH
SU]HĞOLF]QLH1LHPLHFEU]\GNR-DNPRJáRSLZR]Z\FLĊĪ\üZVSDQLDáąLERKDWHUVNąPRF
ZLQD"7RĞPLHV]QH=DF]\QDPQLHWHĪPDUWZLüQLHQDĪDUW\SRZROQHSU]\Z\NDQLH)UDQ-
FX]yZGRSLZD2FKWRVąQLHGREUHLQLHEH]SLHF]QHU]HF]\0\ĞOĊRQDSLVDQLXRGH]Z\
SXEOLF]QHMGR)UDQFX]yZDE\SLOLW\ONRZLQRDSLZREĊG]LHREáRĪRQHQDURGRZąNOąWZą
:UĊFHSDĔVNLH
²']LĊNXMĊ7HQNRQLDNMHVWURGHP]SLHNáD
²=SLHNáD"1LHFKSDQQLHP\ĞOLĪHZV]\VWNRFRMHVWURGHP]SLHNáDMHVW]áH:\-
MąZV]\RF]\ZLĞFLHNRELHW\0\ĞOĊMHGQDNĪHLSLHNáRVDPRWHJRQLHFKFLDáRFRZLPLHQLX
MHJRSRWUDILXF]\QLüNRELHWD+D
²&]\ĪQLHPDNRELHWQLHELDĔVNLFK"
² 6ą RF]\ZLĞFLH ĪH Vą ,OHĪ UD]\ GLDEHá SU]\ELHUD SRVWDü DQLRáD -HVW WR MHGHQ
]QDMVWDUV]\FKLQDMEDUG]LHMEDQDOQ\FKSRGVWĊSyZSLHNLHOQ\FK$SURSRVSLHNáDPRMD
ĪRQDNáDQLDVLĊSDQXERMXĪRGFKRG]L3DQSR]ZROLĪHSRSURV]ĊMąRXUORSLSRĪHJQDP
MąZSDĔVNLPLPLHQLX
²*G]LHSDĔVWZRPLHV]NDMą"
²:W\PORNDOXĪHWDNSRZLHPZSU]HGVLRQNXĞZLąW\QLV]WXNL2WWDP]DWąNRWD-
UąVąGU]ZLNWyUHSURZDG]ąGRQDV]\FKDSDUWDPHQWyZ6ąRQHGRĞüVNURPQHERSU]H-
URELRQH]HVNáDGXQDUXSLHFLH]WHJRSRZRGXSDQXMHWDP]DSDFKPX]HDOQ\FKRüMHG\-
DTP by SHADE
44
Q\PRND]HPVWDURĪ\WQHMV]WXNLMHVWWDPPRMDGRVWRMQDPDáĪRQND
²3URV]ĊMHM]áRĪ\üPRMHXV]DQRZDQLH
²']LĊNXMĊ3DĔVNDXSU]HMPRĞüMHVWWDNZLHONDĪHFKFHXF]FLüSRWZRUD
²$OHĪSDQLH-DNĪHPRĪQD«
²0RĪQDSDQLH²RGU]HNáRQPHODQFKROLMQLH²(JLSFMDQLHPLHOLĞZLĊWHJRNURNRG\-
ODDMDPDPPRMąĪRQĊ«=DFKZLOHZUDFDP
0Lá\F]áRZLHNSRNXV]W\NDáZVWURQĊVZRLFK³DSDUWDPHQWyZ´
1DVDOLRGG\FKDMąFHMFLĊĪNRZ\]LHZDPLIX]OXG\PXF\JDULW\P]DSDFKHPWáXVWHM
ĞFLHUNLNWyUHJR]SRGREQHJRORNDOXQLJG\QLHZ\SáRV]\QDMVLOQLHMV]\QDZHWVWUXPLHĔ
ĞZLHĪHJR SRZLHWU]D QLH E\áR MXĪ QLNRJR 5]H]LPLHV]HN Z VWUDV]OLZ\P IUDNX REOLF]Dá
ZNąFLHSU]\VWROLNXZSá\Z\]WDUJX.D]DáHPPXSRGDüZLĊNV]ąLORĞüDONRKROXXUHJX-
ORZDáHP]JyU\UDFKXQHNLSRSURVLáHPDE\SRV]HGáVRELHGRGLDEáDDSDQG\UHNWRUVDP
]JDVLĞZLDWáDLSR]DP\NDZHMĞFLD
=RVWDáHPVDP=GDZDáRPLVLĊZSUDZG]LHĪHZ\FKXG]RQ\L]LHORQNDZ\GXFKPR-
MHJRZXMDZ\Sá\QąáVSR]DIDOLVWHJRSLHFD]EOLĪ\áVLĊNXPQLHGáXJLPSDOFHPSROLF]\á
EXWHONLSRF]\PZHVWFKQąáWDNJáĊERNRMDNGXFKRMFD+DPOHWDZWHDWU]HQDSURZLQFML
$OHPLVLĊW\ONR]GDZDáR
%\áHPVDPDGXFKPXVLDáVLĊXURG]LüZEXWHOFHNRQLDNX3DWU]\áHPZVWURQĊVNąG
PLDáZUyFLüSDQG\UHNWRU6á\FKDüWDPE\áRQLHMDNLHZU]DVNLPRFQRSRGQLHVLRQHLPLá\
JáRVPRMHJRZVSyáELHVLDGQLND
²5XPG]LDáD²SRP\ĞODáHPZHVRáR
1DJOHNU]\NQąáHP'\UHNWRUVLHG]LDáRERNPQLHSU]\VWROLNX
²2WyĪMHVWHP²U]HNáVPĊWQLH
1LHZLG]LDáHPĪHE\Z\FKRG]Lá]GU]ZLGRĞüRGOHJá\FKZRJyOHQLFQLHZLG]LDáHP
²-DN"6NąGSDQVLĊWXZ]Ląá"²V]HSQąáHPQLHPDO]OĊNLHP
²=MDZLáHPVLĊGRĞüV]\ENRFRSDQDSHZQLHG]LZLJG\E\SDQMHGQDNPyJáE\ü
REHFQ\SU]\UR]PRZLHPRMHM]ĪRQąG]LZLáE\VLĊSDQĪHWDNSRZROLVWDPWąGZ\V]H-
GáHP«$SURSRV-HVWSDQF]áRZLHNLHPSHáQ\PWDNWXLGRVNRQDá\FKPDQLHU0XV]ĊZLĊF
SDQD]DS\WDüRWZDUFLHF]\QLHEXG]LZSDQXZVWUĊWXIDNWGRĞüVPXWQ\ĪHEĊG]LHSDQ
VLHG]LDáSU]\MHGQ\PVWROH]F]áRZLHNLHPNWyU\SU]HGFKZLOą]RVWDáVSROLF]NRZDQ\"
²3DQ"
²:RODáE\PDĪHE\WRPyJáE\üNWRĞLQQ\DOHQLHE\áRLQQHMRILDU\
²ĩRQD"7RDĪWDNJZDáWRZQLH"3RFyĪMHMSDQND]DáSLüUXP"
² %H] UXPX E\áRE\ JRU]HM UXP ]DĞ RGMąá MHM PRFQ\P QRJRP SHZQRĞü UXFKyZ
DVLOQ\PMHMUXFKRPRGMąáWĊJRĞüLVSUĊĪ\VWRĞüWDNĪH]RVWDáHPREUDĪRQ\GRĞüOHNNR
UDF]HMQDGXV]\QLĪQDFLHOH
²%LHGQ\SDQMHVWF]áRZLHNGURJLSDQLH«
²3DĔVNLHZVSyáF]XFLHZ\OHZDQDPRMąVWHUDQąJáRZĊQDMFXGRZQLHMV]HEDOVDP\
2GVWXPLOLRQyZODWQLHE\áRPLWDNGREU]HLWDNUDGRĞQLH']LĊNXMĊSDQX]FDáHJRVHUFD
3U]HE\ZDPFLąJOHZĞUyGWDNLHMKRáRW\ĪHJRG]LQDVSĊG]RQD]F]áRZLHNLHPWDNQLHQD-
JDQQ\FKPDQLHU]F]áRZLHNLHPRWDNLHMMDNSDQZ]QLRVáRĞFLGXFKDMHVWGODPQLHZLH-
NLHPV]F]ĊĞFLD
²1LHFKSDQSLMH
² ']LĊNXMĊ 1DZHW WR SDVNXG]WZR Z\GDMH PL VLĊ Sá\QHP SU]HG]LZQHJR VPDNX
8F]\ĔP\MHQLHFRPRFQLHMV]\P
3RGQLyVáGRXVWV]NODQNĊZyGNLLZWHMFKZLOLNLHG\Mą]EOLĪDáGRXVWVWDáRVLĊFRĞ
VWUDV]QHJRRF]\MHJRSR]LHOHQLDá\WZDU]VWDáDVLĊV]DUDD]HV]NODQNLEXFKQąáSáRPLHĔ
VLQ\LMDGRZLW\'\UHNWRUSLüJRSRF]ąá]OXERĞFLąLZ\SLáGRGQD
3RUZDáHPVLĊ]NU]HVáD*áRZDPRMD]PLHQLáDVLĊQDJáHZV]F]RWNĊGRF]\V]F]HQLD
XEUDQLDWDNSU]HUDĨOLZ\VWUDFKSRGQLyVáPRMHZáRV\&KFLDáHPXFLHNDü
²&R"«FR«WRE\áR"«²Z\MąNDáHP
² -HGQL OXELą ]LPQH GUXG]\ JRUąFH ² U]HNá G\UHNWRU WDNLP JáRVHP MDN JG\E\
Z\GRE\ZDáJR]EU]XFKD²&RSDQDWDN]GXPLDáR"
DTP by SHADE
45
².WRSDQMHVWQD%RJD.WRSDQMHVW"²NU]\NQąáHP]GXV]RQ\PJáRVHP
1DJOHODPS\SU]\JDVá\MDNZWHDWU]H]URELáRVLĊEDUG]RFLFKRDG\UHNWRUSRGQLyVá-
V]\VLĊ]NU]HVáDU]HNá]XNáRQHP
²'LDEHáDOHGRSDĔVNLFKXVáXJ«
&RĞPQLHVFKZ\FLáR]DJDUGáRWDNĪHPLEUDNáRSRZLHWU]DF]XáHPĪHRF]\PRMH
Z\áDĪą]RUELWVHUFHSRGHUZDáRVLĊL]DF]ĊáRVLĊGRELMDüGRSLHUVLMDNXFLHNDMąF\]SR-
ĪDUXF]áRZLHNGRELMDVLĊGRGU]ZLQRJLXJLQDá\VLĊSRGHPQąMDNE\P]DSDGDáZEDJQR
RZáRVDFKMXĪQLFQLHZLHG]LDáHPZHZQĊWU]XJáRZ\SRF]XáHP]LPQRGRWNOLZHVWUDFK
ERZLHPĞFLąáPLPy]JZEU\áĊORGX
6WUDV]OLZ\F]áRZLHNQDJOHSRVPXWQLDá=JDVLáRF]\MDN]LHORQHODWDUHQNLQDWZDU]
ZUyFLá\PX]Z\NáHNRORU\/DPS\]DMDĞQLDá\,]DF]ąáPyZLü]PHODQFKROLą
²2WyĪWR2WyĪWR",SDQVLĊSU]HVWUDV]\áQDZHWSDQ-HVWPLQLH]PLHUQLHSU]\NUR
RQLHXPLHPSDQXWHJRZ\UD]LüMDNEDUG]RPLSU]\NUR1LHFKĪHVLĊSDQXVSRNRLLXVLą-
G]LH«
=EOLĪ\áVLĊNXPQLHLVLáąSRVDG]LáQDNU]HĞOH'XV]DPRMDXFLHNáDMDNMHORQHNRSDVáH
FLDáRQLHE\áRZVWDQLHXF]\QLüQDMPQLHMV]HJRUXFKX:RG]LáHP]DQLPZ]URNLHP]GX-
PLRQ\P SU]HOĊNá\PQDSyá ]ZDULRZDQ\P :XV]DFK PL V]XPLDáR6HUFHXVSRNDMDáR
VLĊSRZROLZLG]ąFĪHPXVLĊĪDGQDNU]\ZGDQLHG]LHMH0LDáHPZUDĪHQLHĪHNWRĞPyZL
GRPQLH]RGGDOLMDNE\SU]H]WXEĊ
$RQPyZLá
²7RVąVNXWNLVWUDV]HQLDG]LHFLGLDEáHP,QLHFKPLSDQSRZLHFRZHPQLHMHVW
VWUDV]QHJR"7DNLVDPMHVWHPMDNLQQLWURFKĊW\ONREU]\GV]\«
²2F]\«²SRZLHG]LDáRFRĞZHPQLHDOHQLHMD
²2F]\"«7URFKĊPL]DEá\Vá\$XOXG]LQLHZLG]LDáSDQEá\V]F]ąF\FKDOER]LHORQ\FK
RF]X"
²1RJD«²SRZLHG]LDáR]QyZFRĞZHPQLHEH]PRMHJRZ\UDĨQHJRZVSyáXG]LDáX
²1RJD"1RFyĪ"7URFKĊQLHIRUHPQD²7UXGQRGURJLSDQLHNRS\WR:ROĊMHGQDN
PRMHGLDEOHNRS\WRQLĪQLHNWyUHOXG]NLHQRJL:LHSDQFRWRMHVWSRGROVNDVWRSD"2WyĪ
MDZROĊPRMHNRS\WR:NDĪG\PUD]LHMHVWRQRUDF]HMNRĔVNLHQLĪRĞOHNWyUHVLĊG]LVLDM
]GDU]DXOXG]L,FyĪQDG]Z\F]DMQHJRZPRMHMQRG]H"
²3DQSLáRJLHĔ«²U]HNáHPNRQDMąF\PJáRVHP
²*G\E\SDQWRPyJá]QLHĞüSLáE\SDQWDNĪHZWHQVDPVSRVyE3R]ZROLSDQDOH
QDZHWGLDEHáQLHPRĪH]QLHĞüZ\URELRQHJR]NDUWRIOLSU]H]OXG]LSDVNXG]WZDZMHJRQLH-
]PLHQLRQHMSRVWDFL:ROĊMXĪZRJQLVWHMIRUPLH1RQR6SRNRMQLHVSRNRMQLH«1LHWDNL
GLDEHáVWUDV]Q\3UDZGD"
²3UDZGD«
²,MXĪVLĊSDQQLHERL"
²&RUD]PQLHM«
²:LĊFEH]WUZRJLLMDVQRSDWU]ąFQDU]HF]\ZLG]LSDQWHUD]MDNEU]\GNLFKVSRVR-
EyZRGZLHNyZXĪ\ZDNRQNXUHQFMDGRSRKDĔELHQLDGLDEáD$F]DUQ\DPDURJLDZĞFLH-
Ná\D]JĊE\EXFKDPXSáRPLHĔDF]\KDQDGXV]ĊOXG]Ną«3DQLH-DZĪ\FLXPRLPQLH
]URELáHPQLNRPXQLF]áHJR&yĪMD]UHV]WąPRJĊELHGQ\QLH]áRĞOLZ\GLDEHáZREHFF]áR-
ZLHND"=DWRLOHGLDEHáSRWUDILZ\FLHUSLHüRGF]áRZLHNDWHJRQLNWE\QLH]OLF]\á«-DNĪH
WDP]VDPRSRF]XFLHP"
²&RUD]OHSLHMW\ONRQLHFKSDQQLHURELĪDGQ\FKV]WXN
²&KDFKD²]DĞPLDáVLĊGLDEHá²PyMUHSHUWXDUMHVWPRFQRRJUDQLF]RQ\:V]\VW-
NLHPRMHV]WXNLSRNDĪĊSDQXQDĪąGDQLH.LONDSDQMXĪZLG]LDá]UHV]Wą1DSLMP\VLĊ
²1DSLMP\VLĊ=SDQHPUR]PDZLDVLĊEDUG]RPLáR-HGQDNEDUG]RPQLHSDQSU]H-
VWUDV]\á
²3U]\VLĊJDPSDQXĪHSU]HVWUDV]\áE\VLĊSDQWDNVDPRJG\E\SDQQDJOHXMU]Dá
DQLRáD7\ONRĪHJRSDQQLH]REDF]\'LDEHáMHVWWRLVWRWDEOLĪV]DF]áRZLHNDEDUG]LHMFLH-
NDZDĪ\FLDLEDUG]LHMWRZDU]\VND$QLRáSDQLHWRMHVWKUDELDDU\VWRNUDWDVWZRU]HQLH
VXEWHOQHLGHOLNDWQHZLĊFQLHFKĊWQLHZFKRG]LZ]LHPVNąDWPRVIHUĊNWyUDSUDZGĊSR-
DTP by SHADE
46
ZLHG]LDZV]\EU]\GNRSDFKQLH$GLDEHá]GURZ\FKDPEUDWáDWDGREU\NRPSDQVWDU\
]QDMRP\EH]IRFKyZEH]PLQEH]SUHWHQVMLZOH]LHZV]ĊG]LHLZV]ĊG]LHPXGREU]H3U]\
W\PDQLRáRZLEDUG]RMHVWWUXGQRSRND]DüVLĊZĞUyGOXG]LPXVLERZLHPSU]\EUDüNV]WDáW
SRHW\F]Q\U]HZQ\LQDGREQ\PXVLE\üPáRG]LHĔFHP]SLĊNQ\PLORNDPL]GáXJąODVNą
ZUĊNXELDáRXEUDQ\1LHFKSDQVRELHZ\REUD]LSRMDZLHQLHVLĊWDNLHMFXGRZQLHU]HZQHM
LVWRW\ZOXG]NLPV]DU\PWáXPLH$GLDEHáGURJLSDQLHWDNMHVWSRGREQ\GRF]áRZLHND
DUDF]HMF]áRZLHNWDNMHVWSRGREQ\GRGLDEáDĪHQDME\VWU]HMV]HQDZHWRNRLFKRGVLHELH
QLHRGUyĪQL&]\SDQE\áE\VLĊGRP\ĞOLáNLPMHVWHPJG\E\PSDQXWHJRQLHSRZLHG]LDá"
²%\üPRĪHĪHQLH«FKRFLDĪSDĔVNLHQDJáHSRMDZLHQLHVLĊ«
²:NLQHPDWRJUDILHURELąMHV]F]HOHSV]HV]WXNL«
²:LĊFQLHFKPLSDQSRZLH«1LHZLHPF]\ZROQR"
²'XPQ\MHVWHP]WHJRĪHSDQS\WDGLDEáDRSR]ZROHQLHLĪHSDQWDNGRVNRQDOH
SU]HVWU]HJDIRUP=D]Z\F]DMSĊG]DVLĊQLHV]F]ĊVQHJRGLDEáDMDNSVD3URV]ĊQLHFKSDQ
UDF]\]DGDZDüPLS\WDQLD
²6NąGVLĊSDQWXZ]Ląá"'ODF]HJRWXLGODF]HJRZWHMSRVWDFL"3U]HFLHĪSDQLVWRWD
SRWĊĪQD«
²3RWĊĪQD"2FKPáRG\PLá\SDQLH-DNLHĪIDáV]\ZHLQIRUPDFMH&RSDQQD]\ZD
SRWĊJą"7RĪHSRWUDILĊRF]\]URELüQD]LHORQR"$OERĪHSLMĊZyGNĊ]RJQLHP"3LHUZV]\
OHSV]\XF]FLZLHIDFKRZ\SLMDF]\QD]URELWRVDPR8PLHPZSUDZG]LHZLHOHV]WXNZSR-
GREQ\PURG]DMX]QDF]QLHHIHNWRZQLHMV]\FKDOHLQDW\PNRQLHF7RVąĞURGNLGURJL
SDQLHPQLHMOXEZLĊFHM]UĊF]QHPQLHMOXEZLĊFHMGRZFLSQHVSRVRE\«
²'RF]HJR"
²'RXWU]\PDQLDGREUHJRLPLHQLDILUP\3LHNáRMHVWZVWDQLHEDQNUXFWZD&]áRZLHN
]DF]\QDE\üPąGU]HMV]\VSU\WQLHMV]\L]UĊF]QLHMV]\RGGLDEáD
²1LHPRĪOLZH
² 1LHVWHW\ DOH PRĪOLZH 7Ċ JDUVWNĊ SR]RUQ\FK WDMHPQLF NWyU\FK GLDEHá XĪ\ZDá
DE\VRELH]DSHZQLüSRV]DQRZDQLHLMDNąWDNąSR]\FMĊZĞZLHFLHF]áRZLHNRGJDGQąáMXĪ
SUDZLH]XSHáQLHĩDGHQSDWHQWQDVQLHFKURQLGURJLSDQLH$QLHFKSDQSRP\ĞOLMDN
VLĊSLHNáRPXVLDáRZ\VLODüDE\VZRMHV]WXF]NLRWRF]\üQLPEHPFXGRZQRĞFLJUR]\DOER
VWUDV]OLZRĞFL 7U]HED E\áR DZDQWXU ] à\Vą *yUą ] PLRWáą ] F]DURZQLFDPL ] NR]áHP
]PRSVHP]GZXQDVWąJRG]LQą]QDPDV]F]DQLHPVLĊ]DF]DURZDQ\PLPDĞFLDPL]Z\-
ODW\ZDQLHPSU]H]NRPLQ$VNXWHN"6NXWHNE\áWDNLĪHMDNDáDFLDWDVWDUDNURZDZMD-
NLHMĞZVLSU]HVWDáDGDZDüPOHNRLWU]HEDE\áRVSáDZLüF]DURZQLFĊ+DMĪHZWHG\QDGLD-
EáD&]\WRVLĊSDQXZV]\VWNRQLHZ\GDMHG]LĞĞPLHV]QH"&]DURZQLFH.DĪGDDNWRUND
VWDUF]\]DZV]\VWNLHVSDORQHF]DURZQLFH
²1LHVWHW\«
² $OER ] W\P ODWDQLHP GURJL SDQLH 'LDEHá ODWDá QD UR]SRVWDUWHM SáDFKFLH ODWDá
QLH]UĊF]QLHQLHZ\JRGQLHLZGRĞüJURWHVNRZ\VSRVyE1LHFKSDQWHUD]SRP\ĞOL]MDNą
]DZLĞFLąSDWU]HüPXVLGLDEHáQDDHURSODQ,QLHFKVLĊSDQ]DVWDQRZLĪHMHGQDNGLDEHá
QLHSRWUDILáZSU]HFLąJXQLHZLHOXFKZLOREOHFLHü]LHPLGRRNRáDĞZLDWD«$UDGLR"3DQLH
F]áRZLHNMHVWVWUDV]OLZ\&]áRZLHN]JXELGLDEáDFRPyZLĊ"-XĪJR]JXELá
²&RWHĪSDQPyZL"
² 0yZLĊ ] JRU\F]ą OHF] PyZLĊ SUDZGĊ 0HWRG\ GLDEHOVNLH F]áRZLHN XGRVNRQDOLá
LVSUHF\]RZDá'LDEHáPXVLVLĊSRFLüNOHFLüQLHE\ZDáąLQWU\JĊXĪ\ZDüGRQLHMG]LHVLąW-
NyZOXG]LZ\VLODüGRZFLSDE\QDSU]\NáDGVNOHFLüRV]F]HUVWZR:WHG\ZSDGDZV]Dá
UDGRĞFLĪHMHVWJHQLDOQ\LĪHSRWUDILáGRND]DüWHJRĪHMHGHQF]áRZLHNRF]HUQLáGUXJLHJR
+D1LHFKSDQWHUD]ZHĨPLHGRUĊNLE\OHJD]HWĊLQLHFKSDQSRZLHNWROHSLHMSRWUDIL
GLDEHáF]\F]áRZLHNF]áRZLHN]HVWXZLHUV]DPLGUXNX
²:LVWRFLHSDQPQLH]GXPLHZD
²=GXPLDáE\PSDQDZLĊFHMOHF]WU]HEDE\QDWRGáXJLHJRF]DVXLQLHE\ZDáHMLOR-
ĞFLZLQDDE\JRXSU]\MHPQLüE\SDQXZ\ND]DüEDQNUXFWZRGLDEáDLVWRW\SRĪ\WHF]QHM
LSRĪąGDQHM«
²3RĪ\WHF]QHM"3RĪąGDQHM"
DTP by SHADE
47
² 7DN SDQLH -DN SHZQH FLDáND Z RUJDQL]PLH OXG]NLP WDN GLDEHá NRQLHF]Q\ E\á
Z RUJDQL]PLH ĞZLDWD 'LDEHá Z\WZDU]Dá UXFK Ī\FLH WHPSHUDPHQW ZSURZDG]Dá Ī\FLH
ZVWDQZU]HQLDSRGQLHFDáXP\VáLQDQLHV]F]ĊĞFLHVZRMH]DSUDZLDáF]áRZLHNDGRZDONL
]HZV]\VWNLPWĊS\PQLHUXFKDZ\PLEH]SáRGQ\P'LDEHáQDXF]\á.DLQDZRMQ\SUDZGD
²1RHJRSLMDĔVWZD²SUDZGD²DOH*UHNDQDXF]\áU]HĨE\D+RUDFHJRSLVDQLDZLHUV]\
RV]WXFHNRFKDQLD%RUJLRZLHWRE\á\GLDEá\SU]\U]ąG]DMąFHWUXFL]QĊDOH6]HNVSLUE\á
WHĪGLDEáHPNWyU\ZLHG]LDáRF]áRZLHNXZLĊFHMQLĪQDMXF]HĔV]\GLDEHá]IDFKX:ROWHU
E\áWRGLDEHáVWUDV]OLZ\]áRĞOLZ\LGRZFLSQ\1DSROHRQE\áWRGLDEHáZVSDQLDá\LS\V]-
Q\7RZV]\VWNRNRĞü]NRĞFLQDV]HM3LHNáRE\áRFKPXUąFLĊĪNąLQLHNV]WDáWQąSRQXUą
EU]XFKDWąLFLĊĪDUQąDFLOXG]LHWRE\á\Eá\VNDZLFH]WHMFKPXU\0\XPLHOLĞP\]ELHUDü
PDWHULDá\RQLZ\NRU]\VWXMąFQDVLQDV]ąJáXSRWĊURELOL]WHJRVZRMHQLHVá\FKDQHNDULH-
U\&]áRZLHNQDVRNUDGDá]DZV]H]SRP\VáyZ]LGHLLZ\QDOD]NyZ2NUDGDáWHĪLQLHER
XNUDGáV]\PXSLRUXQ
²&]HPXSR]ZDODFLHQDWR"
²3DQ]DSRPLQDĪHMHVWHĞP\SRGNXUDWHOąLĪHQLHPDP\SUDZDMDZQHMUHSUH]HQ-
WDFML:OHVLHĪ\FLDXSUDZLDP\MHG\QLHNáXVRZQLFWZRP\ĞOLZ\P]DĞSROXMąF\PMDZQLH
LSUHF\]\MQąEURQLąMHVWF]áRZLHN
²%LHGQHGLDEá\
²']LĊNXMĊSDQX]DGREUHVáRZR«7RFRSDQXPyZLĊMHVWSRZLHG]LDQH]JUXEV]D
RGPDORZDáHP SDQX WUDJHGLĊ GLDEáD Z RJyOQ\FK ]DU\VDFK 7UDNWXMąF U]HF] GRNáDGQLH
UR]SDWUXMąFLGHĊGLDEHOVNąZMHMROEU]\PLPUR]URĞFLHZHZV]\VWNLFKSU]HMDZDFKĪ\FLD
WU]HEDE\QDSLVDüWRP\PyZLüRW\PSU]H]FDáHODWD]NDWHGU\=UHV]WąFyĪMDZLHP"
1LF-HVWHPGLDEáHPVLHGHPG]LHVLąWHJRVWRSQLDZLĊFGLDEáHPOLFK\PLPL]HUQ\P0XVL
SDQZLHG]LHüĪHZV]HONLH]RWHU\]PEUDáVWRSQLRZDQLHZKLHUDUFKLLZWDMHPQLF]HĔ]V\V-
WHPX QDV]HJR -D WHG\ MHVWHP GLDEHOVNLP SDFKRáNLHP SUROHWDULXV]HP SLHNáD PXV]Ċ
GRGDüLQWHOLJHQWQ\PSUROHWDULXV]HP«
²0LDáHP]DV]F]\WMXĪWR]DXZDĪ\ü«
² 2FK MHVWHP Z]UXV]RQ\« 6ą MHGQDN GLDEá\ Z\ELWQH PąGUH Vą JHQLDOQH &L
E\SRWUDILOLSDQXZ\ND]DüFRLLOH]DZG]LĊF]DQDPF]áRZLHNQDMEDUG]LHMFK\WUDLVWRWD
ZHZV]HFKĞZLHFLH
²3R]ZROLSDQMHGQDN]DS\WDüSDQOXG]LQLHQDZLG]L"
²7R]DZLHOHSRZLHG]LDQH-DVLĊOXG]LERMĊDQLHEDUG]RNRFKDVLĊWHJRNRJRVLĊ
OĊND
²'ODF]HJyĪSDQQRVLSRVWDüOXG]Ną"&]HPXSDQVLHG]LWXWDM]HPQąLĪ\MHPRLP
Ī\FLHP"
²7RNRQLHF]QRĞüSURV]ĊSDQDLWRMHVWPRMDSU]HUDĨOLZDWUDJHGLD=RVWDáHP]SLH-
NáDZ\GDORQ\«
²:\GDORQ\"=SLHNáD"3DQĪDUWXMH3LHNáRQLF]HJRQLHRGGDMH
²-HVWWRMHV]F]HMHGQDIDáV]\ZDRSLHNOHOHJHQGD=RVWDáHPZLVWRFLHSR]EDZLRQ\
SUDZD]DPLHV]NLZDQLDZSLHNOH6WąGPyMVPXWHNLPRMDQRVWDOJLD:V]\VWNLHPXMHVW
ZLQQDUHGXNFMD
²&KDFKDFKD
²ĝPLHFKSDĔVNLUDQLPRMHVHUFH-DE\QDMPQLHMQLHĪDUWXMĊ:SLHNOHQDVWąSLáD
UHGXNFMD
²&]HPX"
² : SLHNOH Vą EH]URERWQL SURV]Ċ SDQD :\WáXPDF]Ċ WR SDQX Z GZyFK VáRZDFK
2WyĪ ZLG]L SDQ NLHG\ ĞZLDW MDNR WDNR XSUDZLDá FQRWĊ F]\OL MDN VLĊ X ZDV PyZL Ī\á
³SRERĪHPX´E\áRXQDVGRĞüSXVWR7U]HEDE\áR]GRE\ZDüOXG]LWU]HEDE\áR]DELHJDü
URELüVWDUDQLDZ\SUDZ\SRáRZ\'LDEáyZZ\V\áDQRQDĞZLDWMDNRNRPLZRMDĪHUyZLGLD-
EOLZ\FKRG]LOL]VLyGPHMVNyU\DE\]GRE\üNRJRĞGODSLHNOą5R]XPLHSDQ"«
²5]HF]QLHMHVWWUXGQDGRSRMĊFLD
²,MDFKRüGLDEHáQDMQLĪV]HMUDQJLPLDáHP]DMĊFLHQDZHWGXĪR]DMĊFLD5D]SU]H]
ODW VLHGHP NXVLáHP NDVMHUD DE\ RNUDGá NDVĊ 3yá URNX WU]HED E\áR Z W\FK GREU\FK
DTP by SHADE
48
F]DVDFKQDPDZLDüSDQLHQNĊDE\VLĊ]DSRPQLDáD$G]LĞ"']LVLDMGURJLSDQLHGRSLH-
NáD]GąĪDWáXP²VDP]ZáDVQHMZROLREU]\GOLZ\WáXPOXG]LHQRZLQLHLQWHUHVXMąF\
]H]á\PLPDQLHUDPLSDFKQąF\ĨOHĨOHXEUDQLQLMDF\3RFyĪWXGLDEHá"&RGUXJLF]áRZLHN
QDXF]\áVLĊNUDĞüFRWU]HFLRV]XNLZDüFRF]ZDUW\URELüQDMEUXGQLHMV]HLQWHUHV\DNDĪG\
JUDQDJLHáG]LH3URV]ĊSDQD3U]HGG]LHVLĊFLXODW\QDOHNDUVWZRQLH]QDOD]áSDQZSLHNOH
NXSFD1LHFKSDQSyMG]LHL]REDF]\WHUD]«
²3R]ZROLSDQĪHQLHSyMGĊ²ZLHU]ĊQDVáRZR
²$FKWDNVLĊWRW\ONRPyZL3DQPDMHV]F]HF]DV$OHSRZLHPSDQXU]HF]G]LZ-
QLHMV]ą2WRUDU\WDVHPZSLHNOHE\áSROVNLV]HZF
²1LHPRĪHE\ü
²7DNMHGQDNE\áR%\áWRQDUyGWZDUG\XF]FLZ\SRERĪQ\LG]LHOQ\àDWZLHME\áR
RNDUG\QDáDZSLHNOHQLĪRWDNLHJRV]HZFD
²$G]LĞ"
²0RĪHSDQ]V]HZFyZZSLHNOHZ\VWDZLüDUPLĊ6WUDFKFRVLĊUREL]W\PLOXGĨ-
PL =D V]HZFDPL SU]\V]OL NUDZF\ ]D NUDZFDPL LQQL :LĊF FyĪ PD GR URERW\ GLDEHá"
1LF&K\EDXWU]\P\ZDüSRU]ąGHNXZHMĞFLDDE\VLĊKRáRWD]E\WQLRQLHSFKDáD1LJG\
SLHNáRQLHZ\JOąGDáRKRáRWQLHMQLĪWHUD]7RWHĪSRáRZĊGLDEáyZQLĪV]HMNDWHJRULLGLDEOL
Z]LĊOLWRMHVWFKFLDáHPSRZLHG]LHü²]ZROQLRQRLU]XFRQRQDEUXN1DEUXNWR]QDF]\
SU]HQLHVLRQRQDVQD]LHPLĊJG]LHMHVWSáDF]L]JU]\WDQLH]ĊEyZ:WHQVSRVyELMDVLĊ
WXGRVWDáHPLSáDF]Ċ
²7DNSDQXĨOH"
²ħOH"3DQLHMDMHVWHPQDMQLHV]F]ĊĞOLZV]ąLVWRWąQD]LHPL
²1RQRQR
²1LHZLHU]\SDQ"3U]HFLHSDQZLG]LF]\PMHVWHPLJG]LHMHVWHP:SDUV]\Z\P
]DEáRFRQ\PPLHĞFLHLSRND]XMĊV]WXNLZNDEDUHFLH
²:LG]ĊDOHQLHUR]XPLHP=SDĔVNLPLV]WXNDPLLSDĔVNąLQWHOLJHQFMąPRĪHSDQ
Ī\üMDNNVLąĪĊZ3DU\ĪX
²1LHSDQLHQLHPRJĊ0RMHJáXSLHV]DUODWDĔVWZDVąGREUHGODWHMKRáRW\WUXGQLHM-
V]HU]HF]\WHĪW\ONRGODQLHM:3DU\ĪX]E\WQLRE\VLĊPQą]DLQWHUHVRZDQRFRE\áRE\
GODPQLHQLH]E\WEH]SLHF]QH=UHV]WąVLHG]ąWDPGLDEá\FDá\PWáXPHPZV]\VWNRJQDáR
GRZLHONLFKPLDVW.LONX]QDOD]áRPLHMVFHZG\SORPDFMLZLHOXRWZRU]\áRNQDMS\LGRP\
JU\-DMHVWHPVNURPQ\LQLHMHVWHPGRĞüSU]\JRWRZDQ\GRZLHONLHJRĪ\FLD7XZHJH-
WXMĊ ]DFLVQąZV]\ ]ĊE\ 7X ]UHV]Wą SU]HGWHP E\W WHUHQ PRMHJR G]LDáDQLD ]QDP NUDM
LOXG]L5\]\NRZDüQLHFKFĊ]UHV]Wą]ĪDUWDPQLHWĊVNQRWD]DSLHNáHP'RĞüMXĪLWXPLD-
áHPSU]HMĞü
²7RSDQQLHRGSRF]ąWNXZWDNLHMSRQLHZLHUFH"
²1LH3UyERZDáHPUR]PDLW\FK]DZRGyZ=W\PE\áDSHZQDWUXGQRĞüERMDNSDQ
ZLG]L WD PRMD QLHV]F]ĊVQD QRJD EDUG]R PL SU]HV]NDG]D ] WDNą QRJą QLH PRJĊ E\ü
OLVWRQRV]HPSRVáDĔFHPDNWRUHPĞSLHZDNLHPF\NOLVWąĪRáQLHU]HPQLHPRJĊE\üQD-
XF]\FLHOHPWDĔFD²ZLHOH]DZRGyZMHVWGODPQLH]DPNQLĊW\FK3UDFRZDáHPZLĊFQDVWR
LQQ\FKVSRVREyZL]DURELáHPWURFKĊJURV]D
²7RGRVNRQDOH
²1LHVWHW\3U]\VWąSLáHPGRVSyáNL]MHGQ\PF]áRZLHNLHPLF]áRZLHNPQLHRNUDGá
*UDáHPSRWHPQDJLHáG]LHLSRV]HGáHP]NZLWNLHP-HVWHP]UXMQRZDQ\LRWMDNWHUD]
SUDFXMĊ3áDNDüPLVLĊFKFHLOHUD]\Z\áDĪĊQDWĊHVWUDGĊ
²3U]HSUDV]DPSDQD3R]ZROĊVRELHDOHQLHFKVLĊSDQQLHJQLHZD«
²1LHFKSDQPyZL«
²2WyĪ]SDĔVNLPVSU\WHP]SDĔVNąIHQRPHQDOQą]UĊF]QRĞFLą]SDĔVNąGLDEHOVNą
XPLHMĊWQRĞFLą]QLNDQLDPyJáE\SDQ«
²&R"ĞPLDáRĞPLDáR
²0yJáE\SDQ]URELüPDMąWHNMDNLE\VLĊSDQXSRGREDáR
²:MDNLVSRVyE"
²:MDNL"1R«:QDMSURVWV]\«3LHUZV]\OHSV]\EDQN«5R]XPLHSDQ«3LHUZV]D
DTP by SHADE
]EU]HJXNDVD«3LHUZV]\ZXOLF\
MXELOHU«
²&RWDNLHJR"
²1LHFKVLĊSDQQLHJQLHZDDOHWRSU]HFLHĪWDNLHSURVWH«
²1LHSDQLH7RQLHMHVWSURVWH1LHJQLHZDPVLĊERWRPyZLF]áRZLHN&]áRZLHN
QLHZ\REUDĪDVRELHĪHE\QLHPRĪQDE\áRLĪHQLHQDOHĪDáRE\VNRU]\VWDü]SHZQ\FK]DOHW
GLDEHOVNLFK$OHZLG]LSDQGLDEHáQLHNUDGQLHFKRüRNUDGDMąGLDEáD:SDNFLH]F]áR-
ZLHNLHP]DZV]HF]áRZLHNRV]XNLZDáGLDEáDQLJG\QDRGZUyW'LDEHáZLHU]\áZOXG]NLH
VáRZRF]áRZLHNXZDĪDáĪHQLHQDOHĪ\JRGRWU]\P\ZDü0LDááDWZąXFLHF]NĊL]DZV]H
XFLHNDá'LDEHáMHGQDNSU]HVWU]HJDSUDZLGHáKRQRUX+RQRUQLHSR]ZDODNUDĞü
²3U]HSUDV]DPSDQDEDUG]R«
²$FKQLHPD]DFR3DQQLHPyJáP\ĞOHüLQDF]HM2GLDEáDFKQLNWQLJG\GREU]H
QLHP\ĞODá:LHOHU]HF]\OXG]NLFKQDSHáQLDPQLHEROHĞFLąZLHOHU]HF]\PQLHĞPLHV]\
ZLHOH LU\WXMH 1DMEDUG]LHM MHGQDN SVXMH PL Īyáü QDZ\N F]áRZLHND GR SRPLDWDQLD GLD-
EáHP&]áRZLHNVDPQLHZLHSRFRLGODF]HJRV\SLH]JĊE\VZRMHQLHPąGUHSRZLHG]H-
QLDRGLDEOH1DNDĪG\PNURNXPRĪHSDQXVá\V]Hü³,GĨGRGLDEáD´²³QLHFKFLĊGLDEOL
SRUZą´ ²F]DUFLV\Q´ ² ³GLDEHOVNLH QDVLHQLH´ SLĊNQD Z VZRMHM JUR]LH JyUD EĊG]LH
]DZV]H³F]DUFLąJyUą´QLHEH]SLHF]QDSU]HáĊF]³GLDEHOVNLPSU]HVP\NLHP´1LHFKEĊG]LH
-HGQRMHVWJáXSLHGUXJLHRZV]HPZ\Sá\ZD]SRG]LZXGODGLDEáD1LHFKPLSDQMHGQDN
Z\WáXPDF]\VNąGVLĊZ]LĊáRSRZLHG]HQLH³V]DWDĔVNLXĞPLHFK´"²DOER]DĞPLDáVLĊMDN
V]DWDQ´"
²:LVWRFLHQLHZLHP«
²-DZLHP&]áRZLHNVZRMHZLDGRPRĞFLRGLDEOHF]HUSLH]RSHU\,GLRWDDNWRUUREL
ZQLHMGLDEáDLZ\GRE\ZD]EU]XFKDUHFKRWĪDELNWyU\QD]\ZDVLĊ³GLDEHOVNLP´ĞPLH-
FKHPDOER³SLHNLHOQ\P´ĞPLHFKHP
²$MDNĪHĪĞPLHMHVLĊGLDEHá"
²'LDEHáQLHĞPLHMHVLĊQLJG\1LHPDZHZV]HFKĞZLHFLHLVWRW\EDG]LHMVPXWQHM
QLH PD QLJG]LH LVWRW\ EDUG]LHM ]ERODáHM GR JáĊEL VHUFD VPĊWQHM QLĪ GLDEHá 'ODF]HJR"
6ąWRMXĪVSUDZ\QLHGRWRZDU]\VNLHMUR]PRZ\=RVWDZP\WR2WyĪZUDFDMąFGRPRMHM
KLVWRULL MHVW MHV]F]H MHGQD WUXGQRĞü Z PRLP Ī\FLX QLH PDP GRNXPHQWyZ -DN SDQ
WRáDWZRUR]XPLHQLHMHVWHPRFKU]F]RQ\ZLĊFQLHPDPPHWU\NL1DĞZLHFLH]QDOD]áHP
VLĊZJRWRZHMSRVWDFLZWHMZMDNLHMPQLHSDQRJOąGDZLĊFQLHPDPĪDGQHJRRVREL-
VWHJRGRZRGX
8ĞPLHFKQąáHPVLĊDOHQLFMXĪQLHSRZLHG]LDáHP'LDEHá]DXZDĪ\áPyMXĞPLHFKLRG-
SRZLHG]LDáQDMHJRWUHĞü
² 6IDáV]RZDü" 1LF áDWZLHMV]HJR DOH MDN MXĪ SDQX SRZLHG]LDáHP PDP ZVWUĊW
GRRV]XVWZD0RĪQDĪ\üLEH]GRNXPHQWyZDU]HF]SURVWDĪHáDWZLHMVLĊXGDZPDá\P
PLHĞFLH JG]LH QD WR PDáR ]ZUDFDMą XZDJL QLĪ Z ZLHONLP JG]LH OXG]LH ZV]\VWNLHJR
VąFLHNDZL«
²:MDNLĪVSRVyE²SU]HUZDáHP²QLHPDMąFPHWU\NLPyJáVLĊSDQRĪHQLü"ĝOXE
]UHV]WąELHU]HVLĊ]D]Z\F]DMZNRĞFLHOH«
²3DQLHàDWZLHMRĪRQĊQLĪRGRNXPHQW\7RWHĪXURF]\VWHMFHUHPRQLLPRMHJRĞOXEX
QLHW\ONRQLNWQLHXZLHF]QLáZDNWDFKDOHWHĪQLNWMHMQLHRJOąGDá0RMDĪRQDVSDGáDPL
U]HFPRĪQD]QLHED«$SRQLHZDĪWUXGQRE\áRĪąGDüRGQLHELRVĪHE\PQLHREU]XFDá\
]JyU\EáRJRVáDZLHĔVWZHPLV]F]ĊĞFLHPWRWHĪVSDGáRPL]JyU\QDMVURĪV]H]QLHV]F]ĊĞü
²$FKDWDNLHG]LNLHVWDGáRQLHMHVWRV]XVWZHP"
²%\QDMPQLHM-HVWWRXF]FLZ\LQWHUHVW\ONRĪHEH]]Z\F]DMRZHMDSUREDW\&]DVHP
WRZáDĞQLHĞOXEMHVWRK\GQ\PRV]XVWZHPERSU]\ĞOXELHVNáDGDVLĊSU]\VLĊJĊRNWy-
UHMZLHVLĊ]JyU\ĪHVLĊMHMQLHGRWU]\PD=UHV]WąZVSUDZDFKPLáRĞFLWDPJG]LHRQD
VSU]ĊJDGZRMHOXG]LQLHPDQLJG\RV]XVWZD/XG]LHDMDMHVWHPF]áRZLHNLHPQLJG\QLH
RV]XNXMąVLĊNLHG\VLĊVFKRG]ą]DF]\QDMąWRURELüGRSLHURNLHG\VLĊ]HV]OL
²3DQNRFKDáVZRMą²ĪRQĊ"
²-HVWHPZJáĊELVHUFDVHQW\PHQWDOQ\«
DTP by SHADE
50
²$F]\RQDZLHNLPSDQMHVW"
²1LH1LHSU]\SXV]F]DĪHMHVWHPGLDEáHPJG\ĪZWDNLPUD]LHPLDáDE\GODPQLH
WURFKĊZLĊFHMV]DFXQNXDOERF]XáDE\SU]HGHPQąWUZRJĊ
²1LF]WHJRQLHF]XMH"
²-HĪHOLXSRUF]\ZHXGHU]DQLHSU]HGPLRWHPSU]\]ZRLFLHFLĊĪNLPSRJáRZLHMHVWGR-
ZRGHPV]DFXQNXZWDNLPUD]LHMHVWHPQDMEDUG]LHMV]DQRZDQ\PPĊĪHP
²3RFyĪSDQWRFLHUSL"
² -HVWHP F]áRZLHNLHP SDQLH 'LDEHá VLĊ ZH PQLH EXQWXMH D F]áRZLHN SRNRUQ\
FLHUSL =UHV]Wą URPDQW\F]Q\ Ī\ZRW ZHGOH OXG]NLFK SRMĊü WD RVREOLZD PLáRĞü NWyUHM
PLWDNRELHWDGDMHGRZRG\PLáRĞüQLHFRFKPXUQDQLHFR]E\WJZDáWRZQDLEROHVQDMHVW
PRMąMHG\QąUR]U\ZNą3RQLHZLHUDQ\MDNF]áRZLHN]DSRPLQDPĪHMHVWHPZROQ\PGLD-
EáHP&LHUSLHQLHPRMHMHVWPQLHMV]HWĊVNQRWDPRMDSR]ZDODVLĊ]DJáXV]\üZU]DVNLHP
WHMEDE\
²1DG]Z\F]DMQH3DQWDNWĊVNQL"
²2WDN-HVWPLWDNVWUDV]QLHĨOHĪHQLHĞPLHPSDQXWHJRSRZLHG]LHü1LHPRJĊ
Ī\üZ]DGXFKXLZEDJQLHZĞUyG]áRG]LHLLRSU\V]NyZZĞUyGPDá\FKĞZLĔVWZLPDá\FK
PL]HUQ\FKáDMGDFWZ&KFĊXPU]Hü
².WyĪSDQXSU]HV]NDG]D"&]\WDNWUXGQRRĞPLHUü"
%LHGQ\GLDEHáVSRMU]DáVPXWQR
²%H]ZąWSLHQLDàDWZRSDQXáDWZRZV]\VWNLPáDWZRW\ONRPQLHWUXGQR
²%RLVLĊSDQ"
²&RWHĪSDQXOLFKDZ\JDGXMH-DSUDJQĊĞPLHUFLWDNMDNSDQ]DSHZQHSUDJQLH
Ī\FLDERLQDF]HMMDNSU]H]EUDPĊĞPLHUFLQLHPRJĊZUyFLüWDPGRNąGSUDJQĊZUyFLü
]FDáHMGXV]\GRVZRLFK
²$OHSDQDWDPQLHFKFą«
²=DF]\QDSDQUR]XPLHüV\WXDFMĊ7DNQLHFKFąPQLHWDPLQLHSR]ZDODMąPLXPU]Hü
.LHG\ĞZUHV]FLHWRQDVWąSLERGLDEHáQLHMHVWF]áRZLHNLHPZLĊFQLHMHVW]DZ]LĊW\GRQLH-
VNRĔF]RQRĞFLNLHG\ĞVLĊEUDFLDPRLXOLWXMąQDGHPQąLSR]ZROąPLVWąGXFLHFMDN]ZLĊ-
]LHQLD
²3UyERZDáSDQXPU]Hü"
²5]HF]SURVWD0\ĞODáHPZFLąĪZFLąĪPLDáHPQDG]LHMĊĪHMXĪMHVWHPXáDVNDZLR-
Q\OXEĪHPQLHSU]\MPąNLHG\VLĊXQLFK]MDZLĊ6WU]HODáHPGRVLHELHNXODSU]HV]áD
SU]H]VHUFHLVWáXNáDV]\EĊ7RSLáHPVLĊ]DQXU]DMąFJáRZĊQDFDáHJRG]LQ\SRGZRGą
LE\áRPLW\ONREDUG]RQXGQRERĪ\áHPZFLąĪ0yM]ZLą]HN]WąEDEąQLHE\áWHĪWDN
EDUG]REH]P\ĞOQ\FKFLDáHPZ]UXV]\üSLHNáRPRMąPĊF]DUQLąLSRKDĔELHQLHPLPLDáHP
SHZQH ZLGRNL ĪH F]HJR QLH ]G]LDáD QDMEDUG]LHM QLH]DZRGQ\ ĞURGHN QD VSURZDG]HQLH
ĞPLHUFLWRMHGQDN]G]LDáDüSRWUDILNRELHWD
²5R]XPRZDQLXWHPXQLHSRGREQDRGPyZLüJáĊERNLHME\VWURĞFL«
² :LG]L SDQ -DGáHP F\MDQNDOL MDN FXNLHUNL NáDGáHP VLĊ QD UHOVDFK NROHMRZ\FK
LW\ONRZ\NROHMDáHPSRFLąJL6WąGPyMVPXWHNLPRMDPHODQFKROLD&KFLDáHPVLĊZUR]-
SDF]\RGXU]\üFKFLDáHP]DSDĞüZFRĞFRMHVWFKRüE\SyáĞPLHUFLąZV]DOHĔVWZRLSU]H-
F]\WDáHPZV]\VWNRFRĞFLHZRVWDWQLFKF]DVDFKQDSLVDOL«
²,QLF"
²-DNSDQZLG]L«1LF
²1LHE\áRPRZ\RZLHV]DQLX«
²$OHĪSDQLH=HGZDG]LHĞFLDUD]\QDZHWZVSRPLQDüQLHZDUWR:LVLDáHPJRG]LQD-
PLSRWHPPQLH]GMĊOL«
²3DQLH"«
²6áXĪĊSDQX«
²&]\SDQPQLHXZDĪD]DLGLRWĊF]\W\ONR]DF]áRZLHNDSLMDQHJR"
²3LMDQ\MHVWSDQZVWRSQLXSU]\]ZRLW\PDLQWHOLJHQFMDSDĔVNDPQLH]GXPLHZD
1LHRĞPLHOLáE\PVLĊ]UHV]WąNSLü]F]áRZLHND]NWyU\PSLMĊZLQR7RáąF]\ĞFLĞOHMQLĪ
FRNROZLHN
DTP by SHADE
51
²,SDQPyZLSUDZGĊ"
²3RZLHG]LDáHPSDQXSU]HFLHĪHQLFSUyF]FLDáDQLHPDZHPQLHOXG]NLHJR
3U]HWDUáHPRF]\LVWUDV]OLZDP\ĞOSU]\V]áDPLGRJáRZ\
²'URJLSDQLH²U]HNáHP²QLHGODWHJRDE\PSDQXQLHZLHU]\á«W\ONRGODWHJR
ĪHMHVWWRVSUDZD]GXPLHZDMąFD«
²:DUWR]REDF]\üF]\WDN"
²2WyĪZáDĞQLH
²&yĪSDQFKFHDE\PF]\QLá"0DSDQUHZROZHU"
²1LHVWHW\«
²7UXFL]QĊ"
²3UyF]WHMNWyUąSLMHP\QLHPDP
²&]HNDMSDQ-HVWWXVROLGQ\KDNQDĞFLDQLHDV]QXUHNVLĊ]QDMG]LH3RZLHV]ĊVLĊ
GODSDĔVNLHMSU]\MHPQRĞFL«:LG]ĊĪHMHVWMHV]F]HEXWHONDNRQLDNXQLHFKSDQSR]ZROL
DE\PF]HJRGREUHJRQLH]RVWDZLáQDĞZLHFLH«
:SDGáHPZJRUąF]NRZ\VWDQSRGQLHFHQLD7HQF]áRZLHNPyZLáSRZDĪQLH3LáGáXJR
SRWHPSRZLDGD
²1LHFKSDQZHVWFKQLHDE\PQLHZUHV]FLHGLDEOLZ]LĊOL«
²-HĞOLWRSDQXPD]URELüSU]\MHPQRĞü«&RSDQURELF]\ĞSDQRV]DODá"
²:LHV]DPVLĊ
²-DQLHSR]ZROĊ
²3DQLHNRFKDQ\-HVWHPMDNRWDNRSLMDQ\DOHZLHPFRURELĊ1LHFKSDQVRELHSDOL
SDSLHURVDLSDWU]\-HĞOLSDQXEĊG]LHQXGQRVDPHPXWRPQLHSDQ]GHMPLHMHĞOLSDQ]H-
FKFHRGHMĞüQLHFKSDQRGHMG]LH5DQRĪRQDPQLH]GHMPLHDMDSU]\MGĊSDQDRGZLHG]Lü
SU]HGZ\MD]GHP'REUDQRFW\PF]DVHP
6WDáHPMDNVSDUDOLĪRZDQ\SDWU]ąFMDNWHQV]DOHQLHFSU]\ZLą]\ZDáV]QXUGRKDND
Z\OD]áQDNU]HVáRZSĊWOLFĊV]QXUDZáRĪ\áJáRZĊ]DFLVQąáV]QXUSRWHPQRJąNRSQąá
NU]HVáR1LHPLDáHPVLá\DE\NU]\NQąü0LDáHPZUDĪHQLHĪHV]QXUĞFLVQąáPRMHJDUGáR
&RMDXF]\QLáHPFRMDXF]\QLáHP
7HQ ELHGDN Z\SUĊĪ\á VLĊ JáRZĊ VNáRQLá QD OHZR QDMIRUPDOQLHMV]\ ZLVLHOHF = XVW
QLHVFKRG]LáPXGUZLąF\ĞPLHFK2F]\PLDá]DPNQLĊWH1LHZ\GDáĪDGQHJRJáRVX:LVLDá
VSRNRMQLHERPXVLDáMXĪXPU]Hü
6WUDFKPQLHREOHFLDáWDNORGRZDW\ĪH]DGUĪDáHPMDNE\PZSDGáZZRGĊ&]XáHP
MDN VLĊ QD PRMHM JáRZLH SRGQRV]ą ZáRV\ &KFLDáHP NU]\F]Hü R SRPRF L QLH PRJáHP
3RFR]UHV]WąNU]\F]Hü"7HQVWUDV]Q\WUHIQLĞĞPLHMHVLĊMXĪZSLHNOH2NURSQ\V]DUODWDQ
SU]\SáDFLáVZyMJáXSLĪDUWĪ\FLHP
:\WU]HĨZLDáHP L WU]HĨZR ]DF]ąáHP P\ĞOHü ĪH MHVWHP ZLQLHQ ĞPLHUFL F]áRZLHND
LĪHMD]DQLąMHVWHPRGSRZLHG]LDOQ\2RR:LG]LDQRĪH]RVWDáHP]QLPVDPZLG]LD-
QRQDVSLMąF\FK
+LVWRULD]DF]ĊáDVLĊVWDZDüSRQXUD
:REHFWHJRWFKyU]Z\OD]á]QRU\PRMHJRVHUFD8FLHNáHP&K\áNLHPSU]HP\ĞOQLH
F]XMQLHDE\QLNWQLH]DXZDĪ\á6WUDFKELHJá]DPQąDMDELHJáHPSU]HGVWUDFKHP:SD-
GáHP GR KRWHOX ]DF]ąáHP VNáDGDü QHUZRZR U]HF]\ ĝZLW V]DU]Dá QD V]\EDFK 3RFLąJ
RGFKRG]L]DSDUĊJRG]LQ5R]SDF]UR]SDF]
2VáDEá\VWUDFKHPQLHXVWDQQ\PSRELW\ZLáHPVLĊLV]DODáHP-HV]F]HGZLHJRG]LQ\
MHV]F]HMHGQD-XĪMHVWMDVQ\G]LHĔLMXĪ]QDOHĨOLWHJRWUDJLF]QHJRLGLRWĊSLMDNDNWyU\
RPDPLáGUXJLHJRSLMDND=DFKZLOĊEĊG]LHXPQLHSROLFMD
.WRĞSXNDGRGU]ZL
6HUFHZHPQLHGUJQĊáRMDNQDJOHVSáRV]RQ\ZEUXĨG]LH]DMąF&KZ\FLáHPUĊNąNXU-
F]RZRNUDZĊGĨNU]HVáD
²3ROLFMD²MĊNQĊáDZHPQLHGXV]D
.WRĞSXNDSRZWyUQLHSRQLHZDĪ]DĞQLHRGSRZLHG]LDáHP²ZFKRG]L
1D ZV]\VWNLFK GLDEáyZ ZV]\VWNLFK SLHNLHá =DWRF]\áHP VLĊ 2F]\ PRMH Z\OD]á\
]RUELW1DF]RáRPRMHZ\V]HGá]LPQ\SRW
DTP by SHADE
52
2QRQ²ZHZáDVQHMRVRELHVWDáQDSURJXLXĞPLHFKDáVLĊGUZLąFR
²3U]HSUDV]DP²U]HNáVPXWQR²DOHFKFLDáHPGRWU]\PDüRELHWQLF\
²7RSDQ"
²&yĪG]LZQHJR"0yZLáHPSDQXĪHSU]\MGĊ7URFKĊPLE\áRVPXWQRĪHSDQRG-
V]HGá]NRPSDQLLLOHNNRP\ĞOQLH]RVWDZLáSyáEXWHONLSá\QX$OHWROXG]NLHVWDUDPVLĊ
WR]UR]XPLHü*G\E\VLĊSDQSRZLHVLáMDE\PMHGQDNSDQDVDPHJRQLH]RVWDZLá«1LHFK
VLĊSDQQLHJQLHZD«
²6WUDFK«
²5R]XPLHPUR]XPLHPLQLHPyZP\RW\P7RGURELD]JZREHFWHJRĪHPLVLĊ
]QRZXQLHXGDáR:LVLDáHPSDUĊJRG]LQQDGDUHPQLH3DQLHMDMHVWHPEDUG]RQLHV]F]Ċ-
ĞOLZ\«
3RF]XáHP Z GXV]\ ZLHONLH Z]UXV]HQLH 7DN WR MHVW QDMQLHV]F]ĊĞOLZV]\ F]áRZLHN
QDĞZLHFLH=PRMHJRZ]UXV]HQLDZ\VNRF]\áDQDJOHP\ĞOJHQLDOQD
²3DQLHNRFKDQ\²NU]\NQąáHP²0DSDQF]DV"
²6WRGZLHĞFLHPLOLRQyZODW«
²=DSyáJRG]LQ\Z\MHĪGĪDPGRVWROLF\MHGĨSDQ]HPQą
²0RMHQLHV]F]ĊĞFLHMHVWZV]ĊG]LHWRVDPR3RFR"
²&]\MDZLHP":ZLHONLPPLHĞFLH]DZV]HáDWZLHMRĞPLHUü«
²-DGĊ²NU]\NQąáG\UHNWRU
²$SDĔVNDĪRQD"
²1DSURZLQFMLáDWZLHMRPĊĪD
:WHQVSRVyEVWDáVLĊPLá\VWDU\GLDEHáPRLPWRZDU]\V]HP0LDáHPGRQLHJRQLH-
SRMĊWą VáDERĞü OXELáHP EDUG]R WHJR NXODZHJR PąGUHJR ELHGDND 3ROXELOL JR ]UHV]Wą
ZV]\VF\PRLSU]\MDFLHOH]DXF]\QQRĞüGRZFLSLJRU]NLDOHáDJRGQ\KXPRU
3UyERZDáSDUĊUD]\VDPREyMVWZD³ZLHONRPLHMVNLHJR´U]XFDáVLĊ]Z\VRNRĞFLQDM-
Z\ĪV]HJRSLĊWUDQDMZ\ĪV]HMNDPLHQLF\LW\ONRSVDSU]HVWUDV]\áNWyU\XFLHNáSU]HUDĪRQ\
QLHXPLHMąFVRELH]GDüVSUDZ\VNąGVSDGáWHQF]áRZLHNNWyU\VLĊSRGQLyVáQDW\FKPLDVW
]DNOąáLSRV]HGáGDOHM
0LDáHPVZRMHGREURF]\QQHSODQ\3RVWĊSRZDáHPRVWURĪQLHFK\WU]HLFHORZR%\-
áRE\QXGQ\PRSRZLDGDQLHMDNLPLGURJDPLGRV]HGáHPGRWHJRĪHPLá\WHQGLDEHáZOD-
]áV]\PLĊG]\ZURQ\OLWHUDFNLH]DF]ąáNUDNDüMDNLRQH0yMGLDEHá]RVWDáSRURNX²DX-
WRUHPGUDPDW\F]Q\P7DOHQWPLDáRF]\ZLVWDGLDEHOVNL1DSLVDáĞZLHWQąV]WXNĊ=DF]ąá
Ī\ü]OLWHUDWXU\&RIQąáHPPXZV]\VWNLHDSDQDĪH:W\PPLHMVFXKLVWRULD]DF]\QDE\ü
]DMPXMąFDRGPyZLRQRPXWDOHQWX]DU]XFRQR]E\WQLHSUHWHQVMHQDSXV]RQąPąGURĞü
]E\WMDGRZLW\GRZFLSLSRZLHG]LDQRĪH]E\WEH]F]HOQLHQDĞODGXMH6KDZD7RZV]\VWNR
SRZLHG]LDQR²PąGUHPXGLDEáXERE\á²RJáXSL²3RODNLHPLSLVDáSRSROVNX3R-
ZLHĞüMHJRRGHVáDQRGRGLDEáD3\V]Q\SRHPDWSW³3LHNáR´X]QDQR]DE]GXUĊ³IDáV]\ZLH
GHPRQLF]Qą´
2EXG]LáDVLĊZQLPS\FKDZVSDQLDáDGLDEHáFLHUSLDá6SRW\NDá\JR]QLHZDJLGRWNOL-
ZHLMDGRZLWHZ\ZOHNDQR]QLHJRZQĊWU]QRĞFLQDSDZDQRUR]SDF]ą2GĪ\ZLRQHSU]H]H
PQLHGLDEOLVNRFKXGáRZRF]DFKSRVLZLDáLSRVWDU]Dá:MHGQ\PSLĞPLHQDSLVDQRPX
ĪHF]áRZLHNNWyU\]RVWDZLDXNRFKDQąĪRQĊQDEUXNXMHVWU]H]LPLHV]NLHPQLHSRHWą
,RWRGLDEHáNWyU\SRá\NDáF\MDQNDOLMDNDVSLU\QĊQLHPyJáSU]HáNQąüWHJRFRRQLP
SLVDQR0ĊF]\áVLĊLFLHUSLDá-HJRGLDEHOVNąV]ODFKHWQRĞüGRSURZDG]RQRGRVSD]PyZ
1LNWZNUyWFHQLHFKFLDáZ\GDZDüMHJRJáXSLFKNVLąĪHN3U]\V]HGáSURVLüRSRĪ\F]NĊ
²RGPyZLáHP
.LHG\ JR RGZLHG]LáHP PLHV]NDá QD VWU\FKX PLPR JáRĞQHJR QD]ZLVND ² OHĪDá
ZáyĪNX]DáDPDQ\L]ERODá\7ULXPISLHUZV]\FKSRZRG]HĔE\á]E\WZLHONLDE\UR]F]DUR-
ZDQLHQLHPLDáRE\üVWUDV]QH
-HGQHMQRF\SU]\VáDáSRPQLH
%\áWRV]NLHOHWZ\FKXG]RQ\JáRGHPRGDUW\]PLĊVDSU]H]UR]SDF]'RNRáDOHĪDá\
VWRV\UĊNRSLVyZ
8ĞPLHFKQąáVLĊGRPQLHGREU\PXĞPLHFKHP
DTP by SHADE
53
²']LĊNXMĊSDQX²U]HNáFLFKR²5R]XPLHPWHUD]MDNPąGU]HSDQSRNLHURZDá
FDáąVSUDZĊ-DG]LĞXPUĊ«=JáRGX«ĩHWHĪMDVWDU\GLDEHáQLHZSDGáHPQDWRGDZQR
ĪHDE\XPU]HüWU]HEDW\ONR]DF]ąüSLVDüNVLąĪNL«2FKMDNLSDQPąGU\MDNLPąGU\«
ĩHE\PQLHW\ONRZSLHNOHSU]\MĊOL«%RMXĪQLHZ\WU]\PDPGáXĪHM«
&KZ\FLáPRMąUĊNĊLWDNXPDUáPąGU]HLGREURWOLZLHXĞPLHFKQLĊW\
0XVLDáXPU]HüQDSUDZGĊERZSRZLHWU]X]URELáVLĊQDJá\UZHWHVMDNE\ZLDWUSáD-
NDá
$WRGLDEOL²MHJREUDFLD²SáDNDOLZLG]ąFFRVLĊ]QLPVWDáRLMDNVWUDV]QHPĊNL
Z\FLHUSLDáGLDEHáNWyU\Z3ROVFHNVLąĪNLSLVDá
:LĊFJRSU]\MĊOLPLáRVLHUQLHL]ZLHONąPLáRĞFLą
.
DTP by SHADE
.
.