Vandenberg Philip - Spisek Sykstynski

Szczegóły
Tytuł Vandenberg Philip - Spisek Sykstynski
Rozszerzenie: PDF
Jesteś autorem/wydawcą tego dokumentu/książki i zauważyłeś że ktoś wgrał ją bez Twojej zgody? Nie życzysz sobie, aby podgląd był dostępny w naszym serwisie? Napisz na adres [email protected] a my odpowiemy na skargę i usuniemy zabroniony dokument w ciągu 24 godzin.

Vandenberg Philip - Spisek Sykstynski PDF - Pobierz:

Pobierz PDF

 

Zobacz podgląd pliku o nazwie Vandenberg Philip - Spisek Sykstynski PDF poniżej lub pobierz go na swoje urządzenie za darmo bez rejestracji. Możesz również pozostać na naszej stronie i czytać dokument online bez limitów.

Vandenberg Philip - Spisek Sykstynski - podejrzyj 20 pierwszych stron:

Strona 1 . Philip Vandenberg . 63,6(.6<.67<ē6., . .. „Sixtinische Verschwörung” 3U]HáRĪ\á:DZU]\QLHF6DZLFNL :\GDQLHRU\JLQDOQH :\GDQLHSROVNLH . DTP by SHADE 1 Strona 2 . ,1$-:$ĩ1,(-6=(262%<%,25Ą&(8'=,$à :23,6$1<&+:<'$5=(1,$&+ . IFK(PLQHQFMHNDUG\QDáRZLH GIULIANO CASCONE NDUG\QDá6HNUHWDU]6WDQX JOSEPH JELLINEK SUHIHNW.RQJUHJDFML:LDU\ GIUSEPPE BELLINI SUHIHNW.RQJUHJDFML6DNUDPHQWyZLNXOWX%RĪHJR FRANTISEK KOLLETZKI SRGVHNUHWDU].RQJUHJDFML:\FKRZDQLD.DWROLFNLHJR 3U]HZLHOHEQLDUF\ELVNXSLLELVNXSL MARIO LOPEZ SRGVHNUHWDU].RQJUHJDFML:LDU\LDUF\ELVNXSW\WXODUQ\&H]DUHL PHIL CANISIUS G\UHNWRU,VWLWXWRSHUOH2SHUH5HOLJLRVH,25 DESIDERIO SCAGLIA DUF\ELVNXSW\WXODUQ\6DQ&DUOR :LHOHEQLSUDáDFL :,//,$067,&./(5 NDPHUG\QHUSDSLHĪD RANERI SLHUZV]\VHNUHWDU]NDUG\QDáD6HNUHWDU]D6WDQX 3R]RVWDáHRVRE\ AUGUSTYN FELDMANN G\UHNWRU$UFKLZXP:DW\NDĔVNLHJR PIO SEGONI EHQHG\NW\Q]NODV]WRUXQD0RQWH&DVVLQR PROF. ANTONIO PAVANETTO G\UHNWRU'\UHNFML*HQHUDOQHM3RPQLNyZ0X]HyZL*DOHULL3DSLH- VNLFK PROF. RICCARDO PARENTI VSHFMDOLVWDZ]DNUHVLHWZyUF]RĞFL0LFKHODQJHOD])ORUHQFML PROF. GABRIEL MANNING SURIHVRUVHPLRW\NLZ$WHQHXP/DWHUDĔVNLP BRAT BENNO DOLDV DR HANS HAUSMANN ]DNRQQLN GIOVANNA GR]RUF]\QL . ,,252=.26=<232:,$'$1,$ . 3LV]ąFWHVáRZDEH]SU]HUZ\GUĊF]ąPQLHZąWSOLZRĞFLF]\ZRJyOHZROQRPLRSR- ZLHG]LHüWĊKLVWRULĊ&]\QLHE\áRE\OHSLHMJG\E\PMą]DFKRZDáGODVLHELHWDNMDNXF]\- QLOLWRFLNWyU]\E\OLGRWHMSRU\ZWDMHPQLF]HQL$OHF]\ĪPLOF]HQLHQLHMHVWQDMZLĊNV]\P ]NáDPVWZ",F]\ĪQDZHWEáąGQLHSU]\F]\QLDVLĊGRSR]QDQLDSUDZG\"1LHĞZLDGRPZLĊF RZHMSUDZG\NWyUDSU]H]FDáHĪ\FLHSR]RVWDMHXNU\WDQDZHWSU]HGSUDZG]LZ\PFKU]H- ĞFLMDQLQHPLFLąJOHV]XNDMąF\XFLHF]NLZĞZLDGHFWZLHZLDU\GáXJRUR]ZDĪDáHPZV]\VW- NLH ]D L SU]HFLZ GR FKZLOL JG\ Z]LĊáD JyUĊ QLHSU]HSDUWD JUDQLF]ąFD ] UR]NRV]ą FKĊü RSRZLHG]HQLDWHMKLVWRULLWDNMDNMąXVá\V]DáHPZRZ\FKRVREOLZ\FKRNROLF]QRĞFLDFK .RFKDPNODV]WRU\WUXGQ\GRZ\MDĞQLHQLDZHZQĊWU]Q\SU]\PXVNLHUXMHPHNURNLGR W\FKRGFLĊW\FKRGĞZLDWDPLHMVFNWyUHFRQDOHĪ\RGUD]XQDZVWĊSLH]D]QDF]\ü]QDM- GXMą VLĊ Z QDMSLĊNQLHMV]\FK ]DNąWNDFK ]LHPL .RFKDP NODV]WRU\F]DV ERZLHP MDN VLĊ Z\GDMH]DWU]\PDáVLĊWDPZPLHMVFX8SDMDPVLĊGHOLNDWQ\P]DSDFKHPPLQLRQ\FKZLH- NyZZ\SHáQLDMąF\PV]HURNRUR]JDáĊ]LRQHNRU\WDU]HLFKEXGRZOLRZąPLHV]DQLQąZRQL DTP by SHADE  Strona 3 SRJUąĪRQ\FKZZLHF]Q\PUR]SDPLĊW\ZDQLXSU]HV]áRĞFLIROLDáyZZLOJRFLąĞZLHĪRXP\- W\FKNUXĪJDQNyZLXODWQLDMąFHJRVLĊNDG]LGáD3U]HGHZV]\VWNLP]DĞNRFKDPNODV]WRUQH RJURG\ ]D]Z\F]DM XNU\WH SU]HG OXGĨPL ] ]HZQąWU] 'ODF]HJR" 1LH ZLHP WR SU]HFLHĪ FK\EDZáDĞQLHRQHSR]ZDODMąQDPZ\REUD]LüVRELHMDNZ\JOąGDUDM 7HPRMHVNáRQQRĞFLSRZLQQ\Z\MDĞQLüGODF]HJRZWDUJQąáHPGRUDMXNODV]WRUXEH- QHG\NW\QyZRZHJRSRJRGQHJRMHVLHQQHJRGQLDMDNLSRWUDILZ\F]DURZDüMHG\QLHQLHER SRáXGQLD 8GDáR PL VLĊ ZWHG\ SR ]ZLHG]HQLX NRĞFLRáD NU\SW\ L ELEOLRWHNL RGHUZDü RG JUXS\WXU\VWyZSRF]\PRGNU\áHPGURJĊSURZDG]ąFąSU]H]MHGHQ]PDá\FKERF]Q\FK SRUWDOL]DNWyU\PMDNPRĪQDE\áRSU]\SXV]F]Dü]QDMąFSODQĞZ%HQHG\NWDSRZLQLHQ ]QDMGRZDüVLĊNODV]WRUQ\RJUyG 2JUyGHNWHQE\áZ\MąWNRZRPDá\RZLHOHPQLHMV]\QLĪPRĪQDE\áRRF]HNLZDüSR NODV]WRU]HWHMZLHONRĞFL:UDĪHQLHWRVSRWĊJRZDQHE\áRQLVNRZLV]ąF\PQDQLHERVNáRQLH VáRĔFHPNWyUHSRSU]HNąWQHMG]LHOLáRUDMVNLNZDGUDWQDMDVNUDZRRĞZLHWORQąLSRJUąĪR- QąZJáĊERNLPFLHQLXSRáRZĊ3RQDSHáQLDMąF\PXF]XFLHPQLHSRNRMXFKáRG]LHZQĊWU]D NODV]WRUX FLHSáR VáRĔFD VSUDZLDáR SUDZG]LZą XOJĊ : SHáQL UR]NZLWáH ZF]HVQRMHVLHQQH NZLDW\IORNV\GDOLHLU\V\JODGLROHLáXELQ\]FLĊĪNLPLSąNDPLNZLDWyZE\á\MDNSLRQRZH DNFHQW\QDZąVNLFKJU]ąGNDFKSLHQLá\VLĊZV]HONLHJRURG]DMXG]LNRURVQąFH]LRáDRG- G]LHORQHRGVLHELH]Z\Ná\PLGHVNDPL1LHWHQNODV]WRUQ\RJUyGQLHPLDáQLFZVSyOQHJR ]SU]\SRPLQDMąF\PLSDUNL]LHOHĔFDPLLQQ\FKEHQHG\NW\ĔVNLFKNODV]WRUyZNWyUHREUD- PRZDQH]HZV]\VWNLFKVWURQIDODQJąQDSLHUDMąF\FKEXG\QNyZLRWRF]RQHNUXĪJDQNLHP NRQNXURZDá\]WDNLPLĞZLHFNLPLEXGRZODPLMDN:HUVDOF]\6FK|QEUXQQ7HQ]DĞRJUyG NODV]WRUQ\ Z\UyVá MDNE\ VDP ] VLHELH D Z SyĨQLHMV]\P RNUHVLH ]RVWDá SU]HNV]WDáFRQ\ ZWDUDVQDSRáXGQLRZ\PVWRNXNODV]WRUXRSLHUDMąF\VLĊQDZ\VRNLPPXU]H]WUDVXZ\- VWĊSXMąFHJRZWHMRNROLF\:LGRNXQDSRáXGQLHQLH]DVáDQLDáDĪDGQDSU]HV]NRGDDZSR- JRGQHGQLQDKRU\]RQFLHPRĪQDE\áRGRVWU]HFáDĔFXFK$OS:F]ĊĞFLZDU]\ZQHMRJURGX Vá\FKDüE\áRV]PHUZRG\Z\Sá\ZDMąFHM]ĪHOD]QHMUXU\GRNDPLHQQHJRNRU\WDRERNVWDá SUyFKQLHMąF\GRPHNRJURGQLNDEĊGąF\UDF]HMV]RSą]EXGRZDQą]GHVHNNWyUąXVLáR- ZDáRQDSUDZLü]QDGHUPL]HUQ\PVNXWNLHPZLHOXMXĪEXGRZQLF]\FK2GGHV]F]XFKURQLá MąGDFK]SDS\DMHG\Q\PPLHMVFHPSU]H]NWyUHZSDGDáRGRĞURGNDĞZLDWáRE\áRSR- SU]HF]QLHZVWDZLRQHZĞFLDQĊZ\VáXĪRQHVNU]\GáRRNLHQQH&DáRĞüVSUDZLDáDRVREOLZLH ZHVRáHZUDĪHQLH]DSHZQHGODWHJRĪHNRQVWUXNFMDWDZMDNLĞVSRVyESU]\SRPLQDáDRZH GRPNL]GHVHNMDNLHEĊGąFG]LHüPLEXGRZDOLĞP\ZF]DVLHZDNDFML=JáĊERNLHJRFLHQLD GRELHJáPQLHQDJOHF]\MĞJáRV ±-DNPQLH]QDOD]áHĞPyMV\QX" 2VáRQLáHP RF]\ GáRQLą DE\ ]OXVWURZDü ]DFLHQLRQą F]ĊĞü RJURGX :LGRN MDNL XM- U]DáHPVSDUDOLĪRZDáPQLHQDPRPHQW3U]HGHPQąVLHG]LDáZLQZDOLG]NLPZy]NXZ\- SURVWRZDQ\PQLFK]WZDU]ąRNRORQąEXMQąĞQLHĪQRELDáąEURGą2G]LDQ\E\áZV]DUDZ\ KDELW]GHF\GRZDQLHRGELMDMąF\RGZ\WZRUQHMF]HUQLEHQHG\NW\QyZ.LHG\SU]\SDWU\ZDá PL VLĊ SU]HQLNOLZLH SDWU]ąF\PL RF]DPL NUĊFLá JáRZą WDP L ] SRZURWHP MDN GUHZQLDQD PDULRQHWNDQLHVSXV]F]DMąFSU]\W\P]HPQLHZ]URNXDQLQDFKZLOĊ ±&RSDQPDQDP\ĞOL"±]DS\WDáHPDE\Z\JUDüQDF]DVLHPLPRLĪGRVNRQDOH]UR- ]XPLDáHPMHJRS\WDQLH ±-DNPQLH]QDOD]áHĞPyMV\QX"±SRZWyU]\áG]LZQ\PQLFKZ\NRQXMąFSU]\W\PWHQ VDPUXFKJáRZ\3U]H]FKZLOĊZ\GDZDáRPLVLĊĪHZMHJRZ]URNXZLG]ĊSXVWNĊ 0RMD RGSRZLHGĨ E\áD QDGHU QLH]RERZLą]XMąFD L WDNą WHĪ PLDáD E\ü QLH PLDáHP ERZLHPSRMĊFLDFRSRF]ąü]W\PG]LZDF]Q\PF]áRZLHNLHPLMHJRUyZQLHG]LZDF]Q\P S\WDQLHP ±1LHV]XNDáHPRMFD±RGSDUáHP±]ZLHG]DáHPNODV]WRULFKFLDáHPU]XFLüRNLHPQD RJUyG3URV]ĊPLZ\EDF]\ü±GRGDáHPLMXĪ]DPLHU]DáHPSRĪHJQDüVLĊVNLQLHQLHPJáRZ\ LRGHMĞüJG\QDJOHVWDU]HFSRUXV]\áUĊNDPLNWyUHGRWHMSRU\QLHUXFKRPRVSRF]\ZDá\ QDRSDUFLXZy]ND3FKQąáQLPLNRáDWDNPRFQRĪHZy]HNSRWRF]\áVLĊZPRMąVWURQĊ MDNE\]RVWDáZ\VWU]HORQ\]NDWDSXOW\6WDU]HFPXVLDáE\üVLOQ\MDNQLHGĨZLHGĨ=DWU]\- PDáVLĊUyZQLHV]\ENRMDNMHFKDá.LHG\SU]\MU]DáHPPXVLĊ]EOLVNDRĞZLHWORQHPXMXĪ DTP by SHADE 3 Strona 4 SURPLHQLDPL VáRĔFD ]REDF]\áHP RNRORQą NRVP\NDPL ZáRVyZ L EURGą SRFLąJáą EODGą WZDU]RZLHOHPáRGV]ąQLĪVLĊPRJáDZ\GDZDüQDSLHUZV]\U]XWRND7RVSRWNDQLH]D- F]ĊáRPQLHQLHSRNRLü ± &]\ ]QDV] SURURND -HUHPLDV]D" ± ]DS\WDá ]QLHQDFND PQLFK =DZDKDáHP VLĊ QD PRPHQW ]DVWDQDZLDMąF F]\ QLH SRZLQLHQHP SR SURVWX RGHMĞü DOH MHJR SU]HQLNOLZ\ Z]URNLELMąFHRGWHJRF]áRZLHNDQLH]Z\NáHGRVWRMHĔVWZRND]DáRPLSR]RVWDü ± 7DN ± RGSRZLHG]LDáHP ± ]QDP SURURND -HUHPLDV]D D WDNĪH ,]DMDV]D %DUXFKD (]HFKLHOD 'DQLHOD $PRVD -RQDV]D =DFKDULDV]D L 0DODFKLDV]D ± Z\OLF]\áHP LQQ\FK NWyU]\SR]RVWDOLZPHMSDPLĊFL]F]DVyZSRE\WXZLQWHUQDFLHSURZDG]RQ\PSU]H]MHGHQ ]NODV]WRUyZ 2GSRZLHGĨ]DVNRF]\áDPQLFKDDQDZHWMDNVLĊZ\GDZDáRZ\ZRáDáDMHJR]DGRZR- OHQLH]MHJRWZDU]\ERZLHPQDJOH]QLNQĊáDV]W\ZQRĞüUXFK\]DĞXWUDFLá\GRW\FKF]DVR- ZąPDULRQHWNRZRĞü ±:RZ\PF]DVLHMDNSRZLDGD-HUHPLDV]GREĊG]LHVLĊ]JUREyZNRĞFLNUyOyZMXG]- NLFKLNRĞFLLFKNVLąĪąWNRĞFLNDSáDQyZNRĞFLSURURNyZLNRĞFLPLHV]NDĔFyZ-HUX]DOHP ,UR]áRĪ\VLĊMHQDVáRĔFXLZĞZLHWOHNVLĊĪ\FDLZV]\VWNLFKFLDáQLHELHVNLFKNWyUHNRFKD- OLNWyUHF]FLOL]DNWyU\PLFKRG]LOLNWyU\FKVLĊUDG]LOLLNWyU\PVLĊNáDQLDOLQLHEĊGą]H- EUDQHDQLSRJU]HEDQHVWDQąVLĊQDZR]HPQDSROX/HF]ZV]\VF\NWyU]\RFDOHMą]WHJR URGX]áHJRZ\ELRUąUDF]HMĞPLHUüQLĪĪ\FLHQDZV]\VWNLFKPLHMVFDFKGRNąGNROZLHNLFK Z\JQDáHPPyZL3DQ=DVWĊSyZ 6SRMU]DáHPS\WDMąFRQDPQLFKDNWyU\XMU]DZV]\EH]UDGQRĞüZPRLPZ]URNXSR- ZLHG]LDá±-HUHPLDV]RVLHPMHGHQGRWU]\ 3U]\WDNQąáHP0QLFKXQLyVáJáRZĊZ\VXZDMąFEURGĊQLHRPDOSR]LRPRGRSU]RGX LJU]ELHWHPGáRQLGHOLNDWQLH]DF]ąáJáDG]LüRGVSRGXVZHZVSDQLDáHXZáRVLHQLH ±-DMHVWHP-HUHPLDV]HP±SRZLHG]LDáZWRQLH]DĞMHJRJáRVX]DEU]PLDáDVZHJRUR- G]DMXSUyĪQRĞüFQRWD]XSHáQLHQLHNRMDU]ąFDVLĊ]PLHV]NDĔFDPLNODV]WRUyZ±:V]\VF\ WXWDMQD]\ZDMąPQLHEUDWHP-HUHPLDV]HPDOHWREDUG]RGáXJDKLVWRULD ±-HVWHĞRMF]HEHQHG\NW\QHP" ±:VDG]RQRPQLHGRWHJRNODV]WRUX±RGSDUáF]\QLąFSU]HF]ąF\UXFKGáRQLą±SRQLH- ZDĪVąG]RQRĪHPRJĊWXZ\U]ąG]LüQDMPQLHMV]NyG7DNZLĊFĪ\MĊWXWDMEH]JRGQRĞFL MDNR NRQZHUW\WD ZHGáXJ 2UGR 6DQFWL %HQHGLFW1  VSRNRMQ\ L QLHVNDODQ\ SRWU]HEDPL GRF]HVQHMHJ]\VWHQFML*G\E\PW\ONRPyJáXFLHNáE\P ±2GMDNGDZQDMHVWRMFLHFZW\PNODV]WRU]H" ±2GW\JRGQLPLHVLĊF\DPRĪHRGODW-DNLHWRPD]QDF]HQLH 6NDUJLEUDWD-HUHPLDV]DZ]EXG]Lá\PRMH]DLQWHUHVRZDQLHZLĊF]SRĪąGDQąZWDNLHM V\WXDFMLRVWURĪQRĞFLą]DF]ąáHPZ\S\W\ZDüJRRZF]HĞQLHMV]HORV\ :WHG\]DJDGNRZ\PQLFK]DPLONáRSXĞFLáEURGĊQDSLHUVLLVSRMU]DáZGyáQDVZH VSDUDOLĪRZDQHQRJL3RF]XáHPĪH]E\WGDOHNRSRVXQąáHPVLĊVZRLPS\WDQLHPDOH]DQLP ]GRáDáHPJRSU]HSURVLü-HUHPLDV]]DF]ąáPyZLü ±&yĪPRĪHV]ZLHG]LHüPyMV\QXR0LFKHODQJHOR $SRWHP]DF]ąáRSRZLDGDüPyZLąFXU\ZDQ\PJáRVHPQLHVSRJOąGDMąFSU]\W\PQD PQLH:LGDüE\áRĪH]DVWDQDZLDVLĊQDGNDĪG\PVáRZHP]DQLPMHZ\SRZLHDPLPR WR Z\GDá\ PL VLĊ RQH FKDRW\F]QH L SR]EDZLRQH ]ZLą]NX 1LH SU]\SRPLQDP VRELH MXĪ V]F]HJyáyZ SU]HGH ZV]\VWNLP GODWHJR ĪH PQLFK FLąJOH SRSUDZLDá VLĊ SRá\NDá VáRZD L]DF]\QDá]GDQLDQDQRZR=DSDPLĊWDáHPMHGQDNĪH]WHMRSRZLHĞFLĪH]DPXUDPL:D- W\NDQXG]LHMąVLĊU]HF]\RNWyU\FKSUDNW\NXMąF\L JáĊERNRZLHU]ąF\FKU]HĞFLMDQLQQLH PDEODGHJRSRMĊFLDRUD]FRPQLHSU]HUD]LáRĪH.RĞFLyáMHVWFDVWDPHUHWUL[QLHSRNDODQą ODGDF]QLFą0QLFKRSRZLDGDMąFXĪ\ZDáSU]\W\PZ\UDĪHĔIDFKRZ\FKLXSDMDáVLĊQLHRPDO WDNLPLVáRZDPLMDNWHRORJLDNRQWURZHUVMLWHRORJLDPRUDOQRĞFLLGRJPDW\NDFRVSRZR- GRZDáRĪHPRMHZąWSOLZRĞFLLĪEUDW-HUHPLDV]PRĪHQLHE\üSU]\]GURZ\FK]P\VáDFK ]QLNQĊá\RZLHOHV]\EFLHMDQLĪHOLVLĊSRMDZLá\:\PLHQLDáQD]Z\LGDW\VRERUyZG]LHOąF MHQDSDUW\NXODUQHSOHQDUQHLSURZLQFMDOQHRSRZLDGDáR]DOHWDFKLZDGDFKHSLVNRSDOL- ]PXE\QDJOHSU]HUZDüL]DS\WDüÄ&]\WDNĪHLW\XZDĪDV]PQLH]DV]DORQHJR"´  UHJXáDĞZLĊWHJR%HQHG\NWD DTP by SHADE 4 Strona 5 7DN SRZLHG]LDá VáRZR ÄWDNĪH´ FR PQLH ]DVNRF]\áR 1DMZ\UDĨQLHM EUDW -HUHPLDV] E\á WUDNWRZDQ\ Z W\P NODV]WRU]H MDNR F]áRZLHN QLHSRF]\WDOQ\ MDN MDNLĞ XFLąĪOLZ\ KH- UHW\N1LHSU]\SRPLQDPVRELHFRRGSRZLHG]LDáHPQDWRS\WDQLH3DPLĊWDPW\ONRĪH PRMH ]DLQWHUHVRZDQLH W\P PĊĪF]\]Qą E\áR FRUD] ZLĊNV]H 3RZUyFLáHP ZLĊF GR PHJR SRSU]HGQLHJRS\WDQLDLSRSURVLáHPDE\RSRZLHG]LDáPLZMDNLVSRVyE]QDOD]áVLĊZW\P NODV]WRU]H-HUHPLDV]MHGQDN]ZUyFLáWZDU]NXVáRĔFXLPLOF]Dá]]DPNQLĊW\PLRF]DPL 2EVHUZXMąFJR]DXZDĪ\áHPSRFKZLOLLĪMHJREURGD]DF]\QDGUĪHüWUXGQH]SRF]ąWNX GR]DXZDĪHQLDUXFK\FLDáDVWDZDá\VLĊFRUD]JZDáWRZQLHMV]HLQDUD]NRQZXOVMHRJDUQĊá\ FDá\ WRUV PQLFKD ZDUJL ]DĞ G\JRWDá\ QLE\ Z JRUąF]FH &yĪ ]D VWUDV]OLZH Z\GDU]HQLD PXVLDá\SU]HZLMDüVLĊSU]HG]DPNQLĊW\PLRF]\PDWHJRF]áRZLHND =ZLHĪ\NODV]WRUQHJRNRĞFLRáDGRELHJáQDVGĨZLĊNG]ZRQX]ZRáXMąFHJRQDPRGá\GR SUH]ELWHULXP%UDW-HUHPLDV]Z\SURVWRZDáVLĊMDNE\REXG]RQ\QDJOH]JáĊERNLHJRVQX ±1LHRSRZLDGDMQLNRPXRQDV]\PVSRWNDQLX±U]HNáSRĞSLHV]QLH±1DMOHSLHMEĊ- G]LHMHĪHOLXNU\MHV]VLĊZDOWDQLHLQLH]DXZDĪRQ\RSXĞFLV]NODV]WRUSRGF]DVQLHV]SR- UyZ3U]\MGĨMXWURRWHMVDPHMSRU]H%ĊGĊQDFLHELHF]HNDá =DVWRVRZDáHPVLĊGR]DOHFHĔPQLFKDLXNU\áHPZPDáHMGUHZQLDQHMV]RSLH=DUD] SRWHPXVá\V]DáHP]EOLĪDMąFHVLĊNURNL:\MU]DáHPXNUDGNLHPSU]H]QDZSyá]DĞOHSLR- QHRNQRL]REDF]\áHPMHGQHJR]EHQHG\NW\QyZSRS\FKDMąFHJRZy]HN]-HUHPLDV]HP ZNLHUXQNXNRĞFLRáD2EDMPĊĪF]\ĨQLQLH]DPLHQLOL]HVREąDQLMHGQHJRVáRZD=GDZDáR VLĊĪHQLH]DXZDĪDMąVLĊQDZ]DMHPMDNJG\E\MHGHQGRSHáQLDáMDNLHJRĞQLH]PLHQQHJR U\WXDáXGUXJL]DĞ]QRVLáWR]FDáNRZLWąRERMĊWQRĞFLą 1LHFRSyĨQLHMXVá\V]DZV]\GRELHJDMąFH]NRĞFLRáDJUHJRULDĔVNLHSLHĞQLZ\V]HGáHP QD]HZQąWU]LUXV]\áHPNXZ\MĞFLXWU]\PDMąFVLĊMHGQDNFLHQLDU]XFDQHJRSU]H]DOWDQĊ DE\ QLH ]RVWDü RGNU\W\P SU]H] NRJRĞ NWR PyJáE\ SDWU]Hü ] MHGQHJR ] RNLHQ RWDF]D- MąF\FKRJUyGEXG\QNyZNODV]WRUQ\FKFKFLDáHPERZLHPNRQLHF]QLH]QRZXVSRWNDüVLĊ ]EUDWHP-HUHPLDV]HP:]GáXĪZ\VRNLHJRPXUXRSRURZHJRSURZDG]Lá\ZGyáVWURPH NDPLHQQHVFKRG\QDLFKNRĔFX]QDMGRZDáDVLĊEURQLąFDZHMĞFLDĪHOD]QDEUDPDNWyUą MHGQDNáDWZRPRĪQDE\áRSRNRQDü 7ąZáDĞQLHGURJąRSXĞFLáHPNODV]WRULUDMVNLRJUyGQDVWĊSQHJRGQLD]DĞZV]HGáHP GRĔZWDNLVDPVSRVyE1LHF]HNDáHP]E\WGáXJRLMHGHQ]NRQIUDWUyZEH]VáRZDMDN SRSU]HGQLHJRGQLDZWRF]\áGRRJURGXZy]HN]VLHG]ąF\PZQLP-HUHPLDV]HP ±2GNLHG\WXMHVWHPQLNWQLH]DLQWHUHVRZDáVLĊPRLPGDZQ\PĪ\FLHP±]DF]ąáEH] RJUyGHNPQLFK±DQDZHWZUĊF]SU]HFLZQLH]DGDQRVRELHZLHOHWUXGXDE\RQLP]DSR- PQLHüLRGL]RORZDüPQLHRGĞZLDWD&KFLHOLPLWXZPyZLüĪH]ZDULRZDáHPWDNMDNJG\- E\PE\á]GHPRUDOL]RZDQ\PVSLU\WXDOLVWąF]\Z\]QDZFąPDKRPHWDĔVNLHMVHNW\6WDUFD ]*yU%\üPRĪHSHáQDSUDZGDRPQLHQLHGRWDUáDGRWHJRNODV]WRUXFKRüE\P]DNOLQDá VLĊSRW\VLąFNURüQLNWPLQLHXZLHU]\1LHLQDF]HMPXVLDáF]XüVLĊQLHJG\ĞL*DOLOHXV] =DSHZQLáHPXURF]\ĞFLHĪHZLHU]ĊZNDĪGHMHJRVáRZRF]XáHPLĪPDZLHONąSR- WU]HEĊ]ZLHU]HQLDVLĊNRPXĞ ±0RMDRSRZLHĞüMHGQDNQLHXF]\QLFLĊV]F]ĊĞOLZ\P±]D]QDF]\áEUDW-HUHPLDV]MD ]DĞ RGSRZLHG]LDáHP ĪH SRWUDILĊ WR ]QLHĞü :WHG\ VDPRWQ\ ]DNRQQLN UR]SRF]ąá VZRMH RSRZLDGDQLH0yZLáVSRNRMQLHFKZLODPLQDZHW]GXĪ\PG\VWDQVHPGRZ\GDU]HĔRMD- NLFKRSRZLDGDá3LHUZV]HJRGQLDG]LZLáHPVLĊGODF]HJRVDPQLHZ\VWĊSXMHZWHMRSR- ZLHĞFLDOHMXĪGUXJLHJRVWDáRVLĊGODPQLHVWRSQLRZRMDVQHĪHMHJRSRVWDüSRMDZLDVLĊ Z QLHM Z WU]HFLHM RVRELH MDNR QHXWUDOQ\ REVHUZDWRU 7DN MHGQą ] RVyE R NWyU\FK WDN V]HURNRRSRZLDGDáPXVLDáE\üRQVDP±EUDW-HUHPLDV] 6SRW\NDOLĞP\VLĊZUDMVNLPRJURG]LHNODV]WRUXSU]H]SLĊüNROHMQ\FKGQLXNU\ZDMąF ]D G]LNR Z\EXMDá\P UyĪDQ\P Ī\ZRSáRWHP OXE WHĪ QLHNLHG\ Z EXWZLHMąFHM V]RSLH -H- UHPLDV]RSRZLDGDáZ\PLHQLDMąFQD]ZLVNDLIDNW\LPLPRLĪF]DVDPLMHJRKLVWRULDZ\- GDZDáDVLĊ]XSHáQLHIDQWDVW\F]QDDQLSU]H]PRPHQWQLHZąWSLáHPZMHMSUDZG]LZRĞü 2SRZLDGDMąFEUDW-HUHPLDV]W\ONR]U]DGNDVSRJOąGDáQDPQLHMHJRZ]URNE\áXWNZLRQ\ ZMDNLPĞGDOHNLPZ\LPDJLQRZDQ\PSXQNFLHWDNMDNJG\E\RGF]\W\ZDáWHNVWXPLHV]- F]RQ\QDWDEOLF\1LHRGZDĪ\áHPVLĊSU]HUZDüMHJRRSRZLHĞFLDQLUD]XQLH]DGDáHPWHĪ DTP by SHADE 5 Strona 6 DQLMHGQHJRS\WDQLDZREDZLHĪHVWUDFLZąWHNDWDNĪHGODWHJRLĪMHJRKLVWRULDFDá- NRZLFLHPQLH]DIDVF\QRZDáD8QLNDáHPUyZQLHĪMDNLFKNROZLHNQRWDWHNNWyUHPRJá\E\ SRZVWU]\PDüSRWRNVáyZ]DNRQQLNDWDNZLĊFSRQLĪV]ąKLVWRULĊVSLVXMĊ]SDPLĊFL6ąG]Ċ MHGQDNĪHMHMWUHĞüMHVW]EOLĪRQDGRVáyZMDNLHZ\SRZLHG]LDáEUDW-HUHPLDV] . ,,,.6,ĉ*$-(5(0,$6=$ :GQLXĞZLĊWD7U]HFK.UyOL . 1LHFKDMEĊG]LHSU]HNOĊW\G]LHĔZNWyU\P.XULD]DGHF\GRZDáDSRGGDü.DSOLFĊ6\N- VW\ĔVNąRGQRZLHQLXZHGáXJQDMQRZV]\FKPHWRGLVWDQXZLHG]\1LHFKDMEĊG]LHSU]HNOĊ- W\IORUHQW\ULF]\NSU]HNOĊWDFDáDV]WXNDLDURJDQFMDQLHZ\SRZLDGDQLDKHUHW\FNLFKP\ĞOL ]RGZDJąSUDZG]LZHJRNDFHU]DDOHSRZLHU]DQLDLFK]PLHORQHPXZDSQLRZLQDMEDUG]LHM RGUDĪDMąFHM]HZV]\VWNLFKVNDáZ\PLHV]DQHMEXRQIUHVFR1 ]SHáQ\PLOXELHĪQRĞFLIDU- EDPL .DUG\QDá-RVHSK-HOOLQHNSDWU]\áQDZ\VRNLHVNOHSLHQLHVSRGNWyUHJR]ZLVDáR]DVáR- QLĊWHSáDFKWDPLUXV]WRZDQLH]DQLPRERNSDOFD6WZyUF\PRĪQDE\áRMHV]F]HGRMU]Hü SRVWDü$GDPD7ZDU]NDUG\QDáDNLONDNURWQLHZ\UDĨQLHGUJQĊáDWDNMDNJG\E\REDZLDá VLĊ%RVNLHMSUDZLF\WDPZ\VRNRERZLHPRWXORQ\SXUSXURZ\PLV]DWDPLXQRVLáVLĊQLH áDVNDZ\ SHáHQ PLáRVLHUG]LD %yJ DOH SRWĊĪQ\ L SLĊNQ\ ZVSDQLDOH XPLĊĞQLRQ\ QLF]\P ]DSDĞQLN6WZyUFDREGDU]DMąF\Ī\FLHP6áRZRNWyUHZWHMNDSOLF\VWDáRVLĊFLDáHP 2GIDWDOQHMHSRNLU]ąGyZSRVLDGDMąFHJR]P\VáDUW\VW\F]Q\SDSLHĪD-XOLXV]DRUJLD- VW\F]QH PDODUVWZR %XRQDUURWLHJR QLH FLHV]\áR RND ĪDGQHJR ] QDMZ\ĪV]\FK NDSáDQyZ WZyUFDWHQERZLHPFRMXĪ]DF]DVyZMHJRĪ\FLDE\áRSXEOLF]QąWDMHPQLFąSU]HSHáQLRQ\ E\á ZąWSOLZRĞFLDPL ZREHF ZLDU\ FKU]HĞFLMDĔVNLHM MHJR REUD]\ Z\UDĪDMąFH P\ĞOL DUW\- VW\WZRU]\á\VZRLVWąPLHV]DQLQĊRSLHUDMąFąVLĊQDSU]HND]DFK]H6WDUHJR7HVWDPHQWX L JUHFNLHJR DQW\NX D E\ü PRĪH WDNĪH L Z\LGHDOL]RZDQHM V]WXNL U]\PVNLHM FR ZWHG\ XFKRG]LáRSRSURVWX]DJU]HFK3DSLHĪ-XOLXV]PLDáMDNRE\XSDĞüQDNRODQDLPRGOLüVLĊ NLHG\DUW\VWDSRUD]SLHUZV]\RGVáRQLáSU]HGQLPIUHVNSU]HGVWDZLDMąF\EH]OLWRVQHJR6Ċ- G]LHJRZREHFZ\URNyZNWyUHJRGUĪ\]DUyZQR'REURMDNL=áR=DOHGZLHMHGQDNRFKáR- QąáQDW\FKPLDVWZGDáVLĊZJZDáWRZQąNáyWQLĊ]0LFKHODQJHOHPGRW\F]ąFąREFRĞFL]D- JDGNRZRĞFLLQDJRĞFLHPDQXMąFHM]PDORZLGáD6NRQIXQGRZDQDWUXGQąGRZ\MDĞQLHQLD V\PEROLNąOLF]Q\PLDOX]MDPLLQRZRSODWRĔVNLPLHOHPHQWDPL.XULDQLH]QDOD]áDLQQHJR Z\MĞFLDMDNW\ONRVNU\W\NRZDü]E\WZLHONąOLF]EĊSRVWDFLXND]DQLHQDJRĞFLOXG]NLHMHJ- ]\VWHQFMLFRZLĊFHM]DĪąGDQRQDZHWXVXQLĊFLDFDáHJRPDORZLGáD2EVWDZDáSU]\W\P SU]HGHZV]\VWNLPSDSLHVNLPLVWU]FHUHPRQLL%LDJLRGD&HVHQDNWyU\]GDZDáVLĊUR]SR- ]QDZDüQDIUHVNXSRGSRVWDFLą0LQRVDVĊG]LHJRSLHNLHá-HG\QLHJZDáWRZQ\VSU]HFLZ QDM]QDPLHQLWV]\FKDUW\VWyZU]\PVNLFKXUDWRZDá6ąG2VWDWHF]Q\SU]HG]QLV]F]HQLHP 7HUD]]DĞJUR]LáD]QLV]F]HQLHPREUD]XJHQLDOQHMP\ĞOL0LFKHODQJHODSU]HFLHNDMąFD FDá\PL ZLHNDPL ZRGD ZLHORNURWQH SU]HUyENL L RVLDGáD QD IUHVNX VDG]D XQRV]ąFD VLĊ ]SáRPLHQLĞZLHF2JG\E\ĪSOHĞĔSU]HĪDUáDSRVWDFLSURURNyZDG\PSRFKáRQąá6\ELOOH =DOHGZLH ERZLHP JáyZQ\ NRQVHUZDWRU %UXQR )HGUL]]L UR]SRF]ąá VZRMą SUDFĊ VWRMąF QD Z\VRNLP UXV]WRZDQLX ]DOHGZLH ZUD] ]H VZ\PL SRPRFQLNDPL XVXQąá SRNU\ZDMąFą SRVWDFL SLHUZV]\FK SURURNyZ FLHPQą ZDUVWZĊ ]DQLHF]\V]F]HĔ VNáDGDMąFą VLĊ ] VDG]\ NUyOLF]HJRNOHMXLUR]SXV]F]RQ\FKZROLZLHSLJPHQWyZ]DF]ĊáDVLĊZ\SHáQLDüRVWDWQLD ZRODIORUHQW\ĔF]\ND:\GDZDáRVLĊQDZHWĪHWRVDP0LFKHODQJHORSRZVWDá]PDUWZ\FK JURĨQ\QLF]\P$QLRá=HPVW\ :SU]HV]áRĞFLSURURN-RHOWU]\PDáZGáRQLDFK]ZyMSHUJDPLQXNWyU\PLPRLĪUR]- ZLQLĊW\PLĊG]\OHZąDSUDZąUĊNąQLH]DZLHUDáZJyUQHMDQLGROQHMF]ĊĞFLĪDGQHMOLWHU\ F]\LQQHJR]QDNX7HUD]SRRF]\V]F]HQLXQD]ZRMXZLGDüE\áRZ\UDĨQLHOLWHUĊÄ$´Ä$´ LÄƻ´SLHUZV]DLRVWDWQLDOLWHUDDOIDEHWXJUHFNLHJRVąV\PERODPLNRĞFLRáDSLHUZV]\FK FKU]HĞFLMDQ-HGQDNĪHNRQVHUZDWRU]\QDSUyĪQRRF]\V]F]DOLWHQIUDJPHQWIUHVNXPLPR   Zá Strona 7 ±WHFKQLNDPDORZDQLDQDĞZLHĪ\PW\QNXIDUEDPL]PLHV]DQ\PL]ZRGą DTP by SHADE 6 Strona 8 LĪ QDPDORZDQ\ DO IUHVFR1  SHUJDPLQ VWDá VLĊ ROĞQLHZDMąFR ELDá\ ZDSLHQQ\ W\QN QLH XNU\ZDáZVRELHĪDGQHJR]QDNXSU]\SRPLQDMąFHJROLWHUĊÄƻ´=DWRZNVLĊG]HOHĪąFHM QDSXOSLFLHSU]HG6\ELOOą(U\WUHMVNąVąVLDGXMąFą]SURURNLHP-RHOHPSRMDZLáVLĊLQQ\ ]DJDGNRZ\VNUyW,±)±$ 7RQLHRF]HNLZDQHRGNU\FLHQLH]DXZDĪRQHSU]H]RSLQLĊSXEOLF]QąZ\ZRáDáRJZDá- WRZQąG\VNXVMĊ3RGGDZDOLMHHNVSHUW\]RPDUFKLZLĞFLLKLVWRU\F\V]WXNL]'\UHNFML*H- QHUDOQHM 3RPQLNyZ 0X]HyZ L *DOHULL 3DSLHVNLFK SRG NLHURZQLFWZHP SURIHVRUD $QWR- QLD3DYDQHWWR])ORUHQFMLSU]\MHFKDá5LFDUGR3DUHQWLVSHFMDOLVWD]DMPXMąF\VLĊĪ\FLHP LWZyUF]RĞFLą0LFKHODQJHODDNDUG\QDá6HNUHWDU]6WDQX&DVFRQHSRZHZQĊWU]QHMG\V- NXVMLGRW\F]ąFHM]QDF]HQLDOLWHU$±,±)±$X]QDáRGNU\FLH]DVSUDZĊQLHQDGDMąFąVLĊ GRUR]SRZV]HFKQLHQLD7RZáDĞQLH3DUHQWLE\áW\PNWyU\SRGF]DVG\VNXVMLMDNRSLHUZV]\ Z]LąáSRGXZDJĊPRĪOLZRĞüLĪZWUDNFLHGDOV]\FKSUDFNRQVHUZDWRUVNLFKPRJą]RVWDü RGNU\WHNROHMQHOLWHU\UR]V]\IURZDQLHLFK]QDF]HQLD]DĞPRĪHSRGSHZQ\PLZ]JOĊGD- PLQLHOHĪHüZLQWHUHVLH.XULLL.RĞFLRáD:NRĔFX0LFKHODQJHORZLHOHZ\FLHUSLDá]ZLQ\ VZ\FK]OHFHQLRGDZFyZSDSLHĪ\LQLHUD]QDSRP\NDáĪH]HPĞFLVLĊZVRELHW\ONRZLDGR- P\VSRVyE ±&]\ZSU]\SDGNXWHJRIORUHQW\ĔVNLHJRPDODU]DQDOHĪ\VLĊOLF]\ü]ILOR]RILąKHUH- W\FNą"±]DS\WDáNDUG\QDá6HNUHWDU]6WDQX ±1LHMHVWWRZ\NOXF]RQH±RGSDUáKLVWRU\NV]WXNL :]ZLą]NX]W\PNDUG\QDá6HNUHWDU]6WDQX*LXOLDQR&DVFRQHSRSURVLáRUDGĊSUH- IHNWD ĝZLĊWHM .RQJUHJDFML :LDU\ NDUG\QDáD -RVHSKD -HOOLQND NWyU\ MHGQDNĪH QLH Z\- ND]Dá]E\WZLHONLHJR]DLQWHUHVRZDQLDVSUDZąL]DVXJHURZDáDE\W\PSUREOHPHPRLOH ZRJyOHPRĪQDRF]\PĞWDNLPPyZLü]DMĊáDVLĊ*HQHUDOQD'\UHNFMD3RPQLNyZ0X]H- yZL*DOHULL3DSLHVNLFKSRGNLHURZQLFWZHPSURIHVRUD3DYDQHWWRĝZLĊWH2ILFMXPZNDĪ- G\PUD]LHZRODáRQLHLQJHURZDüZWĊVSUDZĊ .LHG\ Z QDVWĊSQ\P URNX UR]SRF]ĊWR SUDFH NRQVHUZDWRUVNLH ]ZLą]DQH ] SRVWDFLą SURURND (]HFKLHOD ]DLQWHUHVRZDQLH .XULL VNLHURZDQH E\áR SU]HGH ZV]\VWNLP QD ]ZyM SHUJDPLQXNWyU\JáRVLFLHO]QLV]F]HQLD-HUX]DOHPWU]\PDáZOHZHMUĊFH-DN]DPHOGRZDá ZNUyWFH)HGUL]]LNRQVHUZDWRU]\RGQLHĞOLZUDĪHQLHLĪIUHVNMHVWZW\PPLHMVFXV]F]HJyO- QLH]DNRSFRQ\WDNMDNJG\E\GRNRQDQRWHJRV]WXF]QLHSU]\SRPRF\SáRPLHQLDĞZLHF\ DE\]DFLHPQLüWHQIUDJPHQWPDORZLGáD:NRĔFXVSRGJąEHNNRQVHUZDWRUyZSRMDZLá\ VLĊZĞZLHWOHG]LHQQ\PGZLHQDVWĊSQHOLWHU\Ä/´LÄ8´SURIHVVRUH3DYDQHWWR]DĞZ\UD]Lá SU]\SXV]F]HQLH ĪH UyZQLHĪ L 6\ELOOD 3HUVND QDVWĊSXMąFD SR (]HFKLHOX NU\MH Z VRELH SRGREQąWDMHPQLFĊ*DUEDWDVWDUXV]NDPDMąFDQDMZ\UDĨQLHMVáDE\Z]URNWU]\PDWXĪ SU]HGRF]DPLRSUDZQąZF]HUZRQąVNyUĊNVLĊJĊ=EOLVND]UXV]WRZDQLDMHV]F]HSU]HG UR]SRF]ĊFLHPSUDFSU]H]%UXQR)HGUL]]LHJRPRĪQDE\áR]DXZDĪ\ü]DU\V\MDNLHMĞOLWH- U\ .DUG\QDá 6HNUHWDU] 6WDQX &DVFRQH NWyUHJR FDáH RGNU\FLH QLHSRNRLáR EDUG]LHM QLĪ LQQ\FKQDND]DáRF]\ĞFLüQDSUyEĊNVLĊJĊWU]\PDQąSU]H]6\ELOOĊ:WDNLVSRVyESU]\- SXV]F]HQLH ]DPLHQLáR VLĊ Z SHZQRĞü L FDáD NRPELQDFMD X]XSHáQLRQD ]RVWDáD R NROHMQą OLWHUĊ±Ä%´ 1D WHM SRGVWDZLH QDOHĪDáR ZLĊF SU]\Mąü ĪH UyZQLHĪ L RVWDWQLD SRVWDü Z V]HUHJX SURURN -HUHPLDV] XMDZQL MHV]F]H MHGQą OLWHUĊ L U]HF]\ZLĞFLH QD ZLGQLHMąF\P X MHJR ERNX]ZRMXSHUJDPLQXSRMDZLáRVLĊQDVWĊSQHÄ$´-HUHPLDV]NWyUHPX0LFKHODQJHORGDá VZRMąZáDVQąSHáQąUR]SDF]\WZDU]MDNĪDGHQLQQ\]SURURNyZGUĊF]RQ\E\áZHZQĊWU]- Q\PLUR]WHUNDPLRUD]ZąWSOLZRĞFLDPLLRWZDUFLHWZLHUG]LáLĪQDUyGQLJG\QLH]RVWDQLH QDZUyFRQ\SR]RVWDáPLOF]ąF\SHáHQUH]\JQDFMLLEH]UDGQ\WDNMDNE\]QDáWDMHPQLF]H ]QDF]HQLHNRPELQDFMLOLWHU$±,±)±$±/±8±%±$ .DUG\QDá 6HNUHWDU] 6WDQX *LXOLDQR &DVFRQH VWZLHUG]Lá ZLĊF LĪ ]QDF]HQLH QDSL- VX QDOHĪ\ Z\MDĞQLü SU]HG SRGDQLHP GR ZLDGRPRĞFL SXEOLF]QHM LQIRUPDFML R RGNU\FLX 3RGGDáWHĪSRGUR]ZDJĊPRĪOLZRĞü]P\FLDWDMHPQLF]HJRVNUyWXJG\E\QLHPRĪQDE\áR SR]QDüMHJRVHQVXFRZHGáXJJáyZQHJRNRQVHUZDWRUD%UXQR)HGUL]]LHJRE\áRE\WHFK- QLF]QLH PRĪOLZH GR RVLąJQLĊFLD 0LFKHODQJHOR ERZLHP QDPDORZDá WĊ NRPELQDFMĊ OLWHU   Zá Strona 9 ±WHFKQLNDPDORZDQLDQDPRNURQDĞZLHĪ\PW\QNX DTP by SHADE 7 Strona 10 ZUD]]GUREQ\PLSRSUDZNDPLDVHFFR1 QDJRWRZ\PMXĪIUHVNX-HGQDNĪHSURIHVVRUH 5LFFDUGR 3DUHQWL JZDáWRZQLH ]DSURWHVWRZDá JURĪąF LĪ Z WDNLP SU]\SDGNX ]UH]\JQXMH ]HVZHMIXQNFMLGRUDGF\LSRLQIRUPXMHRSLQLĊSXEOLF]QąR]DPLDU]HIDáV]HUVWZDL]QLV]- F]HQLDZ.DSOLF\6\NVW\ĔVNLHM]SHZQRĞFLąQDM]QDPLHQLWV]HJRG]LHáDV]WXNLQDĞZLHFLH :]ZLą]NX]W\P&DVFRQHZ\FRIDáVLĊ]HVZRMHMSURSR]\FMLLSROHFLáH[RIILFLR2 NDUG\- QDáRZL-RVHSKRZL-HOOLQNRZLMDNRSUHIHNWRZL.RQJUHJDFML:LDU\VWZRU]HQLHNRPLVMLGR ]EDGDQLD]QDF]HQLDQDSLVXZ.DSOLF\6\NVW\ĔVNLHMLRPyZLHQLDZ\QLNyZEDGDĔZWUDN- FLH]Z\F]DMQHJRSRVLHG]HQLD-HGQRF]HĞQLHVSUDZĊWĊSU]HVXQLĊWR] NDWHJRULLVSHFLDOL PRGR3 GRNDWHJRULLVSHFLDOLVVLPRPRGR4 ZNRQVHNZHQFMLF]HJRNDĪGHZ\NURF]HQLH SU]HFLZNRQDND]RZLXWU]\PDQLDWDMHPQLF\NDUDQHPLDáRE\üXWUDWąF]FL7HUPLQUR]SR- F]ĊFLDSUDFFRQVLOLXPZ\]QDF]RQRQDSRQLHG]LDáHNSRGUXJLHMQLHG]LHOLSRĞZLĊFLH7U]HFK .UyOL -HOOLQHNRSXĞFLáNDSOLFĊL]DF]ąáZFKRG]LüSRZąVNLFKNDPLHQQ\FKVWRSQLDFKXQR- V]ąF]JUDEQLHVXWDQQĊNWyUDMDNZV]\VWNLHLQQHXEUDQLDNDUG\QDáDE\áDVNURMRQDSU]H] $QQLEDOH *DPPDUHOOHJR 6DQWD &KLDUD QU  JG]LH V]\OL VZRMH V]DW\ SR]RVWDOL F]áRQ- NRZLH .XULL L SDSLHĪ 1D SLHUZV]\P SRGHĞFLH VFKRGyZ VNUĊFLá Z OHZR L SRV]HGá GDOHM ZW\PNLHUXQNX-HJRQHUZRZHNURNLRGELMDá\VLĊHFKHPZGáXJLPSXVW\PSUDZLHVWX- PHWURZ\PNRU\WDU]X,GąFPLMDáIUHVNLSU]HGVWDZLDMąFHPDS\]NRVPRJUDILL'DQWHJR GRW\F]ąFHZ\EUDQ\FKRVLHPG]LHVLĊFLXZ\GDU]HĔ]KLVWRULL.RĞFLRáDND]DáMHQDPDORZDü SRPLĊG]\ REUDPRZDQ\PL ]áRWHP V]WXNDWHULDPL SRNU\ZDMąF\PL QLH NRĔF]ąFH ]GD VLĊ VNOHSLHQLHSDSLHĪ*U]HJRU];,,,:NRĔFXNDUG\QDáGRWDUáGRRZ\FKGU]ZLNWyUHSR- ]EDZLRQH ]DPND L NODPNL QLF]\P QLH GDMąFH VLĊ SRNRQDü GU]ZL ]DSDGRZH ]DP\NDá\ GRMĞFLHGR:LHĪ\:LDWUyZ.DUG\QDá]DSXNDáZXPyZLRQ\VSRVyELF]HNDáEH]UXFKX ZLHG]ąFLĪRGĨZLHUQ\PXVLSRNRQDüGáXJąGURJĊDE\XF]\QLü]DGRĞüMHJRZH]ZDQLX =QDQHMHVWSRFKRG]HQLHQD]Z\WHMZLHĪ\WRWXWDMQDSRGGDV]XPLDáDVZyMSRF]ą- WHN JUHJRULDĔVND UHIRUPD NDOHQGDU]D NLHG\ SRQWLIH[ QDND]Dá XU]ąG]Lü WX REVHUZDWR- ULXPZNWyU\PFKFLDáEDGDüUXFK\6áRĔFD.VLĊĪ\FDLJZLD]G-HJRXZDJLQLHPLDáDXMĞü QDZHW]PLHQQDJUDZLDWUyZ:W\PFHOXQDVXILFLH]DLQVWDORZDQRSRWĊĪQąZVND]yZNĊ XND]XMąFą]DZV]HNLHUXQHNSRZLHWU]Q\FKSUąGyZ6WHURZDQDE\áDRQDSU]H]XPLHV]- F]RQ\QDGDFKXZLDWURZVND],QVWUXPHQWDULXPWRGDZQRMXĪJG]LHĞ]DJLQĊáR7RZáD- ĞQLHSU]\MHJRSRPRF\SDPLĊWQHJRURNX3DĔVNLHJREĊGąFHJRG]LHVLąW\PURNLHP SRQW\ILNDWX*U]HJRU]D;,,,NUDMH=DFKRGXSR]EDZLRQH]RVWDá\FDá\FKG]LHVLĊFLXGQLSR SDĨG]LHUQLNDERZLHPQDVWąSLáRGUD]XLZSURZDG]RQD]RVWDáDEXOZHUVXMąFDUHJXáD PyZLąFDLĪZSU]\V]áRĞFLVSRĞUyGODWĞZLHFNLFKOLF]\üQDOHĪ\MDNRSU]HVWĊSQHW\ONRWH NWyU\FKVXPDF\IUSRG]LHOQDMHVWSU]H]F]WHU\)LDW*UHJRULXVSDSDWULGHFLPXV5*. =REVHUZDWRULXPSR]RVWDáDW\ONRPR]DLNDQDSRGáRG]HSU]HGVWDZLDMąFD]QDNL]R- GLDNX RĞZLHWORQH SURPLHQLHP VáRĔFD SDGDMąF\P SU]H] V]F]HOLQĊ ZPXU]H RUD] IUHVNL QD ĞFLDQDFK XND]XMąFH ZáDGDMąFH ZLDWUDPL ERVNLH SRVWDFL Z UR]ZLDQ\FK V]DWDFK 2G QDMGDZQLHMV]\FK F]DVyZ ZLHĪD XWUDFRQ\FK GQL VWDQRZL WDEX L RWRF]RQD MHVW JáĊERNą WDMHPQLFąZLQ\]DWRQLHSRQRV]ąMHGQDNSRJDĔVNLHEyVWZD3DQQD%\NF]\:RGQLN DQLWDNĪHIDNWLĪWDSRWĊĪQDEXGRZODSR]EDZLRQDMHVWMDNLHJRNROZLHNV]WXF]QHJRRĞZLH- WOHQLD1LHRZDPLVW\F]QDDXUDSURPLHQLXMH]HVWRVyZDNWUHJDáyZSHáQ\FKGRNXPHQ- WyZNWyUHVąWXWDMSU]HFKRZ\ZDQHSRG]LHORQHQDIRQGL6 LSRVRUWRZDQHWHPDW\F]QLH LKLVWRU\F]QLH1LNWQLHZLHLOHIRQGLVSRF]\ZDSRGZDUVWZDPLQDJURPDG]RQHJRSU]H] ZLHNLNXU]XMHVWWRERZLHP/¶$UFKLYLR6HJUHWR9DWLFDQR±7DMQH$UFKLZXP:DW\NDĔVNLH 6NáDGRZDQHZVDODFKLQLHNRĔF]ąF\FKVLĊNRU\WDU]DFKWDMQHJRDUFKLZXPSDSLHVNLH- JRSDSLHU\LSHUJDPLQ\UR]ODá\VLĊZZLHĪ\MDNZXONDQLF]QDODZDSU]H]ZLHNLSU]HV]áRĞü E\áDSU]\NU\ZDQDWHUDĨQLHMV]RĞFLąNWyUD]NROHL]QRZXVWDZDáDVLĊSU]HV]áRĞFLąLE\áD ]DV\S\ZDQDQRZąWHUDĨQLHMV]RĞFLą:ZLHĪ\WHMDUFKLZLĞFLVNáDGRZDOLRZHGRNXPHQW\  WHFKQLNDPDORZDQLDQDVXFK\PW\QNX  XU]ĊGRZR  VSHFMDOQ\  Z\MąWNRZ\  1LHFKVLĊVWDQLH3DSLHĪ*U]HJRU]WU]\QDVW\   Zá Strona 11 ±SRGZ\G]LDá DTP by SHADE  Strona 12 MDNLH]ZROLSDSLHĪ\QLHPRJá\E\üGRVWĊSQHQLNRPXLQQHPXSR]DLFKQDVWĊSFDPLE\áD WR5LVHUYDF]\OLG]LDá]DPNQLĊW\ 8Vá\V]DZV]\ GRFKRG]ąFH ] GUXJLHM VWURQ\ RGJáRV\ NURNyZ NDUG\QDá ]DSXNDá SR- QRZQLH]DUD]SRWHPGRELHJáJR]JU]\WNOXF]DLFLĊĪNLHGU]ZLRWZRU]\á\VLĊEH]JáRĞQLH -DNVLĊZ\GDZDáRVSRVyESXNDQLDNDUG\QDáDE\áWX]QDQ\DPRĪHE\áDWRJRG]LQDOXE WHĪW\OQHGU]ZLSU]H]NWyUHZFKRG]LáRWHMSRU]HZNDĪG\PUD]LHRWZLHUDMąF\MHSUHIHNW QLH]DS\WDáRQLFSyĨQHJRJRĞFLDLEĊGąFFDáNRZLFLHSHZQ\PĪHE\áWRV\JQDáNDUG\- QDáDQDZHWQLHVSRMU]DáQDSXNDMąFHJRSU]H]V]SDUĊZGU]ZLDFK3UHIHNWRUDWRULDQLQ RLPLHQLX$XJXVW\QE\áQDMVWDUV]\PQDMZ\ĪV]\PUDQJąLQDMEDUG]LHMGRĞZLDGF]RQ\P VWUDĪQLNLHPDUFKLZXP3RGOHJDOLPXZLFHSUHIHNWWU]HFKDUFKLZLVWyZLF]WHUHFKVFULWWR- ri1 ZV]\VF\Z\NRQ\ZDOLWĊVDPąSUDFĊMDNNROZLHNUyĪQLáDVLĊRQDVWRSQLHPWUXGQRĞFL R$XJXVW\QLHPyZLRQRQDWRPLDVWĪHQLHSRWUDILĪ\üEH]SHUJDPLQyZLEXVWH2 WDNQD- ]\ZDQRWHNLLVHJUHJDWRU\ZNWyU\FKSU]HFKRZ\ZDQROLVW\LGRNXPHQW\7ZLHUG]RQRLĪ V\SLDSRĞUyGVZRLFKSDSLHUyZLSUDZGRSRGREQLHQDZHWVLĊQLPSU]\NU\ZD =D]Z\F]DMGRDUFKLZXPZFKRG]RQRRGSU]RGXJáyZQ\PLGU]ZLDPLJG]LH]DV]H- URNLP F]DUQ\P VWRáHP VLHG]LDá SUHIHNW OXE MHGHQ ]H VFULWWRUL ZV]\VF\ Z WDNLHM VDPHM SR]\FML]GáRĔPLXNU\W\PLZUĊNDZDFKF]DUQ\FKKDELWyZ]OHĪąF\PQDVWROHRWZDUW\P UHMHVWUHPGRNWyUHJR]DRND]DQLHPSU]HSXVWNLZSLV\ZDQRNDĪGHJRJRĞFLD2ZDSU]H- SXVWND]H]ZDODáDQDGRWDUFLHGRRNUHĞORQ\FKUHJDáyZMHGQDNĪH]Z\áąF]HQLHPZLĊNV]R- ĞFL]QLFK.XVWRV]QLJG\QLH]DSRPLQDáRZSLVDQLXRERNQD]ZLVNDJRĞFLDOLF]E\JRG]LQ LPLQXWMDNLHNDĪG\EDGDF]QLHE\áRLFK]UHV]WąZLĊFHMQLĪGZyFKWU]HFKW\JRGQLRZR VSĊG]LáSRĞUyGSRJUąĪRQ\FKZSyáPURNXUHJDáyZ 3U]HFKRG]ąFV]\ENRRERNSUHIHNWDNDUG\QDáPUXNQąáFRĞFR]DEU]PLDáRMDN/DX- GHWXU-HVXV&KULVWXV3 L]DND]DáZSLVDQLDVZHJRQD]ZLVNDGRUHMHVWUX=QDMGXMąFHVLĊ SRSUDZHMVWURQLHNRU\WDU]DSRPLHV]F]HQLH]ZDQHRELHFXMąFR6DODGHJOL,QGLFL4 NU\áR ZVRELH]ELyURSUDZQ\FKNVLąJUHMHVWUyZW\WXáyZLZ\FLąJyZDWDNĪHVSLV\LQZHQWDU]D RUD] V\VWHP\ NODV\ILNDF\MQH DUFKLZXP EH] NWyU\FK ]QDMRPRĞFL FDá\ ]ELyU E\á UyZQLH WUXGQ\GRRJDUQLĊFLDFR$SRNDOLSVDĞZ-DQDLWDNVDPRFK\ED]DJPDWZDQ\$UFKLZL- ĞFL L VFULWWRUL PRJOLE\ ]DSHZQH VSRNRMQLH SR]RVWDZLü WDMQH SRPLHV]F]HQLD ] UHJDáDPL RWZDUWHLQLNWQDZHWQDMEDUG]LHMJRUOLZ\QDXNRZLHFQLHE\áE\ZVWDQLHZ\GRE\ü]]D- OHJDMąF\FK NLORPHWUDPL ]ELRUyZ QDMPQLHMV]HM FKRüE\ WDMHPQLF\ %\áR WDN GODWHJR ĪH ZV]\VWNLHIRQGL]DV]\IURZDQHSU]\SRPRF\OLWHULF\IUQLHGDZDá\QDZHWQDMGUREQLHM- V]HMZVND]yZNLGRW\F]ąFHMLFK]DZDUWRĞFL-XĪW\ONRZFHOXRNUHĞOHQLDVSRVREXSRVáX- JLZDQLDVLĊSRV]F]HJyOQ\PLUHMHVWUDPLZ\SHáQLDMąF\PLFDáHUHJDá\QDSLVDQRZLHOHSUDF QDXNRZ\FK:DUFKLZXP]QDMGRZDá\VLĊQDSU]\NáDGG]LDá\GRWĊSQHMHG\QLH]QDMZ\Ī- V]HJRSLĊWUD:LHĪ\:LDWUyZZNWyU\FK]PDJD]\QRZDQREXVWHZZLĊNV]RĞFLQLJG\ QLH RWZDUW\FK SRQLHZDĪ REOLF]RQR ĪH GZyFK VFULWWRUL RJOąGDMąF NDĪGą SRMHG\QF]ą QRWDWNĊ Z FHOX XPLHV]F]HQLD MHM Z NDWDORJX SRWU]HERZDáRE\ RVLHPG]LHVLĊFLX ODW QD Z\NRQDQLHWHMSUDF\ .WRE\MHGQDNVąG]LáĪHSRVLDGDMąFV\JQDWXUĊMDNLHJRĞGRNXPHQWXEH]SUREOHPX EĊG]LHPyJáGRWU]HüGRQLHJRMHVWZEáĊG]LHQDSU]HVWU]HQLZLHNyZERZLHPSU]HGH ZV]\VWNLPRGF]DVyZVFKL]P\PLDáRPLHMVFHZLHOH]DNRĔF]RQ\FKILDVNLHPDPLPRWR VWDOHSRZWDU]DQ\FKSUyEVWZRU]HQLDQRZHMV\JQDWXU\FDáRĞFL]ELRUyZ:NRQVHNZHQFML ZLHOHWHN]GRNXPHQWDPLQRVLáRNLONDV\JQDWXU±RWZDUWHR]QDNRZDQLHVáRZQHGHFXULD GHSUDHEHQGLVYDFDWXULVGHGLYHUVLVIRUPLVGHH[KLELWLVGHSOHQDULDUHPLVVLRQH5 LWG NWyUHPRĪQDE\áRRGF]\WDüMHGQDNĪHW\ONRZWHG\JG\VHJUHJDWRU±MDNWRE\áRZ]Z\- F]DMX Z ĞUHGQLRZLHF]X ± SU]HFKRZ\ZDQR QD OHĪąFR R]QDNRZDQLH WR ]QDMGRZDáR VLĊ ZWHG\QDVSRG]LH Strona 13 OXEWHĪV\JQDWXUĊOLF]ERZąDOERNRPELQRZDQ\V\VWHPOLWHULF\IUMDN QDSU]\NáDGÄ%RQLI,;$QQR/LE´ -HĞOLLG]LHRWHQRVWDWQLV\VWHPWRZ\UDĨQ\ĞODGSR]RVWDZLáZQLPSRVRELHSHZLHQ   Zá Strona 14 ±SLVDU]   Zá Strona 15 ±DNWD  QLHFKEĊG]LHSRFKZDORQ\-H]XV&KU\VWXV  VDODNDWDORJyZ  2.XULLRGPLHQQ\FKSRVWDZDFKUyĪQ\FKIRUPDFKSR]QDQLXXVWDZDFK DTP by SHADE 9 Strona 16 FXVWRVUHJLVWULEXOODUXPDSRVWROLFDUXP1 QD]ZLVNLHP*LXVHSSH*DUDPSLĪ\MąF\ZSR- áRZLH ;9,,, ZLHNX 6WZRU]\á RQ RZR 6FKHGDULR *DUDPLL2  ]ELyU DUFKLZDOQ\ NWyUHJR VFKHPDW\F]Q\SRG]LDáQDUyĪQHREV]DU\WHPDW\F]QHGODNDĪGHJRSRQW\ILNDWXVSRZRGR- ZDáRZLHOHZLĊFHM]DPLHV]DQLDDQLĪHOLSU]\QLyVáNRU]\ĞFL6WDáRVLĊWDNSRQLHZDĪĪDGHQ ]SDSLHĪ\QLHU]ąG]LáSU]H]W\OHVDPRODWRUD]GODWHJRĪHUyĪQHUHMHVWU\MDNGHMXELOHR3* F]\GHEHQHILFLLVYDFDQWLEXV4 SRVLDGDá\]UyĪQLFRZDQąREMĊWRĞüDOHPLDá\GRG\VSR]\FML W\OHVDPRPLHMVFD &KRü EU]PL WR MXĪ Z\VWDUF]DMąFR]DJPDWZDQLHNDĪGD QRZD SUyED XSRU]ąGNRZD- QLDSU]\SRPLQDáDEXGRZĊZLHĪ\%DEHOWDNVDPRERZLHPMDNZLHĪDWDQLJG\QLHVLĊJáD QLHELRV%yJSRPLHV]DáMĊ]\NLMHMEXGRZQLF]\FKWDNNDĪGDQRZDNRQNRUGDQFMDPLDáDE\ Z SUDNW\FH SRGREQH NRQVHNZHQFMH MDNR ĪH EĊGąF REUD]HP QLHVNRĔF]RQHJR 8QLZHU- VXP]JyU\VND]DQDE\áDE\QDNOĊVNĊFKRüE\GODWHJRDOERZáDĞQLHGODWHJRLĪSRGáXJ ]DVDGJUHFNLHMNRVPRJRQLLFKDRVE\áVWDQHPSLHUZRWQ\P]NWyUHJR6WZyUFD]EXGRZDá XSRU]ąGNRZDQ\NRVPRVDQLHRGZURWQLH7RRVWDWQLHSRUyZQDQLHMHVW]UHV]WąEDUG]LHM VHQVRZQHRGSLHUZV]HJRFKDRVERZLHPMHVWQLHW\ONRU]HF]ąSRGSRU]ąGNRZDQąVWD- QHPSR]EDZLRQ\PNV]WDáWXDOHWDNĪHVWDQHPUR]]LHZX RWZDUFLDJG]LH SU]HGZFKR- G]ąF\PZHĔEDGDF]HPRWZLHUDáVLĊQLH]QDQ\ĞZLDWQDGNWyU\PSRGREQLHGRWU]\JáR- ZHJR&HUEHUDVWU]HJąFHJREUDP+DGHVXVSUDZRZDáSLHF]Ċ$XJXVW\Q 2UDWRULDQLQSRGDáNDUG\QDáRZLODPSĊQDEDWHULHSU]HF]XZDáĪHMHJRGURJDZLHG]LH GR5LVHUYDJG]LHQLHPDĪDGQHJRRĞZLHWOHQLD.DUG\QDáVNLQąáJáRZąQLHZ\SRZLDGDMąF DQL MHGQHJR VáRZD 0LOF]Dá WDNĪH L $XJXVW\Q QLH ]RVWDZLá MHGQDN NDUG\QDáD VDPHJR W\ONRSRV]HGá]DQLPZąVNLPLNUĊW\PLVFKRGDPLQDZ\ĪV]HSLĊWUDZLHĪ\%\áDWRQDGHU XFLąĪOLZDLMHG\QDPRĪOLZDGURJDSURZDG]ąFDQDJyUĊZ\SRVDĪRQDZWHOHIRQ\XPLHV]- F]RQHQDĞFLDQLHQDNDĪG\PSRGHĞFLHVFKRGyZ :W\PPLHMVFXQDVFKRGDFKSURZDG]ąF\FKGRQDMVWDUV]\FKLQDMEDUG]LHMWDMQ\FK G]LDáyZ$UFKLYLR6HJUHWRF]XüE\áRGXV]QąVWĊFKOL]QĊ7HQ]DGXFKZ]PRFQLRQ\E\áGR- GDWNLHPQLHPQLHMQLHSU]\MHPQ\FK]DSDFKRZRFKHPLNDOLyZNWyU\FKRVWUHRSDU\PLDá\ ]QLV]F]\üXSDUW\JU]\ESU]\ZOHF]RQ\WXSU]HGZLHNDPL3RNU\ZDáRQVHJUHJDWRU\LSHU- JDPLQ\ SXUSXURZą SDMĊF]\Qą RSLHUDMąFą VLĊ QDZHW QDMPąGU]HMV]\P IRUPXáRP FKH- PLF]Q\PHU\QRZRĪ\WQHM3UDZDEDGDĔRUD]ZJOąGXGRW\FKDNWXG]LHODQRMHG\QLH]D ]H]ZROHQLHP SDSLHĪD 3RQLHZDĪ MHGQDN QLH PLDá RQ Z ]Z\F]DMX SRGSLV\ZDü QLF]HJR FK\EDĪHFKRG]LáRRGRNXPHQW\REDUG]RZDĪQHMWUHĞFL]DGDQLDWHJRSRGMąáVLĊNDUG\QDá -RVHSKH-HOOLQHN2F]\ZLĞFLH]GDU]DáRVLĊWREDUG]RU]DGNRMDNRLĪĪDGHQFKU]HĞFLMDQLQ QLHPDSUDZDĪąGDüX]DVDGQLHQLDRGPRZ\MHJRSURĞE\$NWDNWyU\FKZLHNQLHSU]HNUD- F]DáVWXODWLWDNEH]Z\MąWNXSRGOHJDá\FDáNRZLWHPXXWDMQLHQLXSDSLHVNLHLGRW\F]ąFH VDPHJR SDSLHĪD GRNXPHQW\ ]DĞ E\á\ XNU\ZDQH SU]HG SRWRPQRĞFLą QDZHW SU]H] ODW WU]\VWD3RXNáDGDQHVWRVDPL]ZLQLĊWHZUXORQ\L]DSLHF]ĊWRZDQHVSRF]\ZDá\WXWDMSUD- ZLHGZDW\VLąFHODWKLVWRULL.RĞFLRáD7RWXWDM]QDMGRZDáVLĊ]DRSDWU]RQ\ZWU]\VWDSLH- F]ĊFLGRNXPHQWZNWyU\PSURWHVWDQFNDNUyORZD6]ZHGyZ.U\VW\QDZ\]QDZDáDVZą ZLDUĊZSU]HLVWRF]HQLH2VWDWQLą:LHF]HU]ĊF]\ĞFLHFRGSXV]F]HQLHJU]HFKyZQLHRP\O- QRĞü SDSLHĪD RU]HF]HQLD VRERUX Z 7U\GHQFLH D W\P VDP\P SRGSRU]ąGNRZ\ZDáD VLĊ ZáDG]\ĝZLĊWHJR.RĞFLRáD.DWROLFNLHJR%\á\WDPUyZQLHĪLQVWUXNFMHSDSLHĪD$OHNVDQGUD 9,,NVLĊJLNRQWRZHUDFKXQNLOLVW\LGURELD]JRZHUDSRUW\QLHSRPLMDMąFHQDZHWWDNLFK V]F]HJyáyZMDNXELyUNRQZHUW\WNL F]DUQ\MHGZDEJáĊERNRZ\GHNROWRZDQDVXNQLD Strona 17 F]\ SRGDQHQDVWyáVáRG\F]H SRVąJLLNZLDW\]PDUFHSDQXJDODUHWNLLFXNUX Strona 18 DWDNĪHMHM ELVHNVXDOQH VNáRQQRĞFL :V]\VWNLH WH GRNXPHQW\ SRWZLHUG]Dá\ VáDZĊ WHJR DUFKLZXP MDNRMHGQHJR]QDMOHSV]\FKQDĞZLHFLH3U]HFKRZ\ZDQRZQLPPLĊG]\LQQ\PLRVWDWQL OLVW GR SDSLHĪD JRUOLZHM NDWROLF]NL 0DULL 6WXDUW SUDZQXF]NL +HQU\ND 9,, MDN UyZQLHĪ GHF\]MĊNWyUąĝZLĊWD.RQJUHJDFMD]DND]\ZDáDUR]SRZV]HFKQLDQLD6]HĞFLXNVLąJRRE- URWDFKFLDáQLHELHVNLFK0LNRáDMD.RSHUQLNDMDNLHWHQGRNWRUSUDZDNDQRQLF]QHJR]DGH-  DUFKLZLVWDRSLHNXMąF\VLĊVSLVHPNVLąJDSRVWROVNLFK  ]ELyUDUFKLZDOQ\*DUDPSLHJR  RMXELOHXV]X  RQLHREVDG]RQ\FKVWDQRZLVNDFKNRĞFLHOQ\FK DTP by SHADE  Strona 19 G\NRZDáSDSLHĪRZL3DZáRZL,,,:RGG]LHOQ\PG]LDOHDUFKLZXPSRGV\JQDWXUą(1;,; ]PDJD]\QRZDQRSUDZQHDNWDSURFHVRZH*DOLOHR*DOLOHLZUD]]QLHV]F]ĊVQ\PZ\URNLHP VLHGPLXNDUG\QDáyZQDVWURQLHÄ6WZLHUG]DP\RJáDV]DP\RVąG]DP\LZ\MDĞQLD- P\ SR SU]HSURZDG]RQ\P SURFHVLH L SU]HGVWDZLRQ\FK ]DU]XWDFK MDN SRZ\ĪHM LĪ W\ Z\ĪHMZ]PLDQNRZDQ\*DOLOHRXF]\QLáHĞVLĊZRF]DFK6DQW¶8IILFLREDUG]RSRGHMU]DQ\P RKHUH]MĊDPLDQRZLFLHJáRV]ąFLZLHU]ąFZIDáV]\ZąLQLH]JRGQą]HĝZLĊW\PLL%RVNLPL 3LVPDPLQDXNĊĪH6áRĔFHMHVWRVWRMą=LHPLLQLHSRUXV]DVLĊ]HZVFKRGXQD]DFKyGRUD] ĪHWR=LHPLDVLĊSRUXV]DLQLHMHVWRĞURGNLHPFDáHJRĞZLDWD6NXWNLHPWHJRSRGOHJDV] ZV]HONLPNDURPMDNLHQDáRĪRQHVą]DWDNLHSU]HVWĊSVWZDĞZLĊW\PLSUDZDPL.RĞFLRáD RUD]LQQ\PLRILFMDOQLHRJáRV]RQ\PLGHNUHWDPL´9HUEDYRODQWVFULSWDPDQHQW1*. 3U]HFKRZ\ZDQR WXWDM SU]HSRZLHGQLH SDSLHĪ\ SURURFWZD MDNLH RILFMDOQLH QLH E\á\ SU]\MPRZDQH GR ZLDGRPRĞFL RUD] U]HNRPH IDáV]HUVWZD NWyUH MHGQDN PXVLDá\ PLHü MDNLHĞ]QDF]HQLHDOHWDNĪHLSU]HSRZLHGQLHĞZ0DODFKLDV]D7HRVWDWQLH±FRE\áRSU]\- F]\QąJáĊERNLHMNRQIX]ML.XULL±QLHPRJá\E\üG]LHáHPWHJRĞZLĊWHJR]RVWDá\ERZLHP QDSLVDQHGRSLHURZODWSRMHJR]JRQLH0LPRWRZRZ\PDQRQLPRZ\PSURURFWZLH ]]DVNDNXMąFąGRNáDGQRĞFLąZ\PLHQLRQRQD]ZLVNDSRFKRG]HQLHSDSLHĪ\DWDNĪH]QD- F]ąFHZ\GDU]HQLD]LFKSRQW\ILNDWyZDFRZLĊFHMSU]HZLG]LDQ\]RVWDáNRQLHFSDSLHVWZD ]DU]ąGyZ5]\PLDQLQDLPLHQLHP3HWUXV3RGREQRZHGáXJSU]HSRZLHGQLPLDVWRQDVLHG- PLXZ]JyU]DFKF]HNDáD]DJáDGDDVWUDV]OLZ\VĊG]LDPLDáXNDUDüVZyMOXG 1LFQDW\PĞZLHFLHQLHMHVWWDNRVWDWHF]QHMDNNDĪGHSRVWDQRZLHQLH.XULL5]\PVNLHM DWRRVWDWQLHMHVWZVWRVXQNXGRSU]HSRZLHGQLSDSLHVNLFKQHJDW\ZQHDF]NROZLHNVáRZD FUHGRTXLDDEVXUGXP ZLHU]ĊPLPRLĪMHVWWRVSU]HF]QH]UR]XPHP Strona 20 SRFKRG]ąQLH]XVW NDFHU]DDOHGRNWRUD.RĞFLRáD$Q]HOPD]&DQWHUEXU\NWyUHJRORMDOQRĞüZ]JOĊGHP*U]H- JRU]D9,,LĝZLĊWHJR.RĞFLRáD0DWNL1DV]HMQLHPRĪHSRGOHJDüĪDGQHMZąWSOLZRĞFL7DN ZLĊF VáRZD IDáV]\ZHJR SURURND 0DODFKLDV]D SR]RVWDMą WDEX SU]\QDMPQLHM GOD ĞZLDWD ]HZQĊWU]QHJR3DSLHĪ3LXV;NWyUHPXZHGáXJSURURFWZDSU]HSRZLHG]LDQRLJQLVDUGHQV SáRQąF\RJLHĔ Strona 21 ]RVWDáZ\EUDQ\VLHUSQLDZGQLXĞZ'RPLQLND MHJRDWU\EXWHPMHVW SLHV]SáRQąFąSRFKRGQLą Strona 22 ]PDUáZNLONDW\JRGQLSRZ\EXFKX,ZRMQ\ĞZLDWRZHMÏZ SRQWLIH[ZVSyáF]XáVZHPXQDVWĊSF\NWyUHJRQLH]QDá]QDáERZLHPSURURFWZRMDNLHJR GRW\F]\áRUHOLJLRGHSRSXODWD±UHOLJLDEH]ZLHUQ\FK 7\PF]DVHPSU]HSURZDG]RQHEDGDQLDLQDXND]GHPDVNRZDá\MDNRDXWRUDSDSLHVNLFK SU]HSRZLHGQL)LOLSSR1HULMHGQHJR]ZLHONLFKĞZLĊW\FKNDWROLFNLHJRRGURG]HQLDĩ\MąF ]DF]DVyZ0LFKHODQJHODSRSDGDáRQSRGREQRF]DVDPLZHNVWD]ĊRJDUQLDáDJRZWHG\ QLHQDWXUDOQD SDVMD SRZRGXMąFD LĪ MHJR FLDáR VLOQLH G\JRWDáR D ZUD] ] QLP L GRP\ Z NWyU\FKSU]HE\ZDá3RGF]DVRILDU\PV]\MHJRFLDáR XQRVLáR VLĊ SRQDGVWRSQLDPLRá- WDU]D VHUFH ]DĞ ELáR WDN PRFQR MDN NRWá\ Z F]DVLH 6ąGX 2VWDWHF]QHJR 6HQVDF\MQH X]GURZLHQLDFKRU\FKLGRZRG\FKDU\]PDW\F]Q\FKFHFK1HULHJRSU]\F]\QLá\VLĊSyĨQLHM GRMHJRNDQRQL]DFML *G]LHMHGQDN]QDMGRZDá\VLĊQRWDWNL1HULHJR]DáRĪ\FLHOD]DNRQXRUDWRULDQyZ"1LH EH]SHZQ\FKSRGVWDZPRĪQDE\áRPLHüQDG]LHMĊĪHXNU\WRMHZWDMQ\PDUFKLZXP:D- W\NDQXDF]NROZLHNMDNWZLHUG]RQRWXĪSU]HGĞPLHUFLąĞZLĊW\PLDáVSDOLüVZRMHZV]\VW- NLHRVRELVWHSDSLHU\0LDáĪHE\WRE\üSU]\SDGHN":URNXĞPLHUFL1HULHJRXND]DáR VLĊ SLĊFLRWRPRZH G]LHáR EHQHG\NW\QD $UQROGD :LRQD SRG W\WXáHP /LJQXP YLWDH ± RU- QDPHQWXPHWGHFXV(FFOHVLDH2 GRW\F]ąFHOLWHUDFNLFKRVLąJQLĊüMHJR]DNRQX:WRPLH GUXJLPQDVWURQDFKGRDXWRUF\WXMHSURURFWZD]DáRĪ\FLHODRUDWRULDQyZMDNR 3URSKHWLD60DODFKLDH$UFKLHSLVFRSLGH6XPPLV3RQWLILFLEXV3 &XGMHVWQDMXNRFKDĔ- V]\P G]LHFNLHP ZLDU\ 3RQLHZDĪ QLH]QDQH Vą SRZLą]DQLD SRPLĊG]\RUDWRULDQLQHP )L- OLSSR D EHQHG\NW\QHP $UQROGHP Z\QLND ] WHJR LĪ EHQHG\NW\Q QLHFK %yJ ]DFKRZD ZRSLHFHMHJRELHGQąGXV]ĊGRNRQDáRV]XVWZDEH]Z]JOĊGXQDPRW\Z\MDNLHNLHURZDá\ MHJRSLyUHP :G]LHOHW\PQDSLVDQRĪH6LGXVRORUXP±R]GREDáDEĊG]LZáRĪ\WLDUĊQDJáRZĊ  VáRZDZ\SRZLHG]LDQHXODWXMąSLVPRSR]RVWDMH  'U]HZRĪ\FLD±R]GREDLFKOXED.RĞFLRáD  3URURFWZDĞZ0DODFKLDV]DRSDSLHĪDFK DTP by SHADE 11 Strona 23 6áRZDWHVąV\PEROLF]QHL]DJDGNRZHDOHNLHG\ZURNX]DVLDGáQDWURQLHSDSLH- VNLP.OHPHQV,;QLNWQLHZąWSLáMXĪZLĊFHMZSUDZG]LZRĞüWHMSU]HSRZLHGQL.OHPHQV *LXOLR5RVSLJOLRVL Strona 24 ]GRE\áGXĪąVáDZĊVZRLPLZLHUV]DPLSR]RVWDMąFGRG]LVLDMMHG\Q\P SRHWąNWyU\E\á]DUD]HPSDSLHĪHPáDEĊGĨ]DĞMHVWMDNZLDGRPRV\PEROHPSRHWyZ 3U]H]VHWNLODWĪDGHQ6XPPXV3RQWLIH[QLHRSXĞFLáPXUyZ:DW\NDQXSRZ\ERU]HGRNR- QDQ\PSU]H]NRQNODZHWDNLVDPORVE\áSU]H]QDF]RQ\UyZQLHĪL3LXVRZL9,NLHG\SR SLĊFLRPLHVLĊF]Q\PNRQNODZHZ3DáDFX.ZLU\QDOVNLP]RVWDáZ\EUDQ\QDVWĊSFą.OHPHQVD ;,91RZ\SDSLHĪFKDUDNWHU\]RZDQ\E\áSU]H]HNVWDW\F]QHJRĞZLĊWHJRMDNRSHUHJULQXV DSRVWROLFXV1  FR MHGQDN ]RVWDáR ]DSRPQLDQH Z F]DVDFK 2ĞZLHFHQLD GR FKZLOL NLHG\ QLHV]F]ĊĞQLN WHQ Z URNX  ]RVWDá XSURZDG]RQ\ SU]H] IUDQFXVNLH RGG]LDá\ UHZROX- F\MQHGR)UDQFMLJG]LH]PDUáMDNRSHUHJULQXVF]\OLREF\=DJDGNąE\áDWDNĪHNRPHWD ZKHUELH/HRQD;,,,NWyU\NDĪG\DUF\NDSáDQREHMPXMąFVZyMXU]ąG]RERZLą]DQ\E\á SU]\MąüZ\MDĞQLRQDRQD]RVWDáDGRSLHURNLHG\SRZLą]DQRNRPHWĊ]HVáRZDPL]SU]H- SRZLHGQLOXPHQLQFRHOR±ĞZLDWáRQDQLHELH3URURFWZDWHE\á\G\VNXWRZDQHMHV]F]H SU]HGZ\ERUHPQDVWĊSF\3LXVD;,,-DQD;;,,,NWyU\PLDá]RVWDüSDVWRUHWQDXWDF]\OL SDVWHU]HP L ĪHJODU]HP -HGQDNĪH RZD SU]HSRZLHGQLD QLH PLDáD VHQVX Z VWRVXQNX GR ĪDGQHJR]SDSDELOHQLNWERZLHPQLHGDZDáV]DQVSDWULDUV]H:HQHFMLPLDVWDFKU]HĞFL- MDĔVNLHMĪHJOXJL$MHGQDN5RQFDOOL]RVWDáZ\EUDQ\MHJRSRQW\ILNDW]DĞX]QDQR]DMHGHQ ]SRVLDGDMąF\FKQDMEDUG]LHMSDVWRUDOQ\FKDUDNWHU 7\ONRNLONDNURNyZGDOHMOHĪDáRZ\PĊF]RQHWRUWXUDPLSU]H]SDSLHVNLHJRNRPLVDU]D 5HPROLQHVD]H]QDQLHPQLFKD*LURODPR6DYRQDUROLZNWyU\PX]QDZDáVLĊ]DZLQQHJR NDFHUVWZDJáRV]HQLDQDND]DQLDFKIDáV]\ZHMZLDU\RUD]SRJDUG\GODU]\PVNLHJRWURQX %\á\WDPWDNĪHV]F]HJyáRZHVSUDZR]GDQLD]RVWDWQLFKJRG]LQĪ\FLDEXG]ąFHJROĊNLJáR- V]ąFHJRNRQLHF]QRĞüSRNXW\ND]QRG]LHLRUD]SU]\NU\FKEDGDĔSU]HSURZDG]DQ\FKZMHJR FHOLF]\SU]\SDGNLHPF]DU\NWyUHJRĞ]GHPRQyZQLH]DPLHQLá\JRZKHUPDIURG\WĊFR SRGHMU]HZDáDĝZLĊWD,QNZL]\FMD]H]QDQLDĞZLDGNyZRMHJRJáĊERNLPĞQLHZMDNL]DSDGá SU]HG HJ]HNXFMą SU]HU\ZDQ\P MHG\QLH ZLHORNURWQ\PL Z\EXFKDPL JáRĞQHJR ĞPLHFKX RSLVSR]EDZLRQHMVHQVDFMLĞPLHUFLQDV]XELHQLF\LVSDOHQLDMHJRPDUWZHJRFLDáDNWyUHJR SRSLRá\ ]RVWDá\ ZV\SDQH GR $UQR 7DMQH GRVVLHU ]DZLHUDáR MHGQDN UyZQLHĪ LQIRUPDFMH R IORUHQW\ĔVNLFK G]LHZNDFK SRG NWyU\FK V]DWDPL NU\á\ VLĊ V]ODFKHWQH GDP\ =ELHUDá\ RQH SRSLRá\ IUD 6DYRQDUROL D QDZHW MDN ]DREVHUZRZDQR XNU\WR MHGQą UĊNĊ L F]ĊĞFL F]DV]NLNWyUHSRWHP]RVWDá\]DFKRZDQHMDNRUHOLNZLH=QDMGRZDá\VLĊWXWDMWDNĪHGR- JPDW\ SDSLHVNLH QDMQRZV]\ ] QLFK GRW\F]ąF\ QLHSRNDODQHJR SRF]ĊFLD 0DULL 3DQQ\ RSUDZLRQ\E\áZMDVQRQLHELHVNLDNVDPLW .XVWRV]ZLHG]LDáĪHNDUG\QDáQLHMHVW]DLQWHUHVRZDQ\ĪDGQ\P]W\FKGRNXPHQWyZ V]HGáZLĊFV]\ENRZVWURQĊ]QDMGXMąF\FKVLĊXV]F]\WXVFKRGyZF]DUQ\FKGU]ZL]GĊER- ZHJRGUHZQDNWyU\FKQLHPRĪQDE\áRRWZRU]\üEH]MHJRNXVWRV]DSRPRF\W\ONRRQ ERZLHPQRVLáSU]\SDVLHVZRMHMVXWDQQ\SU]\PRFRZDQ\áDĔFXV]NLHPNOXF]RGZyFKSLy- UDFKLQLNWLQQ\W\ONRRQSRVLDGDáNOXF]GRWHJRQDMWDMQLHMV]HJRSRPLHV]F]HQLDWDMQHJR DUFKLZXP1LHR]QDF]DáRWRMHGQDNZĪDGQ\PZ\SDGNXĪHPLDáSRMĊFLHRWDMHPQLFDFK ]DZDUW\FKZW\PSRPLHV]F]HQLX]QDá]QDMGXMąFHVLĊZQLPNVLĊJLLGRNXPHQW\LPXVLDá PLOF]HüRU]HF]DFKRNWyU\FKQLHZROQRE\áRPyZLü:LHG]LDáW\ONRW\OHĪH]DW\PLFLĊĪ- NLPLGĊERZ\PLGU]ZLDPL]áRĪRQHE\á\QDMZLĊNV]HWDMHPQLFH.RĞFLRáDGRVWĊSQHMHG\QLH NDĪGHPXNROHMQHPXSDSLHĪRZLZNDĪG\PUD]LHZWDNLVSRVyESRVWĊSRZDOLSRSU]HGQLF\ -DQD3DZáD,,-HGQDNĪHSROVNLSDSLHĪSU]HQLyVáWHQSU]\ZLOHMQDNDUG\QDáD]WHJRZLĊF SRZRGXNXVWRV]PLQąá-HOOLQNDLZĞZLHWOHWU]\PDQHMSU]H]HĔODPS\RWZRU]\á]DPHN -HJR SRGQLHFHQLH ]GUDG]DáR GUĪHQLH UąN .DUG\QDá ]QLNQąá ]D GU]ZLDPL $XJXVW\Q ]DĞ SR]RVWDá Z FLHPQRĞFLDFK MDNLH ]DOHJDá\ NRU\WDU] SU]HG QLPL 3UHIHNW SRĞSLHV]QLH ]D- PNQąáGU]ZLQDNOXF]WDNLE\áERZLHPSU]HSLV =DNDĪG\PUD]HPSRGF]DVRWZLHUDQLDGU]ZLNXVWRV]U]XFDáRNLHPGRZHZQąWU]D FRQD1DMĞZLĊWV]ą']LHZLFĊ0DULĊE\áRJU]HFKHP:WHQVSRVyESR]QDáZ\SRVDĪHQLH VDOL ]QDMGXMąFHM VLĊ ]D F]DUQ\PL GU]ZLDPL :LG]LDá XPLHV]F]RQH MHGQH QDG GUXJLPL FLĊĪNLHGU]ZLF]NLVNU\WHNSRGREQHGRW\FKMDNLH]QDMGXMąVLĊZSLZQLFDFKEDQNXSDĔ-  REF\DSRVWRá DTP by SHADE  Strona 25 VWZRZHJRNOXF]HGRQLFKQRVLáSU]\VRELHMHGQDNQLHRQDOHNDUG\QDá$XJXVW\QQLH- F]ĊVWRRWZLHUDáWHGU]ZLDF]NROZLHNZRVWDWQLFKF]DVDFKNDUG\QDáFRUD]F]ĊĞFLHMNRU]\- VWDá]HVZHJRSU]\ZLOHMX-HGHQMHG\Q\UD]ZURNXNXVWRV]GRZLHG]LDáVLĊMDNą VHQVDF\MQąWUHĞüSRVLDGDMą]DPNQLĊWHWXGRNXPHQW\:WHG\ZSXĞFLáGRWHJRSRPLHV]- F]HQLD-DQD;;,,,]DPNQąá]DQLPGU]ZLLF]HNDáQDSXNDQLHSDSLHĪDWDNMDNWHUD]QD ]QDNNDUG\QDáDMHGQDNĪHEDUG]RGáXJRSRQDGJRG]LQĊZHZQąWU]SDQRZDáDFLV]D$OH SRXSá\ZLHJRG]LQ\XVá\V]DáQDJOHJáXFKHXGHU]HQLDSLĊĞFLąZGU]ZLLNLHG\SU]HNUĊFLá NOXF]Z]DPNXSDSLHĪZ\ELHJáPXQDSU]HFLZ]DWDF]DMąFVLĊLGUĪąFQDFDá\PFLHOHMDN JG\E\RJDUQĊáDJRJRUąF]ND7DNSU]\QDMPQLHMVąG]LáZRZ\PF]DVLHNXVWRV]:NRĔFX MHGQDNQDĞZLDWáRG]LHQQHZ\V]áDSU]\QDMPQLHMF]ąVWNDSUDZG\ĝZLĊWD']LHZLFDNWyUD XND]DáDVLĊZURNXZ)DWLPLHWURMJXSRUWXJDOVNLPSDVWXV]NRPLSU]HSRZLHG]LDáD UH]XOWDWĞZLDWRZ\FKZRMHQRZDÄ1DV]DNRFKDQD3DQL])DWLP\´RJáRVLáDUyZQLHĪLWU]H- FLH SURURFWZR NWyUHJR WUHĞü SR ]DSLVDQLX PRJáD E\ü SU]HND]DQD GRSLHUR SDSLHĪRZL SDQXMąFHPX Z URNX  3UDZG]LZD WUHĞü RZHJR GRNXPHQWX NWyU\E\á SU]HFKRZ\- ZDQ\]DW\PLGU]ZLDPLVWDáDVLĊSU]\F]\QąNUąĪąF\FKSR:DW\NDQLHQDMVWUDV]OLZV]\FK LQDMSU]HUyĪQLHMV]\FKVSHNXODFML-DNPyZLRQRZSURURFWZLHW\PSU]HSRZLHG]LDQRDSR- NDOLSW\F]QąZRMQĊĞZLDWRZąNWyUD]QLV]F]\FDáHĪ\FLHQD=LHPLLQQDSRJáRVNDWZLHU- G]LáD ]DĞ ] NROHL LĪ MHGHQ ] QDVWĊSQ\FK SDSLHĪ\ ]RVWDQLH ]DPRUGRZDQ\ = WHJR WHĪ SRZRGXQDVWĊSFD3DZáD9,]PXV]RQ\E\áSRVZRLPZ\ERU]HXGDüVLĊSRLQIRUPDFMHQD WHQWHPDWGRĨUyGáD]QDMGXMąFHJRVLĊ]DRZ\PLFLĊĪNLPLGĊERZ\PLGU]ZLDPL1LHMHVW ĪDGQąWDMHPQLFąLĪRGWHJRF]DVXFLHUSLDáQDFLĊĪNąGHSUHVMĊLPLDáNáRSRW\]SRGMĊFLHP MDNLHMNROZLHNGHF\]ML -HGQDNĪH WHJR ZLHF]RUX ]DLQWHUHVRZDQLH NDUG\QDáD GRW\F]\áR VWDORZHM VNU]\QL ZNWyUHMSU]HFKRZ\ZDQHE\á\ZV]\VWNLHGRNXPHQW\]ZLą]DQH]0LFKHODQJHOR%RXQDUUR- WLP.DUG\QDáPLDáX]DVDGQLRQHSRGHMU]HQLDLĪ]D0LFKHODQJHOHPLMHJRV]WXNąXNU\ZD VLĊMDNDĞVWUDV]OLZDWDMHPQLFD3RWZLHUG]DáWRIDNWĪHQDMZLĊNV]HPXXWDMQLHQLXSRGOH- JDá\ WDNLH ZáDĞQLH GRNXPHQW\ MDN NRUHVSRQGHQFMD 0LFKHODQJHOD ] SDSLHĪDPL SU]HGH ZV]\VWNLP]-XOLXV]HP,,L.OHPHQVHP9,,GRVVLHURVWRVXQNDFKWRZDU]\VNLFKDUW\VW\ MDNRLĪZLHG]LDQR]DUyZQRRMHJRDVFHW\F]QHMQDPLĊWQRĞFLGRNVLĊĪQHM9LWWRULL&RORQQ\ MDNLNRQWDNWDFK]QHRSODWRQLNDPLLNDEDOLVWDPL7DNQLHPRJáRE\üQDZHWLQDF]HMQLH EH]SRZRGXĪ\FLH0LFKHODQJHORE\áRZ:DW\NDQLHWDEXRGODW ,JQRUDQFMDERLVLĊZLHG]\WDNZLĊFNDUG\QDáFRUD]SRĞSLHV]QLHMVLĊJDáSRNROHMQH SHUJDPLQ\ZLHORNURWQLHVNáDGDQHNDUW\SDSLHUXSR]ZLą]DQHWDVLHPNDPLWHF]NL]DN- WDPL : ĞZLHWOH VZHM ODPS\ ZLG]LDá GUREQH SLĊNQH SLVPR SU]HELHJDá RF]\PD VáRZD OLVWyZ NWyU\FK QLH VSRVyE E\áR ]UR]XPLHü QLH ]QDMąF LFK NRQWHNVWX 3U]HZDĪQLH UR]- SRF]\QDá\ VLĊ RQH ZáRVNLP ]ZURWHP ÄLR 0LFKHODQJHOR VFXOWRUH1  ± MD U]HĨELDU] 0L- FKHODQJHOR´±NWyU\E\áZ\UD]HPMHJRGXP\]MĊ]\ND'DQWHJRRUD]GRZRGHPLĪQLH UR]XPLDáXĪ\ZDQHMSU]H].RĞFLyááDFLQ\=GUXJLHMMHGQDNVWURQ\VáRZDWHPLDá\E\ü]áR- ĞOLZ\PSU]\W\NLHPGRJZDáWX]DGDZDQHJRMHJRV]WXFHSU]H]:DW\NDQ . 3DSLHĪ-XOLXV],,]ZDELá0LFKHODQJHODGR5]\PXSRGIDáV]\Z\PSUHWHNVWHPZ\NXFLD ]NDUDU\MVNLHJRPDUPXUXJLJDQW\F]QHJRJURERZFDGODVLHELHPLDáRQWHJRGRNRQDü]D G]LHVLĊüW\VLĊF\VNXGyZ±OXG]NLHJRĪ\FLDQLHVWDUF]\áRE\QDZ\NRQDQLHWHMSUDF\-HG- QDNĪHNLHG\Z\UąEDQHZ&DUUDU]HEORNLPDUPXUXGRWDUá\GR5]\PXSDSLHĪRZLSURMHNW WHQSU]HVWDáVLĊMXĪSRGREDüRGPDZLDáQDZHWZ\SáDFHQLDNDPLHQLDU]RPZ\QDJURG]H- QLD:WHG\WR0LFKHODQJHORQDáHEQDV]\MĊXFLHNá]5]\PXLXGDáVLĊZNLHUXQNX)ORUHQ- FML3RZUyFLáGRSLHURZGZDODWDSRWHPQDXVLOQHQDOHJDQLDSDSLHVNLHJRZ\VáDQQLND-X- OLXV]]DVNRF]\áJRZWHG\Z\]QDQLHPLĪEXGRZDQLHZáDVQHJRJURERZFDMHV]F]H]DĪ\FLD PXVLSU]\QLHĞüQLHV]F]ĊĞFLH2QDUW\VWDSRZLQLHQ]DĞUDF]HM]DMąüVLĊSRPDORZDQLHP VNOHSLHQLD .DSOLF\ 6\NVW\ĔVNLHM Z RZ\FK F]DVDFK FDáNRZLFLH SR]EDZLRQHM R]GyE EX- GRZOL±NWyUHMVZHLPLĊQDGDá6\NVWXV,9GHOOD5RYHUH1LHSRPRJá\ZV]HONLH]DNOLQDQLD L]DSHZQLHQLDDUW\VW\LĪXURG]LáVLĊMDNRVFXOWRUHDQLHSLWWRUH2 ±-HJRĝZLąWREOLZRĞü   Zá Strona 26 ±U]HĨELDU]   Zá Strona 27 ±PDODU] DTP by SHADE 13 Strona 28 XSLHUDáVLĊSU]\UHDOL]DFMLWHJRSODQX 7U]\PDQ\ZGáRQLSU]H]NDUG\QDáDQLHSR]RUQ\NDZDáHNSHUJDPLQXNWyUHJRSLVPR E\áRMXĪWUXGQHGRRGF]\WDQLDRJáDV]Dá]Z\FLĊVWZRSDSLHĪDQDG0LFKHODQJHORÄ']LVLDM PDMDURNXMD0LFKHODJQHORVFXOWRUHRWU]\PDáHPRG-HJRĝZLąWREOLZRĞFLSD- SLHĪD-XOLXV]D,,SLĊüVHWGXNDWyZNWyUHZ\SáDFLOLPLQDSRF]HWPHJRPDODUVNLHJRG]LHáD SRGVNDUELPHVVHU&DUOLQRLPHVVHU&DUOR$OEL]]L']LHáRWRUR]SRF]\QDP]GQLHPG]LVLHM- V]\PZNDSOLF\SDSLHĪD6\NVWXVDDWRSRG]DJZDUDQWRZDQ\PLNRQWUDNWHPZDUXQNDPL NWyUHVSLVDáLZáDVQRUĊF]QLHSRGSLVDáELVNXS3DZLL´ .DUG\QDáOXELáZRĔMDNąZ\G]LHODá\VWDUHPDQXVNU\SW\yZQLHZLGRF]Q\GUREQLX- WHĔNLS\áRVLDGDMąF\QLH]DXZDĪDOQLHQDEáRQDFKĞOX]RZ\FKQRVDLNWyU\ZWDNLVSRVyE UR]VWUDMDá]P\Vá\LĪWąRNUĊĪQąGURJąSU]H]QRVF]\WDQDWUHĞüSU]\MPRZDáDSRVWDüF]áR- ZLHND]WDPW\FKODW1DJOHZLĊFSRMDZLáVLĊSU]HGQLPQLVNLPXVNXODUQ\IORUHQW\ĔF]\N RG]LDQ\ZZąVNLHFLHQNLHVSRGQLHLVWHEQRZDQ\PRFQRĞFLĞQLĊW\SDVHPSyáGáXJLNDIWDQ ]DNVDPLWX.DUG\QDáXMU]DáMHJRWUyMNąWQąF]DV]NĊGáXJLQRVLZąVNRUR]VWDZLRQHRF]\ =DSHZQHQLHE\áWRZ]yUSLĊNQHJRPĊĪF]\]Q\DMHV]F]HPQLHMSHáQHJRHQHUJLLVFXOWRUH =SRUR]XPLHZDZF]\PXĞPLHFKHP±DPRĪHJHVWWHQE\áZ\UD]HPUDGRĞFL]FXG]HJR QLHV]F]ĊĞFLD" ± IORUHQW\ĔF]\N SRGDZDá NDUG\QDáRZL SHUJDPLQ ]D SHUJDPLQHP NWyUH WHQF]\WDá]SHáQąĪąG]\FLHNDZRĞFLą3Rá\NDáRF]DPLWUXGQHFKZLODPLGRRGF\IURZDQLD GRNXPHQW\ QDWUDILDMąF QD GRZRG\ QLH]UR]XPLDáHM JZDáWRZQRĞFL -HJR ĝZLąWREOLZRĞFL -XOLXV]D,,SU]HG]LZQHJRVNąSVWZDSRZWDU]DMąFHVLĊEH]SU]HUZ\SUyE\RV]XNDQLDDU- W\VW\DE\QLHZ\SáDFLüPXMHJRZSHáQL]DVáXĪRQHJRKRQRUDULXP0XVLDáRWRZNRĔFX GRSURZDG]Lü GR NáyWQL PLĊG]\ SDSLHĪHP D 0LFKHODQJHOR -HJR ĝZLąWREOLZRĞü FKĊWQLH ZLG]LDáE\ QD VXILFLH 6\NVW\Q\ GZXQDVWX DSRVWRáyZ IORUHQW\ĔF]\N GRVWDUF]\á SURMHNW\ V]WXNDMDNRVáXĪNDWHRORJLL Strona 29 $UW\VWDX]QDáMHMHGQDNV]\ENR]DĪDáRVQHRSXV]F]RQH JLQĊá\SRĞUyGZLHONLHMSU]HVWU]HQLVNOHSLHQLD3RGF]DVNáyWQLSDSLHĪSRFKRG]ąF\]URGX 5RYHUHVWZLHUG]LáLĪ0LFKHODQJHORPRĪHPDORZDüFRPXVLĊĪ\ZQLHSRGREDMHĞOLLG]LH RQLHJRWRPRĪHQDZHW]DPDORZDüFDáąNDSOLFĊRGRNLHQSRVNOHSLHQLHLQQRPLQH-HVX Christi1*. :Z\QLNXWHMZ\PLDQ\]GDĔ0LFKHODQJHOR]GHF\GRZDáVLĊQD*HQHVLVVWZRU]HQLH =LHPL%RJD2MFDXQRV]ąFHJRVLĊSRQDGZRGDPLDĪSRSRWRS]NWyUHJRXUDWRZDáDVLĊ W\ONR$UND1RHJR1DQLHELHVNOHSLHQLXXND]DüVLĊPLDáDKLVWRULDVWZRU]HQLDĞZLDWDDU- W\VWD]LJQRURZDáGDFKLVNOHSLHQLHFDáąDUFKLWHNWXUĊNDSOLF\:W\PZV]\VWNLPQLHE\áR QDZHW QDMPQLHMV]HJR ]QDNX F]\ WHĪ ZVND]yZNL R LVWQLHQLX ĝZLĊWHJR .RĞFLRáD :UĊF] SU]HFLZQLH 0LFKHODQJHOR XQLNDá MDNLHMNROZLHN DOX]ML WDN QDZHW WDP JG]LH SRZLą]D- QLDQDVXZDá\VLĊVDPHSU]H]VLĊ3U]\Z\SHáQLDQLXGZXQDVWXXZDUXQNRZDQ\FKRNQDPL SáDV]F]\]Q VNOHSLHQLD ]UH]\JQRZDá ] SU]HGVWDZLHQLD GZXQDVWX DSRVWRáyZ QDPDORZDá WDP ]D WR SLĊü 6\ELOOL L VLHGPLX SURURNyZ WDN MDN JG\E\ FKFLDá GDü GR ]UR]XPLHQLD LĪ LVWQLHMH WDMHPQD ZLHG]D NWyUą RZH SRVWDFLH XNU\ZDMą Z VRELH Z\ZLHUDMąFD ZLHO- NLHZUDĪHQLHVLáąVZHJRZ\UD]XLQNDUQDFMąW\WDQyZ,FKSRWĊJD]GDZDáDVLĊNUyORZDü QDZHWQDG6WDU\P7HVWDPHQWHPLFKSRVWDFLHE\á\]DJDGNRZHZVZHMV\PEROLFHMDNą PRĪQDE\áRMHG\QLHSU]HF]XZDüDOHQLJG\SRMąüGRNRĔFD =MHGQHM]QRWDWHNNDUG\QDáGRZLHG]LDáVLĊĪH0LFKHODQJHORQLHPDORZDáUĊNDPLDOH JáRZąU]XFLáQDVNOHSLHQLHFDáąVZRMąZĞFLHNáRĞüLZLHG]ĊWU]\VWDF]WHUG]LHĞFLWU]\SR- VWDFLRKRPHU\FNLHMUyĪQRURGQRĞFLRSDQRZDQHSU]H]GZDQDĞFLH6\ELOOLLSURURNyZZLFK QLHPDOERVNLHMJUR]LH2F]\ZLĞFLHPyZLVLĊĪH%DO]DNZ\P\ĞOLáWU]\W\VLąFHSRVWDFLDOH SRWU]HERZDáQDWRFDáHJRĪ\FLD0LFKHODQJHOR]DĞQDPDORZDáVZRMąF]ĊĞüZFLąJXW\ONR F]WHUDFKODW±]QLHFKĊFLąQLH]DGRZROHQLHPSHáHQĪąG]\]HPVW\WDNMDNJG\E\FKFLDá VLĊRGSáDFLüSDSLHĪRZL7RZV]\VWNRZ\QLNDáR]GRNXPHQWyZ*G]LHMHGQDNĪH]QDMGRZDá VLĊ NOXF] GR SR]QDQLD FDáHJR SUREOHPX" &R ZLHG]LDá 0LFKHODQJHOR %RXQDUURWL" -DNLHĪ WRGRQLRVáHLZDĪQHGRĞZLDGF]HQLDFKFLDáIORUHQW\ĔF]\NZ\UD]LüVZRLPQLH]UR]XPLDá\P REUD]HPĞZLDWD" &]WHUG]LHVWXRĞPLXSDSLHĪ\±W\OXERZLHPGRWHMSRU\E\áRQDVWĊSFyZ-XOLXV]D,,± ]DVWDQDZLDáRVLĊSRZDĪQLHQDGW\PGODF]HJRVWZRU]RQHPXZáDĞQLH$GDPRZLNWyUHPX  ZLPLĊ-H]XVD&KU\VWXVD DTP by SHADE  Strona 30 %yJ2MFLHFXQRV]ąFVLĊZSRZLHWU]XSRGDMHVZyMĪ\FLRGDMQ\SDOHFZVND]XMąF\0LFKH- ODQJHORQDPDORZDáSĊSHNVNRURQLJG\QLHPXVLDQRPXRGFLQDüSĊSRZLQ\RLOHPRĪQD ZLHU]\ü3LVPXZNWyU\PSRZLHG]LDQRÄ8NV]WDáWRZDá3DQ%yJF]áRZLHND]SURFKX]LHPL LWFKQąáZQR]GU]DMHJRGHFKĪ\FLD´ *HQHVLV Strona 31 :LHORNURWQLHSRGHMPRZDQRSRZDĪQH VWDUDQLDDE\XVXQąüyZSĊSHN-HV]F]H]DF]DVyZĪ\FLDPLVWU]D±0LFKHODQJHORPXVLDá PLHüZWHG\RVLHPG]LHVLąWV]HĞüODW±SDSLHĪ3DZHá,9SROHFLá'DQLHORZLGD9ROWHUUDXNU\ü SRGRSDVNąQDELRGUDFKQD]E\WZ\UDĨQHFHFK\SáFLRZHQDPDORZDQ\FKSU]H]0LFKHODQ- JHODJLJDQWyZ3U]\QLRVáRWRJRGQHPXZVSyáF]XFLDPDODU]RZLSU]H]ZLVNREUDFKHWWRQH FRR]QDF]DPQLHMZLĊFHMNUDZFDV]\MąFHJRNODS\GRVSRGQL)DNWĪHZRZ\PF]DVLH DWDNĪHSyĨQLHMSĊSHN$GDPDSR]RVWDáQLHWNQLĊW\]ZLą]DQ\MHVW]UR]ZDĪDQLDPL.XULL U]\PVNLHMNWyUDGRV]áDGRZQLRVNXLĪ]DPDORZDQLHWHJRIUDJPHQWXFLDáDEDUG]LHM]D- VWDQRZL REVHUZDWRUD DQLĪHOL DQDWRPLF]QLH SUDZLGáRZR XPLHMVFRZLRQ\ SĊSHN DF]NRO- ZLHNMHVWRQHJ]HJHW\F]QLHQDGHUZąWSOLZ\ =DSDFKNVLąĪNRZHJRS\áXLSHUJDPLQyZNWyUHNDUG\QDáWDNEDUG]ROXELáX]QDMąFJR ]DUyZQLHSRGQLRVá\FRREáRNLNDG]LGáDSRGF]DVZ\VWDZLHQLD1DMĞZLĊWV]HJR6DNUDPHQWX WHQZáDĞQLH]DSDFKZSUDZLáNDUG\QDáDZVWDQSU]HSRMRQHMJáĊERNąF]FLąNRQWHPSODFML 7DNLPZLĊFHM]DJáĊELDáVLĊZW\FKGRNXPHQWDFKW\PEDUG]LHMURVáRMHJRZVSyáF]XFLH GOD IORUHQW\ĔF]\ND NWyU\ FR Z\UDĨQLH Z\QLNDáR ] MHJR OLVWyZ]GDZDá VLĊ QLHQDZLG]Lü SDSLHĪ\ZWDNLPVDP\PVWRSQLXMDNRQLGDZDOLPXVLĊZH]QDNL7XRWRVNDUĪ\VLĊĪH QLHRWU]\PDáMXĪRGURNXDQLJURV]DRG-XOLXV]D,,WZLHUG]LĪHWDSUDFDPDODUVNDSU]H- NUDF]DMHJRVLá\ Ä2GUD]XSRZLHG]LDáHP:DV]HMĝZLąWREOLZRĞFLĪHPDODUVWZRQLHMHVW PRLPU]HPLRVáHP´ Strona 32 LVLHG]ąFQDFK\ERWOLZ\PUXV]WRZDQLXSU]HNOLQDSDSLHVNąQLHFLHU- SOLZRĞü']LHĔSRGGQLXNLHG\OHĪDáQDSOHFDFKIDUEDNDSDáDPXGRRF]XFLHUSLDáQD V]W\ZQRĞüNDUNXNWyUDSU]HV]NDG]DáDPXZF]\WDQLXZQRUPDOQHMSR]\FMLWDNĪHSU]H] ZLHOHODWSRWHPPXVLDáWU]\PDüSLVPDQDGJáRZąJG\FKFLDáMHSU]HF]\WDü 3RFKRG]ąF\ ] URGX 0HG\FHXV]\ QDVWĊSFD -XOLXV]D SDSLHĪ /HRQ QLH NU\á VLĊ ]H VZąQLHFKĊFLąGRIORUHQW\ĔF]\NDQD]\ZDáJRG]LNLPLWZLHUG]LáLĪ]0LFKHODQJHORQLH GDVLĊSU]HVWDZDü)DZRU\]RZDá±RLOHZRJyOHSRSLHUDáMDNLHJRNROZLHNPDODU]D±5D- IDHODSU]HGHZV]\VWNLPMHGQDNMHJRPLáRĞFLąE\áDPX]\ND1DVWĊSFD/HRQD+DGULDQ RPDá\ZáRVQLHQDND]DáRGELFLDW\QNXVNOHSLHQLDZUD]]PDORZLGáHP0LFKHODQJHODDOH GRVLĊJáDJRSU]HGZF]HVQDĞPLHUü7DNĪHL]MHJRQDVWĊSFą.OHPHQVHPVWRVXQNLPD- ODU]DQLHE\á\ZLHOHOHSV]H=SHáQąRGZDJL]áRĞOLZRĞFLą0LFKHODQJHORRĞZLDGF]\á-HJR ĝZLąWREOLZRĞFLZMHGQ\P]OLVWyZFRVąG]LRMHJRSURMHNFLH]EXGRZDQLDNRORVDRZ\VR- NRĞFLRVLHPG]LHVLĊFLXVWySPLDQRZLFLHQLF-DNĪHPXVLDáIORUHQW\ĔF]\NDZ]EXU]\üEUDN VPDNXXWHJRSDSLHĪDVNRUR]GHF\GRZDáVLĊDĪQDWDNąGUZLQĊPRĪQDE\ZáąF]\üGR RZHJRSURMHNWXVWRMąF\PXQDGURG]HVNOHSEDOZLHU]DSRGZDUXQNLHPĪHNRORV]RVWD- QLH]EXGRZDQ\ZSR]\FMLVLHG]ąFHMWU]\PDQ\SU]H]QLHJRUyJREILWRĞFLPyJáE\ZWHG\ VáXĪ\üMDNRNRPLQGODEDOZLHUVNLHJRSLHFD=DĞQDMEDUG]LHMSRGREDáVLĊDUW\ĞFLHSRP\Vá ZEXGRZDQLDZJáRZĊNRORVDJRáĊEQLNDSRGSLVDQH0LFKHODJQLRORVFXOWRUH .DUG\QDáRGNáDGDáNDĪG\OLVWQDVZRMHPLHMVFH%H]UDGQLHSRWU]ąVQąáJáRZąZSHZ- QHMFKZLOLĪDGHQ]W\FKGRNXPHQWyZQLHZ\GDZDáPXVLĊVNDQGDOL]XMąF\F]\JRUV]ąF\ QLH SRVLDGDá\ RQH UyZQLHĪ WDNLHM ZDJL DE\ SRGOHJDü QDMZ\ĪV]HPX VWRSQLX XWDMQLH- QLD:W\PPRPHQFLHMHJRZ]URNSDGáQD]ZyMSHUJDPLQyZSR]RUQLHQLHSRVLDGDMą- F\FK ĪDGQHM ZDUWRĞFL SU]HZLą]DQ\FK SRFLHPQLDá\PL VNyU]DQ\PL SDVNDPL =DSHZQH QLH]ZUyFLáE\XZDJLQDWHGRNXPHQW\±PRJáRLFKE\üRNRáRWX]LQD±JG\E\QLHZSDGá\ PXZRNRGZLHGXĪHSLHF]ĊFLHNRORUXNUZLVWHMF]HUZLHQLQDNWyU\FK]áDWZRĞFLąPRĪQD E\áRGRMU]HüSDSLHVNLKHUE]WU]HPDSRSU]HF]Q\PLSDVNDPL%\áWRKHUE3LXVD9&]\Ī 0LFKHODQJHORQLH]PDUáZáDĞQLHZF]DVLHSRQW\ILNDWXMHJRSRSU]HGQLND" . -HVX'RPLQHQRVWUXP1 ĝZLDGRPRĞüLĪRGSRQDGF]WHU\VXODWRNRĪDGQHJRF]áR- ZLHND QLH SR]QDáR WDMHPQLF]HM WUHĞFL W\FK SHUJDPLQyZ D WDNĪH IDNW ĪH SDSLHĪ ]DWDLá ZDĪQH GRNXPHQW\ XNU\ZDMąF MH SU]HG SRWRPQRĞFLą EH] Z]JOĊGX QDSU]\F]\Q\ MDNLH QLPNLHURZDá\Z\ZRáDá\GUĪHQLHSDOFyZNDUG\QDáD3RF]XáMDNSRSOHFDFKVSá\ZDPX  -H]X3DQLHQDV] DTP by SHADE 15 Strona 33 SRW D SRZLHWU]H NWyUH MHV]F]H SU]HG FKZLOą ZFLąJDá GR SáXF MDN VáRG\F] PDMRZHJR SRUDQND QD :]JyU]DFK $OEDĔVNLFK NLHG\ W\VLąFH NDV]WDQyZ SRNU\ZD S\áNLHP VZRLFK NZLDWyZFDáą]LHPLĊSRZLHWU]HWRQDJOHVWDáRVLĊGXV]QHSR]EDZLDMąFJRPRĪOLZRĞFL RGG\FKDQLD%\áRRVWUHPLDáQDZHWZUDĪHQLHĪHGXVLVLĊZWHMDWPRVIHU]HQLHSHZQRĞFL LVWUDFKX$OHZáDĞQLHWRRZDQLHSHZQRĞüLVWUDFKSRNLHURZDá\MHJRGUĪąF\PLSDOFDPL NDĪąFLP]áDPDüSLHF]ĊüLUR]HUZDüWDĞP\6SRGSRIDáGRZDQHMRNáDGNL]HVNyU\XND]Dá\ VLĊĞFLĞQLĊWHSRVNáDGDQHSHUJDPLQ\UyĪQHMZLHONRĞFL±WHUUDLQFRJQLWD1*. Ä'R*LRUJLR9DVDULHJR´.DUG\QDáRGUD]XUR]SR]QDáFKDUDNWHUSLVPD0LFKHODQJHOD 'ODF]HJRWHQOLVWDUW\VW\GRIORUHQFNLHJRSU]\MDFLHOD]QDOD]áVLĊZáDĞQLHWXWDMZ$UFKL- ZXP:DW\NDĔVNLP"3RĞSLHV]QLHFLąJOHJXELąFVLĊZGUREQ\FK]DZLMDVDFKSLVPD0LFKH- ODQJHODFRSRZRGRZDáRĪHPXVLDáFRFKZLOĊUR]SRF]\QDüMHJRF]\WDQLHRGSRF]ąWNX NDUG\QDáSU]HELHJDáRF]\PDVáRZDOLVWXÄ'URJLPáRG\SU]\MDFLHOX6HUFHPMHVWHPSU]\ 7RELH L EĊGĊ QDZHW MHĞOL WHQ OLVW QLH GRWU]H GR &LHELH FR SU]\ RE\F]DMDFK QDV]\FK F]DVyZ QLH E\áRE\ ZFDOH WDNLH QLHSUDZGRSRGREQH =QDV] ]DSHZQH G\VSR]\FMĊ -HJR ĝZLąWREOLZRĞFL MXĪSU]\VDP\PW\PVáRZLH]PHJRSLyUD]DF]\QDWU\VNDüĪyáü Strona 34 ZHGáXJ NWyUHMOLVW\LSDNXQNLZV]HONLHJRURG]DMXPRĪQDZLQWHUHVLH,QNZL]\FMLRWZLHUDüL]DWU]\- P\ZDüDQDZHWXĪ\ZDüMDNRĞURGNyZGRZRGRZ\FK7HQIDQDW\F]Q\VWDU]HFNWyU\XVL- áXMHVLĊ]GRELüLPLHQLHP3DZáD,9MDNJG\E\LPLĊPRJáRXNU\üGLDEHOVNLHFHFK\MDNLHJRĞ F]áRZLHNDRGHEUDáPLPRMąZ\QRV]ąFąW\VLąFGZLHĞFLHVNXGyZUHQWĊFRQDV]F]ĊĞFLH QLHZSá\ZDMHGQDNQDSRJRUV]HQLHPRLFKZDUXQNyZ:LHU]PLĪDGHQ]%XRQDUURWLFK QLH ]DSRPLQD VZRLFK NU]\ZG :\PDORZDáHP NDSOLFĊ 6\NVWXVD QLH IDUEDPL WDN MDNE\ VLĊ WR PRJáR Z\GDZDü SRERĪQHPX RNX DOH SURV]NLHP NWyUHJR VWUDV]OLZH G]LDáDQLH RSLVDá Z VZRLP ZSURZDG]HQLX GR 6]F]ĊĞOLZHJR Ī\FLD )UDQFHVFR 3HWUDUND XZLHĔF]R- Q\ZDZU]\QHPSRHWD]$UH]]R3RGLQWRQDFR2 ]QDMGXMHVLĊZ\VWDUF]DMąFRGXĪRVLDUNL LVDOHWU\DE\WHJR&DUDIĊZUD]]MHJRRG]LDQ\PLZSXUSXUĊORNDMDPLZ\VáDüGRSLHNáD FRWDNZ\ERUQLHRSLVDá$OLJKLHULZVZRLPERVNLPSRHPDFLH-DNPyZLąSRHFLVáRZDVą QDMRVWU]HMV]ąEURQLą-D]DĞPyZLĊFLPyMGURJLPáRG\SU]\MDFLHOXĪHIUHVNL6\NVW\Q\ VąEDUG]LHMQLHEH]SLHF]QHQLĪODQFHLPLHF]H+LV]SDQyZNWyU]\]DJUDĪDMą5]\PRZL7HQ SDSLHĪ]URGX&DUDIyZXVLáXMH]DEDU\NDGRZDüVLĊSU]HG+LV]SDQDPLDPQLVLPXV]ąSR W\VLąFNURüQRVLüZVZRLFKKDELWDFK]LHPLĊ*G\E\3DZHáQLHE\áMHG\QLHVáDE\PV]NLH- OHWHPVWDáE\QDGQLPLLZ\ZLMDáEDWHPDE\SU]\VSLHV]\üSUDFH0LPRDPRĪHZáDĞQLH GODWHJR LĪ MHVWHP WDN VWDU\ ĪH ĞPLHUü SRFLąJD PQLH MXĪ ]D VNUDM NDIWDQD ZFDOH QLH REDZLDP VLĊ +LV]SDQyZ 3ROHFDP VLĊ 7ZRMHM SDPLĊFL 0LFKHODJQLROR %RXQDUURWL 3RVW- VFULSWXP&]\WRSUDZGDĪHZH)ORUHQFMLPXVLVLĊNDĪGHJRGQLDVNáDGDüUDSRUWROLF]ELH UR]G]LHORQ\FKKRVWLL"´ .DUG\QDáRSXĞFLáUĊNĊ]OLVWHP2SDUáVLĊáRNFLHPRMHGHQ]SXOSLWyZVWRMąF\FKSR- PLĊG]\VWDORZ\PLV]DINDPLLVáXĪąF\FKGRSU]HFKRZ\ZDQLDIROLDáyZLUyĪQHJRURG]DMX SLVP3UDZąGáRQLąRWDUáWZDU]MDNJG\E\FKFLDáZWHQVSRVyEZ\PD]DüZLG]LDQHSU]HG VREąPDPLGáR3UyERZDáXSRU]ąGNRZDüP\ĞOL]UR]XPLHüWRFRSU]HF]\WDáSU]HGFKZL- OąRGQDOHĨüVHQVOLVWXDOHQDSUyĪQR=DF]ąáRGSRF]ąWNXZ\GDZDáRVLĊSHZQHĪHOLVW WHQQLHGRWDUáGRDGUHVDWD=RVWDáSU]HFKZ\FRQ\SU]H]LQNZL]\FMĊQLH]UR]XPLDQ\DOH ]DFKRZDQ\MDNRHZHQWXDOQ\GRZyGSU]HFLZNR0LFKHODQJHOR&RPLDáQDP\ĞOLIORUHQW\- ULF]\NJG\SLVDáLĪVLDUNDLVDOHWUDVą]PLHV]DQH]W\QNLHPQDNWyU\PDUW\VWDQDQLyVá IDUE\ DO IUHVFR3  F]\OL QD PRNUR" 1LHQDZLG]Lá 3DZáD ,9 L ZV]\VWNLFK SDSLHĪ\ NWyU]\ MHPX JHQLXV]RZL FR WU]HED SU]\]QDü SDWU]ąF QD VSUDZĊ Z VSRVyE RELHNW\ZQ\ GDOL VLĊEDUG]RZH]QDNL$NLHG\SLVDáLĪĪDGHQ%RXQDUURWLQLH]DSRPLQDVZRLFKNU]\ZG REP\ĞODá]HPVWĊDQDZHWZLĊFHMPLDáMXĪZ]DQDGU]XVWUDV]OLZ\SODQZ\VWDUF]DMąFR QLHEH]SLHF]Q\ DE\ XVXQąü SDSLHĪD -DNLHĪ WR QLHEH]SLHF]HĔVWZR F]DL VLĊ ]D IUHVNDPL .DSOLF\6\NVW\ĔVNLHM" 'UXJLOLVWVNLHURZDQ\GRU]\PVNLHJRNDUG\QDáDGL&DUSLE\áWDNĪHSHáHQSRGREQ\FK DOX]ML0LFKHODQJHORZWHG\MXĪZQDGHUSRGHV]á\PZLHNXDWDNRZDáNDUG\QDáDEUXWDOQ\-  QLH]QDQ\OąGQLH]EDGDQ\REV]DU   Zá Strona 35 ±W\QN   Zá Strona 36 ±WHFKQLNDPDORZDQLDQDPRNURQDĞZLHĪ\PW\QNX DTP by SHADE  Strona 37 PLVáRZDPLSLV]ąFLĪGRV]áRGRMHJRXV]XZMDNLVSRVyEĞZLĊWHMSDPLĊFL-HJRĝZLąWR- EOLZRĞüZ\UDĪDáVLĊRMHJRG]LHOH3U]\F]\PRQVDP0LFKHODQJHORQLHPXVLMXĪWHUD] SRĞPLHUFL&DUDI\GąüZWHQUyJDZUĊF]SU]HFLZQLHSRZVWDQLHZ5]\PLHV]WXUPQD ZLĊ]LHQLD LQNZL]\FML UR]ELFLH SHáQHJR S\FK\ SRVąJX -HJR ĝZLąWREOLZRĞFL QD .DSLWROX ZV]\VWNRWRGRZRG]LQLHSRSXODUQRĞFLSDSLHĪDLEH]UDGQRĞFLMHJRQDVWĊSF\]ZąFHJRVLĊ 0HGLFLPPLPRLĪNDĪGHG]LHFNRZLHLĪSRFKRG]L]0HGLRODQXLMHJRSUDZG]LZHQD]ZL- VNR EU]PL 0HGLFKL -HJR ĝZLąWREOLZRĞü MHVW SRFKOHEFą SU]\ZUDFDMąF PX ZVWU]\PDQH SU]H]MHJRSRSU]HGQLNDGRFKRG\2Q0LFKHODQJHORQLHMHVWRGQLFKX]DOHĪQLRQ\F]áR- ZLHNZMHJRZLHNXQLHSRWU]HEXMHMXĪZLHOH=DSURSRQRZDáĪH]DSU]HVWDQLHMXĪSUDF\ DOHWDSURĞEDSR]RVWDáDEH]RGSRZLHG]LWDNZLĊFWHUD]SURVLMHJRNDUG\QDáDGL&DUSL DE\ZVWDZLáVLĊX-HJRĝZLąWREOLZRĞFL]DMHJRG\PLVMąMHĞOL]DĞLG]LHRSUDFĊQDSHZQR QLHEĊG]LHPXMHMEUDNRZDáR-HPX0LFKHODQJHORQLHSU]\VWRLRFHQLDüVZRMHMSUDF\GOD SDSLHĪ\DOHMHĪHOL2MFLHFĝZLĊW\VąG]LLĪRZRG]LHáRSU]\F]\QLVLĊGRZLHF]QHJRVSRNRMX MHJRGXV]\WRQDFKRG]ąJRZąWSOLZRĞFLF]\yZZLHF]\VW\VSRNyMEĊG]LHWDNáDWZ\GR RVLąJQLĊFLDFKRüE\W\ONRGODWHJRĪHMDNLĞDUW\VWDSU]H]VLHGHPQDĞFLHODWQLHRWU]\P\- ZDáVSUDZLHGOLZHM]DSáDW\1DWHPDWZLHF]\VWHJRVSRNRMXPyJáE\ZLHOHSRZLHG]LHüMHG- QDNĪHMHJRUR]XP]PXV]DJRGRPLOF]HQLD7RFRQDOHĪDáRSRZLHG]LHü]DZLHU]\áVZRLP IUHVNRP Z 6\NVW\QLH .WR PD RF]\ WHQ ]REDF]\ &DáXMĊ EDUG]R XQLĪHQLH GáRĔ :DV]HM :\VRNRĞFL0LFKHODQJHOR ,QQRPLQH'RPLQL1 :.DSOLF\6\NVW\ĔVNLHMXNU\WDE\áDWDMHPQLFDNWyUą0LFKHODQ- JHORSU]HND]\ZDáQLNF]HPQLHGDOHMLWRE\áRQLHSRMĊWH:V]\VWNLHWDMHPQLFHSRFKRG]ą RGV]DWDQDSU]HPNQĊáRSU]H]JáRZĊNDUG\QDáRZL3U]HUD]LáVLĊQDWĊP\ĞO=WUXGHP XGDáRPXVLĊ]UR]XPLHüSU]HF]\WDQ\SU]HGFKZLOąOLVW3HZQHE\áRMHG\QLHĪHSRZRGHP XNU\FLD W\FK GRNXPHQWyZ Z 7DMQ\P $UFKLZXP QLH E\á\ ]DU]XW\ SU]HFLZNR SDSLHĪRP ,QQHRZLHOHZLĊNV]H]QDMGXMąFHVLĊZGRNXPHQWDFKVNáDGRZDQ\FKZJáyZQ\FKSR- PLHV]F]HQLDFKDUFKLZXPQLHSRGOHJDá\ĪDGQHPXXWDMQLHQLX1LHSUDZG]LZDSU]\F]\QD Z\GDZDáDVLĊNU\üZDOX]MDFK0LFKHODQJHOD.WyĪMHGQDN]QDáWDMHPQLFĊDUW\VW\"7\P F]áRZLHNLHPPXVLDáE\ü3LXV9F]\ĪPyJáERZLHPLVWQLHüLQQ\SRZyGDE\]DSLHF]ĊWR- ZDüWHGRNXPHQW\"&]\R]QDF]DáRWRĪHZV]\VWNLFKSR]RVWDá\FKWU]\G]LHVWXG]LHZLĊFLX SDSLHĪ\SRQLPQLH]QDáRWHMWDMHPQLF\"&]\LVWQLDá]ZLą]HNSRPLĊG]\]DJDGNąV\NVW\- ULVNLFKIUHVNyZLWU]HFLąSU]HSRZLHGQLą']LHZLF\0DULL".DUG\QDáFLąJOHP\ĞODáRQDSLVLH QDVNOHSLHQLX.DSOLF\3RĞSLHV]QLHVNUHĞOLáNLONDVáyZQDNDUWFHSUDZLHQLH]GDMąFVRELH ]WHJRVSUDZ\ ±(PLQHQFMR"±GRELHJáJR]]DGU]ZLS\WDMąF\JáRVNXVWRV]D±(PLQHQFMR" -HOOLQHN QLH ZLHG]LDá LOH F]DVX VSĊG]Lá Z W\P 6DQFWLVVLPXP NDUG\QDáRZL E\áR WR LWDNRERMĊWQHZREOLF]XWHJRQLHVDPRZLWHJRRGNU\FLD ± 3RZLHG]LDáHP ĪH RMFLHF PD F]HNDü GRSyNL QLH ]DSXNDP ± ]DZRáDá ZáDGF]\P JáRVHPSRGV]HGáV]\GRGU]ZL±&]\RMFLHF]UR]XPLDá" ±2F]\ZLĞFLH±UR]OHJáVLĊ]GUXJLHMVWURQ\SRNRUQ\JáRV±2F]\ZLĞFLH(PLQHQFMR 8ZDJĊ NDUG\QDáD SU]\NXá OLVW RG]QDF]DMąF\ VLĊ V]F]HJyOQLH SLĊNQ\P FKDUDNWHUHP SLVPD-HJRJyUQHLGROQHOLQLMNLE\á\GRZRGHPSU]HPRĪQHMUDGRĞFLSLV]ąFHJRSRGREQHM GR SRZLHZDMąF\FK QD PDMRZ\P ZLHWU]H MHGZDEQ\FK FKXVWHN Ä6LJQRUD 0DUFKHVD´ ± EU]PLDá\SLHUZV]HVáRZDOLVWX]Ä6´]DF]\QDMąF\PVLĊXJyU\IDOLVWąOLQLąWDNąMDNZÄ,Q GXOFLLXELOR´2 SU]HVNDNXMąFąZSRáRZLHFDáąOLQLMNĊL]DZLMDMąFąVLĊQDNRĔFXMDNZąĪ ZRNyáMDMDÄ6LJQRUD0DUFKHVD´.DUG\QDáE\áFDáNRZLFLHĞZLDGRPSLNDQWHULLWHJR]ZUR- WXGRVNRQDOHERZLHP]QDáRVREĊNWyUDVLĊ]DQLPXNU\ZDáD%\áDQLą9LWWRULD&RORQQD PDUFKHVDGL3HVFDUDRZGRZLDáDRGF]DVyZELWZ\SRG3DZLąSRERĪQLVLDDQDZHWELJRW- NDGRWHJRVWRSQLDĪHSDSLHĪ.OHPHQV9,,XVLOQLHVWDUDáVLĊSRZVWU]\PDüMąRGQRV]HQLD ZHORQXZF]DVLHJG\U]\PVNDLIORUHQFNDDU\VWRNUDFMDSU]HĞFLJDáDVLĊZ]DUĊF]\QDFK L]DZLHUDQLXĞOXEyZ8ZDĪDQDE\áD]DMHGQą]QDMSLĊNQLHMV]\FKLQDMPąGU]HMV]\FKNR- ELHWVZHMHSRNLàDFLQĊ]QDáDMDNNDUG\QDáV]WXNĊUHWRU\NL]DĞMDNILOR]RI2ZDPDUNL]D E\áDZLHONąMHG\QąL ±FR VWDQRZLáR GOD ZLHOX ]DJDGNĊ±SODWRQLF]Qą PLáRĞFLą 0LFKH-  ZLPLĊ3DQD  ´:VáRGNLHMUDGRĞFL´SRF]ąWHNNROĊG\];,9Z DTP by SHADE 17 Strona 38 ODQJHOR 0LáRĞFLą NWyUD ]DPLHQLáD WHJR PDODU]D L U]HĨELDU]D Z SRHWĊ QLHUR]ZDĪQHJR VFRODUH1 SLV]ąFHJRHNVWUDZDJDQFNLHSHáQHĪDUXVRQHW\Ä6LJQRUD0DUFKHVD´7DNLOLVW ZW\PPLHMVFX"1LHWU]HEDE\áRVLĊ]E\WQLR]DVWDQDZLDüE\]UR]XPLHüGODF]HJRWHQOLVW WDNĪHQLHRSXĞFLáPXUyZ:DW\NDQX:ROQRSUDZLH]REDZąNDUG\QDá]DJáĊELáVLĊZWHQ SHáHQXORWQ\FKWUHĞFLOLVW Ä6]F]ĊĞOLZV]\RGĨUHELĊFLDQDáąFHSU]\MąáHPZLHONąáDVNĊMDNąE\á:DV]OLVW3DQL ] 9LWHUER OLWRĞFLZLH VSLVDQ\ NXQV]WRZQ\PL VáRZ\ SU]H]QDF]RQ\PL GOD :DV]HJR 3DQL RGGDQHJRVáXJL6]F]ĊĞOLZ\0LFKHODQJHOR]DZRáDáHPV]F]ĊĞOLZV]\RGZV]\VWNLFKNVLą- ĪąWWHJRĞZLDWD2F]\ZLĞFLHPyM]DFKZ\W]PąFRQ\]RVWDáJG\XVá\V]DáHPLĪ]UDQLáHP WDNĪHL:DV]H3DQLXF]XFLDLZLDUĊZĞZLĊWąUHOLJLĊĝZLĊWHJR.RĞFLRáD0DWNL1DV]HM :HĨFLHWRMHGQDN3DQL]DJDGDQLQĊDUW\VW\EáąNDMąFHJRVLĊPLĊG]\'REUHPD=áHP LXJQLDWDMąFHJRUD]GREUąUD]]áąJOLQĊ]NWyUHMU]DGNRSRZVWDMHRF]HNLZDQDIRUPD =SRNRUąSRG]LZLDPPRFQąZLDUĊ:DV]HM:\VRNRĞFLL-HMGHZL]ĊRPQLDVXQWSRVVLELOLD FUHGHQWL2  NWyUą :\ 3DQL WDN GRVNRQDOH SU]HáRĪ\OLĞFLH GOD PQLH QLHZ\NV]WDáFRQHJR F]áRZLHNDSRGáXJWHMGHZL]\F]áRZLHNPXVLW\ONRZLHU]\üDU]HF]\VWDMąVLĊVDPH7HUD] ]DSHZQH XZDĪDFLH PQLH 3DQL ]D QLHZLHUQHJR JáXSFD L S\WDFLH VLĊ JQĊELRQD WURVNą VNąGZ]LĊáDVLĊWDZąWSOLZRĞü:ąWSOLZRĞüRZDRNWyUHM:DP3DQLZVSRPLQDPQLH OHĪ\XNU\WDZPURF]Q\FKREáRNDFKQLHELHVNLFKGDOLZąWSOLZRĞüWDWNZLZSRP\áFHMDNą MHVWWDV\WXDFMDĪ\FLRZD'DOHNLMHVWHPRGHNVSOLNRZDQLD:DPWHJR3DQLPLPRLĪGOD :DV]HM:\VRNRĞFLXF]\QLáE\PZLĊFHMQLĪGODNRJRLQQHJRNRJR]QDPQDW\PĞZLHFLH :DV]D:\VRNRĞü]QDRZRSRZLHG]HQLHDPRUHQRQYXROPDHVWUR3 ±NRFKDMąFHVHUFH QLHPRĪHE\üSRSĊG]DQH$MHGQDNQDU]XFRQRPLE\P]DEUDáWĊWDMHPQLFĊ]HVREąGR JUREXQDZHW:DP3DQLQLHPRJĊMHM]GUDG]LüERZLHP±QLHPyZLąFMXĪRZV]\VWNLFK Z\VWĊSNDFKLSU]HGZF]HVQ\PLQIHUQR4 ±Z\GDáDE\VLĊRQD:DP3DQLL:DV]HMGXV]\ MDNR WUXFL]QD :DP 3DQL NWyUD Z\EXGRZDáDĞ NODV]WRU ĪHĔVNL Z SRáRZLH Z\VRNRĞFL 0RQWH&DYDOORVNąGQLHJG\Ğ1HURQVSRJOąGDá]JyU\QDSáRQąFHPLDVWR:\EXGRZDáDĞ JR3DQLSRWRDE\VWRS\W\FKSRERĪQ\FKQLHZLDVW]DWDUá\ĞODG\=áD5]HFPRJĊW\ONR W\OHZHIUHVNDFK6\NVW\Q\XZLHF]QLRQD]RVWDáDFDáDPRMDZLHG]D:\3DQLRGGDZQD MXĪ WR RGJDGQĊOLĞFLH L EROHVQ\P MHVW ZLHG]LHü ± DF]NROZLHN SRWZLHUG]D WR SU]\F]\QĊ PRLFKZąWSOLZRĞFL±MDNQLHZLHOHFLQDNWyU\FKVSRF]\ZDRERZLą]HNNU]HZLHQLDZLDU\ ]QDMąMHMQDXNL-DNGRWHMSRU\VLHGPLXSDSLHĪ\G]LHĔZG]LHĔSDWU]ąFZQLHERVSRJOą- GDáRQDVNOHSLHQLHWHMNDSOLF\DOHĪDGHQZ\NV]WDáFRQ\SU]H]V]WXNĊXP\VáQLHRGF]\WDá WHJRVWUDV]QHJRWHVWDPHQWX2ĞOHSLHQLZáDVQąZVSDQLDáRĞFLąWU]\PDMąGXPQLHLSURVWR VZH]DFLHWU]HZLRQHJáRZ\]DPLDVWSU]HFK\OLüMHGRW\áXE\SDWU]HüLGRMU]Hü7\PLVáR- ZDPLRPDOQLHSRZLHG]LDáHPMHGQDN]DGXĪRLPyJáE\P:DV3DQLQLPL]DQLHSRNRLü &]\PQLHMV]HMáDVNLGR]QDMąJU]HV]QLF\ 7\VLąFDZLQSRNRUQLSRNXWQLF\ 1LĪRZLFR]GXPąVZHJRGRNRQDQLD =QDGPLDUHPGREU\FKF]\QyZLGąSU]HGWZDU]3DQD" 6áXJD:DV]HM:\VRNRĞFL0LFKHODQJHOR%XRQDUURWLZ5]\PLH´ .DUG\QDá SRĞSLHV]QLH ]áRĪ\á WU]HV]F]ąF\ SHUJDPLQ L SRáRĪ\ZV]\ QD VWRVLH LQQ\FK XPLHĞFLá Z VWDORZHM V]DIFH QD W\P VDP\P PLHMVFX VNąG JR Z]Ląá &]\ NLHG\NROZLHN NWRĞ]UR]XPLHWHJR0LFKHODQJHOR"&RWHQDUW\VWDXNU\áQDVNOHSLHQLX.DSOLF\6\NVW\Ĕ- VNLHM",MDNWRVLĊVWDáRĪHGRSLHURRQNDUG\QDáLWHRORJSRZLĊFHMQLĪF]WHU\VWXODWDFK ZSDGáQDWURSWHMWDMHPQLF\" -HOOLQHN ]DPNQąá VNU\WNĊ Z]Ląá ODPSĊ L SRV]HGá Z VWURQĊ GU]ZL 5R]SRVWDUWą QD SáDVNGáRQLąXGHU]DáRQLH]QLHFLHUSOLZRĞFLąWDNGáXJRGRSyNLQLHXVá\V]DáĪHNXVWRV] REUDFD NOXF] Z ]DPNX 3RSFKQąá GU]ZL RGVXQąá ]DVSDQHJR VWUDĪQLND QD ERN L UXV]\á V]\ENR±SRGF]DVJG\WHQSRĞSLHV]QLH]DP\NDáGU]ZL±ZNLHUXQNXVFKRGyZ7U]\PDQD SU]H]NDUG\QDáDODPSDU]XFDáDQLHVSRNRMQHFLHQLH3U]HGMHJRRF]\PDWDĔF]\á\G]LZQH   Zá Strona 39 ±XF]HĔ  GODZLHU]ąFHJRZV]\VWNRMHVWPRĪOLZH  PLáRĞüQLHSRWU]HEXMHQDXF]\FLHOD  SLHNáR DTP by SHADE  Strona 40 SRVWDFL6\ELOOHSLĊNQHZVZHMPáRGRĞFLLVWDUV]HZLHNLHPEURGDFLSURURF\SRWĊĪQLH PXVNXODUQLH]EXGRZDQ\$GDPLSRGQLHFDMąFD(ZDNWyUąNRFKDáWDNMDNMDNLĞVWXGHQW NRFKDZ\VWĊSXMąFąQDVFHQLHSULPDGRQQĊ±EH]QDG]LHMQLHLW\ONR]RGGDOL:WHQNRUR- ZyGZVNRF]\áQDJOHUyZQLHĪL1RHRWRF]RQ\SU]H]6HPD&KDPDL-DIHWD-XG\WD]DVáD- QLDMąFDVZąWZDU]LSHZQ\VLHELH'DZLGZ\PDFKXMąF\PLHF]HPĝZLĊWD']LHZLFR0DULR &RZSLVDáZVZRMHIUHVNLQLHZLG]LDOQ\PDWUDPHQWHP0LFKHODQJHORWHQJHQLXV]LGLDEHá ]DUD]HP"&]\]DW\PLDOHJRU\F]Q\PLILJXUDPLF]DLVLĊDQW\FKU\VW"&RR]QDF]DÄ$´QD SHUJDPLQLH NWyU\ F]\WD -RHO SURURN WDN GRVNRQDOH SU]\SRPLQDMąF\ VZ\P Z\JOąGHP %UDPDQWH"-DNLH]QDF]HQLHPDyZDQLRá]DSDODMąF\ROLZQąODPSNĊ6\ELOOL(U\WUHMVNLHM NWyUD PLDáD SU]HSRZLHG]LHü 6ąG 2VWDWHF]Q\" 3RJUąĪRQD Z P\ĞODFK SLĊNQD L ERJDWR RG]LDQDSU]HU]XFDNDUW\NVLĊJLGRNáDGQLHWDNVDPRMDN6\ELOOD]&XPDHNWyUDVWDUD LNRĞFLVWDDPLPRWRSRWĊĪQLHMV]HMEXGRZ\RGZV]\VWNLFKSR]RVWDá\FKV]XNDSUDZG\ ZVZRLFKSR]LHOHQLDá\FKIROLDáDFK,SURURN(]HFKLHOZWXUEDQLH]H]ZRMHPSDSLUXVX MDNąWDMHPQLFĊNU\MąZVRELHÄ/´LÄ8´Z\SLVDQHQDQLP"$OER'DQLHOF]\ZMHJR]ZRMX ]DZDUWDMHVWRZDERVNDSUDZGD"-DNLĪSLĊNQ\VHQXNU\ZDVLĊSRGSRVWDFLą6\ELOOL'HO- ILFNLHMGRNąGELHJQLHMHMSHáQHOĊNXVSRMU]HQLH" .DUG\QDá V]HGá VáDER RĞZLHWORQ\PL NRU\WDU]DPL Z VWURQĊ .DSOLF\ 6\NVW\ĔVNLHM SU]HGMHJRRF]DPLSRMDZLáVLĊZNRĔFXSURURN-HUHPLDV]SRVWDüWUDJLF]QDLVPXWQD]D- UD]HPNWyUHM0LFKHODQJHOREH]ZąWSLHQLDEDGDáU\V\VZHMZáDVQHMV]RUVWNLHMIL]MRQRPLL &]DUQHNDQFLDVWHEUZLGáXJLFKU]ąVWNRZDW\QRVNZDGUDWRZ\SRGEUyGHNLSRSU]HF]QD NUHVNDXVW±SURURN]Z\PDORZDQ\PQDWZDU]\VPXWNLHPF]áRZLHND]QDMąFHJRSUDZ- GĊ7DNWDPSRZ\ĪHM6ąGX2VWDWHF]QHJRPXVL]QDMGRZDüVLĊNOXF]GRFDáHMWDMHPQLF\ .DUG\QDáSU]\ĞSLHV]\áNURNX 6LHG]LDá WDP Z\VRNR SU]HGZF]HĞQLH SRGVWDU]Dá\ UR]P\ĞODMąF\ QDG V\WXDFMą EH] Z\MĞFLDZMDNLHMVLĊ]QDOD]á]DNU\ZDMąF\V]HURNLPLSOHFDPLGZyFKG]LZDF]Q\FKJHQLX- V]\MHGQHJRVWRMąFHJRSROHZHMVWURQLHVWDU]HMąFHJRVLĊ]DVNDNXMąFRSRGREQHJRGR 6\ELOOL'HOILFNLHMMDNJG\E\]DMHGQ\P]DPDFKHPSRVWDU]DáVLĊRFDá\ZLHN]RGZUyFR- QąZERNWZDU]ą]GUDG]DMąFąEyOLGUXJLHJRSRSUDZHMVWURQLHJHQLXV]DPáRG]LHĔF]R SHáQHJRVLá\]QDNU\FLDJáRZ\LSURILOXSU]\SRPLQDMąFHJR6DYRQDUROĊ:VND]yZND"'R F]HJRSURZDG]ąFD" .DUG\QDá FLĊĪNR G\V]ąF SRĞSLHV]QLH ]V]HGá SR ZąVNLFK NDPLHQQ\FK VFKRGDFK LRVWURĪQLHMDNE\QLHFKFLDáSU]HV]NDG]DüZG]LHOHVWZRU]HQLDRWZRU]\áSUDZHVNU]\GáR GU]ZLSURZDG]ąF\FKGRXĞZLĊFRQHJRPLHMVFD/LVWRSDGRZHĞZLDWáRZSDGDáRGRĞURGND SU]H]Z\VRNRXPLHV]F]RQHRNQDQDGDMąFEODVNJHRPHWULLZVSDQLDáHMSRVDG]NL']LHáR 0LFKHODQJHODVNU\áRVLĊZPLĊNNLPSyáPURNXLW\ONRWXLyZG]LH]FLHPQRĞFLZ\áDQLDáR VLĊF]\MHĞZ\SURVWRZDQHUDPLĊF]\WUXGQHGRUR]SR]QDQLDREOLF]H.DUG\QDáDRJDUQĊá\ QLHRPDOVNUXSXá\JG\PLDáGRWNQąüNRQWDNWXE\ZáąF]DMąFUHIOHNWRU\EH]JáRĞQLHQDGDü SHáQ\EODVNNRORURPPDORZLGáD5HIOHNWRU\WHXPLHV]F]RQHE\á\QDGROQ\FKNUDZĊG]LDFK RNLHQLVNLHURZDQHQDSRVDG]NĊ2GELWHRGQLHMV]WXF]QLHĞZLDWáRSDGDáRQDVNOHSLHQLH SRNRQXMąFWĊVDPąRNUĊĪQąGURJĊFRĞZLDWáRG]LHQQH %á\VN]DSDODMąF\FKVLĊUHIOHNWRUyZSRGREQ\E\áQLHPDOGRDNWXVWZRU]HQLD]*HQH- VLVNLHG\WR%yJU]HNá1LHFKVLĊVWDQLHĞZLDWáRĞü,VWDáDVLĊĞZLDWáRĞü,ZLG]LDá%yJĪH ĞZLDWáRĞüE\áDGREUD2GG]LHOLáWHG\%yJĞZLDWáRĞüRGFLHPQRĞFL 2GPDUPXURZHMEDOXVWUDG\FKyUXZ]URNNDUG\QDáDSRZĊGURZDáPLPRZROLZJyUĊ E\SRUD]W\VLĊF]Q\REHMU]HüG]LHáRVWZRU]HQLD]ZLDVWXQD:\EDZLFLHOD±SURURND-RQD- V]DRGG]LHOHQLHĞZLDWáDRGFLHPQRĞFL%RJDWZRU]ąFHJRJZLD]G\LĪ\FLHURĞOLQQHRG- G]LHOHQLHZRG\RGOąGXLZ\SURVWRZDQ\SDOHF%RJD2MFDSU]\GDMąFHJR$GDPRZLGXV]Ċ XNU\Wą]W\áX(ZĊREXG]RQąGRĪ\FLDLZNRĔFXWĊSDUĊ]ZLHG]LRQąSU]H]ZĊĪD3RGF]DV RJOąGDQLD W\FK VFHQ UR]ERODá JR NDUN NDUG\QDá FRIQąá VLĊ ZROQR R NLOND NURNyZ QLH VSXV]F]DMąF MHGQDNĪH Z]URNX ]H VNOHSLHQLD SU]H] MHJR JáRZĊ ]DĞ SU]HPNQĊáR ]GDQLH ]OLVWX0LFKHODQJHODRVLHGPLXSDSLHĪDFK]DĞOHSLRQ\FKZáDVQąZVSDQLDáRĞFLąWU]\PDMą- F\FK]S\FKąSURVWRVZH]DFLHWU]HZLRQHJáRZ\]DPLDVWSU]HFK\OLüMHGRW\áXE\SDWU]Hü LGRMU]Hü1DJOHZMHJRSROXZLG]HQLDSRMDZLáVLĊ1RHVNáDGDMąF\RILDUĊSRSU]HWUZDQ\P DTP by SHADE 19 Strona 41 V]F]ĊĞOLZLH SRWRSLH L Z NRĔFX VDP SRWRS Sá\ZDMąFD SR ZRGDFK ĞZLąW\QLD VRENRZLH LHJRLĞFLQDSU]HOXGQLRQHMZ\VSLHNWyUDQLHGDMHV]DQV\SU]HĪ\FLDQDZHWOXG]LRPZLHO- NRGXV]Q\PLSHáQ\PPLáRĞFL .DUG\QDá]DWU]\PDáVLĊMDNĪHF]ĊVWRXZDĪQLHSU]\JOąGDáVLĊWHPXG]LHáXVWZRU]H- QLDSDWU]ąFQDĔ]H]GXPLHQLHPLXVLáXMąFRGF]\WDüMHJRVHQV1LJG\MHGQDNGRWHMSRU\ QLH ]DXZDĪ\á ĪH ]RVWDáD WX SU]HVWDZLRQD FKURQRORJLD 'ODF]HJR 0LFKHODQJHOR QDPD- ORZDáVFHQĊRILDU\G]LĊNF]\QQHMSU]HGSRWRSHP"*HQHVLVÄ:WHG\]EXGRZDá1RH RáWDU]3DQXLZ]Ląá]NDĪGHJRE\GáDF]\VWHJRL]NDĪGHJRSWDFWZDF]\VWHJRL]áRĪ\áMHQD RILDUĊ´=DWRZ*HQHVLVQDSLVDQRÄ:V]HGáZLĊF1RH]V\QDPLVZ\PLLĪRQąVZRMą LĪRQDPLV\QyZVZRLFKGRDUNLSU]HGZRGDPLSRWRSX´6FHQDWDNRĔF]\áDVLĊJZDáWRZQLH REUD]HPSLMDĔVWZD1RHJRXSRMRQ\ZLQHPĞSLQDJRZVZRLPQDPLRFLHZ\ĞPLHZDQ\ SU]H]VZHJRV\QD&KDPDLSU]\NU\ZDQ\SU]H]6HPDL-DIHWDVWRMąF\FKRERNRMFD]RG- ZUyFRQ\PLWZDU]DPL 0yZLVLĊĪH0LFKHODQJHOR]DF]ąáPDORZDüVZyMF\NOSRWHMZáDĞQLHVWURQLHRGZUD- FDMąFSU]HELHJDNWXVWZRU]HQLDLZ\GDMHVLĊLĪUR]P\ĞOQLHSRSHáQLáNLONDEáĊGyZ)ORUHQ- W\ĔF]\N]QDáGREU]H6WDU\7HVWDPHQW]DWR1RZ\VSRW\NDáVLĊXQLHJR]QLH]UR]XPLDáą UH]HUZąJUDQLF]ąFąQLHRPDO]QHJDFMą8ZDĪQ\REVHUZDWRUV\NVW\ĔVNLFKIUHVNyZPyJá ]DXZDĪ\ü]UR]F]DURZDQLHPĪH0LFKHODQJHORSR]RVWDZLáVFHQ\]1RZHJR7HVWDPHQWX LQQ\P3HUXJLQRQDPDORZDáFKU]HVW&KU\VWXVD*KLUODQGDLRSRZRáDQLHDSRVWRáyZ5RV- VHOLOLÄ2VWDWQLą:LHF]HU]Ċ´LÄ.D]DQLHQD*yU]H´%RWWLFHOOL]DĞÄ.XV]HQLH&KU\VWXVD´0L- FKHODQJHORQDWRPLDVWQLHFK%yJPDZRSLHFHMHJRGXV]ĊQLHPDOFDáNRZLFLH]LJQRURZDá -H]XVD&KU\VWXVD :.DSOLF\6\NVW\ĔVNLHMLVWQLDáRW\ONRMHGQRSU]HGVWDZLHQLH&KU\VWXVDSRFKRG]ąFH ]UĊNL0LFKHODQJHODE\áWRREUD]-H]XVDMDNRVĊG]LHJRQD6ąG]LH2VWDWHF]Q\P.DUG\- QDá]SRNRUąSRGV]HGáGRZ\VRNLHMĞFLDQ\NWyUHMQLHELHVNLNRORURGG]LDá\ZDáQDZLG]D MDN FLąJ SRZLHWU]D ZLU MDNL NDĪGHJR NWR ]EOLĪD VLĊ GR $SRNDOLSV\ ZFLąJD GR ĞURGND REUDFD ZH ZV]\VWNLH VWURQ\ NDĪH XQRVLü VLĊ ] SUąGHP FRUD] ZLĊNV]HJR VWUDFKX JG\ F]áRZLHNXVLáXMHGáXĪHMRSLHUDüVLĊWHPXZLGRNRZL]RGGDOL=NDĪG\PNURNLHPNDUG\- QDáD ]EOLĪDMąF\P JR GR ĞFLDQ\ yZ OĊN VLĊ ]PQLHMV]Dá SRGREQLH MDN WUDFLá\ VZyM SHáHQ QDPLĊWQRĞFLQLHSRNyMSRVWDFL0LFKHODQJHODLPEDUG]LHM]EOLĪDá\VLĊGRUR]JQLHZDQHJR 6ĊG]LHJR ĝZLDWD &]\ĪE\ WHQ PXVNXODUQ\ W\WDQ NWyUHJR SRGQLHVLRQD SUDZLFD PRJáD U]XFLü QD ]LHPLĊ NDĪGHJR *ROLDWD E\á RZ\P ]PDUWZ\FKZVWDá\P &KU\VWXVHP WDN MDN SRXF]DRW\P.RĞFLyá"$PRĪHWHQERKDWHUE\áREUD]HPRZHJRPĊĪF]\]Q\NWyU\SRG- F]DV.D]DQLDQD*yU]HSRZLHG]LDáÄ%áRJRVáDZLHQLXERG]\ZGXFKX$OERZLHPLFKMHVW NUyOHVWZRQLHELHVNLH%áRJRVáDZLHQLNWyU]\VLĊVPXFą$OERZLHPRQLSRFLHV]HQLEĊGą %áRJRVáDZLHQLFLVL$OERZLHPRQLSRVLąGą]LHPLĊ%áRJRVáDZLHQLNWyU]\áDNQąLSUDJQą VSUDZLHGOLZRĞFL$OERZLHPRQLEĊGąQDV\FHQL%áRJRVáDZLHQLPLáRVLHUQL$OERZLHPRQL PLáRVLHUG]LDGRVWąSLą´ 6HWNLODWSU]HG0LFKHODQJHORLZLHOHSRNROHĔSRQLP-H]XV&KU\VWXVSU]HGVWDZLD- Q\E\á]DZV]HMDNRXRVRELHQLHáDJRGQRĞFLLGREURFLSRQDGF]DVRZDV]ODFKHWQDSRVWDü GRVWRMQD EURGDWD L ĞZLĊWD $OH QDZHW MHGZDELVWH V]WXF]QH ĞZLDWáR QLH PRJáR QDGDü WHPX &KU\VWXVRZL ± NDUG\QDá ]DWU]\PDá VLĊ QD QDMQLĪV]\P VWRSQLX RáWDU]D ± FKRüE\ SR]RUXSHáQHJRáDVNDZRĞFL%RJD7HQWXWDMVSRJOąGDáQLHUXFKRPRSHáHQVXURZRĞFLQD =LHPLĊQLHSR]ZDODMąF]DMU]HüZVZHRF]\SDWU]ąFHPXGRJyU\F]áRZLHNRZLSRWĊĪQ\ QDJLLSLĊNQ\ZVLOHVZ\FKPXVNXáyZMDNJUHFNLEyJ-XĪVDPR]HZQĊWU]QHSLĊNQR]GUD- G]DáRMHJRERVNLHSRFKRG]HQLH±E\áQLF]\P=HXVSRWĊĪQ\+HUNXOHVSU]\PLOQ\$SROOR $SROOR"&]\ĪWHQ-H]XV&KU\VWXVQLHE\á]DVNDNXMąFRSRGREQ\GR$SROLOLQD]%HOZHGHUX RZHJRDQW\F]QHJRPDUPXURZHJRERJDQLHJG\ĞRĪ\ZLRQHJRZEUą]LHQDDWHĔVNLHMDJR- U]HNWyU\SyĨQLHMQLHZLDGRP\PLGURJDPLGRWDUáGR5]\PXJG]LHSDSLHĪ-XOLXV]XVWDZLá JRQDG]LHG]LĔFXSRĞUyGLQQ\FKSRVąJyZ"-H]XV$SROOLQHP"&yĪWR]DVWUDV]OLZHJRILJOD VSáDWDáWXWDM0LFKHODQJHOR%RXQDURWL" .DUG\QDá RSXĞFLá NDSOLFĊ Wą VDPą GURJą MDNą SU]\V]HGá :ELHJDá WDN V]\ENR SR VFKRGDFK GR JyU\ LĪ Z SHZQHM FKZLOL GRVWDá ]DZURWX JáRZ\ :áDĞFLZLH PyJá LĞü WĊG\ DTP by SHADE