Yarvik TAB08-150 Kido'z Getting Started Guide

Add to my manuals
92 Pages

advertisement

Yarvik TAB08-150 Kido'z Getting Started Guide | Manualzz

:;(9;.<0+,2PKV»a

/ &

;()

7$%BB46*BNLGR]LQGG

7$%BB46*BNLGR]LQGG

7$%BB46*BNLGR]LQGG

6WDUWJXLGH

6QHOVWDUWKDQGOHLGLQJ

6FKQHOOVWDUWDQOHLWXQJ

*XLGHGHGpPDUUDJH

*XtDGHLQLFLR

*XLDGHLQLFLDomR

3U]HZRGQLNXUXFKDPLDQLD

1iYRGNSRXåLWt

6WUXþQêQiYRGQDREVOXKX

6WDUWYHMOHGQLQJ

6WDUWJXLGH ȅįȘȖȩȢȑȞĮȡȟȘȢ

*XLGDGLDYYLR

Ʉɪɚɬɤɨɟɪɭɤɨɜɨɞɫɬɜɨɩɨɥɶɡɨɜɚɬɟɥɹ

6WDUWYHLOHGQLQJ

9RGLþ]D]DþHWHN

Ʉɨɪɨɬɤɢɣɩɨɫɿɛɧɢɤɤɨɪɢɫɬɭɜɚɱɚ

ȔNjƃŽȚǚƸŽȢ

+DV]QiODWL~WPXWDWy

Ɋɴɤɨɜɨɞɫɬɜɨɡɚɫɬɚɪɬ

*KLGGHSRUQLUH

%U]LYRGLþ

EN

KIDO’Z

<RXU<DUYLN7$%-XQLRU7DEOHWFRPHVSUHORDGHGZLWKWKH.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGV

.,'2¶=LVDNLGV¶IULHQGO\XVHULQWHUIDFHIRUSOD\LQJDQGOHDUQLQJZLWKWKHODWHVWDQGJUHDWHVWNLGV¶$SSV

9LGHRVDQGRQOLQHFRQWHQWGHOLYHUHGGLUHFWO\WR\RXUFKLOG

.,'2¶=KDVEHHQVSHFLILFDOO\GHVLJQHGWRHPSRZHUNLGVDQGKHOSWKHPWRJURZDQGPDWXUHZLWKLQWKLVZRUOG

ZKLOVWWKH\¶UHXVLQJPHGLDGHYLFHV:HKHOSNLGVRIDOODJHVWRGHYHORSLQDIXQVDIHDQGHDV\WRXVHGLJLWDO

HQYLURQPHQW

3UHVVWKH³&UHDWH$FFRXQW´EXWWRQ

)LOOLQ\RXUHPDLODGGUHVVDQGFKRRVHDSDVVZRUG3UHVVWKH³5HJLVWHU´EXWWRQWRFRQWLQXH$UHJLVWUDWLRQ

FRQILUPDWLRQZLWKDFFRXQWLQIRUPDWLRQZLOOEHVHQWWRWKHHQWHUHGHPDLODGGUHVV

&UHDWHWKH.LG¶V$FFRXQWE\HQWHULQJWKHFKLOG¶VQDPHELUWKGDWHDQGJHQGHU3UHVVWKH³&UHDWH´EXWWRQWR

FRQWLQXH

6WDUWWKH.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVE\SUHVVLQJWKH³.,'2¶=´DSSLFRQRQ\RXU-XQLRU7DEOHW¶V

KRPHVFUHHQ

&KRRVHWKHGHVLUHG.,'2¶=ODQJXDJHRXWRIWKHDYDLODEOHODQJXDJHRSWLRQVXQGHU³&KDQJH/DQJXDJH´RQ

WRSRIWKHVFUHHQ7KHFKRVHQODQJXDJHFDQEHFKDQJHGODWHU

7KH.LG¶V$FFRXQWKDVEHHQVXFFHVVIXOO\FUHDWHG<RXFDQXVHWKH³&KDQJH3LFWXUH´RSWLRQWRFKDQJHWKH

FKLOG¶VSURILOHSLFWXUHDOVRE\XVLQJWKHEXLOWLQGLJLWDOFDPHUDRI\RXU-XQLRU7DEOHW

&RQWLQXHE\SUHVVLQJWKH³6WDUW.,'2¶=´EXWWRQ

4

7$%BB46*BNLGR]LQGG

KIDO’Z

<RXU<DUYLN7$%-XQLRU7DEOHWFRPHVSUHORDGHGZLWKWKH.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGV

.,'2¶=LVDNLGV¶IULHQGO\XVHULQWHUIDFHIRUSOD\LQJDQGOHDUQLQJZLWKWKHODWHVWDQGJUHDWHVWNLGV¶$SSV

9LGHRVDQGRQOLQHFRQWHQWGHOLYHUHGGLUHFWO\WR\RXUFKLOG

.,'2¶=KDVEHHQVSHFLILFDOO\GHVLJQHGWRHPSRZHUNLGVDQGKHOSWKHPWRJURZDQGPDWXUHZLWKLQWKLVZRUOG

ZKLOVWWKH\¶UHXVLQJPHGLDGHYLFHV:HKHOSNLGVRIDOODJHVWRGHYHORSLQDIXQVDIHDQGHDV\WRXVHGLJLWDO

HQYLURQPHQW

3UHVVWKH³&UHDWH$FFRXQW´EXWWRQ

)LOOLQ\RXUHPDLODGGUHVVDQGFKRRVHDSDVVZRUG3UHVVWKH³5HJLVWHU´EXWWRQWRFRQWLQXH$UHJLVWUDWLRQ

FRQILUPDWLRQZLWKDFFRXQWLQIRUPDWLRQZLOOEHVHQWWRWKHHQWHUHGHPDLODGGUHVV

&UHDWHWKH.LG¶V$FFRXQWE\HQWHULQJWKHFKLOG¶VQDPHELUWKGDWHDQGJHQGHU3UHVVWKH³&UHDWH´EXWWRQWR

FRQWLQXH

6WDUWWKH.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVE\SUHVVLQJWKH³.,'2¶=´DSSLFRQRQ\RXU-XQLRU7DEOHW¶V

KRPHVFUHHQ

&KRRVHWKHGHVLUHG.,'2¶=ODQJXDJHRXWRIWKHDYDLODEOHODQJXDJHRSWLRQVXQGHU³&KDQJH/DQJXDJH´RQ

WRSRIWKHVFUHHQ7KHFKRVHQODQJXDJHFDQEHFKDQJHGODWHU

7KH.LG¶V$FFRXQWKDVEHHQVXFFHVVIXOO\FUHDWHG<RXFDQXVHWKH³&KDQJH3LFWXUH´RSWLRQWRFKDQJHWKH

FKLOG¶VSURILOHSLFWXUHDOVRE\XVLQJWKHEXLOWLQGLJLWDOFDPHUDRI\RXU-XQLRU7DEOHW

&RQWLQXHE\SUHVVLQJWKH³6WDUW.,'2¶=´EXWWRQ

5

7$%BB46*BNLGR]LQGG

7\SHWKHSDVVZRUGRI\RXU.LGR¶]DFFRXQWLQWKHSDVVZRUGUHTXHVWVFUHHQ

<RXZLOOQRZHQWHUWKH.,'2¶=PDLQVFUHHQ

.,'2¶=$SSV6WRUHZLWKIUHHFKLOGIULHQGO\DSSV

.,'2¶=%URZVHUZLWKFKLOGIULHQGO\ERRNPDUNHGZHEVLWHVZKLFKFDQDOVREHDGGHGE\SDUHQWV

.,'2¶=79ZLWKFKLOGIULHQGO\RQOLQHWYFKDQQHOV

.,'2¶=*DPHVLVDFROOHFWLRQRIEXLOWLQFKLHOGIULHQGO\JDPHV

%DFNJURXQGVPDNHV\RXFKDQJHWKHZDOOSDSHURIWKH.,'2¶=PHQXVFUHHQV

.LG$FFRXQWVHWWLQJV

3DUHQWDO&RQWURO'DVKERDUGWRFRQWUROWKHHQWLUH.,'2¶=XVHULQWHUIDFH5HTXLUHVWKHXVHUDFFRXQW

SDVVZRUG

([LW.,'2¶=7KLVZLOOFORVH.,'2¶=DQGEULQJ\RXEDFNWRWKHUHJXODU$QGURLGXVHULQWHUIDFH

5HTXLUHVWKHXVHUDFFRXQWSDVVZRUG

How to enter the parental control to adjust the content of your Yarvik Junior tablet.

3UHVVWKH³3DUHQWV´LFRQORFDWHGRQWKHULJKWERWWRPVLGHRI\RXUVFUHHQ

$GMXVWWKHSDUHQWDOFRQWUROFRQWHQW

&OLFNRQWKH³.,'2¶=´LFRQRQWKHULJKWWRSVLGHRI\RXUVFUHHQWRUHWXUQWRWKH.LGR¶]GHVNWRS

(QMR\

6

7$%BB46*BNLGR]LQGG

7\SHWKHSDVVZRUGRI\RXU.LGR¶]DFFRXQWLQWKHSDVVZRUGUHTXHVWVFUHHQ

<RXZLOOQRZHQWHUWKH.,'2¶=PDLQVFUHHQ

.,'2¶=$SSV6WRUHZLWKIUHHFKLOGIULHQGO\DSSV

.,'2¶=%URZVHUZLWKFKLOGIULHQGO\ERRNPDUNHGZHEVLWHVZKLFKFDQDOVREHDGGHGE\SDUHQWV

.,'2¶=79ZLWKFKLOGIULHQGO\RQOLQHWYFKDQQHOV

.,'2¶=*DPHVLVDFROOHFWLRQRIEXLOWLQFKLHOGIULHQGO\JDPHV

%DFNJURXQGVPDNHV\RXFKDQJHWKHZDOOSDSHURIWKH.,'2¶=PHQXVFUHHQV

.LG$FFRXQWVHWWLQJV

3DUHQWDO&RQWURO'DVKERDUGWRFRQWUROWKHHQWLUH.,'2¶=XVHULQWHUIDFH5HTXLUHVWKHXVHUDFFRXQW

SDVVZRUG

([LW.,'2¶=7KLVZLOOFORVH.,'2¶=DQGEULQJ\RXEDFNWRWKHUHJXODU$QGURLGXVHULQWHUIDFH

5HTXLUHVWKHXVHUDFFRXQWSDVVZRUG

How to enter the parental control to adjust the content of your Yarvik Junior tablet.

3UHVVWKH³3DUHQWV´LFRQORFDWHGRQWKHULJKWERWWRPVLGHRI\RXUVFUHHQ

$GMXVWWKHSDUHQWDOFRQWUROFRQWHQW

&OLFNRQWKH³.,'2¶=´LFRQRQWKHULJKWWRSVLGHRI\RXUVFUHHQWRUHWXUQWRWKH.LGR¶]GHVNWRS

(QMR\

7

7$%BB46*BNLGR]LQGG

NL

KIDO’Z

8Z<DUYLN7$%-XQLRU7DEOHWZRUGWJHOHYHUGPHWGH.,'2¶=)XQ 6DIH3OD\0RGHYRRU.LGV

.,'2¶=LVHHQNLQGYULHQGHOLMNHJHEUXLNHUVLQWHUIDFHYRRUKHWVSHOHQHQOHUHQPHWGHQLHXZVWHHQEHVWHDSSV

YLGHR¶VHQRQOLQHFRQWHQWYRRUNLQGHUHQGLHUHFKWVWUHHNVDDQXZNLQGZRUGWJHOHYHUG

.,'2¶=LVVSHFLDDORQWZRUSHQRPNLQGHUHQWHKHOSHQHQEHJHOHLGHQELMKHWRSJURHLHQLQGH]HYROZDVVHQ

PXOWLPHGLDZHUHOG:LMKHOSHQNLQGHUHQYDQDOOHOHHIWLMGHQELMKXQRQWZLNNHOLQJLQHHQOHXNHYHLOLJHHQ

HHQYRXGLJWHJHEUXLNHQGLJLWDOHRPJHYLQJ

'UXNRSGHNQRS³&UHDWH$FFRXQW´$FFRXQWDDQPDNHQ

9XOXZHPDLODGUHVLQHQNLHVHHQZDFKWZRRUG'UXNRSGHNQRS³5HJLVWHU´5HJLVWUHUHQRPYHUGHUWHJDDQ

(HQEHYHVWLJLQJYDQLQVFKULMYLQJPHWDFFRXQWJHJHYHQVZRUGWYHU]RQGHQQDDUKHWRSJHJHYHQHPDLODGUHV

0DDNKHWDFFRXQWDDQGRRUKHWLQYRHUHQYDQQDDPJHERRUWHGDWXPHQJHVODFKWYDQXZNLQG'UXNRSGH

NQRS³&UHDWH´$DQPDNHQRPYHUGHUWHJDDQ

6WDUWGH.,'2¶=)XQ 6DIH3OD\0RGHYRRU.LGVGRRURSGH.,'2¶=DSSRSKHWVWDUWVFKHUPYDQXZ-XQLRU

WDEOHWWHGUXNNHQ

.LHVGHJHZHQVWH.,'2¶=WDDOXLWGHEHVFKLNEDUHWDOHQRQGHU³&KDQJHODQJXDJH´7DDOZLM]LJHQERYHQLQ

KHWVFKHUP'HJHNR]HQWDDONDQODWHUQRJZRUGHQJHZLM]LJG

+HWDDQPDNHQYDQKHWDFFRXQWYDQXZNLQGLVJHOXNW8NXQWGHRSWLH³&KDQJH3LFWXUH´$IEHHOGLQJZLM]LJHQ

JHEUXLNHQRPGHSURILHOIRWRYDQXZNLQGWHYHUDQGHUHQRRNPHWEHKXOSYDQGHLQJHERXZGHGLJLWDOHFDPHUD

YDQXZ-XQLRU7DEOHW

*DYHUGHUGRRUWHGUXNNHQRSGHNQRS³6WDUW.,'2¶=´

8

7$%BB46*BNLGR]LQGG

KIDO’Z

8Z<DUYLN7$%-XQLRU7DEOHWZRUGWJHOHYHUGPHWGH.,'2¶=)XQ 6DIH3OD\0RGHYRRU.LGV

.,'2¶=LVHHQNLQGYULHQGHOLMNHJHEUXLNHUVLQWHUIDFHYRRUKHWVSHOHQHQOHUHQPHWGHQLHXZVWHHQEHVWHDSSV

YLGHR¶VHQRQOLQHFRQWHQWYRRUNLQGHUHQGLHUHFKWVWUHHNVDDQXZNLQGZRUGWJHOHYHUG

.,'2¶=LVVSHFLDDORQWZRUSHQRPNLQGHUHQWHKHOSHQHQEHJHOHLGHQELMKHWRSJURHLHQLQGH]HYROZDVVHQ

PXOWLPHGLDZHUHOG:LMKHOSHQNLQGHUHQYDQDOOHOHHIWLMGHQELMKXQRQWZLNNHOLQJLQHHQOHXNHYHLOLJHHQ

HHQYRXGLJWHJHEUXLNHQGLJLWDOHRPJHYLQJ

'UXNRSGHNQRS³&UHDWH$FFRXQW´$FFRXQWDDQPDNHQ

9XOXZHPDLODGUHVLQHQNLHVHHQZDFKWZRRUG'UXNRSGHNQRS³5HJLVWHU´5HJLVWUHUHQRPYHUGHUWHJDDQ

(HQEHYHVWLJLQJYDQLQVFKULMYLQJPHWDFFRXQWJHJHYHQVZRUGWYHU]RQGHQQDDUKHWRSJHJHYHQHPDLODGUHV

0DDNKHWDFFRXQWDDQGRRUKHWLQYRHUHQYDQQDDPJHERRUWHGDWXPHQJHVODFKWYDQXZNLQG'UXNRSGH

NQRS³&UHDWH´$DQPDNHQRPYHUGHUWHJDDQ

6WDUWGH.,'2¶=)XQ 6DIH3OD\0RGHYRRU.LGVGRRURSGH.,'2¶=DSSRSKHWVWDUWVFKHUPYDQXZ-XQLRU

WDEOHWWHGUXNNHQ

.LHVGHJHZHQVWH.,'2¶=WDDOXLWGHEHVFKLNEDUHWDOHQRQGHU³&KDQJHODQJXDJH´7DDOZLM]LJHQERYHQLQ

KHWVFKHUP'HJHNR]HQWDDONDQODWHUQRJZRUGHQJHZLM]LJG

+HWDDQPDNHQYDQKHWDFFRXQWYDQXZNLQGLVJHOXNW8NXQWGHRSWLH³&KDQJH3LFWXUH´$IEHHOGLQJZLM]LJHQ

JHEUXLNHQRPGHSURILHOIRWRYDQXZNLQGWHYHUDQGHUHQRRNPHWEHKXOSYDQGHLQJHERXZGHGLJLWDOHFDPHUD

YDQXZ-XQLRU7DEOHW

*DYHUGHUGRRUWHGUXNNHQRSGHNQRS³6WDUW.,'2¶=´

9

7$%BB46*BNLGR]LQGG

7\SKHWZDFKWZRRUGYDQXZ.,'2¶=DFFRXQWLQKHWYHQVWHUGDWYHUVFKLMQW

8NRPWQXLQKHW.,'2¶=KRRIGVFKHUP

.,'2¶=$SSV6WRUHPHWJUDWLVNLQGYULHQGHOLMNHDSSV

.,'2¶=%URZVHUPHWNLQGYULHQGHOLMNHDDQEHYROHQZHEVLWHV

GLHRRNNXQQHQZRUGHQWRHJHYRHJGGRRURXGHUV

.,'2¶=79PHWNLQGYULHQGHOLMNHRQOLQHWY]HQGHUV

.,'2¶=*DPHVLVHHQYHU]DPHOLQJYDQDDQZH]LJHNLQGYULHQGHOLMNHVSHOOHWMHV

%DFNJURXQGVKLHUPHHNXQWXGHDFKWHUJURQGYDQGHPHQXVFKHUPHQYDQ.,'2¶=ZLM]LJHQ

.LG$FFRXQWLQVWHOOLQJHQ

2XGHUOLMNWRH]LFKWYRRUFRQWUROHYDQGHJHKHOH.,'2¶=JHEUXLNHUVLQWHUIDFH9HUHLVWKHWYRRUKHW

JHEUXLNHUVDFFRXQWLQJHVWHOGHZDFKWZRRUG

.,'2¶=YHUODWHQ'H]HRSWLHVOXLW.,'2¶=DIHQEUHQJWXWHUXJQDDUGHQRUPDOH$QGURLG

JHEUXLNHUVLQWHUIDFH9HUHLVWKHWYRRUKHWJHEUXLNHUVDFFRXQWLQJHVWHOGHZDFKWZRRUG

+RHNRPWXLQGHRSWLH2XGHUOLMNWRH]LFKWRPGHLQKRXGYDQXZ<DUYLN-XQLRUWDEOHWDDQWHSDVVHQ"

9HUDQGHUGHLQKRXGYDQKHWRXGHUOLMNWRH]LFKW

.OLNRSKHW.,'2¶=SLFWRJUDPUHFKWVERYHQLQKHWVFKHUPRPWHUXJWHNHUHQQDDUKHW.,'2¶=EHJLQVFKHUP

9HHOSOH]LHU

'UXNRSKHWSLFWRJUDP³3DUHQWV´UHFKWVRQGHULQKHWVFKHUP

10

7$%BB46*BNLGR]LQGG

7\SKHWZDFKWZRRUGYDQXZ.,'2¶=DFFRXQWLQKHWYHQVWHUGDWYHUVFKLMQW

8NRPWQXLQKHW.,'2¶=KRRIGVFKHUP

.,'2¶=$SSV6WRUHPHWJUDWLVNLQGYULHQGHOLMNHDSSV

.,'2¶=%URZVHUPHWNLQGYULHQGHOLMNHDDQEHYROHQZHEVLWHV

GLHRRNNXQQHQZRUGHQWRHJHYRHJGGRRURXGHUV

.,'2¶=79PHWNLQGYULHQGHOLMNHRQOLQHWY]HQGHUV

.,'2¶=*DPHVLVHHQYHU]DPHOLQJYDQDDQZH]LJHNLQGYULHQGHOLMNHVSHOOHWMHV

%DFNJURXQGVKLHUPHHNXQWXGHDFKWHUJURQGYDQGHPHQXVFKHUPHQYDQ.,'2¶=ZLM]LJHQ

.LG$FFRXQWLQVWHOOLQJHQ

2XGHUOLMNWRH]LFKWYRRUFRQWUROHYDQGHJHKHOH.,'2¶=JHEUXLNHUVLQWHUIDFH9HUHLVWKHWYRRUKHW

JHEUXLNHUVDFFRXQWLQJHVWHOGHZDFKWZRRUG

.,'2¶=YHUODWHQ'H]HRSWLHVOXLW.,'2¶=DIHQEUHQJWXWHUXJQDDUGHQRUPDOH$QGURLG

JHEUXLNHUVLQWHUIDFH9HUHLVWKHWYRRUKHWJHEUXLNHUVDFFRXQWLQJHVWHOGHZDFKWZRRUG

+RHNRPWXLQGHRSWLH2XGHUOLMNWRH]LFKWRPGHLQKRXGYDQXZ<DUYLN-XQLRUWDEOHWDDQWHSDVVHQ"

9HUDQGHUGHLQKRXGYDQKHWRXGHUOLMNWRH]LFKW

.OLNRSKHW.,'2¶=SLFWRJUDPUHFKWVERYHQLQKHWVFKHUPRPWHUXJWHNHUHQQDDUKHW.,'2¶=EHJLQVFKHUP

9HHOSOH]LHU

'UXNRSKHWSLFWRJUDP³3DUHQWV´UHFKWVRQGHULQKHWVFKHUP

11

7$%BB46*BNLGR]LQGG

DE

KIDO’Z

$XIGHP<DUYLN7$%-XQLRU7DEOHWLVW.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVYRULQVWDOOLHUW

.,'2¶=LVWHLQHNLQGHUIUHXQGOLFKH6SLHOXQG/HUQREHUIOlFKHGLH,KUHP.LQGGLHQHXHVWHQXQGEHVWHQ

$SSV9LGHRVXQG2QOLQHLQKDOWHIU.LGVEHUHLWVWHOOW.,'2¶=ZXUGHVSH]LHOOGD]XHQWZRUIHQGLH)lKLJNHLWHQ

YRQ.LQGHUQ]XI|UGHUQXQGLKQHQ]XKHOIHQPLWGHP*HEUDXFKYRQ0HGLHQJHUlWHQLQGHUPRGHUQHQ

:HOWDXI]XZDFKVHQXQGVLFK]XHQWIDOWHQ.,'2¶=KLOIW.LQGHUQDOOHU$OWHUVJUXSSHQVLFKPLW6SD‰LQHLQHU

VLFKHUHQXQGEHGLHQXQJVIUHXQGOLFKHQGLJLWDOHQ8PJHEXQJ]XHQWZLFNHOQ

'UFNHQ6LHGLH6FKDOWIOlFKHÄ&UHDWH$FFRXQW³GK.RQWRHLQULFKWHQ

7UDJHQ6LH,KUH(0DLO$GUHVVHHLQXQGZlKOHQ6LHHLQ.HQQZRUW'UFNHQ6LHGLH6FKDOWIOlFKHÄ5HJLVWHU³

GK5HJLVWULHUHQXPIRUW]XIDKUHQ(VZLUGHLQH5HJLVWULHUXQJVEHVWlWLJXQJPLW.RQWRLQIRUPDWLRQHQDQGLH

DQJHJHEHQH(0DLO$GUHVVHJHVHQGHW

5LFKWHQ6LHGDV.RQWRGHV.LQGHVHLQLQGHP6LHGHVVHQ1DPH*HEXUWVGDWXPXQG*HVFKOHFKWDQJHEHQ

'UFNHQ6LHGLH6FKDOWIOlFKHÄ&UHDWH³GKHUVWHOOHQXPIRUW]XIDKUHQ

6WDUWHQ6LHGHQ.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVLQGHP6LHGDV$SS6\PEROÄ.,'2¶=³LP

6WDUWELOGVFKLUPGHV-XQLRU7DEOHWVGUFNHQ

:lKOHQ6LHEHUÄ&KDQJH/DQJXDJH³DPREHUHQ%LOGVFKLUPUDQGGLHJHZQVFKWH.,'2¶=6SUDFKHXQWHU

YHUIJEDUHQ6SUDFKHQDXV'LH6SUDFKHLQVWHOOXQJNDQQVSlWHUJHlQGHUWZHUGHQ

'DV.RQWRGHV.LQGHVZXUGHHUIROJUHLFKHLQJHULFKWHW0LWGHU2SWLRQÄ&KDQJH3LFWXUH³GK%LOGlQGHUQ

N|QQHQ6LHGDV%LOGIUGDV3URILOGHV.LQGHVlQGHUQXQWHUDQGHUHPDXFKGXUFK9HUZHQGXQJGHU

HLQJHEDXWHQ'LJLWDONDPHUDGHV-XQLRU7DEOHWV

)DKUHQ6LHIRUWLQGHP6LHGLH6FKDOWIOlFKHÄ6WDUW.,'2¶=³GK.,'2¶=VWDUWHQGUFNHQ

12

7$%BB46*BNLGR]LQGG

KIDO’Z

$XIGHP<DUYLN7$%-XQLRU7DEOHWLVW.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVYRULQVWDOOLHUW

.,'2¶=LVWHLQHNLQGHUIUHXQGOLFKH6SLHOXQG/HUQREHUIOlFKHGLH,KUHP.LQGGLHQHXHVWHQXQGEHVWHQ

$SSV9LGHRVXQG2QOLQHLQKDOWHIU.LGVEHUHLWVWHOOW.,'2¶=ZXUGHVSH]LHOOGD]XHQWZRUIHQGLH)lKLJNHLWHQ

YRQ.LQGHUQ]XI|UGHUQXQGLKQHQ]XKHOIHQPLWGHP*HEUDXFKYRQ0HGLHQJHUlWHQLQGHUPRGHUQHQ

:HOWDXI]XZDFKVHQXQGVLFK]XHQWIDOWHQ.,'2¶=KLOIW.LQGHUQDOOHU$OWHUVJUXSSHQVLFKPLW6SD‰LQHLQHU

VLFKHUHQXQGEHGLHQXQJVIUHXQGOLFKHQGLJLWDOHQ8PJHEXQJ]XHQWZLFNHOQ

'UFNHQ6LHGLH6FKDOWIOlFKHÄ&UHDWH$FFRXQW³GK.RQWRHLQULFKWHQ

7UDJHQ6LH,KUH(0DLO$GUHVVHHLQXQGZlKOHQ6LHHLQ.HQQZRUW'UFNHQ6LHGLH6FKDOWIOlFKHÄ5HJLVWHU³

GK5HJLVWULHUHQXPIRUW]XIDKUHQ(VZLUGHLQH5HJLVWULHUXQJVEHVWlWLJXQJPLW.RQWRLQIRUPDWLRQHQDQGLH

DQJHJHEHQH(0DLO$GUHVVHJHVHQGHW

5LFKWHQ6LHGDV.RQWRGHV.LQGHVHLQLQGHP6LHGHVVHQ1DPH*HEXUWVGDWXPXQG*HVFKOHFKWDQJHEHQ

'UFNHQ6LHGLH6FKDOWIOlFKHÄ&UHDWH³GKHUVWHOOHQXPIRUW]XIDKUHQ

6WDUWHQ6LHGHQ.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVLQGHP6LHGDV$SS6\PEROÄ.,'2¶=³LP

6WDUWELOGVFKLUPGHV-XQLRU7DEOHWVGUFNHQ

:lKOHQ6LHEHUÄ&KDQJH/DQJXDJH³DPREHUHQ%LOGVFKLUPUDQGGLHJHZQVFKWH.,'2¶=6SUDFKHXQWHU

YHUIJEDUHQ6SUDFKHQDXV'LH6SUDFKHLQVWHOOXQJNDQQVSlWHUJHlQGHUWZHUGHQ

'DV.RQWRGHV.LQGHVZXUGHHUIROJUHLFKHLQJHULFKWHW0LWGHU2SWLRQÄ&KDQJH3LFWXUH³GK%LOGlQGHUQ

N|QQHQ6LHGDV%LOGIUGDV3URILOGHV.LQGHVlQGHUQXQWHUDQGHUHPDXFKGXUFK9HUZHQGXQJGHU

HLQJHEDXWHQ'LJLWDONDPHUDGHV-XQLRU7DEOHWV

)DKUHQ6LHIRUWLQGHP6LHGLH6FKDOWIOlFKHÄ6WDUW.,'2¶=³GK.,'2¶=VWDUWHQGUFNHQ

13

7$%BB46*BNLGR]LQGG

*HEHQ6LHGDV.HQQZRUW,KUHV.,'2¶=.RQWRVLQGHU.HQQZRUWDEIUDJHHLQ

6LHJHODQJHQQXQ]XP.,'2¶=+DXSWELOGVFKLUP

.,'2¶=$SSV6WRUHPLWNRVWHQORVHQNLQGHUIUHXQGOLFKHQ$SSV

.,'2¶=%URZVHUPLWNLQGHUIUHXQGOLFKHQPLW/HVH]HLFKHQYHUVHKHQHQ:HEVLWHVGLHDXFKYRQGHQ(OWHUQ

KLQ]XJHIJWZHUGHQN|QQHQ

.,'2¶=79PLWNLQGHUIUHXQGOLFKHQ2QOLQH)HUQVHKVHQGHUQ

.,'2¶=*DPHVPLWHLQHU5HLKHYRQYRULQVWDOOLHUWHQNLQGHUIUHXQGOLFKHQ6SLHOHQ

%DFNJURXQGVlQGHUWGHQ+LQWHUJUXQGGHU.,'2¶=0HQELOGVFKLUPH

(LQVWHOOXQJHQGHV.LQGHUNRQWRV

'DVKERDUGIUGLH(OWHUQNRQWUROOH]XU.RQWUROOHEHUGLHJHVDPWH.,'2¶=%HQXW]HUREHUIOlFKHHUIRUGHUW

HLQ%HQXW]HUNRQWR.HQQZRUW

.,'2¶=EHHQGHQ6FKOLH‰W.,'2¶=XQGZHFKVHOW]XUQRUPDOHQ$QGURLG%HQXW]HUREHUIOlFKH

HUIRUGHUWHLQ%HQXW]HUNRQWR.HQQZRUW

6RUXIHQ6LHGLH(OWHUQNRQWUROOHDXIXQGlQGHUQ(LQVWHOOXQJHQIUGDV<DUYLN-XQLRU7DEOHW

1HKPHQ6LHGLH(LQVWHOOXQJHQIUGLH(OWHUQNRQWUROOHYRU

'UFNHQ6LHDXIGDVÄ.,'2¶=³6\PERODPREHUHQUHFKWHQ%LOGVFKLUPUDQGXP]XP.,'2¶='HVNWRS

]XUFN]XNHKUHQ

9LHO6SD‰

'UFNHQ6LHGLH6FKDOWIOlFKHÄ3DUHQWV³GK(OWHUQDPXQWHUHQUHFKWHQ%LOGVFKLUPUDQG

14

7$%BB46*BNLGR]LQGG

*HEHQ6LHGDV.HQQZRUW,KUHV.,'2¶=.RQWRVLQGHU.HQQZRUWDEIUDJHHLQ

6LHJHODQJHQQXQ]XP.,'2¶=+DXSWELOGVFKLUP

.,'2¶=$SSV6WRUHPLWNRVWHQORVHQNLQGHUIUHXQGOLFKHQ$SSV

.,'2¶=%URZVHUPLWNLQGHUIUHXQGOLFKHQPLW/HVH]HLFKHQYHUVHKHQHQ:HEVLWHVGLHDXFKYRQGHQ(OWHUQ

KLQ]XJHIJWZHUGHQN|QQHQ

.,'2¶=79PLWNLQGHUIUHXQGOLFKHQ2QOLQH)HUQVHKVHQGHUQ

.,'2¶=*DPHVPLWHLQHU5HLKHYRQYRULQVWDOOLHUWHQNLQGHUIUHXQGOLFKHQ6SLHOHQ

%DFNJURXQGVlQGHUWGHQ+LQWHUJUXQGGHU.,'2¶=0HQELOGVFKLUPH

(LQVWHOOXQJHQGHV.LQGHUNRQWRV

'DVKERDUGIUGLH(OWHUQNRQWUROOH]XU.RQWUROOHEHUGLHJHVDPWH.,'2¶=%HQXW]HUREHUIOlFKHHUIRUGHUW

HLQ%HQXW]HUNRQWR.HQQZRUW

.,'2¶=EHHQGHQ6FKOLH‰W.,'2¶=XQGZHFKVHOW]XUQRUPDOHQ$QGURLG%HQXW]HUREHUIOlFKH

HUIRUGHUWHLQ%HQXW]HUNRQWR.HQQZRUW

6RUXIHQ6LHGLH(OWHUQNRQWUROOHDXIXQGlQGHUQ(LQVWHOOXQJHQIUGDV<DUYLN-XQLRU7DEOHW

1HKPHQ6LHGLH(LQVWHOOXQJHQIUGLH(OWHUQNRQWUROOHYRU

'UFNHQ6LHDXIGDVÄ.,'2¶=³6\PERODPREHUHQUHFKWHQ%LOGVFKLUPUDQGXP]XP.,'2¶='HVNWRS

]XUFN]XNHKUHQ

9LHO6SD‰

'UFNHQ6LHGLH6FKDOWIOlFKHÄ3DUHQWV³GK(OWHUQDPXQWHUHQUHFKWHQ%LOGVFKLUPUDQG

15

7$%BB46*BNLGR]LQGG

FR

KIDO’Z

9RWUHWDEOHWWH<DUYLN-XQLRU7$%HVWOLYUpHDYHFODIRQFWLRQSUpFKDUJpH.,'2¶=)XQ 6DIH3OD\0RGH

SRXUHQIDQWV.,'2¶=HVWXQHLQWHUIDFHXWLOLVDWHXUFRQYLYLDOHSHUPHWWDQWjO¶HQIDQWGHMRXHUHWG¶DSSUHQGUH

JUkFHDX[WRXWHVGHUQLqUHVDSSOLFDWLRQVYLGpRVHWFRQWHQXVHQOLJQHTXLOXLVRQWSURSRVpVGLUHFWHPHQW

.,'2¶=DpWpVSpFLDOHPHQWFRQoXSRXUIDLUHpYROXHUO¶HQIDQWHWO¶DLGHUjJUDQGLUGDQVFHPRQGHWRXWHQ

XWLOLVDQWGHVDSSDUHLOVPXOWLPpGLD1RXVRIIURQVDLQVLDX[HQIDQWVGHWRXWkJHXQHQYLURQQHPHQWQXPpULTXH

V€UFRQYLYLDOHWGLYHUWLVVDQW

$SSX\H]VXUOHERXWRQ©&UHDWH$FFRXQWªFUpHUXQFRPSWH

5HPSOLVVH]YRWUHDGUHVVHHPDLOHWFKRLVLVVH]XQPRWGHSDVVH$SSX\H]VXUOHERXWRQ©5HJLVWHUª

HQUHJLVWUHUSRXUFRQWLQXHU8QHFRQILUPDWLRQG¶HQUHJLVWUHPHQWGpWDLOODQWOHVLQIRUPDWLRQVGHYRWUHFRPSWH

VHUDHQYR\pHjO¶DGUHVVHHPDLOLQGLTXpH

&UpH]OHFRPSWHHQHQWUDQWOHQRPODGDWHGHQDLVVDQFHHWOHVH[HGHO¶HQIDQW$SSX\H]VXUOHERXWRQ©

&UHDWHªFUpHUSRXUFRQWLQXHU

'pPDUUH].,'2¶=)XQ 6DIH3OD\0RGHSRXUHQIDQWVHQDSSX\DQWVXUO¶LFRQHGHO¶DSSOLFDWLRQ©.,'2¶=ª

VXUODSDJHG¶DFFXHLOGHODWDEOHWWH-XQLRU

&KRLVLVVH]ODODQJXHVRXKDLWpHSDUPLOHVODQJXHVSURSRVpHVGDQV©&KDQJH/DQJXDJHªFKDQJHUOD

ODQJXHHQKDXWGHO¶pFUDQ/DODQJXHFKRLVLHSHXWrWUHPRGLILpHXOWpULHXUHPHQW

/HFRPSWHGHO¶HQIDQWDpWpFUpp9RXVSRXYH]XWLOLVHUO¶RSWLRQ©&KDQJH3LFWXUHªFKDQJHUGHSKRWRSRXU

FKDQJHUODSKRWRGHSURILOGHYRWUHHQIDQWjO¶DLGHGHO¶DSSDUHLOSKRWRQXPpULTXHLQWpJUpGDQVODWDEOHWWH

-XQLRU

&RQWLQXH]HQDSSX\DQWVXUOHERXWRQ©6WDUW.,'2¶=ªGpPDUUHU

16

7$%BB46*BNLGR]LQGG

KIDO’Z

9RWUHWDEOHWWH<DUYLN-XQLRU7$%HVWOLYUpHDYHFODIRQFWLRQSUpFKDUJpH.,'2¶=)XQ 6DIH3OD\0RGH

SRXUHQIDQWV.,'2¶=HVWXQHLQWHUIDFHXWLOLVDWHXUFRQYLYLDOHSHUPHWWDQWjO¶HQIDQWGHMRXHUHWG¶DSSUHQGUH

JUkFHDX[WRXWHVGHUQLqUHVDSSOLFDWLRQVYLGpRVHWFRQWHQXVHQOLJQHTXLOXLVRQWSURSRVpVGLUHFWHPHQW

.,'2¶=DpWpVSpFLDOHPHQWFRQoXSRXUIDLUHpYROXHUO¶HQIDQWHWO¶DLGHUjJUDQGLUGDQVFHPRQGHWRXWHQ

XWLOLVDQWGHVDSSDUHLOVPXOWLPpGLD1RXVRIIURQVDLQVLDX[HQIDQWVGHWRXWkJHXQHQYLURQQHPHQWQXPpULTXH

V€UFRQYLYLDOHWGLYHUWLVVDQW

$SSX\H]VXUOHERXWRQ©&UHDWH$FFRXQWªFUpHUXQFRPSWH

5HPSOLVVH]YRWUHDGUHVVHHPDLOHWFKRLVLVVH]XQPRWGHSDVVH$SSX\H]VXUOHERXWRQ©5HJLVWHUª

HQUHJLVWUHUSRXUFRQWLQXHU8QHFRQILUPDWLRQG¶HQUHJLVWUHPHQWGpWDLOODQWOHVLQIRUPDWLRQVGHYRWUHFRPSWH

VHUDHQYR\pHjO¶DGUHVVHHPDLOLQGLTXpH

&UpH]OHFRPSWHHQHQWUDQWOHQRPODGDWHGHQDLVVDQFHHWOHVH[HGHO¶HQIDQW$SSX\H]VXUOHERXWRQ©

&UHDWHªFUpHUSRXUFRQWLQXHU

'pPDUUH].,'2¶=)XQ 6DIH3OD\0RGHSRXUHQIDQWVHQDSSX\DQWVXUO¶LFRQHGHO¶DSSOLFDWLRQ©.,'2¶=ª

VXUODSDJHG¶DFFXHLOGHODWDEOHWWH-XQLRU

&KRLVLVVH]ODODQJXHVRXKDLWpHSDUPLOHVODQJXHVSURSRVpHVGDQV©&KDQJH/DQJXDJHªFKDQJHUOD

ODQJXHHQKDXWGHO¶pFUDQ/DODQJXHFKRLVLHSHXWrWUHPRGLILpHXOWpULHXUHPHQW

/HFRPSWHGHO¶HQIDQWDpWpFUpp9RXVSRXYH]XWLOLVHUO¶RSWLRQ©&KDQJH3LFWXUHªFKDQJHUGHSKRWRSRXU

FKDQJHUODSKRWRGHSURILOGHYRWUHHQIDQWjO¶DLGHGHO¶DSSDUHLOSKRWRQXPpULTXHLQWpJUpGDQVODWDEOHWWH

-XQLRU

&RQWLQXH]HQDSSX\DQWVXUOHERXWRQ©6WDUW.,'2¶=ªGpPDUUHU

17

7$%BB46*BNLGR]LQGG

7DSH]OHPRWGHSDVVHGHYRWUHFRPSWH.LGR¶]GDQVO¶pFUDQFRUUHVSRQGDQW

9RXVDFFpGH]PDLQWHQDQWDXPHQXSULQFLSDO.,'2¶=

.,'2¶=$SSV6WRUHERXWLTXHG¶DSSOLFDWLRQVJUDWXLWHVHWFRQYLYLDOHVGHVWLQpHVDX[HQIDQWV

.,'2¶=%URZVHUQDYLJDWHXUSHUPHWWDQWG¶DFFpGHUjGHVSDJHV,QWHUQHWFRQYLYLDOHVGHVWLQpHVDX[

HQIDQWVDMRXWpHVHQIDYRULSDUOHVSDUHQWV

.,'2¶=79FKDvQHVGHWpOpYLVLRQHQOLJQHGHVWLQpHVDX[HQIDQWV

.,'2¶=*DPHVFROOHFWLRQGHMHX[LQWpJUpVGHVWLQpHVDX[HQIDQWV

%DFNJURXQGVSHUPHWGHPRGLILHUOHIRQGG¶pFUDQGHODSDJHG¶DFFXHLO.,'2¶=

.LG$FFRXQWVHWWLQJVSDUDPqWUHVGXFRPSWHGHO¶HQIDQW

3DUHQWDO&RQWURO'DVKERDUGWDEOHDXGHERUGSRXUOHFRQWU{OHSDUHQWDOSHUPHWWDQWGHFRQWU{OHUWRXWH

O¶LQWHUIDFHXWLOLVDWHXU.,'2¶=0RWGHSDVVHGXFRPSWHXWLOLVDWHXUREOLJDWRLUH

([LW.,'2¶=SRXUTXLWWHU.,'2¶=HWUHYHQLUjO¶LQWHUIDFHXWLOLVDWHXU$QGURLGQRUPDOH

0RWGHSDVVHGXFRPSWHXWLOLVDWHXUREOLJDWRLUH

&RPPHQWDFFpGHUDXFRQWU{OHSDUHQWDOSRXUUpJOHUOHFRQWHQXGHODWDEOHWWH<DUYLN-XQLRU"

5pJOH]OHFRQWHQXGXFRQWU{OHSDUHQWDO

&OLTXH]VXUO¶LFRQH©.,'2¶=ªGDQVOHFRLQVXSpULHXUGURLWGHO¶pFUDQSRXUUHYHQLUDXEXUHDX.LGR¶]

%RQGLYHUWLVVHPHQW

$SSX\H]VXUO¶LFRQH©3DUHQWVªVLWXpVHQEDVjGURLWHGHO¶pFUDQ

18

7$%BB46*BNLGR]LQGG

7DSH]OHPRWGHSDVVHGHYRWUHFRPSWH.LGR¶]GDQVO¶pFUDQFRUUHVSRQGDQW

9RXVDFFpGH]PDLQWHQDQWDXPHQXSULQFLSDO.,'2¶=

.,'2¶=$SSV6WRUHERXWLTXHG¶DSSOLFDWLRQVJUDWXLWHVHWFRQYLYLDOHVGHVWLQpHVDX[HQIDQWV

.,'2¶=%URZVHUQDYLJDWHXUSHUPHWWDQWG¶DFFpGHUjGHVSDJHV,QWHUQHWFRQYLYLDOHVGHVWLQpHVDX[

HQIDQWVDMRXWpHVHQIDYRULSDUOHVSDUHQWV

.,'2¶=79FKDvQHVGHWpOpYLVLRQHQOLJQHGHVWLQpHVDX[HQIDQWV

.,'2¶=*DPHVFROOHFWLRQGHMHX[LQWpJUpVGHVWLQpHVDX[HQIDQWV

%DFNJURXQGVSHUPHWGHPRGLILHUOHIRQGG¶pFUDQGHODSDJHG¶DFFXHLO.,'2¶=

.LG$FFRXQWVHWWLQJVSDUDPqWUHVGXFRPSWHGHO¶HQIDQW

3DUHQWDO&RQWURO'DVKERDUGWDEOHDXGHERUGSRXUOHFRQWU{OHSDUHQWDOSHUPHWWDQWGHFRQWU{OHUWRXWH

O¶LQWHUIDFHXWLOLVDWHXU.,'2¶=0RWGHSDVVHGXFRPSWHXWLOLVDWHXUREOLJDWRLUH

([LW.,'2¶=SRXUTXLWWHU.,'2¶=HWUHYHQLUjO¶LQWHUIDFHXWLOLVDWHXU$QGURLGQRUPDOH

0RWGHSDVVHGXFRPSWHXWLOLVDWHXUREOLJDWRLUH

&RPPHQWDFFpGHUDXFRQWU{OHSDUHQWDOSRXUUpJOHUOHFRQWHQXGHODWDEOHWWH<DUYLN-XQLRU"

5pJOH]OHFRQWHQXGXFRQWU{OHSDUHQWDO

&OLTXH]VXUO¶LFRQH©.,'2¶=ªGDQVOHFRLQVXSpULHXUGURLWGHO¶pFUDQSRXUUHYHQLUDXEXUHDX.LGR¶]

%RQGLYHUWLVVHPHQW

$SSX\H]VXUO¶LFRQH©3DUHQWVªVLWXpVHQEDVjGURLWHGHO¶pFUDQ

19

7$%BB46*BNLGR]LQGG

ES

KIDO’Z

/DWDEOHWD<DUYLN7$%-XQLRULQFOX\HSUHLQVWDODGRHOPRGRGHMXHJR.,'2¶=)XQ 6DIHSDUDQLxRV

.,'2¶=HVXQDLQWHUID]GHXVXDULRIiFLOGHXWLOL]DUSDUDMXJDU\DSUHQGHUTXHSHUPLWHTXHORVQLxRVDFFHGDQ

DODVDSOLFDFLRQHVYtGHRV\FRQWHQLGRHQOtQHDPiVQRYHGRVR\GHPHMRUFDOLGDG

.,'2¶=VHKDGLVHxDGRHVSHFtILFDPHQWHSDUDD\XGDUDORVQLxRVDFUHFHU\DPDGXUDUHQHOPXQGRUHDO

PHGLDQWHHOXVRGHGLVSRVLWLYRVPXOWLPHGLD$\XGDPRVDQLxRVGHWRGDVODVHGDGHVDTXHFUH]FDQHQXQ

HQWRUQRGLJLWDOGLYHUWLGRVHJXUR\IiFLOGHXVDU

3XOVHHOERWyQ³&UHDWH$FFRXQW´&UHDUFXHQWD

(VFULEDVXGLUHFFLyQGHFRUUHRHOHFWUyQLFR\HOLMDXQDFRQWUDVHxD3XOVHHOERWyQ³5HJLVWHU´5HJLVWUDUVH

SDUDFRQWLQXDU6HHQYLDUiXQDFRQILUPDFLyQGHUHJLVWURDODGLUHFFLyQGHFRUUHRHOHFWUyQLFRHVSHFLILFDGDHQ

HOTXHVHLQFOXLUiODLQIRUPDFLyQGHODFXHQWD

&UHHODFXHQWDGHOQLxRLQWURGXFLHQGRVXQRPEUHVXIHFKDGHQDFLPLHQWR\VXVH[R3XOVHHOERWyQ³&UHDWH´

&UHDUSDUDFRQWLQXDU

,QLFLHHOPRGRGHMXHJR.,'2¶=)XQ 6DIHSDUDQLxRVSXOVDQGRHOLFRQRGHODDSOLFDFLyQ³.,'2¶=´GHOD

SDQWDOODGHLQLFLRGHODWDEOHWD-XQLRU

(OLMDHOLGLRPDGH.,'2¶=TXHGHVHHHQWUHODVRSFLRQHVGLVSRQLEOHVHQHOPHQ~³&KDQJH/DQJXDJH´

&DPELDULGLRPDVLWXDGRHQODSDUWHVXSHULRUGHODSDQWDOOD3RGUiFDPELDUPiVWDUGHHOLGLRPDHOHJLGR

'HHVWDIRUPDFRQFOX\HODFUHDFLyQGHODFXHQWDGHOQLxR3RGUiXVDUODRSFLyQ³&KDQJH3LFWXUH´&DPELDU

LPDJHQSDUDFDPELDUODLPDJHQGHSHUILOGHOQLxR7DPELpQSRGUiFDSWXUDUXQDLPDJHQQXHYDFRQOD

FiPDUDGLJLWDOLQWHJUDGDGHODWDEOHWD-XQLRU

&RQWLQ~HSXOVDQGRHOERWyQ³6WDUW.,'2¶=´,QLFLDU.,'2¶=

20

7$%BB46*BNLGR]LQGG

KIDO’Z

/DWDEOHWD<DUYLN7$%-XQLRULQFOX\HSUHLQVWDODGRHOPRGRGHMXHJR.,'2¶=)XQ 6DIHSDUDQLxRV

.,'2¶=HVXQDLQWHUID]GHXVXDULRIiFLOGHXWLOL]DUSDUDMXJDU\DSUHQGHUTXHSHUPLWHTXHORVQLxRVDFFHGDQ

DODVDSOLFDFLRQHVYtGHRV\FRQWHQLGRHQOtQHDPiVQRYHGRVR\GHPHMRUFDOLGDG

.,'2¶=VHKDGLVHxDGRHVSHFtILFDPHQWHSDUDD\XGDUDORVQLxRVDFUHFHU\DPDGXUDUHQHOPXQGRUHDO

PHGLDQWHHOXVRGHGLVSRVLWLYRVPXOWLPHGLD$\XGDPRVDQLxRVGHWRGDVODVHGDGHVDTXHFUH]FDQHQXQ

HQWRUQRGLJLWDOGLYHUWLGRVHJXUR\IiFLOGHXVDU

3XOVHHOERWyQ³&UHDWH$FFRXQW´&UHDUFXHQWD

(VFULEDVXGLUHFFLyQGHFRUUHRHOHFWUyQLFR\HOLMDXQDFRQWUDVHxD3XOVHHOERWyQ³5HJLVWHU´5HJLVWUDUVH

SDUDFRQWLQXDU6HHQYLDUiXQDFRQILUPDFLyQGHUHJLVWURDODGLUHFFLyQGHFRUUHRHOHFWUyQLFRHVSHFLILFDGDHQ

HOTXHVHLQFOXLUiODLQIRUPDFLyQGHODFXHQWD

&UHHODFXHQWDGHOQLxRLQWURGXFLHQGRVXQRPEUHVXIHFKDGHQDFLPLHQWR\VXVH[R3XOVHHOERWyQ³&UHDWH´

&UHDUSDUDFRQWLQXDU

,QLFLHHOPRGRGHMXHJR.,'2¶=)XQ 6DIHSDUDQLxRVSXOVDQGRHOLFRQRGHODDSOLFDFLyQ³.,'2¶=´GHOD

SDQWDOODGHLQLFLRGHODWDEOHWD-XQLRU

(OLMDHOLGLRPDGH.,'2¶=TXHGHVHHHQWUHODVRSFLRQHVGLVSRQLEOHVHQHOPHQ~³&KDQJH/DQJXDJH´

&DPELDULGLRPDVLWXDGRHQODSDUWHVXSHULRUGHODSDQWDOOD3RGUiFDPELDUPiVWDUGHHOLGLRPDHOHJLGR

'HHVWDIRUPDFRQFOX\HODFUHDFLyQGHODFXHQWDGHOQLxR3RGUiXVDUODRSFLyQ³&KDQJH3LFWXUH´&DPELDU

LPDJHQSDUDFDPELDUODLPDJHQGHSHUILOGHOQLxR7DPELpQSRGUiFDSWXUDUXQDLPDJHQQXHYDFRQOD

FiPDUDGLJLWDOLQWHJUDGDGHODWDEOHWD-XQLRU

&RQWLQ~HSXOVDQGRHOERWyQ³6WDUW.,'2¶=´,QLFLDU.,'2¶=

21

7$%BB46*BNLGR]LQGG

(VFULEDODFRQWUDVHxDGHODFXHQWDGH.,'2¶=HQODSDQWDOODGHVROLFLWXGGHFRQWUDVHxD

$FFHGHUiDODSDQWDOODSULQFLSDOGH.,'2¶=

.,'2¶=$SSV6WRUH7LHQGDGHDSOLFDFLRQHVGH.,'2¶=FRQDSOLFDFLRQHVJUDWXLWDVIiFLOHVGHXVDU

.,'2¶=%URZVHU1DYHJDGRU.,'2¶=FRQVLWLRVZHEGHVWLQDGRVSDUDQLxRVTXHWDPELpQSXHGHQDxDGLU

ORVSURSLRVSDGUHV

.,'2¶=7979.,'2¶=FRQFDQDOHVGHWHOHYLVLyQHQOtQHDGHVWLQDGRVSDUDQLxRV

.,'2¶=*DPHV-XHJRV.,'2¶=XQDFROHFFLyQGHMXHJRVLQWHJUDGRVSDUDQLxRV

%DFNJURXQGV)RQGRVGHSDQWDOODSDUDQLxRVOHSHUPLWHFDPELDUHOIRQGRGHSDQWDOODGHORVPHQ~VGH

.,'2¶=

.LG$FFRXQWVHWWLQJV&RQILJXUDFLyQGHODFXHQWDGHOQLxR

3DUHQWDO&RQWURO'DVKERDUG3DQHOGHFRQWUROSDUHQWDOSHUPLWHFRQWURODUWRGDODLQWHUID]GHXVXDULRGH

.,'2¶=5HTXLHUHODFRQWUDVHxDGHODFXHQWDGHXVXDULR

([LW.,'2¶=6DOLUGH.,'2¶=&LHUUD.,'2¶=\OHOOHYDDODLQWHUID]GHXVXDULRGH$QGURLGQRUPDO

5HTXLHUHODFRQWUDVHxDGHODFXHQWDGHXVXDULR

&yPRDFFHGHUDOFRQWUROSDUHQWDOSDUDDMXVWDUHOFRQWHQLGRGHODWDEOHWD<DUYLN-XQLRU

$MXVWHHOFRQWHQLGRGHFRQWUROSDUHQWDO

+DJDFOLFHQHOLFRQR³.,'2¶=´GHODHVTXLQDVXSHULRUGHUHFKDGHODSDQWDOODSDUDYROYHUDOHVFULWRULRGH

.,'2¶=

£'LVIUXWH

3XOVHHOLFRQR³3DUHQWV´3DGUHVVLWXDGRHQODHVTXLQDLQIHULRUGHUHFKDGHODSDQWDOOD

22

7$%BB46*BNLGR]LQGG

$FFHGHUiDODSDQWDOODSULQFLSDOGH.,'2¶=

.,'2¶=$SSV6WRUH7LHQGDGHDSOLFDFLRQHVGH.,'2¶=FRQDSOLFDFLRQHVJUDWXLWDVIiFLOHVGHXVDU

.,'2¶=%URZVHU1DYHJDGRU.,'2¶=FRQVLWLRVZHEGHVWLQDGRVSDUDQLxRVTXHWDPELpQSXHGHQDxDGLU

ORVSURSLRVSDGUHV

.,'2¶=7979.,'2¶=FRQFDQDOHVGHWHOHYLVLyQHQOtQHDGHVWLQDGRVSDUDQLxRV

.,'2¶=*DPHV-XHJRV.,'2¶=XQDFROHFFLyQGHMXHJRVLQWHJUDGRVSDUDQLxRV

%DFNJURXQGV)RQGRVGHSDQWDOODSDUDQLxRVOHSHUPLWHFDPELDUHOIRQGRGHSDQWDOODGHORVPHQ~VGH

.,'2¶=

.LG$FFRXQWVHWWLQJV&RQILJXUDFLyQGHODFXHQWDGHOQLxR

3DUHQWDO&RQWURO'DVKERDUG3DQHOGHFRQWUROSDUHQWDOSHUPLWHFRQWURODUWRGDODLQWHUID]GHXVXDULRGH

.,'2¶=5HTXLHUHODFRQWUDVHxDGHODFXHQWDGHXVXDULR

([LW.,'2¶=6DOLUGH.,'2¶=&LHUUD.,'2¶=\OHOOHYDDODLQWHUID]GHXVXDULRGH$QGURLGQRUPDO

5HTXLHUHODFRQWUDVHxDGHODFXHQWDGHXVXDULR

&yPRDFFHGHUDOFRQWUROSDUHQWDOSDUDDMXVWDUHOFRQWHQLGRGHODWDEOHWD<DUYLN-XQLRU

$MXVWHHOFRQWHQLGRGHFRQWUROSDUHQWDO

+DJDFOLFHQHOLFRQR³.,'2¶=´GHODHVTXLQDVXSHULRUGHUHFKDGHODSDQWDOODSDUDYROYHUDOHVFULWRULRGH

.,'2¶=

£'LVIUXWH

3XOVHHOLFRQR³3DUHQWV´3DGUHVVLWXDGRHQODHVTXLQDLQIHULRUGHUHFKDGHODSDQWDOOD

(VFULEDODFRQWUDVHxDGHODFXHQWDGH.,'2¶=HQODSDQWDOODGHVROLFLWXGGHFRQWUDVHxD

23

7$%BB46*BNLGR]LQGG

PT

KIDO’Z

2VHX7DEOHW-XQLRU<DUYLN7$%YHPSUpFDUUHJDGRFRPR.,'2¶=0RGRGH-RJRV'LYHUWLGR

H6HJXURSDUD&ULDQoDV2.,'2¶=pXPDLQWHUIDFHDPLJiYHOSDUDFULDQoDVTXHOKHVSHUPLWHMRJDUH

DSUHQGHUFRPDVPHOKRUHVHPDLVUHFHQWHVDSOLFDo}HVYtGHRVHFRQWH~GRVLQIDQWLVRQOLQHGLVSRQLELOL]DGRV

GLUHWDPHQWHDRVVHXVILOKRV2.,'2¶=IRLHVSHFLDOPHQWHFRQFHELGRSDUDFDSDFLWDUDVFULDQoDVHDMXGiODV

DFUHVFHUHDDPDGXUHFHUQHVWHPXQGRHQTXDQWRXWLOL]DPHTXLSDPHQWRVPXOWLPpGLD$MXGDPRVFULDQoDVGH

WRGDVDVLGDGHVDGHVHQYROYHUHPVHQXPDPELHQWHGLJLWDOGLYHUWLGRVHJXURHIiFLOGHXWLOL]DU

3ULPDRERWmR³&UHDWH$FFRXQW´&ULDU&RQWD

,QWURGX]DRVHXHQGHUHoRGHHPDLOHHVFROKDXPDSDODYUDSDVVH3ULPDRERWmR³5HJLVWHU´5HJLVWDUSDUD

FRQWLQXDUeHQYLDGDXPDFRQILUPDomRGHUHJLVWRFRPLQIRUPDo}HVGDFRQWDSDUDRHQGHUHoRGHHPDLO

LQWURGX]LGR

&ULHD&RQWDGH&ULDQoDLQWURGX]LQGRRQRPHDGDWDGHQDVFLPHQWRHRVH[RGDFULDQoD3ULPDRERWmR

³&UHDWH´&ULDUSDUDFRQWLQXDU

,QLFLHR.,'2¶=0RGRGH-RJRV'LYHUWLGRH6HJXURSDUD&ULDQoDVSUHPLQGRRtFRQHGDDSOLFDomR³.,'2¶=´

QRHFUmSULQFLSDOGR7DEOHW-XQLRU

(VFROKDRLGLRPDGHVHMDGRSDUDR.,'2¶=DSDUWLUGDVRSo}HVGHLGLRPDGLVSRQtYHLVHP³&KDQJH

/DQJXDJH´$OWHUDU,GLRPDQRWRSRGRHFUm2LGLRPDHVFROKLGRSRGHVHUSRVWHULRUPHQWHDOWHUDGR

$&RQWDGH&ULDQoDIRLFULDGDFRPr[LWR3RGHXWLOL]DUDRSomR³&KDQJH3LFWXUH´$OWHUDU,PDJHPSDUD

DOWHUDUDLPDJHPGHSHUILOGDFULDQoDSRGHQGRWDPEpPXWLOL]DUDFkPDUDGLJLWDOLQFRUSRUDGDGR7DEOHW

-XQLRU

&RQWLQXHSUHPLQGRRERWmR³6WDUW.,'2¶=´,QLFLDU.,'2¶=

24

7$%BB46*BNLGR]LQGG

KIDO’Z

2VHX7DEOHW-XQLRU<DUYLN7$%YHPSUpFDUUHJDGRFRPR.,'2¶=0RGRGH-RJRV'LYHUWLGR

H6HJXURSDUD&ULDQoDV2.,'2¶=pXPDLQWHUIDFHDPLJiYHOSDUDFULDQoDVTXHOKHVSHUPLWHMRJDUH

DSUHQGHUFRPDVPHOKRUHVHPDLVUHFHQWHVDSOLFDo}HVYtGHRVHFRQWH~GRVLQIDQWLVRQOLQHGLVSRQLELOL]DGRV

GLUHWDPHQWHDRVVHXVILOKRV2.,'2¶=IRLHVSHFLDOPHQWHFRQFHELGRSDUDFDSDFLWDUDVFULDQoDVHDMXGiODV

DFUHVFHUHDDPDGXUHFHUQHVWHPXQGRHQTXDQWRXWLOL]DPHTXLSDPHQWRVPXOWLPpGLD$MXGDPRVFULDQoDVGH

WRGDVDVLGDGHVDGHVHQYROYHUHPVHQXPDPELHQWHGLJLWDOGLYHUWLGRVHJXURHIiFLOGHXWLOL]DU

3ULPDRERWmR³&UHDWH$FFRXQW´&ULDU&RQWD

,QWURGX]DRVHXHQGHUHoRGHHPDLOHHVFROKDXPDSDODYUDSDVVH3ULPDRERWmR³5HJLVWHU´5HJLVWDUSDUD

FRQWLQXDUeHQYLDGDXPDFRQILUPDomRGHUHJLVWRFRPLQIRUPDo}HVGDFRQWDSDUDRHQGHUHoRGHHPDLO

LQWURGX]LGR

&ULHD&RQWDGH&ULDQoDLQWURGX]LQGRRQRPHDGDWDGHQDVFLPHQWRHRVH[RGDFULDQoD3ULPDRERWmR

³&UHDWH´&ULDUSDUDFRQWLQXDU

,QLFLHR.,'2¶=0RGRGH-RJRV'LYHUWLGRH6HJXURSDUD&ULDQoDVSUHPLQGRRtFRQHGDDSOLFDomR³.,'2¶=´

QRHFUmSULQFLSDOGR7DEOHW-XQLRU

(VFROKDRLGLRPDGHVHMDGRSDUDR.,'2¶=DSDUWLUGDVRSo}HVGHLGLRPDGLVSRQtYHLVHP³&KDQJH

/DQJXDJH´$OWHUDU,GLRPDQRWRSRGRHFUm2LGLRPDHVFROKLGRSRGHVHUSRVWHULRUPHQWHDOWHUDGR

$&RQWDGH&ULDQoDIRLFULDGDFRPr[LWR3RGHXWLOL]DUDRSomR³&KDQJH3LFWXUH´$OWHUDU,PDJHPSDUD

DOWHUDUDLPDJHPGHSHUILOGDFULDQoDSRGHQGRWDPEpPXWLOL]DUDFkPDUDGLJLWDOLQFRUSRUDGDGR7DEOHW

-XQLRU

&RQWLQXHSUHPLQGRRERWmR³6WDUW.,'2¶=´,QLFLDU.,'2¶=

25

7$%BB46*BNLGR]LQGG

,QWURGX]DDSDODYUDSDVVHGDVXDFRQWD.LGR¶]QRHFUmGHVROLFLWDomRGHSDODYUDSDVVH

9DLDJRUDDFHGHUDRHFUmSULQFLSDOGR.,'2¶=

.,'2¶=$SSV6WRUHFRPDSOLFDo}HVJUiWLVSDUDFULDQoDV

.,'2¶=%URZVHU1DYHJDGRU.,'2¶=FRPZHEVLWHVSDUDFULDQoDVMiQRVIDYRULWRVTXHSRGHPVHU

WDPEpPDGLFLRQDGRVSHORVSDLV

.,'2¶=79FRPFDQDLVGH79RQOLQHSDUDFULDQoDV

.,'2¶=*DPHV-RJRV.,'2¶=pXPDFROHomRGHMRJRVLQFRUSRUDGRVSDUDFULDQoDV

%DFNJURXQGV)XQGRVSDUDDOWHUDURSDGUmRGHIXQGRGRVHFUmVGHPHQXGR.,'2¶=

.LG$FFRXQWVHWWLQJV'HILQLo}HVGD&RQWDGH&ULDQoD

3DUHQWDO&RQWURO'DVKERDUG3DLQHOGR&RQWUROR3DUHQWDOSDUDFRQWURODUWRGDDLQWHUIDFHGHXWLOL]DGRUGR

.,'2¶=eQHFHVViULDDSDODYUDSDVVHGDFRQWDGHXWLOL]DGRU

([LW.,'2¶=6DLUGR.,'2¶=3DUDIHFKDUR.,'2¶=HYROWDUjLQWHUIDFHQRUPDOGHXWLOL]DGRUGR$QGURLG eQHFHVViULDDSDODYUDSDVVHGDFRQWDGHXWLOL]DGRU

&RPRDFHGHUDRFRQWURORSDUHQWDOSDUDDMXVWDURFRQWH~GRGR7DEOHW-XQLRU<DUYLN

$MXVWHRFRQWH~GRGRFRQWURORSDUHQWDO

&OLTXHQRtFRQH³.,'2¶=´QRFDQWRVXSHULRUGLUHLWRGRHFUmSDUDYROWDUDRDPELHQWHGHWUDEDOKRGR.LGR¶]

%RDGLYHUVmR

3ULPDRtFRQH³3DUHQWV´3DLVORFDOL]DGRQRFDQWRLQIHULRUGLUHLWRGRHFUm

26

7$%BB46*BNLGR]LQGG

9DLDJRUDDFHGHUDRHFUmSULQFLSDOGR.,'2¶=

.,'2¶=$SSV6WRUHFRPDSOLFDo}HVJUiWLVSDUDFULDQoDV

.,'2¶=%URZVHU1DYHJDGRU.,'2¶=FRPZHEVLWHVSDUDFULDQoDVMiQRVIDYRULWRVTXHSRGHPVHU

WDPEpPDGLFLRQDGRVSHORVSDLV

.,'2¶=79FRPFDQDLVGH79RQOLQHSDUDFULDQoDV

.,'2¶=*DPHV-RJRV.,'2¶=pXPDFROHomRGHMRJRVLQFRUSRUDGRVSDUDFULDQoDV

%DFNJURXQGV)XQGRVSDUDDOWHUDURSDGUmRGHIXQGRGRVHFUmVGHPHQXGR.,'2¶=

.LG$FFRXQWVHWWLQJV'HILQLo}HVGD&RQWDGH&ULDQoD

3DUHQWDO&RQWURO'DVKERDUG3DLQHOGR&RQWUROR3DUHQWDOSDUDFRQWURODUWRGDDLQWHUIDFHGHXWLOL]DGRUGR

.,'2¶=eQHFHVViULDDSDODYUDSDVVHGDFRQWDGHXWLOL]DGRU

([LW.,'2¶=6DLUGR.,'2¶=3DUDIHFKDUR.,'2¶=HYROWDUjLQWHUIDFHQRUPDOGHXWLOL]DGRUGR$QGURLG eQHFHVViULDDSDODYUDSDVVHGDFRQWDGHXWLOL]DGRU

&RPRDFHGHUDRFRQWURORSDUHQWDOSDUDDMXVWDURFRQWH~GRGR7DEOHW-XQLRU<DUYLN

$MXVWHRFRQWH~GRGRFRQWURORSDUHQWDO

&OLTXHQRtFRQH³.,'2¶=´QRFDQWRVXSHULRUGLUHLWRGRHFUmSDUDYROWDUDRDPELHQWHGHWUDEDOKRGR.LGR¶]

%RDGLYHUVmR

3ULPDRtFRQH³3DUHQWV´3DLVORFDOL]DGRQRFDQWRLQIHULRUGLUHLWRGRHFUm

,QWURGX]DDSDODYUDSDVVHGDVXDFRQWD.LGR¶]QRHFUmGHVROLFLWDomRGHSDODYUDSDVVH

27

7$%BB46*BNLGR]LQGG

PL

KIDO’Z

7DEOHW<DUYLN7$%-XQLRUGRVWDUF]DQ\MHVW]IDEU\F]QLH]DLQVWDORZDQ\PRSURJUDPRZDQLHP.,'2¶=

7U\E]DEDZ\LEH]SLHF]Q\FKJLHUGODG]LHFL.,'2¶=FKDUDNWHU\]XMHVLĊSU]\MD]Q\PG]LHFNXLQWHUIHMVHP

XĪ\WNRZQLNDNWyU\XPRĪOLZLD]DEDZĊLQDXNĊ]Z\NRU]\VWDQLHPQDMQRZV]\FKLQDMOHSV]\FKDSOLNDFMLGOD

G]LHFLILOPyZZLGHRL]DVREyZVLHFLRZ\FKSU]H]QDF]RQ\FKGODG]LHFL.,'2¶=]RVWDáRRSUDFRZDQHDE\

ZVSLHUDüUR]ZyMLGRMU]HZDQLHG]LHFLZWUDNFLH]Z\NáHJRNRU]\VWDQLD]XU]ąG]HĔPXOWLPHGLDOQ\FK']LHFLRP

ZNDĪG\PZLHNXSRPDJDP\ZUR]ZRMX]DSRĞUHGQLFWZHPLQWHUHVXMąFHJREH]SLHF]QHJRLSURVWHJRZXĪ\FLX

ĞURGRZLVNDF\IURZHJR

1DFLĞQLMSU]\FLVNÄ&UHDWH$FFRXQW´Ä8WZyU]NRQWR´

:SURZDGĨDGUHVHPDLOLZ\EUDQHKDVáR$E\NRQW\QXRZDüQDFLĞQLMSU]\FLVNÄ5HJLVWHU´Ä=DUHMHVWUXM´

3RWZLHUG]HQLHUHMHVWUDFMLLLQIRUPDFMHQDWHPDWNRQWD]RVWDQąSU]HVáDQHQDSRGDQ\DGUHVHPDLO

8WZyU].LG¶V$FFRXQW.RQWRG]LHFNDZSURZDG]DMąFLPLĊG]LHFNDMHJRGDWĊXURG]LQLSáHü$E\

NRQW\QXRZDüQDFLĞQLMSU]\FLVNÄ&UHDWH´Ä8WZyU]´

.,'2¶=7U\E]DEDZ\LEH]SLHF]Q\FKJLHUGODG]LHFLQDOHĪ\XUXFKRPLüSRSU]H]QDFLĞQLĊFLHLNRQ\DSOLNDFML

Ä.,'2¶=´NWyUD]QDMGXMHVLĊQDHNUDQLHGRPRZ\PWDEOHWX-XQLRU

:\ELHU]MĊ]\N.,'2¶=VSRĞUyGGRVWĊSQ\FKZHUVMLMĊ]\NRZ\FKUR]ZLMDMąFPHQXÄ&KDQJH/DQJXDJH´

Ä=PLHĔMĊ]\N´NWyUH]QDMGXMHVLĊXJyU\HNUDQX:\EUDQ\MĊ]\NPRĪH]RVWDüSyĨQLHM]PLHQLRQ\SRQRZLH

.RQWRG]LHFND]RVWDáRXWZRU]RQH.RU]\VWDMąF]RSFMLÄ&KDQJH3LFWXUH´Ä=PLHĔ]GMĊFLH´PRĪQD]PLHQLü

]GMĊFLHSURILORZHG]LHFNDGRZ\NRQDQLD]GMĊFLDPRĪQDXĪ\üZEXGRZDQHMNDPHU\F\IURZHMWDEOHWX-XQLRU

$E\NRQW\QXRZDüQDFLĞQLMSU]\FLVNÄ6WDUW.,'2¶=´Ä8UXFKRP.,'2¶=´

28

7$%BB46*BNLGR]LQGG

KIDO’Z

7DEOHW<DUYLN7$%-XQLRUGRVWDUF]DQ\MHVW]IDEU\F]QLH]DLQVWDORZDQ\PRSURJUDPRZDQLHP.,'2¶=

7U\E]DEDZ\LEH]SLHF]Q\FKJLHUGODG]LHFL.,'2¶=FKDUDNWHU\]XMHVLĊSU]\MD]Q\PG]LHFNXLQWHUIHMVHP

XĪ\WNRZQLNDNWyU\XPRĪOLZLD]DEDZĊLQDXNĊ]Z\NRU]\VWDQLHPQDMQRZV]\FKLQDMOHSV]\FKDSOLNDFMLGOD

G]LHFLILOPyZZLGHRL]DVREyZVLHFLRZ\FKSU]H]QDF]RQ\FKGODG]LHFL.,'2¶=]RVWDáRRSUDFRZDQHDE\

ZVSLHUDüUR]ZyMLGRMU]HZDQLHG]LHFLZWUDNFLH]Z\NáHJRNRU]\VWDQLD]XU]ąG]HĔPXOWLPHGLDOQ\FK']LHFLRP

ZNDĪG\PZLHNXSRPDJDP\ZUR]ZRMX]DSRĞUHGQLFWZHPLQWHUHVXMąFHJREH]SLHF]QHJRLSURVWHJRZXĪ\FLX

ĞURGRZLVNDF\IURZHJR

1DFLĞQLMSU]\FLVNÄ&UHDWH$FFRXQW´Ä8WZyU]NRQWR´

:SURZDGĨDGUHVHPDLOLZ\EUDQHKDVáR$E\NRQW\QXRZDüQDFLĞQLMSU]\FLVNÄ5HJLVWHU´Ä=DUHMHVWUXM´

3RWZLHUG]HQLHUHMHVWUDFMLLLQIRUPDFMHQDWHPDWNRQWD]RVWDQąSU]HVáDQHQDSRGDQ\DGUHVHPDLO

8WZyU].LG¶V$FFRXQW.RQWRG]LHFNDZSURZDG]DMąFLPLĊG]LHFNDMHJRGDWĊXURG]LQLSáHü$E\

NRQW\QXRZDüQDFLĞQLMSU]\FLVNÄ&UHDWH´Ä8WZyU]´

.,'2¶=7U\E]DEDZ\LEH]SLHF]Q\FKJLHUGODG]LHFLQDOHĪ\XUXFKRPLüSRSU]H]QDFLĞQLĊFLHLNRQ\DSOLNDFML

Ä.,'2¶=´NWyUD]QDMGXMHVLĊQDHNUDQLHGRPRZ\PWDEOHWX-XQLRU

:\ELHU]MĊ]\N.,'2¶=VSRĞUyGGRVWĊSQ\FKZHUVMLMĊ]\NRZ\FKUR]ZLMDMąFPHQXÄ&KDQJH/DQJXDJH´

Ä=PLHĔMĊ]\N´NWyUH]QDMGXMHVLĊXJyU\HNUDQX:\EUDQ\MĊ]\NPRĪH]RVWDüSyĨQLHM]PLHQLRQ\SRQRZLH

.RQWRG]LHFND]RVWDáRXWZRU]RQH.RU]\VWDMąF]RSFMLÄ&KDQJH3LFWXUH´Ä=PLHĔ]GMĊFLH´PRĪQD]PLHQLü

]GMĊFLHSURILORZHG]LHFNDGRZ\NRQDQLD]GMĊFLDPRĪQDXĪ\üZEXGRZDQHMNDPHU\F\IURZHMWDEOHWX-XQLRU

$E\NRQW\QXRZDüQDFLĞQLMSU]\FLVNÄ6WDUW.,'2¶=´Ä8UXFKRP.,'2¶=´

29

7$%BB46*BNLGR]LQGG

1DHNUDQLHNWyU\]RVWDQLHZ\ĞZLHWORQ\ZSURZDGĨKDVáRNRQWD.LGR¶]

2WZDUW\]RVWDQLHHNUDQJáyZQ\.,'2¶=

6NOHS]DSOLNDFMDPL.,'2¶=]GDUPRZ\PLSU]\MD]Q\PLG]LHFNXDSOLNDFMDPL

3U]HJOąGDUND.,'2¶=]]DNáDGNDPLRGV\áDMąF\PLGRSU]\MD]Q\FKG]LHFNXVWURQLQWHUQHWRZ\FK]DNáDGNL

PRJąE\üWDNĪHGRGDZDQHSU]H]URG]LFyZ

7HOHZL]MD.,'2¶=]SU]\MD]Q\PLG]LHFNXNDQDáDPLWHOHZL]MLLQWHUQHWRZHM

*U\.,'2¶=NROHNFMDGRP\ĞOQLH]DLQVWDORZDQ\FKSU]\MD]Q\FKG]LHFNXJLHU

7áDRSFMDSR]ZDODMąFDQD]PLDQĊWDSHW\HNUDQyZPHQX.,'2¶=

8VWDZLHQLDNRQWDG]LHFND

3DQHONRQWUROLURG]LFLHOVNLHMXPRĪOLZLDMąF\NRQWUROĊFDáHJRLQWHUIHMVX.,'2¶=:\PDJDSRGDQLDKDVáDGR

NRQWDXĪ\WNRZQLND

:\MĞFLH].,'2¶=1DFLĞQLĊFLHSU]\FLVNXSRZRGXMH]DPNQLĊFLH.,'2¶=LSU]HQLHVLHQLHGRSRGVWDZRZHJR

LQWHUIHMVXXĪ\WNRZQLNDV\VWHPXRSHUDF\MQHJR$QGURLG

:\PDJDSRGDQLDKDVáDGRNRQWDXĪ\WNRZQLND

,QIRUPDFMHQDWHPDWVSRVREXSU]HMĞFLDGRSDQHOXNRQWUROLURG]LFLHOVNLHMZFHOXNRQWUROL]DVREyZ

]JURPDG]RQ\FKQDWDEOHFLH<DUYLN-XQLRU

7HUD]PRĪQDVNRQWURORZDü]JURPDG]RQH]DVRE\

.OLNQLMLNRQĊÄ.,'2¶=´NWyUD]QDMGXMHVLĊZSUDZ\PJyUQ\PURJXHNUDQXDE\SRZUyFLüGRSXOSLWX.LGR¶]

0LáHM]DEDZ\

1DFLĞQLMLNRQĊÄ3DUHQWV´Ä5RG]LFH´NWyUD]QDMGXMHVLĊZSUDZ\PGROQ\PURJXHNUDQX

30

7$%BB46*BNLGR]LQGG

1DHNUDQLHNWyU\]RVWDQLHZ\ĞZLHWORQ\ZSURZDGĨKDVáRNRQWD.LGR¶]

2WZDUW\]RVWDQLHHNUDQJáyZQ\.,'2¶=

6NOHS]DSOLNDFMDPL.,'2¶=]GDUPRZ\PLSU]\MD]Q\PLG]LHFNXDSOLNDFMDPL

3U]HJOąGDUND.,'2¶=]]DNáDGNDPLRGV\áDMąF\PLGRSU]\MD]Q\FKG]LHFNXVWURQLQWHUQHWRZ\FK]DNáDGNL

PRJąE\üWDNĪHGRGDZDQHSU]H]URG]LFyZ

7HOHZL]MD.,'2¶=]SU]\MD]Q\PLG]LHFNXNDQDáDPLWHOHZL]MLLQWHUQHWRZHM

*U\.,'2¶=NROHNFMDGRP\ĞOQLH]DLQVWDORZDQ\FKSU]\MD]Q\FKG]LHFNXJLHU

7áDRSFMDSR]ZDODMąFDQD]PLDQĊWDSHW\HNUDQyZPHQX.,'2¶=

8VWDZLHQLDNRQWDG]LHFND

3DQHONRQWUROLURG]LFLHOVNLHMXPRĪOLZLDMąF\NRQWUROĊFDáHJRLQWHUIHMVX.,'2¶=:\PDJDSRGDQLDKDVáDGR

NRQWDXĪ\WNRZQLND

:\MĞFLH].,'2¶=1DFLĞQLĊFLHSU]\FLVNXSRZRGXMH]DPNQLĊFLH.,'2¶=LSU]HQLHVLHQLHGRSRGVWDZRZHJR

LQWHUIHMVXXĪ\WNRZQLNDV\VWHPXRSHUDF\MQHJR$QGURLG

:\PDJDSRGDQLDKDVáDGRNRQWDXĪ\WNRZQLND

,QIRUPDFMHQDWHPDWVSRVREXSU]HMĞFLDGRSDQHOXNRQWUROLURG]LFLHOVNLHMZFHOXNRQWUROL]DVREyZ

]JURPDG]RQ\FKQDWDEOHFLH<DUYLN-XQLRU

7HUD]PRĪQDVNRQWURORZDü]JURPDG]RQH]DVRE\

.OLNQLMLNRQĊÄ.,'2¶=´NWyUD]QDMGXMHVLĊZSUDZ\PJyUQ\PURJXHNUDQXDE\SRZUyFLüGRSXOSLWX.LGR¶]

0LáHM]DEDZ\

1DFLĞQLMLNRQĊÄ3DUHQWV´Ä5RG]LFH´NWyUD]QDMGXMHVLĊZSUDZ\PGROQ\PURJXHNUDQX

31

7$%BB46*BNLGR]LQGG

CS

KIDO’Z

9DãH]DĜt]HQt<DUYLN7$%-XQLRUWDEOHWMHGRGiYiQRVSĜHGLQVWDORYDQêPV\VWpPHP.,'2¶=±UHåLP

]iEDY\DEH]SHþQpKRKUDQtSURGČWL.,'2¶=MHXåLYDWHOVNpUR]KUDQtSĜtYČWLYpNGČWHPNWHUpXPRåĖXMH

KUDQtDXþHQtVWČPLQHMOHSãtPLDQHMQRYČMãtPLGČWVNêPLDSOLNDFHPLYLGHLDRQOLQHREVDKHPGRGDQêPSĜtPR

YDãHPXGtWČWL6\VWpP.,'2¶=E\OVSHFLiOQČQDYUåHQDE\SRVN\WRYDOGČWHPYêNRQQpQiVWURMHNWHUpMLP

SRPRKRXGRVSČWDY\]UiWYGQHãQtPVYČWČNGHVHVHWNiYDMtVPHGLiOQtPL]DĜt]HQtPLWDNĜNDQDNDåGpP

NURNX'RSĜHMWHVYpPXGtWČWLDE\UR]YtMHORVYpVFKRSQRVWLY]iEDYQpPEH]SHþQpPDVQDGQRSRXåLWHOQpP

GLJLWiOQtPSURVWĜHGt

6WLVNQČWHWODþtWNRÄ&UHDWH$FFRXQW³Ä9\WYRĜLW~þHW³

=DGHMWHVYRXHPDLORYRXDGUHVXDY\EHUWHKHVOR3RNUDþXMWHVWLVNQXWtPWODþtWNDÄ5HJLVWHU³Ä5HJLVWURYDW³

1DYiPL]DGDQRXHPDLORYRXDGUHVXEXGHRGHVOiQD]SUiYDVSRWYU]HQtPUHJLVWUDFHDLQIRUPDFHPLR~þWX

9\WYRĜWH.LG¶V$FFRXQWÒþHWGtWČWH]DGiQtPMPpQDGDWDQDUR]HQtDSRKODYtGtWČWH3RNUDþXMWHVWLVNQXWtP

WODþtWNDÄ&UHDWH³Ä9\WYRĜLW³

6SXVĢWHV\VWpP.,'2¶=±UHåLP]iEDY\DEH]SHþQpKRKUDQtSURGČWLVWLVNQXWtPLNRQ\DSOLNDFHÄ.,'2¶=³QD

GRPRYVNpREUD]RYFHYDãHKR-XQLRUWDEOHWX

3URVWĜHGQLFWYtPPRåQRVWLÄ&KDQJH/DQJXDJH³Ä=PČQLWMD]\N³YKRUQtþiVWLREUD]RYN\Y\EHUWHSRåDGRYDQêMD]\N

V\VWpPX.,'2¶=1DYêEČUPiWH]HGRVWXSQêFKMD]\NRYêFKPRåQRVWt9\EUDQêMD]\NPĤåHWHSR]GČML]PČQLW

ÒþHWGtWČWHE\O~VSČãQČY\WYRĜHQ3URVWĜHGQLFWYtPPRåQRVWLÄ&KDQJH3LFWXUH³Ä=PČQLWREUi]HN³O]H]PČQLW

REUi]HNYSURILOXGtWČWHSĜLþHPåPĤåHWHY\XåtWYHVWDYČQpKRGLJLWiOQtKRIRWRDSDUiWXVYpKR-XQLRUWDEOHWX

3RNUDþXMWHVWLVNQXWtPWODþtWNDÄ6WDUW.,'2¶=³Ä6SXVWLW.,'2¶=³

32

7$%BB46*BNLGR]LQGG

KIDO’Z

9DãH]DĜt]HQt<DUYLN7$%-XQLRUWDEOHWMHGRGiYiQRVSĜHGLQVWDORYDQêPV\VWpPHP.,'2¶=±UHåLP

]iEDY\DEH]SHþQpKRKUDQtSURGČWL.,'2¶=MHXåLYDWHOVNpUR]KUDQtSĜtYČWLYpNGČWHPNWHUpXPRåĖXMH

KUDQtDXþHQtVWČPLQHMOHSãtPLDQHMQRYČMãtPLGČWVNêPLDSOLNDFHPLYLGHLDRQOLQHREVDKHPGRGDQêPSĜtPR

YDãHPXGtWČWL6\VWpP.,'2¶=E\OVSHFLiOQČQDYUåHQDE\SRVN\WRYDOGČWHPYêNRQQpQiVWURMHNWHUpMLP

SRPRKRXGRVSČWDY\]UiWYGQHãQtPVYČWČNGHVHVHWNiYDMtVPHGLiOQtPL]DĜt]HQtPLWDNĜNDQDNDåGpP

NURNX'RSĜHMWHVYpPXGtWČWLDE\UR]YtMHORVYpVFKRSQRVWLY]iEDYQpPEH]SHþQpPDVQDGQRSRXåLWHOQpP

GLJLWiOQtPSURVWĜHGt

6WLVNQČWHWODþtWNRÄ&UHDWH$FFRXQW³Ä9\WYRĜLW~þHW³

=DGHMWHVYRXHPDLORYRXDGUHVXDY\EHUWHKHVOR3RNUDþXMWHVWLVNQXWtPWODþtWNDÄ5HJLVWHU³Ä5HJLVWURYDW³

1DYiPL]DGDQRXHPDLORYRXDGUHVXEXGHRGHVOiQD]SUiYDVSRWYU]HQtPUHJLVWUDFHDLQIRUPDFHPLR~þWX

9\WYRĜWH.LG¶V$FFRXQWÒþHWGtWČWH]DGiQtPMPpQDGDWDQDUR]HQtDSRKODYtGtWČWH3RNUDþXMWHVWLVNQXWtP

WODþtWNDÄ&UHDWH³Ä9\WYRĜLW³

6SXVĢWHV\VWpP.,'2¶=±UHåLP]iEDY\DEH]SHþQpKRKUDQtSURGČWLVWLVNQXWtPLNRQ\DSOLNDFHÄ.,'2¶=³QD

GRPRYVNpREUD]RYFHYDãHKR-XQLRUWDEOHWX

3URVWĜHGQLFWYtPPRåQRVWLÄ&KDQJH/DQJXDJH³Ä=PČQLWMD]\N³YKRUQtþiVWLREUD]RYN\Y\EHUWHSRåDGRYDQêMD]\N

V\VWpPX.,'2¶=1DYêEČUPiWH]HGRVWXSQêFKMD]\NRYêFKPRåQRVWt9\EUDQêMD]\NPĤåHWHSR]GČML]PČQLW

ÒþHWGtWČWHE\O~VSČãQČY\WYRĜHQ3URVWĜHGQLFWYtPPRåQRVWLÄ&KDQJH3LFWXUH³Ä=PČQLWREUi]HN³O]H]PČQLW

REUi]HNYSURILOXGtWČWHSĜLþHPåPĤåHWHY\XåtWYHVWDYČQpKRGLJLWiOQtKRIRWRDSDUiWXVYpKR-XQLRUWDEOHWX

3RNUDþXMWHVWLVNQXWtPWODþtWNDÄ6WDUW.,'2¶=³Ä6SXVWLW.,'2¶=³

33

7$%BB46*BNLGR]LQGG

-DNPLOHVHREMHYtYê]YDN]DGiQtKHVOD]DGHMWHKHVORNHVYpPX~þWXYV\VWpPX.LGR¶]

=REUD]tVHKODYQtREUD]RYNDV\VWpPX.,'2¶=

2EFKRGVDSOLNDFHPL.,'2¶=VEH]SODWQêPLDSOLNDFHPLYKRGQêPLSURGČWL

3URKOtåHþ.,'2¶=VXORåHQêPLZHERYêPLVWUiQNDPLNWHUpMVRXSĜtYČWLYpNGČWHPDPRKRXEêWVSUDYRYiQ\

WDNpURGLþL

7HOHYL]H.,'2¶=VRQOLQHWHOHYL]QtPLNDQiO\YKRGQêPLSURGČWL

+U\.,'2¶=MHVEtUNDLQWHJURYDQêFKKHUYKRGQêFKSURGČWL

3R]DGtXPRåĖXMH]PČQXWDSHW\QDREUD]RYNiFKVQDEtGNDPLYV\VWpPX.,'2¶=

1DVWDYHQt~þWXGtWČWH

3DQHOURGLþRYVNpNRQWURO\VORXåtNHVSUiYČFHOpKRXåLYDWHOVNpKRUR]KUDQt.,'2¶=9\åDGXMHKHVORN

XåLYDWHOVNpPX~þWX

8NRQþLW.,'2¶=7RXWRPRåQRVWtXNRQþtWHV\VWpP.,'2¶=DYUiWtWHVHNEČåQpPXXåLYDWHOVNpPXUR]KUDQt

V\VWpPX$QGURLG

9\åDGXMHKHVORNXåLYDWHOVNpPX~þWX

-DNSRPRFtIXQNFHURGLþRYVNpNRQWURO\]PČQLWREVDK]DĜt]HQt<DUYLN-XQLRUWDEOHW

8SUDYWHREVDKIXQNFHURGLþRYVNpNRQWURO\

.OLNQXWtPQDLNRQXÄ.,'2¶=³YSUDYpKRUQtþiVWLREUD]RYN\VHYUDĢWHQDSORFKXV\VWpPX.LGR¶]

%DYWHVH

6WLVNQČWHLNRQXÄ3DUHQWV³Ä5RGLþH³NWHUiMHXPtVWČQDYSUDYpGROQtþiVWLREUD]RYN\

34

7$%BB46*BNLGR]LQGG

-DNPLOHVHREMHYtYê]YDN]DGiQtKHVOD]DGHMWHKHVORNHVYpPX~þWXYV\VWpPX.LGR¶]

=REUD]tVHKODYQtREUD]RYNDV\VWpPX.,'2¶=

2EFKRGVDSOLNDFHPL.,'2¶=VEH]SODWQêPLDSOLNDFHPLYKRGQêPLSURGČWL

3URKOtåHþ.,'2¶=VXORåHQêPLZHERYêPLVWUiQNDPLNWHUpMVRXSĜtYČWLYpNGČWHPDPRKRXEêWVSUDYRYiQ\

WDNpURGLþL

7HOHYL]H.,'2¶=VRQOLQHWHOHYL]QtPLNDQiO\YKRGQêPLSURGČWL

+U\.,'2¶=MHVEtUNDLQWHJURYDQêFKKHUYKRGQêFKSURGČWL

3R]DGtXPRåĖXMH]PČQXWDSHW\QDREUD]RYNiFKVQDEtGNDPLYV\VWpPX.,'2¶=

1DVWDYHQt~þWXGtWČWH

3DQHOURGLþRYVNpNRQWURO\VORXåtNHVSUiYČFHOpKRXåLYDWHOVNpKRUR]KUDQt.,'2¶=9\åDGXMHKHVORN

XåLYDWHOVNpPX~þWX

8NRQþLW.,'2¶=7RXWRPRåQRVWtXNRQþtWHV\VWpP.,'2¶=DYUiWtWHVHNEČåQpPXXåLYDWHOVNpPXUR]KUDQt

V\VWpPX$QGURLG

9\åDGXMHKHVORNXåLYDWHOVNpPX~þWX

-DNSRPRFtIXQNFHURGLþRYVNpNRQWURO\]PČQLWREVDK]DĜt]HQt<DUYLN-XQLRUWDEOHW

8SUDYWHREVDKIXQNFHURGLþRYVNpNRQWURO\

.OLNQXWtPQDLNRQXÄ.,'2¶=³YSUDYpKRUQtþiVWLREUD]RYN\VHYUDĢWHQDSORFKXV\VWpPX.LGR¶]

%DYWHVH

6WLVNQČWHLNRQXÄ3DUHQWV³Ä5RGLþH³NWHUiMHXPtVWČQDYSUDYpGROQtþiVWLREUD]RYN\

35

7$%BB46*BNLGR]LQGG

SK

KIDO’Z

9iãMXQLRUVNêWDEOHW<DUYLN7$%PiYRSUHGQDLQãWDORYDQêUHåLP]iEDYDDEH]SHþQpKUDQLHSUHGHWL

.,'2¶=.,'2¶=MHSUHGHWLĐDKNRSRXåtYDWHĐQpUR]KUDQLHQDKUDQLHDXþHQLHVQDMQRYãtPLDQDMOHSãtPL

GHWVNêPLDSOLNiFLDPLYLGHDPLDRQOLQHREVDKPLGRGiYDQêPLSULDPRYiãPXGLHĢDĢX

.,'2¶=EROãSHFLILFN\QDYUKQXWêQDSRVLOQHQLHGHWtDQDQRDE\VPHLPSRPRKOLUiVĢDGRVSLHYDĢYWRPWR

VYHWHVSRXåtYDQtPPHGLiOQ\FK]DULDGHQt3RPiKDPHGHĢRPYNDåGRPYHNXDE\VDY\YtMDOL]iEDYQH

EH]SHþQHDĐDKNRYGLJLWiOQRPSURVWUHGt

6WODþWHWODþLGORÄ&UHDWH$FFRXQW³Ä9\WYRULĢ~þHW³

9\SOĖWHVYRMXHPDLORY~DGUHVXDY\EHUWHKHVOR3RNUDþXMWHVWODþHQtPWODþLGODÄ5HJLVWHU³Ä=DUHJLVWURYDĢ³

1D]DGDQ~HPDLORY~DGUHVXGRVWDQHWHSRWYUGHQLHRUHJLVWUiFLLVLQIRUPiFLDPLR~þWH

.LG¶V$FFRXQW'HWVNê~þHWY\WYRUtWH]DGDQtPPHQDGiWXPXQDURGHQLDDSRKODYLDGLHĢDĢD3RNUDþXMWH

VWODþHQtPWODþLGODÄ&UHDWH³Ä9\WYRULĢ³

5HåLP]iEDY\DEH]SHþQpKRKUDQLDSUHGHWL.,'2¶=VSXVWtWHVWODþHQtPLNRQ\DSOLNiFLHÄ.,'2¶=³QDGRPiFHM

REUD]RYNHMXQLRUVNpKRWDEOHWX

=RGRVWXSQêFKMD]\NRYêFKPRåQRVWtVLY\EHUWHSRåDGRYDQêMD]\N.,'2¶=QiMGHWHWRYþDVWLÄ&KDQJH

/DQJXDJH³Ä=PHQLĢMD]\N³KRUHQDREUD]RYNH9\EUDQêMD]\NP{åHWHQHVN{U]PHQLĢ

'HWVNê~þHWVD~VSHãQHY\WYRULO1D]PHQXSURILORYHMIRWRJUDILHGLHĢDĢDP{åHWHSRXåLĢPRåQRVĢÄ&KDQJH

3LFWXUH³Ä=PHQLĢREUi]RN³DOHERWDNP{åHWHVSUDYLĢSRPRFRX]DEXGRYDQpKRGLJLWiOQHKRIRWRDSDUiWXYR

YDãRPMXQLRUVNRPWDEOHWH

3RNUDþXMWHVWODþHQtPWODþLGODÄ6WDUW.,'2¶=³Ä6SXVWLĢ.,'2¶=³

36

7$%BB46*BNLGR]LQGG

KIDO’Z

9iãMXQLRUVNêWDEOHW<DUYLN7$%PiYRSUHGQDLQãWDORYDQêUHåLP]iEDYDDEH]SHþQpKUDQLHSUHGHWL

.,'2¶=.,'2¶=MHSUHGHWLĐDKNRSRXåtYDWHĐQpUR]KUDQLHQDKUDQLHDXþHQLHVQDMQRYãtPLDQDMOHSãtPL

GHWVNêPLDSOLNiFLDPLYLGHDPLDRQOLQHREVDKPLGRGiYDQêPLSULDPRYiãPXGLHĢDĢX

.,'2¶=EROãSHFLILFN\QDYUKQXWêQDSRVLOQHQLHGHWtDQDQRDE\VPHLPSRPRKOLUiVĢDGRVSLHYDĢYWRPWR

VYHWHVSRXåtYDQtPPHGLiOQ\FK]DULDGHQt3RPiKDPHGHĢRPYNDåGRPYHNXDE\VDY\YtMDOL]iEDYQH

EH]SHþQHDĐDKNRYGLJLWiOQRPSURVWUHGt

6WODþWHWODþLGORÄ&UHDWH$FFRXQW³Ä9\WYRULĢ~þHW³

9\SOĖWHVYRMXHPDLORY~DGUHVXDY\EHUWHKHVOR3RNUDþXMWHVWODþHQtPWODþLGODÄ5HJLVWHU³Ä=DUHJLVWURYDĢ³

1D]DGDQ~HPDLORY~DGUHVXGRVWDQHWHSRWYUGHQLHRUHJLVWUiFLLVLQIRUPiFLDPLR~þWH

.LG¶V$FFRXQW'HWVNê~þHWY\WYRUtWH]DGDQtPPHQDGiWXPXQDURGHQLDDSRKODYLDGLHĢDĢD3RNUDþXMWH

VWODþHQtPWODþLGODÄ&UHDWH³Ä9\WYRULĢ³

5HåLP]iEDY\DEH]SHþQpKRKUDQLDSUHGHWL.,'2¶=VSXVWtWHVWODþHQtPLNRQ\DSOLNiFLHÄ.,'2¶=³QDGRPiFHM

REUD]RYNHMXQLRUVNpKRWDEOHWX

=RGRVWXSQêFKMD]\NRYêFKPRåQRVWtVLY\EHUWHSRåDGRYDQêMD]\N.,'2¶=QiMGHWHWRYþDVWLÄ&KDQJH

/DQJXDJH³Ä=PHQLĢMD]\N³KRUHQDREUD]RYNH9\EUDQêMD]\NP{åHWHQHVN{U]PHQLĢ

'HWVNê~þHWVD~VSHãQHY\WYRULO1D]PHQXSURILORYHMIRWRJUDILHGLHĢDĢDP{åHWHSRXåLĢPRåQRVĢÄ&KDQJH

3LFWXUH³Ä=PHQLĢREUi]RN³DOHERWDNP{åHWHVSUDYLĢSRPRFRX]DEXGRYDQpKRGLJLWiOQHKRIRWRDSDUiWXYR

YDãRPMXQLRUVNRPWDEOHWH

3RNUDþXMWHVWODþHQtPWODþLGODÄ6WDUW.,'2¶=³Ä6SXVWLĢ.,'2¶=³

37

7$%BB46*BNLGR]LQGG

1DREUD]RYNHVSRåLDGDYNRXQDKHVOR]DGDMWHKHVORYiãKR~þWX.LGR¶]

7HUD]YVW~SLWHGRKODYQHMREUD]RYN\.,'2¶=

2EFKRGVDSOLNiFLDPL.,'2¶=VEH]SODWQêPLDSOLNiFLDPLNWRUpV~SUHYDãHGLHĢDĐDKNRSRXåtYDWHĐQp

.,'2¶=3UHKOLDGDþVXORåHQêPLLQWHUQHWRYêPLVWUiQNDPLNWRUpP{åXSULGiYDĢDMURGLþLDDV~SUHYDãH

GLHĢDĐDKNRSRXåtYDWHĐQp

7HOHYt]LD.,'2¶=VRQOLQHWHOHYt]Q\PLNDQiOPLNWRUpV~SUHYDãHGLHĢDĐDKNRSRXåtYDWHĐQp

+U\.,'2¶=MH]ELHUND]DEXGRYDQêFKKLHUNWRUpV~SUHYDãHGLHĢDĐDKNRSRXåtYDWHĐQp

3R]DGLDYiPXPRåĖXM~PHQLĢWDSHWXREUD]RYLHNVSRQXNDPL.,'2¶=

1DVWDYHQLDGHWVNpKR~þWX

3DQHOURGLþRYVNHMNRQWURO\QDRYOiGDQLHFHOpKRSRXåtYDWHĐVNpKRUR]KUDQLD.,'2¶=9\åDGXMHKHVOR

SRXåtYDWHĐVNpKR~þWX

2SXVWHQLH.,'2¶==DWYRUtVD.,'2¶=DY\VDYUiWLWHNEHåQpPXSRXåtYDWHĐVNpPXUR]KUDQLX$QGURLG

9\åDGXMHKHVORSRXåtYDWHĐVNpKR~þWX

$NRYVW~SLĢGRURGLþRYVNHMNRQWURO\DQDVWDYLĢREVDKYiãKRMXQLRUVNpKRWDEOHWX<DUYLN

1DVWDYWHREVDKURGLþRYVNHMNRQWURO\

.OLNQLWHQDLNRQXÄ.,'2¶=³YSUDYRKRUHQDREUD]RYNHDYUiWLWHVDQDSUDFRYQ~SORFKX.LGR¶]

%DYWHVD

6WODþWHLNRQXÄ3DUHQWV³Ä5RGLþLD³NWRUiVDQDFKiG]DYSUDYRGROHQDYDãHMREUD]RYNH

38

7$%BB46*BNLGR]LQGG

1DREUD]RYNHVSRåLDGDYNRXQDKHVOR]DGDMWHKHVORYiãKR~þWX.LGR¶]

7HUD]YVW~SLWHGRKODYQHMREUD]RYN\.,'2¶=

2EFKRGVDSOLNiFLDPL.,'2¶=VEH]SODWQêPLDSOLNiFLDPLNWRUpV~SUHYDãHGLHĢDĐDKNRSRXåtYDWHĐQp

.,'2¶=3UHKOLDGDþVXORåHQêPLLQWHUQHWRYêPLVWUiQNDPLNWRUpP{åXSULGiYDĢDMURGLþLDDV~SUHYDãH

GLHĢDĐDKNRSRXåtYDWHĐQp

7HOHYt]LD.,'2¶=VRQOLQHWHOHYt]Q\PLNDQiOPLNWRUpV~SUHYDãHGLHĢDĐDKNRSRXåtYDWHĐQp

+U\.,'2¶=MH]ELHUND]DEXGRYDQêFKKLHUNWRUpV~SUHYDãHGLHĢDĐDKNRSRXåtYDWHĐQp

3R]DGLDYiPXPRåĖXM~PHQLĢWDSHWXREUD]RYLHNVSRQXNDPL.,'2¶=

1DVWDYHQLDGHWVNpKR~þWX

3DQHOURGLþRYVNHMNRQWURO\QDRYOiGDQLHFHOpKRSRXåtYDWHĐVNpKRUR]KUDQLD.,'2¶=9\åDGXMHKHVOR

SRXåtYDWHĐVNpKR~þWX

2SXVWHQLH.,'2¶==DWYRUtVD.,'2¶=DY\VDYUiWLWHNEHåQpPXSRXåtYDWHĐVNpPXUR]KUDQLX$QGURLG

9\åDGXMHKHVORSRXåtYDWHĐVNpKR~þWX

$NRYVW~SLĢGRURGLþRYVNHMNRQWURO\DQDVWDYLĢREVDKYiãKRMXQLRUVNpKRWDEOHWX<DUYLN

1DVWDYWHREVDKURGLþRYVNHMNRQWURO\

.OLNQLWHQDLNRQXÄ.,'2¶=³YSUDYRKRUHQDREUD]RYNHDYUiWLWHVDQDSUDFRYQ~SORFKX.LGR¶]

%DYWHVD

6WODþWHLNRQXÄ3DUHQWV³Ä5RGLþLD³NWRUiVDQDFKiG]DYSUDYRGROHQDYDãHMREUD]RYNH

39

7$%BB46*BNLGR]LQGG

DA

KIDO’Z

'LQ<DUYLN7$%-XQLRU7DEOHWOHYHUHVPHG.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVIRULQVWDOOHUHW

.,'2¶=HUHQE¡UQHYHQOLJEUXJHUIODGHWLOVSLORJXQGHUYLVQLQJPHGGHQ\HVWHRJEHGVWHNLGV¶DSS¶HUYLGHRHU

RJRQOLQHLQGKROGOHYHUHWGLUHNWHWLOGLWEDUQ.,'2¶=HUVSHFLHOWXGYLNOHWWLODWVW\UNHE¡UQRJKM OSHGHPPHG

DWYRNVHRJPRGQHVLGHQQHYHUGHQPHQVGHEUXJHUPHGLHHQKHGHU9LKM OSHUE¡UQLDOOHDOGUHPHGDW

XGYLNOHVLJLHWVMRYWVLNNHUWGLJLWDOWPLOM¡GHUHUQHPWDWEUXJH

7U\NSnNQDSSHQ³&UHDWH$FFRXQW´>2SUHWNRQWR@

$QJLYGLQHPDLODGUHVVHRJY OJHQDGJDQJVNRGH7U\NSnNQDSSHQ³5HJLVWHU´>5HJLVWUHU@IRUDWIRUWV WWH

'HUYLOEOLYHVHQGWHQUHJLVWUHULQJVEHNU IWHOVHPHGNRQWRRSO\VQLQJHUWLOGHQLQGWDVWHGHHPDLODGUHVVH

2SUHW.LG¶V$FFRXQWYHGDWLQGWDVWHEDUQHWVQDYQI¡UGVHOVGDJRJN¡Q7U\NSnNQDSSHQ³&UHDWH´>2SUHW@IRU

DWIRUWV WWH

6WDUW.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVYHGDWWU\NNHSnDSSLNRQHW³.,'2¶=´SnKMHPPHVN UPHQLGLQ

-XQLRU7DEOHW

9 OJGHW¡QVNHGHVSURJWLO.,'2¶=EODQGWGHWLOJ QJHOLJHVSURJLQGVWLOOLQJHUXQGHU³&KDQJH/DQJXDJH´

>6NLIWVSURJ@LWRSSHQDIVN UPHQ'HWYDOJWHVSURJNDQ QGUHVVHQHUH

.LG¶V$FFRXQWHUEOHYHWRSUHWWHW'XNDQEUXJHLQGVWLOOLQJHQ³&KDQJH3LFWXUH´>6NLIWELOOHGH@WLODW QGUH

EDUQHWVSURILOELOOHGHRJVnYHGEUXJDIGHWLQGE\JJHGHGLJLWDOHNDPHUDLGLQ-XQLRU7DEOHW

)RUWV WYHGDWWU\NNHSnNQDSSHQ³6WDUW.,'2¶=´

40

7$%BB46*BNLGR]LQGG

KIDO’Z

'LQ<DUYLN7$%-XQLRU7DEOHWOHYHUHVPHG.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVIRULQVWDOOHUHW

.,'2¶=HUHQE¡UQHYHQOLJEUXJHUIODGHWLOVSLORJXQGHUYLVQLQJPHGGHQ\HVWHRJEHGVWHNLGV¶DSS¶HUYLGHRHU

RJRQOLQHLQGKROGOHYHUHWGLUHNWHWLOGLWEDUQ.,'2¶=HUVSHFLHOWXGYLNOHWWLODWVW\UNHE¡UQRJKM OSHGHPPHG

DWYRNVHRJPRGQHVLGHQQHYHUGHQPHQVGHEUXJHUPHGLHHQKHGHU9LKM OSHUE¡UQLDOOHDOGUHPHGDW

XGYLNOHVLJLHWVMRYWVLNNHUWGLJLWDOWPLOM¡GHUHUQHPWDWEUXJH

7U\NSnNQDSSHQ³&UHDWH$FFRXQW´>2SUHWNRQWR@

$QJLYGLQHPDLODGUHVVHRJY OJHQDGJDQJVNRGH7U\NSnNQDSSHQ³5HJLVWHU´>5HJLVWUHU@IRUDWIRUWV WWH

'HUYLOEOLYHVHQGWHQUHJLVWUHULQJVEHNU IWHOVHPHGNRQWRRSO\VQLQJHUWLOGHQLQGWDVWHGHHPDLODGUHVVH

2SUHW.LG¶V$FFRXQWYHGDWLQGWDVWHEDUQHWVQDYQI¡UGVHOVGDJRJN¡Q7U\NSnNQDSSHQ³&UHDWH´>2SUHW@IRU

DWIRUWV WWH

6WDUW.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVYHGDWWU\NNHSnDSSLNRQHW³.,'2¶=´SnKMHPPHVN UPHQLGLQ

-XQLRU7DEOHW

9 OJGHW¡QVNHGHVSURJWLO.,'2¶=EODQGWGHWLOJ QJHOLJHVSURJLQGVWLOOLQJHUXQGHU³&KDQJH/DQJXDJH´

>6NLIWVSURJ@LWRSSHQDIVN UPHQ'HWYDOJWHVSURJNDQ QGUHVVHQHUH

.LG¶V$FFRXQWHUEOHYHWRSUHWWHW'XNDQEUXJHLQGVWLOOLQJHQ³&KDQJH3LFWXUH´>6NLIWELOOHGH@WLODW QGUH

EDUQHWVSURILOELOOHGHRJVnYHGEUXJDIGHWLQGE\JJHGHGLJLWDOHNDPHUDLGLQ-XQLRU7DEOHW

)RUWV WYHGDWWU\NNHSnNQDSSHQ³6WDUW.,'2¶=´

41

7$%BB46*BNLGR]LQGG

,QGWDVWDGJDQJVNRGHQWLOGLQ.LGR¶]NRQWRLVN UPHQPHGDQPRGQLQJRPDGJDQJVNRGH

'XnEQHUQXKRYHGVN UPHQL.,'2¶=

.,'2¶=$SSV6WRUHPHGJUDWLVE¡UQHYHQOLJHDSS¶HU

.,'2¶=%URZVHUPHGE¡UQHYHQOLJHERJP UNHGHZHEVWHGHUGHURJVnNDQWLOI¡MHVDIIRU OGUH

.,'2¶=79PHGE¡UQHYHQOLJHRQOLQHWYNDQDOHU

.,'2¶=*DPHVHUHQVDPOLQJDILQGE\JJHGHE¡UQHYHQOLJHVSLO

%DFNJURXQGV>%DJJUXQGH@JLYHUGLJPXOLJKHGIRUDW QGUHWDSHWHWSnPHQXVN UPHQHL.,'2¶=

.LG$FFRXQWVHWWLQJV>,QGVWLOOLQJHUIRUE¡UQHNRQWR@

3DUHQWDO&RQWURO'DVKERDUG>6NULYHERUGWLOIRU OGUHNRQWURO@WLODWNRQWUROOHUHKHOHEUXJHUIODGHQL.,'2¶=

.U YHUEUXJHUNRQWRHQVDGJDQJVNRGH

([LW.,'2¶=>$IVOXW.,'2¶=@'HWWHYLOOXNNH.,'2¶=RJI¡UHGLJWLOEDJHWLOGHQDOPLQGHOLJH$QGURLG

EUXJHUIODGH

.U YHUEUXJHUNRQWRHQVDGJDQJVNRGH

6nGDQnEQHVIRU OGUHNRQWUROIRUDWMXVWHUHLQGKROGHWLGLQ<DUYLN-XQLRUWDEOHW

-XVWHULQGKROGHWDIIRU OGUHNRQWURO

.OLNSnLNRQHW³.,'2¶=´¡YHUVWWLOK¡MUHSnVN UPHQIRUDWUHWXUQHUHWLOVNULYHERUGHWL.LGR¶]

*RGIRUQ¡MHOVH

7U\NSnLNRQHW³3DUHQWV´>)RU OGUH@GHUEHILQGHUVLJQHGHUVWWLOK¡MUHSnVN UPHQ

42

7$%BB46*BNLGR]LQGG

,QGWDVWDGJDQJVNRGHQWLOGLQ.LGR¶]NRQWRLVN UPHQPHGDQPRGQLQJRPDGJDQJVNRGH

'XnEQHUQXKRYHGVN UPHQL.,'2¶=

.,'2¶=$SSV6WRUHPHGJUDWLVE¡UQHYHQOLJHDSS¶HU

.,'2¶=%URZVHUPHGE¡UQHYHQOLJHERJP UNHGHZHEVWHGHUGHURJVnNDQWLOI¡MHVDIIRU OGUH

.,'2¶=79PHGE¡UQHYHQOLJHRQOLQHWYNDQDOHU

.,'2¶=*DPHVHUHQVDPOLQJDILQGE\JJHGHE¡UQHYHQOLJHVSLO

%DFNJURXQGV>%DJJUXQGH@JLYHUGLJPXOLJKHGIRUDW QGUHWDSHWHWSnPHQXVN UPHQHL.,'2¶=

.LG$FFRXQWVHWWLQJV>,QGVWLOOLQJHUIRUE¡UQHNRQWR@

3DUHQWDO&RQWURO'DVKERDUG>6NULYHERUGWLOIRU OGUHNRQWURO@WLODWNRQWUROOHUHKHOHEUXJHUIODGHQL.,'2¶=

.U YHUEUXJHUNRQWRHQVDGJDQJVNRGH

([LW.,'2¶=>$IVOXW.,'2¶=@'HWWHYLOOXNNH.,'2¶=RJI¡UHGLJWLOEDJHWLOGHQDOPLQGHOLJH$QGURLG

EUXJHUIODGH

.U YHUEUXJHUNRQWRHQVDGJDQJVNRGH

6nGDQnEQHVIRU OGUHNRQWUROIRUDWMXVWHUHLQGKROGHWLGLQ<DUYLN-XQLRUWDEOHW

-XVWHULQGKROGHWDIIRU OGUHNRQWURO

.OLNSnLNRQHW³.,'2¶=´¡YHUVWWLOK¡MUHSnVN UPHQIRUDWUHWXUQHUHWLOVNULYHERUGHWL.LGR¶]

*RGIRUQ¡MHOVH

7U\NSnLNRQHW³3DUHQWV´>)RU OGUH@GHUEHILQGHUVLJQHGHUVWWLOK¡MUHSnVN UPHQ

43

7$%BB46*BNLGR]LQGG

SV

KIDO’Z

'LQ<DUYLN7$%-XQLRU7DEOHWOHYHUHUDVI|ULQVWDOOHUDGPHG.,'2¶=)XQ 6DIH3OD\0RGHI|UEDUQ

.,'2¶=KDUHWWEDUQDQSDVVDWDQYlQGDUJUlQVVQLWWI|UDWWVSHODOHNDRFKOlUDPHGGHVHQDVWHEDUQDSSDUQD

)LOPRFKLQQHKnOORQOLQHOHYHUHUDVGLUHNWWLOOGLWWEDUQ.,'2¶=KDUXWIRUPDWVVSHFLHOOWI|UJHEDUQP|MOLJKHWHQ

DWWYl[DRFKPRJQDLGHQKlUYlUOGHQVDPWLGLJWVRPGHDQYlQGHUPHGLHHQKHWHU9LKMlOSHUEDUQLDOODnOGUDU

DWWXWYHFNODVLHQUROLJVlNHURFKDQYlQGDUYlQOLJGLJLWDOPLOM|Q

7U\FNSnNQDSSHQ³&UHDWH$FFRXQW´6NDSDNRQWR

)\OOLGLQHSRVWDGUHVVRFKYlOMHWWO|VHQRUG7U\FNSnNQDSSHQ³5HJLVWHU´5HJLVWUHUDI|UDWWIRUWVlWWD(Q

EHNUlIWHOVHSnUHJLVWUHULQJHQPHGNRQWRXSSJLIWHUNRPPHUDWWVNLFNDVWLOOGHQDQJLYQDHSRVWDGUHVVHQ

6NDSDEDUQHWVNRQWRJHQRPDWWVNULYDLQEDUQHWVQDPQI|GHOVHGDWXPRFKN|Q7U\FNSnNQDSSHQ³&UHDWH´

6NDSDI|UDWWIRUWVlWWD

6WDUWD.,'2¶=)XQ 6DIH3OD\0RGHI|UEDUQJHQRPDWWWU\FNDSn³.,'2¶=´LNRQHQSnGLQMXQLRUSODWWDV

KXYXGVNlUP

9lOMHWW|QVNDW.,'2¶=VSUnNDYGHWLOOJlQJOLJDVSUnNDOWHUQDWLYHQXQGHU³&KDQJH/DQJXDJH´bQGUDVSUnN

K|JVWXSSSnVNlUPHQ'HWYDOGDVSUnNHWNDQlQGUDVVHQDUH

%DUQHWVNRQWRKDUVNDSDWV'XNDQYlOMDDOWHUQDWLYHW³&KDQJH3LFWXUH´bQGUDELOGI|UDWWlQGUDEDUQHWV

SURILOELOGRFKDQYlQGDGHQLQE\JJGDGLJLWDONDPHUDQSnGLQMXQLRUSODWWD

)RUWVlWWJHQRPDWWWU\FNDSn³6WDUW.,'2¶=´NQDSSHQ

44

7$%BB46*BNLGR]LQGG

KIDO’Z

'LQ<DUYLN7$%-XQLRU7DEOHWOHYHUHUDVI|ULQVWDOOHUDGPHG.,'2¶=)XQ 6DIH3OD\0RGHI|UEDUQ

.,'2¶=KDUHWWEDUQDQSDVVDWDQYlQGDUJUlQVVQLWWI|UDWWVSHODOHNDRFKOlUDPHGGHVHQDVWHEDUQDSSDUQD

)LOPRFKLQQHKnOORQOLQHOHYHUHUDVGLUHNWWLOOGLWWEDUQ.,'2¶=KDUXWIRUPDWVVSHFLHOOWI|UJHEDUQP|MOLJKHWHQ

DWWYl[DRFKPRJQDLGHQKlUYlUOGHQVDPWLGLJWVRPGHDQYlQGHUPHGLHHQKHWHU9LKMlOSHUEDUQLDOODnOGUDU

DWWXWYHFNODVLHQUROLJVlNHURFKDQYlQGDUYlQOLJGLJLWDOPLOM|Q

7U\FNSnNQDSSHQ³&UHDWH$FFRXQW´6NDSDNRQWR

)\OOLGLQHSRVWDGUHVVRFKYlOMHWWO|VHQRUG7U\FNSnNQDSSHQ³5HJLVWHU´5HJLVWUHUDI|UDWWIRUWVlWWD(Q

EHNUlIWHOVHSnUHJLVWUHULQJHQPHGNRQWRXSSJLIWHUNRPPHUDWWVNLFNDVWLOOGHQDQJLYQDHSRVWDGUHVVHQ

6NDSDEDUQHWVNRQWRJHQRPDWWVNULYDLQEDUQHWVQDPQI|GHOVHGDWXPRFKN|Q7U\FNSnNQDSSHQ³&UHDWH´

6NDSDI|UDWWIRUWVlWWD

6WDUWD.,'2¶=)XQ 6DIH3OD\0RGHI|UEDUQJHQRPDWWWU\FNDSn³.,'2¶=´LNRQHQSnGLQMXQLRUSODWWDV

KXYXGVNlUP

9lOMHWW|QVNDW.,'2¶=VSUnNDYGHWLOOJlQJOLJDVSUnNDOWHUQDWLYHQXQGHU³&KDQJH/DQJXDJH´bQGUDVSUnN

K|JVWXSSSnVNlUPHQ'HWYDOGDVSUnNHWNDQlQGUDVVHQDUH

%DUQHWVNRQWRKDUVNDSDWV'XNDQYlOMDDOWHUQDWLYHW³&KDQJH3LFWXUH´bQGUDELOGI|UDWWlQGUDEDUQHWV

SURILOELOGRFKDQYlQGDGHQLQE\JJGDGLJLWDONDPHUDQSnGLQMXQLRUSODWWD

)RUWVlWWJHQRPDWWWU\FNDSn³6WDUW.,'2¶=´NQDSSHQ

45

7$%BB46*BNLGR]LQGG

6NULYO|VHQRUGHWI|UGLWW.,'2¶=NRQWRLO|VHQRUGVIlOWHW

'XNRPPHUQXLQSn.,'2¶=KXYXGVNlUP

.,'2¶=$SSV6WRUHPHGNRVWQDGVIULDEDUQYlQOLJDDSSDU

.,'2¶=%URZVHUPHGEDUQYlQOLJDERNPlUNWDZHEESODWVHUYLONDRFNVnNDQOlJJDVWLOODYI|UlOGUDU

.,'2¶=79PHGEDUQYlQOLJDRQOLQH79NDQDOHU

.,'2¶=*DPHVlUHQVDPOLQJDYLQE\JJGDEDUQYlQOLJDVSHO

%DFNJURXQGVJ|UVnDWWGXNDQlQGUDEDNJUXQGVELOGHQSn.,'2¶=VNlUPPHQ\HU

.LG$FFRXQWVHWWLQJV

3DUHQWDO&RQWURO'DVKERDUGI|UDWWVW\UDKHOD.,'2=DQYlQGDUJUlQVVQLWW.UlYHUDQYlQGDUNRQWRWV

O|VHQRUG

([LW.,'2¶='HWWDNRPPHUDWWVWlQJD.,'2¶=RFKWDGLJWLOOEDNDWLOOGHWYDQOLJDDQYlQGDUJUlQVVQLWWHWI|U

$QGURLG

.UlYHUDQYlQGDUNRQWRWVO|VHQRUG

+XUGXJnULQLI|UlOGUDNRQWUROOHQI|UDWWDQSDVVDLQQHKnOOHWLGLQ<DUYLNMXQLRUSODWWD

-XVWHUDLQQHKnOOHWI|UI|UlOGUDNRQWUROO

.OLFNDSnLNRQHQ³.,'2¶=´LGHW|YUHK|JUDK|UQHWI|UDWWnWHUJnWLOO.,'2¶=VNULYERUGHW

0\FNHWQ|MH

7U\FNSnLNRQHQ³3DUHQWV´)|UlOGUDULGHWQHGUHK|JUDK|UQHWDYVNlUPHQ

46

7$%BB46*BNLGR]LQGG

6NULYO|VHQRUGHWI|UGLWW.,'2¶=NRQWRLO|VHQRUGVIlOWHW

'XNRPPHUQXLQSn.,'2¶=KXYXGVNlUP

.,'2¶=$SSV6WRUHPHGNRVWQDGVIULDEDUQYlQOLJDDSSDU

.,'2¶=%URZVHUPHGEDUQYlQOLJDERNPlUNWDZHEESODWVHUYLONDRFNVnNDQOlJJDVWLOODYI|UlOGUDU

.,'2¶=79PHGEDUQYlQOLJDRQOLQH79NDQDOHU

.,'2¶=*DPHVlUHQVDPOLQJDYLQE\JJGDEDUQYlQOLJDVSHO

%DFNJURXQGVJ|UVnDWWGXNDQlQGUDEDNJUXQGVELOGHQSn.,'2¶=VNlUPPHQ\HU

.LG$FFRXQWVHWWLQJV

3DUHQWDO&RQWURO'DVKERDUGI|UDWWVW\UDKHOD.,'2=DQYlQGDUJUlQVVQLWW.UlYHUDQYlQGDUNRQWRWV

O|VHQRUG

([LW.,'2¶='HWWDNRPPHUDWWVWlQJD.,'2¶=RFKWDGLJWLOOEDNDWLOOGHWYDQOLJDDQYlQGDUJUlQVVQLWWHWI|U

$QGURLG

.UlYHUDQYlQGDUNRQWRWVO|VHQRUG

+XUGXJnULQLI|UlOGUDNRQWUROOHQI|UDWWDQSDVVDLQQHKnOOHWLGLQ<DUYLNMXQLRUSODWWD

-XVWHUDLQQHKnOOHWI|UI|UlOGUDNRQWUROO

.OLFNDSnLNRQHQ³.,'2¶=´LGHW|YUHK|JUDK|UQHWI|UDWWnWHUJnWLOO.,'2¶=VNULYERUGHW

0\FNHWQ|MH

7U\FNSnLNRQHQ³3DUHQWV´)|UlOGUDULGHWQHGUHK|JUDK|UQHWDYVNlUPHQ

47

7$%BB46*BNLGR]LQGG

EL

KIDO’Z

ǾȉĮȝʌȜȑIJĮȖȚĮȆĮȚįȚȐ<DUYLN7$%įȚĮșȑIJİȚʌȡȠİȖțĮIJİıIJȘȝȑȞȠIJȠİȚįȚțȩȜȠȖȚıȝȚțȩ.,'2¶=)XQ

6DIH3OD\0RGHIRU.LGVȉȠ.,'2¶=İȓȞĮȚȑȞĮʌİȡȚȕȐȜȜȠȞİȡȖĮıȓĮȢijȚȜȚțȩʌȡȠȢIJĮʌĮȚįȚȐIJȠȠʌȠȓȠ ʌȡȠıijȑȡİȚįȣȞĮIJȩIJȘIJİȢįȚĮıțȑįĮıȘȢțĮȚİțȝȐșȘıȘȢȝİIJȚȢȞİȩIJİȡİȢțĮȚțĮȜȪIJİȡİȢʌĮȚįȚțȑȢİijĮȡȝȠȖȑȢ țĮșȫȢțĮȚȕȓȞIJİȠțĮȚȣȜȚțȩĮʌȩIJȠǻȚĮįȓțIJȣȠʌȠȣʌĮȡȑȤȠȞIJĮȚĮʌİȣșİȓĮȢıIJȠʌĮȚįȓıĮȢȉȠ.,'2¶=ȑȤİȚ ıȤİįȚĮıIJİȓİȚįȚțȐȖȚĮȞĮįȫıİȚʌİȡȚııȩIJİȡİȢįȣȞĮIJȩIJȘIJİȢıIJĮʌĮȚįȚȐțĮȚȞĮIJĮȕȠȘșȒıİȚȞĮȝİȖĮȜȫıȠȣȞ țĮȚȞĮȦȡȚȝȐıȠȣȞıIJȠȞıȪȖȤȡȠȞȠțȩıȝȠȝȑıȦIJȘȢȤȡȒıȘȢȥȘijȚĮțȫȞıȣıțİȣȫȞǺȠȘșȐȝİIJĮʌĮȚįȚȐȩȜȦȞ

IJȦȞȘȜȚțȚȫȞȞĮĮȞĮʌIJȣȤșȠȪȞıİȑȞĮįȚĮıțİįĮıIJȚțȩĮıijĮȜȑȢțĮȚİȪȤȡȘıIJȠȥȘijȚĮțȩʌİȡȚȕȐȜȜȠȞ

ȆĮIJȒıIJİIJȠțȠȣȝʌȓ³&UHDWH$FFRXQW´ǻȘȝȚȠȣȡȖȓĮȁȠȖĮȡȚĮıȝȠȪ

ǼȚıȐȖİIJİIJȘįȚİȪșȣȞıȘHPDLOȘȜIJĮȤȣįȡȠȝİȓȠȣıĮȢțĮȚİʌȚȜȑȟIJİȑȞĮȞțȦįȚțȩʌȡȩıȕĮıȘȢSDVVZRUG

ȆĮIJȒıIJİIJȠțȠȣȝʌȓ³5HJLVWHU´ǼȖȖȡĮijȒȖȚĮȞĮıȣȞİȤȓıİIJİĬĮıIJĮȜİȓȝȚĮİʌȚȕİȕĮȓȦıȘİȖȖȡĮijȒȢȝİ ʌȜȘȡȠijȠȡȓİȢȖȚĮIJȠȞȜȠȖĮȡȚĮıȝȩıIJȘįȚİȪșȣȞıȘHPDLOʌȠȣİȚıȐȖĮIJİ ǻȘȝȚȠȣȡȖȒıIJİȑȞĮȞȜȠȖĮȡȚĮıȝȩȖȚĮIJȠʌĮȚįȓ.LG¶V$FFRXQWİȚıȐȖȠȞIJĮȢIJȠȩȞȠȝĮIJȘȞȘȝİȡȠȝȘȞȓĮ

ȖȑȞȞȘıȘȢțĮȚIJȠijȪȜȠIJȠȣȆĮIJȒıIJİIJȠțȠȣȝʌȓ³&UHDWH´ǻȘȝȚȠȣȡȖȓĮȖȚĮȞĮıȣȞİȤȓıİIJİ

ȄİțȚȞȒıIJİIJȠ.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVʌĮIJȫȞIJĮȢIJȠİȚțȠȞȓįȚȠIJȘȢİijĮȡȝȠȖȒȢ³.,'2¶=´ıIJȘȞ

ĮȡȤȚțȒȠșȩȞȘIJȘȢȉĮȝʌȜȑIJĮȢȖȚĮȆĮȚįȚȐ

ǼʌȚȜȑȟIJİȝȓĮĮʌȩIJȚȢįȚĮșȑıȚȝİȢȖȜȫııİȢȖȚĮIJȠ.,'2¶=İʌȚȜȑȖȠȞIJĮȢ³&KDQJH/DQJXDJH´ǹȜȜĮȖȒ īȜȫııĮȢĮʌȩIJȘȞİʌȐȞȦʌİȡȚȠȤȒIJȘȢȠșȩȞȘȢǾİʌȚȜİȖȝȑȞȘȖȜȫııĮȝʌȠȡİȓȞĮĮȜȜĮȤIJİȓĮȡȖȩIJİȡĮ ȅȜȠȖĮȡȚĮıȝȩȢIJȠȣʌĮȚįȚȠȪįȘȝȚȠȣȡȖȒșȘțİȝİİʌȚIJȣȤȓĮȂʌȠȡİȓIJİȞĮȤȡȘıȚȝȠʌȠȚȒıİIJİIJȘȞİʌȚȜȠȖȒ

³&KDQJH3LFWXUH´ǹȜȜĮȖȒǼȚțȩȞĮȢȖȚĮȞĮĮȜȜȐȟİIJİIJȘȞİȚțȩȞĮIJȠȣʌȡȠijȓȜIJȠȣʌĮȚįȚȠȪǹȣIJȩȝʌȠȡİȓȞĮ

ȖȓȞİȚțĮȚȝİIJȘȞİȞıȦȝĮIJȦȝȑȞȘȥȘijȚĮțȒțȐȝİȡĮIJȘȢȉĮȝʌȜȑIJĮȢȖȚĮȆĮȚįȚȐ

ȈȣȞİȤȓıIJİʌĮIJȫȞIJĮȢIJȠțȠȣȝʌȓ³6WDUW.,'2¶=´DzȞĮȡȟȘIJȠȣ.,'2¶=

48

7$%BB46*BNLGR]LQGG

KIDO’Z

ǾȉĮȝʌȜȑIJĮȖȚĮȆĮȚįȚȐ<DUYLN7$%įȚĮșȑIJİȚʌȡȠİȖțĮIJİıIJȘȝȑȞȠIJȠİȚįȚțȩȜȠȖȚıȝȚțȩ.,'2¶=)XQ

6DIH3OD\0RGHIRU.LGVȉȠ.,'2¶=İȓȞĮȚȑȞĮʌİȡȚȕȐȜȜȠȞİȡȖĮıȓĮȢijȚȜȚțȩʌȡȠȢIJĮʌĮȚįȚȐIJȠȠʌȠȓȠ ʌȡȠıijȑȡİȚįȣȞĮIJȩIJȘIJİȢįȚĮıțȑįĮıȘȢțĮȚİțȝȐșȘıȘȢȝİIJȚȢȞİȩIJİȡİȢțĮȚțĮȜȪIJİȡİȢʌĮȚįȚțȑȢİijĮȡȝȠȖȑȢ țĮșȫȢțĮȚȕȓȞIJİȠțĮȚȣȜȚțȩĮʌȩIJȠǻȚĮįȓțIJȣȠʌȠȣʌĮȡȑȤȠȞIJĮȚĮʌİȣșİȓĮȢıIJȠʌĮȚįȓıĮȢȉȠ.,'2¶=ȑȤİȚ ıȤİįȚĮıIJİȓİȚįȚțȐȖȚĮȞĮįȫıİȚʌİȡȚııȩIJİȡİȢįȣȞĮIJȩIJȘIJİȢıIJĮʌĮȚįȚȐțĮȚȞĮIJĮȕȠȘșȒıİȚȞĮȝİȖĮȜȫıȠȣȞ țĮȚȞĮȦȡȚȝȐıȠȣȞıIJȠȞıȪȖȤȡȠȞȠțȩıȝȠȝȑıȦIJȘȢȤȡȒıȘȢȥȘijȚĮțȫȞıȣıțİȣȫȞǺȠȘșȐȝİIJĮʌĮȚįȚȐȩȜȦȞ

IJȦȞȘȜȚțȚȫȞȞĮĮȞĮʌIJȣȤșȠȪȞıİȑȞĮįȚĮıțİįĮıIJȚțȩĮıijĮȜȑȢțĮȚİȪȤȡȘıIJȠȥȘijȚĮțȩʌİȡȚȕȐȜȜȠȞ

ȆĮIJȒıIJİIJȠțȠȣȝʌȓ³&UHDWH$FFRXQW´ǻȘȝȚȠȣȡȖȓĮȁȠȖĮȡȚĮıȝȠȪ

ǼȚıȐȖİIJİIJȘįȚİȪșȣȞıȘHPDLOȘȜIJĮȤȣįȡȠȝİȓȠȣıĮȢțĮȚİʌȚȜȑȟIJİȑȞĮȞțȦįȚțȩʌȡȩıȕĮıȘȢSDVVZRUG

ȆĮIJȒıIJİIJȠțȠȣȝʌȓ³5HJLVWHU´ǼȖȖȡĮijȒȖȚĮȞĮıȣȞİȤȓıİIJİĬĮıIJĮȜİȓȝȚĮİʌȚȕİȕĮȓȦıȘİȖȖȡĮijȒȢȝİ ʌȜȘȡȠijȠȡȓİȢȖȚĮIJȠȞȜȠȖĮȡȚĮıȝȩıIJȘįȚİȪșȣȞıȘHPDLOʌȠȣİȚıȐȖĮIJİ ǻȘȝȚȠȣȡȖȒıIJİȑȞĮȞȜȠȖĮȡȚĮıȝȩȖȚĮIJȠʌĮȚįȓ.LG¶V$FFRXQWİȚıȐȖȠȞIJĮȢIJȠȩȞȠȝĮIJȘȞȘȝİȡȠȝȘȞȓĮ

ȖȑȞȞȘıȘȢțĮȚIJȠijȪȜȠIJȠȣȆĮIJȒıIJİIJȠțȠȣȝʌȓ³&UHDWH´ǻȘȝȚȠȣȡȖȓĮȖȚĮȞĮıȣȞİȤȓıİIJİ

ȄİțȚȞȒıIJİIJȠ.,'2¶=)XQ 6DIH3OD\0RGHIRU.LGVʌĮIJȫȞIJĮȢIJȠİȚțȠȞȓįȚȠIJȘȢİijĮȡȝȠȖȒȢ³.,'2¶=´ıIJȘȞ

ĮȡȤȚțȒȠșȩȞȘIJȘȢȉĮȝʌȜȑIJĮȢȖȚĮȆĮȚįȚȐ

ǼʌȚȜȑȟIJİȝȓĮĮʌȩIJȚȢįȚĮșȑıȚȝİȢȖȜȫııİȢȖȚĮIJȠ.,'2¶=İʌȚȜȑȖȠȞIJĮȢ³&KDQJH/DQJXDJH´ǹȜȜĮȖȒ īȜȫııĮȢĮʌȩIJȘȞİʌȐȞȦʌİȡȚȠȤȒIJȘȢȠșȩȞȘȢǾİʌȚȜİȖȝȑȞȘȖȜȫııĮȝʌȠȡİȓȞĮĮȜȜĮȤIJİȓĮȡȖȩIJİȡĮ ȅȜȠȖĮȡȚĮıȝȩȢIJȠȣʌĮȚįȚȠȪįȘȝȚȠȣȡȖȒșȘțİȝİİʌȚIJȣȤȓĮȂʌȠȡİȓIJİȞĮȤȡȘıȚȝȠʌȠȚȒıİIJİIJȘȞİʌȚȜȠȖȒ

³&KDQJH3LFWXUH´ǹȜȜĮȖȒǼȚțȩȞĮȢȖȚĮȞĮĮȜȜȐȟİIJİIJȘȞİȚțȩȞĮIJȠȣʌȡȠijȓȜIJȠȣʌĮȚįȚȠȪǹȣIJȩȝʌȠȡİȓȞĮ

ȖȓȞİȚțĮȚȝİIJȘȞİȞıȦȝĮIJȦȝȑȞȘȥȘijȚĮțȒțȐȝİȡĮIJȘȢȉĮȝʌȜȑIJĮȢȖȚĮȆĮȚįȚȐ

ȈȣȞİȤȓıIJİʌĮIJȫȞIJĮȢIJȠțȠȣȝʌȓ³6WDUW.,'2¶=´DzȞĮȡȟȘIJȠȣ.,'2¶=

49

7$%BB46*BNLGR]LQGG

ȆȜȘțIJȡȠȜȠȖȒıIJİIJȠȞțȦįȚțȩʌȡȩıȕĮıȘȢIJȠȣȜȠȖĮȡȚĮıȝȠȪıĮȢıIJȠ.LGR¶]ıIJȘȞȠșȩȞȘʌȠȣıĮȢȗȘIJȐIJȠȞ țȦįȚțȩʌȡȩıȕĮıȘȢ

ĬĮȝİIJĮijİȡșİȓIJİıIJȘȞțȪȡȚĮȠșȩȞȘIJȠȣ.,'2¶=

.,'2¶=$SSV6WRUHȝİįȦȡİȐȞİijĮȡȝȠȖȑȢȖȚĮʌĮȚįȚȐ

.,'2¶=%URZVHUȝİıİȜȚįȠįİȓțIJİȢʌȡȠȢIJȠʌȠșİıȓİȢijȚȜȚțȑȢʌȡȠȢIJĮʌĮȚįȚȐțĮȚįȣȞĮIJȩIJȘIJĮʌȡȠıșȒțȘȢ

IJȠʌȠșİıȚȫȞĮʌȩIJȠȞȖȠȞȑĮ

.,'2¶=79ȝİįȚĮįȚțIJȣĮțȐIJȘȜİȠʌIJȚțȐțĮȞȐȜȚĮȖȚĮʌĮȚįȚȐ

.,'2¶=*DPHVȝȚĮıȣȜȜȠȖȒİȞıȦȝĮIJȦȝȑȞȦȞʌĮȚȤȞȚįȚȫȞȖȚĮʌĮȚįȚȐ

%DFNJURXQGVıĮȢįȓȞİȚIJȘįȣȞĮIJȩIJȘIJĮȞĮĮȜȜȐȟİIJİIJȠijȩȞIJȠIJȦȞȠșȠȞȫȞȝİȞȠȪIJȠȣ.,'2¶= ȇȣșȝȓıİȚȢIJȠȣȜȠȖĮȡȚĮıȝȠȪIJȠȣʌĮȚįȚȠȪ

ȆȓȞĮțĮȢİȡȖĮȜİȓȦȞȖȠȞȚțȠȪİȜȑȖȤȠȣȖȚĮȑȜİȖȤȠȠȜȩțȜȘȡȠȣIJȠȣʌİȡȚȕȐȜȜȠȞIJȠȢİȡȖĮıȓĮȢIJȠȣ.,'2¶= ǹʌĮȚIJİȓIJȠȞțȦįȚțȩʌȡȩıȕĮıȘȢIJȠȣȜȠȖĮȡȚĮıȝȠȪȤȡȒıIJȘ

DzȟȠįȠȢĮʌȩIJȠ.,'2¶=ȀȜİȓȞİȚIJȠ.,'2¶=țĮȚıĮȢİʌĮȞĮijȑȡİȚıIJȠțĮȞȠȞȚțȩʌİȡȚȕȐȜȜȠȞİȡȖĮıȓĮȢIJȠȣ

$QGURLG ǹʌĮȚIJİȓIJȠȞțȦįȚțȩʌȡȩıȕĮıȘȢIJȠȣȜȠȖĮȡȚĮıȝȠȪȤȡȒıIJȘ

ǼȓıȠįȠȢıIJȚȢȡȣșȝȓıİȚȢȖȠȞȚțȠȪİȜȑȖȤȠȣȖȚĮʌȡȠıĮȡȝȠȖȒIJȠȣʌİȡȚİȤȠȝȑȞȠȣIJȘȢȉĮȝʌȜȑIJĮȢȖȚĮȆĮȚįȚȐ

IJȘȢ<DUYLN

ȆȡȠıĮȡȝȩıIJİIJȠʌİȡȚİȤȩȝİȞȠʌȠȣșĮİʌȚIJȡȑʌİIJĮȚĮʌȩIJȘȞȜİȚIJȠȣȡȖȓĮȖȠȞȚțȠȪİȜȑȖȤȠȣ

ȀȐȞIJİțȜȚțıIJȠİȚțȠȞȓįȚȠ³.,'2¶=´ıIJȘȞİʌȐȞȦįİȟȚȐȖȦȞȓĮIJȘȢȠșȩȞȘȢȖȚĮȞĮİʌȚıIJȡȑȥİIJİıIJȘȞİʌȚijȐȞİȚĮ

İȡȖĮıȓĮȢIJȠȣ.LGR¶] ǹʌȠȜĮȪıIJİ

ȆĮIJȒıIJİIJȠİȚțȠȞȓįȚȠ³3DUHQWV´ıIJȘȞțȐIJȦįİȟȚȐȖȦȞȓĮIJȘȢȠșȩȞȘȢ

50

7$%BB46*BNLGR]LQGG

ȆȜȘțIJȡȠȜȠȖȒıIJİIJȠȞțȦįȚțȩʌȡȩıȕĮıȘȢIJȠȣȜȠȖĮȡȚĮıȝȠȪıĮȢıIJȠ.LGR¶]ıIJȘȞȠșȩȞȘʌȠȣıĮȢȗȘIJȐIJȠȞ țȦįȚțȩʌȡȩıȕĮıȘȢ

ĬĮȝİIJĮijİȡșİȓIJİıIJȘȞțȪȡȚĮȠșȩȞȘIJȠȣ.,'2¶=

.,'2¶=$SSV6WRUHȝİįȦȡİȐȞİijĮȡȝȠȖȑȢȖȚĮʌĮȚįȚȐ

.,'2¶=%URZVHUȝİıİȜȚįȠįİȓțIJİȢʌȡȠȢIJȠʌȠșİıȓİȢijȚȜȚțȑȢʌȡȠȢIJĮʌĮȚįȚȐțĮȚįȣȞĮIJȩIJȘIJĮʌȡȠıșȒțȘȢ

IJȠʌȠșİıȚȫȞĮʌȩIJȠȞȖȠȞȑĮ

.,'2¶=79ȝİįȚĮįȚțIJȣĮțȐIJȘȜİȠʌIJȚțȐțĮȞȐȜȚĮȖȚĮʌĮȚįȚȐ

.,'2¶=*DPHVȝȚĮıȣȜȜȠȖȒİȞıȦȝĮIJȦȝȑȞȦȞʌĮȚȤȞȚįȚȫȞȖȚĮʌĮȚįȚȐ

%DFNJURXQGVıĮȢįȓȞİȚIJȘįȣȞĮIJȩIJȘIJĮȞĮĮȜȜȐȟİIJİIJȠijȩȞIJȠIJȦȞȠșȠȞȫȞȝİȞȠȪIJȠȣ.,'2¶= ȇȣșȝȓıİȚȢIJȠȣȜȠȖĮȡȚĮıȝȠȪIJȠȣʌĮȚįȚȠȪ

ȆȓȞĮțĮȢİȡȖĮȜİȓȦȞȖȠȞȚțȠȪİȜȑȖȤȠȣȖȚĮȑȜİȖȤȠȠȜȩțȜȘȡȠȣIJȠȣʌİȡȚȕȐȜȜȠȞIJȠȢİȡȖĮıȓĮȢIJȠȣ.,'2¶= ǹʌĮȚIJİȓIJȠȞțȦįȚțȩʌȡȩıȕĮıȘȢIJȠȣȜȠȖĮȡȚĮıȝȠȪȤȡȒıIJȘ

DzȟȠįȠȢĮʌȩIJȠ.,'2¶=ȀȜİȓȞİȚIJȠ.,'2¶=țĮȚıĮȢİʌĮȞĮijȑȡİȚıIJȠțĮȞȠȞȚțȩʌİȡȚȕȐȜȜȠȞİȡȖĮıȓĮȢIJȠȣ

$QGURLG ǹʌĮȚIJİȓIJȠȞțȦįȚțȩʌȡȩıȕĮıȘȢIJȠȣȜȠȖĮȡȚĮıȝȠȪȤȡȒıIJȘ

ǼȓıȠįȠȢıIJȚȢȡȣșȝȓıİȚȢȖȠȞȚțȠȪİȜȑȖȤȠȣȖȚĮʌȡȠıĮȡȝȠȖȒIJȠȣʌİȡȚİȤȠȝȑȞȠȣIJȘȢȉĮȝʌȜȑIJĮȢȖȚĮȆĮȚįȚȐ

IJȘȢ<DUYLN

ȆȡȠıĮȡȝȩıIJİIJȠʌİȡȚİȤȩȝİȞȠʌȠȣșĮİʌȚIJȡȑʌİIJĮȚĮʌȩIJȘȞȜİȚIJȠȣȡȖȓĮȖȠȞȚțȠȪİȜȑȖȤȠȣ

ȀȐȞIJİțȜȚțıIJȠİȚțȠȞȓįȚȠ³.,'2¶=´ıIJȘȞİʌȐȞȦįİȟȚȐȖȦȞȓĮIJȘȢȠșȩȞȘȢȖȚĮȞĮİʌȚıIJȡȑȥİIJİıIJȘȞİʌȚijȐȞİȚĮ

İȡȖĮıȓĮȢIJȠȣ.LGR¶] ǹʌȠȜĮȪıIJİ

ȆĮIJȒıIJİIJȠİȚțȠȞȓįȚȠ³3DUHQWV´ıIJȘȞțȐIJȦįİȟȚȐȖȦȞȓĮIJȘȢȠșȩȞȘȢ

51

7$%BB46*BNLGR]LQGG

IT

KIDO’Z

,OWDEOHWSHUEDPELQL<DUYLN7$%YLHQHIRUQLWRGLVHULHFRQODPRGDOLWjGLYHUWLPHQWR JLRFRVLFXUR

.,'2¶=SHUEDPELQL.,'2¶=qXQ¶LQWHUIDFFLDLQWXLWLYDSHUEDPELQLSHUJLRFDUHHDSSUHQGHUHFRQO¶DXVLOLR

GHOOHXOWLPHHGHFFH]LRQDOLDSSSHUEDPELQLYLGHRHFRQWHQXWLRQOLQHLQYLDWLGLUHWWDPHQWHDOWXREDPELQR

.,'2¶=qVWDWRDSSRVLWDPHQWHSURJHWWDWRSHUGDUHDLEDPELQLODSRVVLELOLWjGLFUHVFHUHHPDWXUDUHDOO¶LQWHUQR

GHOODQRVWUDUHDOWjXWLOL]]DQGRGLVSRVLWLYLPXOWLPHGLDOL$LXWLDPRLEDPELQLGLWXWWHOHHWjDVYLOXSSDUVLLQXQ

DPELHQWHGLJLWDOHGLYHUWHQWHVLFXURHIDFLOHGDXVDUH

3UHPHUHLOSXOVDQWH³&UHD$FFRXQW´

,QVHULUHO¶LQGLUL]]RHPDLOHVFHJOLHUHXQDSDVVZRUG3UHPHUHLOSXOVDQWH³5HJLVWUD´SHUFRQWLQXDUH8QD

FRQIHUPDGHOODUHJLVWUD]LRQHFRQOHLQIRUPD]LRQLVXOO¶DFFRXQWVDUjLQYLDWDDOO¶LQGLUL]]RHPDLOLQVHULWR

&UHDUHO¶DFFRXQWGHOEDPELQRLQVHUHQGRLOQRPHODGDWDGLQDVFLWDHLOVHVVR3UHPHUHLOSXOVDQWH³&UHD´SHU

FRQWLQXDUH

$YYLDUHODPRGDOLWjGLYHUWLPHQWR JLRFRVLFXUR.,'2¶=SHUEDPELQLSUHPHQGRO¶LFRQDGHOO¶DSS³.,'2¶=´

VLWXDWDVXOODVFKHUPDWDLQL]LDOHGHO7DEOHWSHUEDPELQL

6HOH]LRQDUHODOLQJXDGHVLGHUDWDGL.,'2¶=WUDOHOLQJXHGLVSRQLELOLQHOODVH]LRQH³&DPELDOLQJXD´QHOOD

SDUWHVXSHULRUHGHOODVFKHUPDWDÊSRVVLELOHFDPELDUHODOLQJXDVHOH]LRQDWDLQXQVHFRQGRPRPHQWR

/¶DFFRXQWGHOEDPELQRqVWDWRFUHDWRFRQVXFFHVVRÊSRVVLELOHXWLOL]]DUHO¶RS]LRQH³&DPELDLPPDJLQH´SHU

FDPELDUHO¶LPPDJLQHGHOSURILORGHOEDPELQRDQFKHXWLOL]]DQGRODFDPHUDGLJLWDOHLQWHJUDWDGHOWDEOHWSHU

EDPELQL

&RQWLQXDUHSUHPHQGRLOSXOVDQWH³$YYLD.,'2¶=´

52

7$%BB46*BNLGR]LQGG

KIDO’Z

,OWDEOHWSHUEDPELQL<DUYLN7$%YLHQHIRUQLWRGLVHULHFRQODPRGDOLWjGLYHUWLPHQWR JLRFRVLFXUR

.,'2¶=SHUEDPELQL.,'2¶=qXQ¶LQWHUIDFFLDLQWXLWLYDSHUEDPELQLSHUJLRFDUHHDSSUHQGHUHFRQO¶DXVLOLR

GHOOHXOWLPHHGHFFH]LRQDOLDSSSHUEDPELQLYLGHRHFRQWHQXWLRQOLQHLQYLDWLGLUHWWDPHQWHDOWXREDPELQR

.,'2¶=qVWDWRDSSRVLWDPHQWHSURJHWWDWRSHUGDUHDLEDPELQLODSRVVLELOLWjGLFUHVFHUHHPDWXUDUHDOO¶LQWHUQR

GHOODQRVWUDUHDOWjXWLOL]]DQGRGLVSRVLWLYLPXOWLPHGLDOL$LXWLDPRLEDPELQLGLWXWWHOHHWjDVYLOXSSDUVLLQXQ

DPELHQWHGLJLWDOHGLYHUWHQWHVLFXURHIDFLOHGDXVDUH

3UHPHUHLOSXOVDQWH³&UHD$FFRXQW´

,QVHULUHO¶LQGLUL]]RHPDLOHVFHJOLHUHXQDSDVVZRUG3UHPHUHLOSXOVDQWH³5HJLVWUD´SHUFRQWLQXDUH8QD

FRQIHUPDGHOODUHJLVWUD]LRQHFRQOHLQIRUPD]LRQLVXOO¶DFFRXQWVDUjLQYLDWDDOO¶LQGLUL]]RHPDLOLQVHULWR

&UHDUHO¶DFFRXQWGHOEDPELQRLQVHUHQGRLOQRPHODGDWDGLQDVFLWDHLOVHVVR3UHPHUHLOSXOVDQWH³&UHD´SHU

FRQWLQXDUH

$YYLDUHODPRGDOLWjGLYHUWLPHQWR JLRFRVLFXUR.,'2¶=SHUEDPELQLSUHPHQGRO¶LFRQDGHOO¶DSS³.,'2¶=´

VLWXDWDVXOODVFKHUPDWDLQL]LDOHGHO7DEOHWSHUEDPELQL

6HOH]LRQDUHODOLQJXDGHVLGHUDWDGL.,'2¶=WUDOHOLQJXHGLVSRQLELOLQHOODVH]LRQH³&DPELDOLQJXD´QHOOD

SDUWHVXSHULRUHGHOODVFKHUPDWDÊSRVVLELOHFDPELDUHODOLQJXDVHOH]LRQDWDLQXQVHFRQGRPRPHQWR

/¶DFFRXQWGHOEDPELQRqVWDWRFUHDWRFRQVXFFHVVRÊSRVVLELOHXWLOL]]DUHO¶RS]LRQH³&DPELDLPPDJLQH´SHU

FDPELDUHO¶LPPDJLQHGHOSURILORGHOEDPELQRDQFKHXWLOL]]DQGRODFDPHUDGLJLWDOHLQWHJUDWDGHOWDEOHWSHU

EDPELQL

&RQWLQXDUHSUHPHQGRLOSXOVDQWH³$YYLD.,'2¶=´

53

7$%BB46*BNLGR]LQGG

,PPHWWHUHODSDVVZRUGGHOO¶DFFRXQW.LGR¶]QHOODILQHVWUDGLULFKLHVWDSDVVZRUG

$TXHVWRSXQWRVLDFFHGHUjDOODVFKHUPDWDSULQFLSDOH.,'2¶=

$SS6WRUH.,'2¶=FRQDSSJUDWXLWHHGLIDFLOHXWLOL]]RSHUEDPELQL

%URZVHU.,'2¶=FRQVLWLZHEGLIDFLOHXWLOL]]RSHUEDPELQLHGRWDWLGLVHJQDOLEULFKHSRVVRQRHVVHUH

DJJLXQWLDQFKHGDLJHQLWRUL

79.,'2¶=FRQFDQDOLWHOHYLVLYLRQOLQHGLIDFLOHXWLOL]]RSHUEDPELQL

*LRFKL.,'2¶=qXQDUDFFROWDGLJLRFKLLQWHJUDWLSHUEDPELQL

6IRQGLFRQVHQWHGLFDPELDUHORVIRQGRGHOOHVFKHUPDWHGHOPHQX.,'2¶=

,PSRVWD]LRQLGHOO¶DFFRXQWGHOEDPELQR

3DQQHOOR&RQWUROOR*HQLWRULSHUFRQWUROODUHO¶LQWHUIDFFLDXWHQWH.,'2¶=FRPSOHWDÊQHFHVVDULDODSDVVZRUG

GHOO¶DFFRXQWXWHQWH

(VFLGD.,'2¶=&KLXGH.,'2¶=HULWRUQDDOODQRUPDOHLQWHUIDFFLDXWHQWH$QGURLG

ÊQHFHVVDULDODSDVVZRUGGHOO¶DFFRXQWXWHQWH

&RPHLQVHULUHLOFRQWUROORJHQLWRULSHULPSRVWDUHLOFRQWHQXWRGHOWDEOHWSHUEDPELQL<DUYLN

,PSRVWDUHLOFRQWHQXWRGHOFRQWUROORJHQLWRUL

)DUHFOLFVXOO¶LFRQD³.,'2¶=´LQDOWRDGHVWUDGHOODVFKHUPDWDSHUULWRUQDUHDOGHVNWRS.LGR¶]

%XRQGLYHUWLPHQWR

3UHPHUHO¶LFRQD³*HQLWRUL´VLWXDWDLQEDVVRDGHVWUDGHOODVFKHUPDWD

54

7$%BB46*BNLGR]LQGG

,PPHWWHUHODSDVVZRUGGHOO¶DFFRXQW.LGR¶]QHOODILQHVWUDGLULFKLHVWDSDVVZRUG

$TXHVWRSXQWRVLDFFHGHUjDOODVFKHUPDWDSULQFLSDOH.,'2¶=

$SS6WRUH.,'2¶=FRQDSSJUDWXLWHHGLIDFLOHXWLOL]]RSHUEDPELQL

%URZVHU.,'2¶=FRQVLWLZHEGLIDFLOHXWLOL]]RSHUEDPELQLHGRWDWLGLVHJQDOLEULFKHSRVVRQRHVVHUH

DJJLXQWLDQFKHGDLJHQLWRUL

79.,'2¶=FRQFDQDOLWHOHYLVLYLRQOLQHGLIDFLOHXWLOL]]RSHUEDPELQL

*LRFKL.,'2¶=qXQDUDFFROWDGLJLRFKLLQWHJUDWLSHUEDPELQL

6IRQGLFRQVHQWHGLFDPELDUHORVIRQGRGHOOHVFKHUPDWHGHOPHQX.,'2¶=

,PSRVWD]LRQLGHOO¶DFFRXQWGHOEDPELQR

3DQQHOOR&RQWUROOR*HQLWRULSHUFRQWUROODUHO¶LQWHUIDFFLDXWHQWH.,'2¶=FRPSOHWDÊQHFHVVDULDODSDVVZRUG

GHOO¶DFFRXQWXWHQWH

(VFLGD.,'2¶=&KLXGH.,'2¶=HULWRUQDDOODQRUPDOHLQWHUIDFFLDXWHQWH$QGURLG

ÊQHFHVVDULDODSDVVZRUGGHOO¶DFFRXQWXWHQWH

&RPHLQVHULUHLOFRQWUROORJHQLWRULSHULPSRVWDUHLOFRQWHQXWRGHOWDEOHWSHUEDPELQL<DUYLN

,PSRVWDUHLOFRQWHQXWRGHOFRQWUROORJHQLWRUL

)DUHFOLFVXOO¶LFRQD³.,'2¶=´LQDOWRDGHVWUDGHOODVFKHUPDWDSHUULWRUQDUHDOGHVNWRS.LGR¶]

%XRQGLYHUWLPHQWR

3UHPHUHO¶LFRQD³*HQLWRUL´VLWXDWDLQEDVVRDGHVWUDGHOODVFKHUPDWD

55

7$%BB46*BNLGR]LQGG

RU

KIDO’Z

Ⱦɟɬɫɤɢɣɩɥɚɧɲɟɬ<DUYLN7$%ɩɨɫɬɚɜɥɹɟɬɫɹɫɩɪɟɞɭɫɬɚɧɨɜɥɟɧɧɵɦɛɟɡɨɩɚɫɧɵɦɢɝɪɨɜɵɦɪɟɠɢɦɨɦ

.,'2¶=ɞɥɹɞɟɬɟɣ.,'2¶=±ɷɬɨɭɞɨɛɧɵɣɞɥɹɞɟɬɟɣɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɣɢɧɬɟɪɮɟɣɫɩɨɡɜɨɥɹɸɳɢɣ ɜɚɲɟɦɭɪɟɛɟɧɤɭɢɫɩɨɥɶɡɨɜɚɬɶɫɚɦɵɟɥɭɱɲɢɟɢɩɨɫɥɟɞɧɢɟɜɟɪɫɢɢɩɪɢɥɨɠɟɧɢɣɜɢɞɟɨɪɨɥɢɤɢɢ ɞɪɭɝɨɣɤɨɧɬɟɧɬɜɂɧɬɟɪɧɟɬɟɜɢɝɪɨɜɵɯɢɨɛɭɱɚɸɳɢɯɰɟɥɹɯɉɨɥɶɡɨɜɚɬɟɥɶɫɤɢɣɢɧɬɟɪɮɟɣɫ.,'2¶=ɛɵɥ ɫɩɟɰɢɚɥɶɧɨɪɚɡɪɚɛɨɬɚɧɞɥɹɞɟɬɟɣɨɧɩɨɦɨɝɚɟɬɢɦɪɚɫɬɢɢɜɡɪɨɫɥɟɬɶɜɫɨɜɪɟɦɟɧɧɨɦɦɢɪɟɢɫɩɨɥɶɡɭɹ ɦɭɥɶɬɢɦɟɞɢɣɧɵɟɭɫɬɪɨɣɫɬɜɚɆɵɫɩɨɫɨɛɫɬɜɭɟɦɪɚɡɜɢɬɢɸɞɟɬɟɣɜɫɟɯɜɨɡɪɚɫɬɨɜɜɭɜɥɟɤɚɬɟɥɶɧɨɣ ɛɟɡɨɩɚɫɧɨɣɢɩɪɨɫɬɨɣɜɢɫɩɨɥɶɡɨɜɚɧɢɢɰɢɮɪɨɜɨɣɫɪɟɞɟ ɇɚɠɦɢɬɟɤɧɨɩɤɭ©&UHDWH$FFRXQWª©ɋɨɡɞɚɬɶɭɱɟɬɧɭɸɡɚɩɢɫɶª

Ɂɚɩɨɥɧɢɬɟɚɞɪɟɫɜɚɲɟɣɷɥɟɤɬɪɨɧɧɨɣɩɨɱɬɵɢɜɵɛɟɪɢɬɟɩɚɪɨɥɶɇɚɠɦɢɬɟɤɧɨɩɤɭ©5HJLVWHUª

©Ɋɟɝɢɫɬɪɚɰɢɹªɞɥɹɩɪɨɞɨɥɠɟɧɢɹɉɨɞɬɜɟɪɠɞɟɧɢɟɪɟɝɢɫɬɪɚɰɢɢɫɨɫɜɟɞɟɧɢɹɦɢɭɱɟɬɧɨɣɡɚɩɢɫɢɛɭɞɭɬ ɨɬɩɪɚɜɥɟɧɵɧɚɭɤɚɡɚɧɧɵɣɚɞɪɟɫɷɥɟɤɬɪɨɧɧɨɣɩɨɱɬɵ ɋɨɡɞɚɣɬɟ.LG¶V$FFRXQWɭɱɟɬɧɭɸɡɚɩɢɫɶɪɟɛɟɧɤɚɭɤɚɡɚɜɟɝɨɢɦɹɞɚɬɭɪɨɠɞɟɧɢɹɢɩɨɥɇɚɠɦɢɬɟ ɤɧɨɩɤɭ©&UHDWHª©ɋɨɡɞɚɬɶªɞɥɹɩɪɨɞɨɥɠɟɧɢɹ

Ɂɚɩɭɫɬɢɬɟɛɟɡɨɩɚɫɧɵɣɢɝɪɨɜɨɣɪɟɠɢɦ.,'2¶=ɞɥɹɞɟɬɟɣɧɚɠɚɜɡɧɚɱɨɤɩɪɢɥɨɠɟɧɢɹ©.,'2¶=ªɧɚ ɧɚɱɚɥɶɧɨɦɷɤɪɚɧɟɩɥɚɧɲɟɬɚ ȼɵɛɟɪɢɬɟɧɟɨɛɯɨɞɢɦɵɣɞɥɹ.,'2¶=ɹɡɵɤɢɡɞɨɫɬɭɩɧɵɯɜɪɚɡɞɟɥɟɹɡɵɤɨɜɵɯɩɚɪɚɦɟɬɪɨɜɩɨɞ ɮɭɧɤɰɢɟɣ©&KDQJH/DQJXDJHª©ɂɡɦɟɧɢɬɶɹɡɵɤªɜɜɟɪɯɧɟɣɱɚɫɬɢɷɤɪɚɧɚəɡɵɤɢɧɬɟɪɮɟɣɫɚɦɨɠɧɨ ɢɡɦɟɧɢɬɶɜɥɸɛɨɟɜɪɟɦɹ

Ɍɟɩɟɪɶɭɱɟɬɧɚɹɡɚɩɢɫɶɜɚɲɟɝɨɪɟɛɟɧɤɚɭɫɩɟɲɧɨɫɨɡɞɚɧɚȼɵɦɨɠɟɬɟɜɨɫɩɨɥɶɡɨɜɚɬɶɫɹɮɭɧɤɰɢɟɣ

©&KDQJH3LFWXUHª©ɂɡɦɟɧɢɬɶɢɡɨɛɪɚɠɟɧɢɟªɱɬɨɛɵɭɫɬɚɧɨɜɢɬɶɢɡɨɛɪɚɠɟɧɢɹɩɪɨɮɢɥɹɬɚɤɠɟɷɬɨ ɦɨɠɧɨɫɞɟɥɚɬɶɩɪɢɩɨɦɨɳɢɜɫɬɪɨɟɧɧɨɣɰɢɮɪɨɜɨɣɤɚɦɟɪɵɩɥɚɧɲɟɬɚ ɉɪɨɞɨɥɠɢɬɟɧɚɠɚɜɤɧɨɩɤɭ©6WDUW.,'2¶=ª©Ɂɚɩɭɫɬɢɬɶ.,'2¶=ª

56

7$%BB46*BNLGR]LQGG

KIDO’Z

Ⱦɟɬɫɤɢɣɩɥɚɧɲɟɬ<DUYLN7$%ɩɨɫɬɚɜɥɹɟɬɫɹɫɩɪɟɞɭɫɬɚɧɨɜɥɟɧɧɵɦɛɟɡɨɩɚɫɧɵɦɢɝɪɨɜɵɦɪɟɠɢɦɨɦ

.,'2¶=ɞɥɹɞɟɬɟɣ.,'2¶=±ɷɬɨɭɞɨɛɧɵɣɞɥɹɞɟɬɟɣɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɣɢɧɬɟɪɮɟɣɫɩɨɡɜɨɥɹɸɳɢɣ ɜɚɲɟɦɭɪɟɛɟɧɤɭɢɫɩɨɥɶɡɨɜɚɬɶɫɚɦɵɟɥɭɱɲɢɟɢɩɨɫɥɟɞɧɢɟɜɟɪɫɢɢɩɪɢɥɨɠɟɧɢɣɜɢɞɟɨɪɨɥɢɤɢɢ ɞɪɭɝɨɣɤɨɧɬɟɧɬɜɂɧɬɟɪɧɟɬɟɜɢɝɪɨɜɵɯɢɨɛɭɱɚɸɳɢɯɰɟɥɹɯɉɨɥɶɡɨɜɚɬɟɥɶɫɤɢɣɢɧɬɟɪɮɟɣɫ.,'2¶=ɛɵɥ ɫɩɟɰɢɚɥɶɧɨɪɚɡɪɚɛɨɬɚɧɞɥɹɞɟɬɟɣɨɧɩɨɦɨɝɚɟɬɢɦɪɚɫɬɢɢɜɡɪɨɫɥɟɬɶɜɫɨɜɪɟɦɟɧɧɨɦɦɢɪɟɢɫɩɨɥɶɡɭɹ ɦɭɥɶɬɢɦɟɞɢɣɧɵɟɭɫɬɪɨɣɫɬɜɚɆɵɫɩɨɫɨɛɫɬɜɭɟɦɪɚɡɜɢɬɢɸɞɟɬɟɣɜɫɟɯɜɨɡɪɚɫɬɨɜɜɭɜɥɟɤɚɬɟɥɶɧɨɣ ɛɟɡɨɩɚɫɧɨɣɢɩɪɨɫɬɨɣɜɢɫɩɨɥɶɡɨɜɚɧɢɢɰɢɮɪɨɜɨɣɫɪɟɞɟ ɇɚɠɦɢɬɟɤɧɨɩɤɭ©&UHDWH$FFRXQWª©ɋɨɡɞɚɬɶɭɱɟɬɧɭɸɡɚɩɢɫɶª

Ɂɚɩɨɥɧɢɬɟɚɞɪɟɫɜɚɲɟɣɷɥɟɤɬɪɨɧɧɨɣɩɨɱɬɵɢɜɵɛɟɪɢɬɟɩɚɪɨɥɶɇɚɠɦɢɬɟɤɧɨɩɤɭ©5HJLVWHUª

©Ɋɟɝɢɫɬɪɚɰɢɹªɞɥɹɩɪɨɞɨɥɠɟɧɢɹɉɨɞɬɜɟɪɠɞɟɧɢɟɪɟɝɢɫɬɪɚɰɢɢɫɨɫɜɟɞɟɧɢɹɦɢɭɱɟɬɧɨɣɡɚɩɢɫɢɛɭɞɭɬ ɨɬɩɪɚɜɥɟɧɵɧɚɭɤɚɡɚɧɧɵɣɚɞɪɟɫɷɥɟɤɬɪɨɧɧɨɣɩɨɱɬɵ ɋɨɡɞɚɣɬɟ.LG¶V$FFRXQWɭɱɟɬɧɭɸɡɚɩɢɫɶɪɟɛɟɧɤɚɭɤɚɡɚɜɟɝɨɢɦɹɞɚɬɭɪɨɠɞɟɧɢɹɢɩɨɥɇɚɠɦɢɬɟ ɤɧɨɩɤɭ©&UHDWHª©ɋɨɡɞɚɬɶªɞɥɹɩɪɨɞɨɥɠɟɧɢɹ

Ɂɚɩɭɫɬɢɬɟɛɟɡɨɩɚɫɧɵɣɢɝɪɨɜɨɣɪɟɠɢɦ.,'2¶=ɞɥɹɞɟɬɟɣɧɚɠɚɜɡɧɚɱɨɤɩɪɢɥɨɠɟɧɢɹ©.,'2¶=ªɧɚ ɧɚɱɚɥɶɧɨɦɷɤɪɚɧɟɩɥɚɧɲɟɬɚ ȼɵɛɟɪɢɬɟɧɟɨɛɯɨɞɢɦɵɣɞɥɹ.,'2¶=ɹɡɵɤɢɡɞɨɫɬɭɩɧɵɯɜɪɚɡɞɟɥɟɹɡɵɤɨɜɵɯɩɚɪɚɦɟɬɪɨɜɩɨɞ ɮɭɧɤɰɢɟɣ©&KDQJH/DQJXDJHª©ɂɡɦɟɧɢɬɶɹɡɵɤªɜɜɟɪɯɧɟɣɱɚɫɬɢɷɤɪɚɧɚəɡɵɤɢɧɬɟɪɮɟɣɫɚɦɨɠɧɨ ɢɡɦɟɧɢɬɶɜɥɸɛɨɟɜɪɟɦɹ

Ɍɟɩɟɪɶɭɱɟɬɧɚɹɡɚɩɢɫɶɜɚɲɟɝɨɪɟɛɟɧɤɚɭɫɩɟɲɧɨɫɨɡɞɚɧɚȼɵɦɨɠɟɬɟɜɨɫɩɨɥɶɡɨɜɚɬɶɫɹɮɭɧɤɰɢɟɣ

©&KDQJH3LFWXUHª©ɂɡɦɟɧɢɬɶɢɡɨɛɪɚɠɟɧɢɟªɱɬɨɛɵɭɫɬɚɧɨɜɢɬɶɢɡɨɛɪɚɠɟɧɢɹɩɪɨɮɢɥɹɬɚɤɠɟɷɬɨ ɦɨɠɧɨɫɞɟɥɚɬɶɩɪɢɩɨɦɨɳɢɜɫɬɪɨɟɧɧɨɣɰɢɮɪɨɜɨɣɤɚɦɟɪɵɩɥɚɧɲɟɬɚ ɉɪɨɞɨɥɠɢɬɟɧɚɠɚɜɤɧɨɩɤɭ©6WDUW.,'2¶=ª©Ɂɚɩɭɫɬɢɬɶ.,'2¶=ª

57

7$%BB46*BNLGR]LQGG

ȼɜɟɞɢɬɟɩɚɪɨɥɶɭɱɟɬɧɨɣɡɚɩɢɫɢ.LGR¶]ɧɚɷɤɪɚɧɟɡɚɩɪɨɫɚɩɚɪɨɥɹ ɉɨɫɥɟɷɬɨɝɨɨɬɤɪɨɟɬɫɹɝɥɚɜɧɵɣɷɤɪɚɧ.,'2¶=

Ɇɚɝɚɡɢɧɩɪɢɥɨɠɟɧɢɣ.,'2¶=ɫɛɟɫɩɥɚɬɧɵɦɢɩɪɢɥɨɠɟɧɢɹɦɢɞɥɹɞɟɬɟɣ

Ȼɪɚɭɡɟɪ.,'2¶=ɫɜɟɛɫɚɣɬɚɦɢɞɥɹɞɟɬɟɣɨɬɦɟɱɟɧɧɵɦɢɡɚɤɥɚɞɤɚɦɢɤɨɬɨɪɵɟɬɚɤɠɟɦɨɝɭɬ ɞɨɛɚɜɥɹɬɶɪɨɞɢɬɟɥɢ

Ɍɟɥɟɜɢɞɟɧɢɟ.,'2¶=ɫɬɟɥɟɜɢɡɢɨɧɧɵɦɢɤɚɧɚɥɚɦɢɞɥɹɞɟɬɟɣɜɂɧɬɟɪɧɟɬɟ ɂɝɪɵ.,'2¶=±ɤɨɥɥɟɤɰɢɹɜɫɬɪɨɟɧɧɵɯɢɝɪɞɥɹɞɟɬɟɣ

Ɏɨɧɨɜɵɟɪɢɫɭɧɤɢɩɨɡɜɨɥɹɬɢɡɦɟɧɢɬɶɨɛɨɢɷɤɪɚɧɚɦɟɧɸ.,'2¶= ɉɚɪɚɦɟɬɪɵɭɱɟɬɧɨɣɡɚɩɢɫɢɪɟɛɟɧɤɚ ɉɚɧɟɥɶɪɨɞɢɬɟɥɶɫɤɨɝɨɤɨɧɬɪɨɥɹɩɨɡɜɨɥɹɟɬɨɫɭɳɟɫɬɜɥɹɬɶɩɨɥɧɵɣɦɨɧɢɬɨɪɢɧɝɜɫɟɝɨɢɧɬɟɪɮɟɣɫɚ

.,'2¶=Ⱦɥɹɷɬɨɝɨɩɨɬɪɟɛɭɟɬɫɹɩɚɪɨɥɶɭɱɟɬɧɨɣɡɚɩɢɫɢɩɨɥɶɡɨɜɚɬɟɥɹ ȼɵɯɨɞɢɡɪɟɠɢɦɚ.,'2¶=Ɂɚɤɪɵɜ.,'2¶=ɜɵɜɟɪɧɟɬɟɫɶɤɩɪɢɜɵɱɧɨɦɭɩɨɥɶɡɨɜɚɬɟɥɶɫɤɨɦɭ ɢɧɬɟɪɮɟɣɫɭ$QGURLGȾɥɹɷɬɨɝɨɩɨɬɪɟɛɭɟɬɫɹɩɚɪɨɥɶɭɱɟɬɧɨɣɡɚɩɢɫɢɩɨɥɶɡɨɜɚɬɟɥɹ

Ʉɚɤɩɟɪɟɣɬɢɜɪɟɠɢɦɪɨɞɢɬɟɥɶɫɤɨɝɨɤɨɧɬɪɨɥɹɱɬɨɛɵɧɚɫɬɪɨɢɬɶɫɨɞɟɪɠɢɦɨɟɞɟɬɫɤɨɝɨɩɥɚɧɲɟɬɚ

<DUYLN ɇɚɫɬɪɨɣɬɟɫɨɞɟɪɠɢɦɨɟɪɨɞɢɬɟɥɶɫɤɨɝɨɤɨɧɬɪɨɥɹ ɓɟɥɤɧɢɬɟɡɧɚɱɨɤ.,'2¶=ɜɩɪɚɜɨɦɜɟɪɯɧɟɦɭɝɥɭɷɤɪɚɧɚɱɬɨɛɵɜɟɪɧɭɬɶɫɹɤɪɚɛɨɱɟɦɭɫɬɨɥɭ.LGR¶] ɇɚɫɥɚɠɞɚɣɬɟɫɶ ɇɚɠɦɢɬɟɡɧɚɱɨɤ©3DUHQWVª©Ɋɨɞɢɬɟɥɢªɤɨɬɨɪɵɣɪɚɫɩɨɥɨɠɟɧɜɩɪɚɜɨɦɧɢɠɧɟɦɭɝɥɭɷɤɪɚɧɚ

58

7$%BB46*BNLGR]LQGG

ȼɜɟɞɢɬɟɩɚɪɨɥɶɭɱɟɬɧɨɣɡɚɩɢɫɢ.LGR¶]ɧɚɷɤɪɚɧɟɡɚɩɪɨɫɚɩɚɪɨɥɹ ɉɨɫɥɟɷɬɨɝɨɨɬɤɪɨɟɬɫɹɝɥɚɜɧɵɣɷɤɪɚɧ.,'2¶=

Ɇɚɝɚɡɢɧɩɪɢɥɨɠɟɧɢɣ.,'2¶=ɫɛɟɫɩɥɚɬɧɵɦɢɩɪɢɥɨɠɟɧɢɹɦɢɞɥɹɞɟɬɟɣ

Ȼɪɚɭɡɟɪ.,'2¶=ɫɜɟɛɫɚɣɬɚɦɢɞɥɹɞɟɬɟɣɨɬɦɟɱɟɧɧɵɦɢɡɚɤɥɚɞɤɚɦɢɤɨɬɨɪɵɟɬɚɤɠɟɦɨɝɭɬ ɞɨɛɚɜɥɹɬɶɪɨɞɢɬɟɥɢ

Ɍɟɥɟɜɢɞɟɧɢɟ.,'2¶=ɫɬɟɥɟɜɢɡɢɨɧɧɵɦɢɤɚɧɚɥɚɦɢɞɥɹɞɟɬɟɣɜɂɧɬɟɪɧɟɬɟ ɂɝɪɵ.,'2¶=±ɤɨɥɥɟɤɰɢɹɜɫɬɪɨɟɧɧɵɯɢɝɪɞɥɹɞɟɬɟɣ

Ɏɨɧɨɜɵɟɪɢɫɭɧɤɢɩɨɡɜɨɥɹɬɢɡɦɟɧɢɬɶɨɛɨɢɷɤɪɚɧɚɦɟɧɸ.,'2¶= ɉɚɪɚɦɟɬɪɵɭɱɟɬɧɨɣɡɚɩɢɫɢɪɟɛɟɧɤɚ ɉɚɧɟɥɶɪɨɞɢɬɟɥɶɫɤɨɝɨɤɨɧɬɪɨɥɹɩɨɡɜɨɥɹɟɬɨɫɭɳɟɫɬɜɥɹɬɶɩɨɥɧɵɣɦɨɧɢɬɨɪɢɧɝɜɫɟɝɨɢɧɬɟɪɮɟɣɫɚ

.,'2¶=Ⱦɥɹɷɬɨɝɨɩɨɬɪɟɛɭɟɬɫɹɩɚɪɨɥɶɭɱɟɬɧɨɣɡɚɩɢɫɢɩɨɥɶɡɨɜɚɬɟɥɹ ȼɵɯɨɞɢɡɪɟɠɢɦɚ.,'2¶=Ɂɚɤɪɵɜ.,'2¶=ɜɵɜɟɪɧɟɬɟɫɶɤɩɪɢɜɵɱɧɨɦɭɩɨɥɶɡɨɜɚɬɟɥɶɫɤɨɦɭ ɢɧɬɟɪɮɟɣɫɭ$QGURLGȾɥɹɷɬɨɝɨɩɨɬɪɟɛɭɟɬɫɹɩɚɪɨɥɶɭɱɟɬɧɨɣɡɚɩɢɫɢɩɨɥɶɡɨɜɚɬɟɥɹ

Ʉɚɤɩɟɪɟɣɬɢɜɪɟɠɢɦɪɨɞɢɬɟɥɶɫɤɨɝɨɤɨɧɬɪɨɥɹɱɬɨɛɵɧɚɫɬɪɨɢɬɶɫɨɞɟɪɠɢɦɨɟɞɟɬɫɤɨɝɨɩɥɚɧɲɟɬɚ

<DUYLN ɇɚɫɬɪɨɣɬɟɫɨɞɟɪɠɢɦɨɟɪɨɞɢɬɟɥɶɫɤɨɝɨɤɨɧɬɪɨɥɹ ɓɟɥɤɧɢɬɟɡɧɚɱɨɤ.,'2¶=ɜɩɪɚɜɨɦɜɟɪɯɧɟɦɭɝɥɭɷɤɪɚɧɚɱɬɨɛɵɜɟɪɧɭɬɶɫɹɤɪɚɛɨɱɟɦɭɫɬɨɥɭ.LGR¶] ɇɚɫɥɚɠɞɚɣɬɟɫɶ ɇɚɠɦɢɬɟɡɧɚɱɨɤ©3DUHQWVª©Ɋɨɞɢɬɟɥɢªɤɨɬɨɪɵɣɪɚɫɩɨɥɨɠɟɧɜɩɪɚɜɨɦɧɢɠɧɟɦɭɝɥɭɷɤɪɚɧɚ

7$%BB46*BNLGR]LQGG

59

NO

KIDO’Z

<DUYLN7$%MXQLRUQHWWEUHWWHWNRPPHUIHUGLJODVWHWPHG.,'2¶=)XQ 6DIH3OD\PRGXVIRUEDUQ

.,'2¶=HUHWEDUQHYHQQOLJEUXNHUJUHQVHVQLWWIRUVSLOOLQJRJO ULQJPHGGHQ\HVWHRJEHVWHDSSHQHYLGHRHQH

RJLQQKROGSnQHWWHWIRUEDUQOHYHUWGLUHNWHWLOEDUQHW.,'2¶=KDUEOLWWGHVLJQHWVSHVLHOWIRUnEHP\QGLJHEDUQ

RJKMHOSHGHPPHGnYRNVHRJPRGQHVPHQVGHEUXNHUPHGLHHQKHWHU9LKMHOSHUEDUQLDOOHDOGUHPHGn

XWIROGHVHJLHWPRUVRPWWU\JWRJEUXNHUYHQQOLJGLJLWDOWPLOM¡

7U\NNSn³&UHDWH$FFRXQW´2SSUHWWNRQWRNQDSSHQ

)\OOXWHSRVWDGUHVVHQGLQRJYHOJHWSDVVRUG7U\NNSn³5HJLVWHU´5HJLVWUHUNQDSSHQIRUnIRUWVHWWH(Q

UHJLVWUHULQJVEHNUHIWHOVHPHGNRQWRLQIRUPDVMRQYLOEOLVHQGWWLOHSRVWDGUHVVHQGXWDVWHWLQQ

2SSUHWWEDUQHWVNRQWRYHGnVNULYHLQQQDYQI¡GVHOVGDWRRJNM¡QQ7U\NNSn³&UHDWH´2SSUHWWNQDSSHQIRU nIRUWVHWWH

6WDUW.,'2¶=)XQ 6DIH3OD\PRGXVHQIRUEDUQYHGnWU\NNHSn³.,'2¶=´DSSLNRQHWSnKMHPVNMHUPHQSn

MXQLRUQHWWEUHWWHW

9HOJ¡QVNHWVSUnNIRU.,'2¶=EODQWGHWLOJMHQJHOLJHVSUnNDOWHUQDWLYHQHXQGHU³&KDQJH/DQJXDJH´(QGUH

VSUnN¡YHUVWSnVNMHUPHQ'HWYDOJWHVSUnNHWNDQHQGUHVVHQHUH

%DUQHWVNRQWRKDUQnEOLWWRSSUHWWHW'XNDQEUXNHDOWHUQDWLYHW³&KDQJH3LFWXUH´(QGUHELOGHIRUnHQGUH

ELOGHWDYEDUQHWRJGXNDQRJVnEUXNHGHWLQQHE\JGHGLJLWDOHNDPHUDHWSnMXQLRUQHWWEUHWWHW

)RUWVHWWYHGnWU\NNHSn³6WDUW.,'2¶=´NQDSSHQ

60

7$%BB46*BNLGR]LQGG

KIDO’Z

<DUYLN7$%MXQLRUQHWWEUHWWHWNRPPHUIHUGLJODVWHWPHG.,'2¶=)XQ 6DIH3OD\PRGXVIRUEDUQ

.,'2¶=HUHWEDUQHYHQQOLJEUXNHUJUHQVHVQLWWIRUVSLOOLQJRJO ULQJPHGGHQ\HVWHRJEHVWHDSSHQHYLGHRHQH

RJLQQKROGSnQHWWHWIRUEDUQOHYHUWGLUHNWHWLOEDUQHW.,'2¶=KDUEOLWWGHVLJQHWVSHVLHOWIRUnEHP\QGLJHEDUQ

RJKMHOSHGHPPHGnYRNVHRJPRGQHVPHQVGHEUXNHUPHGLHHQKHWHU9LKMHOSHUEDUQLDOOHDOGUHPHGn

XWIROGHVHJLHWPRUVRPWWU\JWRJEUXNHUYHQQOLJGLJLWDOWPLOM¡

7U\NNSn³&UHDWH$FFRXQW´2SSUHWWNRQWRNQDSSHQ

)\OOXWHSRVWDGUHVVHQGLQRJYHOJHWSDVVRUG7U\NNSn³5HJLVWHU´5HJLVWUHUNQDSSHQIRUnIRUWVHWWH(Q

UHJLVWUHULQJVEHNUHIWHOVHPHGNRQWRLQIRUPDVMRQYLOEOLVHQGWWLOHSRVWDGUHVVHQGXWDVWHWLQQ

2SSUHWWEDUQHWVNRQWRYHGnVNULYHLQQQDYQI¡GVHOVGDWRRJNM¡QQ7U\NNSn³&UHDWH´2SSUHWWNQDSSHQIRU nIRUWVHWWH

6WDUW.,'2¶=)XQ 6DIH3OD\PRGXVHQIRUEDUQYHGnWU\NNHSn³.,'2¶=´DSSLNRQHWSnKMHPVNMHUPHQSn

MXQLRUQHWWEUHWWHW

9HOJ¡QVNHWVSUnNIRU.,'2¶=EODQWGHWLOJMHQJHOLJHVSUnNDOWHUQDWLYHQHXQGHU³&KDQJH/DQJXDJH´(QGUH

VSUnN¡YHUVWSnVNMHUPHQ'HWYDOJWHVSUnNHWNDQHQGUHVVHQHUH

%DUQHWVNRQWRKDUQnEOLWWRSSUHWWHW'XNDQEUXNHDOWHUQDWLYHW³&KDQJH3LFWXUH´(QGUHELOGHIRUnHQGUH

ELOGHWDYEDUQHWRJGXNDQRJVnEUXNHGHWLQQHE\JGHGLJLWDOHNDPHUDHWSnMXQLRUQHWWEUHWWHW

)RUWVHWWYHGnWU\NNHSn³6WDUW.,'2¶=´NQDSSHQ

61

7$%BB46*BNLGR]LQGG

7DVWLQQSDVVRUGHWIRU.LGR¶]NRQWRHQLSDVVRUGVNMHUPHQ

'XYLOQnJnLQQLKRYHGVNMHUPHQSn.,'2¶=

.,'2¶=$SSV6WRUHPHGJUDWLVEDUQHYHQQOLJHDSSHU

.,'2¶=%URZVHUHUHQQHWWOHVHUPHGEDUQHYHQQOLJHERNPHUNHGHQHWWVWHGHUVRPRJVnNDQOHJJHVWLODY

IRUHOGUH

.,'2¶=79PHGEDUQHYHQQOLJH79NDQDOHUSnQHWWHW

.,'2¶=*DPHVHUHQVDPOLQJPHGLQQHE\JGHEDUQHYHQQOLJHVSLOO

%DFNJURXQGVJM¡UDWGXNDQHQGUHEDNJUXQQHQSnPHQ\VNMHUPHQHL.,'2¶=

.LG$FFRXQWVHWWLQJV.RQWRLQQVWLOOLQJHUIRUEDUQ

3DUHQWDO&RQWURO'DVKERDUGHULQVWUXPHQWERUGYLVQLQJIRUIRUHOGUHNRQWUROORJVW\UHUKHOH.,'2¶=

EUXNHUJUHQVHVQLWWHW.UHYHUEUXNHUNRQWRSDVVRUGHW

([LW.,'2¶=$YVOXWW.,'2¶='HWWHYLODYVOXWWH.,'2¶=RJEULQJHGHJWLOEDNHWLOGHWYDQOLJH$QGURLG

EUXNHUJUHQVHVQLWWHW.UHYHUEUXNHUNRQWRSDVVRUGHW

6OLNEUXNHUGXIRUHOGUHNRQWUROOWLOnMXVWHUHLQQKROGHWSn<DUYLNMXQLRUQHWWEUHWWHW

-XVWHUIRUHOGUHNRQWUROOLQQKROGHW

.OLNNSn³.,'2¶=´LNRQHW¡YHUVWWLOK¡\UHSnVNMHUPHQIRUnJnWLOEDNHWLO.LGR¶]VNULYHERUGHW

9LKnSHUGXKDUJOHGHDY<DUYLNMXQLRUQHWWEUHWWHW

7U\NNSn³3DUHQWV´)RUHOGUHLNRQHWQHGHUVWWLOK¡\UHSnVNMHUPHQ

62

7$%BB46*BNLGR]LQGG

7DVWLQQSDVVRUGHWIRU.LGR¶]NRQWRHQLSDVVRUGVNMHUPHQ

'XYLOQnJnLQQLKRYHGVNMHUPHQSn.,'2¶=

.,'2¶=$SSV6WRUHPHGJUDWLVEDUQHYHQQOLJHDSSHU

.,'2¶=%URZVHUHUHQQHWWOHVHUPHGEDUQHYHQQOLJHERNPHUNHGHQHWWVWHGHUVRPRJVnNDQOHJJHVWLODY

IRUHOGUH

.,'2¶=79PHGEDUQHYHQQOLJH79NDQDOHUSnQHWWHW

.,'2¶=*DPHVHUHQVDPOLQJPHGLQQHE\JGHEDUQHYHQQOLJHVSLOO

%DFNJURXQGVJM¡UDWGXNDQHQGUHEDNJUXQQHQSnPHQ\VNMHUPHQHL.,'2¶=

.LG$FFRXQWVHWWLQJV.RQWRLQQVWLOOLQJHUIRUEDUQ

3DUHQWDO&RQWURO'DVKERDUGHULQVWUXPHQWERUGYLVQLQJIRUIRUHOGUHNRQWUROORJVW\UHUKHOH.,'2¶=

EUXNHUJUHQVHVQLWWHW.UHYHUEUXNHUNRQWRSDVVRUGHW

([LW.,'2¶=$YVOXWW.,'2¶='HWWHYLODYVOXWWH.,'2¶=RJEULQJHGHJWLOEDNHWLOGHWYDQOLJH$QGURLG

EUXNHUJUHQVHVQLWWHW.UHYHUEUXNHUNRQWRSDVVRUGHW

6OLNEUXNHUGXIRUHOGUHNRQWUROOWLOnMXVWHUHLQQKROGHWSn<DUYLNMXQLRUQHWWEUHWWHW

-XVWHUIRUHOGUHNRQWUROOLQQKROGHW

.OLNNSn³.,'2¶=´LNRQHW¡YHUVWWLOK¡\UHSnVNMHUPHQIRUnJnWLOEDNHWLO.LGR¶]VNULYHERUGHW

9LKnSHUGXKDUJOHGHDY<DUYLNMXQLRUQHWWEUHWWHW

7U\NNSn³3DUHQWV´)RUHOGUHLNRQHWQHGHUVWWLOK¡\UHSnVNMHUPHQ

63

7$%BB46*BNLGR]LQGG

SI

KIDO’Z

9Dã<DUYLN7$%-XQLRUWDEOLþQLUDþXQDOQLNLPDSUHGQDORåHQ.,'2¶==DEDYHQLQYDUHQQDþLQLJUDQMD

]DRWURNH.,'2¶=MHRWURNXSULMD]QLXSRUDEQLãNLYPHVQLN]DLJUDQMHLQXþHQMH]QDMQRYHMãLPLLQQDMEROMãLPL

RWURãNLPLDSOLNDFLMDPLYLGHRSRVQHWNLLQVSOHWQRYVHELQRGRVWRSQRQHSRVUHGQRGRYDãHJDRWURND

.,'2¶=MHELOSRVHEHMREOLNRYDQ]DNUHSLWHYYORJHRWURNLQSRPRþSULUDVWLLQUD]YRMXYWHPVYHWXPHGWHP

NRXSRUDEOMDMRPHGLMVNHQDSUDYH3RPDJDPRRWURNRPYVHKVWDURVWLGDUD]YLMDMRQD]DEDYHQYDUHQLQ

HQRVWDYHQQDþLQYGLJLWDOQHPRNROMX

3ULWLVQLWHJXPEª&UHDWH$FFRXQW©ª8VWYDULUDþXQ©

9SLãLWHYDãHSRãWQLQDVORYLQL]EHULWHJHVOR3ULWLVQLWHJXPEª5HJLVWHU©ª5HJLVWULUDM©]DQDGDOMHYDQMH

3RWUGLWHYUHJLVWUDFLMH]LQIRUPDFLMDPLRUDþXQXERSRVODQDQDYQHVHQHSRãWQLQDVORY

8VWYDULWH.LG¶V$FFRXQW2WURãNLUDþXQ]YQRVRPRWURãNHJDLPHQDGDWXPDURMVWYDLQVSROD3ULWLVQLWHJXPE

ª&UHDWH©ª8VWYDUL©]DQDGDOMHYDQMH

3ULþQLWHV.,'2¶==DEDYHQLQYDUHQQDþLQLJUDQMD]DRWURNHVSULWLVNRPQDLNRQRDSOLNDFLMHª.,'2¶=©QD

]DþHWQHPQDVORYXYDãHJD-XQLRUWDEOLþQHJDUDþXQDOQLND

,]EHULWHåHOHQLMH]LN]D.,'2¶=L]PHGUD]SRORåOMLYLKMH]LNRYQLKPRåQRVWLSRGª&KDQJH/DQJXDJH©

ª6SUHPHQLMH]LN©QDYUKX]DVORQD,]EUDQLMH]LNVHNDVQHMHODKNR]DPHQMD

2WURãNLUDþXQMHELOXVSHãQRXVWYDUMHQ/DKNRXSRUDELWHPRåQRVWª&KDQJH3LFWXUH©ª6SUHPHQLVOLNR©GD

VSUHPHQLWHRWURNRYRVOLNRSURILODKNUDWLODKNRWRVWRULWHWXGLVSRPRþMRYJUDMHQHJDGLJLWDOQHJDIRWRDSDUDW

YDãHJD-XQLRUWDEOLþQHJDUDþXQDOQLND

1DGDOMXMWHVSULWLVNRPQDJXPEª6WDUW.,'2¶=©ª6WDUW.,'2¶=©

64

7$%BB46*BNLGR]LQGG

KIDO’Z

9Dã<DUYLN7$%-XQLRUWDEOLþQLUDþXQDOQLNLPDSUHGQDORåHQ.,'2¶==DEDYHQLQYDUHQQDþLQLJUDQMD

]DRWURNH.,'2¶=MHRWURNXSULMD]QLXSRUDEQLãNLYPHVQLN]DLJUDQMHLQXþHQMH]QDMQRYHMãLPLLQQDMEROMãLPL

RWURãNLPLDSOLNDFLMDPLYLGHRSRVQHWNLLQVSOHWQRYVHELQRGRVWRSQRQHSRVUHGQRGRYDãHJDRWURND

.,'2¶=MHELOSRVHEHMREOLNRYDQ]DNUHSLWHYYORJHRWURNLQSRPRþSULUDVWLLQUD]YRMXYWHPVYHWXPHGWHP

NRXSRUDEOMDMRPHGLMVNHQDSUDYH3RPDJDPRRWURNRPYVHKVWDURVWLGDUD]YLMDMRQD]DEDYHQYDUHQLQ

HQRVWDYHQQDþLQYGLJLWDOQHPRNROMX

3ULWLVQLWHJXPEª&UHDWH$FFRXQW©ª8VWYDULUDþXQ©

9SLãLWHYDãHSRãWQLQDVORYLQL]EHULWHJHVOR3ULWLVQLWHJXPEª5HJLVWHU©ª5HJLVWULUDM©]DQDGDOMHYDQMH

3RWUGLWHYUHJLVWUDFLMH]LQIRUPDFLMDPLRUDþXQXERSRVODQDQDYQHVHQHSRãWQLQDVORY

8VWYDULWH.LG¶V$FFRXQW2WURãNLUDþXQ]YQRVRPRWURãNHJDLPHQDGDWXPDURMVWYDLQVSROD3ULWLVQLWHJXPE

ª&UHDWH©ª8VWYDUL©]DQDGDOMHYDQMH

3ULþQLWHV.,'2¶==DEDYHQLQYDUHQQDþLQLJUDQMD]DRWURNHVSULWLVNRPQDLNRQRDSOLNDFLMHª.,'2¶=©QD

]DþHWQHPQDVORYXYDãHJD-XQLRUWDEOLþQHJDUDþXQDOQLND

,]EHULWHåHOHQLMH]LN]D.,'2¶=L]PHGUD]SRORåOMLYLKMH]LNRYQLKPRåQRVWLSRGª&KDQJH/DQJXDJH©

ª6SUHPHQLMH]LN©QDYUKX]DVORQD,]EUDQLMH]LNVHNDVQHMHODKNR]DPHQMD

2WURãNLUDþXQMHELOXVSHãQRXVWYDUMHQ/DKNRXSRUDELWHPRåQRVWª&KDQJH3LFWXUH©ª6SUHPHQLVOLNR©GD

VSUHPHQLWHRWURNRYRVOLNRSURILODKNUDWLODKNRWRVWRULWHWXGLVSRPRþMRYJUDMHQHJDGLJLWDOQHJDIRWRDSDUDW

YDãHJD-XQLRUWDEOLþQHJDUDþXQDOQLND

1DGDOMXMWHVSULWLVNRPQDJXPEª6WDUW.,'2¶=©ª6WDUW.,'2¶=©

65

7$%BB46*BNLGR]LQGG

9QHVLWHJHVOR]DYDãUDþXQ.,'2¶=QD]DKWHYRPHVWR]DJHVORQD]DVORQX

6HGDMERVWHODKNRYQHVOL.,'2¶=JODYQL]DVORQ

.,'2¶=$SS6WRUH]EUH]SODþQLPLRWURNXSULMD]QLPLDSOLNDFLMDPL

.,'2¶=%UVNDOQLN]RWURNXSULMD]QLPL]D]QDPNLVSOHWQLKVWUDQLNLVRODKNRGRGDQHWXGLVVWUDQLVWDUãHY

.,'2¶=79]RWURNXSULMD]QLPLVSOHWQLPL79NDQDOL

.,'2¶=,JUHMH]ELUNDYJUDMHQLKRWURNXSULMD]QLKLJHU

2]DGMDQDUHGLVSUHPHPEHR]DGMD.,'2¶=PHQLMVNHJD]DVORQD

1DVWDYLWHYRWURãNHJDUDþXQD

6WDUãHYVNLQDG]RU]DQDG]RUFHORWQHJD.,'2¶=XSRUDEQLãNHJDYPHVQLND=DKWHYDJHVOR]DXSRUDEQLãNL

UDþXQ

=DSUL.,'2¶=7RER]DSUOR.,'2¶=LQYDVSULSHOMDORQD]DMYRELþDMQL$QGURLGXSRUDEQLãNLYPHVQLN

=DKWHYDJHVOR]DXSRUDEQLãNLUDþXQ

.DNRYSLVDWLVWDUãHYVNLQDG]RUGDVHSULODJRGLMRYVHELQHWDEOLþQHJDUDþXQDOQLND<DUYLN-XQLRU

1DVWDYLWHVWDUãHYVNLQDG]RUYVHELQ

.OLNQLWHQDª.,'2¶=©LNRQRQDGHVQL]JRUQMLVWUDQL]DVORQDGDVHYUQHWHQDQDPL]MH.,'2¶=

8åLYDMWH

3ULWLVQLWHLNRQRª3DUHQWV©ª6WDUãL©QDGHVQLVSRGQMLVWUDQL]DVORQD

66

7$%BB46*BNLGR]LQGG

9QHVLWHJHVOR]DYDãUDþXQ.,'2¶=QD]DKWHYRPHVWR]DJHVORQD]DVORQX

6HGDMERVWHODKNRYQHVOL.,'2¶=JODYQL]DVORQ

.,'2¶=$SS6WRUH]EUH]SODþQLPLRWURNXSULMD]QLPLDSOLNDFLMDPL

.,'2¶=%UVNDOQLN]RWURNXSULMD]QLPL]D]QDPNLVSOHWQLKVWUDQLNLVRODKNRGRGDQHWXGLVVWUDQLVWDUãHY

.,'2¶=79]RWURNXSULMD]QLPLVSOHWQLPL79NDQDOL

.,'2¶=,JUHMH]ELUNDYJUDMHQLKRWURNXSULMD]QLKLJHU

2]DGMDQDUHGLVSUHPHPEHR]DGMD.,'2¶=PHQLMVNHJD]DVORQD

1DVWDYLWHYRWURãNHJDUDþXQD

6WDUãHYVNLQDG]RU]DQDG]RUFHORWQHJD.,'2¶=XSRUDEQLãNHJDYPHVQLND=DKWHYDJHVOR]DXSRUDEQLãNL

UDþXQ

=DSUL.,'2¶=7RER]DSUOR.,'2¶=LQYDVSULSHOMDORQD]DMYRELþDMQL$QGURLGXSRUDEQLãNLYPHVQLN

=DKWHYDJHVOR]DXSRUDEQLãNLUDþXQ

.DNRYSLVDWLVWDUãHYVNLQDG]RUGDVHSULODJRGLMRYVHELQHWDEOLþQHJDUDþXQDOQLND<DUYLN-XQLRU

1DVWDYLWHVWDUãHYVNLQDG]RUYVHELQ

.OLNQLWHQDª.,'2¶=©LNRQRQDGHVQL]JRUQMLVWUDQL]DVORQDGDVHYUQHWHQDQDPL]MH.,'2¶=

8åLYDMWH

3ULWLVQLWHLNRQRª3DUHQWV©ª6WDUãL©QDGHVQLVSRGQMLVWUDQL]DVORQD

67

7$%BB46*BNLGR]LQGG

UK

KIDO’Z

Ⱦɢɬɹɱɢɣɩɥɚɧɲɟɬ<DUYLN7$%ɩɨɫɬɚɜɥɹɽɬɶɫɹɡɩɨɩɟɪɟɞɧɶɨɜɫɬɚɧɨɜɥɟɧɢɦɛɟɡɩɟɱɧɢɦɿɝɪɨɜɢɦ

.,'2¶=ɞɥɹɞɿɬɟɣ.,'2¶=±ɰɟɡɪɭɱɧɢɣɞɥɹɞɿɬɟɣɿɧɬɟɪɮɟɣɫɤɨɪɢɫɬɭɜɚɱɚɹɤɢɣɞɚɽɡɦɨɝɭɞɢɬɢɧɿ ɜɢɤɨɪɢɫɬɨɜɭɜɚɬɢɧɚɣɧɨɜɿɲɿɬɚɧɚɣɤɪɚɳɿɜɟɪɫɿʀɡɚɫɬɨɫɭɧɤɿɜɜɿɞɟɨɬɚɿɧɲɢɣɜɦɿɫɬɡȱɧɬɟɪɧɟɬɭɜ ɧɚɜɱɚɥɶɧɢɯɬɚɿɝɪɨɜɢɯɰɿɥɹɯȱɧɬɟɪɮɟɣɫɤɨɪɢɫɬɭɜɚɱɚ.,'2¶=ɛɭɜɫɬɜɨɪɟɧɢɣɜɢɤɥɸɱɧɨɞɥɹɞɿɬɟɣɜɿɧ ɞɨɩɨɦɚɝɚɽʀɦɪɨɫɬɢɬɚɞɨɪɨɫɥɿɲɚɬɢɭɫɭɱɚɫɧɨɦɭɫɜɿɬɿɤɨɪɢɫɬɭɸɱɢɫɶɦɭɥɶɬɢɦɟɞɿɣɧɢɦɢɩɪɢɫɬɪɨɹɦɢɆɢ ɫɩɪɢɹɽɦɨɪɨɡɜɢɬɤɭɞɿɬɟɣɭɫɿɯɜɿɤɨɜɢɯɤɚɬɟɝɨɪɿɣɭɡɚɯɨɩɥɢɜɨɦɭɛɟɡɩɟɱɧɨɦɭɬɚɥɟɝɤɨɦɭɜɤɨɪɢɫɬɭɜɚɧɧɿ ɰɢɮɪɨɜɨɦɭɫɟɪɟɞɨɜɢɳɿ ɇɚɬɢɫɧɿɬɶɤɧɨɩɤɭ©&UHDWH$FFRXQWª©ɋɬɜɨɪɢɬɢɨɛɥɿɤɨɜɢɣɡɚɩɢɫª

Ɂɚɩɨɜɧɿɬɶɚɞɪɟɫɭɜɚɲɨʀɟɥɟɤɬɪɨɧɧɨʀɩɨɲɬɢɿɜɢɛɟɪɿɬɶɩɚɪɨɥɶɇɚɬɢɫɧɿɬɶɤɧɨɩɤɭ©5HJLVWHUª

©Ɂɚɪɟɽɫɬɪɭɜɚɬɢɫɹªɞɥɹɩɪɨɞɨɜɠɟɧɧɹɉɿɞɬɜɟɪɞɠɟɧɧɹɪɟɽɫɬɪɚɰɿʀɬɚɜɿɞɨɦɨɫɬɿɩɪɨɨɛɥɿɤɨɜɢɣɡɚɩɢɫ ɛɭɞɭɬɶɧɚɞɿɫɥɚɧɿɧɚɜɤɚɡɚɧɭɚɞɪɟɫɭɟɥɟɤɬɪɨɧɧɨʀɩɨɲɬɢ ɋɬɜɨɪɿɬɶ.LG¶V$FFRXQWɨɛɥɿɤɨɜɢɣɡɚɩɢɫɞɢɬɢɧɢɡɚɡɧɚɱɢɜɲɢʀʀɿɦ¶ɹɞɚɬɭɧɚɪɨɞɠɟɧɧɹɬɚɫɬɚɬɶ ɇɚɬɢɫɧɿɬɶɤɧɨɩɤɭ©&UHDWHª©ɋɬɜɨɪɢɬɢªɞɥɹɩɪɨɞɨɜɠɟɧɧɹ

Ɂɚɩɭɫɬɿɬɶɛɟɡɩɟɱɧɢɣɿɝɪɨɜɢɣɪɟɠɢɦ.,'2¶=ɞɥɹɞɿɬɟɣɧɚɬɢɫɧɭɜɲɢɡɧɚɱɨɤɡɚɫɬɨɫɭɧɤɭ©.,'2¶=ªɧɚ ɞɨɦɚɲɧɶɨɦɭɟɤɪɚɧɿɩɥɚɧɲɟɬɚ ȼɢɛɟɪɿɬɶɩɨɬɪɿɛɧɭɦɨɜɭ.,'2¶=ɿɡɞɨɫɬɭɩɧɢɯɭɪɨɡɞɿɥɿɦɨɜɧɢɯɩɚɪɚɦɟɬɪɿɜɩɿɞɮɭɧɤɰɿɽɸ©&KDQJH

/DQJXDJHª©Ɂɦɿɧɢɬɢɦɨɜɭªɭɜɟɪɯɧɿɣɱɚɫɬɢɧɿɟɤɪɚɧɚȼɢɡɚɜɠɞɢɦɨɠɟɬɟɡɦɿɧɢɬɢɦɨɜɭɿɧɬɟɪɮɟɣɫɭ

Ɉɛɥɿɤɨɜɢɣɡɚɩɢɫɜɚɲɨʀɞɢɬɢɧɢɫɬɜɨɪɟɧɨɭɫɩɿɲɧɨȼɢɦɨɠɟɬɟɫɤɨɪɢɫɬɚɬɢɫɹɮɭɧɤɰɿɽɸ©&KDQJH

3LFWXUHª©Ɂɦɿɧɢɬɢɡɨɛɪɚɠɟɧɧɹªɞɥɹɜɫɬɚɧɨɜɥɟɧɧɹɡɨɛɪɚɠɟɧɧɹɩɪɨɮɿɥɸɬɚɤɨɠɰɟɦɨɠɧɚɡɪɨɛɢɬɢɡɚ ɞɨɩɨɦɨɝɨɸɜɛɭɞɨɜɚɧɨʀɰɢɮɪɨɜɨʀɤɚɦɟɪɢɩɥɚɧɲɟɬɚ ɉɪɨɞɨɜɠɢɬɢɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭ©6WDUW.,'2¶=ª©Ɂɚɩɭɫɬɢɬɢ.,'2¶=ª

68

7$%BB46*BNLGR]LQGG

KIDO’Z

Ⱦɢɬɹɱɢɣɩɥɚɧɲɟɬ<DUYLN7$%ɩɨɫɬɚɜɥɹɽɬɶɫɹɡɩɨɩɟɪɟɞɧɶɨɜɫɬɚɧɨɜɥɟɧɢɦɛɟɡɩɟɱɧɢɦɿɝɪɨɜɢɦ

.,'2¶=ɞɥɹɞɿɬɟɣ.,'2¶=±ɰɟɡɪɭɱɧɢɣɞɥɹɞɿɬɟɣɿɧɬɟɪɮɟɣɫɤɨɪɢɫɬɭɜɚɱɚɹɤɢɣɞɚɽɡɦɨɝɭɞɢɬɢɧɿ ɜɢɤɨɪɢɫɬɨɜɭɜɚɬɢɧɚɣɧɨɜɿɲɿɬɚɧɚɣɤɪɚɳɿɜɟɪɫɿʀɡɚɫɬɨɫɭɧɤɿɜɜɿɞɟɨɬɚɿɧɲɢɣɜɦɿɫɬɡȱɧɬɟɪɧɟɬɭɜ ɧɚɜɱɚɥɶɧɢɯɬɚɿɝɪɨɜɢɯɰɿɥɹɯȱɧɬɟɪɮɟɣɫɤɨɪɢɫɬɭɜɚɱɚ.,'2¶=ɛɭɜɫɬɜɨɪɟɧɢɣɜɢɤɥɸɱɧɨɞɥɹɞɿɬɟɣɜɿɧ ɞɨɩɨɦɚɝɚɽʀɦɪɨɫɬɢɬɚɞɨɪɨɫɥɿɲɚɬɢɭɫɭɱɚɫɧɨɦɭɫɜɿɬɿɤɨɪɢɫɬɭɸɱɢɫɶɦɭɥɶɬɢɦɟɞɿɣɧɢɦɢɩɪɢɫɬɪɨɹɦɢɆɢ ɫɩɪɢɹɽɦɨɪɨɡɜɢɬɤɭɞɿɬɟɣɭɫɿɯɜɿɤɨɜɢɯɤɚɬɟɝɨɪɿɣɭɡɚɯɨɩɥɢɜɨɦɭɛɟɡɩɟɱɧɨɦɭɬɚɥɟɝɤɨɦɭɜɤɨɪɢɫɬɭɜɚɧɧɿ ɰɢɮɪɨɜɨɦɭɫɟɪɟɞɨɜɢɳɿ ɇɚɬɢɫɧɿɬɶɤɧɨɩɤɭ©&UHDWH$FFRXQWª©ɋɬɜɨɪɢɬɢɨɛɥɿɤɨɜɢɣɡɚɩɢɫª

Ɂɚɩɨɜɧɿɬɶɚɞɪɟɫɭɜɚɲɨʀɟɥɟɤɬɪɨɧɧɨʀɩɨɲɬɢɿɜɢɛɟɪɿɬɶɩɚɪɨɥɶɇɚɬɢɫɧɿɬɶɤɧɨɩɤɭ©5HJLVWHUª

©Ɂɚɪɟɽɫɬɪɭɜɚɬɢɫɹªɞɥɹɩɪɨɞɨɜɠɟɧɧɹɉɿɞɬɜɟɪɞɠɟɧɧɹɪɟɽɫɬɪɚɰɿʀɬɚɜɿɞɨɦɨɫɬɿɩɪɨɨɛɥɿɤɨɜɢɣɡɚɩɢɫ ɛɭɞɭɬɶɧɚɞɿɫɥɚɧɿɧɚɜɤɚɡɚɧɭɚɞɪɟɫɭɟɥɟɤɬɪɨɧɧɨʀɩɨɲɬɢ ɋɬɜɨɪɿɬɶ.LG¶V$FFRXQWɨɛɥɿɤɨɜɢɣɡɚɩɢɫɞɢɬɢɧɢɡɚɡɧɚɱɢɜɲɢʀʀɿɦ¶ɹɞɚɬɭɧɚɪɨɞɠɟɧɧɹɬɚɫɬɚɬɶ ɇɚɬɢɫɧɿɬɶɤɧɨɩɤɭ©&UHDWHª©ɋɬɜɨɪɢɬɢªɞɥɹɩɪɨɞɨɜɠɟɧɧɹ

Ɂɚɩɭɫɬɿɬɶɛɟɡɩɟɱɧɢɣɿɝɪɨɜɢɣɪɟɠɢɦ.,'2¶=ɞɥɹɞɿɬɟɣɧɚɬɢɫɧɭɜɲɢɡɧɚɱɨɤɡɚɫɬɨɫɭɧɤɭ©.,'2¶=ªɧɚ ɞɨɦɚɲɧɶɨɦɭɟɤɪɚɧɿɩɥɚɧɲɟɬɚ ȼɢɛɟɪɿɬɶɩɨɬɪɿɛɧɭɦɨɜɭ.,'2¶=ɿɡɞɨɫɬɭɩɧɢɯɭɪɨɡɞɿɥɿɦɨɜɧɢɯɩɚɪɚɦɟɬɪɿɜɩɿɞɮɭɧɤɰɿɽɸ©&KDQJH

/DQJXDJHª©Ɂɦɿɧɢɬɢɦɨɜɭªɭɜɟɪɯɧɿɣɱɚɫɬɢɧɿɟɤɪɚɧɚȼɢɡɚɜɠɞɢɦɨɠɟɬɟɡɦɿɧɢɬɢɦɨɜɭɿɧɬɟɪɮɟɣɫɭ

Ɉɛɥɿɤɨɜɢɣɡɚɩɢɫɜɚɲɨʀɞɢɬɢɧɢɫɬɜɨɪɟɧɨɭɫɩɿɲɧɨȼɢɦɨɠɟɬɟɫɤɨɪɢɫɬɚɬɢɫɹɮɭɧɤɰɿɽɸ©&KDQJH

3LFWXUHª©Ɂɦɿɧɢɬɢɡɨɛɪɚɠɟɧɧɹªɞɥɹɜɫɬɚɧɨɜɥɟɧɧɹɡɨɛɪɚɠɟɧɧɹɩɪɨɮɿɥɸɬɚɤɨɠɰɟɦɨɠɧɚɡɪɨɛɢɬɢɡɚ ɞɨɩɨɦɨɝɨɸɜɛɭɞɨɜɚɧɨʀɰɢɮɪɨɜɨʀɤɚɦɟɪɢɩɥɚɧɲɟɬɚ ɉɪɨɞɨɜɠɢɬɢɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭ©6WDUW.,'2¶=ª©Ɂɚɩɭɫɬɢɬɢ.,'2¶=ª

69

7$%BB46*BNLGR]LQGG

ȼɜɟɞɿɬɶɩɚɪɨɥɶɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭ.LGR¶]ɧɚɟɤɪɚɧɿɡɚɩɢɬɭɩɚɪɨɥɹ ɉɿɫɥɹɰɶɨɝɨɡ¶ɹɜɢɬɶɫɹɝɨɥɨɜɧɢɣɟɤɪɚɧ.,'2¶=

Ɇɚɝɚɡɢɧɩɪɨɝɪɚɦ.,'2¶=ɡɛɟɡɤɨɲɬɨɜɧɢɦɢɡɚɫɬɨɫɭɧɤɚɦɢɞɥɹɞɿɬɟɣ

Ȼɪɚɭɡɟɪ.,'2¶=ɡɜɟɛɫɚɣɬɚɦɢɞɥɹɞɿɬɟɣɞɨɞɚɧɢɦɢɞɨɡɚɤɥɚɞɨɤɹɤɿɬɚɤɨɠɦɨɠɭɬɶɜɢɡɧɚɱɢɬɢɛɚɬɶɤɢ

Ɍɟɥɟɛɚɱɟɧɧɹ.,'2¶=ɡɬɟɥɟɜɿɡɿɣɧɢɦɢɤɚɧɚɥɚɦɢɞɥɹɞɿɬɟɣɜȱɧɬɟɪɧɟɬɿ ȱɝɪɢ.,'2¶=±ɤɨɥɟɤɰɿɹɜɛɭɞɨɜɚɧɢɯɿɝɨɪɞɥɹɞɿɬɟɣ

Ɏɨɧɨɜɿɪɢɫɭɧɤɢɧɚɞɚɸɬɶɡɦɨɝɭɡɦɿɧɢɬɢɲɩɚɥɟɪɢɟɤɪɚɧɚɦɟɧɸ.,'2¶= ɉɚɪɚɦɟɬɪɢɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭɞɢɬɢɧɢ ɉɚɧɟɥɶɛɚɬɶɤɿɜɫɶɤɨɝɨɤɨɧɬɪɨɥɸɞɨɡɜɨɥɹɽɩɨɜɧɿɫɬɸɤɟɪɭɜɚɬɢɿɧɬɟɪɮɟɣɫɨɦɤɨɪɢɫɬɭɜɚɱɚ.,'2¶=Ⱦɥɹ ɰɶɨɝɨɩɨɬɪɿɛɟɧɩɚɪɨɥɶɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭ ȼɢɯɿɞɡɪɟɠɢɦɭ.,'2¶=Ɂɚɤɪɢɜɲɢ.,'2¶=ɜɢɩɨɜɟɪɬɚɽɬɟɫɶɞɨɡɜɢɱɚɣɧɨɝɨɿɧɬɟɪɮɟɣɫɭɤɨɪɢɫɬɭɜɚɱɚ

$QGURLG

Ⱦɥɹɰɶɨɝɨɩɨɬɪɿɛɟɧɩɚɪɨɥɶɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭ əɤɭɜɿɣɬɢɜɪɟɠɢɦɛɚɬɶɤɿɜɫɶɤɨɝɨɤɨɧɬɪɨɥɸɳɨɛɜɿɞɤɨɪɢɝɭɜɚɬɢɜɦɿɫɬɞɢɬɹɱɨɝɨɩɥɚɧɲɟɬɚ<DUYLN ȼɿɞɤɨɪɢɝɭɣɬɟɜɦɿɫɬɛɚɬɶɤɿɜɫɶɤɨɝɨɤɨɧɬɪɨɥɸ

Ʉɥɚɰɧɿɬɶɡɧɚɱɨɤ.,'2¶=ɭɩɪɚɜɨɦɭɜɟɪɯɧɶɨɦɭɤɭɬɿɟɤɪɚɧɚɞɥɹɩɨɜɟɪɧɟɧɧɹɧɚɪɨɛɨɱɢɣɫɬɿɥ.LGR¶] ɇɚɫɨɥɨɞɠɭɣɬɟɫɶ ɇɚɬɢɫɧɿɬɶɡɧɚɱɨɤ©3DUHQWVª©Ȼɚɬɶɤɢªɹɤɢɣɡɧɚɯɨɞɢɬɶɫɹɭɩɪɚɜɨɦɭɧɢɠɧɶɨɦɭɤɭɬɿɟɤɪɚɧɚ

70

7$%BB46*BNLGR]LQGG

ȼɜɟɞɿɬɶɩɚɪɨɥɶɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭ.LGR¶]ɧɚɟɤɪɚɧɿɡɚɩɢɬɭɩɚɪɨɥɹ ɉɿɫɥɹɰɶɨɝɨɡ¶ɹɜɢɬɶɫɹɝɨɥɨɜɧɢɣɟɤɪɚɧ.,'2¶=

Ɇɚɝɚɡɢɧɩɪɨɝɪɚɦ.,'2¶=ɡɛɟɡɤɨɲɬɨɜɧɢɦɢɡɚɫɬɨɫɭɧɤɚɦɢɞɥɹɞɿɬɟɣ

Ȼɪɚɭɡɟɪ.,'2¶=ɡɜɟɛɫɚɣɬɚɦɢɞɥɹɞɿɬɟɣɞɨɞɚɧɢɦɢɞɨɡɚɤɥɚɞɨɤɹɤɿɬɚɤɨɠɦɨɠɭɬɶɜɢɡɧɚɱɢɬɢɛɚɬɶɤɢ

Ɍɟɥɟɛɚɱɟɧɧɹ.,'2¶=ɡɬɟɥɟɜɿɡɿɣɧɢɦɢɤɚɧɚɥɚɦɢɞɥɹɞɿɬɟɣɜȱɧɬɟɪɧɟɬɿ ȱɝɪɢ.,'2¶=±ɤɨɥɟɤɰɿɹɜɛɭɞɨɜɚɧɢɯɿɝɨɪɞɥɹɞɿɬɟɣ

Ɏɨɧɨɜɿɪɢɫɭɧɤɢɧɚɞɚɸɬɶɡɦɨɝɭɡɦɿɧɢɬɢɲɩɚɥɟɪɢɟɤɪɚɧɚɦɟɧɸ.,'2¶= ɉɚɪɚɦɟɬɪɢɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭɞɢɬɢɧɢ ɉɚɧɟɥɶɛɚɬɶɤɿɜɫɶɤɨɝɨɤɨɧɬɪɨɥɸɞɨɡɜɨɥɹɽɩɨɜɧɿɫɬɸɤɟɪɭɜɚɬɢɿɧɬɟɪɮɟɣɫɨɦɤɨɪɢɫɬɭɜɚɱɚ.,'2¶=Ⱦɥɹ ɰɶɨɝɨɩɨɬɪɿɛɟɧɩɚɪɨɥɶɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭ ȼɢɯɿɞɡɪɟɠɢɦɭ.,'2¶=Ɂɚɤɪɢɜɲɢ.,'2¶=ɜɢɩɨɜɟɪɬɚɽɬɟɫɶɞɨɡɜɢɱɚɣɧɨɝɨɿɧɬɟɪɮɟɣɫɭɤɨɪɢɫɬɭɜɚɱɚ

$QGURLG

Ⱦɥɹɰɶɨɝɨɩɨɬɪɿɛɟɧɩɚɪɨɥɶɨɛɥɿɤɨɜɨɝɨɡɚɩɢɫɭ əɤɭɜɿɣɬɢɜɪɟɠɢɦɛɚɬɶɤɿɜɫɶɤɨɝɨɤɨɧɬɪɨɥɸɳɨɛɜɿɞɤɨɪɢɝɭɜɚɬɢɜɦɿɫɬɞɢɬɹɱɨɝɨɩɥɚɧɲɟɬɚ<DUYLN ȼɿɞɤɨɪɢɝɭɣɬɟɜɦɿɫɬɛɚɬɶɤɿɜɫɶɤɨɝɨɤɨɧɬɪɨɥɸ

Ʉɥɚɰɧɿɬɶɡɧɚɱɨɤ.,'2¶=ɭɩɪɚɜɨɦɭɜɟɪɯɧɶɨɦɭɤɭɬɿɟɤɪɚɧɚɞɥɹɩɨɜɟɪɧɟɧɧɹɧɚɪɨɛɨɱɢɣɫɬɿɥ.LGR¶] ɇɚɫɨɥɨɞɠɭɣɬɟɫɶ ɇɚɬɢɫɧɿɬɶɡɧɚɱɨɤ©3DUHQWVª©Ȼɚɬɶɤɢªɹɤɢɣɡɧɚɯɨɞɢɬɶɫɹɭɩɪɚɜɨɦɭɧɢɠɧɶɨɦɭɤɭɬɿɟɤɪɚɧɚ

71

7$%BB46*BNLGR]LQGG

AR

KIDO’Z

ȲƾƱŶȀŽǜžȃȚƿƯƴŽȚȶȠǍƵƴŽ

.,'2µ=

ǕǤǞŮƾƲƃƉžǚƵƇž

<DUYLN7$%-XQLR5

ǛƷžȚNjƈƄŴȚ ȔƾƶŰȖ ǛŽƾƯŽȚ Țnjƀ Ǡź ǃƬƶŽȚȶ ǞƵƶŽȚ ǟƴŸ ǛƷůNjŸƾƉžȶ ȲƾƱŶLjȚ ƞƳƵƄŽ ƾƫƸƫų

ǠŲǞƴŽȚǍůǞƸƃƵƳŽȚǠůƺƁ

ȜǍŵƾƃž ǚƲƶƁ ǁſǍƄſȘ ȷǞƄƇžȶ ǞƁNjƸƱŽȚȶ ȲƾƱŶLjȚ ȝƾƲƸƃƭů ǍƃżȖȶ ȞNjŲƺŮ ǛƴƯƄŽȚȶ ƿƯƴŽ ȳȚNjƈƄŴǽȚ ǀƴƷŴ ǀƷűȚȶ Ǡƀ

.,'2µ=

.,'2µ=

ǁƵƵǧ NjŻȶ ǙƴƱƭŽ ȳȚNjƈƄŴǽȚǀƴƷŴȶǀƶžȕȶǀƯƄƛǀƸƵŻȤǀƂƸŮǠźȤǞƭƄŽȚǟƴŸȤƾƵŸLjȚǕƸƵűǜžȲƾƱŶLjȚNjŸƾƉſǜƇſȶ ǓǣƾŴǞŽȚȜǎƷűLj țƾƉŲȔƾƪſȘ

³&UHDWH$FFRXQW´

ȤȥǓưǤȚ ǚƸƆƉƄŽȚNjƸżƺƄŽǀŽƾŴȤȲƾŴȤȘǛƄƸŴ ǀƯŮƾƄƵƴŽ ǚƸƆƉů

³5HJLVWHU´

ȤȥǓưǤȚ ȤȶǍžǀƵƴżǍƄųȚȶǠſȶǍƄƳŽȁȚȱNjƁǍŮȴȚǞƶŸƿƄżȚ ǝŽƾųȢȘƖȸnjŽȚǠſȶǍƄƳŽȁȚNjƁǍƃŽȚȴȚǞƶŸǟŽȘțƾƉƑȚȝƾžǞƴƯžǕž

ǀƯŮƾƄƵƴŽ ȔƾƪſȘ

³&UHDWH´

ȤȥǓưǤȚ ǏƶƐȚȶȢǾƸƓȚNJƁȤƾůȶǚƱƭŽȚǛŴȚȲƾųȢƼŮǚƱƭƴŽțƾƉŲȔƾƪſƼŮǛŻ

ǀƸƉƸǣǍŽȚ ǀŵƾƪŽȚ ǟƴŸ

³.,'2µ=´ ǘƸƃƭů ǀſǞƲƁȖ ǟƴŸ ǓưƬŽƾŮ ȲƾƱŶȀŽ ǜžȃȚ ƿƯƴŽȚȶ ȠǍƵƴŽ

.,'2µ=

-XQLRU

ǕǤȶ ǚƸưƪƄŮ ǛŻ

ǠŲǞƴŽȚ ǍůǞƸƃƵƳƴŽ

ǍƸƸưůǜƳƚȶ ǀŵƾƪŽȚǟƴŸȖǠź ǀưƴŽȚǍƸƸưů

³&KDQJH/DQJXDJH´

ǁƎƾŲƾƄžǀưƴŽȚȤƾƸų ǜžǀŮǞƴƭƓȚ

.,'2µ=

ǀưŽǍƄųȚ ǘŲǽǁŻȶǠźȜȤƾƄƥȚǀưƴŽȚ

ȆǀƸƫƈƪŽȚ ǚƱƭŽȚ ȜȤǞǧ ǍƸƸưƄŽ ȜȤǞƫŽȚ ǍƸƸưů

³&KDQJH 3LFWXUH´

-XQLRU

ȤƾƸƒȚ ȳȚNjƈƄŴȚ ǙƶƳƚ ȠƾƆƶŮ ǚƱƭŽȚ țƾƉŲ ȔƾƪſȘ Ɩ

ǠŲǞƴŽȚ ǍůǞƸƃƵƳŽƾŮ ǀƆžNjƓȚ ǀƸƵŻǍŽȚ ȚǍƸžƾƳŽȚ ȳȚNjƈƄŴƾŮ ƾƬƁȖȶ

³.,'2µ=6WDUW´

ȤȥǟƴŸǓưƬŽƾŮǍƵƄŴȚ

72

7$%BB46*BNLGR]LQGG

KIDO’Z

ȲƾƱŶȀŽǜžȃȚƿƯƴŽȚȶȠǍƵƴŽ

.,'2µ=

ǕǤǞŮƾƲƃƉžǚƵƇž

<DUYLN7$%-XQLR5

ǛƷžȚNjƈƄŴȚ ȔƾƶŰȖ ǛŽƾƯŽȚ Țnjƀ Ǡź ǃƬƶŽȚȶ ǞƵƶŽȚ ǟƴŸ ǛƷůNjŸƾƉžȶ ȲƾƱŶLjȚ ƞƳƵƄŽ ƾƫƸƫų

ǠŲǞƴŽȚǍůǞƸƃƵƳŽȚǠůƺƁ

ȜǍŵƾƃž ǚƲƶƁ ǁſǍƄſȘ ȷǞƄƇžȶ ǞƁNjƸƱŽȚȶ ȲƾƱŶLjȚ ȝƾƲƸƃƭů ǍƃżȖȶ ȞNjŲƺŮ ǛƴƯƄŽȚȶ ƿƯƴŽ ȳȚNjƈƄŴǽȚ ǀƴƷŴ ǀƷűȚȶ Ǡƀ

.,'2µ=

ǁƵƵǧ NjŻȶ

.,'2µ=

ǙƴƱƭŽ ȳȚNjƈƄŴǽȚǀƴƷŴȶǀƶžȕȶǀƯƄƛǀƸƵŻȤǀƂƸŮǠźȤǞƭƄŽȚǟƴŸȤƾƵŸLjȚǕƸƵűǜžȲƾƱŶLjȚNjŸƾƉſǜƇſȶ ǓǣƾŴǞŽȚȜǎƷűLj țƾƉŲȔƾƪſȘ

³&UHDWH$FFRXQW´

ȤȥǓưǤȚ ǚƸƆƉƄŽȚNjƸżƺƄŽǀŽƾŴȤȲƾŴȤȘǛƄƸŴ ǀƯŮƾƄƵƴŽ ǚƸƆƉů

³5HJLVWHU´

ȤȥǓưǤȚ ȤȶǍžǀƵƴżǍƄųȚȶǠſȶǍƄƳŽȁȚȱNjƁǍŮȴȚǞƶŸƿƄżȚ ǝŽƾųȢȘƖȸnjŽȚǠſȶǍƄƳŽȁȚNjƁǍƃŽȚȴȚǞƶŸǟŽȘțƾƉƑȚȝƾžǞƴƯžǕž

ǀƯŮƾƄƵƴŽ ȔƾƪſȘ

³&UHDWH´

ȤȥǓưǤȚ ǏƶƐȚȶȢǾƸƓȚNJƁȤƾůȶǚƱƭŽȚǛŴȚȲƾųȢƼŮǚƱƭƴŽțƾƉŲȔƾƪſƼŮǛŻ

ǀƸƉƸǣǍŽȚ ǀŵƾƪŽȚ ǟƴŸ

³.,'2µ=´ ǘƸƃƭů ǀſǞƲƁȖ ǟƴŸ ǓưƬŽƾŮ ȲƾƱŶȀŽ ǜžȃȚ ƿƯƴŽȚȶ ȠǍƵƴŽ

.,'2µ=

-XQLRU

ǕǤȶ ǚƸưƪƄŮ ǛŻ

ǠŲǞƴŽȚ ǍůǞƸƃƵƳƴŽ

ǍƸƸưůǜƳƚȶ ǀŵƾƪŽȚǟƴŸȖǠź ǀưƴŽȚǍƸƸưů

³&KDQJH/DQJXDJH´

ǁƎƾŲƾƄžǀưƴŽȚȤƾƸų ǜžǀŮǞƴƭƓȚ

.,'2µ=

ǀưŽǍƄųȚ ǘŲǽǁŻȶǠźȜȤƾƄƥȚǀưƴŽȚ

ȆǀƸƫƈƪŽȚ ǚƱƭŽȚ ȜȤǞǧ ǍƸƸưƄŽ ȜȤǞƫŽȚ ǍƸƸưů

³&KDQJH 3LFWXUH´

-XQLRU

ȤƾƸƒȚ ȳȚNjƈƄŴȚ ǙƶƳƚ ȠƾƆƶŮ ǚƱƭŽȚ țƾƉŲ ȔƾƪſȘ Ɩ

ǠŲǞƴŽȚ ǍůǞƸƃƵƳŽƾŮ ǀƆžNjƓȚ ǀƸƵŻǍŽȚ ȚǍƸžƾƳŽȚ ȳȚNjƈƄŴƾŮ ƾƬƁȖȶ

³.,'2µ=6WDUW´

ȤȥǟƴŸǓưƬŽƾŮǍƵƄŴȚ

73

7$%BB46*BNLGR]LQGG

ȤȶǍƓȚǀƵƴżƿƴŶǀŵƾŵǠźǙŮǀǧƾƒȚ

.,'2µ= țƾƉŲȤȶǍžǀƵƴżƿƄżȚ

ǀƸƉƸǣǍŽȚ

.,'2µ=

ǀŵƾŵȴȃȚǚųNjůȯǞŴ

ǀƵƴż ƿƴƭƄƁ ȑȲƾƱŶȀŽ ǀƃŴƾƶžȶ ǀƸſƾƆž ȝƾƲƸƃƭů Ǖž ȝƾƲƸƃƭƄŽȚ ǍƆƄž

$SSV6WRUH.,'2µ= ȑǜƁNjŽȚǞŽȚ ǀƭŴȚǞŮ ƾƬƁȖ ƾƷƸŽȘ ȯƾƬƁ ȴȖ ǜƳƚ ǚƱƭƴŽ ǀƃŴƾƶž ǀƸƯűǍž ǕŻȚǞž Ǖž ljƱƫƄƓȚ

%URZVHU.,'2µ= ȑȲƾƱŶȀŽ ǀƃŴƾƶƓȚ ǁſǍƄſȁȚ ǟƴŸ ǀƸſǞƁǎƱƴƄŽȚ ȝȚǞƶƲŽȚ Ǖž ȴǞƁǎƱƴƄŽȚ

79 .,'2µ= ȑȲƾƱŶȀŽ ǀƃŴƾƶƓȚ ǀƆžNjƓȚ țƾƯŽLjȚ ǜž ǀŸǞƵƆž ǜŸ ȜȤƾƃŸ Ǡƀ țƾƯŽLjȚ

*DPHV.,'2µ= ȑ

.,'2µ= %DFNJURXQGV ǚžƾƳŽƾŮ

.,'2µ=

ǀƵǣƾŻ ȝƾŵƾŵ ǀƸƱƴų ǍƸƸưů ǜž ǙƶƳƚ ȝƾƸƱƴƒȚ ǚƱƭŽȚțƾƉŲȝȚȢȚNjŸȘ

.LG$FFRXQWVHWWLQJV ȳNjƈƄƉž ǀƷűȚȶ Ǡź ǛƳƇƄƴŽ ǜƁNjŽȚǞŽȚ ǛƳƎ ǀŲǞŽ

3DUHQWDO &RQWURO 'DVKERDUG

ǀƁȢƾƯŽȚNjƁȶȤNjſȖȳNjƈƄƉžǀƷűȚȶǟŽȘȷǍųȖȜǍžȱNjƸƯƁȶ

.,'2µ= ȑȳNjƈƄƉƓȚ țƾƉŲ ȤȶǍž

ȰǾŹƼŮȳǞƲƸŴ ȟȶǍƒȚ

.,'2µ=([LW ȳNjƈƄƉƓȚ țƾƉŲ ȤȶǍž ǀƵƴż ƿƴƭƄƁ

-XQLRU<DUYL.

ǙŮ ȨƾƒȚ ǠŲǞƴŽȚ ǍůǞƸƃƵƳŽȚ ȷǞƄƇž ǓƃƬŽ ǜƁNjŽȚǞŽȚ ǛƳƎ ǟŽȚ ȲǞųNjŽȚ ǀƸƱƸż ȸǞŮLjȚ ǛƳƇƄŽȚ ȷǞƄƇž ǓƃǤ

.,'2µ= ƿƄƳžljƭŴǟŽȘȜȢǞƯƴŽǀŵƾƪŽȚǜžǜƚLjȚȸǞƴƯŽȚƿſƾƐȚǟƴŸ

³.,'2µ=´

ǀſǞƲƁȖǟƴŸǍƲſȚ

ǕƄƵƄŴȚ

ǀŵƾƪŽȚǜžǜƚLjȚǠƴƱƉŽȚƿſƾƐȚǟƴŸȜȢǞűǞƓȚ

³3DUHQWV´

ǀſǞƲƁȖǟƴŸǓưǤȚ

74

7$%BB46*BNLGR]LQGG

ȤȶǍƓȚǀƵƴżƿƴŶǀŵƾŵǠźǙŮǀǧƾƒȚ

.,'2µ= țƾƉŲȤȶǍžǀƵƴżƿƄżȚ

ǀƸƉƸǣǍŽȚ

.,'2µ=

ǀŵƾŵȴȃȚǚųNjůȯǞŴ

ǀƵƴż ƿƴƭƄƁ ȑȲƾƱŶȀŽ ǀƃŴƾƶžȶ ǀƸſƾƆž ȝƾƲƸƃƭů Ǖž ȝƾƲƸƃƭƄŽȚ ǍƆƄž

$SSV6WRUH.,'2µ= ȑǜƁNjŽȚǞŽȚ ǀƭŴȚǞŮ ƾƬƁȖ ƾƷƸŽȘ ȯƾƬƁ ȴȖ ǜƳƚ ǚƱƭƴŽ ǀƃŴƾƶž ǀƸƯűǍž ǕŻȚǞž Ǖž ljƱƫƄƓȚ

%URZVHU.,'2µ= ǚžƾƳŽƾŮ

.,'2µ= ȑȲƾƱŶȀŽ ǀƃŴƾƶƓȚ ǁſǍƄſȁȚ ǟƴŸ ǀƸſǞƁǎƱƴƄŽȚ ȝȚǞƶƲŽȚ Ǖž ȴǞƁǎƱƴƄŽȚ

79 .,'2µ= ȑȲƾƱŶȀŽ ǀƃŴƾƶƓȚ ǀƆžNjƓȚ țƾƯŽLjȚ ǜž ǀŸǞƵƆž ǜŸ ȜȤƾƃŸ Ǡƀ țƾƯŽLjȚ

*DPHV.,'2µ= ȑ

.,'2µ= %DFNJURXQGV

ǀƵǣƾŻ ȝƾŵƾŵ ǀƸƱƴų ǍƸƸưů ǜž ǙƶƳƚ ȝƾƸƱƴƒȚ ǚƱƭŽȚțƾƉŲȝȚȢȚNjŸȘ

.LG$FFRXQWVHWWLQJV ȳNjƈƄƉž ǀƷűȚȶ Ǡź ǛƳƇƄƴŽ ǜƁNjŽȚǞŽȚ ǛƳƎ ǀŲǞŽ

3DUHQWDO &RQWURO 'DVKERDUG

ǀƁȢƾƯŽȚNjƁȶȤNjſȖȳNjƈƄƉžǀƷűȚȶǟŽȘȷǍųȖȜǍžȱNjƸƯƁȶ

.,'2µ= ȑȳNjƈƄƉƓȚ țƾƉŲ ȤȶǍž

ȰǾŹƼŮȳǞƲƸŴ ȟȶǍƒȚ

.,'2µ=([LW ȳNjƈƄƉƓȚ țƾƉŲ ȤȶǍž ǀƵƴż ƿƴƭƄƁ

-XQLRU<DUYL.

ǙŮ ȨƾƒȚ ǠŲǞƴŽȚ ǍůǞƸƃƵƳŽȚ ȷǞƄƇž ǓƃƬŽ ǜƁNjŽȚǞŽȚ ǛƳƎ ǟŽȚ ȲǞųNjŽȚ ǀƸƱƸż ȸǞŮLjȚ ǛƳƇƄŽȚ ȷǞƄƇž ǓƃǤ

ǀŵƾƪŽȚǜžǜƚLjȚǠƴƱƉŽȚƿſƾƐȚǟƴŸȜȢǞűǞƓȚ

³3DUHQWV´

ǀſǞƲƁȖǟƴŸǓưǤȚ

7$%BB46*BNLGR]LQGG

.,'2µ= ƿƄƳžljƭŴǟŽȘȜȢǞƯƴŽǀŵƾƪŽȚǜžǜƚLjȚȸǞƴƯŽȚƿſƾƐȚǟƴŸ

³.,'2µ=´

ǀſǞƲƁȖǟƴŸǍƲſȚ

ǕƄƵƄŴȚ

75

HU

KIDO’Z

$<DUYLN7$%-XQLRUWiEODJpSpQJ\iULODJWHOHStWYHYDQD.,'2¶=6]yUDNR]WDWypV%L]WRQViJRV

-iWpN*\HUHNHNQHN$.,'2¶=HJ\RO\DQJ\HUPHNEDUiWIHOKDV]QiOyLIHOOHWDKRODJ\HUHNHNDOHJ~MDEEpV

OHJMREEDONDOPD]iVRNNDOYLGHyNNDOpVRQOLQHWDUWDOPDNNDOMiWV]KDWQDNpVWDQXOKDWQDNPHO\HNHWN|]YHWOHQO

J\HUPHNHNQHNWHUYH]WQN$.,'2¶=WNLIHMH]HWWHQDJ\HUPHNHNV]iPiUDWHUYH]WpNKRJ\HOĘVHJtWVH

IHMOĘGpVNHWpVDPpGLDHV]N|]|NKDV]QiODWDiOWDOVHJtWVHQQHNLNPHJLVPHUQLH]WDYLOiJRW0LQGHQNRU~

J\HUPHNV]iPiUDVHJtWQNHJ\YLGiPEL]WRQViJRVpVN|QQ\HQKDV]QiOKDWyGLJLWiOLVN|UQ\H]HWEHQIHMOĘGQL

1\RPMDPHJDÄ&UHDWH$FFRXQW´Ä)LyNOpWUHKR]iVD´JRPERW

$GMDPHJD]HPDLOFtPpWpVYiODVV]RQMHOV]yW$IRO\WDWiVKR]Q\RPMDPHJDÄ5HJLVWHU´Ä5HJLV]WUiFLy´

JRPERW$UHJLV]WUiFLyPHJHUĘVtWpVpWDILyNDGDWRNNDOHJ\WWDPHJDGRWWHPDLOFtPUHNOGMN

+R]]DOpWUH.LG¶V$FFRXQW*\HUPHNHILyNMiWDGMDPHJJ\HUPHNHQHYpWV]OHWpVLGiWXPiWpVQHPpW$

IRO\WDWiVKR]Q\RPMDPHJDÄ&UHDWH´Ä/pWUHKR]iV´JRPERW

$-XQLRUWiEODJpSHNH]GĘNpSHUQ\ĘMpQOpYĘÄ.,'2¶=´DONDOPD]iVLNRQUDNDWWLQWYDLQGtWVDHOD.,'2¶=

6]yUDNR]WDWypV%L]WRQViJRV-iWpN*\HUHNHNQHNPyGRW

$NpSHUQ\ĘWHWHMpQOpYĘÄ&KDQJH/DQJXDJH´Ä1\HOYPyGRVtWiVD´SRQWEDQD]HOpUKHWĘQ\HOYLEHiOOtWiV

N|]OYiODVV]DNLD.,'2¶=EDQKDV]QiOQLNtYiQWQ\HOYHW$NLYiODV]WRWWQ\HOYNpVĘEEPyGRVtWKDWy

*\HUPHNHILyNMDVLNHUHVHQOpWUHM|WW+DV]QiOKDWMDDÄ&KDQJH3LFWXUH´Ä.pSPyGRVtWiVD´RSFLyWJ\HUPHNH

SURILONpSpQHNEHiOOtWiViKR]PHO\HWD-XQLRUWiEODJpSEHpStWHWWGLJLWiOLVNDPHUiMiYDOKR]KDWOpWUH

$IRO\WDWiVKR]Q\RPMDPHJDÄ6WDUW.,'2¶=´Ä6WDUW.,'2¶=´JRPERW

76

7$%BB46*BNLGR]LQGG

KIDO’Z

$<DUYLN7$%-XQLRUWiEODJpSpQJ\iULODJWHOHStWYHYDQD.,'2¶=6]yUDNR]WDWypV%L]WRQViJRV

-iWpN*\HUHNHNQHN$.,'2¶=HJ\RO\DQJ\HUPHNEDUiWIHOKDV]QiOyLIHOOHWDKRODJ\HUHNHNDOHJ~MDEEpV

OHJMREEDONDOPD]iVRNNDOYLGHyNNDOpVRQOLQHWDUWDOPDNNDOMiWV]KDWQDNpVWDQXOKDWQDNPHO\HNHWN|]YHWOHQO

J\HUPHNHNQHNWHUYH]WQN$.,'2¶=WNLIHMH]HWWHQDJ\HUPHNHNV]iPiUDWHUYH]WpNKRJ\HOĘVHJtWVH

IHMOĘGpVNHWpVDPpGLDHV]N|]|NKDV]QiODWDiOWDOVHJtWVHQQHNLNPHJLVPHUQLH]WDYLOiJRW0LQGHQNRU~

J\HUPHNV]iPiUDVHJtWQNHJ\YLGiPEL]WRQViJRVpVN|QQ\HQKDV]QiOKDWyGLJLWiOLVN|UQ\H]HWEHQIHMOĘGQL

1\RPMDPHJDÄ&UHDWH$FFRXQW´Ä)LyNOpWUHKR]iVD´JRPERW

$GMDPHJD]HPDLOFtPpWpVYiODVV]RQMHOV]yW$IRO\WDWiVKR]Q\RPMDPHJDÄ5HJLVWHU´Ä5HJLV]WUiFLy´

JRPERW$UHJLV]WUiFLyPHJHUĘVtWpVpWDILyNDGDWRNNDOHJ\WWDPHJDGRWWHPDLOFtPUHNOGMN

+R]]DOpWUH.LG¶V$FFRXQW*\HUPHNHILyNMiWDGMDPHJJ\HUPHNHQHYpWV]OHWpVLGiWXPiWpVQHPpW$

IRO\WDWiVKR]Q\RPMDPHJDÄ&UHDWH´Ä/pWUHKR]iV´JRPERW

$-XQLRUWiEODJpSHNH]GĘNpSHUQ\ĘMpQOpYĘÄ.,'2¶=´DONDOPD]iVLNRQUDNDWWLQWYDLQGtWVDHOD.,'2¶=

6]yUDNR]WDWypV%L]WRQViJRV-iWpN*\HUHNHNQHNPyGRW

$NpSHUQ\ĘWHWHMpQOpYĘÄ&KDQJH/DQJXDJH´Ä1\HOYPyGRVtWiVD´SRQWEDQD]HOpUKHWĘQ\HOYLEHiOOtWiV

N|]OYiODVV]DNLD.,'2¶=EDQKDV]QiOQLNtYiQWQ\HOYHW$NLYiODV]WRWWQ\HOYNpVĘEEPyGRVtWKDWy

*\HUPHNHILyNMDVLNHUHVHQOpWUHM|WW+DV]QiOKDWMDDÄ&KDQJH3LFWXUH´Ä.pSPyGRVtWiVD´RSFLyWJ\HUPHNH

SURILONpSpQHNEHiOOtWiViKR]PHO\HWD-XQLRUWiEODJpSEHpStWHWWGLJLWiOLVNDPHUiMiYDOKR]KDWOpWUH

$IRO\WDWiVKR]Q\RPMDPHJDÄ6WDUW.,'2¶=´Ä6WDUW.,'2¶=´JRPERW

77

7$%BB46*BNLGR]LQGG

$MHOV]yWNpUĘNpSHUQ\ĘQDGMDPHJ.LGR¶]ILyNMDMHOV]DYiW

(NNRUEHOpSD.,'2¶=IĘNpSHUQ\ĘMpUH

$.,'2¶=$SS6WRUHLQJ\HQHVJ\HUPHNEDUiWDONDOPD]iVRNNDO

$.,'2¶=%|QJpV]ĘJ\HUPHNEDUiWN|Q\YMHO]ĘYHOHOOiWRWWZHEODSRNNDOPHO\HNHWDV]OĘNLV

KR]]iDGKDWQDN

$.,'2¶=79J\HUPHNEDUiWRQOLQHWYFVDWRUQiNNDO

$.,'2¶=-iWpNRNEHpStWHWWJ\HUPHNEDUiWMiWpNRNJ\ĦMWHPpQ\H

$+iWWHUHNRSFLyOHKHWĘYpWHV]LKRJ\EHiOOtWVDD.,'2¶=PHQNpSHUQ\ĘMpQHNKiWWHUpW

*\HUPHNHILyNMiQDNEHiOOtWiVDL

$6]OĘLIHOJ\HOHWSDQHOVHJtWVpJpYHOV]DEiO\R]KDWMDD.,'2¶=WHOMHVIHOKDV]QiOyLIHOOHWpW(KKH]D

IHOKDV]QiOyLILyNMHOV]DYiQDNPHJDGiVDV]NVpJHV

.LOpSpVD.,'2¶=EyO(]]HONLOpSD.,'2¶=EyOpVYLVV]DWpUDQRUPiO$QGURLGIHOKDV]QiOyLIHOOHWUH

(KKH]DIHOKDV]QiOyLILyNMHOV]DYiQDNPHJDGiVDV]NVpJHV

+RJ\DQOpSKHWEHDV]OĘLIHOJ\HOHWRSFLyEDD<DUYLN-XQLRUWiEODJpSWDUWDOPiQDNPyGRVtWiViKR]

ÈOOtWVDEHDV]OĘLIHOJ\HOHWDODWWOpYĘWDUWDOPDNDW

$.LGR¶]DV]WDOUDYDOyYLVV]DWpUpVKH]NDWWLQWVRQDNpSHUQ\ĘMREEROGDOiQOpYĘÄ.,'2¶=´LNRQUD

-yMiWpNRWNtYiQXQN

1\RPMDPHJDNpSHUQ\ĘMREEROGDOiQOpYĘÄ3DUHQWV´Ä6]OĘN´LNRQW

78

7$%BB46*BNLGR]LQGG

$MHOV]yWNpUĘNpSHUQ\ĘQDGMDPHJ.LGR¶]ILyNMDMHOV]DYiW

(NNRUEHOpSD.,'2¶=IĘNpSHUQ\ĘMpUH

$.,'2¶=$SS6WRUHLQJ\HQHVJ\HUPHNEDUiWDONDOPD]iVRNNDO

$.,'2¶=%|QJpV]ĘJ\HUPHNEDUiWN|Q\YMHO]ĘYHOHOOiWRWWZHEODSRNNDOPHO\HNHWDV]OĘNLV

KR]]iDGKDWQDN

$.,'2¶=79J\HUPHNEDUiWRQOLQHWYFVDWRUQiNNDO

$.,'2¶=-iWpNRNEHpStWHWWJ\HUPHNEDUiWMiWpNRNJ\ĦMWHPpQ\H

$+iWWHUHNRSFLyOHKHWĘYpWHV]LKRJ\EHiOOtWVDD.,'2¶=PHQNpSHUQ\ĘMpQHNKiWWHUpW

*\HUPHNHILyNMiQDNEHiOOtWiVDL

$6]OĘLIHOJ\HOHWSDQHOVHJtWVpJpYHOV]DEiO\R]KDWMDD.,'2¶=WHOMHVIHOKDV]QiOyLIHOOHWpW(KKH]D

IHOKDV]QiOyLILyNMHOV]DYiQDNPHJDGiVDV]NVpJHV

.LOpSpVD.,'2¶=EyO(]]HONLOpSD.,'2¶=EyOpVYLVV]DWpUDQRUPiO$QGURLGIHOKDV]QiOyLIHOOHWUH

(KKH]DIHOKDV]QiOyLILyNMHOV]DYiQDNPHJDGiVDV]NVpJHV

+RJ\DQOpSKHWEHDV]OĘLIHOJ\HOHWRSFLyEDD<DUYLN-XQLRUWiEODJpSWDUWDOPiQDNPyGRVtWiViKR]

ÈOOtWVDEHDV]OĘLIHOJ\HOHWDODWWOpYĘWDUWDOPDNDW

$.LGR¶]DV]WDOUDYDOyYLVV]DWpUpVKH]NDWWLQWVRQDNpSHUQ\ĘMREEROGDOiQOpYĘÄ.,'2¶=´LNRQUD

-yMiWpNRWNtYiQXQN

1\RPMDPHJDNpSHUQ\ĘMREEROGDOiQOpYĘÄ3DUHQWV´Ä6]OĘN´LNRQW

79

7$%BB46*BNLGR]LQGG

BG

KIDO’Z ȼɚɲɢɹɬɬɚɛɥɟɬ<DUYLN7$%-XQLRUɫɟɞɨɫɬɚɜɹɫɩɪɟɞɜɚɪɢɬɟɥɧɨɢɧɫɬɚɥɢɪɚɧɪɟɠɢɦɡɚɡɚɛɚɜɚɢ ɛɟɡɨɩɚɫɧɚɢɝɪɚɡɚɞɟɰɚ.,'2¶=.,'2¶=ɟɢɧɬɟɪɮɟɣɫɩɨɞɯɨɞɹɳɡɚɞɟɰɚɡɚɢɝɪɢɢɭɱɟɧɟɫɧɚɣɧɨɜɢɬɟ ɞɟɬɫɤɢɩɪɢɥɨɠɟɧɢɹɜɢɞɟɨɢɨɧɥɚɣɧɫɴɞɴɪɠɚɧɢɟɞɨɫɬɚɜɟɧɢɞɢɪɟɤɬɧɨɞɨɜɚɲɟɬɨɞɟɬɟ

.,'2¶=ɟɩɪɨɟɤɬɢɪɚɧɫɩɟɰɢɚɥɧɨɞɚɩɪɟɞɨɫɬɚɜɢɜɴɡɦɨɠɧɨɫɬɢɢɞɚɩɨɦɨɝɧɟɞɚɞɟɰɚɬɚɩɪɢɢɡɪɚɫɬɜɚɧɟɬɨ ɢɦɢɩɨɞɝɨɬɨɜɤɚɬɚɢɦɡɚɬɨɡɢɫɜɹɬɞɨɤɚɬɨɢɡɩɨɥɡɜɚɬɬɨɜɚɦɟɞɢɣɧɨɭɫɬɪɨɣɫɬɜɨɇɢɟɩɨɦɚɝɚɦɟɧɚ ɞɟɰɚɬɚɨɬɜɫɢɱɤɢɜɴɡɪɚɫɬɢɞɚɫɟɪɚɡɜɢɜɚɬɜɡɚɛɚɜɧɚɛɟɡɨɩɚɫɧɚɢDɥɟɫɧɚɡɚɢɡɩɨɥɡɜɚɧɟɞɢɝɢɬɚɥɧɚ ɫɪɟɞɚ ɇɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ&UHDWH$FFRXQW´Äɋɴɡɞɚɣɚɤɚɭɧɬ´ ɉɨɩɴɥɧɟɬɟɫɜɨɹɢɦɟɣɥɚɞɪɟɫɢɢɡɛɟɪɟɬɟɩɚɪɨɥɚɇɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ5HJLVWHU´ÄɊɟɝɢɫɬɪɚɰɢɹ´ɡɚ ɞɚɩɪɨɞɴɥɠɢɬɟɉɨɬɜɴɪɠɞɟɧɢɟɡɚɪɟɝɢɫɬɪɚɰɢɹɬɚɫɢɧɮɨɪɦɚɰɢɹɡɚɚɤɚɭɧɬɚɳɟɛɴɞɟɢɡɩɪɚɬɟɧɚɧɚ ɜɴɜɟɞɟɧɢɹɢɦɟɣɥɚɞɪɟɫ ɋɴɡɞɚɣɬɟ.LG¶V$FFRXQWȾɟɬɫɤɢɚɤɚɭɧɬɤɚɬɨɜɴɜɟɞɟɬɟɢɦɟɬɨɧɚɞɟɬɟɬɨɞɚɬɚɬɚɧɚɪɚɠɞɚɧɟɢɩɨɥɚɦɭ ɇɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ&UHDWH´Äɋɴɡɞɚɜɚɧɟ´ɡɚɞɚɩɪɨɞɴɥɠɢɬɟ ɋɬɚɪɬɢɪɚɣɬɟɪɟɠɢɦɴɬɡɚɡɚɛɚɜɚɢɛɟɡɨɩɚɫɧɚɢɝɪɚɡɚɞɟɰɚ.,'2¶=ɤɚɬɨɧɚɬɢɫɧɟɬɟɢɤɨɧɚɬɚɧɚ ɩɪɢɥɨɠɟɧɢɟɬɨÄ.,'2¶=´ɧɚɧɚɱɚɥɧɢɹɟɤɪɚɧɧɚɜɚɲɢɹɬɚɛɥɟɬ-XQLRU ɂɡɛɟɪɟɬɟɠɟɥɚɧɢɹɟɡɢɤɡɚ.,'2¶=ɨɬɬɟɧɚɥɢɱɧɢɟɡɢɤɨɜɢɨɩɰɢɢɜÄ&KDQJH/DQJXDJH´Äɋɦɹɧɚɧɚ ɟɡɢɤ´ɜɝɨɪɧɚɬɚɱɚɫɬɧɚɟɤɪɚɧɚɂɡɛɪɚɧɢɹɬɟɡɢɤɦɨɠɟɞɚɛɴɞɟɫɦɟɧɟɧɩɨɤɴɫɧɨ

ȾɟɬɫɤɢɹɬɚɤɚɭɧɬɟɭɫɩɟɲɧɨɫɴɡɞɚɞɟɧɆɨɠɟɬɟɞɚɢɡɩɨɥɡɜɚɬɟɨɩɰɢɹɬɚÄ&KDQJH3LFWXUH´Äɋɦɹɧɚɧɚ ɫɧɢɦɤɚ´ɡɚɞɚɫɦɟɧɢɬɟɫɧɢɦɤɚɬɚɜɞɟɬɫɤɢɹɩɪɨɮɢɥɢɤɚɬɨɢɡɩɨɥɡɜɚɬɟɜɝɪɚɞɟɧɚɬɚɤɚɦɟɪɚɧɚɜɚɲɢɹ ɬɚɛɥɟɬ-XQLRU ɉɪɨɞɴɥɠɟɬɟɤɚɬɨɧɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ6WDUW.,'2¶=´Äɋɬɚɪɬɢɪɚɣ.,'2¶=´

80

7$%BB46*BNLGR]LQGG

KIDO’Z ȼɚɲɢɹɬɬɚɛɥɟɬ<DUYLN7$%-XQLRUɫɟɞɨɫɬɚɜɹɫɩɪɟɞɜɚɪɢɬɟɥɧɨɢɧɫɬɚɥɢɪɚɧɪɟɠɢɦɡɚɡɚɛɚɜɚɢ ɛɟɡɨɩɚɫɧɚɢɝɪɚɡɚɞɟɰɚ.,'2¶=.,'2¶=ɟɢɧɬɟɪɮɟɣɫɩɨɞɯɨɞɹɳɡɚɞɟɰɚɡɚɢɝɪɢɢɭɱɟɧɟɫɧɚɣɧɨɜɢɬɟ ɞɟɬɫɤɢɩɪɢɥɨɠɟɧɢɹɜɢɞɟɨɢɨɧɥɚɣɧɫɴɞɴɪɠɚɧɢɟɞɨɫɬɚɜɟɧɢɞɢɪɟɤɬɧɨɞɨɜɚɲɟɬɨɞɟɬɟ

.,'2¶=ɟɩɪɨɟɤɬɢɪɚɧɫɩɟɰɢɚɥɧɨɞɚɩɪɟɞɨɫɬɚɜɢɜɴɡɦɨɠɧɨɫɬɢɢɞɚɩɨɦɨɝɧɟɞɚɞɟɰɚɬɚɩɪɢɢɡɪɚɫɬɜɚɧɟɬɨ ɢɦɢɩɨɞɝɨɬɨɜɤɚɬɚɢɦɡɚɬɨɡɢɫɜɹɬɞɨɤɚɬɨɢɡɩɨɥɡɜɚɬɬɨɜɚɦɟɞɢɣɧɨɭɫɬɪɨɣɫɬɜɨɇɢɟɩɨɦɚɝɚɦɟɧɚ ɞɟɰɚɬɚɨɬɜɫɢɱɤɢɜɴɡɪɚɫɬɢɞɚɫɟɪɚɡɜɢɜɚɬɜɡɚɛɚɜɧɚɛɟɡɨɩɚɫɧɚɢDɥɟɫɧɚɡɚɢɡɩɨɥɡɜɚɧɟɞɢɝɢɬɚɥɧɚ ɫɪɟɞɚ ɇɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ&UHDWH$FFRXQW´Äɋɴɡɞɚɣɚɤɚɭɧɬ´ ɉɨɩɴɥɧɟɬɟɫɜɨɹɢɦɟɣɥɚɞɪɟɫɢɢɡɛɟɪɟɬɟɩɚɪɨɥɚɇɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ5HJLVWHU´ÄɊɟɝɢɫɬɪɚɰɢɹ´ɡɚ ɞɚɩɪɨɞɴɥɠɢɬɟɉɨɬɜɴɪɠɞɟɧɢɟɡɚɪɟɝɢɫɬɪɚɰɢɹɬɚɫɢɧɮɨɪɦɚɰɢɹɡɚɚɤɚɭɧɬɚɳɟɛɴɞɟɢɡɩɪɚɬɟɧɚɧɚ ɜɴɜɟɞɟɧɢɹɢɦɟɣɥɚɞɪɟɫ ɋɴɡɞɚɣɬɟ.LG¶V$FFRXQWȾɟɬɫɤɢɚɤɚɭɧɬɤɚɬɨɜɴɜɟɞɟɬɟɢɦɟɬɨɧɚɞɟɬɟɬɨɞɚɬɚɬɚɧɚɪɚɠɞɚɧɟɢɩɨɥɚɦɭ ɇɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ&UHDWH´Äɋɴɡɞɚɜɚɧɟ´ɡɚɞɚɩɪɨɞɴɥɠɢɬɟ ɋɬɚɪɬɢɪɚɣɬɟɪɟɠɢɦɴɬɡɚɡɚɛɚɜɚɢɛɟɡɨɩɚɫɧɚɢɝɪɚɡɚɞɟɰɚ.,'2¶=ɤɚɬɨɧɚɬɢɫɧɟɬɟɢɤɨɧɚɬɚɧɚ ɩɪɢɥɨɠɟɧɢɟɬɨÄ.,'2¶=´ɧɚɧɚɱɚɥɧɢɹɟɤɪɚɧɧɚɜɚɲɢɹɬɚɛɥɟɬ-XQLRU ɂɡɛɟɪɟɬɟɠɟɥɚɧɢɹɟɡɢɤɡɚ.,'2¶=ɨɬɬɟɧɚɥɢɱɧɢɟɡɢɤɨɜɢɨɩɰɢɢɜÄ&KDQJH/DQJXDJH´Äɋɦɹɧɚɧɚ ɟɡɢɤ´ɜɝɨɪɧɚɬɚɱɚɫɬɧɚɟɤɪɚɧɚɂɡɛɪɚɧɢɹɬɟɡɢɤɦɨɠɟɞɚɛɴɞɟɫɦɟɧɟɧɩɨɤɴɫɧɨ

ȾɟɬɫɤɢɹɬɚɤɚɭɧɬɟɭɫɩɟɲɧɨɫɴɡɞɚɞɟɧɆɨɠɟɬɟɞɚɢɡɩɨɥɡɜɚɬɟɨɩɰɢɹɬɚÄ&KDQJH3LFWXUH´Äɋɦɹɧɚɧɚ ɫɧɢɦɤɚ´ɡɚɞɚɫɦɟɧɢɬɟɫɧɢɦɤɚɬɚɜɞɟɬɫɤɢɹɩɪɨɮɢɥɢɤɚɬɨɢɡɩɨɥɡɜɚɬɟɜɝɪɚɞɟɧɚɬɚɤɚɦɟɪɚɧɚɜɚɲɢɹ ɬɚɛɥɟɬ-XQLRU ɉɪɨɞɴɥɠɟɬɟɤɚɬɨɧɚɬɢɫɧɟɬɟɛɭɬɨɧɚÄ6WDUW.,'2¶=´Äɋɬɚɪɬɢɪɚɣ.,'2¶=´

81

7$%BB46*BNLGR]LQGG

ɇɚɩɢɲɟɬɟɩɚɪɨɥɚɬɚɧɚɫɜɨɹ.LGR¶]ɚɤɚɭɧɬɜɟɤɪɚɧɚɡɚɩɚɪɨɥɚ ɋɟɝɚɦɨɠɟɬɟɞɚɜɥɟɡɟɬɟɜɨɫɧɨɜɧɢɹɟɤɪɚɧɧɚ.,'2¶=

Ɇɚɝɚɡɢɧɡɚɩɪɢɥɨɠɟɧɢɹ.,'2¶=ɫɛɟɡɩɥɚɬɧɢɩɪɢɥɨɠɟɧɢɹɩɨɞɯɨɞɹɳɡɚɞɟɰɚ

Ȼɪɚɭɡɴɪ.,'2¶=ɫɩɨɞɯɨɞɹɳɢɡɚɞɟɰɚɩɪɟɞɜɚɪɢɬɟɥɧɨɨɬɦɟɬɧɚɬɢɭɟɛɫɚɣɬɨɜɟɤɚɤɜɢɬɨɦɨɝɚɬɞɚ ɛɴɞɚɬɞɨɛɚɜɹɧɢɢɨɬɪɨɞɢɬɟɥɢ

.,'2¶=Ɍɟɥɟɜɢɡɢɹɫɩɨɞɯɨɞɹɳɢɡɚɞɟɰɚɨɧɥɚɣɧɬɟɥɟɜɢɡɢɨɧɧɢɤɚɧɚɥɢ

.,'2¶=ɂɝɪɢɟɤɨɥɟɤɰɢɹɜɝɪɚɞɟɧɢɩɨɞɯɨɞɹɳɢɡɚɞɟɰɚɢɝɪɢ

Ɏɨɧɨɜɟɞɚɜɚɜɴɡɦɨɠɧɨɫɬɞɚɫɦɟɧɹɬɟɮɨɧɨɜɨɬɨɢɡɨɛɪɚɠɟɧɢɟɧɚɟɤɪɚɧɧɢɬɟɦɟɧɸɬɚɧɚ.,'2¶= ɇɚɫɬɪɨɣɤɢɧɚɚɤɚɭɧɬɚɧɚɞɟɬɟ

Ɍɚɛɥɨɡɚɪɨɞɢɬɟɥɫɤɢɤɨɧɬɪɨɥɡɚɭɩɪɚɜɥɟɧɢɟɧɚɰɟɥɢɹɩɨɬɪɟɛɢɬɟɥɫɤɢɢɧɬɟɪɮɟɣɫɧɚ.,'2¶=ɂɡɢɫɤɜɚ ɩɚɪɨɥɚɡɚɩɨɬɪɟɛɢɬɟɥɫɤɢɚɤɚɭɧɬ ɂɡɯɨɞɨɬ.,'2¶=Ɍɨɜɚɳɟɡɚɬɜɨɪɢ.,'2¶=ɢɳɟɜɢɜɴɪɧɟɨɛɪɚɬɧɨɤɴɦɧɨɪɦɚɥɧɢɹɩɨɬɪɟɛɢɬɟɥɫɤɢ ɢɧɬɟɪɮɟɣɫɧɚ$QGURLGɂɡɢɫɤɜɚɩɚɪɨɥɚɡɚɩɨɬɪɟɛɢɬɟɥɫɤɢɚɤɚɭɧɬ

Ʉɚɤɞɚɜɥɟɡɟɬɟɜɪɨɞɢɬɟɥɫɤɢɹɤɨɧɬɪɨɥɡɚɞɚɪɟɝɭɥɢɪɚɬɟɫɴɞɴɪɠɚɧɢɟɬɨɧɚɫɜɨɹɬɚɛɥɟɬ<DUYLN-XQLRU

Ɋɟɝɭɥɢɪɚɣɬɟɫɴɞɴɪɠɚɧɢɟɬɨɧɚɡɚɪɨɞɢɬɟɥɫɤɢɤɨɧɬɪɨɥ ɓɪɚɤɧɟɬɟɜɴɪɯɭɢɤɨɧɚɬɚÄ.,'2¶=´ɜɞɹɫɧɨɝɨɪɟɧɚɜɚɲɢɹɟɤɪɚɧɡɚɞɚɫɟɜɴɪɧɟɬɟɤɴɦɪɚɛɨɬɧɢɹɩɥɨɬ ɧɚ.LGR¶] ɇɚɫɥɚɠɞɚɜɚɣɬɟɫɟ ɇɚɬɢɫɧɟɬɟɢɤɨɧɚɬɚÄ3DUHQWV´ÄɊɨɞɢɬɟɥɢ´ɧɚɦɢɪɚɳɚɫɟɜɞɹɫɧɚɬɚɞɨɥɧɚɱɚɫɬɧɚɟɤɪɚɧɚ

82

7$%BB46*BNLGR]LQGG

ɋɟɝɚɦɨɠɟɬɟɞɚɜɥɟɡɟɬɟɜɨɫɧɨɜɧɢɹɟɤɪɚɧɧɚ.,'2¶=

Ɇɚɝɚɡɢɧɡɚɩɪɢɥɨɠɟɧɢɹ.,'2¶=ɫɛɟɡɩɥɚɬɧɢɩɪɢɥɨɠɟɧɢɹɩɨɞɯɨɞɹɳɡɚɞɟɰɚ

Ȼɪɚɭɡɴɪ.,'2¶=ɫɩɨɞɯɨɞɹɳɢɡɚɞɟɰɚɩɪɟɞɜɚɪɢɬɟɥɧɨɨɬɦɟɬɧɚɬɢɭɟɛɫɚɣɬɨɜɟɤɚɤɜɢɬɨɦɨɝɚɬɞɚ ɛɴɞɚɬɞɨɛɚɜɹɧɢɢɨɬɪɨɞɢɬɟɥɢ

.,'2¶=Ɍɟɥɟɜɢɡɢɹɫɩɨɞɯɨɞɹɳɢɡɚɞɟɰɚɨɧɥɚɣɧɬɟɥɟɜɢɡɢɨɧɧɢɤɚɧɚɥɢ

.,'2¶=ɂɝɪɢɟɤɨɥɟɤɰɢɹɜɝɪɚɞɟɧɢɩɨɞɯɨɞɹɳɢɡɚɞɟɰɚɢɝɪɢ

Ɏɨɧɨɜɟɞɚɜɚɜɴɡɦɨɠɧɨɫɬɞɚɫɦɟɧɹɬɟɮɨɧɨɜɨɬɨɢɡɨɛɪɚɠɟɧɢɟɧɚɟɤɪɚɧɧɢɬɟɦɟɧɸɬɚɧɚ.,'2¶= ɇɚɫɬɪɨɣɤɢɧɚɚɤɚɭɧɬɚɧɚɞɟɬɟ

Ɍɚɛɥɨɡɚɪɨɞɢɬɟɥɫɤɢɤɨɧɬɪɨɥɡɚɭɩɪɚɜɥɟɧɢɟɧɚɰɟɥɢɹɩɨɬɪɟɛɢɬɟɥɫɤɢɢɧɬɟɪɮɟɣɫɧɚ.,'2¶=ɂɡɢɫɤɜɚ ɩɚɪɨɥɚɡɚɩɨɬɪɟɛɢɬɟɥɫɤɢɚɤɚɭɧɬ ɂɡɯɨɞɨɬ.,'2¶=Ɍɨɜɚɳɟɡɚɬɜɨɪɢ.,'2¶=ɢɳɟɜɢɜɴɪɧɟɨɛɪɚɬɧɨɤɴɦɧɨɪɦɚɥɧɢɹɩɨɬɪɟɛɢɬɟɥɫɤɢ ɢɧɬɟɪɮɟɣɫɧɚ$QGURLGɂɡɢɫɤɜɚɩɚɪɨɥɚɡɚɩɨɬɪɟɛɢɬɟɥɫɤɢɚɤɚɭɧɬ

Ʉɚɤɞɚɜɥɟɡɟɬɟɜɪɨɞɢɬɟɥɫɤɢɹɤɨɧɬɪɨɥɡɚɞɚɪɟɝɭɥɢɪɚɬɟɫɴɞɴɪɠɚɧɢɟɬɨɧɚɫɜɨɹɬɚɛɥɟɬ<DUYLN-XQLRU

Ɋɟɝɭɥɢɪɚɣɬɟɫɴɞɴɪɠɚɧɢɟɬɨɧɚɡɚɪɨɞɢɬɟɥɫɤɢɤɨɧɬɪɨɥ ɓɪɚɤɧɟɬɟɜɴɪɯɭɢɤɨɧɚɬɚÄ.,'2¶=´ɜɞɹɫɧɨɝɨɪɟɧɚɜɚɲɢɹɟɤɪɚɧɡɚɞɚɫɟɜɴɪɧɟɬɟɤɴɦɪɚɛɨɬɧɢɹɩɥɨɬ ɧɚ.LGR¶] ɇɚɫɥɚɠɞɚɜɚɣɬɟɫɟ ɇɚɬɢɫɧɟɬɟɢɤɨɧɚɬɚÄ3DUHQWV´ÄɊɨɞɢɬɟɥɢ´ɧɚɦɢɪɚɳɚɫɟɜɞɹɫɧɚɬɚɞɨɥɧɚɱɚɫɬɧɚɟɤɪɚɧɚ ɇɚɩɢɲɟɬɟɩɚɪɨɥɚɬɚɧɚɫɜɨɹ.LGR¶]ɚɤɚɭɧɬɜɟɤɪɚɧɚɡɚɩɚɪɨɥɚ

83

7$%BB46*BNLGR]LQGG

RO

KIDO’Z

7DEOHWDGXPQHDYRDVWUă<DUYLN-XQLRU7$%HVWHOLYUDWăFX0RGXOGH-RF'LVWUDFWLYúL6LJXUSHQWUX&RSLL

.,'2¶=.,'2¶=HVWHRLQWHUIDĠăFXXWLOL]DWRUXOSHQWUXFRSLLSHQWUXDVHMXFDúLvQYăĠDFXFHOHPDLUHFHQWHúL

JUR]DYH$SOLFDĠLL9LGHRFOLSXULúLFRQĠLQXWRQOLQHSHQWUXFRSLLRIHULWHVSHFLDOSHQWUXFRSLOXOGXPQHDYRDVWUă

.,'2¶=DIRVWSURLHFWDWVSHFLDOSHQWUXDRIHULFRSLLORUvQFUHGHUHúLSHQWUXDLDMXWDVăFUHDVFăúLVăVH

PDWXUL]H]HvQDFHDVWăOXPHvQWLPSFHIRORVHVFGLVSR]LWLYHPHGLD$MXWăPFRSLLLGHWRDWHYkUVWHOHVăVH

GH]YROWHvQWUXQPHGLXGLJLWDOGLVWUDFWLYVLJXUúLXúRUGHXWLOL]DW

$SăVDĠLEXWRQXOÄ&UHDWH$FFRXQW´Ä&UHHD]ăFRQW´

&RPSOHWDĠLDGUHVDGHHPDLOúLDOHJHĠLRSDUROă$SăVDĠLEXWRQXOÄ5HJLVWHU´ÄÌQUHJLVWUDUH´SHQWUXDFRQWLQXD

9ăYDILWULPLVăODDGUHVDGHHPDLOLQWURGXVăRFRQILUPDUHDvQUHJLVWUăULLFXGDWHOHFRQWXOXL

&UHDĠL.LG¶V$FFRXQW&RQWXOFRSLOXOXLLQWURGXFkQGXLQXPHOHGDWDGHQDúWHUHúLVH[XO$SăVDĠLEXWRQXO

Ä&UHDWH´Ä&UHDUH´SHQWUXDFRQWLQXD

3RUQLĠL0RGXOGH-RDFă'LVWUDFWLYúL6LJXUSHQWUX&RSLL.,'2¶=DSăVkQGSHSLFWRJUDPDDSOLFDĠLHLÄ.,'2¶=´GH

SHHFUDQXOGHSRUQLUHDO7DEOHWHL-XQLRU

$OHJHĠLOLPED.,'2¶=GRULWăGLQRSĠLXQLGLVSRQLELOHGHOLPELVXEÄ&KDQJH/DQJXDJH´Ä6FKLPEăOLPED´

GLQSDUWHDGHVXVDHFUDQXOXL/LPEDDOHDVăSRDWHILVFKLPEDWăDOWăGDWă

&RQWXOFRSLOXOXLDIRVWFUHDWFXVXFFHV3XWHĠLXWLOL]DRSĠLXQHDÄ&KDQJH3LFWXUH´Ä6FKLPEăLPDJLQHD´SHQWUX

DVFKLPEDLPDJLQHDGHSURILODFRSLOXOXLXWLOL]kQGGHDVHPHQHDFDPHUDGLJLWDOăvQFRUSRUDWăD7DEOHWHL

-XQLRU

&RQWLQXDĠLDSăVkQGEXWRQXOÄ6WDUW.,'2¶=´Ä3RUQHúWH.,'2¶=´

84

7$%BB46*BNLGR]LQGG

KIDO’Z

7DEOHWDGXPQHDYRDVWUă<DUYLN-XQLRU7$%HVWHOLYUDWăFX0RGXOGH-RF'LVWUDFWLYúL6LJXUSHQWUX&RSLL

.,'2¶=.,'2¶=HVWHRLQWHUIDĠăFXXWLOL]DWRUXOSHQWUXFRSLLSHQWUXDVHMXFDúLvQYăĠDFXFHOHPDLUHFHQWHúL

JUR]DYH$SOLFDĠLL9LGHRFOLSXULúLFRQĠLQXWRQOLQHSHQWUXFRSLLRIHULWHVSHFLDOSHQWUXFRSLOXOGXPQHDYRDVWUă

.,'2¶=DIRVWSURLHFWDWVSHFLDOSHQWUXDRIHULFRSLLORUvQFUHGHUHúLSHQWUXDLDMXWDVăFUHDVFăúLVăVH

PDWXUL]H]HvQDFHDVWăOXPHvQWLPSFHIRORVHVFGLVSR]LWLYHPHGLD$MXWăPFRSLLLGHWRDWHYkUVWHOHVăVH

GH]YROWHvQWUXQPHGLXGLJLWDOGLVWUDFWLYVLJXUúLXúRUGHXWLOL]DW

$SăVDĠLEXWRQXOÄ&UHDWH$FFRXQW´Ä&UHHD]ăFRQW´

&RPSOHWDĠLDGUHVDGHHPDLOúLDOHJHĠLRSDUROă$SăVDĠLEXWRQXOÄ5HJLVWHU´ÄÌQUHJLVWUDUH´SHQWUXDFRQWLQXD

9ăYDILWULPLVăODDGUHVDGHHPDLOLQWURGXVăRFRQILUPDUHDvQUHJLVWUăULLFXGDWHOHFRQWXOXL

&UHDĠL.LG¶V$FFRXQW&RQWXOFRSLOXOXLLQWURGXFkQGXLQXPHOHGDWDGHQDúWHUHúLVH[XO$SăVDĠLEXWRQXO

Ä&UHDWH´Ä&UHDUH´SHQWUXDFRQWLQXD

3RUQLĠL0RGXOGH-RDFă'LVWUDFWLYúL6LJXUSHQWUX&RSLL.,'2¶=DSăVkQGSHSLFWRJUDPDDSOLFDĠLHLÄ.,'2¶=´GH

SHHFUDQXOGHSRUQLUHDO7DEOHWHL-XQLRU

$OHJHĠLOLPED.,'2¶=GRULWăGLQRSĠLXQLGLVSRQLELOHGHOLPELVXEÄ&KDQJH/DQJXDJH´Ä6FKLPEăOLPED´

GLQSDUWHDGHVXVDHFUDQXOXL/LPEDDOHDVăSRDWHILVFKLPEDWăDOWăGDWă

&RQWXOFRSLOXOXLDIRVWFUHDWFXVXFFHV3XWHĠLXWLOL]DRSĠLXQHDÄ&KDQJH3LFWXUH´Ä6FKLPEăLPDJLQHD´SHQWUX

DVFKLPEDLPDJLQHDGHSURILODFRSLOXOXLXWLOL]kQGGHDVHPHQHDFDPHUDGLJLWDOăvQFRUSRUDWăD7DEOHWHL

-XQLRU

&RQWLQXDĠLDSăVkQGEXWRQXOÄ6WDUW.,'2¶=´Ä3RUQHúWH.,'2¶=´

85

7$%BB46*BNLGR]LQGG

7DVWDĠLSDURODFRQWXOXL.LGR¶]SHHFUDQXOGHVROLFLWDUHDSDUROHL

$FXPYHĠLLQWUDSHHFUDQXOSULQFLSDODO.,'2¶=

.,'2¶=0DJD]LQGHDSOLFDĠLLFXDSOLFDĠLLJUDWXLWHSHQWUXFRSLL

.,'2¶=%URZVHUFXVLWHXULZHEDGHFYDWHSHQWUXFRSLLPDUFDWHFDUHSRWILDGăXJDWHúLGHSăULQĠL

.,'2¶=79FXFDQDOH79DGHFYDWHSHQWUXFRSLL

.,'2¶=-RFXULHVWHRFROHFĠLHGHMRFXULDGHFYDWHSHQWUXFRSLLvQFRUSRUDWă

)XQGDOXULYăSHUPLWHVăVFKLPEDĠLLPDJLQHDGHIXQGDODHFUDQHORUPHQLXOXL.,'2¶=

6HWăULFRQWFRSLO

3DQRXGHFRQWUROSDUHQWDOSHQWUXDFRQWURODvQWUHDJDLQWHUIDĠăFXXWLOL]DWRUXO.,'2¶=1HFHVLWăSDUROD

FRQWXOXLGHXWLOL]DWRU

,HúLUH.,'2¶=$VWIHOYHĠLvQFKLGH.,'2¶=úLYHĠLUHYHQLODLQWHUIDĠDFXXWLOL]DWRUXOVWDQGDUG$QGURLG

1HFHVLWăSDURODFRQWXOXLGHXWLOL]DWRU

0RGXOGHLQWUDUHvQFRQWUROXOSDUHQWDOSHQWUXDDMXVWDFRQĠLQXWXOWDEOHWHL<DUYLN-XQLRU

$MXVWDĠLFRQĠLQXWXOFRQWUROXOXLSDUHQWDO

'DĠLFOLFSHSLFWRJUDPDÄ.,'2¶=´GLQSDUWHDGHVXVGUHDSWDDHFUDQXOXLSHQWUXDYăvQWRDUFHODHFUDQXO

.LGR¶]

'LVWUDFĠLHSOăFXWă

$SăVDĠLSLFWRJUDPDÄ3DUHQWV´Ä3ăULQĠL´GLQSDUWHDGUHDSWăMRVDHFUDQXOXL

86

7$%BB46*BNLGR]LQGG

7DVWDĠLSDURODFRQWXOXL.LGR¶]SHHFUDQXOGHVROLFLWDUHDSDUROHL

$FXPYHĠLLQWUDSHHFUDQXOSULQFLSDODO.,'2¶=

.,'2¶=0DJD]LQGHDSOLFDĠLLFXDSOLFDĠLLJUDWXLWHSHQWUXFRSLL

.,'2¶=%URZVHUFXVLWHXULZHEDGHFYDWHSHQWUXFRSLLPDUFDWHFDUHSRWILDGăXJDWHúLGHSăULQĠL

.,'2¶=79FXFDQDOH79DGHFYDWHSHQWUXFRSLL

.,'2¶=-RFXULHVWHRFROHFĠLHGHMRFXULDGHFYDWHSHQWUXFRSLLvQFRUSRUDWă

)XQGDOXULYăSHUPLWHVăVFKLPEDĠLLPDJLQHDGHIXQGDODHFUDQHORUPHQLXOXL.,'2¶=

6HWăULFRQWFRSLO

3DQRXGHFRQWUROSDUHQWDOSHQWUXDFRQWURODvQWUHDJDLQWHUIDĠăFXXWLOL]DWRUXO.,'2¶=1HFHVLWăSDUROD

FRQWXOXLGHXWLOL]DWRU

,HúLUH.,'2¶=$VWIHOYHĠLvQFKLGH.,'2¶=úLYHĠLUHYHQLODLQWHUIDĠDFXXWLOL]DWRUXOVWDQGDUG$QGURLG

1HFHVLWăSDURODFRQWXOXLGHXWLOL]DWRU

0RGXOGHLQWUDUHvQFRQWUROXOSDUHQWDOSHQWUXDDMXVWDFRQĠLQXWXOWDEOHWHL<DUYLN-XQLRU

$MXVWDĠLFRQĠLQXWXOFRQWUROXOXLSDUHQWDO

'DĠLFOLFSHSLFWRJUDPDÄ.,'2¶=´GLQSDUWHDGHVXVGUHDSWDDHFUDQXOXLSHQWUXDYăvQWRDUFHODHFUDQXO

.LGR¶]

'LVWUDFĠLHSOăFXWă

$SăVDĠLSLFWRJUDPDÄ3DUHQWV´Ä3ăULQĠL´GLQSDUWHDGUHDSWăMRVDHFUDQXOXL

87

7$%BB46*BNLGR]LQGG

HR

KIDO’Z

9Dã<DUYLN7$%-XQLRU7DEOHWGROD]LVXQDSULMHGLQVWDOLUDQLP.,'2¶=UHåLPRPUDGD]DEDYDQLVLJXUDQ

QDþLQLJUDQMD]DGMHFX.,'2¶=MHNRULVQLþNRVXþHOMHSULODJRÿHQRGMHFL]DLJUXLXþHQMHX]QDMQRYLMHLQDMEROMH

GMHþMHDSOLNDFLMHYLGHRLRQOLQHVDGUåDMH.,'2¶=MHSRVHEQRGL]DMQLUDQNDNRELRVQDåLRGMHFXLSRPRJDRLP

RGUDVWLXRYRPVYLMHWXNRULVWHüLSULWRPPXOWLPHGLMDOQHXUHÿDMH'MHFLVYLKGRELSRPDåHPRGDVHUD]YLMDMXX

]DEDYQRPLVLJXUQRPGLJLWDOQRPRNUXåHQMXNRMHMHMHGQRVWDYQR]DXSRUDEX

3ULWLVQLWHWLSNXÄ&UHDWH$FFRXQW³Ä.UHLUDMUDþXQ³

8QHVLWHVYRMXDGUHVXHSRãWHLRGDEHULWHOR]LQNX=DQDVWDYDNSULWLVQLWHWLSNXÄ5HJLVWHU³Ä5HJLVWULUDM³1D

XQHVHQXDGUHVXHSRãWHSRVODWüHPRSRWYUGXVLQIRUPDFLMDPDRUDþXQX

.UHLUDMWH.LG¶V$FFRXQW'MHWHWRYUDþXQXQRãHQMHPGMHWHWRYDLPHQDGDWXPDURÿHQMDLVSROD=DQDVWDYDN

SULWLVQLWHWLSNXÄ&UHDWH³Ä.UHLUDM³

3RNUHQLWH.,'2¶=UHåLPUDGD]DEDYDQLVLJXUDQQDþLQLJUDQMD]DGMHFXSULWLVNRPQDLNRQXDSOLNDFLMHÄ.,'2¶=³

QDSRþHWQRP]DVORQXWDEOHWD

2GDEHULWHåHOMHQLMH]LN]D.,'2¶=L]PHÿXGRVWXSQLKRSFLMDSRGÄ&KDQJH/DQJXDJH³Ä3URPLMHQLMH]LN³QD

YUKX]DVORQD2GDEUDQLMH]LNPRJXüHMHNDVQLMHSURPLMHQLWL

'MHWHWRYUDþXQMHXVSMHãQRNUHLUDQ3RPRüXRSFLMHÄ&KDQJH3LFWXUH³Ä3URPLMHQLVOLNX³PRåHWHSURPLMHQLWL

VOLNX]DSURILOGMHWHWDDSULWRPPRåHWHNRULVWLWLLXJUDÿHQXNDPHUXQDWDEOHWX

1DVWDYLWHSULWLVNRPQDWLSNXÄ6WDUW.,'2¶=³Ä6WDUW.,'2¶=³

88

7$%BB46*BNLGR]LQGG

KIDO’Z

9Dã<DUYLN7$%-XQLRU7DEOHWGROD]LVXQDSULMHGLQVWDOLUDQLP.,'2¶=UHåLPRPUDGD]DEDYDQLVLJXUDQ

QDþLQLJUDQMD]DGMHFX.,'2¶=MHNRULVQLþNRVXþHOMHSULODJRÿHQRGMHFL]DLJUXLXþHQMHX]QDMQRYLMHLQDMEROMH

GMHþMHDSOLNDFLMHYLGHRLRQOLQHVDGUåDMH.,'2¶=MHSRVHEQRGL]DMQLUDQNDNRELRVQDåLRGMHFXLSRPRJDRLP

RGUDVWLXRYRPVYLMHWXNRULVWHüLSULWRPPXOWLPHGLMDOQHXUHÿDMH'MHFLVYLKGRELSRPDåHPRGDVHUD]YLMDMXX

]DEDYQRPLVLJXUQRPGLJLWDOQRPRNUXåHQMXNRMHMHMHGQRVWDYQR]DXSRUDEX

3ULWLVQLWHWLSNXÄ&UHDWH$FFRXQW³Ä.UHLUDMUDþXQ³

8QHVLWHVYRMXDGUHVXHSRãWHLRGDEHULWHOR]LQNX=DQDVWDYDNSULWLVQLWHWLSNXÄ5HJLVWHU³Ä5HJLVWULUDM³1D

XQHVHQXDGUHVXHSRãWHSRVODWüHPRSRWYUGXVLQIRUPDFLMDPDRUDþXQX

.UHLUDMWH.LG¶V$FFRXQW'MHWHWRYUDþXQXQRãHQMHPGMHWHWRYDLPHQDGDWXPDURÿHQMDLVSROD=DQDVWDYDN

SULWLVQLWHWLSNXÄ&UHDWH³Ä.UHLUDM³

3RNUHQLWH.,'2¶=UHåLPUDGD]DEDYDQLVLJXUDQQDþLQLJUDQMD]DGMHFXSULWLVNRPQDLNRQXDSOLNDFLMHÄ.,'2¶=³

QDSRþHWQRP]DVORQXWDEOHWD

2GDEHULWHåHOMHQLMH]LN]D.,'2¶=L]PHÿXGRVWXSQLKRSFLMDSRGÄ&KDQJH/DQJXDJH³Ä3URPLMHQLMH]LN³QD

YUKX]DVORQD2GDEUDQLMH]LNPRJXüHMHNDVQLMHSURPLMHQLWL

'MHWHWRYUDþXQMHXVSMHãQRNUHLUDQ3RPRüXRSFLMHÄ&KDQJH3LFWXUH³Ä3URPLMHQLVOLNX³PRåHWHSURPLMHQLWL

VOLNX]DSURILOGMHWHWDDSULWRPPRåHWHNRULVWLWLLXJUDÿHQXNDPHUXQDWDEOHWX

1DVWDYLWHSULWLVNRPQDWLSNXÄ6WDUW.,'2¶=³Ä6WDUW.,'2¶=³

89

7$%BB46*BNLGR]LQGG

8QHVLWHVYRMXOR]LQNX]D.LGR¶]UDþXQQD]DVORQX]DXQRVOR]LQNH

6DGDüHVHSULND]DWLJODYQL]DVORQVXþHOMD.,'2¶=

.,'2¶=$SS6WRUHVEHVSODWQLPDSOLNDFLMDPDSULODJRÿHQLPDGMHFL

.,'2¶=3UHJOHGQLNVR]QDþHQLPLQWHUQHWVNLPVWUDQLFDPDSULNODGQLPD]DGMHFX5RGLWHOMLWDNRÿHUPRJX

GRGDYDWLVWUDQLFH

.,'2¶=79VRQOLQH79NDQDOLPDSULODJRÿHQLPDGMHFL

.,'2¶=,JUHMHNROHNFLMDXJUDÿHQLKLJDUDSULODJRÿHQLKGMHFL

3R]DGLQHRPRJXüXMHSURPMHQXSR]DGLQVNHVOLNHQD.,'2¶=L]ERUQLFLPD

3RVWDYNHGMHþMHJUDþXQD

5RGLWHOMVNDNRQWUROQDSORþD]DQDG]RUFLMHORJ.,'2¶=NRULVQLþNRJVXþHOMD3RWUHEQDMHOR]LQNDUDþXQD

,]OD]L]VXþHOMD.,'2¶=2YLPHVH]DWYDUDVXþHOMH.,'2¶=LYUDüDVHQDXRELþDMHQR$QGURLGNRULVQLþNR

VXþHOMH

3RWUHEQDMHOR]LQNDUDþXQD

.DNRXQLMHWLURGLWHOMVNHNRQWUROH]DSULODJRGEXVDGUåDMDQD9DãHP<DUYLN-XQLRUWDEOHWX

3RGHVLWHVDGUåDMH

.OLNQLWHQDLNRQXÄ.,'2¶=³XJRUQMHPGHVQRPXJOX]DVORQDNDNRELVWHVHYUDWLWLQD.LGR¶]UDGQXSRYUãLQX

8åLYDMWH

3ULWLVQLWHLNRQXÄ3DUHQWV³Ä5RGLWHOML³NRMDVHQDOD]LQDGRQMHPGHVQRPXJOX]DVORQD

90

7$%BB46*BNLGR]LQGG

8QHVLWHVYRMXOR]LQNX]D.LGR¶]UDþXQQD]DVORQX]DXQRVOR]LQNH

6DGDüHVHSULND]DWLJODYQL]DVORQVXþHOMD.,'2¶=

.,'2¶=$SS6WRUHVEHVSODWQLPDSOLNDFLMDPDSULODJRÿHQLPDGMHFL

.,'2¶=3UHJOHGQLNVR]QDþHQLPLQWHUQHWVNLPVWUDQLFDPDSULNODGQLPD]DGMHFX5RGLWHOMLWDNRÿHUPRJX

GRGDYDWLVWUDQLFH

.,'2¶=79VRQOLQH79NDQDOLPDSULODJRÿHQLPDGMHFL

.,'2¶=,JUHMHNROHNFLMDXJUDÿHQLKLJDUDSULODJRÿHQLKGMHFL

3R]DGLQHRPRJXüXMHSURPMHQXSR]DGLQVNHVOLNHQD.,'2¶=L]ERUQLFLPD

3RVWDYNHGMHþMHJUDþXQD

5RGLWHOMVNDNRQWUROQDSORþD]DQDG]RUFLMHORJ.,'2¶=NRULVQLþNRJVXþHOMD3RWUHEQDMHOR]LQNDUDþXQD

,]OD]L]VXþHOMD.,'2¶=2YLPHVH]DWYDUDVXþHOMH.,'2¶=LYUDüDVHQDXRELþDMHQR$QGURLGNRULVQLþNR

VXþHOMH

3RWUHEQDMHOR]LQNDUDþXQD

.DNRXQLMHWLURGLWHOMVNHNRQWUROH]DSULODJRGEXVDGUåDMDQD9DãHP<DUYLN-XQLRUWDEOHWX

3RGHVLWHVDGUåDMH

.OLNQLWHQDLNRQXÄ.,'2¶=³XJRUQMHPGHVQRPXJOX]DVORQDNDNRELVWHVHYUDWLWLQD.LGR¶]UDGQXSRYUãLQX

8åLYDMWH

3ULWLVQLWHLNRQXÄ3DUHQWV³Ä5RGLWHOML³NRMDVHQDOD]LQDGRQMHPGHVQRPXJOX]DVORQD

91

7$%BB46*BNLGR]LQGG

@(9=02*64

7$%BB46*BNLGR]LQGG

GBDFCPPLDPNZBSWJL

UXJUUFSDPNZBSWJLDF

ZPVUVCFDPNZBSWJLDF

GPSVNZBSWJLDPN

advertisement

Was this manual useful for you? Yes No
Thank you for your participation!

* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project

Related manuals

Download PDF

advertisement