The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by B&R, 2018-05-18 02:13:13

MP Teatr Bajka

&]\P VLč ]DMPXMHP\"
2MED]GRZ\ 7HDWU /DOHN %$-.$ SU]HGVWDZLP\
Z QLP EDĤQLHL OHJHQG\ R SU]HVãDQLX
Z\FKRZDZF]\P L SURILODNW\F]Q\P





















7HDWU /DOHN %$-.$ ZZZ WHDWUODOHNEDMND SO
2UJDQL]DFMD ,PSUH] .XOWXUDOQR 2ĤZLDWRZ\FK
3U]\VLHWQLFD %DUFLFH WHDWU#WHDWUODOHNEDMND SO

1$6=( /$/.,


1LHRG]RZQ\P HOHPHQWHP NDİGHM EDMNL MHVW SUDFD ]HVSRãX DQLPDWRUyZ NWyU]\
ZFLHODMĈ VLč Z SRVWDFLH L SU]HND]XMĈ QD İ\ZR UXFK L HPRFMH ODOHN NXNLHãHN






















%RKDWHURZLH QDV]\FK SU]HGVWDZLHę .DİGD EDMND PD RG GR SRVWDFL
WR UčF]QLH L VWDUDQQLH Z\NRQDQH ODONL 0DWHULDã\ Z\VWčSXMĈF\FK Z NLONX RGVãRQDFK
NRORU\VW\ND XELyU L PLPLND ODOHN SRZRGXMĈ X 3R VSHNWDNOX G]LHFL PRJĈ ]DSR]QDþ VLč
PãRGHJR ZLG]D UHDOQRĤþ RJOĈGDQ\FK SRVWDFL ] NXOLVDPL VSHNWDNOX SRUR]PDZLDþ
] DQLPDWRUDPL L RJOĈGQĈþ ] EOLVND ODONL










&]\P VLč ]DMPXMHP\"
2MED]GRZ\ 7HDWU /DOHN %$-.$ SU]HGVWDZLP\
Z QLP EDĤQLHL OHJHQG\ R SU]HVãDQLX
Z\FKRZDZF]\P L SURILODNW\F]Q\P


)LUPD SRZVWDãD Z NZLHWQLX URNX MDNR WHDWU REMD]GRZ\ 7ZRU]\P\ ]HVSyã PãRG\FK
L NUHDW\ZQ\FK OXG]L OXELĈF\FK SUDFč ] G]LHþPL .LHUXMHP\ VLč ]DVDGĈ QDXND SU]H] ]DEDZč NUHDW\ZQ\FK OXG]L OXELĈF\FK SUDFč ] G]LHþPL .LHUXMHP\ VLč ]DVDGĈ QDXND SU]H] ]DEDZč
L
QDV]H EDMNL QLH W\ONR EDZLĈ DOH L XF]Ĉ PãRGH SRNROHQLD :VSyãSUDFXMHP\ ] GRPDPL NXOWXU\
V]NRãDPL SU]HGV]NRODPL PX]HDPL NLQDPL RĤURGNDPL ZF]DVRZ\PL L NRORQLMQ\PL SODFyZNDPL 1$6=( %$-.,
Z\FKRZDZF]\PL L RSLHNXęF]\PL 3UDFXMHP\ QD ZãDVQ\FK VFHQDULXV]DFK : VZHM RIHUFLH
PDP\ SU]HGVWDZLHQLD REUD]XMĈFH OHJHQG\ EDĤQLH RUD] EDMNL PDMĈFH SU]HVãDQLD &HQQH UDG\ .RW Z EXWDFK -DĤ L 0DãJRVLD *XFLR ]DF]DURZDQ\ .RFPRãXV]HN :\MĈWNRZ\
Z\FKRZDZF]H L SURILODNW\F]QH *RĤþ .RV]\N ] F]\VWHJR VUHEUD &DOLQHF]ND :LHONLH VSUDZ\ PDãHM İDE\ 0DJLF]QH VãRZR


















2UJDQL]DFMD LPSUH] 7HDWU /DOHN %$-.$
-HVWHĤP\ RUJDQL]DWRUDPL UyİQRURGQ\FK LPSUH] NXOWXUDOQR RĤZLDWRZ\FK GOD G]LHFL 2UJDQL]DFMD ,PSUH] .XOWXUDOQR 2ĤZLDWRZ\FK ZZZ WHDWUODOHNEDMND SO
3U]\VLHWQLFD %DUFLFH WHDWU#WHDWUODOHNEDMND SO

1$6=( /$/.,


1LHRG]RZQ\P HOHPHQWHP NDİGHM EDMNL MHVW SUDFD ]HVSRãX DQLPDWRUyZ NWyU]\
ZFLHODMĈ VLč Z SRVWDFLH L SU]HND]XMĈ QD İ\ZR UXFK L HPRFMH ODOHN NXNLHãHN






















%RKDWHURZLH QDV]\FK SU]HGVWDZLHę .DİGD EDMND PD RG GR SRVWDFL
WR UčF]QLH L VWDUDQQLH Z\NRQDQH ODONL 0DWHULDã\ Z\VWčSXMĈF\FK Z NLONX RGVãRQDFK
NRORU\VW\ND XELyU L PLPLND ODOHN SRZRGXMĈ X 3R VSHNWDNOX G]LHFL PRJĈ ]DSR]QDþ VLč
PãRGHJR ZLG]D UHDOQRĤþ RJOĈGDQ\FK SRVWDFL ] NXOLVDPL VSHNWDNOX SRUR]PDZLDþ
] DQLPDWRUDPL L RJOĈGQĈþ ] EOLVND ODONL










&]\P VLč ]DMPXMHP\"
2MED]GRZ\ 7HDWU /DOHN %$-.$ SU]HGVWDZLP\
Z QLP EDĤQLHL OHJHQG\ R SU]HVãDQLX
Z\FKRZDZF]\P L SURILODNW\F]Q\P


)LUPD SRZVWDãD Z NZLHWQLX URNX MDNR WHDWU REMD]GRZ\ 7ZRU]\P\ ]HVSyã PãRG\FK
L NUHDW\ZQ\FK OXG]L OXELĈF\FK SUDFč ] G]LHþPL .LHUXMHP\ VLč ]DVDGĈ QDXND SU]H] ]DEDZč NUHDW\ZQ\FK OXG]L OXELĈF\FK SUDFč ] G]LHþPL .LHUXMHP\ VLč ]DVDGĈ QDXND SU]H] ]DEDZč
L
QDV]H EDMNL QLH W\ONR EDZLĈ DOH L XF]Ĉ PãRGH SRNROHQLD :VSyãSUDFXMHP\ ] GRPDPL NXOWXU\
V]NRãDPL SU]HGV]NRODPL PX]HDPL NLQDPL RĤURGNDPL ZF]DVRZ\PL L NRORQLMQ\PL SODFyZNDPL 1$6=( %$-.,
Z\FKRZDZF]\PL L RSLHNXęF]\PL 3UDFXMHP\ QD ZãDVQ\FK VFHQDULXV]DFK : VZHM RIHUFLH
PDP\ SU]HGVWDZLHQLD REUD]XMĈFH OHJHQG\ EDĤQLH RUD] EDMNL PDMĈFH SU]HVãDQLD &HQQH UDG\ .RW Z EXWDFK -DĤ L 0DãJRVLD *XFLR ]DF]DURZDQ\ .RFPRãXV]HN :\MĈWNRZ\
Z\FKRZDZF]H L SURILODNW\F]QH *RĤþ .RV]\N ] F]\VWHJR VUHEUD &DOLQHF]ND :LHONLH VSUDZ\ PDãHM İDE\ 0DJLF]QH VãRZR


















2UJDQL]DFMD LPSUH] 7HDWU /DOHN %$-.$
-HVWHĤP\ RUJDQL]DWRUDPL UyİQRURGQ\FK LPSUH] NXOWXUDOQR RĤZLDWRZ\FK GOD G]LHFL 2UJDQL]DFMD ,PSUH] .XOWXUDOQR 2ĤZLDWRZ\FK ZZZ WHDWUODOHNEDMND SO
3U]\VLHWQLFD %DUFLFH WHDWU#WHDWUODOHNEDMND SO

=HVSµÊ .VLÇJDUQL 5RG]LQQHM 6]\PHOND VSHFMDOL]XMH VLÇ Z RGNU\ZDQLX MDN QDMFLHNDZV]\FK L MDN QDMEDUG]LHM
ZDUWRÐFLRZ\FK NVLÃ×HN GOD PQLHMV]\FK DOH EDUG]R Z\PDJDMÃF\FK F]\WHOQLNµZ 0R×HP\ GRVWRVRZDÅ
OHNWXU\ ]JRGQLH ] ]DLQWHUHVRZDQLDPL ZLHNLHP D WDN×H SRWHQFMDOQ\P SUREOHPHP UR]ZRMRZ\P ] MDNLP
ERU\ND VLÇ DNWXDOQLH G]LHFNR 3U]\ Z\ERU]H SR]\FML NLHUXMHP\ VLÇ QLH W\ONR QDV]Ã ZLHG]Ã DOH
L GRÐZLDGF]HQLHP Z\QLNDMÃF\P ] E\FLD URG]LFHP =QDMGÃ WX 3DÌVWZR MHG\QLH Z\EUDQH SR]\FMH WH NWµUH
X]QDOLÐP\ ]D VZRLVWH SHUHÊNL OLWHUDFNLH NWµUH F]DVDPL WUXGQR Z\ÊRZLÅ ZÐUµG ]DOHZX ìE\OHMDNRÐFLë


































6NRQWDNWXM VLÇ ] QDPL
.VLÇJDUQLD LQWHUQHWRZD 6]\PHOND SO
7HOHIRQ
ZZZ V]\PHOND SO

NRQWDNW#V]\PHOND SO

/2/(.


:]UXV]DMÃFD RSRZLHÐÅ R SVLH ']LHFLÌVWZR /ROND å NLHG\ MHV]F]H QLH E\Ê
/RONLHP å ]DF]ÇÊR VLÇ GRÐÅ GREU]H :\FKRZ\ZDÊ VLÇ ] PDPÃ L
URG]HÌVWZHP L F]HNDÊ QD PRPHQW D× GRVWDQLH ìVZRLFKë OXG]L .LHG\
MHGQDN WD FKZLOD QDVWÃSLÊD RND]DÊR VLÇ ×H QLH WUDĆÊ GREU]H %LW\
SRQLHZLHUDQ\ QLH PLDÊ SRMÇFLD FR VLÇ G]LHMH L GODF]HJR MHVW WDN
WUDNWRZDQ\ 5DWXMÃF VZRMH ×\FLH /ROHN XFLHNÊð


%GPC \ DTWVVQ





78/, 38&+2 .É$&=(.


8URF]D RSRZLHÐÅ R PDÊHM (G]L å ODW NWµUD SRVWDQDZLD
]QDOHÕÅ GOD PDP\ LGHDOQ\ SUH]HQW QD XURG]LQ\
']LHZF]\QND ZLH ×H PXVL WR E\Å 7XOL SXFKR NÊDF]HN
$OH FR WR WDNLHJR L JG]LH PR×QD JR ]QDOHÕÅ"


%GPC \ DTWVVQ






+,6725,$ 0$'(02,6(//( 2,6($8


0DGHPRLVHOOH 2LVHDX PLHV]ND ] OLF]Q\PL NRWDPL L SWDV]NDPL QD
RVWDWQLP SLÇWU]H VWDUHM NDPLHQLF\ &]DVDPL SRMDZLD VLÇ QD EDONRQLH
XEUDQD Z Z\NZLQWQH GÊXJLH VXNQLH NDSHOXV]H L V]DOH 3LÇWUR QL×HM
PLHV]ND G]LHZLÇFLROHWQLD ,VDEHOOD ,VDEHOOD MHVW QLHÐPLDÊD F]XMH VLÇ
QLH]DXZD×DQD ZUÇF] SU]H]URF]\VWD &]\ SU]\MDÕÌ ] QLH]Z\NOH
HOHJDQFNÃ 0DGHPRLVHOOH 2LVHDX PR×H ]PLHQLÅ ×\FLH G]LHZF]\QNL"


%GPC \ DTWVVQ




-2//(< 52*(56 67$7(. :,'02



3RGF]DV ND×GHM SHÊQL NVLÇ×\FD QD Z\EU]H×X PR×QD ]DREVHUZRZDÅ
WDMHPQLF]\ VWDWHN 1DVWÇSQHJR GQLD ] PX]HXP ]QLNDMÃ FHQQH HNVSRQDW\
&]\ 0DW\OGD L -LP RG]\VNDMà VNUDG]LRQH ÊXS\ ]DQLP NVLÇ×\F ZHMG]LH
Z NROHMQÃ ID]Ç" $ PR×H XWNQÃ QD ZLGPRZ\P VWDWNX D× GR NROHMQHM SHÊQL"
, GR F]HJR VÊX×\ G]LZQ\ NOXF] SDQL 3RVÇSQLDN"



%GPC \ DTWVVQ

+,6725,( =$0,(&,21( 32' '<:$1


'\ZDQ Z SRNRMX /LONL MHVW ]GHF\GRZDQLH QDG]Z\F]DMQ\ .U\MH VLÇ SRG
QLP FDÊD PDVD SU]HGPLRWµZ VSU]ÃWQLÇW\FK Z SRÐSLHFKX *G\
G]LHZF]\QND SUµEXMH FRÐ VSRG QLHJR Z\FLÃJQÃÅ G]LHMÃ VLÇ G]LZQH
U]HF]\ å ZV]\VWNR ZNRÊR ]DF]\QD ZLURZDÅ L /LOND WUDĆD Z LQQÃ
U]HF]\ZLVWRÐÅ : W\P UµZQROHJÊ\P ÐZLHFLH SU]H×\ZD SU]\JRG\ NWµUH
Z\ZLHUDMÃ ZSÊ\Z QD MHM SUDZG]LZH ×\FLH


%GPC \ DTWVVQ





),1'86 6,Æ :<352:$'=$


: WHM F]ÇÐFL 6WDUXV]HN 3HWWVRQ ]LU\WRZDQ\ SREXGNDPL
NWµUH XU]ÃG]D PX R F]ZDUWHM UDQR )LQGXV å JUR]L ×H NRW
EÇG]LH PXVLDÊ VLÇ Z\SURZDG]LÅ 2ND]XMH VLÇ ×H )LQGXV MHVW
]DFKZ\FRQ\ SRP\VÊHP


%GPC \ DTWVVQ








-$. .•=.$ 8&=<É$ 6,Æ 3É<:$Ä


3HZQHJR UD]X ]ZLHU]ÇWD VWZRU]\Ê\ V]NRÊÇ 1DXF]\FLHOH X]QDOL
×H ZDUWR XF]QLµZ QDXF]\Å ZV]\VWNLHJR W]Q ND×G\ SRZLQLHQ QDXF]\Å
VLÇ SÊ\ZDÅ ODWDÅ ELHJDÅ L ZVSLQDÅ




%GPC \ DTWVVQ






-$%É21.$ (/,


-DEÊRQND URVQÃFD Z RJURG]LH (OL WR QLH W\ONR XOXELRQH GU]HZNR URG]ÃFH
S\V]QH MDEÊND DOH UµZQLH× ÐZLHWQH PLHMVFH GR ]DEDZ\ 1LHVWHW\ ]LPRZD
ZLFKXUD SRZDOD MDEÊRQNÇ D (OD L MHM SU]\MDFLHO 2OHN EDUG]R SU]H×\ZDMÃ
MHM EUDN :LRVQÃ PDPD (OL NXSXMH QRZH GU]HZNR DOH (OD L 2OHN VÃ
UR]F]DURZDQL MHVW WDNLH PDÊH L GUREQHð


%GPC \ DTWVVQ

1,('Ô:,('Ô É2:&$ 027</,


1LHGÕZLHGÕ PLHV]ND OHVLH %DUG]R OXEL VSDFHU\
L ]ELHUDQLH Uµ×Q\FK FLHNDZ\FK U]HF]\ 3HZQHJR GQLD
]QDOD]Ê VLDWNÇ QD PRW\OH


%GPC \ DTWVVQ









0$3<


1LHVDPRZLW\ DWODV ]DZLHUDMÃF\ PDS :ÇGUXMÃF SR MHJR
VWURQDFK ]ZLHG]LFLH NUDMH .D×GD PDSD WR VNDUEQLFD
FLHNDZRVWHN ERWDQLF]Q\FK ]RRORJLF]Q\FK KLVWRU\F]Q\FK
D QDZHW PLWRORJLF]Q\FK


%GPC \ DTWVVQ







,/86752:$1< ,1:(17$5= '5=(:


,QZHQWDU] ]DZLHUD ZL]HUXQNL GU]HZ L NU]HZµZ ] Uµ×Q\FK VWURQ ÐZLDWD
2F]\ZLÐFLH SRG]LHORQH QD GU]HZD OLÐFLDVWH LJODVWH L SDOP\ 0DP\ WX RSLV\
WDN ]QDQ\FK QDP GU]HZ MDN OLSD F]\ EU]R]D DOH UµZQLH× WH EDUG]LHM
HJ]RW\F]QH MDN FKOHERZLHF Uµ×QROLVWQ\ F]\ DOELFMD VDPDQ



%GPC \ DTWVVQ







267$71,( '5=(:2 : 0,(Ï&,(

(GZDUG PLHV]ND Z EHWRQRZ\P PLHÐFLH SR]EDZLRQ\P ]LHOHQL
3R]RVWDÊR MHV]F]H MHGQR GU]HZR å ZLHONL GÃE (GZDUG EDUG]R OXEL
VLÇ EDZLÅ Z MHJR FLHQLX L ZSLQDÅ QD MHJR JDÊÇ]LH $OH SHZQHJR GQLD
GÃE ]RVWDMH ÐFLÇW\ð


%GPC \ DTWVVQ

þüçô÷ÜÑÄ ñçÀþ÷ĖÜÑ ÀÝ° ÀĖÑļÑȤ ÷üđçôĖçãÄ Ė ñçüôĖÄ»ē ÷Äô¼°
Ñ Ñ đēç»ô°ėãÑȩ 3ÑáÄ đ ÀçüēÜþȤ »°đÄáãÑ°ãÄȤ Ė °ãüē°ÝÄôÎѼĖãēâ
đēñÄáãÑÄãÑÄâȩ ç÷Üçã°áÄ Àç Ė°»°đēȤ ÷ñ°ãÑ°Ȥ ñôĖēüþÝ°ãÑ°Ȥ
ÀÄÜçô°¼ÛÑȩȩȩ Bçâē÷áçÀ°đ¼·Ȥ çô°Ė ñôçÛÄÜü°ãüÄâ â°ôÜÑ LN.âãÑÄ
ÛÄ÷ü âáçÀ° â°â°ȩ BçÀþ÷ÑÄ Ėç÷ü°áē ÷üđçôĖçãÄ ÜÑÄôþÛ·¼ ÷ÑÌ
ñçüôĖÄ»°âÑ â°Ýþ÷ĖÜèđȤ çô°Ė °Üüþ°ÝãēâÑ üôÄãÀ°âÑ ÀÄÜçô°¼ÛÑ
ÀĖÑļÑ̼ÄÎç ñçÜçÛþȩ XēÜçã°ãÄ ÷· Ė »ÄĖñÑļĖãē¼Ð â°üÄôÑ°áèđȤ
»°ôÀĖç âÑáÄ đ ÀçüēÜþȤ ° ñôçñçãçđ°ãÄ đĖçôē À°Û· âçęÝÑđçø½
đē»çôē»çôē ã°đÄü ã°Û»°ôÀĖÑÄÛ đē»ôÄÀãēâ â°Ýþ÷ĖÜçâȩ
đ































































đđđȮÍ°¼Ä»ççÜȮ¼çâȴüþÝâãÑÄ


đđđȩÑã÷ü°Îô°âȩ¼çâȯüþÝâãÑÄ

À°đ°ãÀ°ȩ¼çâȯ÷ÐçñȯüþÝâãÑÄ =DSUDV]DP GR ]DNXSX

þüçô÷ÜÑÄ ñçÀþ÷ĖÜÑ ÀÝ° ÀĖÑļÑȤ ÷üđçôĖçãÄ Ė ñçüôĖÄ»ē ÷Äô¼°
Ñ Ñ đēç»ô°ėãÑȩ 3ÑáÄ đ ÀçüēÜþȤ »°đÄáãÑ°ãÄȤ Ė °ãüē°ÝÄôÎѼĖãēâ
đēñÄáãÑÄãÑÄâȩ ç÷Üçã°áÄ Àç Ė°»°đēȤ ÷ñ°ãÑ°Ȥ ñôĖēüþÝ°ãÑ°Ȥ
ÀÄÜçô°¼ÛÑȩȩȩ Bçâē÷áçÀ°đ¼·Ȥ çô°Ė ñôçÛÄÜü°ãüÄâ â°ôÜÑ LN.âãÑÄ
ÛÄ÷ü âáçÀ° â°â°ȩ BçÀþ÷ÑÄ Ėç÷ü°áē ÷üđçôĖçãÄ ÜÑÄôþÛ·¼ ÷ÑÌ
ñçüôĖÄ»°âÑ â°Ýþ÷ĖÜèđȤ çô°Ė °Üüþ°ÝãēâÑ üôÄãÀ°âÑ ÀÄÜçô°¼ÛÑ
ÀĖÑļÑ̼ÄÎç ñçÜçÛþȩ XēÜçã°ãÄ ÷· Ė »ÄĖñÑļĖãē¼Ð â°üÄôÑ°áèđȤ
»°ôÀĖç âÑáÄ đ ÀçüēÜþȤ ° ñôçñçãçđ°ãÄ đĖçôē À°Û· âçęÝÑđçø½
đē»çôē»çôē ã°đÄü ã°Û»°ôÀĖÑÄÛ đē»ôÄÀãēâ â°Ýþ÷ĖÜçâȩ
đ































































đđđȮÍ°¼Ä»ççÜȮ¼çâȴüþÝâãÑÄ


đđđȩÑã÷ü°Îô°âȩ¼çâȯüþÝâãÑÄ

À°đ°ãÀ°ȩ¼çâȯ÷ÐçñȯüþÝâãÑÄ =DSUDV]DP GR ]DNXSX

.DPLOD =DEHOO ,QGHSHQGHQW 8VERUQH 2UJDQLVHU



$QJORMÇ]\F]QH NVLÃ×NL 8VERUQH WR SLÇNQLH Z\GDQH SR]\FMH GOD ']LHFL L 0ÊRG]LH×\ &LHNDZD WUHÐÅ L Z\MÃWNRZR RU\JLQDOQ\ SU]HND] ZLHG]\ Z]ERJDFDMÃ
QDXNÇ L ]DVSRNDMDMÃ FLHNDZRÐÅ ÐZLDWD

.VLÃ×NL 8VERUQH WR SU]HGH ZV]\VWNLP NVLÃ×HF]NL VHQVRU\F]QH GOD QDMPÊRGV]\FK G]LHFL EDMNL L RSRZLDGDQLD VHULH ] RNLHQNDPL VÊRZQLNL GRVNRQDOH
RSUDFRZDQH PHU\WRU\F]QLH PDWHULDÊ\ HGXNDF\MQH L SRPRFH QDXNRZH GR QDXNL MÇ]\ND DQJLHOVNLHJR Z SU]HGV]NRODFK V]NRÊDFK L Z GRPDFK



















3VKERM^YNʚ OMIVQEW^I ERKPSNʚ^]G^R]GL OWMʈ˵IO
9WFSVRI [ TV^IHW^OSPEGL M W^OSEGL 6SH^MGI
M (^MIGM ^EGL[]GENʈ WMʚ QEKMG^R]QM OWMʈ˵OEQM
9WFSVRI E TPEGɹ[OE HSWXENI HEVQS[I OWMʈ˵OM
HS W[SNIN FMFPMSXIG^OM

3VKERM^YNʚ TSOE^] OWMʈ˵IO 9WFSVRI [ HSQEGL

FMFPMSXIOEGL M [ /PYFEGL 1EPYW^OE
4 4SG^YN QEKMʚ OWMʈ˵IO 9WFSVRI (SWXEʿ
HEVQS[ʈ OWMʈ˵Oʚ 9WFSVRI M WOSV^]WXEN ^ VEFEXɹ[

'LGIW^ HSʈG^]ʊ HS 9WFSVRI M QMIʊ IPEWX]G^R]
G^EW TVEG]# >ETVEW^EQ HS QSNIKS >IWTSY 1EV^Iʿ
&ʚHʚ HPE 'MIFMI [WTEVGMIQ M TSQSKʚ

'M [ TVSGIWMI VINIWXVEGNM





















GSRXEGX$^EOTPERIX GSQ



ZZZ ]DNSODQHW FRP

.DPLOD =DEHOO ,QGHSHQGHQW 8VERUQH 2UJDQLVHU



$QJORMÇ]\F]QH NVLÃ×NL 8VERUQH WR SLÇNQLH Z\GDQH SR]\FMH GOD ']LHFL L 0ÊRG]LH×\ &LHNDZD WUHÐÅ L Z\MÃWNRZR RU\JLQDOQ\ SU]HND] ZLHG]\ Z]ERJDFDMÃ
QDXNÇ L ]DVSRNDMDMÃ FLHNDZRÐÅ ÐZLDWD

.VLÃ×NL 8VERUQH WR SU]HGH ZV]\VWNLP NVLÃ×HF]NL VHQVRU\F]QH GOD QDMPÊRGV]\FK G]LHFL EDMNL L RSRZLDGDQLD VHULH ] RNLHQNDPL VÊRZQLNL GRVNRQDOH
RSUDFRZDQH PHU\WRU\F]QLH PDWHULDÊ\ HGXNDF\MQH L SRPRFH QDXNRZH GR QDXNL MÇ]\ND DQJLHOVNLHJR Z SU]HGV]NRODFK V]NRÊDFK L Z GRPDFK



















3VKERM^YNʚ OMIVQEW^I ERKPSNʚ^]G^R]GL OWMʈ˵IO
9WFSVRI [ TV^IHW^OSPEGL M W^OSEGL 6SH^MGI
M (^MIGM ^EGL[]GENʈ WMʚ QEKMG^R]QM OWMʈ˵OEQM
9WFSVRI E TPEGɹ[OE HSWXENI HEVQS[I OWMʈ˵OM
HS W[SNIN FMFPMSXIG^OM

3VKERM^YNʚ TSOE^] OWMʈ˵IO 9WFSVRI [ HSQEGL

FMFPMSXIOEGL M [ /PYFEGL 1EPYW^OE
4 4SG^YN QEKMʚ OWMʈ˵IO 9WFSVRI (SWXEʿ
HEVQS[ʈ OWMʈ˵Oʚ 9WFSVRI M WOSV^]WXEN ^ VEFEXɹ[

'LGIW^ HSʈG^]ʊ HS 9WFSVRI M QMIʊ IPEWX]G^R]
G^EW TVEG]# >ETVEW^EQ HS QSNIKS >IWTSY 1EV^Iʿ
&ʚHʚ HPE 'MIFMI [WTEVGMIQ M TSQSKʚ

'M [ TVSGIWMI VINIWXVEGNM





















GSRXEGX$^EOTPERIX GSQ



ZZZ ]DNSODQHW FRP

‹ Œ‡•–‡ä›ǫ



ƒƒƒ ‹†• ’ƒ…Š‹‡ „ƒƒƒ‹ ‹ Œ‡äŽ‹ …Š‘…‹ƒĂ ƒ ‘‡– œƒ‹‡•œ ‘…œ›ǡ œ‘„ƒ…œ›•œ ƒŽ‹ˆ‘”‹¸
‹ †œ‹‡…‹ „‹‡‰ƒŒ¦…‡ ’‘ ’ŽƒĂ›Ǥ
Š…‡›ǡ DŽ› ƒ•œ‡ †œ‹‡…‹ …œ—Ï› ™‹ƒ–” ™‡ ™Ï‘•ƒ…Šǡ •Ï‘Ñ…‡ ƒ „—œ‹ƒ…Š ‹ •Ï›•œƒÏ› •œ— ˆƒŽǤ
—„‹› ’ƒ–”œ‡© ƒ •œ…œ¸äŽ‹™‡ †œ‹‡…‹ǡ ƒ œƒ„ƒ™¸ǡ ƒ ”ƒ†‘ä©Ǥ –‡Ă …Š…‡› •Ï›•œ‡© •œ— ˆƒŽǡ
œƒ‰Ï—•œƒ› ’”œ‡œ 䏋‡…ŠǤ


ƒ…› Œ‡•–‡ä›ǫ




ƒƒƒ ‹†• Œ‡•– ™‡•‘σ Œƒ †œ‹‡…‹ œ ƒ–—”›ǡ ’‘‰‘†ƒ ‹ ‘†™ƒĂƒǤ †œ‹‡ •™‘Œ¦ †”‘‰¦ǡ ƒ–—”ƒŽ‹‡
‹ •™‘„‘†‹‡Ǥ ‡•– ’‡Ïƒ Ž—œ—Ǥ
œ‹‡…‹ ™ ƒ•œ›…Š —„”ƒ‹ƒ…Š œ‹‡”œƒŒ¦ ™ ’‘†•‘ƒ…Š ™ •–”‘¸ ‘•œƒŽƒ…‹‡Œ ‡Ž‡‰ƒ…Œ‹ǡ •–›Ž‘™‡‰‘
‹‡Ïƒ†—ǡ ”ƒ†‘•‡Œ –™×”…œ‘ä…‹Ǥ „‹‡”ƒ› †œ‹‡…‹ ƒŽ‡ ‹ ‹‡ ’”œ‡•œƒ†œƒ› ™ „›…‹— •‘„¦Ǥ ƒƒƒ ‹†•

–‘ †œ‹‡…‹ ’‡Ï‡ ƒ–—”ƒŽ‡Œ ‡•’”‡•Œ‹Ǥ

‹ Œ‡•–‡ä›ǫ



ƒƒƒ ‹†• ’ƒ…Š‹‡ „ƒƒƒ‹ ‹ Œ‡äŽ‹ …Š‘…‹ƒĂ ƒ ‘‡– œƒ‹‡•œ ‘…œ›ǡ œ‘„ƒ…œ›•œ ƒŽ‹ˆ‘”‹¸
‹ †œ‹‡…‹ „‹‡‰ƒŒ¦…‡ ’‘ ’ŽƒĂ›Ǥ
Š…‡›ǡ DŽ› ƒ•œ‡ †œ‹‡…‹ …œ—Ï› ™‹ƒ–” ™‡ ™Ï‘•ƒ…Šǡ •Ï‘Ñ…‡ ƒ „—œ‹ƒ…Š ‹ •Ï›•œƒÏ› •œ— ˆƒŽǤ
—„‹› ’ƒ–”œ‡© ƒ •œ…œ¸äŽ‹™‡ †œ‹‡…‹ǡ ƒ œƒ„ƒ™¸ǡ ƒ ”ƒ†‘ä©Ǥ –‡Ă …Š…‡› •Ï›•œ‡© •œ— ˆƒŽǡ
œƒ‰Ï—•œƒ› ’”œ‡œ 䏋‡…ŠǤ


ƒ…› Œ‡•–‡ä›ǫ




ƒƒƒ ‹†• Œ‡•– ™‡•‘σ Œƒ †œ‹‡…‹ œ ƒ–—”›ǡ ’‘‰‘†ƒ ‹ ‘†™ƒĂƒǤ †œ‹‡ •™‘Œ¦ †”‘‰¦ǡ ƒ–—”ƒŽ‹‡
‹ •™‘„‘†‹‡Ǥ ‡•– ’‡Ïƒ Ž—œ—Ǥ
œ‹‡…‹ ™ ƒ•œ›…Š —„”ƒ‹ƒ…Š œ‹‡”œƒŒ¦ ™ ’‘†•‘ƒ…Š ™ •–”‘¸ ‘•œƒŽƒ…‹‡Œ ‡Ž‡‰ƒ…Œ‹ǡ •–›Ž‘™‡‰‘
‹‡Ïƒ†—ǡ ”ƒ†‘•‡Œ –™×”…œ‘ä…‹Ǥ „‹‡”ƒ› †œ‹‡…‹ ƒŽ‡ ‹ ‹‡ ’”œ‡•œƒ†œƒ› ™ „›…‹— •‘„¦Ǥ ƒƒƒ ‹†•

–‘ †œ‹‡…‹ ’‡Ï‡ ƒ–—”ƒŽ‡Œ ‡•’”‡•Œ‹Ǥ

ƒ ’”ƒ…—Œ‡›ǫ





•œ›•–‹‡ —„”ƒ‹ƒ •¦ –‡•–‘™ƒ‡ ’”œ‡œ †œ‹‡…‹ ‹ ‹…Š —™ƒ‰‹ ™”ƒœ œ‡ •’‘•–”œ‡Ă‡‹ƒ‹ †‘”‘•Ï›…Š •¦ ™ƒĂ›‹ ™•ƒœ×™ƒ‹ ’”œ› ’”‘Œ‡–‘™ƒ‹— ‹ ’”‘†—…Œ‹Ǥ ‘†•–ƒ™¦ ƒ•œ‡‰‘
†œ‹ƒÏƒ‹ƒ Œ‡•– ”‡ƒ–›™‘ä©ǡ •‘Ž‹†‘ä© ‹ ’”ƒ…ƒ ƒ† †‘•‘ƒŽ‡‹‡ ƒĂ†‡‰‘ œ ƒÏ›…Š •œ…œ‡‰×Ïי ™›‘Ñ…œ‡‹ƒ —„”ƒÑǤ
„‹‡”ƒ› †œ‹‡…‹ –ƒǡ Œƒ •ƒ‹ •‹¸ —„‹‡”ƒ›Ǥ ”‘†——Œ‡› —„”ƒ‹ƒ ’”œ›Œƒœ‡ 䔑†‘™‹•—ǡ „‘ 䙋ƒ–ǡ ™ –×”› ی‡› Œ‡•– –›Ž‘ ’‘Ă›…œ‘› ‘† ƒ•œ›…Š †œ‹‡…‹ǡ ‹‡†›ä ‹ ‰‘ ’”œ‡ƒĂ‡›Ǥ
…œ›› †œ‹‡…‹ •œƒ…—— †Žƒ ‹›…Šǡ †Žƒ 䔑†‘™‹•ƒǡ †Žƒ 䙋ƒ–ƒǤ…œ›› †œ‹‡…‹ •œƒ…—— †Žƒ ‹›…Šǡ †Žƒ 䔑†‘™‹•ƒǡ †Žƒ 䙋ƒ–ƒǤ …œ›› †œ‹‡…‹ǡ Ç ’‘™‹› ™‹‡”œ›© ™ •‹‡„‹‡ ‹ ’‘†¦Ăƒ© œƒ ƒ”œ‡‹ƒ‹ǡ „‘ ’”‘†—‘™ƒ‹‡ —„”ƒÑ Œ‡•– ƒ•œ›

•’‡Ï‹‘› ƒ”œ‡‹‡Ǥ „”ƒ‹ƒ ƒƒƒ ‹†• •¦ „ƒ”†œ‘ „‡œ’‹‡…œ‡ Ǧ ‹‡ œƒ™‹‡”ƒŒ¦ –‘•›…œ›…Š •—„•–ƒ…Œ‹ …Š‡‹…œ›…Šǡ •¦ —•œ›–‡ œ ™‹‡Ž¦ •–ƒ”ƒ‘ä…‹¦ Ǧ › –‡Ă ‹‡ Ž—„‹›
‰”›œ¦…›…Š ‡–‡ǡ ™‹¸… ‹‡ ™•œ›™ƒ› ‹…Š †‘ —„”ƒÑ †œ‹‡…‹¸…›…ŠǤ †„ƒÏ‘ä…‹¦ ’‘†…Š‘†œ‹› †‘ ™•œ›™ƒ›…Š ‰—œ‹×™ ‹ œƒ×™ǡ „‘ †Žƒ ƒ• 䙋ƒ†…œ› –‘ ‘ ’‘ƒ†’”œ‡…‹¸–‡Œ Œƒ‘ä…‹Ǥ






































ƒ†œ™‘Ñ ‘††œ‹ƒÏ …œ‡™ǣ ή ͜͠ ͘͞͡ ͙͙͡ ͘͜͜
ƒ†œ™‘Ñ •Ž‡’ †›‹ƒ ȋ Ȍǣ ή ͜͠ ͛͛͟ ͚͘͞ ͜͜͝
„•Ï—‰ƒ ‘††œ‹ƒÏ …œ‡™ǣ ’ǤǦ ’–Ǥ ͠ǣ͘͘ Ǧ ͙͞ǣ͘͘
„•Ï—‰ƒ •Ž‡’ †›‹ƒ ǣ ’ǤȂ •‘„Ǥ ͡ǣ͘͘Ǧ ͚͙ǣ͘͘Ǥ ‹‡†œ‹‡Žƒǣ ͙͘ǣ͘͘ Ǧ ͚͘ǣ͘͘












‘–ƒ–̻„ƒƒƒ‹†•Ǥ’Ž ȁ ™™™Ǥ„ƒƒƒ‹†•Ǥ’Ž




O  * ͚͘ά Ǥ Ǥ

ƒ ’”ƒ…—Œ‡›ǫ





•œ›•–‹‡ —„”ƒ‹ƒ •¦ –‡•–‘™ƒ‡ ’”œ‡œ †œ‹‡…‹ ‹ ‹…Š —™ƒ‰‹ ™”ƒœ œ‡ •’‘•–”œ‡Ă‡‹ƒ‹ †‘”‘•Ï›…Š •¦ ™ƒĂ›‹ ™•ƒœ×™ƒ‹ ’”œ› ’”‘Œ‡–‘™ƒ‹— ‹ ’”‘†—…Œ‹Ǥ ‘†•–ƒ™¦ ƒ•œ‡‰‘
†œ‹ƒÏƒ‹ƒ Œ‡•– ”‡ƒ–›™‘ä©ǡ •‘Ž‹†‘ä© ‹ ’”ƒ…ƒ ƒ† †‘•‘ƒŽ‡‹‡ ƒĂ†‡‰‘ œ ƒÏ›…Š •œ…œ‡‰×Ïי ™›‘Ñ…œ‡‹ƒ —„”ƒÑǤ
„‹‡”ƒ› †œ‹‡…‹ –ƒǡ Œƒ •ƒ‹ •‹¸ —„‹‡”ƒ›Ǥ ”‘†——Œ‡› —„”ƒ‹ƒ ’”œ›Œƒœ‡ 䔑†‘™‹•—ǡ „‘ 䙋ƒ–ǡ ™ –×”› ی‡› Œ‡•– –›Ž‘ ’‘Ă›…œ‘› ‘† ƒ•œ›…Š †œ‹‡…‹ǡ ‹‡†›ä ‹ ‰‘ ’”œ‡ƒĂ‡›Ǥ
…œ›› †œ‹‡…‹ •œƒ…—— †Žƒ ‹›…Šǡ †Žƒ 䔑†‘™‹•ƒǡ †Žƒ 䙋ƒ–ƒǤ…œ›› †œ‹‡…‹ •œƒ…—— †Žƒ ‹›…Šǡ †Žƒ 䔑†‘™‹•ƒǡ †Žƒ 䙋ƒ–ƒǤ …œ›› †œ‹‡…‹ǡ Ç ’‘™‹› ™‹‡”œ›© ™ •‹‡„‹‡ ‹ ’‘†¦Ăƒ© œƒ ƒ”œ‡‹ƒ‹ǡ „‘ ’”‘†—‘™ƒ‹‡ —„”ƒÑ Œ‡•– ƒ•œ›

•’‡Ï‹‘› ƒ”œ‡‹‡Ǥ „”ƒ‹ƒ ƒƒƒ ‹†• •¦ „ƒ”†œ‘ „‡œ’‹‡…œ‡ Ǧ ‹‡ œƒ™‹‡”ƒŒ¦ –‘•›…œ›…Š •—„•–ƒ…Œ‹ …Š‡‹…œ›…Šǡ •¦ —•œ›–‡ œ ™‹‡Ž¦ •–ƒ”ƒ‘ä…‹¦ Ǧ › –‡Ă ‹‡ Ž—„‹›
‰”›œ¦…›…Š ‡–‡ǡ ™‹¸… ‹‡ ™•œ›™ƒ› ‹…Š †‘ —„”ƒÑ †œ‹‡…‹¸…›…ŠǤ †„ƒÏ‘ä…‹¦ ’‘†…Š‘†œ‹› †‘ ™•œ›™ƒ›…Š ‰—œ‹×™ ‹ œƒ×™ǡ „‘ †Žƒ ƒ• 䙋ƒ†…œ› –‘ ‘ ’‘ƒ†’”œ‡…‹¸–‡Œ Œƒ‘ä…‹Ǥ






































ƒ†œ™‘Ñ ‘††œ‹ƒÏ …œ‡™ǣ ή ͜͠ ͘͞͡ ͙͙͡ ͘͜͜
ƒ†œ™‘Ñ •Ž‡’ †›‹ƒ ȋ Ȍǣ ή ͜͠ ͛͛͟ ͚͘͞ ͜͜͝
„•Ï—‰ƒ ‘††œ‹ƒÏ …œ‡™ǣ ’ǤǦ ’–Ǥ ͠ǣ͘͘ Ǧ ͙͞ǣ͘͘
„•Ï—‰ƒ •Ž‡’ †›‹ƒ ǣ ’ǤȂ •‘„Ǥ ͡ǣ͘͘Ǧ ͚͙ǣ͘͘Ǥ ‹‡†œ‹‡Žƒǣ ͙͘ǣ͘͘ Ǧ ͚͘ǣ͘͘












‘–ƒ–̻„ƒƒƒ‹†•Ǥ’Ž ȁ ™™™Ǥ„ƒƒƒ‹†•Ǥ’Ž




O  * ͚͘ά Ǥ Ǥ

/DOND 0HWRR WR VNOHS LQWHUQHWRZ\ Z NWµU\P ]QDMG]LHV] ÐSLÃFH ODONL ] XV]NDPL L SLÇNQH
R]GRE\ GR G]LHFLÇF\FK SRNRLNµZ 3R]QDM QDV]H QLHWX]LQNRZH SURGXNW\ L RGZLHGÕ QDV
QD ZZZ ODONDPHWRR SO

-HVWHÐP\ 2ĆFMDOQ\P '\VWU\EXWRUHP RU\JLQDOQ\FK ODOHN 0HWRR



35202&-$




.2$/$ &0 3/86 /$/.$ = 86=.$0, : %,$É(- 68.,(1&(


3URPRF\MQ\ SDNLHW /DOND NRDOD FP ] LPLHQLHP SOXV QDV] EHVWVHOOHU ODOND ] XV]NDPL Z ELDÊHM

VXNLHQFH ] LPLHQLHP

1D ODONDFK ] LPLHQLHP QD ×\F]HQLH XPLHV]F]DP\ GRZROQ\ QDSLV : W\P FHOX Z RNLHQNX QDOH×\ ZSLVDÅ LPLÇ RUD]
Z\EUDÅ NRORU F]FLRQNL L LQIRUPDFMÇ QD MDNLHM ODOFH NWµUH LPLÇ PDP\ XPLHÐFLÅ 1S .RDOD =RVLD 8V]DWND 0DU\VLD
&]DV RF]HNLZDQLD QD ODONÇ ] LPLHQLHP WR RN GQL URERF]H ]DPµZLHÌ Z\V\ÊDP\ MX× QD GUXJL G]LHÌ

/DOHF]NL ĆUP\ 0HWRR VÃ RU\JLQDOQH L SRVLDGDMÃ V\PERO &( FR R]QDF]D ×H SURGXNW MHVW ]JRGQ\ ] SRGVWDZRZ\PL
Z\PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND \PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND
Z

3/1






























::: /$/.$0(722 3/




8OLFD :LHU]ELFND D _ 5DGRP :RMHZµG]WZR PD]RZLHFNLH 7HOHIRQ _ H PDLO KHOOR#ODONDPHWRR SO

/DOND 0HWRR WR VNOHS LQWHUQHWRZ\ Z NWµU\P ]QDMG]LHV] ÐSLÃFH ODONL ] XV]NDPL L SLÇNQH
R]GRE\ GR G]LHFLÇF\FK SRNRLNµZ 3R]QDM QDV]H QLHWX]LQNRZH SURGXNW\ L RGZLHGÕ QDV
QD ZZZ ODONDPHWRR SO

-HVWHÐP\ 2ĆFMDOQ\P '\VWU\EXWRUHP RU\JLQDOQ\FK ODOHN 0HWRR



35202&-$




.2$/$ &0 3/86 /$/.$ = 86=.$0, : %,$É(- 68.,(1&(


3URPRF\MQ\ SDNLHW /DOND NRDOD FP ] LPLHQLHP SOXV QDV] EHVWVHOOHU ODOND ] XV]NDPL Z ELDÊHM

VXNLHQFH ] LPLHQLHP

1D ODONDFK ] LPLHQLHP QD ×\F]HQLH XPLHV]F]DP\ GRZROQ\ QDSLV : W\P FHOX Z RNLHQNX QDOH×\ ZSLVDÅ LPLÇ RUD]
Z\EUDÅ NRORU F]FLRQNL L LQIRUPDFMÇ QD MDNLHM ODOFH NWµUH LPLÇ PDP\ XPLHÐFLÅ 1S .RDOD =RVLD 8V]DWND 0DU\VLD
&]DV RF]HNLZDQLD QD ODONÇ ] LPLHQLHP WR RN GQL URERF]H ]DPµZLHÌ Z\V\ÊDP\ MX× QD GUXJL G]LHÌ

/DOHF]NL ĆUP\ 0HWRR VÃ RU\JLQDOQH L SRVLDGDMÃ V\PERO &( FR R]QDF]D ×H SURGXNW MHVW ]JRGQ\ ] SRGVWDZRZ\PL
Z\PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND \PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND
Z

3/1






























::: /$/.$0(722 3/




8OLFD :LHU]ELFND D _ 5DGRP :RMHZµG]WZR PD]RZLHFNLH 7HOHIRQ _ H PDLO KHOOR#ODONDPHWRR SO

".&&5 4Q [ P P
VM /PXF 4BEZ ŒØEŖ UFM GBLT
F NBJM BNFFU!BNFFU QM ] XXX BNFFU QM




%JTOFZ .BMVDI &MFNFOUBS[ MBULB


4FSJB v1P’ľD[ ,SPQLJw ,TJľŗLB XTQJFSB OBKN’PET[ZDI X QP[OBXBOJV PUBD[BKľDFHP ŐXJBUB

J QPS[ľELVKF KVŗ [EPCZUľ XJFE[ņ ,BŗEB QMBOT[B UP OPXZ UFNBU EP
,TJľŗLJ [F ŐDJFSBMOZNJ TUSPOBNJ EMB NB’ZDI SP[NPXZ J OPXF XZ[XBOJF EMB NBMVT[LB 1PED[BT [BCBXZ E[JFDLP
BSUZTUØX 8ZTUBSD[ľ LPMPSPXF NB[BLJ PSB[ [ ’BUXPŐDJľ QS[ZTXBKB OJF[OBOF QPKņDJB SP[XJKB T’PXOJDUXP ĿXJD[Z
ŐDJFSFD[LB ŗFCZ E[JFDLP ĿXJD[Z’P TQSBXOPŐĿ TQPTUS[FHBXD[PŐĿ J MPHJD[OF NZŐMFOJF 6MVCJPOF UFNBUZ PSB[ VSPD[F
NBOVBMOľ X UPXBS[ZTUXJF TXPJDI VMVCJPOZDI JMVTUSBDKF [ CPIBUFSBNJ %JTOFZB TQSBXJľ ŗF MFLUVSB v&MFNFOUBS[Bw
CPIBUFSØX %VŗF PCSB[LJ Tľ QS[ZKB[OF EMB TUBOJF TJņ DPE[JFOOZN SZUVB’FN
NBMVT[LB CBSXOF LSPQLJ QPNBHBKľ X XZCPS[F
LPMPSV NB[BLB B E[JņLJ QPOVNFSPXBOZN
LSPQLPN E[JFDLP QP[OB J VUSXBMJ TPCJF LPMFKOPŐĿ
LS
DZGS v1P’ľD[ ,SPQLJw UP SØXOJFŗ [OBLPNJUZ
TQPTØC OB [BQFXOJFOJF E[JFDLV XJFMV HPE[JO
XTQBOJB’FK [BCBXZ 4FSJB v.BMVDI 0ELSZXBw


4FSJB v&%6CMPL ĈXJD[ņ 3ņLņw ,TJľŗLJ LUØSF CBXJľ J VD[ľ EBKľD EVŗP SBEPŐDJ [F XTQØMOFHP
TQņE[BOJB D[BTV 5FNBUZLB CMJTLB E[JFDLV QPNPŗF NV QP[OBĿ
8TQBOJB’B [BCBXB X ŐXJFDJF T[MBD[LØX /B LBŗEFK TUSPOJF OB QS[FET[LPMBLB D[FLBKľ OPXF XZ[XBOJB SØŗOPSPEOF QS[FENJPUZ J [KBXJTLB PUBD[BKľDFHP ŐXJBUB B VSPD[F XJFST[ZLJ
ĿXJD[FOJB J [BEBOJB PEX[PSPXZXBOJF QJTBOJF QP ŐMBE[JF LSFŐMFOJF MJOJJ D[Z ’ľD[FOJF QVOLUØX 1S[ZHPEB [F T[MBD[LBNJ UP OJF X[CPHBDľ T’PXOJDUXP NBMVDIB #BSXOF JMVTUSBDKF SP[XJOľ
UZMLP XTQBOJB’B [BCBXB BMF UFŗ ŐXJFUOB PLB[KB EP EPTLPOBMFOJB VNJFKņUOPŐDJ NBOVBMOZDI PSB[ UFDIOJLJ US[ZNBOJB P’ØXLB o XZPCSBŖOJņ J [BDIņDľ EP MFLUVSZ %[JņLJ PLJFOLPN NBMVDI
B UP QJFSXT[Z XBŗOZ LSPL EP OBVLJ TBNPE[JFMOFHP QJTBOJB DZGS J MJUFS CņE[JF XJFMF SB[Z TJņHB’ QP LTJľŗLņ ŗFCZ PELSZXBĿ LPMFKOF
OJFTQPE[JBOLJ B UXBSEF TUSPOZ [BQFXOJľ [BCBXņ OB E’VHJF
NJFTJľDF
NJFTJľDF






,TJľŗLJ [ NJOJmHVSLľ -&(0¥



/BKOPXT[F UZUV’Z [ CFTUTFMMFSPXFK TFSJJ LTJľŗFL [ NJOJmHVSLľ
,BŗEZ UZUV’ UP PLB[KB EP [BCBXZ X ŐXJFDJF VMVCJPOZDI
CPIBUFSØX -&(0¥ 8 ŐSPELV OB NB’ZDI GBOØX CVEPXBOJB
.BMPXBOLJ XPEOF D[FLBKľ LPNJLTZ [BEBOJB PSB[ NJOJmHVSLB EP TBNPE[JFMOFHP
[’PŗFOJB
.BMPXBOLJ XPEOF UP JEFBMOB QSPQP[ZDKB EMB OBKN’PET[ZDI BSUZTUØX ;BCBSXJPOF TUSPOZ NBMVDI QPDJľHB QņE[FMLJFN
[BNPD[POZN X XPE[JF J PUS[ZNVKF QJņLOF CBSXOF JMVTUSBDKF 1SPTUB GPSNV’B TQSBXJB ŗF E[JFDLP [B LBŗEZN SB[FN NPŗF
MJD[ZĿ OB QP[ZUZXOF SF[VMUBUZ B UP KFTU [OBLPNJUľ NPUZXBDKľ %PEBULPXZN BUVUFN Tľ CPIBUFSPXJF mMNØX J TFSJBMJ




,TJľŗLJ [ TFSJJ 4DIMFJDI¥ '"3. 803-%


,BŗEZ UZUV’ UP EMB QS[FET[LPMBLØX PLB[KB EP XTQBOJB’FK
[BCBXZ 8 LTJľŗLBDI D[FLBKľ OB NBMVDIZ SØŗOPSPEOF
[BEBOJB OBLMFKLJ DJFLBXPTULJ [ ŗZDJB [XJFS[ľU PSB[ NOØTUXP
LPMPSPXZDI JMVTUSBDKJ







8JņDFK OB XXX BNFFU QM

".&&5 4Q [ P P
VM /PXF 4BEZ ŒØEŖ UFM GBLT
F NBJM BNFFU!BNFFU QM ] XXX BNFFU QM




%JTOFZ .BMVDI &MFNFOUBS[ MBULB


4FSJB v1P’ľD[ ,SPQLJw ,TJľŗLB XTQJFSB OBKN’PET[ZDI X QP[OBXBOJV PUBD[BKľDFHP ŐXJBUB

J QPS[ľELVKF KVŗ [EPCZUľ XJFE[ņ ,BŗEB QMBOT[B UP OPXZ UFNBU EP
,TJľŗLJ [F ŐDJFSBMOZNJ TUSPOBNJ EMB NB’ZDI SP[NPXZ J OPXF XZ[XBOJF EMB NBMVT[LB 1PED[BT [BCBXZ E[JFDLP
BSUZTUØX 8ZTUBSD[ľ LPMPSPXF NB[BLJ PSB[ [ ’BUXPŐDJľ QS[ZTXBKB OJF[OBOF QPKņDJB SP[XJKB T’PXOJDUXP ĿXJD[Z
ŐDJFSFD[LB ŗFCZ E[JFDLP ĿXJD[Z’P TQSBXOPŐĿ TQPTUS[FHBXD[PŐĿ J MPHJD[OF NZŐMFOJF 6MVCJPOF UFNBUZ PSB[ VSPD[F
NBOVBMOľ X UPXBS[ZTUXJF TXPJDI VMVCJPOZDI JMVTUSBDKF [ CPIBUFSBNJ %JTOFZB TQSBXJľ ŗF MFLUVSB v&MFNFOUBS[Bw
CPIBUFSØX %VŗF PCSB[LJ Tľ QS[ZKB[OF EMB TUBOJF TJņ DPE[JFOOZN SZUVB’FN
NBMVT[LB CBSXOF LSPQLJ QPNBHBKľ X XZCPS[F
LPMPSV NB[BLB B E[JņLJ QPOVNFSPXBOZN
LSPQLPN E[JFDLP QP[OB J VUSXBMJ TPCJF LPMFKOPŐĿ
LS
DZGS v1P’ľD[ ,SPQLJw UP SØXOJFŗ [OBLPNJUZ
TQPTØC OB [BQFXOJFOJF E[JFDLV XJFMV HPE[JO
XTQBOJB’FK [BCBXZ 4FSJB v.BMVDI 0ELSZXBw


4FSJB v&%6CMPL ĈXJD[ņ 3ņLņw ,TJľŗLJ LUØSF CBXJľ J VD[ľ EBKľD EVŗP SBEPŐDJ [F XTQØMOFHP
TQņE[BOJB D[BTV 5FNBUZLB CMJTLB E[JFDLV QPNPŗF NV QP[OBĿ
8TQBOJB’B [BCBXB X ŐXJFDJF T[MBD[LØX /B LBŗEFK TUSPOJF OB QS[FET[LPMBLB D[FLBKľ OPXF XZ[XBOJB SØŗOPSPEOF QS[FENJPUZ J [KBXJTLB PUBD[BKľDFHP ŐXJBUB B VSPD[F XJFST[ZLJ
ĿXJD[FOJB J [BEBOJB PEX[PSPXZXBOJF QJTBOJF QP ŐMBE[JF LSFŐMFOJF MJOJJ D[Z ’ľD[FOJF QVOLUØX 1S[ZHPEB [F T[MBD[LBNJ UP OJF X[CPHBDľ T’PXOJDUXP NBMVDIB #BSXOF JMVTUSBDKF SP[XJOľ
UZMLP XTQBOJB’B [BCBXB BMF UFŗ ŐXJFUOB PLB[KB EP EPTLPOBMFOJB VNJFKņUOPŐDJ NBOVBMOZDI PSB[ UFDIOJLJ US[ZNBOJB P’ØXLB o XZPCSBŖOJņ J [BDIņDľ EP MFLUVSZ %[JņLJ PLJFOLPN NBMVDI
B UP QJFSXT[Z XBŗOZ LSPL EP OBVLJ TBNPE[JFMOFHP QJTBOJB DZGS J MJUFS CņE[JF XJFMF SB[Z TJņHB’ QP LTJľŗLņ ŗFCZ PELSZXBĿ LPMFKOF
OJFTQPE[JBOLJ B UXBSEF TUSPOZ [BQFXOJľ [BCBXņ OB E’VHJF
NJFTJľDF
NJFTJľDF






,TJľŗLJ [ NJOJmHVSLľ -&(0¥



/BKOPXT[F UZUV’Z [ CFTUTFMMFSPXFK TFSJJ LTJľŗFL [ NJOJmHVSLľ
,BŗEZ UZUV’ UP PLB[KB EP [BCBXZ X ŐXJFDJF VMVCJPOZDI
CPIBUFSØX -&(0¥ 8 ŐSPELV OB NB’ZDI GBOØX CVEPXBOJB
.BMPXBOLJ XPEOF D[FLBKľ LPNJLTZ [BEBOJB PSB[ NJOJmHVSLB EP TBNPE[JFMOFHP
[’PŗFOJB
.BMPXBOLJ XPEOF UP JEFBMOB QSPQP[ZDKB EMB OBKN’PET[ZDI BSUZTUØX ;BCBSXJPOF TUSPOZ NBMVDI QPDJľHB QņE[FMLJFN
[BNPD[POZN X XPE[JF J PUS[ZNVKF QJņLOF CBSXOF JMVTUSBDKF 1SPTUB GPSNV’B TQSBXJB ŗF E[JFDLP [B LBŗEZN SB[FN NPŗF
MJD[ZĿ OB QP[ZUZXOF SF[VMUBUZ B UP KFTU [OBLPNJUľ NPUZXBDKľ %PEBULPXZN BUVUFN Tľ CPIBUFSPXJF mMNØX J TFSJBMJ




,TJľŗLJ [ TFSJJ 4DIMFJDI¥ '"3. 803-%


,BŗEZ UZUV’ UP EMB QS[FET[LPMBLØX PLB[KB EP XTQBOJB’FK
[BCBXZ 8 LTJľŗLBDI D[FLBKľ OB NBMVDIZ SØŗOPSPEOF
[BEBOJB OBLMFKLJ DJFLBXPTULJ [ ŗZDJB [XJFS[ľU PSB[ NOØTUXP
LPMPSPXZDI JMVTUSBDKJ







8JņDFK OB XXX BNFFU QM

ANGIELSKI DLA DZIECI PIOSENKI KAPITAN
NAUKA, OPRACOWANIE ZBIOROWE

NNNN NhN NNNNNN NNNNNNNNNN NN NNNNNN
3N NNNN dN NdNNć, dNNNNN NNóNNN
NNchNNNNN NNżNN NNNNNNN N żNcNN
WWW.FABRYKAWAFELKOW.PL NNNNNgN NNNNNNNNN


MARKOWE PRODUKTY WYSOKIEJ JAKOŚCI. NASZ SKLEP INTERNETOWY POSIADA 29,90
NAJBOGATSZĄ OFERTĘ W POLSCE. ZAPRASZAMY NA ZAKUPY!






NATURALNA PASTA DO ZĘBÓW,
ORGANICZNY BANAN I XYLITOL, SKIP HOP, STALOWY BIDON SOWA ZOO

50G, JACK N'JILL ChcN NN NNN NNć! TN NłNNN NNNcN
NNNNNNNN NNNNN NNgNNN N XNNNNNNN NNNNNNNdNNNNN N NNNNóżNNNNNNNch
NNNNNcNNch, NNNNch dNNN N NNNNNNNłNch NNNNNcNchN
ONgNNNcNNN NNłNdNNNN NNNNNNNNNą
NNNNNNcNNńNNNN N NdNNNNNN 108,00
29,90





PLECAK LITTLELIFE SPIDERMAN LASSIG, PLECAK WOREK

ZNNNNNN N NNNNNNN NNNNNNNN NNNcNN LITTLE MONSTER GRANAT
NNNdNNNNN N NNNNN N�NN NNN NNNN NNNNNNNcNNNN ŁNdNN N NNNNNNcNNN NNNNN NNNcNN
dNN NNNNchóN Nd NN 3 NNNN żNcNNN NNNNNNcNNNN NNNNN NNNIGN DNNNNNNłN
NN NNNóN NNNNNNNN NNN NNNNNN NN NNNNNNN
139,00
79,00








SKIP HOP, PLECAK ZOO JANOD, KLOCKI DREWNIANE Z MATĄ DO

PACKS ŻYRAFA ZABAWY KUBIX 40 SZTUK LITERY I CYFRY

NNcNN NNN NNcNN NNNN NdNNNNN NNNN ZNNNNN NNNNNNNNch, dNNNNNNNNch NNNcNóN
NNNNNNNN NNNcNN dNN NNNNdNNNNNNNN KNNNx N NNNą dN NNNNNN NNNNcNNNNNN NNNNN
N NdNNNNNN NNdNNN NNN NNcNNcNNN cNN NNż NNNNNNN Nż NN NNNNNNNóN – NNNścNNNóN
NNNNcNNNN NNNNNdNN N NNNNNNcNNNNNN NN Nch ścNNNNch NNNNNNN FABRYKAWAFELKOW.PL SALON

99,00 N cNNNNNNN NNN NNNN NNNNNNN NNN N NNNNNN NNNNNNNN
149,00 NNNNNNNNNN NNN N NNNNN NNN NN NNN NN NN
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNN

ANGIELSKI DLA DZIECI PIOSENKI KAPITAN
NAUKA, OPRACOWANIE ZBIOROWE

NNNN NhN NNNNNN NNNNNNNNNN NN NNNNNN
3N NNNN dN NdNNć, dNNNNN NNóNNN
NNchNNNNN NNżNN NNNNNNN N żNcNN
WWW.FABRYKAWAFELKOW.PL NNNNNgN NNNNNNNNN


MARKOWE PRODUKTY WYSOKIEJ JAKOŚCI. NASZ SKLEP INTERNETOWY POSIADA 29,90
NAJBOGATSZĄ OFERTĘ W POLSCE. ZAPRASZAMY NA ZAKUPY!






NATURALNA PASTA DO ZĘBÓW,
ORGANICZNY BANAN I XYLITOL, SKIP HOP, STALOWY BIDON SOWA ZOO

50G, JACK N'JILL ChcN NN NNN NNć! TN NłNNN NNNcN
NNNNNNNN NNNNN NNgNNN N XNNNNNNN NNNNNNNdNNNNN N NNNNóżNNNNNNNch
NNNNNcNNch, NNNNch dNNN N NNNNNNNłNch NNNNNcNchN
ONgNNNcNNN NNłNdNNNN NNNNNNNNNą
NNNNNNcNNńNNNN N NdNNNNNN 108,00
29,90





PLECAK LITTLELIFE SPIDERMAN LASSIG, PLECAK WOREK

ZNNNNNN N NNNNNNN NNNNNNNN NNNcNN LITTLE MONSTER GRANAT
NNNdNNNNN N NNNNN N�NN NNN NNNN NNNNNNNcNNNN ŁNdNN N NNNNNNcNNN NNNNN NNNcNN
dNN NNNNchóN Nd NN 3 NNNN żNcNNN NNNNNNcNNNN NNNNN NNNIGN DNNNNNNłN
NN NNNóN NNNNNNNN NNN NNNNNN NN NNNNNNN
139,00
79,00








SKIP HOP, PLECAK ZOO JANOD, KLOCKI DREWNIANE Z MATĄ DO

PACKS ŻYRAFA ZABAWY KUBIX 40 SZTUK LITERY I CYFRY

NNcNN NNN NNcNN NNNN NdNNNNN NNNN ZNNNNN NNNNNNNNch, dNNNNNNNNch NNNcNóN
NNNNNNNN NNNcNN dNN NNNNdNNNNNNNN KNNNx N NNNą dN NNNNNN NNNNcNNNNNN NNNNN
N NdNNNNNN NNdNNN NNN NNcNNcNNN cNN NNż NNNNNNN Nż NN NNNNNNNóN – NNNścNNNóN
NNNNcNNNN NNNNNdNN N NNNNNNcNNNNNN NN Nch ścNNNNch NNNNNNN FABRYKAWAFELKOW.PL SALON

99,00 N cNNNNNNN NNN NNNN NNNNNNN NNN N NNNNNN NNNNNNNN
149,00 NNNNNNNNNN NNN N NNNNN NNN NN NNN NN NN
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNN

+FTUFėNZ EPėXJBED[POÁ LBESÁ [BXPEPXD¯X LU¯SB LSFVKF OPXF
USFOEZ OB SZOLV QSBDZ X PCT[BS[F BOJNBDKJ D[BTV XPMOFHP
/B[Á NJTKÁ KFTU QPCVE[FOJF QBTKJ X LBĸEZN LUP QSBHOJF
TBNPSFBMJ[BDKJ QPþÁD[POFK [ [BCBXÁ 8 PEQPXJFE[J OB [BQPUS[FCPXBOJF
SZOLV OB VTþVHJ BOJNBDZKOF EBKFNZ QBUFOU EP OPXFHP [BXPEV KBLP MJEFS
KFTUFėNZ UBN HE[JF OBT QPUS[FCVKFDJF












"OJNBUPS UP PH¯MOPQPMTLJ MJEFS X [BLSFTJF T[LPMFĀ "OJNBDKJ $[BTV 8PMOFHP
PSHBOJ[BDKJ FWFOU¯X PSB[ QPėSFEOJDUXB QSBDZ QS[Z SFBMJ[BDKJ BOJNBDKJ
IPUFMPXZDI [B HSBOJDÁ ,JMLVMFUOJB PCFDOPėÃ OB SZOLV UP TFULJ
QS[FQSPXBE[POZDI T[LPMFĀ DBTUJOH¯X J JNQSF[ EMB OBKXJÕLT[ZDI
5PVSPQFSBUPS¯X X LSBKV J &VSPQJF ,BĸEFHP SPLV DFSUZţLBU "OJNBUPSB
$[BTV 8PMOFHP PECJFSB CMJTLP LVSTBOU¯X QP UP BCZ QSBDPXBÃ
OB BOJNBDKBDI [B HSBOJDÁ PSB[ [EPCZXBÃ EPEBULPXF EPėXJBED[FOJF




































XXX BOJNBUPSDFOUFS DPN


JOGP!BOJNBUPSDFOUFS DPN

+FTUFėNZ EPėXJBED[POÁ LBESÁ [BXPEPXD¯X LU¯SB LSFVKF OPXF
USFOEZ OB SZOLV QSBDZ X PCT[BS[F BOJNBDKJ D[BTV XPMOFHP
/B[Á NJTKÁ KFTU QPCVE[FOJF QBTKJ X LBĸEZN LUP QSBHOJF
TBNPSFBMJ[BDKJ QPþÁD[POFK [ [BCBXÁ 8 PEQPXJFE[J OB [BQPUS[FCPXBOJF
SZOLV OB VTþVHJ BOJNBDZKOF EBKFNZ QBUFOU EP OPXFHP [BXPEV KBLP MJEFS
KFTUFėNZ UBN HE[JF OBT QPUS[FCVKFDJF












"OJNBUPS UP PH¯MOPQPMTLJ MJEFS X [BLSFTJF T[LPMFĀ "OJNBDKJ $[BTV 8PMOFHP
PSHBOJ[BDKJ FWFOU¯X PSB[ QPėSFEOJDUXB QSBDZ QS[Z SFBMJ[BDKJ BOJNBDKJ
IPUFMPXZDI [B HSBOJDÁ ,JMLVMFUOJB PCFDOPėÃ OB SZOLV UP TFULJ
QS[FQSPXBE[POZDI T[LPMFĀ DBTUJOH¯X J JNQSF[ EMB OBKXJÕLT[ZDI
5PVSPQFSBUPS¯X X LSBKV J &VSPQJF ,BĸEFHP SPLV DFSUZţLBU "OJNBUPSB
$[BTV 8PMOFHP PECJFSB CMJTLP LVSTBOU¯X QP UP BCZ QSBDPXBÃ
OB BOJNBDKBDI [B HSBOJDÁ PSB[ [EPCZXBÃ EPEBULPXF EPėXJBED[FOJF




































XXX BOJNBUPSDFOUFS DPN


JOGP!BOJNBUPSDFOUFS DPN

+DSS\+RS WR G\VWU\EXWRU Z\VRNLHM NODV\


GPXFKDĂFµZ L ]DEDZHN RJURGRZ\FK


: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR ZV]\VWNR WR F]HJR :DV]H G]LHFL SRWU]HEXMÃ GR Z\ÐPLHQLWHM ]DEDZ\
2IHURZDQH GPXFKDÌFH SRVLDGDMÃ XQLNDOQ\ L FLHNDZ\ Z\JOÃG D SRQDGWR ND×G\ ] QLFK GRVWÇSQ\ MHVW
UµZQLH× Z ZHUVML NRPHUF\MQHM ZLÇNV]HM RG GRPRZ\FK RGSRZLHGQLNµZ

+DSS\ +RS ]DMPXMH VLÇ UµZQLH× RUJDQL]DFMÃ LPSUH] SOHQHURZ\FK ]GHMPXMÃF RERZLÃ]HN SODQRZDQLD
] EDUNµZ URG]LFµZ =DSHZQLDP\ G]LHFLRP QLH]DSRPQLDQH ZUD×HQLD L ZLHOH FLHNDZ\FK ]DEDZ

=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] QDV]Ã ERJDWÃ RIHUWÃ QD VWURQLH ĆUPRZHM +DSS\+RS















































ZZZ KDSS\KRS SO



ELXUR#KDSS\KRS SO 5$%$78
+DVÊR UDEDWRZH
0DJD]\Q 3U]HGV]NROD

+DSS\+RS WR G\VWU\EXWRU Z\VRNLHM NODV\


GPXFKDĂFµZ L ]DEDZHN RJURGRZ\FK


: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR ZV]\VWNR WR F]HJR :DV]H G]LHFL SRWU]HEXMÃ GR Z\ÐPLHQLWHM ]DEDZ\
2IHURZDQH GPXFKDÌFH SRVLDGDMÃ XQLNDOQ\ L FLHNDZ\ Z\JOÃG D SRQDGWR ND×G\ ] QLFK GRVWÇSQ\ MHVW
UµZQLH× Z ZHUVML NRPHUF\MQHM ZLÇNV]HM RG GRPRZ\FK RGSRZLHGQLNµZ

+DSS\ +RS ]DMPXMH VLÇ UµZQLH× RUJDQL]DFMÃ LPSUH] SOHQHURZ\FK ]GHMPXMÃF RERZLÃ]HN SODQRZDQLD
] EDUNµZ URG]LFµZ =DSHZQLDP\ G]LHFLRP QLH]DSRPQLDQH ZUD×HQLD L ZLHOH FLHNDZ\FK ]DEDZ

=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] QDV]Ã ERJDWÃ RIHUWÃ QD VWURQLH ĆUPRZHM +DSS\+RS















































ZZZ KDSS\KRS SO



ELXUR#KDSS\KRS SO 5$%$78
+DVÊR UDEDWRZH
0DJD]\Q 3U]HGV]NROD









































1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL

SLÇNQHJR ÐZLDWD GRRNRÊD





$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/

1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL

SLÇNQHJR ÐZLDWD GRRNRÊD





$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/






Click to View FlipBook Version