DTP by SHADE
1
Karol Marks
.
3à$&$&(1$,=<6.
.
1DSLVDQRPLĊG]\NRĔFHPPDMDDF]HUZFDU
3RUD]SLHUZV]\RSXEOLNRZDQRZRGG]LHOQHMEURV]XU]HSW©3áDFDFHQDL]\VN©/RQG\QU
.
:\NáDGZ\JáRV]RQ\SU]H].0DUNVDLF]HUZFDUQDSRVLHG]HQLDFK5DG\*HQHUDOQHM0LĊ-
G]\QDURGRZHJR6WRZDU]\V]HQLD5RERWQLNyZ
'UXNRZDQHZHGáXJPDQXVNU\SWX3U]HNáDG]DQJLHOVNLHJR
.
>:67ĉ3@
.
2E\ZDWHOH
.
=DQLPSU]\VWąSLĊGRZáDĞFLZHJRWHPDWXSR]ZyOFLHPLQDNLONDZVWĊSQ\FKXZDJ
.
1DNRQW\QHQFLHSDQXMHWHUD]LVWQDHSLGHPLDVWUDMNyZDSRGZ\ĪNDSáDFVWDáDVLĊ
SRZV]HFKQ\PĪąGDQLHP.ZHVWLDWDZ\Sá\QLHQDQDV]\PNRQJUHVLH:\NWyU]\VWRLFLH
QDF]HOH0LĊG]\QDURGRZHJR6WRZDU]\V]HQLDSRZLQQLE\ĞFLHPLHüZWHMZDĪQHMVSUDZLH
XVWDORQ\SRJOąG8ZDĪDPSU]HWR]DVZyMRERZLą]HN²U\]\NXMąFQDZHWZ\VWDZLHQLH
ZDV]HMFLHUSOLZRĞFLQDFLĊĪNąSUyEĊ²JUXQWRZQLHWĊNZHVWLĊUR]SDWU]\ü
.
0RMD GUXJD XZDJD ZVWĊSQD GRW\F]\ RE\ZDWHOD :HVWRQD 2Q QLH W\ONR UR]ZLQąá
SU]HGZDPLOHF]UyZQLHĪEURQLáSXEOLF]QLH²MDNVąG]LZLQWHUHVLHNODV\URERWQLF]HM²
SRJOąGyZRNWyU\FKZLHĪHVąZ\VRFHQLHSRSXODUQHZNODVLHURERWQLF]HM7DNLGRZyG
RGZDJLPRUDOQHMPXVLNDĪG\]QDVZ\VRNRFHQLü0DPQDG]LHMĊĪHZNRĔFXPRMHJR
UHIHUDWX ² SRPLPR MHJR EH]FHUHPRQLDOQHJR VW\OX ² RE\ZDWHO :HVWRQ SU]HNRQD VLĊ
ĪH]JDG]DPVLĊ]W\PFRZ\GDMHPLVLĊVáXV]QąLGHąOHĪąFąXSRGVWDZ\MHJRWH]NWyUH
ZV]DNĪHZREHFQHMLFKIRUPLHXZDĪDP]DWHRUHW\F]QLHIDáV]\ZHLSUDNW\F]QLHQLHEH]-
SLHF]QH
.
3U]HFKRG]ĊWHUD]GR]DMPXMąFHMQDVNZHVWLL
>352'8.&-$,3à$&$52%2&=$@
.
7ZLHUG]HQLH RE\ZDWHOD :HVWRQD RSLHUDáR VLĊ Z U]HF]\ZLVWRĞFL QD GZyFK ]DáRĪH-
QLDFKĪHPDVDSURGXNFMLQDURGRZHMMHVWF]\PĞVWDá\PMHVWQLH]PLHQQąLORĞFLąOXE
ZLHONRĞFLąMDNSRZLHG]LDáE\PDWHPDW\NĪHVXPDUHDOQHMSáDF\W]QSáDF\PLHU]RQHM
PDVąWRZDUyZNWyUH]DQLąPRĪQDQDE\üMHVWVXPąVWDáąZLHONRĞFLąQLH]PLHQQą
.
2WyĪ MHJR SLHUZV]H ]DáRĪHQLH MHVW RF]\ZLĞFLH EáĊGQH 0RĪHFLH VLĊ SU]HNRQDü LĪ
ZDUWRĞüLPDVDSURGXNFMLURVQą]URNXQDURNĪHURVQąVLá\Z\WZyUF]HSUDF\QDURGRZHM
LĪHVXPDSLHQLĊG]\QLH]EĊGQDGODRELHJXWHMZ]UDVWDMąFHMSURGXNFMLZFLąĪVLĊ]PLHQLD
&RMHVWVáXV]QHGODZ\QLNyZFDáHJRURNXLGODUR]PDLW\FKSRUyZQ\ZDQ\FK]HVREąODW
WRMHVWWDNĪHVáXV]QHGODNDĪGHJRSU]HFLĊWQHJRGQLDZURNX0DVDOXEZLHONRĞüSURGXNFML
QDURGRZHMZFLąĪVLĊ]PLHQLD1LHMHVWWRZLHONRĞüVWDáDOHF]]PLHQQDLSRPLMDMąFQDZHW
UXFKOXGQRĞFLPXVLWDNE\üQDVNXWHNFLąJá\FK]PLDQZQDJURPDG]DQLXNDSLWDáXLZVL-
áDFKZ\WZyUF]\FKSUDF\-HVWFDáNLHPVáXV]QHĪHMHĞOLE\G]LĞQDVWąSLáZ]URVWRJyOQHJR
SR]LRPXSáDFWRZ]URVWWHQEH]Z]JOĊGXQDMHJRGDOV]HQDVWĊSVWZDVDPSU]H]VLĊQLH
]PLHQLáE\EH]SRĞUHGQLRVXP\SURGXNFML:\V]HGáE\RQSU]HGHZV]\VWNLP]LVWQLHMąFHJR
VWDQXU]HF]\-HĪHOLMHGQDNSURGXNFMDQDURGRZDE\ZDZLHONRĞFLą]PLHQQąDQLHVWDáą
SU]HGZ]URVWHPSáDFWRLSRSRGZ\ĪV]HQLXSáDFSR]RVWDQLH]PLHQQDDQLHVWDáD
.
3U]\SXĞüP\ MHGQDN ĪH PDVD SURGXNFML QDURGRZHM E\áDE\ VWDáD D QLH ]PLHQQD
DTP by SHADE
1DZHW L ZWHG\ WR FR QDV] SU]\MDFLHO :HVWRQ XZDĪD ]D ORJLF]Q\ ZQLRVHN SR]RVWDáR-
E\W\ONRQLHX]DVDGQLRQ\PWZLHUG]HQLHP-HĪHOLPDPRNUHĞORQąOLF]EĊSRZLHG]P\
WRDEVROXWQHJUDQLFHWHMOLF]E\QLHSU]HV]NDG]DMą]PLDQRPZ]JOĊGQ\FKJUDQLFPLĊG]\
MHMF]ĊĞFLDPL-HĪHOL]\VNZ\QRVLDSáDFDWRSáDFDPRJáDE\Z]URVQąüGRD]\VN
VSDĞüGRDMHGQDNVXPDRJyOQDSR]RVWDáDE\UyZQD7DNZLĊFVWDáRĞüPDV\SUR-
GXNFMLQLHPRĪHE\QDMPQLHMĞZLDGF]\üRQLH]PLHQQRĞFLVXP\SáDF-DNĪHĪZREHFWHJR
GRZRG]LWHMQLH]PLHQQRĞFLQDV]SU]\MDFLHO:HVWRQ"3RSURVWXWZLHUG]ąFĪHWDNMHVW
.
$OHSU]\MąZV]\QDZHWĪHMHJRWZLHUG]HQLHMHVWVáXV]QHWRSRZLQQRE\RQRG]LDáDü
ZGZXNLHUXQNDFKSRGF]DVJG\RQNDĪHPXG]LDáDüW\ONRZMHGQ\PNLHUXQNX-HĪHOL
VXPDSáDFMHVWZLHONRĞFLąVWDáąWRQLHPRĪHRQDE\üDQLSRZLĊNV]RQDDQL]PQLHMV]RQD
-HĪHOL ]DWHP URERWQLF\ SRVWĊSXMą QLHUR]XPQLH XVLáXMąF Z\PyF SU]HMĞFLRZą SRGZ\ĪNĊ
SáDF\WRQLHPQLHMQLHUR]XPQLHSRVWĊSXMąNDSLWDOLĞFLXVLáXMąFZ\PyFSU]HMĞFLRZąREQLĪ-
NĊSáDF\1DV]SU]\MDFLHO:HVWRQQLHSU]HF]\ĪHZSHZQ\FKRNROLF]QRĞFLDFKURERWQLF\
PRJą Z\PyF SRGZ\ĪNĊ SáDF DOH SRQLHZDĪ VXPD SáDF MHVW XVWDORQD SUDZHP QDWXU\
SU]HWRPXVLQDVWąSLüUHDNFMD=GUXJLHMMHGQDNVWURQ\ZLHRQUyZQLHĪĪHNDSLWDOLĞFL
PRJąZ\PyFREQLĪNĊSáDF\LIDNW\F]QLHWHĪEH]XVWDQQLHGRWHJRGąĪą:P\ĞOSUDZD
QLH]PLHQQRĞFL SáDF PXVLDáDE\ Z W\P Z\SDGNX QLH PQLHM QLĪ Z SRSU]HGQLP QDVWąSLü
UHDNFMD 5RERWQLF\ SRVWĊSRZDOLE\ ZLĊF VáXV]QLH Z\VWĊSXMąF SU]HFLZ XVLáRZDQ\P OXE
IDNW\F]QLH GRNRQDQ\P REQLĪNRP SáDF 3RVWĊSRZDOLE\ ZLĊF VáXV]QLH WDNĪH L ZyZF]DV
MHĞOLE\GRPDJDOLVLĊSRGZ\ĪNLSáDFJG\ĪZV]HONDUHDNFMDSU]HFLZREQLĪDQLXSáDFMHVW
DNFMąRLFKSRGZ\ĪV]DQLH:P\ĞOZáDVQHM]DVDG\RE\ZDWHOD:HVWRQDRQLH]PLHQQRĞFL
SáDF\URERWQLF\SRZLQQLE\]DWHPZSHZQ\FKZDUXQNDFKáąF]\üVLĊLZDOF]\üRSRGZ\Ī-
V]HQLHSáDF\
.
-HĪHOLRGU]XFDRQWHQZQLRVHNWRPXVLWHĪ]UH]\JQRZDü]SU]HVáDQNL]NWyUHMRQ
Z\Sá\ZD1LHZROQRPXPyZLüĪHVXPDSáDFMHVWZLHONRĞFLąVWDáąDOHĪHFKRFLDĪQLH
PRĪH L QLH SRZLQQD RQD Z]UDVWDü WR PRĪH L PXVL VSDGDü LOHNURü NDSLWDáRZL GRJD-
G]DMąREQLĪ\ü-HĪHOLNDSLWDOLĞFLHVSRGREDVLĊĪ\ZLüZDVNDUWRIODPL]DPLDVWPLĊVHP
L RZVHP ]DPLDVW SV]HQLFą PXVLFLH X]QDü MHJR ZROĊ ]D SUDZR HNRQRPLL SROLW\F]QHM
LSRGGDüVLĊMHM-HĪHOLZMHGQ\PNUDMXQSZ6WDQDFK=MHGQRF]RQ\FKSR]LRPSáDFMHVW
Z\ĪV]\QLĪZLQQ\PQSZ$QJOLL²WRZLQQLĞFLHWHUyĪQLFHSR]LRPXSáDFWáXPDF]\üUyĪ-
QLFąPLĊG]\ZROąNDSLWDOLVW\DPHU\NDĔVNLHJRDZROąNDSLWDOLVW\DQJLHOVNLHJR²PHWR-
GDNWyUDQLH]PLHUQLHXSURĞFLáDE\EDGDQLHQLHW\ONRHNRQRPLF]Q\FKDOHWHĪLZV]HONLFK
LQQ\FK]MDZLVN
.
/HF]QDZHWZW\PZ\SDGNXPRJOLE\ĞP\]DS\WDüGODF]HJRZRODNDSLWDOLVW\DPHU\-
NDĔVNLHJRUyĪQLVLĊRGZROLNDSLWDOLVW\DQJLHOVNLHJR,DĪHE\RGSRZLHG]LHüQDWRS\WDQLH
PXVLFLHZ\MĞüSR]DG]LHG]LQĊZROL.OHFKDPRĪHSRZLHG]LHüĪH%yJFKFHMHGQHMU]HF]\
ZH)UDQFMLDLQQHMZ$QJOLL*G\E\P]DĞ]DĪąGDáRGQLHJRZ\MDĞQLHQLDPLWHMGZRLVWRĞFL
ZROLPyJáE\PLHüF]HOQRĞüRGSRZLHG]LHüĪHZROą%RJDMHVWPLHüLQQąZROĊZH)UDQFML
DLQQąZ$QJOLL$OHQDV]SU]\MDFLHO:HVWRQ]SHZQRĞFLąQLHXFLHNQLHVLĊGRWDNLHMDUJX-
PHQWDFMLNWyUDMHVW]XSHáQ\P]DSU]HF]HQLHPZV]HONLHJRUR]VąGNX
.
:RODNDSLWDOLVW\SROHJDQDWXUDOQLHQDW\PE\Z]LąüPRĪOLZLHQDMZLĊFHM$OHQDV]H
]DGDQLHSROHJDQLHQDW\PE\JDGDüRMHJRZROLOHF]QDW\PE\]EDGDüMHJRVLáĊJUD-
QLFHWHMVLá\LFKDUDNWHUW\FKJUDQLF
.
>352'8.&-$3à$&$=<6.@
.
0\ĞOL Z\NáDGX RGF]\WDQHJR QDP SU]H] RE\ZDWHOD :HVWRQD PRĪQD E\ SRPLHĞFLü
ZáXSLQLHRU]HFKD&DáHMHJRUR]ZDĪDQLH]PLHU]DGRWHJR-HĪHOLNODVDURERWQLF]D]PXVL
NODVĊNDSLWDOLVWyZGRSáDFHQLD]DPLDVWV]\OLQJyZV]\OLQJyZZSRVWDFLSáDF\SLHQLĊĪ-
DTP by SHADE
3
QHMWRNDSLWDOLVWDEĊG]LHMHMRGGDZDáZSRVWDFLWRZDUyZZDUWRĞüV]\OLQJyZ]DPLDVW
V]\OLQJyZ.ODVDURERWQLF]DPXVLDáDE\ZyZF]DVSáDFLüV]\OLQJyZ]DWRVDPRFRSU]HG
SRGZ\ĪV]HQLHPSáDF\NXSRZDáD]DV]\OLQJL$OHGODF]HJRWDNVLĊG]LHMH"'ODF]HJRND-
SLWDOLVWDGDMHZDUWRĞüW\ONRV]\OLQJyZZ]DPLDQ]DV]\OLQJyZ"'ODWHJRĪHZ\VRNRĞü
SáDF\MHVWVWDáD$OHGODF]HJRMHVWRQDXVWDORQDQDV]\OLQJLZDUWRĞFLWRZDURZHM"'OD-
F]HJRQLHQDOXEV]\OLQJLDOERWHĪQDMDNąNROZLHNLQQąVXPĊ"-HĪHOLJUDQLFDVXP\
SáDFMHVWXVWDORQDSU]H]SUDZRHNRQRPLF]QHQLH]DOHĪQLHRGZROL]DUyZQRNDSLWDOLVW\MDN
LURERWQLNDWRU]HF]ąRE\ZDWHOD:HVWRQDE\áRE\SU]HGHZV]\VWNLPZ\áRĪ\üLXGRZRGQLü
WRSUDZR0XVLDáE\RQSRQDGWRGRZLHĞüĪHVXPDSáDFIDNW\F]QLHZ\SáDFDQ\FKZNDĪG\P
GDQ\PPRPHQFLH]DZV]HGRNáDGQLHRGSRZLDGDQLH]EĊGQHMVXPLHSáDFLQLJG\RGQLHM
QLHRGELHJD-HĪHOL]GUXJLHMVWURQ\GDQDJUDQLFDVXP\SáDF]DOHĪ\RGVDPHMW\ONRZROL
NDSLWDOLVW\OXERGJUDQLFMHJRFKFLZRĞFLWRJUDQLFDWDMHVWGRZROQD1LHPDZQLHMQLF
NRQLHF]QHJR0RĪHRQDE\ü]PLHQLRQD]ZROLNDSLWDOLVW\DZLĊFLSU]HFLZMHJRZROL
.
2E\ZDWHO:HVWRQ]LOXVWURZDáVZRMąWHRULĊRSRZLDGDMąFZDPĪHMHĪHOLPLVND]DZLH-
UDSHZQąRNUHĞORQąLORĞü]XS\SU]H]QDF]RQHMGODRNUHĞORQHMOLF]E\RVyEWR]ZLĊNV]HQLH
SRMHPQRĞFLá\ĪHNQLHSRZLĊNV]\LORĞFL]XS\2E:HVWRQSR]ZROLĪHLOXVWUDFMĊWĊX]QDP
]DQLHFRZXOJDUQą>E@3U]\SRPLQDPLRQDWURFKĊSRUyZQDQLHXĪ\WHSU]H]0HQHQLXV]D
$JU\SSĊ*G\U]\PVF\SOHEHMXV]H]DVWUDMNRZDOLSU]HFLZU]\PVNLPSDWU\FMXV]RPSD-
WU\FMXV] $JU\SSD RSRZLHG]LDá LP ĪH SDWU\FMXV]RZVNL EU]XFK Ī\ZL SOHEHMVNLH F]áRQNL
SDĔVWZRZHJRFLDáD$OH$JU\SSLHQLHXGDáRVLĊGRZLHĞüĪHPRĪQDĪ\ZLüF]áRQNLMHGQH-
JRF]áRZLHNDQDSHáQLDMąFEU]XFKGUXJLHJR2E\ZDWHO:HVWRQ]HVZHMVWURQ\]DSRPQLDá
ĪHPLVND]NWyUHMMHG]ąURERWQLF\QDSHáQLRQDMHVWFDáNRZLW\PSURGXNWHPSUDF\QDUR-
GRZHMLĪHQLHV]F]XSáRĞüPLVNLDQLVNąSDMHM]DZDUWRĞüOHF]MHG\QLHPDá\UR]PLDULFK
á\ĪHNQLHSR]ZDODLPZLĊFHM]QLHMF]HUSDü
.
=DSRPRFąMDNLHJRIRUWHOXPRĪHNDSLWDOLVWD]ZUDFDüZDUWRĞüV]\OLQJyZZ]DPLDQ
]DV]\OLQJyZ"=DSRPRFąSRGQRV]HQLDFHQWRZDUXNWyU\VSU]HGDMH2WyĪF]\Z]URVW
FHQDOERRJyOQLHMPyZLąF]PLDQDFHQWRZDUyZF]\ZRJyOHVDPHFHQ\WRZDUyZ]D-
OHĪąMHG\QLHRGZROLNDSLWDOLVW\"&]\WHĪSU]HFLZQLHQLH]EĊGQHVąSHZQHRNROLF]QRĞFL
E\ZRODWDPRJáDE\üXU]HF]\ZLVWQLRQD"-HĪHOLWDNQLHMHVWWRVSDGHNLZ]URVWXVWD-
ZLF]QH]PLDQ\FHQU\QNRZ\FKVWDMąVLĊQLHUR]ZLą]DOQą]DJDGNą
.
6NRURSU]\MPXMHP\ĪHQLH]DV]á\DEVROXWQLHĪDGQH]PLDQ\DQLZVLáDFKZ\WZyU-
F]\FKSUDF\DQLZVXPLHXĪ\WHJRNDSLWDáXLSUDF\DQLZZDUWRĞFLSLHQLĊG]\ZNWyU\FK
VąZ\UDĪDQHZDUWRĞFLSURGXNWyZOHF]ĪH]PLHQLáVLĊW\ONRSR]LRPSáDFWRMDNLPVSR-
VREHPWHQZ]URVWSáDFPyJáE\ZSá\ZDüQDFHQ\WRZDURZL7\ONRSU]H]WRĪHZ\ZLHUD
ZSá\ZQDIDNW\F]Q\VWRVXQHNPLĊG]\SRS\WHPDSRGDĪąW\FKWRZDUyZ
.
-HVW]XSHáQLHVáXV]QHĪHNODVDURERWQLF]DXMĊWDMDNRFDáRĞüZ\GDMHLPXVLZ\GD-
ZDüFDá\VZyMGRFKyGQDSU]HGPLRW\SLHUZV]HMSRWU]HE\'ODWHJRWHĪRJyOQHSRGZ\Ī-
V]HQLHSR]LRPXSáDFSRFLąJQĊáRE\]DVREąSRZLĊNV]HQLHSRS\WXQDSU]HGPLRW\SLHUZ-
V]HM SRWU]HE\ D ZLĊF L Z]URVW LFK FHQ U\QNRZ\FK .DSLWDOLĞFL NWyU]\ Z\WZDU]DMą WH
SU]HGPLRW\SLHUZV]HMSRWU]HE\SRZHWRZDOLE\VRELHVWUDW\SRFKRG]ąFH]SRGZ\ĪNLSáDF
Z]URVWHPFHQU\QNRZ\FKWRZDUyZ$OHMDNVLĊPDVSUDZD]LQQ\PLNDSLWDOLVWDPLNWyU]\
QLHZ\WZDU]DMąSU]HGPLRWyZSLHUZV]HMSRWU]HE\"$ZLHU]FLHPLMHVWLFKQLHPDáR-HĪHOL
]ZDĪ\FLHĪHGZLHWU]HFLHSURGXNFMLQDURGRZHM]RVWDMą]XĪ\WHSU]H]MHGQąSLąWąF]ĊĞü
OXGQRĞFL²SHZLHQF]áRQHN,]E\*PLQVWZLHUG]LáQLHGDZQRĪHMHVWWRW\ONRMHGQDVLyGPD
F]ĊĞüOXGQRĞFL²WR]UR]XPLHFLHMDNROEU]\PLDF]ĊĞüSURGXNFMLQDURGRZHMPXVL]RVWDü
Z\WZRU]RQDZSRVWDFLSU]HGPLRWyZ]E\WNXOXEZ\PLHQLRQDQDSU]HGPLRW\]E\WNXLMDN
RJURPQDLORĞüSU]HGPLRWyZSLHUZV]HMSRWU]HE\PXVLE\üWUZRQLRQDQDORNDMyZNRQLH
NRW\LWS²PDUQRWUDZVWZRNWyUHMDNZLHP\]GRĞZLDGF]HQLDGR]QDMH]DZV]H]QDF]-
QHJRRJUDQLF]HQLDZPLDUĊZ]URVWXFHQSU]HGPLRWyZSLHUZV]HMSRWU]HE\
DTP by SHADE
.
$ZLĊFMDNLHE\áRE\SRáRĪHQLHW\FKNDSLWDOLVWyZNWyU]\QLHZ\WZDU]DMąSU]HGPLR-
WyZ SLHUZV]HM SRWU]HE\" 2QL ERZLHP QLH PRJOLE\ SRZHWRZDü VRELH VWUDW Z\QLNá\FK
] REQLĪHQLD VWRS\ ]\VNX Z QDVWĊSVWZLH RJyOQHJR Z]URVWX SáDF SU]H] SRGZ\ĪV]HQLH
FHQVZRLFKWRZDUyZJG\ĪSRS\WQDWHWRZDU\QLHZ]UyVáE\'RFKyGLFK]PQLHMV]\áE\
VLĊL]WHJR]UHGXNRZDQHJRGRFKRGXPXVLHOLE\SáDFLüZLĊFHM]DWĊVDPąLORĞüSRGZ\Ī-
V]RQ\FKZFHQLHSU]HGPLRWyZSLHUZV]HMSRWU]HE\$OHWRMHV]F]HQLHE\áRE\ZV]\VWNR
1DVNXWHNVSDGNXVZHJRGRFKRGXPRJOLE\UyZQLHĪPQLHMZ\GDZDüQDSU]HGPLRW\]E\W-
NXLZWHQVSRVyE]PQLHMV]\áE\VLĊLFKZ]DMHPQ\SRS\WQDLFKZáDVQHWRZDU\:VNXWHN
WHJR]PQLHMV]HQLDVLĊSRS\WXFHQ\LFKWRZDUyZVSDGá\E\'ODWHJRWHĪZW\FKJDáĊ]LDFK
SU]HP\VáXVWRSD]\VNXVSDGáDE\QLHW\ONRSRGZSá\ZHPVDPHJRRJyOQHJRZ]URVWXSR-
]LRPXSáDF\DOHLSRGZSá\ZHPáąF]QHJRG]LDáDQLDRJyOQHJRZ]URVWXSáDF\URERF]HM
Z]URVWXFHQSU]HGPLRWyZSLHUZV]HMSRWU]HE\LVSDGNXFHQSU]HGPLRWyZ]E\WNX
.
-DNLE\áE\VNXWHNWHMUyĪQLF\PLĊG]\VWRSDPL]\VNXNDSLWDáyZZáRĪRQ\FKZUyĪQH
JDáĊ]LHSU]HP\VáX"2F]\ZLĞFLHVNXWHNE\áE\WDNLVDPMDNLQDVWĊSXMH]DZV]HLOHNURü
]MDNLHJRNROZLHNSRZRGXSRMDZLDMąVLĊUyĪQLFHZSU]HFLĊWQHMVWRSLH]\VNXZUyĪQ\FK
G]LHG]LQDFKSURGXNFML.DSLWDáLSUDFD]DF]Ċá\E\VLĊSU]HQRVLü]PQLHM]\VNRZQ\FKJDáĊ-
]LSU]HP\VáXGREDUG]LHM]\VNRZQ\FKLWHQSURFHVSU]HQRV]HQLDNDSLWDáXLSUDF\WUZDáE\
GRSyW\GRSyNLSRGDĪZMHGQ\PG]LDOHSU]HP\VáXQLHZ]URVáDE\VWRVRZQLHGR]ZLĊNV]R-
QHJRSRS\WXZLQQ\FK]DĞQLHVSDGáDE\VWRVRZQLHGR]PQLHMV]RQHJRSRS\WX$VNR-
URE\]PLDQDWDMXĪQDVWąSLáDRJyOQDVWRSD]\VNXZUyĪQ\FKJDáĊ]LDFKSU]HP\VáX]QyZ
E\VLĊZ\UyZQDáD3RQLHZDĪFDáHWRSU]HVXQLĊFLHSRZVWDáRSLHUZRWQLH]SURVWHM]PLDQ\
ZVWRVXQNXSRGDĪ\LSRS\WXUyĪQ\FKWRZDUyZWR]XVWDQLHPSU]\F]\Q\XVWDáE\LVNXWHN
LFHQ\ZUyFLá\E\GRVZHJRSRSU]HGQLHJRSR]LRPXLUyZQRZDJL6SDGHNVWRS\]\VNX
VSRZRGRZDQ\]Z\ĪNąSáDFQLHRJUDQLF]\áE\VLĊGRSRV]F]HJyOQ\FKJDáĊ]LSU]HP\VáX
OHF]VWDáE\VLĊSRZV]HFKQ\=JRGQLH]QDV]\P]DáRĪHQLHPQLH]DV]á\E\ĪDGQH]PLDQ\
DQLZVLáDFKZ\WZyUF]\FKSUDF\DQLZRJyOQHMVXPLHSURGXNFMLOHF]RZDGDQDVXPD
SURGXNFML]PLHQLáDE\W\ONRVZąIRUPĊ:LĊNV]DF]ĊĞüSURGXNWyZLVWQLDáDE\ZSRVWDFL
SU]HGPLRWyZSLHUZV]HMSRWU]HE\PQLHMV]DF]ĊĞü²ZSRVWDFLSU]HGPLRWyZ]E\WNXDOER
WHĪFRQDMHGQRZ\FKRG]LPQLHMV]DF]ĊĞüE\áDE\Z\PLHQLRQDQD]DJUDQLF]QHSU]HG-
PLRW\]E\WNXL]XĪ\WDZVZRMHMSLHUZRWQHMIRUPLHDOERWHĪFR]QyZQDMHGQRZ\FKRG]L
ZLĊNV]DF]ĊĞüNUDMRZHMSURGXNFMLE\áDE\Z\PLHQLRQDQD]DJUDQLF]QHSU]HGPLRW\SLHUZ-
V]HMSRWU]HE\]DPLDVWQDSU]HGPLRW\]E\WNX2JyOQHSRGZ\ĪV]HQLHSR]LRPXSáDFVSR-
ZRGRZDáRE\]DWHPSRSU]HMĞFLRZ\P]DNáyFHQLXFHQU\QNRZ\FKMHG\QLHRJyOQ\VSDGHN
VWRS\]\VNXQLHZ\ZRáXMąFĪDGQHMWUZDáHM]PLDQ\ZFHQDFKWRZDUyZ
.
-HĞOLPLNWRĞRGSRZLHĪHZSRZ\ĪV]HMPRMHMDUJXPHQWDFMLZ\FKRG]Ċ]]DáRĪHQLD
ĪHFDá\SU]\URVWSáDF]RVWDMHZ\GDQ\QDSU]HGPLRW\SLHUZV]HMSRWU]HE\WRRGSRZLHP
QDWRLĪPRMH]DáRĪHQLHMHVWQDMSRP\ĞOQLHMV]HGODSRJOąGyZRE\ZDWHOD:HVWRQD-H-
ĞOLE\SU]\URVWSáDFE\áZ\GDQ\QDSU]HGPLRW\NWyUHSU]HGWHPQLHZFKRG]Lá\ZVNáDG
NRQVXPSFMLURERWQLNyZWRUHDOQ\Z]URVWLFKVLá\NXSQDQLHSRWU]HERZDáE\ĪDGQHJRGR-
ZRGX3RQLHZDĪMHVWRQDMHGQDNW\ONRVNXWNLHPSRGZ\ĪNLSáDFWRSRZLĊNV]HQLHMHMVLá\
NXSQDPXVLGRNáDGQLHRGSRZLDGDü]PQLHMV]HQLXVLá\NXSQDNDSLWDOLVWyZ2JyOQ\SRS\W
QDWRZDU\QLH]ZLĊNV]\áE\VLĊ]DWHPOHF]]PLHQLá\E\VLĊF]ĊĞFLVNáDGRZHWHJRSRS\-
WX=ZLĊNV]DMąF\VLĊSRS\WSRMHGQHMVWURQLHE\áE\Z\UyZQDQ\SU]H]]PQLHMV]DMąF\VLĊ
SRS\WSRGUXJLHMVWURQLH:WHQVSRVyEQLHPRJáDE\QDVWąSLüĪDGQD]PLDQDZFHQDFK
U\QNRZ\FKWRZDUyZSRQLHZDĪRJyOQ\SRS\WSR]RVWDMHQLH]PLHQLRQ\
.
: WHQ VSRVyE VWDMHP\ SU]HG QDVWĊSXMąF\P G\OHPDWHP DOER SU]\URVW SáDF\ ]R-
VWDMHUyZQRPLHUQLHZ\GDQ\QDZV]\VWNLHSU]HGPLRW\XĪ\WNXFRG]LHQQHJR²LZW\P
Z\SDGNXPXVLZ]URVW]DSRWU]HERZDQLD]HVWURQ\NODV\URERWQLF]HM]RVWDüZ\UyZQDQ\
SU]H]RJUDQLF]HQLH]DSRWU]HERZDQLD]HVWURQ\NODV\NDSLWDOLVWyZ²DOERSU]\URVWSáDF\
DTP by SHADE
]RVWDQLH Z\GDQ\ W\ONR QD QLHNWyUH SU]HGPLRW\ L Z W\P Z\SDGNX LFK FHQ\ U\QNRZH
SU]HMĞFLRZRZ]URVQą:yZF]DVRGSRZLHGQLZ]URVWVWRS\]\VNXZQLHNWyU\FKJDáĊ]LDFK
SU]HP\VáXLRGSRZLHGQLVSDGHNVWRS\]\VNXZLQQ\FKZ\ZRáD]PLDQĊZSRG]LDOHNDSL-
WDáXLSUDF\NWyUDEĊG]LHWUZDáDWDNGáXJRDĪSRGDĪQLHGRVWRVXMHVLĊGRZ]PRĪRQHJR
SRS\WXZMHGQHMJDáĊ]LSU]HP\VáXLGR]PQLHMV]RQHJRSRS\WXZGUXJLHM
.
=JRGQLH]SLHUZV]\P]DáRĪHQLHPQLH]DMG]LHĪDGQD]PLDQDFHQWRZDUyZ=JRGQLH
]GUXJLP]DáRĪHQLHPSRSHZQ\FKZDKDQLDFKFHQU\QNRZ\FKZDUWRĞFLZ\PLHQQHWRZD-
UyZVSDGQąGRSRSU]HGQLHJRSR]LRPX:MHGQ\PLGUXJLPZ\SDGNXRJyOQHSRGZ\ĪV]H-
QLHSR]LRPXSáDFVSRZRGXMHZNRĔFXW\ONRSRZV]HFKQ\VSDGHNVWRS\]\VNX
.
%\SREXG]LüZDV]ąZ\REUDĨQLĊRE\ZDWHO:HVWRQ]DSURSRQRZDáZDPE\ĞFLHSR-
P\ĞOHOLRWUXGQRĞFLDFKNWyUHZ\ZRáDáDE\SRZV]HFKQDSRGZ\ĪNDSáDFDQJLHOVNLFKURERW-
QLNyZUROQ\FK]QDV]\OLQJyZ3RP\ĞOFLHW\ONR]DZRáDáRQRRJURPQ\PZ]URĞFLH
SRS\WXQDSU]HGPLRW\SLHUZV]HMSRWU]HE\LVWUDV]OLZ\PZ]URĞFLHFHQNWyU\E\ZVNXWHN
WHJRQDVWąSLá2WyĪZLHFLHZV]\VF\ĪHSU]HFLĊWQDSáDFDDPHU\NDĔVNLHJRURERWQLNDURO-
QHJRSU]HZ\ĪV]DSU]HV]áRZGZyMQDVyESU]HFLĊWQąSáDFĊDQJLHOVNLHJRURERWQLNDUROQH-
JRFKRFLDĪFHQ\SURGXNWyZUROQ\FKZ6WDQDFK=MHGQRF]RQ\FKVąQLĪV]HQLĪZ$QJOLL
FKRFLDĪZ6WDQDFK=MHGQRF]RQ\FKSDQXMąWHVDPHRJyOQHVWRVXQNLPLĊG]\NDSLWDáHP
LSUDFąFRZ$QJOLLLFKRFLDĪPDVDURF]QHMSURGXNFMLZ6WDQDFK=MHGQRF]RQ\FKMHVW
RZLHOHQLĪV]DQLĪZ$QJOLL'ODF]HJRĪZLĊFQDV]SU]\MDFLHOELMHQDWUZRJĊ"7\ONRSRWR
DE\RPLQąüZáDĞFLZH]DJDGQLHQLH1DJáHSRGQLHVLHQLHSáDF\]V]\OLQJyZQDR]QD-
F]DáRE\QDJá\Z]URVWMHMVXP\R-HGQDNP\E\QDMPQLHMQLHRPDZLDP\WXNZHVWLL
F]\RJyOQ\SR]LRPSáDFZ$QJOLLPyJáE\QDJOHE\üSRGQLHVLRQ\R1DVZFDOHQLH
]DMPXMHZLHONRĞüWHJRZ]URVWXNWyUDZNDĪG\PSUDNW\F]Q\PZ\SDGNX]DOHĪ\RGGD-
Q\FKRNROLF]QRĞFLLPXVLVLĊGRQLFKVWRVRZDü0DP\W\ONR]EDGDüMDNEĊG]LHRGG]LDá\-
ZDüRJyOQHSRGQLHVLHQLHSR]LRPXSáDFQDZHWJG\E\PLDáRRQRZ\QRVLüQLHZLĊFHMQLĪ
MHGHQSURFHQW
.
3R]RVWDZLDMąF]DWHPQDXERF]XIDQWDVW\F]QąSRGZ\ĪNĊSáDF\RZ\P\ĞORQą
SU]H]QDV]HJRSU]\MDFLHOD:HVWRQDFKFĊVNLHURZDüZDV]ąXZDJĊQDIDNW\F]QHSRGQLH-
VLHQLHSáDFMDNLHGRNRQDáRVLĊZ:LHONLHM%U\WDQLLPLĊG]\UDU
.
=QDFLH ZV]\VF\ ZSURZDG]RQą Z U XVWDZĊ R JRG]LQQ\P OXE UDF]HM
JRG]LQQ\P GQLX SUDF\ %\áD WR MHGQD ] QDMZLĊNV]\FK SU]HPLDQ HNRQRPLF]Q\FK
NWyUHSU]HĪ\OLĞP\2]QDF]DáRWRQDJáąLSU]\PXVRZąSRGZ\ĪNĊSáDFLWRQLHZMDNLPĞ
WDP SU]HP\ĞOH R ORNDOQ\P ]QDF]HQLX OHF] Z JáyZQ\FK JDáĊ]LDFK SU]HP\VáX G]LĊNL
NWyU\P$QJOLDSDQXMHQDU\QNXĞZLDWRZ\P%\áDWRSRGZ\ĪNDSáDFZZ\MąWNRZRQLH-
SRP\ĞOQ\FKZDUXQNDFK'U8UHSURIHVRU6HQLRULZV]\VF\LQQLRILFMDOQLU]HF]QLF\JR-
VSRGDUF]\EXUĪXD]MLGRZRG]LOL²LPXV]ĊSU]\]QDüĪHGRZRG]LOLSU]\SRPRF\RZLHOH
VLOQLHMV]\FKDUJXPHQWyZQLĪQDV]SU]\MDFLHO:HVWRQ²ĪHXVWDZDWDVWDQLHVLĊG]ZRQHP
SRJU]HERZ\PGODDQJLHOVNLHJRSU]HP\VáX'RZRG]LOLRQLĪHLG]LHWXQLHW\ONRR]Z\NáH
SRGZ\ĪV]HQLH SáDF DOH R SRGZ\ĪV]HQLH SáDF Z\ZRáDQH SU]H] ]PQLHMV]HQLH LORĞFL ]D-
VWRVRZDQHMSUDF\LQDQLPRSDUWH8WU]\P\ZDOLĪHGZXQDVWDJRG]LQDNWyUąFKFHVLĊ
]DEUDüNDSLWDOLĞFLHE\áDZáDĞQLHMHG\QąJRG]LQą]NWyUHMFLąJQLHRQVZyM]\VN*UR]LOL
RQL]PQLHMV]HQLHPDNXPXODFMLNDSLWDáXZ]URVWHPFHQXWUDWąU\QNyZRJUDQLF]HQLHP
SURGXNFMLZ\QLNDMąF\P]HĔQRZ\PREQLĪHQLHPSáDFRVWDWHF]QąUXLQą2ĞZLDGF]DOLRQL
QDZHWĪHZSRUyZQDQLX]W\PXVWDZD0DNV\PLOLDQD5REHVSLHUUHDRPDNV\PDOQ\FK
FHQDFKE\áDIUDV]NąLZSHZQ\PVHQVLHPLHOLUDFMĊ>F@,FyĪMDNLHĪE\á\U]HF]\ZLVWH
QDVWĊSVWZD"3RGZ\ĪV]HQLHSáDFSLHQLĊĪQ\FKURERWQLNyZIDEU\F]Q\FKSRPLPRVNUyFHQLD
GQLD URERF]HJR ]QDF]Q\ Z]URVW OLF]E\ ]DWUXGQLRQ\FK URERWQLNyZ IDEU\F]Q\FK FLąJá\
VSDGHNFHQLFKSURGXNWyZ]DG]LZLDMąF\UR]ZyMVLáZ\WZyUF]\FKLFKSUDF\QLHE\ZDáH
FLąJOHSRVWĊSXMąFHUR]V]HU]DQLHVLĊU\QNyZ]E\WXLFKWRZDUyZ6DPVá\V]DáHPQD]H-
DTP by SHADE
EUDQLX7RZDU]\VWZD3RSLHUDQLD1DXNZ0DQFKHVWHU]HZUMDNS1HZPDQSU]\-
]QDáVLĊĪHRQGU8UH6HQLRULZV]\VF\LQQLSU]HGVWDZLFLHOHQDXNLHNRQRPLF]QHMP\OLOL
VLĊSRGF]DVJG\LQVW\QNWOXGXE\áVáXV]Q\0DPQDP\ĞOLQLHSURI)UDQFLV1HZPDQD
OHF] S : 1HZPDQD >G@ NWyU\ ]DMPXMH Z\ELWQH VWDQRZLVNR Z QDXFH HNRQRPLF]QHM
MDNRZVSyáSUDFRZQLNLZ\GDZFD©+LVWRULLFHQªS7RPDV]D7RRNHDRZHJRĞZLHWQHJR
G]LHáDNWyUHNUHĞOLKLVWRULĊFHQZODWDFK²*G\E\VáXV]QDE\áDLGHHIL[H>H@
QDV]HJRSU]\MDFLHOD:HVWRQDRQLH]PLHQQHMVXPLHSáDFRQLH]PLHQQHMVXPLHSURGXNFML
RQLH]PLHQQ\PSR]LRPLHVLá\Z\WZyUF]HMSUDF\RQLH]PLHQQHMLSDQXMąFHMZROLNDSLWD-
OLVWyZLRZV]HONLFKLQQ\FKQLH]PLHQQRĞFLDFKLRVWDWHF]QRĞFLDFKWRVáXV]QHE\á\E\SR-
QXUHSU]HSRZLHGQLHSURIHVRUD6HQLRUDDP\OLáE\VLĊ5REHUW2ZHQNWyU\MXĪZU
JáRVLáRJyOQHVNUyFHQLHGQLDURERF]HJRMDNRSLHUZV]\SU]\JRWRZDZF]\NURNNXZ\]ZR-
OHQLXNODV\URERWQLF]HMLNWyU\ZEUHZSDQXMąF\PXSU]HG]HQLRPIDNW\F]QLHZSURZDG]Lá
MHQDZáDVQąUĊNĊZVZRMHMSU]ĊG]DOQLEDZHáQ\Z1HZ/DQDUN
.
:W\PVDP\PF]DVLHNLHG\ZHV]áDZĪ\FLHXVWDZDRJRG]LQQ\PGQLXURERF]\P
LNLHG\Z]ZLą]NX]QLąSRGQLRVá\VLĊSáDFHQDVWąSLáZ:LHONLHM%U\WDQLL²]SU]\F]\Q
NWyU\FKZ\OLF]HQLHQLHE\áRE\WXQDPLHMVFXRJyOQ\Z]URVWSáDFURERWQLNyZUROQ\FK
.
$E\QLHE\üSU]H]ZDVĨOH]UR]XPLDQ\FKFĊWX]URELüNLONDZVWĊSQ\FKXZDJFKR-
FLDĪQLHMHVWWRNRQLHF]QHGODPHJREH]SRĞUHGQLHJRFHOX
.
-HĪHOL NWRĞ RWU]\P\ZDá SáDFĊ Z Z\VRNRĞFL V]\OLQJyZ W\JRGQLRZR L MHĪHOL MHJR
SáDFDZ]URVáDGRV]\OLQJyZWRSR]LRPSáDF\Z]UDVWDR:\GDMHVLĊWRU]HF]ą
ZVSDQLDáąJG\Z\UDĪDP\MąMDNRZ]URVWSR]LRPXSáDFFKRFLDĪIDNW\F]QDVXPDSáDF\
V]\OLQJLW\JRGQLRZRSR]RVWDMHZFLąĪMHV]F]HQĊG]QLHQLVNLPJáRGRZ\P]DURENLHP
'ODWHJRWHĪQLHSRZLQQLĞFLHGDüVLĊROĞQLüV]XPQLHEU]PLąFHPXZSURFHQWDFKZ]URVWRZL
SR]LRPXSáDF0XVLFLH]DZV]HS\WDüMDNDE\áDSLHUZRWQDVXPD"
.
=UR]XPLHFLHGDOHMĪHMHĪHOL]URERWQLNyZNDĪG\RWU]\PXMHSRV]\OLQJLW\JR-
GQLRZR]URERWQLNyZNDĪG\SRV]\OLQJyZD]GDOV]\FKNDĪG\SRV]\OLQJyZ
W\JRGQLRZRWRRJyáHPRZ\FKURERWQLNyZRWU]\PXMHV]\OLQJyZF]\OLIV]W
W\JRGQLRZR-HĞOLZLĊFáąF]QDVXPDLFKSáDF\W\JRGQLRZHMZ]URVáDSRZLHG]P\R
WRQDVWąSLáDSRGZ\ĪND]IXQWyZQDIXQWyZ%LRUąFĞUHGQLąPRJOLE\ĞP\SRZLHG]LHü
ĪH RJyOQ\ SR]LRP SáDF Z]UyVá R FKRFLDĪ Z U]HF]\ZLVWRĞFL SáDFD URERWQLNyZ
SR]RVWDáDEH]]PLDQ\SáDFDJUXS\URERWQLNyZZ]URVáDW\ONR]V]\OLQJyZGRV]\O
DSáDFDURERF]DGUXJLHMRVRERZHMJUXS\]V]\OGRV]\O3RáRĪHQLHSRáRZ\W\FK
URERWQLNyZZFDOHVLĊQLHSROHSV]\áRSRáRĪHQLHSROHSV]\áRVLĊMHG\QLHZQLH]QDF]-
Q\PVWRSQLXDW\ONRSRáRĪHQLHU]HF]\ZLĞFLHVLĊSROHSV]\áR-HĪHOLMHGQDNZHĨPLH-
P\SU]HFLĊWQąWRFDáNRZLWDVXPDSáDFRZ\FKURERWQLNyZZ]URVáDE\RLRLOH
VSUDZDW\F]\VLĊFDáHJRNDSLWDáXNWyU\LFK]DWUXGQLDRUD]FHQZ\WZDU]DQ\FKSU]H]QLFK
WRZDUyZ WR E\áRE\ WR ]XSHáQLH WDN MDN JG\E\ ZV]\VF\ RQL EUDOL UyZQRPLHUQ\ XG]LDá
ZSU]HFLĊWQHMSRGZ\ĪFHSáDF:HZVSRPQLDQ\PZ\SDGNXURERWQLNyZUROQ\FKZĞUyG
NWyU\FKSR]LRPSáDFZUR]PDLW\FKKUDEVWZDFK$QJOLLL6]NRFMLMHVWEDUG]RUyĪQ\SRG-
Z\ĪNDE\áDUHDOL]RZDQDEDUG]RQLHUyZQRPLHUQLH
.
,ZUHV]FLHZRNUHVLHZNWyU\PGRNRQDáDVLĊRZDSRGZ\ĪNDSáDFGDáVLĊRGF]Xü
V]HUHJF]\QQLNyZG]LDáDMąF\FKZSU]HFLZQ\PNLHUXQNXMDNQSQRZHSRGDWNL]SRZRGX
ZRMQ\]5RVMąPDVRZHEXU]HQLHGRPyZPLHV]NDOQ\FKURERWQLNyZUROQ\FKLWG
.
3RW\OXXZDJDFKZVWĊSQ\FKZ\VXZDPWZLHUG]HQLHLĪZRNUHVLH²U
SU]HFLĊWQ\SR]LRPSáDFDQJLHOVNLFKURERWQLNyZUROQ\FKSRGQLyVáVLĊRRNRáR0yJá-
E\P SU]\WRF]\ü REV]HUQ\ L REILWXMąF\ Z V]F]HJyá\ PDWHULDá QD SRSDUFLH PHJR WZLHU-
G]HQLD DOH GOD Z\WNQLĊWHJR SU]HGH PQą FHOX XZDĪDP ]D Z\VWDUF]DMąFH RGHVáDü ZDV
DTP by SHADE
GRVXPLHQQHJRLNU\W\F]QHJRUHIHUDWXZ\JáRV]RQHJRZUSU]H]QLHĪ\MąFHJRMXĪ
REHFQLH S -RKQD & 0RUWRQD Z /RQG\ĔVNLP 7RZDU]\VWZLH 6]WXN 3LĊNQ\FK R ©6LáDFK
VWRVRZDQ\FKZUROQLFWZLHª30RUWRQSRGDMHVWDW\VW\F]QHGDQH]DF]HUSQLĊWH]UDFKXQ-
NyZL]LQQ\FKDXWHQW\F]Q\FKGRNXPHQWyZNWyUH]HEUDáRGRNRáRIDUPHUyZ]
KUDEVWZV]NRFNLFKLDQJLHOVNLFK
.
=JRGQLH]SRJOąGDPLQDV]HJRSU]\MDFLHOD:HVWRQDVSHFMDOQLHMHĞOLZ]LąüSRGXZDJĊ
MHGQRF]HVQ\Z]URVWSáDFURERWQLNyZIDEU\F]Q\FKPXVLDáE\QDVWąSLüZODWDFK²
QLHVá\FKDQ\ Z]URVW FHQ SáRGyZ UROQ\FK /HF] FyĪ E\áR Z U]HF]\ZLVWRĞFL" 3RPL-
PR ZRMQ\ URV\MVNLHM L NROHMQ\FK QLHXURG]DMyZ Z ODWDFK ² SU]HFLĊWQD FHQD
SV]HQLF\SRGVWDZRZHJRSáRGXUROQHJR$QJOLLVSDGáD]RNRáRIV]W]DNZDUWHUZOD-
WDFK²GRRNRáRIV]WV]\O]DNZDUWHUZODWDFK²2]QDF]D
WRVSDGHNFHQ\SV]HQLF\RSU]HV]áRSU]\MHGQRF]HVQHMSRGZ\ĪFHSU]HFLĊWQHMSáDF\
URERWQLNyZUROQ\FKR
.
: W\P VDP\P RNUHVLH MHĪHOL SRUyZQDü MHJR NRQLHF ] SRF]ąWNLHP WM URN
]QDVWąSLáVSDGHNRILFMDOQLHVWZLHUG]RQHJRSDXSHU\]PX]GR
RVyE FR VWDQRZL UyĪQLFĊ ]PQLHMV]HQLH SU]\]QDMĊ EDUG]R QLHZLHONLH L NWyUH
Z QDVWĊSQ\FK ODWDFK ]QRZX ]QLNáR DOH MHGQDN ² ]PQLHMV]HQLH .WRĞ PyJáE\ SRZLH-
G]LHüĪHQDVNXWHN]QLHVLHQLDXVWDZ]ERĪRZ\FKSU]\Zy]]ERĪD]DJUDQLF]QHJRZRNUH-
VLH²Z]UyVáSU]HV]áRZGZyMQDVyEZSRUyZQDQLX]RNUHVHP²
,FyĪVWąG"=SXQNWXZLG]HQLDRE\ZDWHOD:HVWRQDQDOHĪDáRE\RF]HNLZDüĪHWHQQDJá\
RJURPQ\LZFLąĪURVQąF\SRS\WQDU\QNDFK]DJUDQLF]Q\FKSRGQLHVLHFHQ\SáRGyZURO-
Q\FKGRMDNLHMĞQLHE\ZDáHMZ\VRNRĞFLJG\ĪVNXWHN]ZLĊNV]RQHJRSRS\WXSR]RVWDMHWHQ
VDPQLH]DOHĪQLHRGWHJRF]\SRFKRG]LRQ]ZHZQąWU]F]\WHĪ]]HZQąWU]$FRQDVWą-
SLáRZU]HF]\ZLVWRĞFL"=Z\MąWNLHPNLONXODWQLHXURG]DMX]JXEQ\VSDGHNFHQ]EyĪFKOH-
ERZ\FKVWDQRZLáZFLąJXFDáHJRWHJRRNUHVXFLąJá\WHPDWVNDUJZH)UDQFML$PHU\NDQLH
UD]SRUD]PXVLHOLSDOLüQDGPLDUVZHMSURGXNFMLD5RVMDMHĪHOLZLHU]\üS8UTXKDUWR-
ZLSRGV\FDáDZRMQĊGRPRZąZ6WDQDFK=MHGQRF]RQ\FKJG\ĪNRQNXUHQFMD-DQNHVyZ
QDU\QNDFKHXURSHMVNLFKSDUDOLĪRZDáDMHMZ\Zy]SáRGyZUROQ\FK
.
$UJXPHQWRE\ZDWHOD:HVWRQDVSURZDG]RQ\GRVZHMIRUP\DEVWUDNF\MQHMR]QDF]D
FRQDVWĊSXMH:V]HONLZ]URVWSRS\WXGRNRQXMHVLĊ]DZV]HQDSRGVWDZLHGDQHMVXP\
SURGXNFML1LHPRĪHRQ]DWHPQLJG\SRZLĊNV]\üSRGDĪ\ĪąGDQ\FKDUW\NXáyZOHF]MH-
G\QLHSRGQLHĞüLFKFHQ\SLHQLĊĪQH$W\PF]DVHPQDM]Z\NOHMV]DREVHUZDFMDZ\ND]XMH
ĪH]ZLĊNV]RQ\SRS\WSR]RVWDZLDZSHZQ\FKZ\SDGNDFKFHQ\U\QNRZH]JRáDEH]]PLD-
Q\ Z LQQ\FK ]DĞ Z\ZRáXMH SU]HMĞFLRZ\ Z]URVW FHQ U\QNRZ\FK ]D NWyU\P QDVWĊSXMH
]ZLĊNV]RQDSRGDĪWR]QyZSRFLąJD]DVREąVSDGHNFHQGRLFKSLHUZRWQHJRSR]LRPX
D Z ZLHOX Z\SDGNDFK SRQLĪHM LFK SLHUZRWQHJR SR]LRPX &]\ Z]URVW SRS\WX Z\QLND
]SRGZ\ĪNLSáDFF]\WHĪ]LQQHMMDNLHMĞSU]\F]\Q\²QLH]PLHQLDWR]XSHáQLHZDUXQNyZ
]DJDGQLHQLD=SXQNWXZLG]HQLDRE\ZDWHOD:HVWRQDUyZQLHWUXGQRE\áRE\REMDĞQLü]MD-
ZLVNRRJyOQHMDNL]MDZLVNR]DFKRG]ąFHZZ\MąWNRZ\FKZDUXQNDFK]Z\ĪNLSáDF'ODWHJR
WHĪMHJRDUJXPHQWQLF]XSHáQLHQLHXGRZDGQLDZRPDZLDQHMSU]H]QDVNZHVWLL%\áRQ
W\ONRZ\UD]HPMHJREH]UDGQRĞFLSU]\Z\MDĞQLHQLXSUDZZP\ĞONWyU\FKZ]URVWSRS\WX
Z\ZRáXMHZ]URVWSRGDĪ\DQLHRVWDWHF]Q\Z]URVWFHQU\QNRZ\FK
.
>3à$&$,3,(1,Ą'=@
.
: GUXJLP GQLX G\VNXVML QDV] SU]\MDFLHO :HVWRQ REOyNá VWDUH VZRMH WZLHUG]HQLD
ZQRZHIRUP\3RZLHG]LDáRQZUH]XOWDFLHRJyOQHJRZ]URVWXSáDFSLHQLĊĪQ\FKSRWU]H-
EDZLĊNV]HMLORĞFLJRWyZNLGODZ\SáDFHQLDW\FKVDP\FKSáDF3RQLHZDĪVXPDSLHQLĊG]\
]QDMGXMąF\FKVLĊZRELHJXMHVWVWDáDWRMDNĪHĪSRWUDILFLH]DSRPRFąWHMQLH]PLHQQHM
VXP\SLHQLĊG]\]QDMGXMąF\FKVLĊZRELHJXRSáDFLüSRZLĊNV]RQąVXPĊSáDFSLHQLĊĪQ\FK"
DTP by SHADE
3U]HGWHPWUXGQRĞüSROHJDáDQDW\PĪHVXPDWRZDUyZSU]\SDGDMąFDQDNDĪGHJRUR-
ERWQLNDE\áDVWDáDFKRFLDĪQDZHWMHJRSáDFDSLHQLĊĪQDZ]URVáDWHUD]]DĞWUXGQRĞüSR-
ZVWDMHVWąGĪHSáDFDSLHQLĊĪQDZ]URVáDFKRFLDĪVXPDWRZDUyZMHVWVWDáD2F]\ZLĞFLH
MHĪHOLRGU]XFLFLHSLHUZRWQ\GRJPDWRE\ZDWHOD:HVWRQD]QLNQąWHĪSRFKRGQHWUXGQRĞFL
.
&KFĊZDPMHGQDNZ\ND]DüĪHWDNZHVWLDRELHJXSLHQLĊĪQHJRQLHPDQLFZVSyOQHJR
]RPDZLDQ\PSU]H]QDVSU]HGPLRWHP
.
0HFKDQL]PSáDWQLF]\MHVWZZDV]\PNUDMXRZLHOHEDUG]LHMXGRVNRQDORQ\QLĪZMD-
NLPNROZLHN LQQ\P NUDMX Z (XURSLH ']LĊNL UR]SRZV]HFKQLHQLX L NRQFHQWUDFML V\VWHPX
EDQNRZHJRSRWU]HEDRZLHOHPQLHMSLHQLĊG]\GODSXV]F]HQLDZRELHJWHMVDPHMVXP\
ZDUWRĞFLOXEGOD]DZDUFLDWHMVDPHMOXEQDZHWZLĊNV]HMLORĞFLWUDQVDNFML&RVLĊW\F]\
QDSU]\NáDGSáDF\WRDQJLHOVNLURERWQLNIDEU\F]Q\RGGDMHMąFRW\G]LHĔVNOHSLNDU]RZL
NWyU\FRW\G]LHĔRGV\áDMąGREDQNXWHQ]ZUDFDMąFRW\G]LHĔIDEU\NDQWRZLNWyU\]QyZ
Z\SáDFDMąVZRLPURERWQLNRPLWG']LĊNLWDNLHPXPHFKDQL]PRZLURF]QDSáDFDURERWQL-
NDSRZLHG]P\IV]WPRĪHE\üXLV]F]RQD]DSRPRFąMHGQHJRW\ONRVXZHUHQDNWyU\
FRW\G]LHĔZ\NRQXMHWHQVDPRELHJ1DZHWZ$QJOLLPHFKDQL]PWHQMHVWPQLHMGRVNR-
QDá\QLĪZ6]NRFMLLQLHZV]ĊG]LHMHVWRQMHGQDNRZRGRVNRQDá\GODWHJRWHĪZLG]LP\
ĪHQDSU]\NáDGZSRUyZQDQLX]RNUĊJDPLF]\VWRIDEU\F]Q\PLZQLHNWyU\FKRNUĊJDFK
UROQLF]\FKSRWU]HEDRZLHOHZLĊFHMĞURGNyZRELHJRZ\FKGRF\UNXODFMLRZLHOHPQLHMV]HM
VXP\ZDUWRĞFL
.
3U]HNURF]\ZV]\.DQDá>/D0DQFKH@]REDF]\FLHĪHSáDFHSLHQLĊĪQHVąRZLHOHQLĪ-
V]HQLĪZ$QJOLLDOHĪHZ1LHPF]HFKZH:áRV]HFKZ6]ZDMFDULLLZH)UDQFMLLFKRELHJ
RGE\ZDVLĊ]DSRPRFąRZLHOHZLĊNV]HMVXP\SLHQLĊG]\7HQVDPVXZHUHQQLH]RVWD-
QLHWDNV]\ENRSU]HFKZ\FRQ\SU]H]EDQNLHUDLQLHZUyFLWDNSUĊGNRGRSU]HP\VáRZHJR
NDSLWDOLVW\GODWHJRWHĪ]DPLDVWMHGQHJRVXZHUHQDSRWU]HEQHJRZ$QJOLLGRREVáXĪH-
QLD RELHJX Z Z\VRNRĞFL I V]W URF]QLH QD NRQW\QHQFLH WU]HED EĊG]LH E\ü PRĪH
WU]HFKVXZHUHQyZGRNUąĪHQLDSáDF\URF]QHMZVXPLHIV]W7DNZLĊFSRUyZQXMąF
NUDMHQDNRQW\QHQFLH(XURS\]$QJOLą]REDF]\FLHQDW\FKPLDVWĪHQLVNLHSáDFHSLHQLĊĪQH
PRJąZ\PDJDüRZLHOHZLĊFHMJRWyZNLGODVZHJRNUąĪHQLDQLĪZ\VRNLHSáDFHSLHQLĊĪQH
LĪHMHVWWRIDNW\F]QLHNZHVWLDF]\VWRWHFKQLF]QDREFD]JRáDQDV]HPXWHPDWRZL
.
:HGáXJQDMOHSV]\FK]H]QDQ\FKPLREOLF]HĔGRFKyGURF]Q\NODV\URERWQLF]HM$QJOLL
PRĪHE\üRV]DFRZDQ\QDPLOLRQyZIV]W2OEU]\PLDWDVXPDNUąĪ\SU]\SRPRF\
RNRáRPLOLRQyZIV]W3U]\SXĞüP\ĪHSáDFDURERF]DZ]URVáDR:WHG\SRWU]HED
E\áRE\QLHPLOLRQyZDOHPLOLRQyZIV]WZJRWyZFH3RQLHZDĪURERWQLNGRNR-
QXMH]QDF]QHMF]ĊĞFLVZ\FKG]LHQQ\FKZ\GDWNyZZ6UHEU]HLZPLHG]L²WMZSURVW\FK
]QDNDFK PRQHWDUQ\FK NWyU\FK Z]JOĊGQD ZDUWRĞü Z VWRVXQNX GR ]áRWD SRGREQLH MDN
ZDUWRĞü QLH SRGOHJDMąF\FK Z\PLDQLH SLHQLĊG]\ SDSLHURZ\FK MHVW GRZROQLH XVWDODQD
SU]H]XVWDZĊ²WRSRGQLHVLHQLHSáDFSLHQLĊĪQ\FKRZ\PDJDáRE\ZRVWDWHF]Q\P
Z\SDGNXGRGDWNRZHJRNUąĪHQLDZVXPLHSRZLHG]P\MHGQHJRPLOLRQDVXZHUHQyZ0L-
OLRQNWyU\GRW\FKF]DVVSRF]\ZDZSRVWDFL]áRW\FKV]WDEOXEPRQHWZSLZQLFDFK%DQNX
$QJLHOVNLHJRDOERSU\ZDWQ\FKEDQNLHUyZSRF]ąáE\NUąĪ\ü$OHQDZHW]QLNRP\Z\GDWHN
]ZLą]DQ\]GRGDWNRZ\PELFLHPPRQHW\DOER]GRGDWNRZ\P]XĪ\FLHPRZHJRPLOLRQD
PyJáE\E\ü]DRV]F]ĊG]RQ\LE\áE\IDNW\F]QLH]DRV]F]ĊG]RQ\RLOHE\Z\QLNá\MDNLHNRO-
ZLHN WUXGQRĞFL ] SRZRGX EUDNX GRGDWNRZ\FK ĞURGNyZ RELHJRZ\FK :LHFLH ZV]\VF\
ĪHZ$QJOLLSLHQLąG]H]QDMGXMąFHVLĊZRELHJXG]LHOąVLĊQDGZLHZLHONLHJUXS\-HGQD
] QLFK ]áRĪRQD ] EDQNQRWyZ QDMUR]PDLWV]HJR URG]DMX VáXĪ\ GOD WUDQVDNFML PLĊG]\
NXSFDPLLGRZLĊNV]\FKZ\SáDWGRNRQ\ZDQ\FKPLĊG]\NXSFDPLLVSRĪ\ZFDPLGUXJD
JUXSDPRQHW\PHWDORZHNUąĪąZKDQGOXGHWDOLF]Q\P&KRFLDĪWHGZDURG]DMHSLHQLĊ-
G]\ZRELHJXVąUyĪQHSU]HSODWDMąVLĊRQHMHGQDN]HVREą7DNQS]áRWDPRQHWDNUąĪ\
QDV]HURNąVNDOĊQDZHWSU]\ZLĊNV]\FKZ\SáDWDFKGODSáDFHQLDUHV]WXMąF\FKVXPSR-
DTP by SHADE
QLĪHMIV]W-HĞOLE\MXWURZ\SXV]F]RQREDQNQRW\OXEIXQWRZHWR]áRWHPRQHW\
]DSHáQLDMąFHWHNDQDá\RELHJRZH]RVWDá\E\]QLFKQDW\FKPLDVWZ\SDUWHLRGSá\QĊá\E\
GRNDQDáyZJG]LHE\á\E\SRWU]HEQHZVNXWHNZ]URVWXSáDF:WDNLVSRVyEGRGDWNRZ\
PLOLRQSRWU]HEQ\]HZ]JOĊGXQD]Z\ĪNĊSáDFRE\áE\GRVWDUF]RQ\EH]GRU]XFHQLD
FKRüE\MHGQHJRVXZHUHQD7DNLVDPVNXWHNPyJáE\E\üUyZQLHĪRVLąJQLĊW\EH]MHGQH-
JRGRGDWNRZHJREDQNQRWXSU]\SRPRF\GRGDWNRZHJRRELHJXZHNVORZHJRMDNWRE\áR
ZFLąJXEDUG]RGáXJLHJRRNUHVXZ/DQFDVKLUH
.
*G\E\RJyOQ\Z]URVWSR]LRPXSáDFQDSU]\NáDGR²MDNRE\ZDWHO:HVWRQ
SU]\MąáGODSáDFURERWQLNyZUROQ\FK²Z\ZRáDáSRZDĪQ\Z]URVWFHQSU]HGPLRWyZSLHUZ-
V]HM SRWU]HE\ L ]JRGQLH ] MHJR SRJOąGHP Z\PDJDá GRGDWNRZHM VXP\ SLHQLĊG]\ NWy-
UHMQLHSRGREQDE\áRE\GRVWDUF]\üWRRJyOQ\VSDGHNSODFPXVLDáE\Z\ZRáDüWHQVDP
VNXWHNZWHMVDPHMVNDOLZSU]HFLZQ\PNLHUXQNX:\ERUQLH:LHFLHZV]\VF\ĪHODWD
² E\á\ ODWDPL QDMZLĊNV]HJR UR]NZLWX SU]HP\VáX EDZHáQLDQHJR L ĪH V]F]H-
JyOQLH URN Z W\P Z]JOĊG]LH QLH PD UyZQHJR VRELH Z URF]QLNDFK KDQGOX SU]\
F]\PZW\PVDP\PF]DVLHLQQHJDáĊ]LHSU]HP\VáXSU]HĪ\ZDá\UyZQLHĪRNUHVZLHONLHJR
UR]NZLWX 3áDFH URERWQLNyZ SU]HP\VáX EDZHáQLDQHJR L ZV]\VWNLFK LQQ\FK URERWQLNyZ
]ZLą]DQ\FK]W\PSU]HP\VáHPE\á\ZUZ\ĪV]HQLĪNLHG\NROZLHN$OHQDVWąSLá
NU\]\VDPHU\NDĔVNLLSáDFHZV]\VWNLFKW\FKURERWQLNyZ]RVWDá\QDJOHREQLĪRQHGRRNRáR
MHGQHM F]ZDUWHM VZRMHM SRSU]HGQLHM VXP\ 2]QDF]DáRE\ WR Z]URVW Z SU]HFLZQ\P NLH-
UXQNXR-HĪHOLSáDFDSRGQRVLVLĊ]GRPyZLP\ĪHSRGQLRVáDVLĊR
MHĪHOL]DĞVSDGD]GRPyZLP\ĪHVSDGáDROHF]VXPDZ]URVWXZMHGQ\P
Z\SDGNXLVSDGNXZGUXJLPE\áDE\WDVDPDUyZQDáDE\VLĊPLDQRZLFLHV]\OLQJRP
%\áDWRZLĊFUDSWRZQDLQLHE\ZDáDGRW\FKF]DV]PLDQDSR]LRPXSáDFRJDUQLDMąFDSU]\
W\PWDNąOLF]EĊURERWQLNyZNWyUDMHĪHOLOLF]\üZV]\VWNLFKURERWQLNyZQLHW\ONREH]SR-
ĞUHGQLR]DWUXGQLRQ\FKZSU]HP\ĞOHEDZHáQLDQ\PDOHWDNĪHSRĞUHGQLRRGQLHJR]DOHĪ-
Q\FKE\áDRSRáRZĊZLĊNV]DQLĪOLF]EDURERWQLNyZUROQ\FK&]\ĪFHQDSV]HQLF\VSDGáD"
3RGQLRVáDVLĊ]SU]HFLĊWQHMURF]QHMV]\OSHQVyZ]DNZDUWHUZFLąJXWUĪHFKOHFLD
²GRSU]HFLĊWQHMURF]QHMV]\OSHQVyZ]DNZDUWHUZFLąJXWUĪHFKOHFLD
²&RVLĊW\F]\REURWXSLHQLĊĪQHJRWRZURNXZ\ELWRZPHQQLF\PRQHW
QDVXPĊIV]WZREHFIV]WZU7R]QDF]\ĪHZU
Z\ELWRLFKRIV]WZLĊFHMQLĪZU3UDZGDĪHZURELHJEDQNQR-
WyZE\áRIV]WPQLHMV]\QLĪZU2GHMPLMP\WR3R]RVWDMHMHV]F]HZU
ZSRUyZQDQLX]SRP\ĞOQ\PURNLHPQDGZ\ĪNDSLHQLĊG]\ZRELHJXZVXPLH
IV]WWMRNRáRDOHMHGQRF]HĞQLH]PQLHMV]\á\VLĊUH]HUZ\NUXV]-
FRZH%DQNX$QJLHOVNLHJRQLHĞFLĞOHZW\PVDP\PDOHZ]EOLĪRQ\PVWRVXQNX
.
3RUyZQDMP\ URN ] U 3RPLQąZV]\ RJURPQ\ Z]URVW ZDUWRĞFL L VXP\
]QDMGXMąF\FKVLĊZRELHJXWRZDUyZVDPW\ONRNDSLWDáZ\SáDFRQ\ZUHJXODUQ\FKWUDQV-
DNFMDFK]DDNFMHSRĪ\F]NLLWS]DSDSLHU\ZDUWRĞFLRZHNROHLZ$QJOLLL:DOLLGRFKRG]Lá
GRPLOLRQyZIV]WWMVXP\NWyUDZUZ\GDZDáDE\VLĊIDQWDVW\F]QD$SU]H-
FLHĪRJyOQHVXP\SLHQLĊG]\]QDMGXMąF\FKVLĊZRELHJXZULZUE\á\SUDZLH
UyZQHLZRJyOH]DXZDĪ\FLHĪHPLPRROEU]\PLHJRZ]URVWXZDUWRĞFLQLHW\ONRWRZDUyZ
DOHZRJyOHWUDQVDNFMLSLHQLĊĪQ\FKLORĞüSLHQLĊG]\]QDMGXMąF\FKVLĊZRELHJXZ\ND]XMH
WHQGHQFMĊGRSRVWĊSXMąFHJR]PQLHMV]DQLDVLĊ=SXQNWXZLG]HQLDQDV]HJRSU]\MDFLHOD
:HVWRQDMHVWWRQLHUR]ZLą]DOQD]DJDGND
.
-HĞOLE\RQZQLNQąáQLHFRJáĊELHMZGDQąVSUDZĊSU]HNRQDáE\VLĊĪH]JRáDQLH]D-
OHĪQLH RG SáDF L ]DNáDGDMąF ĪH Vą RQH QLH]PLHQQH ZDUWRĞü L PDVD ]QDMGXMąF\FK VLĊ
ZRELHJXWRZDUyZLZRJyOHVXPD]DZLHUDQ\FKWUDQVDNFMLSLHQLĊĪQ\FK]PLHQLDMąVLĊFR-
G]LHQQLHĪHVXPDZ\SXV]F]DQ\FKEDQNQRWyZ]PLHQLDVLĊFRG]LHQQLHĪHVXPDZ\SáDW
XLV]F]DQ\FKEH]SRĞUHGQLFWZDSLHQLĊG]\]DSRPRFąZHNVOLF]HNyZRWZDUWHJRNUHG\-
WXL]EUR]UDFKXQNRZ\FK]PLHQLDVLĊFRG]LHQQLHĪHRLOHVąSRWU]HEQHU]HF]\ZLVWHPH-
DTP by SHADE
WDORZHĞURGNLREURWX]PLHQLDVLĊFRG]LHQQLHVWRVXQHNPLĊG]\PRQHWDPL]QDMGXMąF\PL
VLĊZRELHJXDPRQHWDPLLV]WDEDPLVWDQRZLąF\PLUH]HUZĊDOERVSRF]\ZDMąF\PLZSLZ-
QLFDFKEDQNyZĪH]PLHQLDVLĊFRG]LHQQLHLVXPDNUXV]FXZFKáDQLDQHJRSU]H]RELHJ
NUDMRZ\LZ\V\áDQHJR]DJUDQLFĊGODRELHJXPLĊG]\QDURGRZHJR=UR]XPLDáE\ĪHMHJR
GRJPDWRVWDáHMVXPLHSLHQLĊG]\]QDMGXMąF\FKVLĊZRELHJXMHVWSRWZRUQ\PEáĊGHP
QLHGDMąF\PVLĊSRJRG]Lü]QDV]\PFRG]LHQQ\PGRĞZLDGF]HQLHP=DPLDVWSU]HPLHQLDü
VZHQLH]UR]XPLHQLHSUDZRELHJXSLHQLĊĪQHJRZDUJXPHQWSU]HFLZNRSRGQLHVLHQLXSáDF
SRZLQLHQE\RQ]EDGDüSUDZDSR]ZDODMąFHRELHJRZLSLHQLĊĪQHPXSU]\VWRVRZ\ZDüVLĊ
GRWDNQLHXVWDQQLH]PLHQLDMąF\FKVLĊZDUXQNyZ
.
>32'$ĩ,323<7@
.
1DV]SU]\MDFLHO:HVWRQKRáGXMHáDFLĔVNLHPXSU]\VáRZLXĪH©UHSHWLWLRHVWPDWHUVWX-
GLRUXPªW]QSRZWDU]DQLHMHVWPDWNąQDXNLLGODWHJRSRZWyU]\áZQRZHMIRUPLHVZyM
SLHUZRWQ\GRJPDWĪHVNXUF]HQLHVLĊRELHJXSLHQLĊĪQHJRZ\QLNDMąFH]SRGZ\ĪNLSáDF
SURZDG]LGR]PQLHMV]HQLDNDSLWDáXLWG3RQLHZDĪMXĪ]DáDWZLOLĞP\VLĊ]MHJRG]LZDFWZD-
PLQDWHPDWRELHJXSLHQLĊĪQHJRXZDĪDP]DFDáNLHP]E\WHF]QHZFKRG]LüZV]F]HJy-
á\ XURMRQ\FK VNXWNyZ NWyUH MHJR ]GDQLHP Z\Sá\ZDMą ] XURMRQHM NDWDVWURI\ RELHJX
SLHQLĊĪQHJR3U]\VWąSLĊUDF]HMQLH]ZáRF]QLHGRWHJRE\MHGHQLWHQVDPMHJRGRJPDW
SRZWyU]RQ\SU]H]HĔZWDNZLHOXUyĪQ\FKSRVWDFLDFKVSURZDG]LüGRMHJRQDMSURVWV]HM
IRUP\WHRUHW\F]QHM
.
%H]NU\W\F]QRĞü]MDNąWUDNWXMHRQVZyMSU]HGPLRWVWDQLHVLĊRF]\ZLVWDJG\]UREL-
P\MHGQąSURVWąXZDJĊ:\VWĊSXMHRQSU]HFLZSRGZ\ĪFHSáDFOXESU]HFLZZ\VRNLPSáD-
FRPMDNRVNXWNRZLWHMSRGZ\ĪNL2WyĪS\WDPJRFRWRMHVWZ\VRNDSáDFDDFRQLVND"
'ODF]HJRQDSU]\NáDGRV]\OLQJyZW\JRGQLRZRVWDQRZLQLVNąSáDFĊURERF]ąDGZDG]LH-
ĞFLDV]\OLQJyZZ\VRNą"-HĪHOLMHVWQLVNąSáDFąZSRUyZQDQLX]WRMHVWMHV]F]H
QLĪV]ąZSRUyZQDQLX]
.
-HĪHOLNWRĞSU]\VWĊSXMąFGRZ\NáDGXRWHUPRPHWU]H]DF]QLHGHNODPRZDüQDWHPDW
QLVNLFK L Z\VRNLFK VWRSQL WR QLF]HJR QDV QLH QDXF]\ 0XVL PL RQ QDMSLHUZ REMDĞQLü
MDN]QDOHĨüSXQNW]DPDU]DQLDLSXQNWZU]HQLDLMDNREDWHZ\MĞFLRZHSXQNW\]RVWDá\
RNUHĞORQHSU]H]SUDZDSU]\URG\QLH]DĞSU]H]IDQWD]MĊVSU]HGDZFyZDOERSURGXFHQ-
WyZWHUPRPHWUyZ2WyĪFRVLĊW\F]\SáDFL]\VNyZWRRE\ZDWHO:HVWRQQLHW\ONRQLH
Z\SURZDG]LáWDNLFKZ\MĞFLRZ\FKSXQNWyZ]SUDZHNRQRPLF]Q\FKOHF]QLHRGF]XáQDZHW
NRQLHF]QRĞFL LFK V]XNDQLD =DGRZROLá VLĊ W\P ĪH SRVSROLWH XWDUWH Z\UDĪHQLD QLVNLH
LZ\VRNLH²Z]LąáMDNRFRĞFRPDVWDáHRNUHĞORQH]QDF]HQLHFKRFLDĪMHVWRF]\ZLVWH
ĪHRQLVNLFKLZ\VRNLFKSáDFDFKPRĪQDPyZLüW\ONRZSRUyZQDQLX]MDNąĞVNDOąVáXĪąFą
GRPLHU]HQLDLFKZLHONRĞFL
.
1LHSRWUDILRQSRZLHG]LHüPLGODF]HJRRNUHĞORQąVXPĊSLHQLĊG]\GDMHVLĊ]DRNUH-
ĞORQąLORĞüSUDF\-HĪHOLE\]DĞRGSRZLHG]LDáPLWHU]HF]\XVWDODSUDZRSRGDĪ\LSRS\WX
WR]DS\WDáE\PJRSU]HGHZV]\VWNLPMDNLHSUDZRUHJXOXMHVDPąSRGDĪLSRS\W,ZREHF
WDNLHMRGSRZLHG]LVWDQąáE\RQFDáNLHPEH]UDGQ\6WRVXQNLPLĊG]\SRGDĪąSUDF\DSRS\-
WHPQDQLąXOHJDMąFLąJá\P]PLDQRPDZUD]]QLPL]PLHQLDMąVLĊU\QNRZHFHQ\SUDF\
-HĪHOLSRS\WSU]HZ\ĪV]DSRGDĪSáDFHSRGQRV]ąVLĊMHĞOLSRGDĪSU]HZ\ĪV]DSRS\W²
SáDFHVSDGDMąFKRFLDĪZWDNLFKRNROLF]QRĞFLDFKE\áRE\PRĪHSRWU]HEQHVSUDZG]LüU]H-
F]\ZLVW\VWDQSRGDĪ\LSRS\WXQDSU]\NáDG]DSRPRFąVWUDMNXDOERWHĪMDNLPĞLQQ\P
VSRVREHP$OHMHĪHOLX]QDFLHSRGDĪLSRS\W]DSUDZRUHJXOXMąFHSáDFHWRE\áRE\UyZQLH
G]LHFLQQHMDNL]EĊGQHJDUGáRZDüSU]HFLZSRGQLHVLHQLXSáDFVNRURZHGáXJQDMZ\ĪV]HJR
SUDZDQDNWyUHVLĊSRZRáXMHFLHSHULRG\F]QDSRGZ\ĪNDSáDFMHVWWDNVDPRNRQLHF]QD
LVáXV]QDMDNLFKSHULRG\F]QD]QLĪND-HĪHOL]DĞQLHX]QDMHFLHSRGDĪ\LSRS\WXMDNRSUDZD
UHJXOXMąFHJRSáDFHWRSRZWDU]DPMHV]F]HUD]S\WDQLHGODF]HJRRNUHĞORQDVXPDSLHQLĊ-
DTP by SHADE
11
G]\MHVWGDZDQD]DRNUHĞORQąLORĞüSUDF\"
.
$OHUR]SDWU]P\VSUDZĊ]V]HUV]HJRSXQNWXZLG]HQLDP\OLOLE\ĞFLHVLĊJUXQWRZQLH
JG\E\ĞFLHVąG]LOLĪHZDUWRĞüSUDF\DOERMDNLHJRNROZLHNLQQHJRWRZDUXMHVWRNUHĞORQD
ZRVWDWQLHMLQVWDQFMLSU]H]SRGDĪLSRS\W3RGDĪLSRS\WUHJXOXMąMHG\QLHSU]HMĞFLRZH
ZDKDQLDFHQU\QNRZ\FK2QHZ\WáXPDF]ąZDPGODF]HJRFHQDU\QNRZDWRZDUXSRG-
QRVL VLĊ SRZ\ĪHM DOER VSDGD SRQLĪHM MHJR ZDUWRĞFL DOH QLH PRJą QLJG\ Z\WáXPDF]\ü
VDPHMZDUWRĞFL3U]\SXĞüP\ĪHSRGDĪLSRS\WUyZQRZDĪąVLĊDOERMDNPyZLąHNRQR-
PLĞFLZ]DMHPQLHVLĊSRNU\ZDMą2WyĪZWHMVDPHMFKZLOLJG\WHSU]HFLZQHVLá\6WDMą
VLĊUyZQHSDUDOLĪXMąVLĊRQHZ]DMHPQLHLSU]HVWDMąG]LDáDüZW\PF]\LQQ\PNLHUXQNX
=FKZLOąJG\SRGDĪLSRS\WUyZQRZDĪąVLĊZ]DMHPQLHDZLĊFSU]HVWDMąG]LDáDüFHQD
U\QNRZDWRZDUX]ELHJDVLĊ]MHJRU]HF]\ZLVWąZDUWRĞFLą]FHQąQRUPDOQąGRNRáDNWyUHM
ZDKDMąVLĊMHJRFHQ\U\QNRZH$]DWHPSU]\EDGDQLXQDWXU\WHMZDUWRĞFLQLHREFKRG]L
QDVZFDOHSU]HPLMDMąFHG]LDáDQLHSRGDĪ\LSRS\WXQDFHQ\U\QNRZH2GQRVLVLĊWR]D-
UyZQRGRSáDFMDNLGRFHQZV]HONLFKLQQ\FKWRZDUyZ
.
>3à$&$52%2&=$,&(1<@
.
:V]\VWNLHGRZRG\QDV]HJRSU]\MDFLHODVSURZDG]RQHGRVZHJRQDMSURVWV]HJRWHR-
UHW\F]QHJRZ\UD]XGDG]ąVLĊVWUHĞFLüZMHGQ\PMHG\Q\PGRJPDFLH©&HQ\WRZDUyZ
VąRNUHĞODQHOXEUHJXORZDQHSU]H]SáDFH`
.
3U]HFLZ WHPX SU]HVWDU]DáHPX L REDORQHPX MXĪ EáĊGRZL PyJáE\P SRZRáDü VLĊ
QDĞZLDGHFWZRSUDNW\NL0yJáE\PZDPSRZLHG]LHüĪHDQJLHOVF\URERWQLF\IDEU\F]QL
JyUQLF\ URERWQLF\ VWRF]QL LWG NWyU\FK SUDFD MHVW RSáDFDQD VWRVXQNRZR Z\VRNR ELMą
WDQLRĞFLąVZRLFKZ\UREyZZV]\VWNLHLQQHQDURG\DW\PF]DVHPQSDQJLHOVNLURERWQLN
UROQ\NWyUHJRSUDFDMHVWVWRVXQNRZRQLVNRRSáDFDQDMHVWG\VWDQVRZDQ\SU]H]QLHPDO
ZV]\VWNLHLQQHQDURG\]HZ]JOĊGXQDGURĪ\]QĊVZRLFKSURGXNWyZ3RUyZQXMąF]HVREą
UyĪQHZ\URE\ZW\PVDP\PNUDMXLWRZDU\UyĪQ\FKNUDMyZPyJáE\PZ\ND]DüĪHSR]D
SHZQ\PL EDUG]LHM SR]RUQ\PL QLĪ U]HF]\ZLVW\PL Z\MąWNDPL SU]HFLĊWQLH SUDFD Z\VRNR
RSáDFDQDZ\WZDU]DWDQLHWRZDU\DSUDFDQLVNRRSáDFDQD²GURJLHWRZDU\1LHGRZRG]L-
áRE\WRRF]\ZLĞFLHĪHZ\VRNDFHQDSUDF\ZMHGQ\PZ\SDGNXDQLVNDFHQDSUDF\ZGUX-
JLPVąZáDĞQLHSU]\F]\QDPLW\FKELHJXQRZRSU]HFLZVWDZQ\FKVNXWNyZOHF]ZNDĪG\P
UD]LHGRZRG]LWRĪHFHQ\WRZDUyZQLHVąRNUHĞODQHSU]H]FHQ\SUDF\:V]HODNRP\QLH
PDP\ZFDOHSRWU]HE\XFLHNDüVLĊGRWHMHPSLU\F]QHMPHWRG\
.
.WRĞE\üPRĪH]DSU]HF]\E\RE\ZDWHO:HVWRQXVWDQRZLáGRJPDW©3áDFHRNUH-
ĞODMąOXEUHJXOXMąFHQ\WRZDUyZª,VWRWQLHQLHVIRUPXáRZDáRQQLJG\WDNLHJRGRJPDWX
3U]HFLZQLHXWU]\P\ZDáĪH]\VNLUHQWDVWDQRZLąUyZQLHĪF]ĊĞFLVNáDGRZHFHQWRZD-
UyZJG\Ī]FHQWRZDUyZPXVLZV]DNE\üRSáDFDQDQLHW\ONRSáDFDURERF]DDOHUyZQLHĪ
]\VNNDSLWDOLVWyZLUHQWDZáDĞFLFLHOL]LHPVNLFK$OH]F]HJRMHJR]GDQLHPVNáDGDMąVLĊ
FHQ\"3U]HGHZV]\VWNLP]SáDF1DVWĊSQLHGRFKRG]LGRWHJRSHZLHQSURFHQWQDU]HF]
NDSLWDOLVW\ L GDOV]\ GRGDWNRZ\ SURFHQW QD U]HF] ZáDĞFLFLHOD ]LHPVNLHJR 3U]\SXĞüP\
ĪHSáDFDURERWQLNyZ]DWUXGQLRQ\FKSU]\SURGXNFMLSHZQHJRWRZDUXZ\QRVL-HĞOL
VWRSD]\VNXZ\QRVLNDSLWDOLVWDGRZ\áRĪRQ\FKSáDFGRGDDMHĪHOLVWRSDUHQW\
WDNĪH Z\QRVL WR GRMG]LH MHV]F]H L áąF]QD FHQD WRZDUX EĊG]LH Z\QRVLü
$OHWDNLHRNUHĞOHQLHFHQE\áRE\SRSURVWXLFKRNUHĞOHQLHPSU]H]SáDFH-HĞOLE\ZSU]\-
WRF]RQ\PZ\SDGNXSáDFDSRGQLRVáDVLĊGRWRFHQDWRZDUXSRGQLRVáDE\VLĊGR
LWDNGDOHM'ODWHJRWHĪZV]\VF\SU]HVWDU]DOLSLVDU]HZG]LHG]LQLHHNRQRPLLSROLW\F]QHM
NWyU]\EURQLOLGRJPDWXLĪSáDFHUHJXOXMąFHQ\VWDUDOLVLĊGRZLHĞüWHJRWUDNWXMąF]\VN
LUHQWĊMHG\QLHMDNRSURVWHSURFHQWRZHGRGDWNLGRSáDF\1LNW]QLFKQLHPyJáRF]\ZLĞFLH
VSURZDG]LüJUDQLFW\FKGRGDWNyZGRMDNLHJRNROZLHNSUDZDHNRQRPLF]QHJR3U]HFLZQLH
VąG]LOLRQLMDNVLĊ]GDMHĪH]\VNLVąXVWDODQHSU]H]WUDG\FMĊ]Z\F]DMZROĊNDSLWDOLVW\
DTP by SHADE
DOERWHĪMDNLPĞLQQ\PUyZQLHGRZROQ\PLQLHZ\WáXPDF]RQ\PVSRVREHP-HĪHOLWZLHUG]ą
RQLĪH]\VNLVąRNUHĞODQHSU]H]NRQNXUHQFMĊPLĊG]\NDSLWDOLVWDPLWRDEVROXWQLHQLFW\P
QLHPyZLą.RQNXUHQFMDWDPRĪH]SHZQRĞFLąZ\UyZQDüUyĪQHVWRS\]\VNXZUyĪQ\FK
JDáĊ]LDFKSU]HP\VáXDOERVSURZDG]LüMHGRMHGQHJRSU]HFLĊWQHJRSR]LRPXDOHQLJG\QLH
PRĪHRQDRNUHĞOLüVDPHJRSR]LRPXDQLRJyOQHMVWRS\]\VNX
.
&RUR]XPLHP\SU]H]SRZLHG]HQLHĪHFHQ\WRZDUyZVąRNUHĞORQHSU]H]SáDFH"3R-
QLHZDĪ SáDFD MHVW W\ONR QD]Zą FHQ\ SUDF\ WR WZLHUG]LP\ SU]H] WR ĪH FHQ\ WRZDUyZ
VąUHJXORZDQHSU]H]FHQĊSUDF\3RQLHZDĪ©FHQDªMHVWZDUWRĞFLąZ\PLHQQą²DPy-
ZLąFRZDUWRĞFLPyZLĊ]DZV]HRZDUWRĞFLZ\PLHQQHM²PLDQRZLFLHZDUWRĞFLąZ\PLHQQą
Z\UDĪRQąZSLHQLąG]DFKWZLHUG]HQLHWRVSURZDG]DVLĊGRWHJRĪH©ZDUWRĞüWRZDUyZ
MHVWRNUHĞODQDSU]H]ZDUWRĞüSUąF\ªOXEĪHZDUWRĞüSUDF\MHVWRJyOQąPLDUąZDUWRĞFLª
.
$OH F]\PĪH RNUHĞOD VLĊ VDPD ©ZDUWRĞü SUDF\©" 7XWDM GRFKRG]LP\ GR PDUWZHJR
SXQNWX'RPDUWZHJRSXQNWXRF]\ZLĞFLHMHĪHOLVWDUDP\VLĊUR]XPRZDüORJLF]QLH$OH
SU]HGVWDZLFLHOHWHMGRNWU\Q\QLHZLHOHNáRSRFąVLĊRORJLNĊ:HĨP\QDSU]\NáDGQDV]HJR
SU]\MDFLHOD:HVWRQD1DSU]yGPyZLáQDPĪHFHQ\WRZDUyZVąUHJXORZDQHSU]H]SáDFH
LĪHSU]HWRJG\URVQąSáDFHWRPXV]ąURVQąüFHQ\3RWHP]URELáREUyWRVWRSQLDE\
Z\ND]DüQDPĪHSRGQLHVLHQLHSáDFQLHSU]\QLHVLHĪDGQHMNRU]\ĞFLSRQLHZDĪZ]URVQą
FHQ\WRZDUyZLSRQLHZDĪPLDUąSáDFVąZJUXQFLHU]HF]\FHQ\WRZDUyZ]DQLHQDE\ZD-
Q\FK7DNZLĊF]DF]\QDP\RGWZLHUG]HQLDĪHZDUWRĞüSUDF\RNUHĞODZDUWRĞüWRZDUyZ
DNRĔF]\P\QDWZLHUG]HQLXĪHZDUWRĞüWRZDUyZRNUHĞODZDUWRĞüSUDF\,WDNZU]H-
F]\ZLVWRĞFLNUĊFLP\VLĊZ]XSHáQLHEáĊGQ\PNROHLQLHGRFKRG]LP\GRĪDGQHJR]JRáD
ZQLRVNX
.
:RJyOHMHVWU]HF]ąMDVQąĪHF]\QLąFZDUWRĞüSHZQHJRWRZDUXQSSUDF\]ERĪD
DOERMDNLHJRNROZLHNLQQHJRWRZDUXRJyOQ\PPLHUQLNLHPLUHJXODWRUHPZDUWRĞFLSU]H-
VXZDP\W\ONRWUXGQRĞüJG\ĪRNUHĞODP\MHGQąZDUWRĞüSU]H]GUXJąNWyUD]NROHLZ\-
PDJDRNUHĞOHQLD
.
'RJPDW ĪH ©SáDFD RNUHĞOD FHQ\ WRZDUyZª Z\UDĪRQ\ Z VZRLP QDMEDUG]LHM DEV-
WUDNF\MQ\PVIRUPXáRZDQLXVSURZDG]DVLĊGRWHJRĪH©ZDUWRĞüMHVWRNUHĞORQDSU]H]
ZDUWRĞü©DWDXWRORJLDWDR]QDF]DĪHIDNW\F]QLHQLFQLHZLHP\RZDUWRĞFL-HĪHOLSU]\M-
PLHP\WR]DáRĪHQLHWRZV]HONDG\VNXVMDRRJyOQ\FKSUDZDFKHNRQRPLLSROLW\F]QHMVWDMH
VLĊF]F]ąJDGDQLQą'ODWHJRWHĪE\áRZLHONą]DVáXJą%LFDUGDĪHZVZRMHMSUDF\©=DVDG\
HNRQRPLLSROLW\F]QHMZ\GDQHMZUGRJUXQWX]EXU]\áVWDU\SRVSROLW\LSU]H-
EU]PLDá\ IDáV]\Z\ SRJOąG ĪH ©SáDFH RNUHĞODMą FHQ\ª IDáV]\Z\ SRJOąG NWyU\ $GDP
6PLWKLMHJRIUDQFXVF\SRSU]HGQLF\]DU]XFDOLZSUDZG]LZLHQDXNRZ\FKF]ĊĞFLDFKVZ\FK
EDGDĔOHF]GRNWyUHJRPLPRWRZUDFDOLZEDUG]LHMSRZLHU]FKRZQ\FKLZXOJDU\]XMąF\FK
UR]G]LDáDFKVZ\FKSUDF
.
>:$572ĝû,35$&$@
.
2E\ZDWHOHGRV]HGáHPGRSXQNWXNLHG\PXV]ĊSU]\VWąSLüGRU]HF]\ZLVWHJRZ\MD-
ĞQLHQLDUR]SDWU\ZDQHJRSUREOHPX1LHPRJĊRELHFDüĪH]URELĊWRZ]XSHáQLH]DGRZD-
ODMąF\VSRVyEJG\ĪZWDNLPUD]LHPXVLDáE\PRJDUQąüFDáąG]LHG]LQĊHNRQRPLLSROLW\F]-
QHM0RJĊ]DOHGZLHMDNE\SRZLHG]LDá)UDQFX]©HIIOHXUHUODTXHVWLRQªSRUXV]\üW\ONR
JáyZQHSXQNW\]DJDGQLHQLD
.
3LHUZV]H S\WDQLH NWyUH PXVLP\ SRVWDZLü EU]PL &R WR MHVW ZDUWRĞü WRZDUX"
&RMąRNUHĞOD"
.
0RJáRE\VLĊQDSLHUZV]\U]XWRND]GDZDüĪHZDUWRĞüWRZDUXMHVWF]\PĞFDáNLHP
DTP by SHADE
13
Z]JOĊGQ\PLĪHQLHPRĪQDMHMRNUHĞOLüLQDF]HMMDNW\ONRUR]SDWUXMąFGDQ\WRZDUZMHJR
VWRVXQNXGRZV]\VWNLFKLQQ\FKWRZDUyZ:VDPHMU]HF]\PyZLąFRZDUWRĞFLRZDUWRĞFL
Z\PLHQQHMWRZDUXPDP\QDP\ĞOLLORĞFLRZHVWRVXQNLZMDNLFKGDQ\WRZDUMHVWZ\PLH-
QLDQ\QDZV]HONLHLQQHWRZDU\/HF]RWRSRZVWDMHS\WDQLHMDNXVWDODMąVLĊWHSURSRUFMH
ZNWyU\FKRGE\ZDVLĊZ\PLDQDMHGQ\FKWRZDUyZQDLQQH"
.
:LHP\]GRĞZLDGF]HQLDĪHSURSRUFMHWHVąQLHVNRĔF]HQLHUyĪQH-HĪHOLZHĨPLHP\
MDNLĞWRZDUQDSU]\NáDGSV]HQLFĊWR]REDF]\P\ĪHNZDUWHUSV]HQLF\MHVWZ\PLHQLDQ\
QDUyĪQHLQQHWRZDU\ZQLHPDOQLH]OLF]RQ\FKSURSRUFMDFK$MHGQDNSRQLHZDĪZDUWRĞü
MHMSR]RVWDMH]DZV]HWDVDPDF]\MHVWZ\UDĪRQDZMHGZDELX]áRFLHF]\WHĪZMDNLP-
NROZLHNLQQ\PWRZDU]HPXVLWDZDUWRĞüE\üF]\PĞRGPLHQQ\PLQLH]DOHĪQ\PRGW\FK
UyĪQ\FKSURSRUFMLZNWyU\FKZ\PLHQLDVLĊRQDQDLQQHDUW\NXá\0XVLLVWQLHüPRĪQRĞü
Z\UDĪHQLDMHMZIRUPLHRGPLHQQHMRGW\FKUyĪQ\FKVWRVXQNyZUyZQRĞFLPLĊG]\UyĪQ\PL
WRZDUDPL
.
'DOHMMHĪHOLPyZLĊĪHNZDUWHUSV]HQLF\MHVWZ\PLHQLDQ\QDĪHOD]RZSHZQHMRNUH-
ĞORQHMSURSRUFMLOXEĪHZDUWRĞüNZDUWHUXSV]HQLF\MHVWZ\UDĪRQDZSHZQHMLORĞFLĪHOD]D
WRSRZLDGDPSU]H]WRĪHZDUWRĞüSV]HQLF\LMHMHNZLZDOHQWZĪHOD]LHUyZQDMąVLĊMDNLHMĞ
WU]HFLHMU]HF]\QLHEĊGąFHMDQLĪHOD]HPDQLSV]HQLFąSRQLHZDĪZ\FKRG]Ċ]]DáRĪHQLD
ĪHZ\UDĪDMąRQHWĊVDPąZLHONRĞüZGZyFKUyĪQ\FKSRVWDFLDFK.DĪGH]QLFKSV]HQLFD
MDNLĪHOD]RPXVL]DWHPMHGQRQLH]DOHĪQLHRGGUXJLHJRGDüVLĊVSURZDG]LüGRRZHM
WU]HFLHMU]HF]\NWyUDVWDQRZLLFKZVSyOQąPLDUĊ
.
$ĪHE\REMDĞQLüWHQSXQNWXĪ\MĊEDUG]RSURVWHJRSU]\NáDGXJHRPHWU\F]QHJR-DN
SRVWĊSXMHP\SRUyZQXMąFSRZLHU]FKQLĊWUyMNąWyZZV]HONLFKPRĪOLZ\FKIRUPLZLHONRĞFL
DOER SRUyZQXMąF SRZLHU]FKQLĊ WUyMNąWyZ ] SRZLHU]FKQLą SURVWRNąWyZ DOER ] MDNLP-
NROZLHNLQQ\PZLHORERNLHP"6SURZDG]DP\SRZLHU]FKQLĊNDĪGHJRWUyMNąWDGRZ\UD]X
]XSHáQLHRGPLHQQHJRRGMHJRZLGRF]QHMIRUP\3R]QDZV]\]QDWXU\WUyMNąWDĪHMHJR
SRZLHU]FKQLDUyZQDVLĊSRáRZLHLORF]\QXSRGVWDZ\LZ\VRNRĞFLPRĪHP\SRUyZQ\ZDü
UR]PDLWHZLHONRĞFLZV]HONLHJRURG]DMXWUyMNąWyZ]ZLHORERNDPL]NWyU\FKNDĪG\PRĪH
E\üUR]áRĪRQ\QDSHZQąOLF]EĊWUyMNąWyZ
.
7HQ VDP VSRVyE SRVWĊSRZDQLD QDOHĪ\ ]DVWRVRZDü GR ZDUWRĞFL WRZDUyZ 0XVLP\
PLHüPRĪQRĞüVSURZDG]HQLDLFKZV]\VWNLFKGRMHGQHJRZVSyOQHJRLPZ\UD]XUR]UyĪ-
QLDMąFMHW\ONRZHGáXJSURSRUFMLZMDNLFK]DZLHUDMąZVRELHWHQMHGQDNRZ\PLHUQLN
.
3RQLHZDĪZDUWRĞFLZ\PLHQQHWRZDUyZVąW\ONRIXQNFMDPLVSRáHF]Q\PLRZ\FKSU]HG-
PLRWyZLQLFQLHPDMąZVSyOQHJR]LFKSU]\URG]RQ\PLZáDĞFLZRĞFLDPLPXVLP\QDMSLHUZ
]DS\WDüMDNDMHVWZVSyOQDVXEVWDQFMDVSRáHF]QDZV]\VWNLFKWRZDUyZ"-HVWWRSUDFD
$E\Z\WZRU]\üWRZDUWU]HEDXĪ\üQDĔOXEZáRĪ\üZHĔSHZQąLORĞüSUDF\0yZLĊQLH
SRSURVWXSUDF\OHF]SUDF\VSRáHF]QHM&]áRZLHNNWyU\Z\WZDU]DMDNLĞSU]HGPLRWGOD
VZHJRZáDVQHJREH]SRĞUHGQLHJRXĪ\WNXGODZáDVQHJRVSRĪ\FLDZ\WZDU]DSURGXNWDOH
QLHWRZDU-DNRZ\WZyUFDSUDFXMąF\VDPGODVLHELHQLHMHVWRQQLF]\P]ZLą]DQ\]HVSR-
áHF]HĔVWZHP$OHĪHE\Z\WZRU]\üWRZDUF]áRZLHNPXVLQLHW\ONRZ\WZRU]\üSU]HGPLRW
]DVSRNDMDMąF\MDNąĞSRWU]HEĊVSRáHF]QąDOHVDPDMHJRSUDFDPXVLE\üF]ĊĞFLąFDáNR-
ZLWHMVXP\SUDF\Z\GDWNRZDQHMSU]H]VSRáHF]HĔVWZR3UDFDMHJRPXVLE\üSRGSRU]ąG-
NRZDQDSRG]LDáRZLSUDF\ZHZQąWU]VSRáHF]HĔVWZD2QDMHVWQLF]\PEH]LQQ\FKG]LDáyZ
SUDF\L]HVZHMVWURQ\PXVLMHX]XSHáQLDü
.
5R]SDWUXMąFWRZDU\MDNRZDUWRĞFLUR]SDWUXMHP\MHZ\áąF]QLHW\ONR]SXQNWXZLG]H-
QLD XFLHOHĞQLRQHM ]DNU]HSáHM DOER MHĪHOL FKFHFLH VNU\VWDOL]RZDQHM SUDF\ VSRáHF]QHM
3RGW\PZ]JOĊGHPWRZDU\PRJąUyĪQLüVLĊPLĊG]\VREąW\ONRW\PĪHSU]HGVWDZLDMą
PQLHMV]ąOXEZLĊNV]ąLORĞüSUDF\MDNQDSU]\NáDGZLĊNV]DLORĞüSUDF\PXVLE\üXĪ\WD
DTP by SHADE
QDVSRU]ąG]HQLHMHGZDEQHMFKXVWHF]NLQLĪFHJá\$OHMDNVLĊPLHU]\LORĞüSUDF\"&]DVHP
ZFLąJXNWyUHJRWUZDSUDFDPLHU]ąFSUDFĊJRG]LQDPLGQLDPLLWG5R]XPLHVLĊĪHGOD
]DVWRVRZDQLDWHMPLDU\SRWU]HEDVSURZDG]LüZV]\VWNLHURG]DMHSUDF\GRSUDF\SU]HFLĊW-
QHMOXESURVWHMMDNRLFKMHGQRĞFL
.
'RFKRG]LP\ ]DWHP GR QDVWĊSXMąFHJR ZQLRVNX 7RZDU PD ZDUWRĞü JG\Ī MHVW RQ
NU\VWDOL]DFMąSUDF\VSRáHF]QHM:LHONRĞüMHJRZDUWRĞFLOXEMHJRZDUWRĞüZ]JOĊGQD]D-
OHĪ\RGZLĊNV]HMOXEPQLHMV]HMLORĞFL]DZDUWHMZQLPVXEVWDQFMLVSRáHF]QHMWR]QDF]\
RGZ]JOĊGQHMLORĞFLSUDF\QLH]EĊGQHMGODMHJRZ\WZRU]HQLD:]JOĊGQHZDUWRĞFLWRZDUyZ
VąZLĊFRNUHĞORQHSU]H]RGSRZLHGQLHLORĞFLOXESU]H]VXP\SUDFNWyUHVąZQLHZáRĪRQH
ZFLHORQH]DNU]HSáH2GSRZLDGDMąFHVRELHLORĞFLWRZDUyZNWyUHPRJąE\üZ\WZRU]RQH
Z W\P VDP\P F]DVLH SUDF\ Vą UyZQH $OER LQDF]HM PyZLąF ZDUWRĞü WRZDUX WDN VLĊ
PDGRZDUWRĞFLLQQHJRWRZDUXMDNLORĞüSUDF\]DNU]HSáHMZSLHUZV]\PPDVLĊGRLORĞFL
SUDF\]DNU]HSáHMZGUXJLP
.
3U]HZLGXMĊ ĪH ZLHOX ] ZDV ]DS\WD F]\ĪE\ U]HF]\ZLĞFLH LVWQLDáD WDN ZLHOND DOER
ZRJyOHMDNDNROZLHNUyĪQLFDPLĊG]\RNUHĞOHQLHPZDUWRĞFLWRZDUyZSU]H]SáDFHLRNUH-
ĞODQLHP W\FK ZDUWRĞFL SU]H] Z]JOĊGQH LORĞFL SUDF\ QLH]EĊGQHM GOD LFK Z\WZRU]HQLD"
0XVLFLHMHGQDNPLHüQDXZDG]HĪHZ\QDJURG]HQLH]DSUDFĊLLORĞüSUDF\VąWR]XSHáQLH
UyĪQHU]HF]\3U]\SXĞüP\QDSU]\NáDGĪHUyZQHLORĞFLSUDF\]DZDUWHVąZNZDUWHU]H
SV]HQLF\LZXQFML]áRWD3RVáXJXMĊVLĊW\PSU]\NáDGHPJG\ĪXĪ\áJR%HQLDPLQ)UDQNOLQ
ZVZRLPSLHUZV]\PVWXGLXPZ\GDQ\PZUL]DW\WXáRZDQ\P©$0RGHVW,QTXLU\
LQWR WKH 1DWXUH DQG 1HFHVVLW\ RI D 3DSHU &XUUHQF\ª ©6NURPQH VWXGLXP QDG QDWXUą
LNRQLHF]QRĞFLąSDSLHURZ\FKSLHQLĊG]\ªJG]LHMDNRMHGHQ]SLHUZV]\FKXFKZ\FLáSUDZ-
G]LZąQDWXUĊZDUWRĞFL$ZLĊFSU]\MĊOLĞP\ĪHNZDUWHUSV]HQLF\LXQFMD]áRWDVąWRZDU-
WRĞFLUyZQHOXEHNZLZDOHQW\SRQLHZDĪVąNU\VWDOL]DFMąUyZQ\FKLORĞFLSU]HFLĊWQHMSUDF\
W\OXDW\OXGQLOXEW\OXDW\OXW\JRGQL]DNU]HSáHMZQLFKSUDF\&]\ĪRNUHĞODMąFZWHQ
VSRVyEZ]JOĊGQHZDUWRĞFL]áRWDL]ERĪDRGZRáXMHP\VLĊZMDNLNROZLHNVSRVyEGRSáDF\
URERWQLNDUROQHJRLJyUQLND"$QLWURFKĊ.ZHVWLĊMDNRSáDFDQDE\áDLFKSUDFDG]LHQQD
F]\W\JRGQLRZDLF]\ZRJyOH]DVWRVRZDQDWXE\áDSUDFDQDMHPQD²SR]RVWDZLDP\]X-
SHáQLHQLHRNUHĞORQą-HĞOLRQDE\áD]DVWRVRZDQDWRSáDFHPRJá\E\üEDUG]RQLHUyZQH
5RERWQLNNWyUHJRSUDFDMHVWZFLHORQDZNZDUWHUSV]HQLF\PyJáRWU]\PDü]DQLąW\ONR
GZDEXV]OHDURERWQLN]DWUXGQLRQ\ZNRSDOQL²SyáXQFML]áRWD/XEMHĪHOLSU]\SXĞFLP\
ĪHSáDFHLFKVąUyZQHWRSU]HFLHĪPRJąRQHRGELHJDüZHZV]\VWNLFKPRĪOLZ\FKSURSRU-
FMDFKRGZDUWRĞFLZ\WZRU]RQ\FKSU]H]QLFKWRZDUyZ0RJąRQHZ\QRVLü
OXEMDNąNROZLHNLQQąVWRVXQNRZąF]ąVWNĊNZDUWHUX]ERĪDOXEXQFML]áRWD3áDFHLFK
QLHPRJąRF]\ZLĞFLHSU]HZ\ĪV]DüZDUWRĞFLZ\WZRU]RQ\FKSU]H]QLFKWRZDUyZQLHPRJą
E\üRGQLFKZLĊNV]HDOHPRJąE\üPQLHMV]HLWRZQDMUR]PDLWV]\PVWRSQLX3áDFHLFK
VąRJUDQLF]RQHSU]H]ZDUWRĞFLZ\WZRUyZDOHZDUWRĞFLLFKZ\WZRUyZQLHVąRJUDQLF]RQH
SU]H]SáDFH$SU]HGHZV]\VWNLPZDUWRĞFLZ]JOĊGQHZDUWRĞFLQDSU]\NáDG]ERĪDL]áRWD
VąXVWDORQHQLH]DOHĪQLHRGZDUWRĞFL]DVWRVRZDQHMZQLFKSUDF\WMRGSáDF\2NUHĞOHQLH
ZDUWRĞFLWRZDUyZSU]H]Z]JOĊGQHLORĞFL]DNU]HSáHMZQLFKSUDF\MHVWU]HF]ą]JRáDUyĪQą
RGWDXWRáRJLF]QHMPHWRG\RNUHĞODQLDZDUWRĞFLWRZDUyZSU]H]ZDUWRĞüSUDF\F]\OLSU]H]
SáDFH=UHV]WąSXQNWWHQZ\MDĞQLP\MHV]F]HREV]HUQLHMZWRNXQDV]\FKEDGDĔ
.
2EOLF]DMąFZDUWRĞüZ\PLHQQąWRZDUXPXVLP\GRLORĞFLRVWDWQLRXĪ\WHMSUDF\GRGDü
MHV]F]HLORĞüSUDF\ZáRĪRQHMXSU]HGQLRZVXURZLHFWRZDUXRUD]SUDFĊREUyFRQąQDXU]ą-
G]HQLHQDU]ĊG]LDPDV]\Q\LEXG\QNLQLH]EĊGQHGOD]UHDOL]RZDQLDGDQHMSUDF\1DSU]\-
NáDGZDUWRĞüSHZQHMLORĞFLSU]ĊG]\EDZHáQLDQHMMHVWNU\VWDOL]DFMąLORĞFLSUDF\GRGDQHM
GREDZHáQ\SRGF]DVSURFHVXSU]ĊG]HQLDLORĞFLSUDF\XSU]HGQLR]UHDOL]RZDQHMZVDPHM
EDZHáQLHLORĞFLSUDF\WNZLąFHMZZĊJOXVPDUDFKLLQQ\FKPDWHULDáDFKSRPRFQLF]\FK
LORĞFLSUDF\]DNU]HSáHMZPDV]\QLHSDURZHMZHZU]HFLRQDFKZEXG\QNDFKIDEU\F]Q\FK
LWG1DU]ĊG]LDSURGXNFMLZHZáDĞFLZ\PWHJRVáRZD]QDF]HQLXMDNQSQDU]ĊG]LDPDV]\-
DTP by SHADE
Q\EXG\QNLVąZFLąĪQDQRZRXĪ\ZDQHSU]H]GáXĪV]\OXENUyWV]\RNUHVF]DVXZFLąJX
SRZWDU]DMąF\FKVLĊSURFHVyZSURGXNFML*G\E\]XĪ\ZDá\VLĊRGUD]XMDNWRVLĊG]LHMH
] VXURZFHP LFK FDáNRZLWD ZDUWRĞü E\áDE\ RG UD]X SU]HQLHVLRQD QD WRZDU\ GR NWy-
U\FKZ\WZDU]DQLDVáXĪą$OHSRQLHZDĪZU]HFLRQRQDSU]\NáDG]XĪ\ZDVLĊW\ONRVWRSQLR-
ZRZLĊFURELVLĊSU]HFLĊWQHREOLF]HQLHRSLHUDMąFHVLĊQDSU]HFLĊWQ\PRNUHVLHLVWQLHQLD
ZU]HFLRQDLQDMHJRSU]HFLĊWQHMXĪ\WHF]QRĞFL]XĪ\FLXL]QLV]F]HQLXZFLąJXRNUHĞORQH-
JR F]DVX QS MHGQHJR GQLD : WHQ VSRVyE REOLF]DP\ MDND F]ĊĞüZDUWRĞFL ZU]HFLRQD
SU]HQRVLVLĊQDZ\WZRU]RQąZFLąJXGQLDSU]ĊG]ĊLMDND]DWHPF]ĊĞüFDáNRZLWHMLORĞFL
SUDF\WNZLąFHMQSZIXQFLHSU]ĊG]\SU]\SDGDQDLORĞüSUDF\XSU]HGQLRXFLHOHĞQLRQHM
ZHZU]HFLRQLH'ODQDV]HJRREHFQHJRFHOX]E\WHF]QHMHVWE\ĞP\VLĊGáXĪHM]DWU]\P\-
ZDOLQDW\PSXQNFLH
.
0RJáRE\VLĊ]GDZDüĪHRLOHZDUWRĞüWRZDUXMHVWRNUHĞORQDSU]H]LORĞüSUDF\XĪ\WHM
QDMHJRZ\WZRU]HQLHWRLPF]áRZLHNMHVWEDUG]LHMOHQLZ\OXELPEDUG]LHMQLH]UĊF]Q\W\P
ZLĊNV]DEĊG]LHZDUWRĞüZ\WZRU]RQHJRSU]H]QLHJRWRZDUXJG\ĪW\PZLĊFHMSRWU]HED
EĊG]LHF]DVXSUDF\GRMHJRVSRU]ąG]HQLD%\áE\WRMHGQDNJUXE\EáąG3U]\SRPLQDFLH
VRELH ]DSHZQH ĪH XĪ\áHP ]ZURWX ©SUDFD VSRáHF]QD` D RNUHĞOHQLH ©VSRáHF]QD© ]D-
ZLHUDVSRURSXQNWyZ0yZLąFĪHZDUWRĞüWRZDUXMHVWRNUHĞODQDSU]H]LORĞüSUDF\ZáR-
ĪRQHMZHĔOXEZQLPVNU\VWDOL]RZDQHMPDP\QDP\ĞOLLORĞüSUDF\QLH]EĊGQHMGODMHJR
Z\WZRU]HQLD Z GDQ\P VWDQLH VSRáHF]HĔVWZD Z RNUHĞORQ\FK SU]HFLĊWQ\FK ZDUXQNDFK
VSRáHF]Q\FK SURGXNFML SU]\ GDQHM VSRáHF]QLH SU]HFLĊWQHM LQWHQV\ZQRĞFL L SU]HFLĊWQHM
VSUDZQRĞFLVWRVRZDQHMSUDF\.LHG\Z$QJOLLSDURZ\ZDUV]WDWWNDFNL]DF]ąáNRQNXURZDü
]UĊF]Q\PNURVQHPWRSU]HWZRU]HQLHGDQHMLORĞFLSU]ĊG]\ZáRNLHüSHUNDOXDOERVXNQD
Z\PDJDáRW\ONRSRáRZ\XSU]HGQLHJRF]DVXSUDF\&RSUDZGDELHGQ\WNDF]UĊF]Q\SUD-
FRZDá WHUD] VLHGHPQDĞFLH OXE RVLHPQDĞFLH JRG]LQ G]LHQQLH ]DPLDVW MDN SRSU]HGQLR
G]LHZLĊüF]\G]LHVLĊü-HGQDNĪHSURGXNWMHJRJRG]LQQHMSUDF\]DZLHUDáWHUD]W\ONR
JRG]LQVSRáHF]QHMSUDF\OXEJRG]LQSUDF\VSRáHF]QLHQLH]EĊGQHMGRSU]HWZRU]HQLD
SHZQHMLORĞFLSU]ĊG]\ZWNDQLQĊ-HJRJRG]LQQ\SURGXNWQLHPLDá]DWHPZLĊFHMZDU-
WRĞFLQLĪMHJRSURGXNWZ\NRQDQ\SRSU]HGQLRZFLąJXJRG]LQ
.
-HĪHOLZLĊFLORĞüSUDF\VSRáHF]QLHQLH]EĊGQHMZFLHORQHMZWRZDU\RNUHĞODLFKZDU-
WRĞüZ\PLHQQąWRZV]HONLH]ZLĊNV]HQLHLORĞFLSUDF\QLH]EĊGQHMGODZ\WZRU]HQLDWRZDUX
PXVLSRZLĊNV]\üMHJRZDUWRĞüSRGREQLHMDNZV]HONLH]PQLHMV]HQLHPXVLMąREQLĪ\ü
.
-HĞOLE\RGSRZLHGQLHLORĞFLSUDF\QLH]EĊGQHGODZ\WZRU]HQLDRGSRZLHGQLFKWRZDUyZ
SR]RVWDZDá\VWDáHWRLFKRGQRĞQHZDUWRĞFLE\á\E\UyZQLHĪVWDáH$OHWDNQLHMHVW,ORĞü
SUDF\ QLH]EĊGQD GOD Z\WZRU]HQLD WRZDUX ]PLHQLD VLĊ XVWDZLF]QLH ZUD] ]H ]PLDQą VLá
Z\WZyUF]\FK]DVWRVRZDQHMSUDF\,PEDUG]LHMUR]ZLQLĊWHVąVLá\Z\WZyUF]HSUDF\W\P
ZLĊFHMZ\WZDU]DRQDSURGXNWyZZGDQ\PF]DVLHSUDF\DLPPQLHMUR]ZLQLĊWHVąVLá\
Z\WZyUF]HSUDF\W\PPQLHMZ\WZDU]DRQDZW\PVDP\PF]DVLH-HĞOLE\QSQDVNXWHN
Z]URVWXOLF]E\OXGQRĞFL]DV]áDSRWU]HEDZ]LĊFLDSRGXSUDZĊPQLHMXURG]DMQ\FKJUXQ-
WyZWRWDVDPDLORĞüSURGXNWyZGDáDE\VLĊRVLąJQąüW\ONR]DSRPRFąZ\GDWNRZDQLD
ZLĊNV]HMLORĞFLSUDF\LQDVNXWHNWHJRSRZLĊNV]\áDE\VLĊZDUWRĞüSáRGyZUROQ\FK=GUX-
JLHMVWURQ\MHĪHOL]DSRPRFąQRZRF]HVQ\FKĞURGNyZSURGXNFMLSRV]F]HJyOQ\SU]ĊG]DU]
ZFLąJXMHGQHJRGQLDURERF]HJRSU]HUDELDZSU]ĊG]ĊZLHOHW\VLĊF\UD]\ZLĊNV]ąLORĞü
EDZHáQ\ QLĪ WD NWyUą PyJá GDZQLHM Z\SU]ąĞü Z W\P VDP\P F]DVLH QD NRáRZURWNX
WRMHVWRF]\ZLVWHĪHNDĪG\IXQWEDZHáQ\ZFKáRQLHZLHOHW\VLĊF\UD]\PQLHMSUDF\SU]Ċ-
G]DU]DQLĪSRSU]HGQLRLFR]DW\PLG]LHZDUWRĞüGRGDQDSU]H]SU]ĊG]HQLHGRNDĪGHJR
IXQWDEDZHáQ\EĊG]LHZLHOHW\VLĊF\UD]\PQLHMV]DQLĪSRSU]HGQLR2GSRZLHGQLRGRWHJR
VSDGQLHZDUWRĞüSU]ĊG]\
.
3RPLQąZV]\ UyĪQLFH SU]\URG]RQHM HQHUJLL L QDE\WHM VSUDZQRĞFL Z SUDF\ UyĪQ\FK
QDURGyZVLá\Z\WZyUF]HSUDF\PXV]ąJáyZQLH]DOHĪHü
DTP by SHADE
.
RGQDWXUDOQ\FKZDUXQNyZSUDF\QSĪ\]QRĞFLJUXQWXERJDFWZDNRSDOĔLWG
.
RG SRVWĊSXMąFHJR QDSU]yG GRVNRQDOHQLD VSRáHF]Q\FK VLá SUDF\ Z\QLNDMąFH-
JR]SURGXNFMLQDZLHONąVNDOĊNRQFHQWUDFMLNDSLWDáXLNRPELQRZDQLDSUDF\SRG]LDáX
SUDF\PDV]\QXOHSV]RQ\FKPHWRGSUDF\VWRVRZDQLDFKHPLF]Q\FKLLQQ\FKVLáSU]\UR-
G\]HVNUDFDQLDF]DVXLSU]HVWU]HQL]DSRPRFąĞURGNyZNRPXQLNDF\MQ\FKLWUDQVSRUWR-
Z\FKL]ZV]HONLFKLQQ\FKZ\QDOD]NyZ]DNWyU\FKSRPRFąQDXND]PXV]DVLá\SU]\URG\
GR VáXĪHQLD SUDF\ L NWyUH UR]ZLMDMą VSRáHF]Q\ OXE NRRSHUDW\ZQ\ FKDUDNWHU SUDF\ ,P
EDUG]LHMUR]ZLQLĊWHVąVLá\Z\WZyUF]HSUDF\W\PPQLHMMHMSU]\SDGDQDGDQąLORĞüSUR-
GXNWXDVWąGW\PPQLHMV]DMHVWMHJRZDUWRĞü,PPQLHMUR]ZLQLĊWH6ąVLá\Z\WZyUF]H
SUDF\W\PZLĊFHMSUDF\SU]\SDGDQDWĊVDPąLORĞüSURGXNWXDVWąGW\PZLĊNV]DMHVW
MHJRZDUWRĞü0RĪHP\ZLĊFXVWDOLüMDNRRJyOQHSUDZRFRQDVWĊSXMH
.
:DUWRĞFLWRZDUyZVąZSURVLSURSRUFMRQDOQHGRF]DVXSUDF\XĪ\WHJRGODLFKZ\WZR-
U]HQLDLRGZURWQLHSURSRUFMRQDOQHGRVLOZ\WZyUF]\FKXĪ\WHMSUDF\
.
'RW\FKF]DVPyZLOLĞP\Z\áąF]QLHRZDUWRĞFLWHUD]]DĞGRGDPNLONDVáyZRFHQLH
NWyUDVWDQRZLV]F]HJyOQąIRUPĊSU]\ELHUDQąSU]H]ZDUWRĞü
.
&HQD VDPD Z VRELH MHVW QLF]\P LQQ\P MDN SLHQLĊĪQ\P Z\UD]HP ZDUWRĞFL :DU-
WRĞFL ZV]\VWNLFK WRZDUyZ QD SU]\NáDG Z $QJOLL Z\UDĪDQH Vą Z ]áRW\FK FHQDFK SRG-
F]DVJG\QDNRQW\QHQFLHZ\UDĪDVLĊMHSU]HZDĪQLHZFHQDFKVUHEUQ\FK:DUWRĞü]áRWD
OXEVUHEUDSRGREQLHMDNZV]\VWNLFKLQQ\FKWRZDUyZRNUHĞODQDMHVWSU]H]LORĞüSUDF\
QLH]EĊGQHMGODLFKZ\GRE\FLD:\PLHQLDFLHSHZQąLORĞüZDV]HMSURGXNFMLQDURGRZHM
ZNWyUHMVNU\VWDOL]RZDQDMHVWSHZQDLORĞüZDV]HMSUDF\QDURGRZHMQDSURGXNFMĊNUD-
MyZZ\WZDU]DMąF\FK]áRWRLVUHEURZNWyUHMVNU\VWDOL]RZDQDMHVWSHZQDLORĞüLFKSUDF\
:WHQVSRVyEZLĊFIDNW\F]QLH]DSRPRFąZ\PLDQ\WRZDUXQDWRZDUXF]\FLHVLĊZ\UD-
ĪDüZ]áRFLHLVUHEU]HZDUWRĞFLZV]\VWNLFKWRZDUyZWMRGSRZLHGQLHLORĞFLSUDF\XĪ\WHM
GODLFKZ\WZRU]HQLD:QLNQąZV]\ZLĊFJáĊELHMZNZHVWLĊSLHQLĊĪQHJRZ\UD]XZDUWRĞFL
OXEFRQDMHGQRZ\FKRG]LSU]HNV]WDáFHQLDZDUWRĞFLZFHQĊXMU]\FLHĪHMHVWWRSUR-
FHV]DNWyUHJRSRPRFąQDGDMHFLHZDUWRĞFLRPZV]\VWNLFKWRZDUyZIRUPĊVDPRG]LHOQą
LMHGQROLWąOXE]DNWyUHJRSRPRFąZ\UDĪDFLHMHMDNRLORĞFLMHGQDNRZHMVSRáHF]QHMSUDF\
&HQĊRLOHMHVWRQDW\ONRSLHQLĊĪQ\PZ\UD]HPZDUWRĞFL$GDP6PLWKQD]ZDá©FHQąQD-
WXUDOQą©DIUDQFXVF\IL]MRNUDFL©SUL[QHFHVVDLUHL!FHQąNRQLHF]Qą
.
-DNLMHVW]DWHPVWRVXQHNPLĊG]\ZDUWRĞFLąDFHQDPLU\QNRZ\PLOXEPLĊG]\FHQDPL
QDWXUDOQ\PLDFHQDPLU\QNRZ\PL":LHFLHZV]\VF\ĪHFHQDU\QNRZDMHVWWDVDPDGOD
ZV]\VWNLFKWRZDUyZMHGQHJRLWHJRVDPHJRURG]DMXFKRFLDĪZDUXQNLSURGXNFMLPRJą
E\ü UyĪQH GOD LQG\ZLGXDOQ\FK Z\WZyUFyZ &HQ\ U\QNRZH R]QDF]DMą W\ONR SU]HFLĊWQą
VXPĊSUDF\VSRáHF]QHMQLH]EĊGQHMZSU]HFLĊWQ\FKZDUXQNDFKSURGXNFMLGOD]DRSDWU]H-
QLDU\QNXZSHZQąLORĞüRNUHĞORQHJRDUW\NXáX&HQDWDREOLF]DVLĊZVWRVXQNXGRFDáNR-
ZLWHMLORĞFLWRZDUXRNUHĞORQHJRURG]DMX
.
2W\OHFHQDU\QNRZDWRZDUX]ELHJDVLĊ]MHJRZDUWRĞFLą=GUXJLHMVWURQ\ZDKDQLD
FHQU\QNRZ\FKWRSU]HNUDF]DMąFSR]LRPZDUWRĞFLOXEFHQ\QDWXUDOQHMWR]QyZVSDGD-
MąFSRQLĪHMMHMSR]LRPX]DOHĪąRGZDKDĔSRGDĪ\LSRS\WX2GFK\OHQLDFHQU\QNRZ\FK
RGZDUWRĞFL]GDU]DMąVLĊXVWDZLF]QLHDOHMDNPyZL$GDP6PLWK
.
©&HQDQDWXUDOQDMHVWWąFHQWUDOQąFHQąNXNWyUHMFLąĪąQLHXVWDQQLHFHQ\ZV]\VW-
NLFKWRZDUyZ5yĪQHRNROLF]QRĞFLPRJąF]DVHPWU]\PDüMHQDSR]LRPLH]QDF]QLHSU]H-
Z\ĪV]DMąF\PFHQĊQDWXUDOQąWR]QyZND]DüLPVSDGDüQDZHWQLHFRQLĪHMMHMSR]LRPX
$OHMDNLHNROZLHNE\á\E\RZHSU]HV]NRG\QLHSR]ZDODMąFHLP]DWU]\PDüVLĊQDW\PFHQ-
DTP by SHADE
WUDOQ\PSXQNFLHVSRF]\QNXLWUZDáRĞFLWRQLHPQLHMFLąĪąRQHVWDOHNXQLHPXª>I@
.
1LH PRJĊ WHUD] EOLĪHM ]DMąü VLĊ Wą NZHVWLą :\VWDUF]\ SRZLHG]LHü ĪH MHĞOL SRGDĪ
LSRS\WUyZQRZDĪąVLĊZ]DMHPQLHWRFHQ\U\QNRZHWRZDUyZRGSRZLDGDMąLFKFHQRP
QDWXUDOQ\PWR]QDF]\LFKZDUWRĞFLRPRNUHĞODQ\PSU]H]RGSRZLHGQLHLORĞFLSUDF\QLH-
]EĊGQHMGODLFKZ\WZRU]HQLD$OHSRGDĪLSRS\WPXV]ąGąĪ\üVWDOHGRUyZQRZDJLFKRFLDĪ
F]\QLąWRW\ONRZWHQVSRVyEĪHMHGQRZDKDQLHZ\UyZQ\ZDGUXJLHZ]URVWZ\UyZQ\ZD
VSDGHN L RGZURWQLH *G\E\ĞFLH ]DPLDVW EDGDü FRG]LHQQH ZDKDQLD FHQ ]DQDOL]RZDOL
UXFKFHQU\QNRZ\FKZFLąJXGáXĪV]HJRRNUHVXMDNWRXF]\QLáQSS7RRNHZVZRMHM
©+LVWRULLFHQªWRVSRVWU]HJOLE\ĞFLHĪHZDKDQLDFHQU\QNRZ\FKLFKRGFK\OHQLDRGZDU-
WRĞFLLFKZ]URVWLVSDGHNZ]DMHPQLHVLĊ]QRV]ąLUyZQRZDĪąWDNLĪSRPLQąZV]\VNXWNL
PRQRSROyZLQLHNWyU\FKLQQ\FKRJUDQLF]HĔQDNWyU\FK]DWU]\P\ZDüVLĊWXWDMQLHPRJĊ
ZV]\VWNLH URG]DMH WRZDUyZ Vą VSU]HGDZDQH SU]HFLĊWQLH ZHGáXJ VZ\FK RGSRZLHGQLFK
ZDUWRĞFLOXEFHQQDWXUDOQ\FK3U]HFLĊWQHRNUHV\ZFLąJXNWyU\FKZDKDQLDFHQU\QNR-
Z\FKUyZQRZDĪąVLĊZ]DMHPQLHVąUyĪQHGODUyĪQ\FKURG]DMyZWRZDUyZSRQLHZDĪGOD
WRZDUXMHGQHJRURG]DMXSU]\VWRVRZDQLHSRGDĪ\GRSRS\WXRGE\ZDVLĊáDWZLHMQLĪGOD
LQQHJR
.
-HĪHOL]DWHPELRUąFU]HF]RJyOQLHMLGODGáXĪV]\FKRNUHVyZF]DVXZV]HONLHURG]DMH
WRZDUyZVSU]HGDZDQHVąZHGáXJVZ\FKRGSRZLHGQLFKZDUWRĞFLWRE\áRE\QLHGRU]HF]-
QRĞFLąSU]\SXV]F]DüĪH]\VN²QLHZSRV]F]HJyOQ\FKZ\SDGNDFK²DOHVWDá\L]Z\Ná\
]\VNZUR]PDLW\FKJDáĊ]LDFKSU]HP\VáXSRFKRG]L]QDGZ\ĪHNFHQWRZDUyZOXE]HVSU]H-
GDĪ\LFKSRFHQDFK]QDF]QLHSU]HZ\ĪV]DMąF\FKLFKZDUWRĞü1LHGRU]HF]QRĞüWHJRSRJOą-
GXVWDMHVLĊRF]\ZLVWDMHĪHOLJRXRJyOQLP\7RFRNWRĞVWDOH]GRE\ZDáE\MDNRVSU]HGDZ-
FDWUDFLáE\VWDOHMDNRQDE\ZFD1DQLFVLĊQLH]GDZVND]DQLHQDWRĪHVąOXG]LHNWyU]\
Vą QDE\ZFDPL QLH EĊGąF VSU]HGDZFDPL DOER WHĪ VSRĪ\ZFDPL QLH EĊGąF Z\WZyUFDPL
7RFROXG]LHFLSáDFąZ\WZyUFRPPXV]ąQDMSLHUZRWU]\PDüRGQLFK]DGDUPR-HĪHOL
NWRĞELHU]HQDMSLHUZRGZDVSLHQLąG]HDSRWHPSLHQLąG]HWH]ZUDFDNXSXMąFZDV]HWR-
ZDU\WRQLJG\VLĊQLHZ]ERJDFLFLHVSU]HGDMąFVZRMHWRZDU\QDZHWMDNQDMGURĪHMWHPX
VDPHPXF]áRZLHNRZL7HJRURG]DMXWUDQVDNFMDPRĪH]PQLHMV]\üVWUDW\DOHQLJG\QLH
SU]\F]\QLVLĊGRRVLąJQLĊFLD]\VNX
.
=DWHPDE\Z\WáXPDF]\üRJyOQąQDWXUĊ]\VNXPXVLFLHZ\MĞü]]DáRĪHQLDĪHSU]H-
FLĊWQLHVSU]HGDMHVLĊWRZDU\ZHGáXJLFKU]HF]\ZLVWHMZDUWRĞFLLĪH]\VNSRFKRG]L]HVSU]H-
GDĪ\WRZDUyZZHGáXJLFKZDUWRĞFLWMRGSRZLHGQLRGRLORĞFL]UHDOL]RZDQHMZQLFKSUDF\
-HĪHOLQLHPRĪHFLHZ\WáXPDF]\ü]\VNXQDSRGVWDZLHWHJRSU]\SXV]F]HQLDWRZRJyOHQLH
PRĪHFLHJRZ\WáXPDF]\ü:\GDMHVLĊWRSDUDGRNVDOQHLVSU]HF]QH]FRG]LHQQąREVHU-
ZDFMą$OHSDUDGRNVDOQHMHVWUyZQLHĪWRĪH]LHPLDREUDFDVLĊZRNRáRVáRĔFDLĪHZRGD
VNáDGDVLĊ]GZyFKZ\VRFH]DSDOQ\FKJD]yZ3UDZGDQDXNRZDMHVW]DZV]HSDUDGRNVDO-
QDMHĪHOLVąG]LP\MąZHGOHFRG]LHQQHJRGRĞZLDGF]HQLDNWyUHFKZ\WDMHG\QLH]áXGQH
SR]RU\U]HF]\
.
6,à$52%2&=$
.
=DQDOL]RZDOLĞP\ZLĊFRLOHWRE\áRPRĪOLZHZWDNSRELHĪQ\PSU]HJOąG]LHQDWX-
UĊ ZDUWRĞFL ZDUWRĞFL MDNLHJRNROZLHN WRZDUX PXVLP\ WHUD] VNLHURZDü QDV]ą XZDJĊ
QDVSHF\ILF]QąZDUWRĞüSUDF\,WXWDM]QyZPXV]ĊZDVZSUDZLüZ]GXPLHQLHSR]RUQ\P
SDUDGRNVHP:V]\VF\MHVWHĞFLHQDSHZQRSU]HĞZLDGF]HQLĪHVSU]HGDMHFLHFRG]LHQQLH
ZáDĞQLHVZąSUDFĊĪHZREHFWHJRSUDFDSRVLDGDFHQĊLĪHVNRURFHQDWRZDUXVWDQRZLMH-
G\QLHSLHQLĊĪQ\Z\UD]MHJRZDUWRĞFLWR]SHZQRĞFLąPXVLLVWQLHüU]HF]WDNDMDNZDUWRĞü
SUDF\$MHGQDNWDNDU]HF]MDNZDUWRĞüSUDF\Z]Z\Ná\PWHJRVáRZD]QDF]HQLXQLHLVW-
QLHMH:LG]LHOLĞP\ĪHLORĞüQLH]EĊGQHMSUDF\VNU\VWDOL]RZDQHMZWRZDU]HVWDQRZLMHJR
ZDUWRĞü2WyĪVWRVXMąFWDNLHSRMĊFLHZDUWRĞFLMDNĪHPRJOLE\ĞP\RNUHĞOLüSRZLHG]P\
DTP by SHADE
ZDUWRĞüJRG]LQQHJRGQLDURERF]HJR",OHSUDF\]DZDUWHMMHVWZW\PGQLX"JRG]LQ
SUDF\-HĪHOLSRZLHP\ĪHZDUWRĞüJRG]LQQHJRGQLDURERF]HJRUyZQDVLĊJRG]L-
QRPSUDF\F]\OLLORĞFL]DZDUWHMZQLPSUDF\WREĊG]LHWRWZLHUG]HQLHWDXWRORJLF]QHLSR-
QDGWRQLHGRU]HF]QH2F]\ZLĞFLHVNRURĞP\MXĪZ\NU\OLSUDZG]LZąFKRüXWDMRQąWUHĞü
Z\UDĪHQLD©ZDUWRĞüSUDF\ªWRSRWUDILP\REMDĞQLüWRLUUDFMRQDOQHLQDSR]yUQLHPRĪOLZH
]DVWRVRZDQLHZDUWRĞFLSRGREQLHMDNSR]QDZV]\U]HF]\ZLVW\UXFKFLDáQLHELHVNLFKPR-
ĪHP\REMDĞQLüLFKZLGRF]QHOXEW\ONRZRNUHĞORQ\FKIRUPDFKGRVWU]HJDOQHUXFK\
.
7RFRURERWQLNVSU]HGDMHQLHMHVWEH]SRĞUHGQLąMHJRSUDFąDOHMHJRVLáąURERF]ą
NWyUą RGGDMH RQ F]DVRZR GR UR]SRU]ąG]HQLD NDSLWDOLVW\ -HVW WR WDN GDOHFH SUDZGą
ĪHXVWDORQ\MHVW²QLHZLHPF]\SU]H]XVWDZ\DQJLHOVNLHDOHQDSHZQRSU]H]QLHNWyUH
XVWDZ\QDNRQW\QHQFLH²PDNV\PDOQ\F]DVQDSU]HFLąJNWyUHJRF]áRZLHNPDSUDZR
VSU]HGDZDüVZRMąVLáĊURERF]ą*G\E\]H]ZRORQRQDWDNąVSU]HGDĪQDWHUPLQQLHRNUH-
ĞORQ\QLHZROQLFWZRE\áRE\QLH]ZáRF]QLHSU]\ZUyFRQH*G\E\WDNDVSU]HGDĪUR]FLąJDáD
VLĊQSQDFDáHĪ\FLHF]áRZLHNDWRF]\QLáDE\]QLHJRGRĪ\ZRWQLHJRQLHZROQLNDSU]HGVLĊ-
ELRUF\
.
7RPDV]+REEHVMHGHQ]QDMVWDUV]\FKHNRQRPLVWyZLQDMEDUG]LHMRU\JLQDOQ\FKIL-
OR]RIyZDQJLHOVNLFKMXĪZVZRLP©/HZLDWDQLHªZ\F]XáLQVW\QNWRZQLHWHQSXQNWSU]H-
RF]RQ\ SU]H] ZV]\VWNLFK MHJR QDVWĊSFyZ +REEHV SRZLDGD ©:DUWRĞFLą OXE ZDORUHP
F]áRZLHND]DUyZQRMDNZV]\VWNLFKLQQ\FKU]HF]\MHVWMHJRFHQDWMWRFRGDMą]DXĪ\W-
NRZDQLHMHJRVLá\
.
:\FKRG]ąF]WHJRSRGVWDZRZHJR]DáRĪHQLDEĊG]LHP\PRJOLRNUHĞOLüZDUWRĞüSUDF\
SRGREQLHMDNZV]HONLHJRLQQHJRWRZDUX
.
=DQLP MHGQDN WR XF]\QLP\ ZLQQLĞP\ ]DS\WDü MDN SRZVWDáR WR G]LZQH ]MDZLVNR
ĪHZLG]LP\]MHGQHMVWURQ\QDU\QNXNDWHJRULĊQDE\ZFyZSRVLDGDMąF\FK]LHPLĊPD-
V]\Q\VXURZLHFLĞURGNLXWU]\PDQLDWMSU]HGPLRW\NWyUHSUyF]QLHXSUDZQHJRJUXQ-
WXVąZ\WZRUDPLSUDF\D]GUXJLHMVWURQ\NDWHJRULĊVSU]HGDZFyZNWyU]\QLHPDMą
GRVSU]HGDQLDQLFSUyF]VZHMVLá\URERF]HMVZRLFKUąNURERF]\FKLPy]JyZ"ĩHMHGQD
NDWHJRULDZFLąĪNXSXMHGODRVLąJQLĊFLD]\VNyZLZ]ERJDFDQLDVLĊDGUXJDFLąJOHVSU]H-
GDMHGOD]DURELHQLDQDĪ\FLH"=EDGDQLHWHMNZHVWLLE\áRE\]EDGDQLHPWHJRFRHNRQR-
PLĞFL QD]\ZDMą ©ZVWĊSQą OXE SLHUZRWQą DNXPXODFMą OHF] FR SRZLQQR VLĊ QD]\ZDü
SLHUZRWQ\PZ\ZáDV]F]HQLHP3U]HNRQDOLE\ĞP\VLĊĪHWDN]ZDQDSLHUZRWQDDNXPXODFMD
QLHR]QDF]DQLFLQQHJRMDNV]HUHJSURFHVyZKLVWRU\F]Q\FKNWyU\FKZ\QLNLHPE\áUR]-
NáDGSLHUZRWQHMMHGQRĞFLLVWQLHMąFHMPLĊG]\F]áRZLHNLHPSUDFXMąF\PDMHJRĞURGNDPL
SUDF\ 7HJR URG]DMX EDGDQLH SU]HNUDF]D MHGQDN ]DNUHV PHJR REHFQHJR SU]HGPLRWX
6NRUR RGG]LHOHQLH F]áRZLHND SUDFXMąFHJR RG ĞURGNyZ SUDF\ MXĪ VLĊ GRNRQDáR WR WDNL
VWDQU]HF]\EĊG]LHWUZDáLEĊG]LHVLĊUHSURGXNRZDáZFRUD]V]HUV]HMVNDOLGRSyW\GRSyNL
QRZDLJUXQWRZQDUHZROXFMDZVSRVRELHSURGXNFMLQLHREDOLJR]NROHLLQLHSU]\ZUyFL
SLHUZRWQHMMHGQRĞFLZQRZHMIRUPLHKLVWRU\F]QHM
.
&]\PĪHZLĊFMHVWZDUWRĞüVLá\URERF]HM"
.
3RGREQLHMDNZDUWRĞüZV]HONLHJRLQQHJRWRZDUXZDUWRĞüVLá\URERF]HMMHVWRNUH-
ĞORQDSU]H]LORĞüSUDF\QLH]EĊGQHMGRMHMZ\WZRU]HQLD6LáDURERF]DF]áRZLHNDLVWQLHMH
MHG\QLHZMHJRĪ\ZHMRVRERZRĞFL$ĪHE\PyFURVQąüLXWU]\PDüVLĊSU]\Ī\FLXPXVLRQ
VNRQVXPRZDüSHZQąVXPĊĞURGNyZXWU]\PDQLD$OHF]áRZLHNMDNPDV]\QD]XĪ\ZDVLĊ
LPXVLE\ü]DVWąSLRQ\SU]H]LQQHJRF]áRZLHND3UyF]RNUHĞORQHMLORĞFLĞURGNyZGRĪ\FLD
QLH]EĊGQ\FKGODVZHJRZáDVQHJRXWU]\PDQLDSRWU]HEXMHRQGRGDWNRZHMLFKLORĞFLGOD
Z\FKRZDQLDG]LHFLNWyUHPDMąJR]DVWąSLüQDU\QNXSUDF\LXZLHF]QLüUyGURERWQLNyZ
3RQDGWRGDOV]DMHV]F]HVXPDZDUWRĞFLPXVLE\üZ\GDWNRZDQDQDUR]ZyMMHJRVLá\UR-
DTP by SHADE
ERF]HM L QD QDE\FLH RNUHĞORQHM NZDOLILNDFML 'OD QDV]\FK FHOyZ Z\VWDUF]\ UR]SDWU]\ü
W\ONR SU]HFLĊWQą SUDFĊ NWyUHM NRV]W\ Z\FKRZDQLD L Z\NV]WDáFHQLD Vą ]QLNRPR PDáH
0XV]Ċ MHGQDNVNRU]\VWDü]HVSRVREQRĞFLE\VWZLHUG]Lü ĪH WDN MDN UyĪQH Vą Z\GDWNL
QDZ\WZRU]HQLHVLá\URERF]HMUyĪQHMMDNRĞFLSRGREQLHPXV]ąE\üUyĪQHZDUWRĞFLVLá\
URERF]HM]DWUXGQLRQHMZUyĪQ\FKJDáĊ]LDFKSU]HP\VáX:RáDQLHRUyZQRĞüSáDFRSLHUD
VLĊSU]HWRQDEáĊG]LHMHVWQLHGRU]HF]Q\PĪ\F]HQLHPNWyUHQLJG\QLHEĊG]LHVSHáQLRQH
:\Sá\ZD RQR ] RZHJR IDáV]\ZHJR L SRZLHU]FKRZQHJR UDG\NDOL]PX NWyU\ SU]\MPXMH
SU]HVáDQNLDOHSUyEXMHXQLNQąüZQLRVNyZ1DJUXQFLHV\VWHPXSUDF\QDMHPQHMZDUWRĞü
VLá\URERF]HMMHVWXVWDODQDZWDNLVDPVSRVyEMDNZDUWRĞüZV]HONLHJRLQQHJRWRZDUX
DSRQLHZDĪUyĪQHURG]DMHVLá\URERF]HMPDMąWHĪUyĪQąZDUWRĞüOXEZ\PDJDMąGODVZHJR
Z\WZRU]HQLDUyĪQ\FKLORĞFLSUDF\PXV]ąZLĊFPLHüUyĪQHFHQ\QDU\QNXSUDF\ĩąGDü
UyZQHJRDOERQDZHWVáXV]QHJRZ\QDJURG]HQLDQDSRGVWDZLHV\VWHPXSUDF\QDMHPQHM
R]QDF]DWRVDPRFRĪąGDüZROQRĞFLQDSRGVWDZLHV\VWHPXQLHZROQLFWZD&RZ\XZD-
ĪDFLH]DVáXV]QHOXEVSUDZLHGOLZHWRQLHPD]QDF]HQLD,G]LHRWRFRMHVWNRQLHF]QH
LQLHXQLNQLRQHZGDQ\PV\VWHPLHSURGXNFML
.
3RW\PZV]\VWNLPFRĞP\SRZLHG]LHOLMHVWU]HF]ąMDVQąĪHZDUWRĞüVLá\URERF]HM
MHVWRNUHĞORQDSU]H]ZDUWRĞüĞURGNyZXWU]\PDQLDQLH]EĊGQ\FKGODZ\WZRU]HQLDUR]-
ZRMXXWU]\PDQLDL]DFKRZDQLDQDZLHNLVLá\URERF]HM
.
:<7:$5=$1,(:$572ĝ&,'2'$7.2:(-
.
3U]\SXĞüP\WHUD]ĪHZ\WZRU]HQLHSU]HFLĊWQHMVXP\ĞURGNyZXWU]\PDQLDQLH]EĊG-
Q\FK GOD URERWQLND QD MHGHQ G]LHĔ Z\PDJD JRG]LQ SU]HFLĊWQHMSUDF\ 3U]\SXĞüP\
SRQDGWRĪHJRG]LQSU]HFLĊWQHMSUDF\UHDOL]XMHVLĊZLORĞFL]áRWDUyZQHMV]\OLQJRP
:W\PZ\SDGNXV]\OLQJLE\á\E\FHQąF]\OLZ\UD]HPSLHQLĊĪQ\PG]LHQQHMZDUWRĞFL
VLá\URERF]HMWHJRF]áRZLHND3UDFXMąFJRG]LQG]LHQQLHZ\WZDU]DáE\RQZFLąJXGQLD
ZDUWRĞüZ\VWDUF]DMąFąGRQDE\FLDSU]HFLĊWQHMLORĞFLSRWU]HEQ\FKPXFRG]LHQQLHĞURG-
NyZXWU]\PDQLDOXEGRXWU]\PDQLDVLHELHVDPHJRMDNRURERWQLND
.
$OHWHQF]áRZLHNMHVWURERWQLNLHPQDMHPQ\P$ZLĊFPXVLRQVSU]HGDüNDSLWDOLĞFLH
6ZRMąVLáĊURERF]ą-HĪHOLVSU]HGDMHMą]DV]\OLQJLG]LHQQLHWM]DV]\OLQJyZW\JR-
GQLRZRVSU]HGDMHMąZHGáXJMHMZDUWRĞFL3U]\SXĞüP\ĪHMHVWRQSU]ĊG]DU]HP3UDFX-
MąFJRG]LQG]LHQQLHGRGDMHRQGREDZHáQ\ZDUWRĞüV]\OLQJyZG]LHQQLH7DZDUWRĞü
FRG]LHQQLH SU]H] QLHJR GRGDZDQD EĊG]LH GRNáDGQ\P HNZLZDOHQWHP RWU]\P\ZDQHM
SU]H]QLHJRG]LHQQHMSáDF\OXEFHQ\MHJRVLá\URERF]HM$OHZW\PZ\SDGNXNDSLWDOLVWD
QLHRWU]\PDáE\ĪDGQHMZDUWRĞFLGRGDWNRZHMOXEGRGDWNRZHJRSURGXNWX7XQDSRW\NDP\
ZLĊFZáDĞFLZąWUXGQRĞü
.
.XSXMąF VLáĊ URERF]ą URERWQLND L SáDFąF MHM ZDUWRĞü NDSLWDOLVWD MDN NDĪG\ LQQ\
QDE\ZFD]GRE\áSUDZRNRQVXPSFMLOXE]XĪ\FLDNXSLRQHJRWRZDUX.RQVXPXMHVLĊOXE
]XĪ\ZD VLáĊ URERF]ą F]áRZLHND NDĪąF PX SUDFRZDü SRGREQLH MDN VLĊ NRQVXPXMH OXE
]XĪ\ZDPDV]\QĊZSUDZLDMąFMąZUXFK.XSLZV]\G]LHQQąOXEW\JRGQLRZąZDUWRĞüVLá\
URERF]HMURERWQLNDNDSLWDOLVWDQDE\áW\PVDP\PSUDZRXĪ\ZDQLDWHMVLá\URERF]HMF]\OL
]PXV]DQLDMHMGRSUDF\ZFLąJXFDáHJRGQLDOXEW\JRGQLD']LHĔURERF]\DOERW\G]LHĔ
URERF]\ PD RF]\ZLĞFLH VZRMH JUDQLFH DOH WR UR]SDWU]\P\ SyĨQLHM Z VSRVyE EDUG]LHM
V]F]HJyáRZ\
.
1DUD]LHFKFĊ]ZUyFLüZDV]ąXZDJĊQDSXQNWGHF\GXMąF\
.
:DUWRĞüVLá\URERF]HMMHVWRNUHĞODQDSU]H]LORĞüSUDF\QLH]EĊGQHMGODMHMXWU]\PDQLD
OXEUHSURGXNFMLDOHXĪ\FLHVLá\URERF]HMMHVWRJUDQLF]RQHMHG\QLHSU]H]HQHUJLĊĪ\FLR-
ZąLVLOĊIL]\F]QąURERWQLND']LHQQDOXEW\JRGQLRZDZDUWRĞüVLá\URERF]HMMHVWFDáNLHP
DTP by SHADE
UyĪQDRGZ\GDWNRZDQLDWHMVLá\URERF]HMZFLąJXGQLDOXEW\JRGQLDWDNVDPRMDNSDV]D
QLH]EĊGQDGODNRQLDMHVWFDáNLHPUyĪQDRGF]DVXZFLąJXNWyUHJRNRĔPRĪHQRVLüMHĨGĨ-
FD,ORĞüSUDF\RJUDQLF]DMąFDZDUWRĞüVLá\URERF]HMURERWQLNDQLH6WDQRZLĪDGQHMJUDQLF\
GODLORĞFLSUDF\NWyUąMHJRVLáDURERF]DPRĪHZ\NRQDü:HĨP\GODSU]\NáDGXQDV]HJR
SU]ĊG]DU]D:LG]LHOLĞP\ĪHGODFRG]LHQQHJRRGQRZLHQLDVZRMHMVLá\URERF]HMPXVLRQ
ZFLąJXGQLDUHSURGXNRZDüZDUWRĞüV]\OLQJyZFRWHĪF]\QLSUDFXMąFJRG]LQG]LHQ-
QLH/HF]WRQLHSU]HV]NDG]DPXSUDFRZDüG]LHVLĊüGZDQDĞFLHOXEZLĊFHMJRG]LQG]LHQ-
QLH$OHRSáDFDMąFG]LHQQąOXEW\JRGQLRZąZDUWRĞüVLá\URERF]HMSU]ĊG]DU]DNDSLWDOLVWD
QDE\áSUDZRXĪ\ZDQLDWHMVLá\URERF]HMZFLąJXFDáHJRGQLDOXEW\JRGQLD.DĪHRQPX
]DWHPSUDFRZDüSRZLHG]P\JRG]LQQDGREĊ2SUyF]LSRZ\ĪHMJRG]LQQDGREĊ
QLH]EĊGQ\FKGOD]ZURWXMHJRSáDF\OXEZDUWRĞFLMHJRVLá\URERF]HMEĊG]LHRQZLĊFPXVLDá
SUDFRZDüZFLąJXGDOV]\FKJRG]LQNWyUHQD]ZĊJRG]LQDPLSUDF\GRGDWNRZHMWD]DĞ
SUDFDGRGDWNRZDUHDOL]XMHVLĊZZDUWRĞFLGRGDWNRZHMLZSURGXNFLHGRGDWNRZ\P-HĪHOL
QSQDV]SU]ĊG]DU]ZFLąJXJRG]LQVZRMHMSUDF\G]LHQQHMGRGDZDáGREDZHáQ\ZDUWRĞü
V]\OLQJyZZDUWRĞüVWDQRZLąFąGRNáDGQ\HNZLZDOHQWMHJRSáDF\URERF]HMWRZFLąJX
JRG]LQGRGDRQGREDZHáQ\ZDUWRĞüV]\OLQJyZLZ\SURGXNXMHRGSRZLHGQLąGRGDW-
NRZąLORĞüSU]ĊG]\3RQLHZDĪVSU]HGDáRQVZRMąVLáĊURERF]ąNDSLWDOLĞFLHFDáDZDUWRĞü
OXESURGXNWZ\WZRU]RQ\SU]H]QLHJRQDOHĪ\GRNDSLWDOLVW\FKZLORZHJRZáDĞFLFLHODMHJR
VLá\URERF]HM'ODWHJRWHĪZ\NáDGDMąFV]\OLQJLNDSLWDOLVWDRVLąJDZDUWRĞüV]\OLQJyZ
JG\ĪZ\NáDGDMąFZDUWRĞüZNWyUHMVNU\VWDOL]RZDQ\FKMHVWJRG]LQSUDF\NDSLWDOLVWD
Z]DPLDQRWU]\PXMHZDUWRĞüZNWyUHMVNU\VWDOL]RZDQ\FKMHVWJRG]LQSUDF\2LOH
SURFHVWHQSRZWDU]DVLĊFRG]LHQQLHNDSLWDOLVWDFRG]LHQQLHZ\NáDGDV]\OLQJLLFKRZD
GRNLHV]HQLV]\OLQJyZ]NWyU\FKSRáRZD]QyZSyMG]LHQDRSáDFHQLHSáDF\URERF]HM
DGUXJDSRáRZDVWDQRZLüEĊG]LHZDUWRĞüGRGDWNRZą]DNWyUąNDSLWDOLVWDQLHSáDFLĪDG-
QHJRHNZLZDOHQWX-HVWWRWHQURG]DMZ\PLDQ\PLHG]\NDSLWDáHPDSUDFąQDNWyU\P
RSLHUDVLĊSURGXNFMDNDSLWDOLVW\F]QDOXEV\VWHPSUDF\QDMHPQHMLNWyU\]NRQLHF]QRĞFL
SURZDG]LGRWHJRĪHURERWQLNVWDOHUHSURGXNXMHVLĊMDNRURERWQLNDNDSLWDOLVWDMDNR
NDSLWDOLVWD
.
6WRSD ZDUWRĞFL GRGDWNRZHM JG\ LQQH RNROLF]QRĞFL SR]RVWDMą EH]]PLDQ\ ]DOHĪHü
EĊG]LHRGVWRVXQNXPLĊG]\F]ĊĞFLąGQLDURERF]HJRQLH]EĊGQąGODRGQRZLHQLDZDUWRĞFL
VLá\URERF]HMDGRGDWNRZ\PF]DVHPSUDF\OXESUDFąGRGDWNRZąZ\NRQDQąGODNDSL-
WDOLVW\%ĊG]LHRQD]DWHP]DOHĪHüRGVWRVXQNXZMDNLPG]LHĔURERF]\MHVWSU]HGáXĪRQ\
SRQDGF]DVZFLąJXNWyUHJRSUDFDURERWQLNDPRĪHW\ONRRGWZRU]\üZDUWRĞüMHJRVLá\
URERF]HMOXE]ZUyFLüMHJRSáDFĊ
.
:$572ĝû35$&<
.
0XVLP\WHUD]ZUyFLüGRZ\UDĪHQLD©:DUWRĞüOXEFHQDSUDF\ª
.
:LG]LHOLĞP\ĪHIDNW\F]QLHMHVWWRW\ONRZDUWRĞüVLá\URERF]HMPLHU]RQDZDUWRĞFLDPL
WRZDUyZQLH]EĊGQ\FKGODMHMXWU]\PDQLD$OHSRQLHZDĪURERWQLNRWU]\PXMHVZRMąSáDFĊ
SRXNRĔF]HQLXVZHMSUDF\LSRQLHZDĪSRQDGWRZLHĪHIDNW\F]QLHGDMHRQNDSLWDOLĞFLH
VZRMąSUDFĊSU]HWR]NRQLHF]QRĞFLZDUWRĞüOXEFHQDMHJRVLá\URERF]HMZ\GDMHPXVLĊ
FHQąOXEZDUWRĞFLąVDPHMMHJRSUDF\-HĪHOLFHQDMHJRVLá\URERF]HMZ\QRVLV]\OLQJL
ZNWyU\FKPLHĞFLVLĊJRG]LQSUDF\DSUDFXMHRQJRG]LQWR]NRQLHF]QRĞFLEĊG]LH
XZDĪDáRZHV]\OLQJL]DZDUWRĞüOXEFHQĊJRG]LQSUDF\FKRFLDĪWHJRG]LQSUDF\
UHDOL]XMąVLĊZZDUWRĞFLV]\OLQJyZ
.
:\QLNDMąVWąGGZRMDNLHZQLRVNL
.
3RSLHUZV]H:DUWRĞüOXEFHQDVLá\URERF]HMSU]\ELHUDSR]yUFHQ\OXEZDUWRĞFLVDPHM
SUDF\FKRFLDĪĞFLĞOHPyZLąFZDUWRĞüOXEFHQDSUDF\VąWHUPLQDPLSR]EDZLRQ\PLVHQVX
DTP by SHADE
.
3RGUXJLH&KRFLDĪW\ONRF]ĊĞüG]LHQQHMSUDF\URERWQLNDMHVWRSáDFRQDSRGF]DVJG\
GUXJDF]ĊĞüSR]RVWDMHQLHRSáDFRQDLFKRFLDĪWDQLHRSáDFRQDOXEGRGDWNRZDSUDFDWZR-
U]\ZáDĞQLHIXQGXV]]NWyUHJRSRZVWDMHZDUWRĞüGRGDWNRZDOXE]\VNZ\GDMHVLĊMDN
JG\E\FDáDSUDFDE\áDSUDFąRSáDFRQą
.
7RIDáV]\ZH]áXG]HQLHRGUyĪQLDSUDFąQDMHPQąRGLQQ\FKKLVWRU\F]Q\FKIRUPSUDF\
1DSRGVWDZLHV\VWHPXSUDF\QDMHPQHMQDZHWSUDFDQLHRSáDFRQDZ\GDMHVLĊSUDFąRSáD-
FRQą : SU]HFLZLHĔVWZLH GR WHJR SU]\ SUDF\ QLHZROQLND QDZHW RSáDFRQD F]ĊĞü MHJR
SUDF\Z\GDMHVLĊQLHRSáDFRQą1DWXUDOQLHLQLHZROQLNPXVLĪ\üDĪHE\PyFSUDFRZDü
LF]ĊĞüMHJRGQLDURERF]HJRLG]LHQDSRNU\FLHZDUWRĞFLMHJRZáDVQHJRXWU]\PDQLD$OH
SRQLHZDĪ PLĊG]\ QLP D MHJR SDQHP QLH ]RVWDáD ]DZDUWD ĪDGQD WUDQVDNFMD L PLĊG]\
VWURQDPLQLHE\áRDNWXNXSQDLVSU]HGDĪ\SU]HWRZ\GDMHVLĊĪHFDáDMHJRSUDFD]RVWDMH
RGGDQDGDUPR
.
:HĨP\ ] GUXJLHM VWURQ\ FKáRSD SDĔV]F]\ĨQLDQHJR WDNLHJR MDNL PRĪQD SRZLH-
G]LHüLVWQLDáMHV]F]HZF]RUDMQDFDá\PZVFKRG]LH(XURS\&KáRSWHQSUDFRZDáQDSU]\-
NáDGWU]\GQLGODVLHELHQDZáDVQ\PDOERSU]\G]LHORQ\PVRELHSROXDQDVWĊSQLHWU]\
GQLZ\NRQ\ZDáSU]\PXVRZąLEH]SáDWQąSUDFĊZPDMąWNXVZHJRSDQD:W\PZ\SDG-
NXRSáDFRQDLQLHRSáDFRQDF]ĊĞüSUDF\E\á\Z\UDĨQLHRGG]LHORQHRGG]LHORQHZF]DVLH
LSU]HVWU]HQLLQDVLOLEHUDáRZLHZ\EXFKDOLPRUDOQ\PREXU]HQLHPQDWDNQLHGRU]HF]Qą
P\ĞOĪHVLĊF]áRZLHNRZLNDĪHSUDFRZDüGDUPR
.
: U]HF]\ZLVWRĞFL ]DĞ Z\FKRG]L QD MHGQR F]\ F]áRZLHN SUDFXMH GQL Z W\JRGQLX
QDVLHELHVDPHJRQDVZRLPZáDVQ\PSROXLGQLEH]SáDWQLHZPDMąWNXVZHJRSDQD
F]\WHĪSUDFXMHRQZIDEU\FHOXEZDUV]WDFLHJRG]LQQDGREĊGODVDPHJRVLHELHD
JRG]LQGODVZHJRSU]HGVLĊELRUF\²FKRFLDĪZW\PRVWDWQLPZ\SDGNXRSáDFRQDLQLH-
RSáDFRQDF]ĊĞüSUDF\VąQLHUR]G]LHOQLH]HVREą]PLHV]DQHLFKDUDNWHUFDáHMWUDQVDNFML
MHVW NRPSOHWQLH ]DPDVNRZDQ\ SU]H] SRMDZLHQLH VLĊ XPRZ\ L ]DSáDW\ RWU]\P\ZDQHM
ZNRĔFXW\JRGQLD%H]SáDWQDSUDFDZ\GDMHVLĊZMHGQ\PZ\SDGNXRGGDZDQDGREURZRO-
QLHZGUXJLP²SU]\PXVRZR1DW\PSROHJDFDáDUyĪQLFD
.
:\UDĪHQLHP©ZDUWRĞüSUDF\ªEĊGĊVLĊSRVáXJLZDáMHG\QLHMDNRSRWRF]Q\PWHUPL-
QHPGODR]QDF]HQLD©ZDUWRĞFLVLá\URERF]HMª
.
=<6.26,Ą*$6,ĉ35=<635=('$ĩ<72:$58:('à8*-(*2:$572ĝ&,
.
3U]\SXĞüP\ ĪH JRG]LQD SU]HFLĊWQHM SUDF\ UHDOL]XMH VLĊ Z ZDUWRĞFL SHQVyZ OXE
ĪHJRG]LQSU]HFLĊWQHMSUDF\UHDOL]XMHVLĊZZDUWRĞFLV]\OLQJyZ3U]\SXĞüP\GDOHM
ĪHZDUWRĞüSUDF\UyZQDVLĊV]\OLQJRPOXEZ\WZRURZLJRG]LQQHMSUDF\-HĪHOLGDOHM
ZVXURZFXPDV]\QDFKLWGXĪ\W\FKGODSURGXNFMLGDQHJRWRZDUXVą]UHDOL]RZDQH
JRG]LQ\SU]HFLĊWQHMSUDF\WRZDUWRĞüMHJRZ\QLHVLHV]\OLQJyZ-HĪHOLSRQDGWRUR-
ERWQLN]DWUXGQLRQ\SU]H]NDSLWDOLVWĊGRGDMHGRW\FKĞURGNyZSURGXNFMLJRG]LQSUDF\
WR W\FK JRG]LQ XFLHOHĞQLD VLĊ Z GRGDQHM ZDUWRĞFL V]\OLQJyZ &DáNRZLWD ZDUWRĞü
SURGXNWXZ\QLHVLH]DWHPJRG]LQXSU]HGPLRWRZLRQHMSUDF\LUyZQDüVLĊEĊG]LH
V]\OLQJRP $OH SRQLHZDĪ ZDUWRĞü SUDF\ OXE SáDFRQH URERWQLNRZL Z\QDJURG]HQLH Z\-
QLHVLH MHG\QLH V]\OLQJL WR ]D JRG]LQ SUDF\ GRGDWNRZHM Z\NRQDQHM SU]H] URERW-
QLND L XFLHOHĞQLRQHM Z ZDUWRĞFL WRZDUX QLH E\áDE\ ]DSáDFRQD SU]H] NDSLWDOLVWĊ ĪDGQD
UyZQRZDUWRĞü6SU]HGDMąFWHQWRZDUZHGáXJMHJRZDUWRĞFL]D6]\OLQJyZNDSLWDOLVWD
UHDOL]XMH ZLĊF ZDUWRĞü WU]HFK V]\OLQJyZ ]D NWyUH QLH ]DSáDFLá ĪDGQHM UyZQRZDUWRĞFL
7HV]\OLQJLVWDQRZLąZDUWRĞüGRGDWNRZąOXE]\VN]JDUQLĊW\SU]H]QLHJRGRNLHV]HQL
.DSLWDOLVWDUHDOL]XMH]DWHP]\VNZZ\VRNRĞFLV]\OLQJyZQLHGODWHJRĪHVSU]HGDáVZyM
WRZDUSRFHQLHSU]HZ\ĪV]DMąFHMMHJRZDUWRĞüOHF]GODWHJRĪHVSU]HGDáJRZHGáXJMHJR
DTP by SHADE
U]HF]\ZLVWHMZDUWRĞFL
.
:DUWRĞüWRZDUXMHVWRNUHĞORQDSU]H]FDáNRZLWąLORĞü]DZDUWHMZQLPSUDF\
.
$OHF]ĊĞüWHMLORĞFLSUDF\MHVWXFLHOHĞQLRQDZZDUWRĞFL]DNWyUą]DSáDFRQRUyZQR-
ZDUWRĞüZSRVWDFLSáDF\F]ĊĞü]DĞZZDUWRĞFL]DNWyUąĪDGQDUyZQRZDUWRĞüQLH]RVWDáD
Z\SáDFRQD&]ĊĞüSUDF\]DZDUWHMZWRZDU]HMHVWSUDFąRSáDFRQąF]ĊĞü]DĞMHVWSUDFą
QLHRSáDFRQą6SU]HGDMąF]DWHPWRZDUZHGáXJMHJRZDUWRĞFLWMMDNRNU\VWDOL]DFMĊFDáNR-
ZLWHMLORĞFLSUDF\Z\GDWNRZDQHMQDWHQWRZDUNDSLWDOLVWDPXVL]NRQLHF]QRĞFLVSU]HGDü
JR]]\VNLHP6SU]HGDMHRQQLHW\ONRWRFRNRV]WRZDáRJRSHZQąUyZQRZDUWRĞüDOH
LWRUyZQLHĪFRJRQLFQLHNRV]WRZDáRFKRFLDĪNRV]WRZDáRSUDFĊMHJRURERWQLND.RV]W
WRZDUXGODNDSLWDOLVW\LMHJRNRV]WU]HF]\ZLVW\VąWRGZLHUyĪQHU]HF]\3RZWDU]DPZLĊF
ĪHQRUPDOQ\LSU]HFLĊWQ\]\VNRVLąJDVLĊ]HVSU]HGDĪ\WRZDUyZQLHSRZ\ĪHMOHF]ZH-
GáXJLFKU]HF]\ZLVWHMZDUWRĞFL
.
52ĩ1(&=ĉĝ&,1$.7Ï5(6,ĉ'=,(/,:$572ĝû'2'$7.2:$
.
:DUWRĞüGRGDWNRZąF]\OLWĊF]ĊĞüFDáNRZLWHMZDUWRĞFLWRZDUXZNWyUHMXFLHOHĞQLR-
QDMHVWGRGDWNRZDOXEQLHRSáDFRQDSUDFDURERWQLNDQD]\ZDP]\VNLHP.DSLWDOLVW\F]Q\
SU]HGVLĊELRUFD QLH ]JDUQLD MHGQDN GR NLHV]HQL FDáHJR ]\VNX 0RQRSRO QD ]LHPLĊ GDMH
ZáDĞFLFLHORZL]LHPVNLHPXPRĪQRĞü]DELHUDQLDSRGQD]ZąUHQW\SHZQHMF]ĊĞFLWHMZDU-
WRĞFLGRGDWNRZHM²EH]Z]JOĊGXQDWRF]\]LHPLDWDMHVWXĪ\WDSRGXSUDZĊF]\SRG
EXG\QNLOXENROHMHĪHOD]QHF]\GODMDNLFKNROZLHNLQQ\FKFHOyZSURGXNF\MQ\FK=GUX-
JLHMVWURQ\IDNWĪHSRVLDGDQLHĞURGNyZSUDF\GDMHNDSLWDOLVW\F]QHPXSU]HGVLĊELRUF\
PRĪQRĞüZ\WZDU]DQLDZDUWRĞFLGRGDWNRZHMOXEFRQDMHGQRZ\FKRG]LSU]\ZáDV]F]DQLD
VRELHSHZQHMLORĞFLQLHRSáDFRQHMSUDF\SR]ZDODZáDĞFLFLHORZLĞURGNyZSUDF\NWyUHWHQ
RVWDWQLZFDáRĞFLOXEF]ĊĞFLRZRSRĪ\F]DNDSLWDOLVW\F]QHPXSU]HGVLĊELRUF\SR]ZDODMHG-
Q\PVáRZHPNDSLWDOLĞFLHSRĪ\F]DMąFHPXSLHQLąG]HĪąGDüGODVLHELHSRGQD]ZąRGVHWHN
LQQHMF]ĊĞFLRZHMZDUWRĞFLGRGDWNRZHM7DNZLĊFNDSLWDOLVW\F]QHPXSU]HGVLĊELRUF\MDNR
WDNLHPXSR]RVWDMHMHG\QLHWRFRVLĊQD]\ZD]\VNLHPSU]HP\VáRZ\POXEKDQGORZ\P
.
-DNLHSUDZDU]ąG]ąSRG]LDáHPRJyOQHMVXP\ZDUWRĞFLGRGDWNRZHMPLĊG]\W\PLWU]H-
PDNDWHJRULDPLOXG]LMHVWWRS\WDQLH]XSHáQLHQLH]ZLą]DQH]QDV]\PWHPDWHP=WHJR
FRĞP\SRZLHG]LHOLZ\QLNDMHGQDNFRQDVWĊSXMH
.
5HQWDJUXQWRZDSURFHQWL]\VNSU]HP\VáRLR\VąW\ONRUyĪQ\PLQD]ZDPLUyĪQ\FK
F]ĊĞFL ZDUWRĞFL GRGDWNRZHM WRZDUX OXE ZFLHORQHM ZHĔ QLHRSáDFRQHM SUDF\ L ZV]\VWNLH
ZUyZQHMPLHU]HSRFKRG]ą]WHJRLW\ONR]WHJRĨUyGáD1LHSRFKRG]ąRQHDQL]JUXQWX
MDNRWDNLHJRDQL]NDSLWDáXMDNRWDNLHJRDOHJUXQWLNDSLWDáGDMąPRĪQRĞüLFKZáDĞFL-
FLHORPRWU]\P\ZDüRGSRZLHGQLHF]ĊĞFLZDUWRĞFLGRGDWNRZHMZ\FLĞQLĊWHMSU]H]NDSLWD-
OLVW\F]QHJRSU]HGVLĊELRUFĊ]URERWQLND'ODVDPHJRURERWQLNDMHVWVSUDZąSRGU]ĊGQH-
JR]QDF]HQLDF]\NDSLWDOLVW\F]Q\SU]HGVLĊELRUFD]JDUQLDZFDáRĞFLZDUWRĞüGRGDWNRZą
Z\WZyUMHJRSUDF\GRGDWNRZHMOXESUDF\QLHRSáDFRQHMF]\WHĪPXVLRQZ\SáDFDüSRG
QD]ZąUHQW\DOERSURFHQWXRVRERPWU]HFLPF]ĊĞFLRZHMZDUWRĞFLGRGDWNRZHM-HĞOLSU]\-
SXĞFLP\ĪHNDSLWDOLVW\F]Q\SU]HGVLĊELRUFDXĪ\ZDZáDVQHJRNDSLWDáXLVDPMHVWZáDĞFL-
FLHOHPJUXQWXWRFDáNRZLWDZDUWRĞüGRGDWNRZDSRSá\QLHGRMHJRNLHV]HQL
.
3U]HGVLĊELRUFD NDSLWDOLVW\F]Q\ MHVW W\P NWyU\ EH]SRĞUHGQLR Z\FLVND ] URERWQLND
WĊZDUWRĞüGRGDWNRZąEH]Z]JOĊGXQDWRMDNąMHMF]ĊĞü]GRáDZRVWDWHF]Q\PZ\QLNX
]DWU]\PDüGODVLHELH:WHQVSRVyEWHĪFDá\V\VWHPSUDF\QDMHPQHMLFDá\REHFQ\V\VWHP
SURGXNFMLRSDUW\MHVWZáDĞQLHQDW\PVWRVXQNXPLĊG]\NDSLWDOLVW\F]Q\PSU]HGVLĊELRU-
FąDURERWQLNLHPQDMHPQ\P'ODWHJRQLHPLHOLVáXV]QRĞFLQLHNWyU]\RE\ZDWHOHNWyU]\
Z]LĊOLXG]LDáZQDV]HMG\VNXVMLJG\XVLáRZDOL]EDJDWHOL]RZDüWĊNZHVWLĊLWUDNWRZDüWHQ
DTP by SHADE
SRGVWDZRZ\VWRVXQHNPLĊG]\NDSLWDOLVW\F]Q\PSU]HGVLĊELRUFąDURERWQLNLHPMDNRVSUD-
ZĊGUXJRU]ĊGQąFKRFLDĪPLHOLVáXV]QRĞüXWU]\PXMąFĪHZGDQ\FKZDUXQNDFKZ]URVW
FHQPRĪHZEDUG]RQLHUyZQ\PVWRSQLXGRWNQąüNDSLWDOLVW\F]QHJRSU]HGVLĊELRUFĊZáD-
ĞFLFLHOD]LHPVNLHJRNDSLWDOLVWĊSLHQLĊĪQHJRLMHĪHOLFKFHFLHSRERUFĊSRGDWNRZHJR
.
=WHJRFRĞP\SRZLHG]LHOLZ\QLNDMHV]F]HMHGHQZQLRVHN
.
7D F]ĊĞü ZDUWRĞFL WRZDUX NWyUD SU]HGVWDZLD MHG\QLH ZDUWRĞü VXURZFD PDV]\Q
MHGQ\PVáRZHPZDUWRĞü]XĪ\W\FKĞURGNyZSURGXNFMLQLHWZRU]\ZFDOHGRFKRGXOHF]
]ZUDFDW\ONRNDSLWDá$OHSRPLQąZV]\WRMHVWQLHSUDZGąĪHGUXJDF]ĊĞüZDUWRĞFLWR-
ZDUX²WDNWyUDWZRU]\GRFKyGOXE]RVWDMHZ\GDWNRZDQDZSRVWDFLSáDF\]\VNXUHQW\
F]\SURFHQWX²VNáDGDVLĊ]ZDUWRĞFLSáDF\ZDUWRĞFLUHQW\ZDUWRĞFL]\VNXLWG=RVWDZ-
P\QDUD]LHQDXERF]XSáDFĊLUR]SDWU]P\W\ONR]\VNLSU]HP\VáRZHSURFHQW\LUHQWĊ
:LG]LHOLĞP\ZáDĞQLHĪH]DZDUWDZWRZDU]HZDUWRĞüGRGDWNRZDOXEWDF]ĊĞüMHJRZDUWR-
ĞFLZNWyUHM]UHDOL]RZDQDMHVWSUDFDQLHRSáDFRQDUR]SDGDVLĊQDUyĪQHF]ĊĞFLRWU]HFK
UyĪQ\FKQD]ZDFK/HF]PLMDáRE\VLĊZUĊF]]SUDZGąWZLHUG]HQLHĪHZDUWRĞüWHMF]ĊĞFL
WRZDUXVNáDGDVLĊOXESRZVWDMH]VXPRZDQLDVDPRG]LHOQ\FKZDUWRĞFLW\FKWU]HFKVNáDG-
QLNyZ
.
-HĪHOLMHGQDJRG]LQDSUDF\XFLHOHĞQLDVLĊZZDUWRĞFLV]HĞFLXSHQVyZMHĪHOLG]LHĔUR-
ERF]\URERWQLNDWUZDJRG]LQMHĪHOLSRáRZDWHJRF]DVXMHVWSUDFąQLHRSáDFRQąWRRZD
SUDFDGRGDWNRZDGRGDGRZDUWRĞFLWRZDUXZDUWRĞüGRGDWNRZąWU]HFKV]\OLQJyZWMZDU-
WRĞü]DNWyUąQLHZ\SáDFRQRĪDGQHMUyZQRZDUWRĞFL7DZDUWRĞüGRGDWNRZDZZ\VRNRĞFL
WU]HFKV]\OLQJyZVWDQRZLFDáNRZLW\IXQGXV]NWyU\NDSLWDOLVW\F]Q\SU]HGVLĊELRUFDPRĪH
G]LHOLüZMDNLHMNROZLHNSURSRUFML]ZáDĞFLFLHOHP]LHPVNLPL]RVREąSRĪ\F]DMąFąSLHQLą-
G]H:DUWRĞüW\FKWU]HFKV]\OLQJyZVWDQRZLJUDQLFĊZDUWRĞFLNWyUąPDMąRQLSRG]LHOLü
PLĊG]\VLHELH$OHVSUDZDQLHWDNVLĊSU]HGVWDZLDĪHNDSLWDOLVW\F]Q\SU]HGVLĊELRUFDVDP
GRGDMHGRZDUWRĞFLWRZDUXMDNRVZyM]\VNGRZROQąZDUWRĞüGRNWyUHMGRFKRG]LLQQD
ZDUWRĞüGODZáDĞFLFLHOD]LHPVNLHJRLWGWDNLĪVXPDW\FKGRZROQLHXVWDODQ\FKZDUWRĞFL
WZRU]\áDE\ ZDUWRĞü FDáNRZLWą :LG]LFLH ]DWHP EáĊGQRĞü RJyOQLH UR]SRZV]HFKQLRQHJR
PQLHPDQLDNWyUHSRG]LDáGDQHMZDUWRĞFLQDWU]\F]ĊĞFLPLHV]D]SRZVWDQLHPRZHMZDU-
WRĞFLSU]H]GRGDQLHWU]HFKVDPRG]LHOQ\FKZDUWRĞFLLZWHQVSRVyESU]HPLHQLDFDáNRZLWą
ZDUWRĞü]NWyUHMSRFKRG]ąUHQWD]\VNLSURFHQWZGRZROQąZLHONRĞü
.
-HĪHOLFDáNRZLW\]\VN]UHDOL]RZDQ\SU]H]NDSLWDOLVWĊUyZQDVLĊIXQWV]WWRVXPĊ
WĊUR]SDWU\ZDQąMDNRZLHONRĞüDEVROXWQąQD]\ZDP\PDVą]\VNX$OHMHĪHOLREOLF]DP\
VWRVXQHNW\FKIV]WGRZ\áRĪRQHJRNDSLWDáXWRWĊZLHONRĞüZ]JOĊGQąQD]\ZDP\
VWRSą]\VNX-HVWU]HF]ąMDVQąĪHWDVWRSD]\VNXPRĪHE\üZ\UDĪRQDZGZRMDNLVSRVyE
.
3U]\SXĞüP\ĪHNDSLWDáZ\áRĪRQ\QDSáDFĊZ\QRVLIV]W-HĪHOLZ\WZRU]RQDZDU-
WRĞüGRGDWNRZDZ\QRVLUyZQLHĪIV]W²]QDF]\áRE\WRĪHSRáRZDGQLDURERF]HJR
URERWQLNDVNáDGDVLĊ]SUDF\QLHRSáDFRQHM²LMHĪHOLE\ĞP\]PLHU]\OLWHQ]\VNZRGQLHVLH-
QLXGRZDUWRĞFLNDSLWDáXZ\GDWNRZDQHJRQDSáDFĊWRE\ĞP\SRZLHG]LHOLĪHVWRSD]\VNX
Z\QRVLJG\ĪZDUWRĞüZ\áRĪRQDZ\QRVLáDE\VWRDZDUWRĞü]UHDOL]RZDQDGZLHĞFLH
.
-HĞOLE\ĞP\ QDWRPLDVW Z]LĊOL SRG XZDJĊ QLH W\ONR NDSLWDá Z\áRĪRQ\ QD SáDFĊ DOH
FDáNRZLW\Z\áRĪRQ\NDSLWDáGDMP\QDWRIV]W]NWyU\FKIV]WSU]HGVWDZLD-
áRE\ZDUWRĞüVXURZFDPDV]\QLWGWRSRZLHG]LHOLE\ĞP\ĪHVWRSD]\VNXZ\QRVLW\ONR
GZDG]LHĞFLDSURFHQWJG\Ī]\VNZZ\VRNRĞFLE\áE\W\ONRMHGQąSLąWąFDáNRZLWHJR
Z\áRĪRQHJRNDSLWDáX
.
3LHUZV]\ VSRVyE Z\UDĪHQLD VWRS\ ]\VNX MHVW MHG\Q\P VSRVREHP NWyU\ RGVáDQLD
SU]HGQDPLU]HF]\ZLVW\VWRVXQHNSUDF\RSáDFRQHMGRQLHRSáDFRQHMU]HF]\ZLVW\VWRSLHĔ
DTP by SHADE
SR]ZyOFLH PL XĪ\ü WHJR IUDQFXVNLHJR VáRZD HNVSORDWDFML SUDF\ 'UXJL VSRVyE Z\UD-
ĪHQLDVWRS\]\VNXMHVWSRZV]HFKQLHXĪ\ZDQ\LZU]HF]\VDPHMQDGDMHVLĊGRSHZQ\FK
FHOyZ : NDĪG\P UD]LH MHVW RQ ZLHOFH Z\JRGQ\ JG\ LG]LH R ]DPDVNRZDQLH VWRSQLD
ZMDNLPNDSLWDOLVWDZ\FLVND]URERWQLNDSUDFĊEH]SáDWQą
.
: XZDJDFK NWyUH PL MHV]F]H SR]RVWDMą GR ]URELHQLD EĊGĊ XĪ\ZDá Z\UD]X ]\VN
GODR]QDF]HQLDFDáNRZLWHMVXP\ZDUWRĞFLGRGDWNRZHMZ\FLĞQLĊWHMSU]H]NDSLWDOLVWĊEH]
Z]JOĊGXQDSRG]LDáWHMZDUWRĞFLGRGDWNRZHMPLĊG]\UyĪQHNDWHJRULHRVyEDXĪ\ZDMąF
Z\UDĪHQLDVWRSD]\VNXEĊGĊ]DZV]HPLHU]\á]\VNZRGQLHVLHQLXGRZDUWRĞFLNDSLWDáX
Z\áRĪRQHJRQDSáDFĊ
.
2*Ï/1<672681(.0,ĉ'=<=<6.,(03à$&Ą,&(1Ą
.
-HĪHOLRGZDUWRĞFLWRZDUXRGHMPLHP\ZDUWRĞüNWyUD]DVWĊSXMHZDUWRĞü]XĪ\W\FKQDĔ
VXURZFyZLLQQ\FKĞURGNyZSURGXNFMLWMRGHMPLHP\ZDUWRĞüSU]HGVWDZLDMąFąSUDFĊ
PLQLRQą]DZDUWąZWRZDU]HWRSR]RVWDáDF]ĊĞüMHJRZDUWRĞFLVSURZDG]LVLĊGRLORĞFL
SUDF\GRGDQHMSU]H]RVWDWQLR]DWUXGQLRQHJRURERWQLND-HĪHOLWHQURERWQLNSUDFXMHGZD-
QDĞFLHJRG]LQG]LHQQLHMHĪHOLJRG]LQSU]HFLĊWQHMSUDF\NU\VWDOL]XMHVLĊZLORĞFL]áRWD
UyZQHM6]HĞFLXV]\OLQJRPWRWDGRGDQDZDUWRĞüV]HĞFLXV]\OLQJyZMHVWMHG\QąZDUWR-
ĞFLąNWyUąVWZRU]\áDMHJRSUDFD7DGDQDZDUWRĞüRNUHĞORQDSU]H]F]DVMHJRSUDF\MHVW
MHG\Q\PIXQGXV]HP]NWyUHJR]DUyZQRURERWQLNF]HUSLHVZąF]ĊĞüMDNLNDSLWDOLVWD
VZą G\ZLGHQGĊ ² MHG\Qą ZDUWRĞFLą VáXĪąFą GR SRG]LDáX QD SáDFĊ L ]\VN -HVW U]HF]ą
MDVQąĪHVDPDWDZDUWRĞüQLHXOHJQLH]PLDQLHQDVNXWHN]PLHQQ\FKSURSRUFMLZMDNLFK
PRĪHRQDE\üSRG]LHORQDPLĊG]\RELHVWURQ\1LFVLĊUyZQLHĪQLH]PLHQLMHĪHOL]DPLDVW
MHGQHJRURERWQLNDZHĨPLHFLHFDáąOXGQRĞüURERWQLF]ąLQS]DPLDVWMHGQHJRGQLDGZD-
QDĞFLHPLOLRQyZGQLURERF]\FK
.
3RQLHZDĪNDSLWDOLVWDLURERWQLNPDMąGRSRG]LDáXW\ONRWĊRJUDQLF]RQąZDUWRĞüWM
ZDUWRĞüPLHU]RQąFDáNRZLWąSUDFąURERWQLNDZLĊFLPZLĊFHMGRVWDMHMHGHQW\PPQLHM
GRVWDMH GUXJL L RGZURWQLH -HĪHOL GDQD MHVW RNUHĞORQD LORĞü WR MHGQD MHM F]ĊĞü EĊG]LH
Z]UDVWDáDZW\PVDP\PVWRVXQNXZMDNLPGUXJDEĊG]LHVLĊ]PQLHMV]DáD-HĪHOL]PLH-
QLDMąVLĊSáDFHWR]\VN]PLHQLVLĊZSU]HFLZQ\PNLHUXQNX-HĪHOLSáDFHVSDGDMą]\VN
VLĊ SRGQLHVLH MHĪHOL ]DĞ SáDFH VLĊ SRGQRV]ą ]\VN VSDGQLH -HĪHOL URERWQLN ]JRGQLH
]QDV]\PSRSU]HGQLP]DáRĪHQLHPGRVWDMH6]\OLQJLNWyUHUyZQDMąVLĊSRáRZLHZ\-
WZRU]RQHMSU]H]HĔZDUWRĞFLDOERMHĪHOLMHJRFDá\G]LHĔURERF]\VNáDGDVLĊZSRáRZLH
]RSáDFRQHMLZSRáRZLH]QLHRSáDFRQHMSUDF\²VWRSD]\VNXZ\QLHVLHJG\ĪND-
SLWDOLVWDUyZQLHĪGRVWDQLHWU]\V]\OLQJL-HĪHOLURERWQLNRWU]\PXMHW\ONRGZDV]\OLQJLOXE
SUDFXMH GOD VLHELH W\ONR SU]H] MHGQą WU]HFLą F]ĊĞü FDáHJR GQLD URERF]HJR NDSLWDOLVWD
GRVWDQLHF]WHU\V]\OLQJLLVWRSD]\VNXZ\QLHVLHZWHG\-HĪHOLURERWQLNRWU]\PXMH
F]WHU\V]\OLQJLNDSLWDOLVWDRWU]\PDW\ONRGZDV]\OLQJLLVWRSD]\VNXVSDGQLHGR
DOHZV]\VWNLHWH]PLDQ\QLHZSá\QąQDZDUWRĞüWRZDUX2JyOQ\Z]URVWSáDFZ\ZRáDáE\
]DWHPVSDGHNRJyOQHMVWRS\]\VNXDOHSR]RVWDáE\EH]ZSá\ZXQDZDUWRĞüWRZDUyZ
.
$OH FKRFLDĪ ZDUWRĞFL WRZDUyZ NWyUH PXV]ą NRQLHF NRĔFyZ UHJXORZDü LFK FHQ\
U\QNRZH RNUHĞODQH Vą Z\áąF]QLH SU]H] FDáNRZLWą LORĞü ]DNU]HSáHM Z QLFK SUDF\ QLH
]DĞSU]H]SRG]LDáWHMLORĞFLQDSUDFĊRSáDFRQąLQLHRSáDFRQąWRE\QDMPQLHMMHGQDNQLH
Z\QLNDVWąGĪHZDUWRĞFLSRV]F]HJyOQ\FKWRZDUyZDOERSDUWLLWRZDUyZZ\WZRU]RQ\FK
ZFLąJXQSGZXQDVWXJRG]LQSR]RVWDMąVWDáH/LF]EDOXEPDVDWRZDUyZZ\WZRU]R-
Q\FKZFLąJXGDQHJRF]DVXSUDF\OXESU]H]GDQąLORĞüSUDF\]DOHĪ\RGVLá\Z\WZyUF]HM
]DVWRVRZDQHMSUDF\QLH]DĞRGMHMWUZDQLDOXEGáXJRĞFL3U]\GDQ\PVWRSQLXVLá\Z\-
WZyUF]HM SUDF\ QS SU]ĊG]DU]D PRĪQD Z\WZRU]\ü Z F]DVLH GZXQDVWRJRG]LQQHJR GQLD
URERF]HJRGZDQDĞFLHIXQWyZSU]ĊG]\SU]\QLĪV]\PVWRSQLXVLá\Z\WZyUF]HMW\ONRGZD
IXQW\-HĪHOLZLĊFGZDQDĞFLHJRG]LQSU]HFLĊWQHMSUDF\XFLHOHĞQLDVLĊZZDUWRĞFLV]HĞFLX
DTP by SHADE
V]\OLQJyZWRZMHGQ\PZ\SDGNXGZDQDĞFLHIXQWyZSU]ĊG]\NRV]WRZDáRE\V]HĞüV]\-
OLQJyZZGUXJLP]DĞZ\SDGNXGZDIXQW\SU]ĊG]\UyZQLHĪNRV]WRZDá\E\V]HĞüV]\OLQ-
JyZ7DNZLĊFIXQWSU]ĊG]\NRV]WRZDáE\ZMHGQ\PZ\SDGNXV]HĞüSHQVyZDZGUXJLP
WU]\V]\OLQJL5yĪQLFDZFHQLHE\áDE\Z\QLNLHPUyĪQLF\ZVLOHZ\WZyUF]HM]DVWRVRZD-
QHMSUDF\3U]\ZLĊNV]HMVLOHZ\WZyUF]HMZFLHOLáDE\VLĊZMHGQ\PIXQFLHSU]ĊG]\MHGQD
JRG]LQDSUDF\SRGF]DVJG\SU]\PQLHMV]HMVLOHZ\WZyUF]HMZMHGQ\PIXQFLHSU]ĊG]\
ZFLHOLáRE\VLĊV]HĞüJRG]LQSUDF\&HQDIXQWDSU]ĊG]\UyZQDáDE\VLĊZMHGQ\PZ\SDG-
NX]DOHGZLHV]HĞFLXSHQVRPFKRFLDĪE\SáDFHE\á\VWRVXQNRZRZ\VRNLHDVWRSD]\VNX
QLVNDZGUXJLPZ\SDGNXFHQDWDZ\QLRVáDE\WU]\V]\OLQJLFKRFLDĪE\SáDFHE\á\QLVNLH
DVWRSD]\VNXZ\VRND%\áRE\]DĞWDNGODWHJRĪHFHQĊIXQWDSU]ĊG]\RNUHĞODFDáNRZLWD
VXPDZáRĪRQHMZHĔSUDF\QLH]DĞVWRVXQHNSRG]LDáXWHMFDáNRZLWHMVXP\QDSUDFąRSáD-
FRQąLQLHRSáDFRQą:VSRPQLDQ\SU]H]HPQLHXSU]HGQLRIDNWĪHSUDFDZ\VRNRRSáDFDQD
PRĪHZ\WZDU]DüWDQLHWRZDU\DSUDFDQLVNRRSáDFDQD²GURJLHWUDFL]DWHPVZyMSR]yU
SDUDGRNVX )DNW WHQ MHVW MHG\QLH Z\UD]HP RJyOQHJR SUDZD ĪH ZDUWRĞü WRZDUX MHVW
RNUHĞODQDSU]H]LORĞüZáRĪRQHMZHĔSUDF\LĪHLORĞüZáRĪRQHMZHĔSUDF\]DOHĪ\FDáNRZL-
FLHRGVLá\Z\WZyUF]HM]DVWRVRZDQHMSUDF\DSU]HWREĊG]LHVLĊ]PLHQLDüZUD]]NDĪGą
]PLDQąZZ\GDMQRĞFLSUDF\
.
1$-:$ĩ1,(-6=(:<3$'.,:$/.,32':<ĩ.ĉ3à$&</8%35=(&,:-(-2%-
1,ĩ(1,8
.
5R]SDWU]\P\WHUD]]QDOHĪQąSRZDJąQDMZDĪQLHMV]HZ\SDGNLZNWyU\FKSRGHMPR-
ZDQHVąSUyE\X]\VNDQLDSRGZ\ĪNLSáDFOXEZDONLSU]HFLZLFK]QLĪFH
.
@:LG]LHOLĞP\ĪHZDUWRĞüVLá\URERF]HMOXEPyZLąFSRSXODUQLHMZDUWRĞüSUDF\MHVW
RNUHĞORQD SU]H] ZDUWRĞü QLH]EĊGQ\FK ĞURGNyZ XWU]\PDQLD OXE SU]H] LORĞü SUDF\ SR-
WU]HEQHMGRLFKZ\WZRU]HQLD-HĪHOL]DWHPZGDQ\PNUDMXZDUWRĞüQLH]EĊGQ\FKĞURGNyZ
XWU]\PDQLD ]XĪ\ZDQ\FK SU]HFLĊWQLH G]LHQQLH SU]H] URERWQLND SU]HGVWDZLD JRG]LQ
SUDF\ Z\UDĪRQ\FK Z WU]HFK V]\OLQJDFK WR URERWQLN PXVLDáE\ SUDFRZDü V]HĞü JRG]LQ
G]LHQQLHE\Z\WZRU]\üUyZQRZDUWRĞüVZHJRG]LHQQHJRXWU]\PDQLD-HĪHOLFDá\G]LHĔ
URERF]\Z\QRVLGZDQDĞFLHJRG]LQWRNDSLWDOLVWDZ\SáDFLURERWQLNRZLZDUWRĞüMHJRSUDF\
SáDFąFPXWU]\V]\OLQJL3RáRZDGQLDURERF]HJRE\áDE\SUDFąQLHRSáDFRQąDVWRSD]\VNX
Z\QRVLáDE\3U]\SXĞüP\WHUD]ĪHQDVNXWHNVSDGNXZ\GDMQRĞFLSUDF\SRWU]HED
EĊG]LHZLĊFHMSUDF\GRZ\WZRU]HQLDSRZLHG]P\WHMVDPHMLORĞFLSURGXNWyZUROQ\FK
WDN ĪH FHQD SU]HFLĊWQLH QLH]EĊGQ\FK ĞURGNyZ G]LHQQHJR XWU]\PDQLD SRGQLRVáDE\ VLĊ
]WU]HFKGRF]WHUHFKV]\OLQJyZ:W\PZ\SDGNXZDUWRĞüSUDF\SRGQLRVáDE\VLĊRMHGQą
WU]HFLąWMR3RWU]HEDE\WHG\JRG]LQGQLDURERF]HJRGRZ\WZRU]HQLDUyZ-
QRZDUWRĞFLG]LHQQHJRXWU]\PDQLDURERWQLNDRGSRZLHGQLRGRMHJRSRSU]HGQLHJRSR]LR-
PXĪ\FLRZHJR3UDFDGRGDWNRZDVSDGáDE\]DWHP]V]HĞFLXJRG]LQGRF]WHUHFKDVWRSD
]\VNXREQLĪ\áDE\VLĊ]HGR$OHURERWQLNGRPDJDMąF\VLĊSRGZ\ĪNLSáDF\
GąĪ\áE\MHG\QLHGRRWU]\PDQLD]ZLĊNV]RQHMZDUWRĞFLVZRMHMSUDF\SRGREQLHMDNNDĪG\
LQQ\VSU]HGDZFDWRZDUyZNWyU\]FKZLOąZ]URVWXNRV]WXVZ\FKWRZDUyZXVLáXMH]DSHZ-
QLüVRELH]DSáDWĊWHMSRZLĊNV]RQHMZDUWRĞFL-HĞOLSáDFHQLHURVQąOXEURVQąQLHGRVWD-
WHF]QLHE\]UyZQRZDĪ\üZ]URVWZDUWRĞFLQLH]EĊGQ\FKĞURGNyZXWU]\PDQLDFHQDSUDF\
VSDGáDE\SRQLĪHMZDUWRĞFLSUDF\LSR]LRPĪ\FLRZ\URERWQLNDREQLĪ\áE\VLĊ
.
$OH]PLDQDPRĪHWHĪGRNRQDüVLĊZSU]HFLZQ\PNLHUXQNX:VNXWHNZ]PRĪRQHMZ\-
GDMQRĞFLSUDF\WDVDPDVXPDSU]HFLĊWQLHQLH]EĊGQ\FKĞURGNyZG]LHQQHJRXWU]\PDQLD
PRĪHVSDĞü]WU]HFKGRGZyFKV]\OLQJyZLQDF]HMPyZLąFGRRGWZRU]HQLDHNZLZDOHQWX
ZDUWRĞFL QLH]EĊGQ\FK ĞURGNyZ G]LHQQHJR XWU]\PDQLD SRWU]HED EĊG]LH W\ONR F]WHUHFK
JRG]LQ GQLD URERF]HJR ]DPLDVW FLX 5RERWQLN PyJáE\ WHUD] NXSLü ]D GZD V]\OLQJL
WDNąVDPąLORĞü ĞURGNyZXWU]\PDQLDFRSU]HGWHP]DWU]\V]\OLQJL :U]HF]\ZLVWRĞFL
ZDUWRĞüSUDF\REQLĪ\áDE\VLĊDOHSU]\]PQLHMV]RQHMZDUWRĞFLURERWQLNUR]SRU]ąG]DáE\
DTP by SHADE
WąVDPąLORĞFLąWRZDUyZFRSU]HGWHP=\VNLSRGQLRVá\E\VLĊ]WU]HFKGRF]WHUHFKV]\-
OLQJyZDVWRSD]\VNX]HGR&KRFLDĪDEVROXWQ\SR]LRPĪ\FLRZ\URERWQLND
SR]RVWDáE\ WHQ VDP MHJR Z]JOĊGQD SáDFD D FR ]D W\P LG]LH MHJR Z]JOĊGQD SR]\FMD
VSRáHF]QDZSRUyZQDQLX]SR]\FMąNDSLWDOLVW\REQLĪ\áDE\VLĊ6WDZLDMąFRSyUWHM]QLĪFH
SáDF\Z]JOĊGQHMURERWQLNGąĪ\áE\MHG\QLHGR]GRE\FLDSHZQHJRXG]LDáXZHZ]PRĪRQHM
VLOHZ\WZyUF]HMVZHMZáDVQHMSUDF\LGRXWU]\PDQLDVZHMSRSU]HGQLHMZ]JOĊGQHMSR]\FML
ZKLHUDUFKLLVSRáHF]QHM7DNQSSR]QLHVLHQLXXVWDZ]ERĪRZ\FKDQJLHOVF\PDJQDFLID-
EU\F]QLMDZQLHáDPLąFXURF]\VWHRELHWQLFHGDQHSRGF]DVDJLWDFMLSU]HFLZXVWDZRP]ER-
ĪRZ\PSU]HSURZDG]LOLSRZV]HFKQąREQLĪNĊSáDFR2SyUURERWQLNyZQLHRGQLyVá
SRF]ąWNRZRVNXWNXDOHZUH]XOWDFLHRNROLF]QRĞFLZNWyUHWHUD]ZQLNDüQLHPRJĊRZD
VWUDWD]RVWDáDSyĨQLHMZ\UyZQDQD
.
:DUWRĞüĞURGNyZXWU]\PDQLDDW\PVDP\PZDUWRĞüSUDF\PRJąSR]RVWDüEH]
]PLDQ\DOHPRĪH]DMĞü]PLDQDZLFKFHQLHSLHQLĊĪQHMZUH]XOWDFLHXSU]HGQLHM]PLDQ\
ZDUWRĞFLSLHQLąG]D
.
']LĊNL RGNU\FLX ERJDWV]\FK NRSDOĔ LWS SURGXNFMD QS GZyFK XQFML ]áRWD EĊG]LH
NRV]WRZDáDQLHZLĊFHMSUDF\QLĪSRSU]HGQLRSURGXNFMDMHGQHMXQFML]áRWD:DUWRĞü]áRWD
REQLĪ\VLĊ]DWHPRSRáRZĊF]\OLR3RQLHZDĪZDUWRĞFLZV]\VWNLFKLQQ\FKWRZDUyZ
E\á\E\ZWHG\Z\UDĪRQHZ]GZRMRQHMZSRUyZQDQLX]SRSU]HGQLąFHQLHSLHQLĊĪQHMZLĊF
WDNVDPREĊG]LH]ZDUWRĞFLąSUDF\'ZDQDĞFLHJRG]LQSUDF\NWyUHSRSU]HGQLRZ\UDĪDá\
VLĊZV]\OLQJDFKWHUD]EĊGąVLĊZ\UDĪDá\ZV]\OLQJDFK-HĪHOLE\SáDFDURERWQLND
SR]RVWDáDUyZQDWU]HPV]\OLQJRP]DPLDVWSRGQLHĞüVLĊGRV]HĞFLXV]\OLQJyZWRFHQD
SLHQLĊĪQD MHJR SUDF\ UyZQDáDE\ VLĊ W\ONR SRáRZLH ZDUWRĞFL MHJR SUDF\ L MHJR SR]LRP
Ī\FLRZ\REQLĪ\áE\VLĊZVSRVyE]DWUZDĪDMąF\1DVWąSLáRE\WRZPQLHMV]\POXEZLĊN-
V]\PVWRSQLXWDNĪHLZW\PZ\SDGNXMHĪHOLE\SáDFDVLĊSRGQLRVáDDOHQLHZVWRVXQNX
GRVSDGNXZDUWRĞFL]áRWD:WDNLPZ\SDGNXQLFE\VLĊQLH]PLHQLáRDQLZVLOHZ\WZyUF]HM
SUDF\DQLZSRGDĪ\LSRS\FLHDQLZZDUWRĞFLDFK1LFE\VLĊQLH]PLHQLáRSUyF]SLHQLĊĪ-
Q\FKQD]ZW\FKZDUWRĞFL0yZLüZWDNLPZ\SDGNXĪHURERWQLNQLHSRZLQLHQGRPDJDü
VLĊSURSRUFMRQDOQHM]Z\ĪNLSáDF\]QDF]\LĪSRZLQLHQVLĊ]DGRZROLü]DSáDWąZQD]ZDFK
DQLHZU]HF]DFK&DáDGRW\FKF]DVRZDKLVWRULDGRZRG]LĪHLOHNURüQDVWĊSRZDáRWDNLH
]PQLHMV]HQLHZDUWRĞFLSLHQLąG]DNDSLWDOLĞFLV]\ENRNRU]\VWDOL]HVSRVREQRĞFLDE\RV]X-
NDüURERWQLND3HZQDEDUG]ROLF]QDV]NRáDHNRQRPLLSROLW\F]QHMWZLHUG]LĪHZUH]XOWDFLH
RGNU\FLDQRZ\FK]áRWRGDMQ\FKWHUHQyZXOHSV]RQHMHNVSORDWDFMLNRSDOĔVUHEUDLWDĔV]HM
SURGXNFMLUWĊFLZDUWRĞüPHWDOLV]ODFKHWQ\FK]QyZVLĊ]PQLHMV]\áD7\PWáXPDF]ąVLĊSR-
ZV]HFKQHLMHGQRF]HVQHSUyE\X]\VNDQLDSRGZ\ĪNLSáDFQDNRQW\QHQFLH
.
:\FKRG]LOLĞP\GRW\FKF]DV]]DáRĪHQLDĪHG]LHĔURERF]\PDRNUHĞORQHJUDQLFH
$OHG]LHĔURERF]\VDPSU]H]VLĊQLHPDMHGQDNVWDá\FKJUDQLF6WDáąWHQGHQFMąNDSLWDáX
MHVWUR]FLąJQLĊFLHGQLDURERF]HJRGRMHJRRVWDWHF]QHMIL]\F]QLHPRĪOLZHMGáXJRĞFLJG\Ī
ZW\PVDP\PVWRSQLXZ]URVáDE\SUDFDGRGDWNRZDDZLĊFZ\QLNDMąF\]QLHM]\VN,P
EDUG]LHMXGDMHVLĊNDSLWDáRZLSU]HGáXĪDüG]LHĔURERF]\W\PZLĊNV]ąLORĞüFXG]HMSUDF\
SU]\ZáDV]F]D RQ VRELH : FLąJX VLHGHPQDVWHJR ZLHNX D QDZHW Z FLąJX SLHUZV]\FK
GZyFKWU]HFLFKRVLHPQDVWHJRZLHNXG]LHVLĊFLRJRG]LQQ\G]LHĔURERF]\E\áQRUPDOQ\P
GQLHPURERF]\PZFDáHM$QJOLL3RGF]DVZRMQ\DQW\MDNRELĔVNLHMNWyUDE\áDZJUXQFLH
U]HF]\ZRMQąDQJLHOVNLFKEDURQyZSU]HFLZDQJLHOVNLPPDVRPSUDFXMąF\PNDSLWDáĞZLĊ-
FLáVZHRUJLHLSU]HGáXĪDáG]LHĔURERF]\]G]LHVLĊFLXGRGZXQDVWXF]WHUQDVWXLRVLHPQDVWX
JRG]LQ0DOLKXVNWyUHJRZĪDGQ\PUD]LHQLHPRĪQDSRVąG]LüRF]XáRVWNRZ\VHQW\PHQ-
WDOL]PRĞZLDGF]\áZSDPIOHFLHRJáRV]RQ\PRNRáRUĪHMHĪHOLWDNGDOHMSyMG]LH
WRĪ\FLHQDURGXEĊG]LH]DJURĪRQHXVDP\FKSRGVWDZ1DNLONDODWSU]HGSRZV]HFKQ\P
ZSURZDG]HQLHPQRZRZ\QDOH]LRQ\FKPDV]\QRNRáRUXND]DáVLĊZ$QJOLLSDPIOHW
SRGW\WXáHP©$Q(VVD\RQ7UDGHª©5R]SUDZDRSU]HP\ĞOHª$QRQLPRZ\DXWRU]GH-
NODURZDQ\ZUyJNODV\URERWQLF]HMUR]ZRG]LVLĊWDPQDWHPDWNRQLHF]QRĞFLUR]V]HU]HQLD
DTP by SHADE
JUDQLFGQLDURERF]HJR0LĊG]\LQQ\PLĞURGNDPLSURZDG]ąF\PLGRWHJRFHOXSURSRQXMH
RQGRP\SUDF\NWyUHMDNPyZLZLQQ\E\üGRPDPLJUR]\ª$MDNDĪMHVWGáXJRĞüGQLD
SUDF\NWyUąWHQĪHDXWRU]DOHFDGODW\FKXGRPyZJUR]\ª"'ZDQDĞFLHJRG]LQWMZáDĞQLH
WHQVDPF]DVNWyU\ZUNDSLWDOLĞFLHNRQRPLĞFLLPLQLVWURZLHRNUHĞOLOLMDNRF]DV
SUDF\QLHW\ONRIDNW\F]QLHLVWQLHMąF\DOHWHĪQLH]EĊGQ\GODG]LHFNDSRQLĪHMODW
.
6SU]HGDMąFVZRMąVLáĊURERF]ą²DZREHFQ\PXVWURMXMHVWRQGRWHJR]PXV]RQ\
²URERWQLNSR]RVWDZLDNDSLWDOLĞFLH]XĪ\FLHWHMVLá\URERF]HMDOHZSHZQ\FKUR]VąGQ\FK
JUDQLFDFK6SU]HGDMHRQVZąVLáĊURERF]ąSRWRDE\SRPLQąZV]\MHMQDWXUDOQH]XĪ\FLH
XWU]\PDüMąDQLHSRWRĪHE\Mą]QLV]F]\ü*G\VSU]HGDáRQVZRMąVLáĊURERF]ąZHGáXJ
MHMG]LHQQHMOXEW\JRGQLRZHMZDUWRĞFLUR]XPLHVLĊVDPRSU]H]VLĊĪHWDVLáDURERF]DQLH
SRZLQQDZFLąJXMHGQHJRGQLDDOERMHGQHJRW\JRGQLDSRGOHJDü]XĪ\FLXOXEZ\GDWNRZD-
QLXGZXGQLRZHPXOXEGZXW\JRGQLRZHPX:HĨP\PDV]\QĊZDUWRĞFLIV]W-HĪHOL
PDV]\QD WD ]XĪ\MH VLĊ Z FLąJX G]LHVLĊFLX ODW GRGD RQD GR ZDUWRĞFL WRZDUyZ Z Z\-
WZDU]DQLXNWyU\FKELHU]HXG]LDáLV]WURF]QLH-HĪHOL]DĞ]XĪ\MHVLĊRQDZFLąJX
ODWSLĊFLXGRGDRQDGRZDUWRĞFLIV]WURF]QLHF]\OLZDUWRĞüMHMURF]QHJR]XĪ\FLD
SR]RVWDMHZRGZURWQLHSURSRUFMRQDOQ\PVWRVXQNXGRV]\ENRĞFL]MDNąVLĊ]XĪ\ZD$OH
WRZáDĞQLHRGUyĪQLDURERWQLNDRGPDV]\Q\0DV]\QDQLH]XĪ\ZDVLĊGRNáDGQLHZWDNLP
VDP\PVWRVXQNXZMDNLPMHVWXĪ\ZDQD&]áRZLHNSU]HFLZQLHPDUQXMHVLĊZ]QDF]QLH
ZLĊNV]\PVWRSQLXQLĪWRMHVWZLGRF]QH]VDP\FKW\ONRF\IURZ\FKGDQ\FKRSU]HGáXĪHQLX
MHJRSUDF\
.
8VLáXMąFVSURZDG]LüG]LHĔURERF]\GRMHJRSRSU]HGQLFKUR]VąGQ\FKUR]PLDUyZDOER
²WDPJG]LHQLHPRJąRVLąJQąüXVWDZRZHJRXVWDOHQLDQRUPDOQHJRGQLDURERF]HJR²
XVLáXMąF]DSRELHFQDGPLHUQHMSUDF\SU]H]SRGZ\ĪNĊSáDF\SRGZ\ĪNĊSR]RVWDMąFąQLH
W\ONR Z SURSRUFML GR Z\FLVNDQHM ] QLFK SUDF\ GRGDWNRZHM OHF] L SU]HZ\ĪV]DMąFHM Mą
URERWQLF\ VSHáQLDMą MHG\QLH RERZLą]HN Z]JOĊGHP VDP\FK VLHELH L VZHJR URGX .áDGą
RQLW\ONRWDPĊW\UDĔVNLHPXSU]\ZáDV]F]DQLXNDSLWDáX&]DVMHVWSU]HVWU]HQLąOXG]NLHJR
UR]ZRMX &]áRZLHN NWyU\ ]XSHáQLH QLH UR]SRU]ąG]D ZROQ\P F]DVHP NWyU\ SU]H] FDáH
Ī\FLH ² SR]D SU]HUZDPL GOD ]DVSRNRMHQLD Z\áąF]QLH IL]\F]Q\FK SRWU]HE VQX SRVLáNX
LWG²SRFKáRQLĊW\MHVWSUDFąGODNDSLWDOLVW\F]áRZLHNWDNLVWRLQLĪHMMXF]QHJR]ZLHU]Ċ-
FLD-HVWRQSRSURVWXPDV]\QąGRZ\WZDU]DQLDFXG]\FKERJDFWZMHWIL]\F]QLH]áDPD-
Q\LGXFKRZRRWĊSLDá\$W\PF]DVHPFDáDKLVWRULDQRZRF]HVQHJRSU]HP\VáXĞZLDGF]\
RW\PĪHNDSLWDáRLOHQLHQDSRWNDRSRUXEĊG]LHEH]VNUXSXáyZLEH]PLáRVLHUG]LDGąĪ\á
GRWHJRDE\]HSFKQąüFDáąNODVĊURERWQLF]ąGRWHJRSR]LRPXQDMJáĊEV]HMGHJUDGDFML
.
3U]HGáXĪDMąFG]LHĔURERF]\NDSLWDOLVWDPRĪHSáDFLüZ\ĪV]HSODFHDW\PQLHPQLHM
REQLĪDü ZDUWRĞü SUDF\ MHĪHOL Z]URVW SáDF\ QLH RGSRZLDGD ZLĊNV]HM LORĞFL Z\FLĞQLĊWHM
SUDF\ L VSRZRGRZDQHPX SU]H] WR V]\EV]HPX ]QLV]F]HQLX VLá\ URERF]HM 0RĪH WR E\ü
RVLąJQLĊWHWHĪLQQąGURJą:DVLEXUĪXD]\MQLVWDW\VW\F\SRZLHG]ąZDPQSĪHSU]HFLĊW-
QH ]DURENL URG]LQ URERWQLF]\FK SUDFXMąF\FK Z IDEU\NDFK Z /DQFDVKLUH SRGQLRVá\ VLĊ
=DSRPLQDMą RQL ĪH WHUD] SRG MXJJHUQDXWRZ\ U\GZDQ NDSLWDáX U]XFRQ\ MHVW QLH W\ONR
PĊĪF]\]QDJáRZDURG]LQ\OHF]WDNĪHMHJRĪRQDLE\üPRĪHWURMHOXEF]ZRURG]LHFL
LĪHZ]URVWLFK]ELRURZHMSáDF\QLHRGSRZLDGDFDáNRZLWHMLORĞFLSUDF\GRGDWNRZHMZ\FL-
ĞQLĊWHM]FDáHMURG]LQ\URERWQLF]HM
.
1DZHWZGDQ\FKJUDQLFDFKGQLDURERF]HJRWDNLFKMDNLHWHUD]LVWQLHMąZHZV]\VW-
NLFKSRGOHJDMąF\FKXVWDZRPIDEU\F]Q\PJDáĊ]LDFKSU]HP\VáX]Z\ĪNDSáDF\PRĪHRND-
]Dü VLĊ QLH]EĊGQD FKRüE\ Z FHOX XWU]\PDQLD ZDUWRĞFL SUDF\ QD GDZQ\P SR]LRPLH
3U]H]Z]PRĪHQLHLQWHQV\ZQRĞFLSUDF\PRĪQDGRSURZDG]LüF]áRZLHNDGRZ\GDWNRZDQLD
ZFLąJXMHGQHMJRG]LQ\W\OHĪVLá\Ī\ZRWQHMLOHSRSU]HGQLRZ\GDWNRZDáZFLąJXGZyFK
JRG]LQ:SHZQ\PVWRSQLXGRV]áRMXĪGRWHJRZJDáĊ]LDFKSU]HP\VáXSRGOHJDMąF\FK
XVWDZRPIDEU\F]Q\PZVNXWHNSU]\ĞSLHV]HQLDELHJXPDV]\QLSRZLĊNV]HQLDLORĞFLPD-
DTP by SHADE
V]\QURERF]\FKNWyUHPDREHFQLHREVáXJLZDüW\ONRMHGHQF]áRZLHN-HĪHOLZ]URVWLQWHQ-
V\ZQRĞFLSUDF\OXEPDV\SUDF\Z\GDWNRZDQHMZFLąJXMHGQHMJRG]LQ\EĊG]LHPQLHM
ZLĊFHMSURSRUFMRQDOQ\GRVNUyFHQLDGQLDURERF]HJRWRURERWQLNSU]HFLHĪQDW\P]\VND
-HĪHOLWHJUDQLFHVąQDUXV]RQHWRURERWQLNWUDFLZMHGQHMIRUPLHWRFR]\VNDáZLQQHM
LG]LHVLĊüJRG]LQSUDF\EĊG]LHZyZF]DVG]LDáDüUyZQLHV]NRGOLZLHMDNSRSU]HGQLRGZD-
QDĞFLHJRG]LQ:\VWĊSXMąFSU]HFLZWHMWHQGHQFMLNDSLWDáX]DSRPRFąZDONLRSRGZ\ĪNĊ
SáDF\RGSRZLHGQLąGRZ]URVWXLQWHQV\ZQRĞFLSUDF\URERWQLNVWDZLDMHG\QLHRSyUSU]H-
FLZREQLĪHQLXZDUWRĞFLMHJRSUDF\L]Z\URGQLHQLXMHJRURGX
.
:V]\VF\ZLHFLHĪH]SU]\F]\QNWyU\FKZ\MDĞQLDüZWHMFKZLOLQLHPDSRWU]HE\
SURGXNFMDNDSLWDOLVW\F]QDSRUXV]DVLĊZRNUHĞORQ\FKSHULRG\F]Q\FKF\NODFK3U]HFKRG]L
RQDSU]H]VWDQVSRNRMXURVQąFHJRRĪ\ZLHQLDUR]NZLWXQDGSURGXNFMLNU\]\VXL]DVWR-
MX5\QNRZHFHQ\WRZDUyZLU\QNRZDVWRSD]\VNXSRVWĊSXMą]DW\PLID]DPLWRVSDGDMąF
SRQLĪHMWRZ]QRV]ąFVLĊSRZ\ĪHMVZHJRSU]HFLĊWQHJRSR]LRPX5R]SDWUXMąFFDáNRZLW\
F\NO]REDF]\FLHĪHMHGQRRGFK\OHQLHFHQU\QNRZ\FKMHVWUyZQRZDĪRQHSU]H]LQQHLĪH²
ELRUąFSU]HFLĊWQąZREUĊELHF\NOX²U\QNRZHFHQ\WRZDUyZVąUHJXORZDQHSU]H]LFK
ZDUWRĞFL,RWyĪZID]LHVSDGNXFHQU\QNRZ\FKRUD]ZID]DFKNU\]\VXL]DVWRMXURERWQLN
²RLOHZRJyOHQLHVWUDFLáURERW\²PRĪH]SHZQRĞFLąRF]HNLZDüREQLĪHQLD6ZHMSáDF\
$ĪHE\QLHE\üRV]XNDQ\PPXVLRQQDZHWSU]\WDNLPVSDGNXFHQU\QNRZ\FKZDOF]\ü
]NDSLWDOLVWąRWRZMDNLPVWRSQLX]QLĪNDSáDFVWDáDVLĊNRQLHF]QD-HĞOLE\SRGF]DVID]\
UR]NZLWXNLHG\RVLąJDQHVą]\VNLQDG]Z\F]DMQHURERWQLNQLHZDOF]\áRSRGZ\ĪNĊSáDF\
WRMHĪHOLZ]LąüSU]HFLĊWQąFDáHJRF\NOXSU]HP\VáRZHJRQLHRWU]\PDáE\RQQDZHWVZR-
MHMSU]HFLĊWQHMSáDF\OXEZDUWRĞFLVZRMHMSUDF\%\áRE\V]F]\WHPV]DOHĔVWZDZ\PDJDü
E\ URERWQLN NWyUHJR SáDFD PXVLDáD XFLHUSLHü SRG ZSá\ZHP QLHSRP\ĞOQHM ID]\ F\NOX
]UH]\JQRZDá ] SRZHWRZDQLD VRELH WHM 6WUDW\ SRGF]DV ID] UR]NZLWX : RJyOH ZDUWRĞFL
ZV]\VWNLFKWRZDUyZUHDOL]XMąVLĊMHG\QLHZGURG]HZ\UyZQ\ZDQLDXVWDZLF]QLH]PLHQLD-
MąF\FKVLĊFHQU\QNRZ\FKZ\QLNDMąF\FK]FLąJá\FKZDKDĔSRGDĪ\LSRS\WX1DJUXQFLH
REHFQHJRXVWURMXSUDFDMHVWW\ONRWRZDUHPMDNNDĪG\LQQ\0XVLRQD]DWHPSU]HFKRG]Lü
SU]H]WHVDPHZDKDQLDE\RVLąJQąüFHQĊSU]HFLĊWQąRGSRZLDGDMąFąMHMZDUWRĞFL%\áR-
E\QLHGRU]HF]QRĞFLą]MHGQHMVWURQ\UR]SDWU\ZDüSUDFĊMDNRWRZDUD]GUXJLHMFKFLHü
MąZ\áąF]\üVSRGG]LDáDQLDSUDZRNUHĞODMąF\FKFHQ\WRZDUyZ1LHZROQLNRWU]\PXMHVWDáą
LRNUHĞORQąLORĞüĞURGNyZXWU]\PDQLDQDMHPQ\URERWQLNQDWRPLDVWMHMQLHRWU]\PXMH
0XVLRQGąĪ\üGRRVLąJQLĊFLDZLĊNV]HMSáDF\ZMHGQ\PZ\SDGNXFKRüE\W\ONRGODWHJR
E\PyFSRZHWRZDüMHMVSDGHNZGUXJLPZ\SDGNX-HĪHOL]GDVLĊRQSRSURVWXQDZROĊ
LQDND]NDSLWDOLVW\MDNRQDZ\ĪV]HSUDZRHNRQRPLF]QHWRSRG]LHOLFDáąQĊG]ĊQLHZROQL-
NDQLHSRVLDGDMąFMDNWHQ]DEH]SLHF]RQHJRE\WX
.
:HZV]\VWNLFKZ\SDGNDFKNWyUHUR]SDWU\ZDáHP²DVWDQRZLąRQHQD²
ZLG]LHOLĞFLHĪHZDONDRSRGZ\ĪNĊSáDFLG]LHMHG\QLHZĞODG]DSRSU]HG]DMąF\PLMą]PLD-
QDPLLMHVWQLHXQLNQLRQ\PZ\QLNLHPXSU]HGQLFK]PLDQZUR]PLDUDFKSURGXNFMLZVLáDFK
Z\WZyUF]\FKSUDF\ZZDUWRĞFLSUDF\ZZDUWRĞFLSLHQLąG]DZUR]PLDUDFKOXELQWHQV\Z-
QRĞFLZ\FLĞQLĊWHM]URERWQLNDSUDF\ZZDKDQLDFKFHQU\QNRZ\FK]DOHĪQ\FKRGZDKDĔ
SRGDĪ\LSRS\WXLRGSRZLDGDMąF\FKUyĪQ\PID]RPF\NOXSU]HP\VáRZHJRZDONDWDMHVW
MHGQ\P VáRZHP UHDNFMą SUDF\ QD XSU]HGQLą DNFMĊ NDSLWDáX 7RWHĪ UR]SDWUXMąF ZDONĊ
RSRGZ\ĪNĊSáDFQLH]DOHĪQLHRGZV]\VWNLFKW\FKRNROLF]QRĞFLELRUąFSRGXZDJĊMHG\QLH
]PLDQĊSáDF\LSRPLMDMąFZV]\VWNLHLQQH]PLDQ\]NWyU\FKRQDZ\Sá\ZDZ\FKRG]LFLH
]IDáV]\ZHJR]DáRĪHQLDE\GRMĞüGRIDáV]\Z\FKZQLRVNyZ
.
:$/.$0,ĉ'=<.$3,7$à(0$35$&Ą,-(-:<1,.,
.
:\ND]DZV]\ ĪH SURZDG]RQD SHULRG\F]QLH DNFMD URERWQLNyZ SU]HFLZ ]QLĪHQLX
SODFLSRGHMPRZDQHSU]H]QLFKSHULRG\F]QHZ\VLáNLGODRVLąJQLĊFLDSRGZ\ĪNLSáDFVąQLH-
RGáąF]QLH]ZLą]DQH]V\VWHPHPSUDF\QDMHPQHMLZ\QLNDMą]IDNWXĪHSUDFDMHVWSRVWD-
DTP by SHADE
ZLRQDQDUyZQL]WRZDUHPDZLĊFSRGSRU]ąGNRZDQDSUDZRPUHJXOXMąF\PRJyOQ\UXFK
FHQZ\ND]DZV]\GDOHMĪHRJyOQDSRGZ\ĪNDSáDFSRFLąJQĊáDE\]DVREąVSDGHNRJyOQHM
VWRS\]\VNXDOHQLHQDUXV]DáDE\SU]HFLĊWQ\FKFHQWRZDUyZOXELFKZDUWRĞFLSU]HFKR-
G]ĊZUHV]FLHGR]DJDGQLHQLDRLOHZWHMQLHXVWDQQHMZDOFHPLĊG]\NDSLWDáHPDSUDFą
WDRVWDWQLDPDV]DQVHSRZRG]HQLD"
.
0yJáE\PRGSRZLHG]LHüXRJyOQLHQLHPLRĞZLDGF]\üĪHFHQDU\QNRZDSUDF\SRGRE-
QLHMDNZV]\VWNLFKLQQ\FKWRZDUyZSU]\VWRVRZXMHVLĊQDGáXĪV]ąPHWĊGRMHMZDUWRĞFL
ĪH]DWHPSRPLPRZV]HONLFKZDKDĔZ]Z\ĪLZGyáLQLH]DOHĪQLHRGZ\VLáNyZURERWQLND
RWU]\PD RQ SU]HFLĊWQLH W\ONR ZDUWRĞü VZRMHM SUDF\ NWyUD VSURZDG]D VLĊ GR ZDUWRĞFL
MHJR VLá\ URERF]HM ĪH WĊ RVWDWQLą RNUHĞOD ZDUWRĞü ĞURGNyZ XWU]\PDQLD QLH]EĊGQ\FK
GODMHM]DFKRZDQLDLUHSURGXNFMLLĪHZUHV]FLHZDUWRĞüĞURGNyZXWU]\PDQLDMHVW]NROHL
UHJXORZDQDSU]H]LORĞüSUDF\QLH]EĊGQHMGODLFKZ\WZRU]HQLD
.
$OHVąSHZQHFHFK\VSHFMDOQHNWyUHSR]ZDODMąRGUyĪQLüZDUWRĞüVLá\URERF]HMOXE
ZDUWRĞüSUDF\RGZDUWRĞFLZV]HONLFKLQQ\FKWRZDUyZ:DUWRĞüVLá\URERF]HMWZRU]ąGZD
HOHPHQW\²MHGHQF]\VWRIL]\F]Q\GUXJL]DĞKLVWRU\F]Q\OXEVSRáHF]Q\-HMGROQąJUDQLFĊ
RNUHĞODHOHPHQWIL]\F]Q\WR]QDF]\ĪHNODVDURERWQLF]DGOD]DFKRZDQLDLRGWZDU]DQLD
VLHELHVDPHMGOD]DFKRZDQLDFLąJáRĞFLVZHJRIL]\F]QHJRLVWQLHQLDPXVLGRVWDZDüĞURGNL
XWU]\PDQLDDEVROXWQLHQLH]EĊGQHGODVZHJRĪ\FLDLUR]PQDĪDQLDVLĊ:DUWRĞüW\FKDE-
VROXWQLHQLH]EĊGQ\FKĞURGNyZXWU]\PDQLDVWDQRZL]DWHPGROQąJUDQLFĊZDUWRĞFLSUDF\
= GUXJLHM VWURQ\ GáXJRĞü GQLD URERF]HJR WHĪ PD VZRMH RVWDWHF]QH FKRFLDĪ EDUG]R
UR]FLąJáHJUDQLFH-HMRVWDWHF]QDJUDQLFDGDQDMHVWSU]H]VLáĊIL]\F]QąURERWQLND6NRUR
G]LHQQHZ\F]HUSDQLHMHJRVLá\Ī\ZRWQHMSU]HNURF]\SHZLHQVWRSLHĔWRMHMSRQRZQHFR-
G]LHQQHG]LDáDQLHEĊG]LHQLHPRĪOLZH-HGQDNĪHMDNSRZLHG]LDáHPJUDQLFHWHVąEDUG]R
UR]FLąJáH6]\ENRQDVWĊSXMąFHSRVRELHZąWáHLNUyWNRĪ\MąFHSRNROHQLDUyZQLHGREU]H
]DRSDWUXMąU\QHNSUDF\MDNV]HUHJSRNROHĔVLOQ\FKLGáXJRZLHF]Q\FK
.
3UyF]WHJRZ\áąF]QLHIL]\F]QHJRHOHPHQWXMHVWZDUWRĞüSUDF\ZNDĪG\PNUDMXRNUH-
ĞORQD SU]H] WUDG\F\MQą VWRSĊ Ī\FLRZą 6WDQRZL Mą QLH W\ONR Z\áąF]QLH IL]\F]QH Ī\FLH
DOHWDNĪH]DVSRNRMHQLHSHZQ\FKSRWU]HEZ\URVá\FKQDJUXQFLHZDUXQNyZVSRáHF]Q\FK
ZMDNLFKOXG]LHĪ\MąLVąZ\FKRZ\ZDQL6WRSDĪ\FLRZD$QJOLNDPRĪH]RVWDüREQLĪRQD
GRVWRS\Ī\FLRZHM,UODQGF]\NDVWRSDĪ\FLRZDFKáRSDQLHPLHFNLHJRGRVWRS\Ī\FLRZHM
FKáRSDáRWHZVNLHJR2WHMSRZDĪQHMUROLMDNąZW\PZ]JOĊG]LHJUDMąWUDG\FMDKLVWRU\F]-
QDLVSRáHF]QHQDZ\NLPRĪHFLHVLĊGRZLHG]LHü]SUDF\S7KRUQWRQD©3U]HOXGQLHQLHª
JG]LHDXWRUZ\ND]XMHĪHSU]HFLĊWQHSáDFHZUyĪQ\FKRNUĊJDFKUROQLF]\FK$QJOLLUyĪQLą
VLĊPLĊG]\VREąMHV]F]HREHFQLH]DOHĪQLHRGPQLHMOXEZLĊFHMSRP\ĞOQ\FKRNROLF]QRĞFL
ZMDNLFKWHRNUĊJLXZROQLá\VLĊRGSDĔV]F]\]Q\
.
7HQKLVWRU\F]Q\OXEVSRáHF]Q\HOHPHQWZFKRG]ąF\ZVNáDGZDUWRĞFLSUDF\PRĪH
VLĊUR]V]HU]DüOXENXUF]\üOXEWHĪFDáNRZLFLH]QLNQąüWDNLĪSR]RVWDQLHMHG\QLHJUDQLFD
IL]\F]QD : F]DVLH ZRMQ\ DQW\ MDNRELĔVNLHM NWyUD MDN ]Z\Ná E\á PyZLü QLHSRSUDZQ\
SRĪHUDF]SRGDWNyZLDPDWRUV\QHNXUVWDU\*HRUJH5RVH]RVWDáDSRGMĊWDGODRFDOHQLD
ĞZLĊWHMQDV]HMZLDU\QLRVąFHMSRFLHFKĊRGZURJLHJRQDMĞFLDQLHZLHUQ\FK)UDQFX]yZ²
F]FLJRGQLIDUPHU]\DQJLHOVF\NWyU\FKSRWUDNWRZDOLĞP\WDNF]XOHQDQDV]\PSRSU]HG-
QLP SRVLHG]HQLX REQLĪ\OL SáDFĊ URERWQLNyZ UROQ\FK QDZHW SRQLĪHM F]\VWR IL]\F]QHJR
PLQLPXPSU]\F]\PQLH]EĊGQąGOD]DFKRZDQLDJDWXQNXUHV]WĊX]XSHáQLOL]DSRPRFą
SRGDWNX GOD ELHGQ\FK %\á WR V]F]\WQ\ VSRVyE SU]HNV]WDáFHQLD URERWQLND QDMHPQHJR
ZQLHZROQLNDDGXPQHJRV]HNVSLURZVNLHJR©\HRPDQDªZROQHJRFKáRSDZQĊG]DU]D
.
3RUyZQXMąFQRUPDOQHSáDFHOXEZDUWRĞFLSUDF\ZUyĪQ\FKNUDMDFKDWDNĪHZUyĪ-
Q\FKHSRNDFKKLVWRU\F]Q\FKWHJRVDPHJRNUDMXSU]HNRQDFLHVLĊLĪVDPDZDUWRĞüSUDF\
QLHMHVWZLHONRĞFLąVWDáąOHF]]PLHQQąSU]\MPXMąFQDZHWĪHZDUWRĞFLZV]HONLFKLQQ\FK
DTP by SHADE
WRZDUyZSR]RVWDMąQLH]PLHQLRQH
.
3RGREQHSRUyZQDQLHGRZLHG]LHUyZQLHĪĪH]PLHQLDMąVLĊQLHW\ONRU\QNRZHVWRS\
]\VNXDOHLSU]HFLĊWQHVWRS\]\VNX
.
&RVLĊW\F]\]\VNyZWRQLHPDSUDZDNWyUHE\RNUHĞODáRLFKPLQLPXP1LHPRĪHP\
SRZLHG]LHüMDNDMHVWQDMQLĪV]DJUDQLFDLFKVSDGNX$GODF]HJRQLHSRWUDILP\RNUHĞOLü
RZHMJUDQLF\"'ODWHJRĪHFKRFLDĪPRĪHP\XVWDOLüPLQLPXPSáDFQLHPRĪHP\MHGQDN
RNUHĞOLü LFK PDNVLPXP 0RĪHP\ MHG\QLH SRZLHG]LHü ĪH SU]\ GDQ\FK JUDQLFDFK GQLD
URERF]HJRPDNVLPXP]\VNXRGSRZLDGDIL]\F]QHPXPLQLPXPSáDF\DSU]\GDQHMSáDF\
PDNVLPXP]\VNXRGSRZLDGDPDNV\PDOQHPXSU]HGáXĪHQLXGQLDURERF]HJRGDMąFHPX
VLĊ SRJRG]Lü ] IL]\F]Q\PL VLáDPL URERWQLND 0DNVLPXP ]\VNX MHVW ]DWHP RJUDQLF]R-
QHW\ONRSU]H]IL]\F]QHPLQLPXPSáDF\RUD]SU]H]IL]\F]QHPDNVLPXPGQLDURERF]H-
JR2F]\ZLĞFLH ĪHPLĊG]\RELHPDJUDQLFDPLPDNV\PDOQHMVWRS\ ]\VNX PRĪOLZDMHVW
RJURPQDVNDODZDULDQWyZ)DNW\F]QDVWRSD]\VNX]RVWDMHXVWDQRZLRQDMHG\QLHSU]H]
QLHXVWDQQą ZDONĊ PLĊG]\ NDSLWDáHP D SUDFą NDSLWDOLVWD XVLáXMHVWDOH ]HSFKQąü SáDFĊ
GRMHMIL]\F]QHJRPLQLPXPLSU]HGáXĪ\üG]LHĔURERF]\GRMHJRIL]\F]QHJRPDNVLPXP
SRGF]DVJG\URERWQLNSU]HVWDOHZSU]HFLZQ\PNLHUXQNX
.
6SUDZDVSURZDG]DVLĊGR]DJDGQLHQLDZ]DMHPQHJRVWRVXQNXVLáZDOF]ąF\FKVWURQ
.
&RVLĊW\F]\RJUDQLF]HQLDGQLDURERF]HJRZ$QJOLLMDNLZHZV]\VWNLFKLQQ\FK
NUDMDFKWRQLHUHJXORZDáRVLĊRQRQLJG\EH]LQWHUZHQFMLXVWDZRGDZF]HM%H]QLHXVWDQ-
QHJRQDFLVNXURERWQLNyZ]]HZQąWU]LQWHUZHQFMDWDQLJG\E\QLHQDVWąSLáD:NDĪG\P
UD]LHZ\QLNWHQQLHPyJáE\E\üRVLąJQLĊW\SU]H]SU\ZDWQHSRUR]XPLHQLHPLĊG]\URERW-
QLNDPLDNDSLWDOLVWDPL:áDĞQLHWDNRQLHF]QRĞüRJyOQHMDNFMLSROLW\F]QHMMHVWGRZRGHP
WHJRĪHZZ\áąF]QLHHNRQRPLF]QHMDNFMLNDSLWDáMHVWVWURQąVLOQLHMV]ą
.
&R VLĊ W\F]\ JUDQLF ZDUWRĞFL SUDF\ WR IDNW\F]QH LFK XVWDQRZLHQLH ]DOHĪ\ ]DZV]H
RG SRGDĪ\ L SRS\WX SU]H] FR UR]XPLHP SRS\W QD SUDFĊ ]H VWURQ\ NDSLWDáX L SRGDĪ
SUDF\ ]H VWURQ\ URERWQLNyZ : NUDMDFK NRORQLDOQ\FK SUDZR SRGDĪ\ L SRS\WX VSU]\MD
URERWQLNRP6WąGVWRVXQNRZRZ\VRNLSR]LRPSáDFZ6WDQDFK=MHGQRF]RQ\FK.DSLWDá
PRĪHWXF]\QLüZV]HONLHZ\VLáNL1LHPRĪHRQ]DSRELHFWHPXE\U\QNLSUDF\VWDOHVLĊ
RSUyĪQLDá\ ZVNXWHN FLąJáHM SU]HPLDQ\ URERWQLNyZ QDMHPQ\FK Z QLH]DOHĪQ\FK VDPR-
G]LHOQLHJRVSRGDUXMąF\FKFKáRSyZ3R]\FMDURERWQLNDQDMHPQHJRMHVWGODGXĪHMF]ĊĞFL
$PHU\NDQyZMHG\QLHVWDGLXPSU]HMĞFLRZ\P]NWyUHJRQLHZąWSOLZLHSUĊG]HMF]\SyĨQLHM
Z\MGą>J@$ĪHE\QDSUDZLüWHQVWDQU]HF]\ZNRORQLDFKRSLHNXĔF]\U]ąGEU\W\MVNLSU]\-
MąáQDSHZLHQF]DVWDN]ZDQąQRZRF]HVQąWHRULĊNRORQL]DFMLSROHJDMąFąQDV]WXF]Q\P
ZSURZDG]HQLXZ\VRNLFKFHQQD]LHPLĊZNRORQLDFKDE\ZWHQVSRVyESU]HV]NRG]Lü]E\W
V]\ENLHMSU]HPLDQLHURERWQLNDQDMHPQHJRZQLH]DOHĪQHJRFKáRSD
.
3U]HMGĨP\WHUD]GRVWDU\FKF\ZLOL]RZDQ\FKNUDMyZJG]LHNDSLWDáSDQXMHQDGFDá\P
SURFHVHPSURGXNFML:HĨP\QDSU]\NáDGZ]URVWSáDFURERWQLNyZUROQ\FKZ$QJOLLZRNUH-
VLH²-DNLHE\á\MHJRVNXWNL")DUPHU]\QLHPRJOLMDNE\LPWRSRUDG]LáQDV]
SU]\MDFLHO:HVWRQSRGQLHĞüZDUWRĞFLSV]HQLF\DQLQDZHWMHMFHQ\U\QNRZHM3U]HFLZQLH
PXVLHOLRQLSRJRG]LüVLĊ]MHMVSDGNLHP$OHZFLąJXW\FKODWZSURZDG]LOLRQLUyĪQH-
JRURG]DMXPDV]\Q\LQRZHPHWRG\QDXNRZHSU]HPLHQLOLF]ĊĞüXSUDZQ\FKSyOZSD-
VWZLVNDSRZLĊNV]\OLUR]PLDU\IDUPDZWHQVSRVyEUR]PLDU\SURGXNFML=PQLHMV]DMąF
]DSRPRFąW\FKLLQQ\FKĞURGNyZSRS\WQDSUDFĊSU]H]SRZLĊNV]HQLHMHMVLáZ\WZyUF]\FK
XF]\QLOLRQLURERWQLF]ąOXGQRĞüZLHMVNą]QRZXZ]JOĊGQLH]E\WHF]Qą-HVWWRSRZV]HFKQD
PHWRGDMDNąZNUDMDFKVWDU\FKRGDZQR]DMĊWHM]LHPLNDSLWDáV]\EFLHMOXESRZROQLHM
UHDJXMHQDSRGZ\ĪNĊSáDF5LFDUGRVáXV]QLH]DXZDĪ\áĪHPDV]\QD]QDMGXMHVLĊZVWD-
áHM NRQNXUHQFML ] SUDFą L F]ĊVWR GRSLHUR ZyZF]DV PRĪH E\ü ZSURZDG]RQD JG\ FHQD
DTP by SHADE
31
SUDF\RVLąJQĊáDRNUHĞORQąZ\VRNRĞüOHF]VWRVRZDQLHPDV]\Q\MHVWW\ONRMHGQą]ZLHOX
PHWRGSRGQLHVLHQLDVLá\Z\WZyUF]HMSUDF\7HQVDPUR]ZyMNWyU\F]\QLSUDFĊ]Z\F]DMQą
Z]JOĊGQLH]E\WHF]QąXSUDV]F]D]GUXJLHMVWURQ\SUDFĊNZDOLILNRZDQąL]QLĪDZVNXWHN
WHJRMHMZDUWRĞü
.
7RVDPRSUDZRUHDOL]XMHVLĊZLQQHMIRUPLH=UR]ZRMHPVLáZ\WZyUF]\FKSUDF\]R-
VWDMHSU]\ĞSLHV]RQDDNXPXODFMDNDSLWDáXQDZHWPLPRVWRVXQNRZRZ\VRNLHJRSR]LRPX
SáDF\0RĪQDE\E\áRZQLRVNRZDüQDWHMSRGVWDZLHMDNSU]\Mąá$6PLWK]DNWyUHJR
Ī\FLDQRZRF]HVQ\SU]HP\VáWNZLáMHV]F]HZ]DF]ąWNDFKĪHSU]\ĞSLHV]RQDDNXPXODFMD
NDSLWDáXPXVLSU]HFK\OLüV]DOĊQDVWURQĊURERWQLNDVWZDU]DMąFURVQąFH]DSRWU]HERZDQLH
QDMHJRSUDFĊ3RG]LHODMąFWHQSXQNWZLG]HQLDZLHOXZVSyáF]HVQ\FKSLVDU]\G]LZLáRVLĊ
LĪFKRFLDĪZRVWDWQLFKODWDFKDQJLHOVNLNDSLWDáUyVáRZLHOHV]\EFLHMQLĪDQJLHOVNDOXG-
QRĞüSáDFDQLHSRGQLRVáDVLĊWDN]QDF]QLH/HF]UyZQRF]HĞQLH]SRVWĊSXMąFąDNXPXODFMą
PDP\ SRVWĊSXMąFą ]PLDQĊ Z VNáDG]LH NDSLWDáX 7D F]ĊĞü FDáNRZLWHJR NDSLWDáX NWyUD
VNáDGDVLĊ]NDSLWDáXVWDáHJRPDV]\QVXURZFyZĞURGNyZSURGXNFMLZV]HONLHJRURG]D-
MXSRZLĊNV]DVLĊV]\EFLHMZSRUyZQDQLX]WąGUXJąF]ĊĞFLąNDSLWDáXZáRĪRQąZSáDFH
OXE NXSQR SUDF\ 3UDZR WR XVWDOLOL ] ZLĊNV]ą OXE PQLHMV]ą ĞFLVáRĞFLą %DUWRQ 5LFDUGR
6LVPRQGLSURIHVRU5LFKDUG-RQHVSURIHVRU5DPVH\&KHUEXOLH]LLQQL
.
-HĪHOLSLHUZRWQ\VWRVXQHNRZ\FKGZyFKHOHPHQWyZNDSLWDáXE\áWR]UR]ZRMHP
SU]HP\VáXZ\QLHVLHRQLWG-HĪHOL]NDSLWDáXZ\VRNRĞFLZ\GDQRQDQDU]ĊG]LD
VXURZLHFLWGLQDSáDFĊURERF]ąWRZ\VWDUF]\W\ONRSRGZRLüFDáNRZLW\NDSLWDá
E\VWZRU]\üSRS\WQDURERWQLNyZ]DPLDVWQD$OHMHĪHOL]NDSLWDáXZ\QRV]ąFH-
JRZ\GDQRQDPDV]\Q\VXURZLHFLWGD]DOHGZLHQDSáDFĊWRNDSLWDáWHQ
PXVLZ]URVQąü]GRE\VWZRU]\üSRS\WQDURERWQLNyZ]DPLDVWQD
7DNZLĊF]UR]ZRMHPSU]HP\VáXSRS\WQDSUDFĊQLHGRWU]\PXMHNURNXDNXPXODFMLNDSL-
WDáX%ĊG]LHRQZSUDZG]LHZ]UDVWDáDOHZVWDOH]PQLHMV]DMąF\PVLĊVWRVXQNXZSRUyZ-
QDQLX]HZ]URVWHPNDSLWDáX
.
7\FKNLONDXZDJZ\VWDUF]\E\SRND]DüĪHZáDĞQLHUR]ZyMQRZRF]HVQHJRSU]HP\-
VáX PXVL FRUD] EDUG]LHM SU]HFK\ODü V]DOĊ QD NRU]\Ğü NDSLWDOLVW\ L QLHNRU]\Ğü URERWQL-
NDD]DWHPĪHRJyOQąWHQGHQFMąSURGXNFMLNDSLWDOLVW\F]QHMMHVWQLHSRGQRV]HQLHOHF]
]QLĪDQLHSU]HFLĊWQHMSáDF\F]\OLVS\FKDQLHZDUWRĞFLSUDF\ZPQLHMV]\POXEZLĊNV]\P
VWRSQLXGRMHMQDMQLĪV]HMJUDQLF\$OHMHĪHOLZW\PV\VWHPLHWDNLMHVWVWDQU]HF]\F]\Ī
R]QDF]DWRĪHNODVDURERWQLF]DZLQQDZ\U]HFVLĊRSRUXSU]HFLZJUDELHĪF]\P]DPDFKRP
NDSLWDáXĪHZLQQDRQD]DQLHFKDüXVLáRZDĔMDNQDMXPLHMĊWQLHMV]HJRZ\]\VNDQLDQDGD-
U]DMąF\FKVLĊPRĪOLZRĞFLZFHOXSU]HMĞFLRZHMSRSUDZ\6ZHJRE\WX"&]\QLąFWDNNODVD
URERWQLF]DVWRF]\áDE\VLĊGRSR]LRPXDSDW\F]QHMPDV\]DáDPDQ\FKGXFKRZRQĊG]DU]\
GODNWyU\FKQLHPDMXĪUDWXQNX'RZLRGáHP]GDMHPLVLĊĪHZDONDURERWQLNyZRSR-
]LRPSáDF\VWDQRZL]MDZLVNRQLHUR]HUZDOQLH]ZLą]DQH]FDá\PV\VWHPHPSUDF\QDMHP-
QHMĪHZZ\SDGNDFKQDLFKZ\VLáNL]PLHU]DMąFHGRRVLąJQLĊFLDSRGZ\ĪNLSáDF
VąW\ONRXVLáRZDQLHPXWU]\PDQLDGDQHMZDUWRĞFLSUDF\LĪHNRQLHF]QRĞüVWDUü]NDSLWD-
OLVWąRFHQĊSUDF\MHVW]ZLą]DQD]LFKSRáRĪHQLHP]PXV]DMąF\PLFKGRVSU]HGDĪ\VD-
P\FKVLHELHMDNRWRZDUX-HĞOLE\URERWQLF\XVWĊSRZDOLWFKyU]OLZLHZVZRLFKFRG]LHQQ\FK
NRQIOLNWDFK]NDSLWDáHPSR]EDZLOLE\VLĊQLHZąWSOLZLH]GROQRĞFLSRGMĊFLDMDNLHJRNROZLHN
V]HUV]HJRUXFKX
.
$OHMHGQRF]HĞQLHQDZHWMHĞOLSRPLQLHP\]XSHáQLHSRZV]HFKQąQLHZROĊ]ZLą]DQą
]V\VWHPHPSUDF\QDMHPQHMNODVDURERWQLF]DQLHSRZLQQDSU]HGVREąVDPąSU]HFHQLDü
RVWDWHF]Q\FK Z\QLNyZ W\FK FRG]LHQQ\FK ZDON 1LH SRZLQQD RQD ]DSRPLQDü ĪH ZDO-
F]\]QDVWĊSVWZDPLDOHQLH]SU]\F]\QDPLW\FKQDVWĊSVWZĪHKDPXMHRQDW\ONRUXFK
ZGyáDOHQLH]PLHQLDMHJRNLHUXQNXĪHVWRVXMHW\ONRĞURGNLáDJRG]ąFHDOHQLHOHF]\
FKRURE\'ODWHJRWHĪURERWQLNyZQLHSRZLQQ\SRFKáDQLDüZ\áąF]QLHWHQLHXQLNQLRQHSR-
DTP by SHADE
W\F]NLSDUW\]DQFNLHZ\QLNDMąFHZFLąĪ]QLHXVWDQQ\FK]DPDFKyZNDSLWDáXOXE]H]PLDQ
U\QNRZ\FK3RZLQQLRQL]UR]XPLHüĪHZUD]]FDáąQĊG]ąNWyUąV\VWHPREHFQ\QDQLFK
6SURZDG]DVWZDU]DRQ]DUD]HPZDUXQNLPDWHULDOQHLIRUP\VSRáHF]QHQLH]EĊGQHGOD
HNRQRPLF]QHMSU]HEXGRZ\VSRáHF]HĔVWZD=DPLDVWNRQVHUZDW\ZQHJRKDVáD©6SUDZLH-
GOLZDSáDFD]DVSUDZLHGOLZ\G]LHĔURERF]\©URERWQLF\SRZLQQLZ\SLVDüQDVZ\PV]WDQ-
GDU]HKDVáRUHZROXF\MQH©=QLHVLHQLHV\VWHPXSUDF\QDMHPQHMª
.
3RW\PSU]\GáXJLPL²MDNVLĊREDZLDP²QXĪąF\PZ\NáDG]LHGRNWyUHJRE\áHP
]PXV]RQ\GODZ\MDĞQLHQLDSRGVWDZRZHJR]DJDGQLHQLD]DNRĔF]ĊVZyMUHIHUDWSURSR]\-
FMąSU]\MĊFLDQDVWĊSXMąFHMUH]ROXFML
.
2JyOQ\Z]URVWSR]LRPXSáDFSRZRGXMHVSDGHNRJyOQHMVWRS\]\VNXDOHRJyOQLH
ELRUąFQLHRGG]LDá\ZDQDFHQ\WRZDUyZ
.
2JyOQąWHQGHQFMąSURGXNFMLNDSLWDOLVW\F]QHMMHVWQLHSRGQLHVLHQLHOHF]REQLĪHQLH
SU]HFLĊWQHJRSR]LRPXSáDF
.
=ZLą]NL]DZRGRZHG]LDáDMąVNXWHF]QLHMDNRRĞURGNLRSRUXSU]HFLZDWDNRPNDSL-
WDáX:V]HUHJXZ\SDGNyZQLHRVLąJDMąVZHJRFHOXZVNXWHNQLHUDFMRQDOQHJR]DVWRVR-
ZDQLDVZRMHMVLá\2JyOQLHELRUąFFK\ELDMąFHOXSRQLHZDĪRJUDQLF]DMąVLĊGRZRMQ\SRG-
MD]GRZHMSU]HFLZVNXWNRPLVWQLHMąFHJRV\VWHPX]DPLDVWGąĪ\üMHGQRF]HĞQLHGRMHJR
]PLDQ\]DPLDVWXĪ\üVZRLFK]RUJDQL]RZDQ\FKVLáMDNRGĨZLJQLGRRVWDWHF]QHJRZ\]ZR-
OHQLDNODV\URERWQLF]HMWR]QDF]\GRRVWDWHF]QHJR]QLHVLHQLDV\VWHPXSUDF\QDMHPQHM
.
>D@1LQLHMV]DSUDFD0DUNVDVWDQRZLQRWDWNLUHIHUDWXZ\JáRV]RQHJRQDGZyFKSRVLH-
G]HQLDFK5DG\*HQHUDOQHM0LĊG]\QDURGRZHJR6WRZDU]\V]HQLD5RERWQLNyZ,0LĊG]\QD-
URGyZNLLF]HUZFDU
.
1DSRVLHG]HQLX5DG\*HQHUDOQHMNZLHWQLDUMHGHQ]F]áRQNyZ5DG\*HQHUDO-
QHM]ZROHQQLN2ZHQD-RKQ:HVWRQSRGGDáSRGG\VNXVMĊQDVWĊSXMąFHNZHVWLH
.
&]\FDáRNV]WDáWVRFMDOQ\FKLPDWHULDOQ\FKZDUXQNyZE\WXNODV\URERWQLF]HMPRĪH
E\üSROHSV]RQ\GURJąSRGZ\ĪV]HQLDSáDF\URERF]HM"
.
&]\Z\VLáNLWUDGHVXQLRQyZ]PLHU]DMąFHGRRVLąJQLĊFLDZ\VRNLFKSáDFURERF]\FK
QLHZ\ZLHUDMą]JXEQHJRZSá\ZXQDLQQHJDáĊ]LHSU]HP\VáX"
.
:HVWRQ RĞZLDGF]\á ĪH EĊG]LH EURQLá QHJDW\ZQHM RGSRZLHG]L QD SLHUZV]H S\WD-
QLHDSR]\W\ZQHMQDGUXJLH1DSRVLHG]HQLDFKLPDMD:HVWRQUR]ZLMDáVZHP\ĞOL
ZRVREQ\PUHIHUDFLHSRNWyU\PRGE\áDVLĊG\VNXVMD
.
:OLĞFLH]PDMDUZGQLXZNWyU\P]DPLHU]RQDE\áDNRQW\QXDFMDUHIHUDWX
:HVWRQD0DUNVSLVDáGR(QJHOVD©']LVLDMZLHF]RUHPQDG]Z\F]DMQHSRVLHG]HQLH0LĊ-
G]\QDURGyZNL6WDU\SRF]FLZLHFVWDU\RZHQLVWD:HVWRQFLHĞODZ\VXQąáGZDWZLHUG]H-
QLDNWyU\FKVWDOHEURQLZ©%HHKLYHª©8OXª
.
ĪHRJyOQHSRGZ\ĪV]HQLHSR]LRPXSáDF\URERF]HMQLHPRĪHSU]\QLHĞüURERWQLNRP
ĪDGQHMNRU]\ĞFL
.
ĪHZVNXWHNWHJRWUDGHVXQLRQ\VąV]NRGOLZH
.
-HĞOLE\RELHWHWH]\ZNWyUHZQDV]\PWRZDU]\VWZLHW\ONRRQMHGHQZLHU]\]RVWDá\
SU]\MĊWH]QDOHĨOLE\ĞP\VLĊZĞPLHV]Q\PSRáRĪHQLX]DUyZQRZREHFPLHMVFRZ\FKWUD-
DTP by SHADE
33
GHVXQLRQyZMDNLZVWRVXQNXGRHSLGHPLLVWUDMNyZNWyUDSDQXMHREHFQLHQDNRQW\QHQ-
FLH2F]HNXMHVLĊRGHPQLHRF]\ZLĞFLHUHSOLNL3RZLQLHQE\PZáDĞFLZLHSU]\JRWRZDü
PRMąUHSOLNĊQDG]LVLHMV]\ZLHF]yUXZDĪDáHPMHGQDN]DZDĪQLHMV]HNRQW\QXRZDQLHSL-
VDQLDNVLąĪNLLPXV]ĊVLĊZREHFWHJR]GDüQDLPSURZL]DFMĊ
.
:LHPQDWXUDOQLH]JyU\GRF]HJRVSURZDG]DMąVLĊRED]DVDGQLF]HSXQNW\
.
ĪHSáDFDURERF]DRNUHĞODZDUWRĞüWRZDUyZ
.
ĪHMHĞOLNDSLWDOLĞFLSáDFąG]LĞV]\OLQJyZ]DPLDVWWREĊGąMXWURG]LĊNL]ZLĊN-
V]RQHPXSRS\WRZLVSU]HGDZDüVZRMHWRZDU\]DV]\OLQJyZ]DPLDVW
.
-DNNROZLHNZV]\VWNRWRMHVWSá\WNLHLSRZLHU]FKRZQHWRMHGQDNQLHáDWZRZ\WáXPD-
F]\üLJQRUDQWRPZV]\VWNLFK]ZLą]DQ\FK]W\P]DJDGQLHĔHNRQRPLF]Q\FK1LHPRĪQD
Z\áRĪ\üNXUVXHNRQRPLLSROLW\F]QHMZFLąJXMHGQHMJRG]LQ\OHF]SRVWDUDP\VLĊ]URELü
WRMDNPRĪQDQDMOHSLHMª
.
1LH RJUDQLF]DMąF VLĊ GR Z\VWąSLHQLD Z G\VNXVML 0DUNV QDSLVDá L Z\JáRVLá RVREQ\
UHIHUDWQDGZyFKSRVLHG]HQLDFK5DG\*HQHUDOQHM-HGQDNĪHUHIHUDWWHQQLH]RVWDáRJáR-
V]RQ\DQLSU]H]VDPHJR0DUNVDDQLSU]H](QJHOVD
.
F]HUZFDUSLVDá0DUNVZWHMVSUDZLHGR(QJHOVD©:\JáRVLáHPZ5DG]LH
*HQHUDOQHMUHIHUDWNWyU\Z\QLyVáE\ZGUXNXRNRáRGZXDUNXV]\QDWHPDWSRUXV]RQ\
SU]H] :HVWRQD MDNLH EĊGą VNXWNL RJyOQHJR SRGZ\ĪV]HQLD SáDF\ URERF]HM LWG &]ĊĞü
SLHUZV]D²WRRGSRZLHGĨQDZHVWRQRZVNLHEUHGQLHF]ĊĞüGUXJD²WHRUHW\F]QHUR]ZD-
ĪDQLDRW\OHRLOHWRZGDQHMNZHVWLLE\áRPRĪOLZH
.
$ WHUD] FKFą WR Z\GUXNRZDü = MHGQHM VWURQ\ E\áRE\ WR E\ü PRĪH SRĪ\WHF]QH
MDNRĪHVąRQLSRZLą]DQL]-RKQHP6WXDUWHP0LOOHPSURIHVRUHP%HHVO\+DUULVRQHP
LWG=GUXJLHMVWURQ\PDPQDVWĊSXMąFHZąWSOLZRĞFL
.
1LHMHVW]E\WSRFKOHEQHPLHü©PLVWHU:HVWRQDªMDNRVZHJRSU]HFLZQLND
.
: GUXJLHM F]ĊĞFL U]HF] WD ]DZLHUD Z QLH]Z\NOH ]ZDUWHM D MHGQDN VWRVXQNRZR
SRSXODUQHMIRUPLHGXĪRQRZHJRZ]LĊWHJR]PHMNVLąĪNLOHF]]DUD]HPPXVLRQD]NR-
QLHF]QRĞFLZZLHOXVSUDZDFKĞOL]JDüVLĊSRSRZLHU]FKQL3\WDQLHF]\MHVWFHORZDWDND
DQW\F\SDFMD"
.
:\NáDG]RVWDáSRUD]SLHUZV]\RJáRV]RQ\ZMĊ]\NXDQJLHOVNLPZUSU]H]FyUNĊ0DUNVD(OH-
RQRUĊLMHMPĊĪD(GZDUGD$YHOLQJDSRGW\WXáHP©:DUWRĞüFHQDL]\VNª2GQLFKWHĪSRFKRG]ąW\WXá\
V]HĞFLXSLHUZV]\FKUR]G]LDáyZZQLQLHMV]\PZ\GDQLXXMĊWHZNZDGUDWRZHQDZLDV\-HGQRF]HĞQLHE\áRQ
GUXNRZDQ\F]ĊĞFLDPLZMĊ]\NXQLHPLHFNLPZ©1HXH=HLWªZUSRGW\WXáHP©3áDFDFHQDL]\VNª
NWyU\EDUG]LHMQLĪDQJLHOVNDQD]ZDRGSRZLDGDWUHĞFLZ\NáDGX²5HG
.
>E@:RU\JLQDOHZ\VWĊSXMHQLHGDMąFDVLĊSU]HWáXPDF]\üJUDVáyZVSRRQ²á\ĪNDLSURVWDNVSRRQ\
²SURVWDFNLJáXSNRZDW\ZXOJDUQ\²5HG
.
>F@8VWDZDRPDNVLPXPE\áDZ\GDQDZF]DVLHIUDQFXVNLHMUHZROXFMLZUSU]H]MDNRELĔVNL
NRQZHQW8VWDQRZLáDRQDVWDáHPDNV\PDOQHFHQ\WRZDUyZLPDNVLPXPSáDF\URERF]HM²5HG
.
>G@ 0DUNV P\OL VLĊ Z W\P PLHMVFX 1D]ZLVNR ZVSRPQLDQHJR SU]H] 0DUNVD HNRQRPLVW\ Z\GDZF\
SUDF\7RRNHDEU]PLQLH:1HZPDQOHF]:1HZPDUFK²5HG
.
>H@:RU\JLQDOHQLHGDMąFDVLĊSU]HWáXPDF]\üJUDVáyZLGHHIL[H²LGHDPDQLDFNDIL[HG²QLH-
]PLHQQ\²5HG
DTP by SHADE
.
>I@3RU$GDP6PLWK©%DGDQLHQDWXU\LSU]\F]\QERJDFWZDQDURGyZªWUR]G]9,,²5HG
.
>J@3DWU]Z]ZLą]NX]W\P,WRP©.DSLWDáXªUR]G]XZDJD©0RZDWXRU]HF]\ZLVW\FKNR-
ORQLDFKRG]LHZLF]HM]LHPLNRORQL]RZDQHMSU]H]ZROQ\FKLPLJUDQWyZ6WDQ\=MHGQRF]RQH:HNRQRPLF]-
Q\PVHQVLHZFLąĪMHV]F]HVWDQRZLąNRORQLĊ(XURS\=UHV]WąRGQRVLVLĊWRLGRVWDU\FKRVLHGOLZNWyU\FK
]QLHVLHQLHQLHZROQLFWZD]PLHQLáR]JUXQWXZV]\VWNLHVWRVXQNL2GWHJRF]DVXJG\]LHPLD]RVWDáDZV]Ċ-
G]LH]DJDUQLĊWDQDZáDVQRĞüSU\ZDWQą]DPNQLĊWH]RVWDá\UyZQLHĪZNRORQLDOQ\FKNUDMDFKGURJLSU]HPLD-
Q\QDMHPQ\FKURERWQLNyZZVDPRG]LHOQ\FKZ\WZyUFyZ²5HG
.
DTP by SHADE