MP Tuliszkow II

.PȈMJXPǴǎ PCFKS[FOJB LTJnjȈFL
QS[FE JDI [BLVQFN



*OEZXJEVBMOB PGFSUB EPQBTPXBOB
EP 1BǩTUXB QPUS[FC



%PTUBXB HSBUJT QS[Z

[BNØXJFOJBDI QPXZȈFK [’






#00,4 TQؒLB [ P P
,TJǗHBSOJB J )VSUPXOJB 5BOJFK ,TJnjȈLJ
LjZDIMJO VM 5VMJT[LPXTLB E 4UBSF .JBTUP
UFM TLMFQ!LTJFHBSOJB UVMJT[LPX QM

X X X L T J F H B S O J B U V M J T [ L P X Q M

;XJFS[ǗUB ǴXJBUB $P +BL %MBD[FHP &ODZLMPQFEJB
X QZUBOJBDI J PEQPXJFE[JBDI

;XJFS[ǗUB ǴXJBUB &ODZLMPQFEJB X QZUBOJBDI J PEQPXJFE[JBDI UP
LTJnjȈLB EFEZLPXBOB N’PET[ZN E[JFDJPN LUØSB CǗE[JF TLBSCOJDnj
XJFE[Z OB UFNBU SØȈOZDI HBUVOLØX [XJFS[njU UZDI XTQؒD[FTOZDI
PSB[ UZDI ȈZKnjDZDI QS[FE XJFLBNJ

$FOB 1-/


1PFDJ EMB E[JFDJ $[BSPE[JFKTLJF QPEXØSLP J JOOF XJFST[F
+FTUFǴNZ MJEFSFN OB SZOLV TQS[FEBȈZ LTJnjȈFL [ QS[F[OBD[FOJFN EMB QMBDØXFL FEVLBDZKOZDI
J CJCMJPUFL QVCMJD[OZDI %PSPUB (FMMOFS QPFULB QSP[BJL %"." 03%&36 6ƴ.*&$)6 DØSLB

0E LJMLVOBTUV MBU SFBMJ[VKFNZ [BNØXJFOJB OB UFSFOJF DB’FHP LSBKV J [B HSBOJDnj QPFULJ %BOVUZ (FMMOFSPXFK 1BUSPOLB TJFENJV QS[FET[LPMJ J KFEOFK
T[LP’Z QPETUBXPXFK "VUPSLB QPOBE TUV LTJnjȈFL J QPOBE EXVTUV
8 OBT[ZDI PGFSUBDI [OBKE[JFDJF 1BǩTUXP UFLTUØX QJPTFOFL EMB E[JFDJ B UBLȈF T’VDIPXJTL SBEJPXZDI CBKFL
t 4[FSPLJ XZCØS LTJnjȈFL [ QS[F[OBD[FOJFN OB OBHSPEZ X LPOLVSTBDI J OB [BLPǩD[FOJF NV[ZD[OZDI QSPHSBNØX UFMFXJ[ZKOZDI J T[UVLJ EMB UFBUSV MBMLPXFHP
SPLV T[LPMOFHP
t $FOB 1-/
t 0CT 0CT[FSOnj PGFSUǗ MFLUVS J JOOFK CFMFUSZTUZLJ
t ,TJnjȈLJ [ QS[F[OBD[FOJFN OB LJFSNBT[ LTJnjȈLPXZ OB LBȈEZ QP[JPN XJFLPXZ
/BTJ VMVCJFǩDZ
/BTJ VMVCJFǩDZ UP TFSJB FEVLBDZKOZDI LTJnjȈFL EMB E[JFDJ
.PȈMJXPǴǎ PCFKS[FOJB LTJnjȈFL QS[FE JDI [BLVQFN
P [XJFS[ǗUBDI 8 QVCMJLBDKBDI [OBKEVKnj TJǗ tDJFLBXF JOGPSNBDKF OB
*OEZXJEVBMOB PGFSUB EPQBTPXBOB EP 1BǩTUXB QPUS[FC UFNBU ȈZDJB [XJFS[njU tQSBLUZD[OF QPSBEZ EPUZD[njDF QJFMǗHOBDKJ
CVEPXZ DJB’B QPUS[FC J XZNBHBǩ tQPNPD X XZCPS[F
%PTUBXB HSBUJT QS[Z [BNØXJFOJBDI QPXZȈFK [’ PEQPXJFEOJFHP [XJFS[ǗDJB J SBTZ tOBKQPQVMBSOJFKT[F SBTZ QTØX

LPUØX LPOJ J HSZ[POJ tCPHBUZ NBUFSJB’ [EKǗDJPXZ J JMVTUSBDZKOZ
$FOB 1-/
03("/*;6+&.: 8:$*&$;,* 4;,0-/&

$[ZUBN QP QPMTLV J BOHJFMTLV

;XJFE[BOJF ,TJǗHBSOJ 8 LTJnjȈLBDI [BNJFT[D[POP UFLTUZ LBȈEFK
[ CBKFL X EXØDI XFSTKBDI KǗ[ZLPXZDI

;XJFE[BOJF ,POJǩTLJFK %SVLBSOJ %[JF’PXFK BOHJFMTLJFK J QPMTLJFK %[JFDLP OBKQJFSX
D[ZUB UFLTU QP BOHJFMTLV J VD[Z TJǗ

1SF[FOU OJFTQPE[JBOLB EMB LBȈEFHP VD[FTUOJLB QP[OBXBǎ OPXF T’PXB LUØSF [PTUB’Z
VNJFT[D[POF OB EPMF TUSPOZ

0QJFLVOPXJF o XTUǗQ CF[Q’BUOZ $FOB 1-/


/BKQJǗLOJFKT[F CBǴOJF "OEFSTFOB
8 OJOJFKT[FK LTJnjȈDF [PTUB’Z [FCSBOF OBKQJǗLOJFKT[F J OBKQPQVMBSOJFKT[F PQPXJFǴDJ
#00,4 TQؒLB [ P P KFEOFHP [ OBKT’ZOOJFKT[ZDI CBǴOJPQJTBS[Z OB ǴXJFDJF )JTUPSJF #S[ZELJFHP
,TJǗHBSOJB J )VSUPXOJB 5BOJFK ,TJnjȈLJ ,BD[njULB E[JFXD[ZOLJ [ [BQB’LBNJ ǴXJOJPQBTB $BMJOFD[LJ P’PXJBOFHP
LjZDIMJO VM 5VMJT[LPXTLB E 4UBSF .JBTUP ȈP’OJFS[ZLB D[Z [BEVGBOFHP X TPCJF DFTBS[B QS[F[ XJFLJ X[SVT[B’Z J OBEBM
UFM TLMFQ!LTJFHBSOJB UVMJT[LPX QM X[SVT[BKnj D[ZUFMOJLØX OB DB’ZN ǴXJFDJF

$FOB 1-/
X X X L T J F H B S O J B U V M J T [ L P X Q M

;XJFS[ǗUB ǴXJBUB $P +BL %MBD[FHP &ODZLMPQFEJB
X QZUBOJBDI J PEQPXJFE[JBDI

;XJFS[ǗUB ǴXJBUB &ODZLMPQFEJB X QZUBOJBDI J PEQPXJFE[JBDI UP
LTJnjȈLB EFEZLPXBOB N’PET[ZN E[JFDJPN LUØSB CǗE[JF TLBSCOJDnj
XJFE[Z OB UFNBU SØȈOZDI HBUVOLØX [XJFS[njU UZDI XTQؒD[FTOZDI
PSB[ UZDI ȈZKnjDZDI QS[FE XJFLBNJ

$FOB 1-/


1PFDJ EMB E[JFDJ $[BSPE[JFKTLJF QPEXØSLP J JOOF XJFST[F
+FTUFǴNZ MJEFSFN OB SZOLV TQS[FEBȈZ LTJnjȈFL [ QS[F[OBD[FOJFN EMB QMBDØXFL FEVLBDZKOZDI
J CJCMJPUFL QVCMJD[OZDI %PSPUB (FMMOFS QPFULB QSP[BJL %"." 03%&36 6ƴ.*&$)6 DØSLB

0E LJMLVOBTUV MBU SFBMJ[VKFNZ [BNØXJFOJB OB UFSFOJF DB’FHP LSBKV J [B HSBOJDnj QPFULJ %BOVUZ (FMMOFSPXFK 1BUSPOLB TJFENJV QS[FET[LPMJ J KFEOFK
T[LP’Z QPETUBXPXFK "VUPSLB QPOBE TUV LTJnjȈFL J QPOBE EXVTUV
8 OBT[ZDI PGFSUBDI [OBKE[JFDJF 1BǩTUXP UFLTUØX QJPTFOFL EMB E[JFDJ B UBLȈF T’VDIPXJTL SBEJPXZDI CBKFL
t 4[FSPLJ XZCØS LTJnjȈFL [ QS[F[OBD[FOJFN OB OBHSPEZ X LPOLVSTBDI J OB [BLPǩD[FOJF NV[ZD[OZDI QSPHSBNØX UFMFXJ[ZKOZDI J T[UVLJ EMB UFBUSV MBMLPXFHP
SPLV T[LPMOFHP
t $FOB 1-/
t 0CT 0CT[FSOnj PGFSUǗ MFLUVS J JOOFK CFMFUSZTUZLJ
t ,TJnjȈLJ [ QS[F[OBD[FOJFN OB LJFSNBT[ LTJnjȈLPXZ OB LBȈEZ QP[JPN XJFLPXZ
/BTJ VMVCJFǩDZ
/BTJ VMVCJFǩDZ UP TFSJB FEVLBDZKOZDI LTJnjȈFL EMB E[JFDJ
.PȈMJXPǴǎ PCFKS[FOJB LTJnjȈFL QS[FE JDI [BLVQFN
P [XJFS[ǗUBDI 8 QVCMJLBDKBDI [OBKEVKnj TJǗ tDJFLBXF JOGPSNBDKF OB
*OEZXJEVBMOB PGFSUB EPQBTPXBOB EP 1BǩTUXB QPUS[FC UFNBU ȈZDJB [XJFS[njU tQSBLUZD[OF QPSBEZ EPUZD[njDF QJFMǗHOBDKJ
CVEPXZ DJB’B QPUS[FC J XZNBHBǩ tQPNPD X XZCPS[F
%PTUBXB HSBUJT QS[Z [BNØXJFOJBDI QPXZȈFK [’ PEQPXJFEOJFHP [XJFS[ǗDJB J SBTZ tOBKQPQVMBSOJFKT[F SBTZ QTØX

LPUØX LPOJ J HSZ[POJ tCPHBUZ NBUFSJB’ [EKǗDJPXZ J JMVTUSBDZKOZ
$FOB 1-/
03("/*;6+&.: 8:$*&$;,* 4;,0-/&

$[ZUBN QP QPMTLV J BOHJFMTLV

;XJFE[BOJF ,TJǗHBSOJ 8 LTJnjȈLBDI [BNJFT[D[POP UFLTUZ LBȈEFK
[ CBKFL X EXØDI XFSTKBDI KǗ[ZLPXZDI

;XJFE[BOJF ,POJǩTLJFK %SVLBSOJ %[JF’PXFK BOHJFMTLJFK J QPMTLJFK %[JFDLP OBKQJFSX
D[ZUB UFLTU QP BOHJFMTLV J VD[Z TJǗ

1SF[FOU OJFTQPE[JBOLB EMB LBȈEFHP VD[FTUOJLB QP[OBXBǎ OPXF T’PXB LUØSF [PTUB’Z
VNJFT[D[POF OB EPMF TUSPOZ

0QJFLVOPXJF o XTUǗQ CF[Q’BUOZ $FOB 1-/


/BKQJǗLOJFKT[F CBǴOJF "OEFSTFOB
8 OJOJFKT[FK LTJnjȈDF [PTUB’Z [FCSBOF OBKQJǗLOJFKT[F J OBKQPQVMBSOJFKT[F PQPXJFǴDJ
#00,4 TQؒLB [ P P KFEOFHP [ OBKT’ZOOJFKT[ZDI CBǴOJPQJTBS[Z OB ǴXJFDJF )JTUPSJF #S[ZELJFHP
,TJǗHBSOJB J )VSUPXOJB 5BOJFK ,TJnjȈLJ ,BD[njULB E[JFXD[ZOLJ [ [BQB’LBNJ ǴXJOJPQBTB $BMJOFD[LJ P’PXJBOFHP
LjZDIMJO VM 5VMJT[LPXTLB E 4UBSF .JBTUP ȈP’OJFS[ZLB D[Z [BEVGBOFHP X TPCJF DFTBS[B QS[F[ XJFLJ X[SVT[B’Z J OBEBM
UFM TLMFQ!LTJFHBSOJB UVMJT[LPX QM X[SVT[BKnj D[ZUFMOJLØX OB DB’ZN ǴXJFDJF

$FOB 1-/
X X X L T J F H B S O J B U V M J T [ L P X Q M

%.) ŏ.+6,+ 6xž ŏ 6% ž (*+Ä\ŏ3ŏāĊĊăŏ.+'1ŏČŏ#ž¨3*%!ŏ6 &)+3 ž ŏ/%xŏ,.+ 1' &Nŏ .0ŏ/6'+(*+ŏġŏ %1.+35 $ŏ& 'ŏ, ,%!.5ŏ'+(+.+3!Čŏ' .0+*5ŏ'+(+.+3!Čŏ'+/0'%ŏ %1.+3!ŏ
'+(+.+3!ŏ%ŏ % ž!ŏ+. 6ŏ3%!(!ŏ%**5 $ċŏ .xŏ( 0ŏ+ ŏ.+6,+ 6x % ŏ 6% ž (*+Ä %ŏü.) ŏ ŏ 6 'ŏ/0 ž ŏ/%xŏ 5/0.5 10+.!)ŏ .0ċŏ/6'+(*5 $ŏ%ŏ %1.+35 $ċ

/6 ŏü.) ŏ6 +, 0.1&!ŏ3ĥ3ŏ,.+ 1'05ŏ +ŏ 6%/% &ŏ* &3%x'/6!ŏ$1.0+3*%!ŏ* ŏ + ' ., %1ċ

ŏĂĀāĀŏ.+'1ŏ6 &x(%Ä)5ŏ/%xŏ + 0'+3+ŏ,.+ 1' &Nŏ (+'¨3ŏ0! $*% 6*5 $ŏ%ŏ.5/1*'+35 $ŏ3ŏ3/65/0'% $ŏ +/0x,*5 $ŏ"+.) 0 $ŏ+. 6ŏ,.6!'ž !'ŏ%* !'/1&N 5 $ċŏ
ŏ05)ŏ/ )5)ŏ.+'1ŏ3!/6(%Ä)5ŏ* ŏ.5*!'ŏ%*0!.*!0+35ŏ# 6%!ŏ6ŏ' ø 5)ŏ.+'%!)ŏ+ *+/%)5ŏ +. 6ŏ3%x'/6!ŏ/1' !/5ċ

6%x'%ŏ/65 '+ŏ.+63%& &N !&ŏ/%xŏ/,.6! ø5ŏ35/5ž'+3!&ŏ3ŏ +(/ !ŏ* /6 ŏü.) ŏ3ŏ . 6+ŏ'.¨0'%)ŏ+'.!/%!ŏ 6 /1ŏ65/' ž ŏ/+ %!ŏ+#.+)*Nŏ.6!/6!ŏ'(%!*0¨3ċ

.65ŏ'+*0 '0 $ŏ6ŏ'(%!*0!)ŏ/0 3% )5ŏ/+ %!ŏ* ŏ !#+ŏ,!ž*!ŏ6 +3+(!*%!ŏ%ŏ/ 05/" ' &!ŏ6ŏ +'+* *5 $ŏ1ŏ* /ŏ6 '1,¨3ċŏ &!)5ŏ/+ %!ŏ/,. 3xŏø!ŏ 6 /ŏ0+ŏ
,%!*%N 6ŏ ( 0!#+ŏ* /6Nŏ)+ *Nŏ/0.+*Nŏ&!/0ŏ!'/,.!/+3!ŏ.! (%6 &!ŏ6 )¨3%!*% ċ






(+'ŏ.5/1*'+35ŏ
/6'+(*5

!* čŏĀČĊĆŏ6ž













(+*5ŏ,.!)%1)ŏ /0!(!ŏ+(!&*!ŏ
! *+.+ø! ŏāĂŅĥĆŏ/60 āĂŏ'+(+.¨3ŏ !*0!(

!* čŏąČĂĀŏ6ž !* čŏćČĂĀŏ6ž


.+' 0ŏ/5,'%ŏ
ćŏ'+(+.¨3ŏąĉ#

!* čŏćČĀĀŏ6ž














( /0!(%* ŏ/6'+(* ŏ
ŏ /ŏĂąŏ'+(+.5 ( ) /0.5ŏĂąŏ'+(+.5

!* čŏĆČćĀŏ6ž !* čŏąČąĀŏ6ž






333ċ/$ *ċ +)ċ,( ĉĉĂġĉāĆġăăĆ

%*"+Į/$ *ċ +)ċ,(

%.) ŏ.+6,+ 6xž ŏ 6% ž (*+Ä\ŏ3ŏāĊĊăŏ.+'1ŏČŏ#ž¨3*%!ŏ6 &)+3 ž ŏ/%xŏ,.+ 1' &Nŏ .0ŏ/6'+(*+ŏġŏ %1.+35 $ŏ& 'ŏ, ,%!.5ŏ'+(+.+3!Čŏ' .0+*5ŏ'+(+.+3!Čŏ'+/0'%ŏ %1.+3!ŏ
'+(+.+3!ŏ%ŏ % ž!ŏ+. 6ŏ3%!(!ŏ%**5 $ċŏ .xŏ( 0ŏ+ ŏ.+6,+ 6x % ŏ 6% ž (*+Ä %ŏü.) ŏ ŏ 6 'ŏ/0 ž ŏ/%xŏ 5/0.5 10+.!)ŏ .0ċŏ/6'+(*5 $ŏ%ŏ %1.+35 $ċ

/6 ŏü.) ŏ6 +, 0.1&!ŏ3ĥ3ŏ,.+ 1'05ŏ +ŏ 6%/% &ŏ* &3%x'/6!ŏ$1.0+3*%!ŏ* ŏ + ' ., %1ċ

ŏĂĀāĀŏ.+'1ŏ6 &x(%Ä)5ŏ/%xŏ + 0'+3+ŏ,.+ 1' &Nŏ (+'¨3ŏ0! $*% 6*5 $ŏ%ŏ.5/1*'+35 $ŏ3ŏ3/65/0'% $ŏ +/0x,*5 $ŏ"+.) 0 $ŏ+. 6ŏ,.6!'ž !'ŏ%* !'/1&N 5 $ċŏ
ŏ05)ŏ/ )5)ŏ.+'1ŏ3!/6(%Ä)5ŏ* ŏ.5*!'ŏ%*0!.*!0+35ŏ# 6%!ŏ6ŏ' ø 5)ŏ.+'%!)ŏ+ *+/%)5ŏ +. 6ŏ3%x'/6!ŏ/1' !/5ċ

6%x'%ŏ/65 '+ŏ.+63%& &N !&ŏ/%xŏ/,.6! ø5ŏ35/5ž'+3!&ŏ3ŏ +(/ !ŏ* /6 ŏü.) ŏ3ŏ . 6+ŏ'.¨0'%)ŏ+'.!/%!ŏ 6 /1ŏ65/' ž ŏ/+ %!ŏ+#.+)*Nŏ.6!/6!ŏ'(%!*0¨3ċ

.65ŏ'+*0 '0 $ŏ6ŏ'(%!*0!)ŏ/0 3% )5ŏ/+ %!ŏ* ŏ !#+ŏ,!ž*!ŏ6 +3+(!*%!ŏ%ŏ/ 05/" ' &!ŏ6ŏ +'+* *5 $ŏ1ŏ* /ŏ6 '1,¨3ċŏ &!)5ŏ/+ %!ŏ/,. 3xŏø!ŏ 6 /ŏ0+ŏ
,%!*%N 6ŏ ( 0!#+ŏ* /6Nŏ)+ *Nŏ/0.+*Nŏ&!/0ŏ!'/,.!/+3!ŏ.! (%6 &!ŏ6 )¨3%!*% ċ






(+'ŏ.5/1*'+35ŏ
/6'+(*5

!* čŏĀČĊĆŏ6ž













(+*5ŏ,.!)%1)ŏ /0!(!ŏ+(!&*!ŏ
! *+.+ø! ŏāĂŅĥĆŏ/60 āĂŏ'+(+.¨3ŏ !*0!(

!* čŏąČĂĀŏ6ž !* čŏćČĂĀŏ6ž


.+' 0ŏ/5,'%ŏ
ćŏ'+(+.¨3ŏąĉ#

!* čŏćČĀĀŏ6ž














( /0!(%* ŏ/6'+(* ŏ
ŏ /ŏĂąŏ'+(+.5 ( ) /0.5ŏĂąŏ'+(+.5

!* čŏĆČćĀŏ6ž !* čŏąČąĀŏ6ž






333ċ/$ *ċ +)ċ,( ĉĉĂġĉāĆġăăĆ

%*"+Į/$ *ċ +)ċ,(

5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK


> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q

HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒










56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+





1,(32:7$5=$/1< '(6,*1




1$ 5<1.8 2' 52.8





%$6(1< : 5“ĸ1<&+ 2'&,(1,$&+



321$'&=$62:(- 6=$52ę&,






3,ā., : .2/25$&+





52=0,$5< %$6(1“:









[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP

5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK


> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q

HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒










56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+





1,(32:7$5=$/1< '(6,*1




1$ 5<1.8 2' 52.8





%$6(1< : 5“ĸ1<&+ 2'&,(1,$&+



321$'&=$62:(- 6=$52ę&,






3,ā., : .2/25$&+





52=0,$5< %$6(1“:









[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP

0DS\ L SODQV]H
ºæÌڙ ×ËæÚā™Žê·™¬™Ɍ



D¬™ºæÌڙ ĂÞā™ ×Ú˕êºæü ×ËÞ¬‚•‚·‰ ™ÚæüĈº‚æ ßÚ˕ºÌö •ü•‚ºæüāÄü© ā‚½™‚Äü© •Ë êĄüæºê ÞāºË½Ä™¤Ëɇ

ՂÄü ×Úā™ā C¬Ä¬Þæڂ •êº‚·¬ D‚Ú˕Ëö™· ¬ ]×ËÚæêɌ

D‚Þā‚ Ë£™Úæ‚ æË ×ËÃˏ™ •ü•‚ºæüāęɆ Â×ü ÞāºË½Ä™ɇ Â×ü ߏ¬™Äęɇ ×½‚ÄÞā™ ™•êº‚ü·Ä™ɇ ×½‚ÄÞā™ ·¢āüºËö™ɇ 悎½¬™ ¬Äæ™Ú‚ºæüöęɇ

×ÚˤڂÃü ™•êº‚ü·Ä™ɇ ×ËÃˏ™ ¬ ¤Úü ×Úā™•ÞāºË½Ä™ɇ 悎½¬™ •ü•‚ºæüāęɇ ¤½ËŽêÞü Ëڂā ½‚ìÄËö‚Ä™ ™ £ËÚÂæü ɬ ×˕ºÂ‚•º¬ Ă
Ž¬êÚºËɌ sÞāüÞ溬™ ×½‚ÄÞā™ •ü•‚ºæüāę ¬ Â×ü މ ˎêÞæÚËÄĬ™ ½‚ìÄËö‚Ä™ɇ ·‰ •Â꤉ ĄüöËæÄËߐ ¬ ā‚©Ëö귉 æÚö‚ÂËߐ ºË½ËÚÌöɌ































































67,()(/ (852&$57 .U\VWLDQ .RPDQGHU
J•ÚËö‰Ą ê½Ɍ s¬™·Þº‚ ǽȃ ɇ ȀȃɬǿǽȂ &ÌڂĄ•Ą™
晽ɌɆ ʐȀȄ ȃȃ ȀȂȃȃ ǿȄȄɇ Ãˎ¬½Ɇ ʐȀȄ ȁǼǾ ȁǾȀ ȂȄȅ


ZZZ PDS\V]NROQH SO

0DS\ L SODQV]H
ºæÌڙ ×ËæÚā™Žê·™¬™Ɍ



D¬™ºæÌڙ ĂÞā™ ×Ú˕êºæü ×ËÞ¬‚•‚·‰ ™ÚæüĈº‚æ ßÚ˕ºÌö •ü•‚ºæüāÄü© ā‚½™‚Äü© •Ë êĄüæºê ÞāºË½Ä™¤Ëɇ

ՂÄü ×Úā™ā C¬Ä¬Þæڂ •êº‚·¬ D‚Ú˕Ëö™· ¬ ]×ËÚæêɌ

D‚Þā‚ Ë£™Úæ‚ æË ×ËÃˏ™ •ü•‚ºæüāęɆ Â×ü ÞāºË½Ä™ɇ Â×ü ߏ¬™Äęɇ ×½‚ÄÞā™ ™•êº‚ü·Ä™ɇ ×½‚ÄÞā™ ·¢āüºËö™ɇ 悎½¬™ ¬Äæ™Ú‚ºæüöęɇ

×ÚˤڂÃü ™•êº‚ü·Ä™ɇ ×ËÃˏ™ ¬ ¤Úü ×Úā™•ÞāºË½Ä™ɇ 悎½¬™ •ü•‚ºæüāęɇ ¤½ËŽêÞü Ëڂā ½‚ìÄËö‚Ä™ ™ £ËÚÂæü ɬ ×˕ºÂ‚•º¬ Ă
Ž¬êÚºËɌ sÞāüÞ溬™ ×½‚ÄÞā™ •ü•‚ºæüāę ¬ Â×ü މ ˎêÞæÚËÄĬ™ ½‚ìÄËö‚Ä™ɇ ·‰ •Â꤉ ĄüöËæÄËߐ ¬ ā‚©Ëö귉 æÚö‚ÂËߐ ºË½ËÚÌöɌ































































67,()(/ (852&$57 .U\VWLDQ .RPDQGHU
J•ÚËö‰Ą ê½Ɍ s¬™·Þº‚ ǽȃ ɇ ȀȃɬǿǽȂ &ÌڂĄ•Ą™
晽ɌɆ ʐȀȄ ȃȃ ȀȂȃȃ ǿȄȄɇ Ãˎ¬½Ɇ ʐȀȄ ȁǼǾ ȁǾȀ ȂȄȅ


ZZZ PDS\V]NROQH SO

&+$7.$ 1$ .85=(- á$3&( GLQR]DXUyZ GRNâDGQLH WDNLH MDNLH XĤ\ZDQH E\â\
Z +RO +ROO\ZRRG P LQ SU]\ NUĆFHQLX ILOPX -XUDVVLF 3DUN
QD Z\VRNRĘFL PHWUyZ QD FLHQNLHM NXU]HM âDSFH GRPHN Z
VZyM PD %DED -DJD VLHG]üFD X SURJX 1LH SRGFKRGĢ ]E\W 7ZRU]\P\ HIHNW\ VSHFMDOQH UHDOLVW\F]QH Z RSDUFLX R LFK
EOLVNR RQD QLH OXEL QLHSURV]RQ\FK JRĘFL QDMGUREQLHMV]H GHWDOH WDNLH MDN EXGRZD FLDâD F]\ UXFK\
PLĆĘQL SRQLHNüG GDMüF Ĥ\FLH Z QLHRĤ\ZLRQH SU]HGPLRW\
3RND] WUHVXU\ GLQR]DXUyZ WR SU]HGVWDZLHQLH Z NWyU\P
7HO _ 0DOERUN XO 7RUXĎVND HIHNW\ Vü WDN IDQWDVW\F]QH D SU]\ W\P WDN UHDOQH ĤH MHVW
ZZZ GLQRSDUN PDOERUN SO WR GRĘZLDGF]HQLH NWyUHJR ]Z\F]DMQLH QLH GD VLĆ
]DDSRPQLHþ
NRQWDNW#GLQRSDUN PDOERUN SO ]
0,1, =22

.ROHMQD QLHVDPRZLWD DWUDNFMD NWyUü PRĤQD ]ZLHG]Dþ MXĤ
RG URNX 0XIORQ\ $OSDNL 'DQLHOH .DQJXU\ .y]NL
.DUâRZDWH WR W\ONR QLHNWyU]\ PLHV]NDĎF\ PDOERUVNLHJR
: <67$:$ ' 12:2Ėü 3$5. 602.Ð: SDUNX =REDF] ]ZLHU]ĆWD QD Ĥ\ZR SRG]LZLDMüF LFK SLĆNQR
3R]ZyOFLH SU]HQLHĘþ VLĆ Z LQQ\ Z\PLDU L ]REDF]\þ ĘZLDW &]\P MHVW VPRN FK\ED NDĤG\ ZLH -HGQDN PQLHM ]QDQ\ MHVW IDNW ĤH ZĘUyG GRVNRQDOH ZNRPSRQRZDQHM VFHQHULL SDUNX
GLQR]DXUyZ VSU]HG PLOLRQyZ ODW Z FDâNLHP QRZHM VWZRU\ WH SDQRV]\â\ VLĆ SR ĘZLHFLH QLH W\ONR Z EDUG]R
SHUVSHNW\ZLH VWHUHR ' 2JOüGDMüF QDV]ü Z\VWDZĆ PRĤQD ]DPLHU]FKâ\FK F]DVDFK 6PRNL ZFLüĤ SREXG]DMü Z\REUDĢQLĆ
XOHF LOX]ML ĤH GLQR]DXU\ Z\FKRG]ü ] UDP REUD]yZ NROHMQ\FK SRNROHĎ EXG]ü UHVSHNW L VWUDFK ']LĘ Vü MXĤ RSRZLHĘFLü
:\VWDZD GRVWĆSQD RG F]HUZFD URNX L KLVWRULü GRSHâQLDMüF WĆ PLHV]DQNĆ R PDJLH L IDQWDVW\NĆ '20(. = 3,(51,.$
'DZQR GDZQR WHPX Ĥ\â VRELH -DĘ L 0DâJRVLD« F]\OL GRPHN
]H ]QDQHM ZV]\VWNLP EDMNL R âüF]QHM SRZLHU]FKQL P

=DSUDV]DP\ GR ĘURGND SRF]XM VLĆ MDN Z SUDZG]LZHM EDMFH
/XG]LN ] NORFNyZ ² NWyĤ ] QDV QLH EDZLâ VLĆ Z G]LHFLĎVWZLH
NORFNDPL" .XOWRZ\ OXG]LN VWDQüâ ZâDĘQLH Z QDV]\P SDUNX
0D P Z]URVWX L EDUG]R OXEL ]GMĆFLD :LRVND
-DVNLQLRZFyZ ² F]\OL SRSXODUQH GZLH URG]LQ\ )OLQVWRQyZ
L 5XEEOH·yZ 5XEEOH·yZ 3RVWDFLH PDMü U]HF]\ZLVWH UR]PLDU\
L



.,12 '
3U]\JRWXMFLH VLĆ QD QDSUDZGĆ VLOQH HPRFMH MHVW WR QLH ODGD
JUDWND GOD PLâRĘQLNyZ RVWU\FK ZUDĤHĎ 6XSHUQRZRF]HVQH
HIHNW\ DXGLR ² YLGHR SRâüF]RQH ] QRZRF]HVQü VDOü NLQRZü GR
3$5. ',12=$85Ð: 3$5. /,12: < HIHNWyZ VSHFMDOQ\FK ]UREL QD NDĤG\P RJURPQH ZUDĤHQLH«
.LQR ' WR PLHMVFH Z NWyU\P ZLG] RGELHUD ILOP ZV]\VWNLPL
1D VZRMHM GURG]H VSRWNDFLH RNRâR F]WHUG]LHVWX 3DUN /LQRZ\ 0DOERUNVWRQHV ]QDMGXMH VLĆ QD WHUHQLH ]P\VâDPL 2EUD] ' L GLJLWDO VXUURXQG WR Z G]LVLHMV]\FK
UXFKRP\FK GLQR]DXUyZ NWyUH Z RWRF]HQLX SLĆNQHM 'LQRSDUNX =DSUDV]DP\ 3DĎVWZD GR ZVSDQLDâHM ]DEDZ\ F]DVDFK ]D PDâR 1DGV]HGâ F]DV QD QRZH GR]QDQLD .LQR '
]LHOHQL ODVX SU]HSURZDG]ü :DV SU]H] SRV]F]HJyOQH Z QDV]\P SDUNX OLQRZ\P 0DOERUNVWRQHV 3LHUZV]\ ([W[WUHPH WR SU]\NâDG QDMQRZRF]HĘQLHMV]HM IRUP\ UR]U\ZNL
(
RNUHV\ Z G]LHMDFK ]LHPL 1D ĘFLHĤFH G\GDNW\F]QHM R Q NWyUü ĘPLDâR PRĤHP\ QD]ZDþ UR]U\ZNü SU]\V]âRĘFL 7R ZâDĘQLH
QD D 3RPRU]X VXSHUQRZRF]HVQ\ V\VWHP DVHNXUDFML
GâXJRĘFL PHWUyZ ]REDF]\FLH MDN Z\JOüGDâ\ VHWNL ]DLQVWDORZDQ\ Z SDUNX JZDUDQWXMH EH]SLHF]Qü L VSRNRMQü WX ZLG] ]QDMG]LH VLĆ Z VDP\P VHUFX Z\GDU]HĎ L VWDQLH VLĆ
PLOLRQyZ ODW WHPX -HVW WR ZVSDQLDâ\ ]ELyU LQIRUPDFML ]DEDZĆ GOD G]LHFL L GRURVâ\FK 3RG RNLHP LQVWUXNWRUyZ 08=(80 6.$0,(1,$/2Ė&, DNW\ZQ\P XF]HVWQLNLHP VHDQVX ILOPRZHJR 7\ONR Z NLQLH '
ZUD] ] UHDOLVW\F]QLH Z\JOüGDMüF\PL GLQR]DXUDPL NDĤG\ PRĤH VSĆG]Lþ PLâH FKZLOH Z ZROQ\P F]DVLH ZLG] PRĤH ZFLHOLþ VLĆ Z UROĆ ERKDWHUD ILOPX L QD ZâDVQHM
( $NW\ZQ\ Z\SRF]\QHN RUD] ZVSDQLDâD SU]\JRGD &LHNDZD L IDVF\QXMüFD SU]\JRGD ] PRĤOLZRĘFLü REHMU]HQLD VNyU]H SRF]Xþ F]\P MHVW SU]HSUDZD NROHMNü JyUVNü Z]Lüþ
(NVSRQDW\ Z\GDMü GĢZLĆNLNVSRQDW\ Z\GDMü GĢZLĆNL UXV]DMü JâRZü RJRQHP
SRZLHNDPL D QDZHW EU]XFKHP ² LPLWXMüF RGG\FKDQLH HNVSRQDWyZ ] SU]HG VHWHN PLOLRQyZ ODW : PX]HXP XG]LDâ Z Z\ĘFLJX VDPRFKRGRZ\P GRWNQüþ ]LPQ\FK IDO
SUH]HQWXMHP\ ]JURPDG]RQü NROHNFMĆ VNDPLHQLDâRĘFL
RFHDFHDQX SRF]Xþ ]DSDFK SUHKLVWRU\F]Q\FK JDGyZ F]\ SU]HĤ\þ
VWDQRZLüF\FK V]F]üWNL ]ZLHU]üW L URĘOLQ RUD] ĘODG\ LFK R
G]LDâDOQRĘFL ]DFKRZDQH Z VNDâDFK 3UH]HQWRZDQH SUDZG]LZü ]DPLHþ ĘQLHĤQü Z OHWQL ZLHF]yU
VNDPLHQLDâRĘFL NWyU\PL Vü ]DUyZQR ZLHONLH MDN L GUREQH
RUJDQL]P\ ZLGRF]QH MHG\QLH Z PLNURVNRSRZ\P
SRRZLĆNV]HQLX RUD] OLF]QH UHNRQVWUXNFMH SUHKLVWRU\F]Q\FK
S
]ZLHU]üW XPRĤOLZLDMü ]ZLHG]DMüF\P SR]QDQLH
SRV]F]HJyOQ\FK HWDSyZ HZROXFML Ĥ\FLD QD =LHPL
$1,0$7521,&=1( 32.$=<
',12=$85Ð: 1$ Ģ<:2
: QDV]\P SDUNX PRĤHP\ SRV]F]\FLþ VLĆ Z\NRU]\VWDQLHP
QDMQRZV]HM ]DDZDQVRZDQHM WHFKQRORJLL Z G]LHG]LQLH
DQLPDWURQLNL SRVLDGDP\ DQLPDWURQLF]QH SRVWDFLH

&+$7.$ 1$ .85=(- á$3&( GLQR]DXUyZ GRNâDGQLH WDNLH MDNLH XĤ\ZDQH E\â\
Z +RO +ROO\ZRRG P LQ SU]\ NUĆFHQLX ILOPX -XUDVVLF 3DUN
QD Z\VRNRĘFL PHWUyZ QD FLHQNLHM NXU]HM âDSFH GRPHN Z
VZyM PD %DED -DJD VLHG]üFD X SURJX 1LH SRGFKRGĢ ]E\W 7ZRU]\P\ HIHNW\ VSHFMDOQH UHDOLVW\F]QH Z RSDUFLX R LFK
EOLVNR RQD QLH OXEL QLHSURV]RQ\FK JRĘFL QDMGUREQLHMV]H GHWDOH WDNLH MDN EXGRZD FLDâD F]\ UXFK\
PLĆĘQL SRQLHNüG GDMüF Ĥ\FLH Z QLHRĤ\ZLRQH SU]HGPLRW\
3RND] WUHVXU\ GLQR]DXUyZ WR SU]HGVWDZLHQLH Z NWyU\P
7HO _ 0DOERUN XO 7RUXĎVND HIHNW\ Vü WDN IDQWDVW\F]QH D SU]\ W\P WDN UHDOQH ĤH MHVW
ZZZ GLQRSDUN PDOERUN SO WR GRĘZLDGF]HQLH NWyUHJR ]Z\F]DMQLH QLH GD VLĆ
]DDSRPQLHþ
NRQWDNW#GLQRSDUN PDOERUN SO ]
0,1, =22

.ROHMQD QLHVDPRZLWD DWUDNFMD NWyUü PRĤQD ]ZLHG]Dþ MXĤ
RG URNX 0XIORQ\ $OSDNL 'DQLHOH .DQJXU\ .y]NL
.DUâRZDWH WR W\ONR QLHNWyU]\ PLHV]NDĎF\ PDOERUVNLHJR
: <67$:$ ' 12:2Ėü 3$5. 602.Ð: SDUNX =REDF] ]ZLHU]ĆWD QD Ĥ\ZR SRG]LZLDMüF LFK SLĆNQR
3R]ZyOFLH SU]HQLHĘþ VLĆ Z LQQ\ Z\PLDU L ]REDF]\þ ĘZLDW &]\P MHVW VPRN FK\ED NDĤG\ ZLH -HGQDN PQLHM ]QDQ\ MHVW IDNW ĤH ZĘUyG GRVNRQDOH ZNRPSRQRZDQHM VFHQHULL SDUNX
GLQR]DXUyZ VSU]HG PLOLRQyZ ODW Z FDâNLHP QRZHM VWZRU\ WH SDQRV]\â\ VLĆ SR ĘZLHFLH QLH W\ONR Z EDUG]R
SHUVSHNW\ZLH VWHUHR ' 2JOüGDMüF QDV]ü Z\VWDZĆ PRĤQD ]DPLHU]FKâ\FK F]DVDFK 6PRNL ZFLüĤ SREXG]DMü Z\REUDĢQLĆ
XOHF LOX]ML ĤH GLQR]DXU\ Z\FKRG]ü ] UDP REUD]yZ NROHMQ\FK SRNROHĎ EXG]ü UHVSHNW L VWUDFK ']LĘ Vü MXĤ RSRZLHĘFLü
:\VWDZD GRVWĆSQD RG F]HUZFD URNX L KLVWRULü GRSHâQLDMüF WĆ PLHV]DQNĆ R PDJLH L IDQWDVW\NĆ '20(. = 3,(51,.$
'DZQR GDZQR WHPX Ĥ\â VRELH -DĘ L 0DâJRVLD« F]\OL GRPHN

]H ]QDQHM ZV]\VWNLP EDMNL R âüF]QHM SRZLHU]FKQL P
=DSUDV]DP\ GR ĘURGND SRF]XM VLĆ MDN Z SUDZG]LZHM EDMFH
/XG]LN ] NORFNyZ ² NWyĤ ] QDV QLH EDZLâ VLĆ Z G]LHFLĎVWZLH
NORFNDPL" .XOWRZ\ OXG]LN VWDQüâ ZâDĘQLH Z QDV]\P SDUNX
0D P Z]URVWX L EDUG]R OXEL ]GMĆFLD :LRVND
-DVNLQLRZFyZ ² F]\OL SRSXODUQH GZLH URG]LQ\ )OLQVWRQyZ
L
L 5XEEOH·yZ 5XEEOH·yZ 3RVWDFLH PDMü U]HF]\ZLVWH UR]PLDU\



.,12 '
3U]\JRWXMFLH VLĆ QD QDSUDZGĆ VLOQH HPRFMH MHVW WR QLH ODGD
JUDWND GOD PLâRĘQLNyZ RVWU\FK ZUDĤHĎ 6XSHUQRZRF]HVQH
HIHNW\ DXGLR ² YLGHR SRâüF]RQH ] QRZRF]HVQü VDOü NLQRZü GR
3$5. ',12=$85Ð: 3$5. /,12: < HIHNWyZ VSHFMDOQ\FK ]UREL QD NDĤG\P RJURPQH ZUDĤHQLH«
.LQR ' WR PLHMVFH Z NWyU\P ZLG] RGELHUD ILOP ZV]\VWNLPL
1D VZRMHM GURG]H VSRWNDFLH RNRâR F]WHUG]LHVWX 3DUN /LQRZ\ 0DOERUNVWRQHV ]QDMGXMH VLĆ QD WHUHQLH ]P\VâDPL 2EUD] ' L GLJLWDO VXUURXQG WR Z G]LVLHMV]\FK
UXFKRP\FK GLQR]DXUyZ NWyUH Z RWRF]HQLX SLĆNQHM 'LQRSDUNX =DSUDV]DP\ 3DĎVWZD GR ZVSDQLDâHM ]DEDZ\ F]DVDFK ]D PDâR 1DGV]HGâ F]DV QD QRZH GR]QDQLD .LQR '
]LHOHQL ODVX SU]HSURZDG]ü :DV SU]H] SRV]F]HJyOQH Z QDV]\P SDUNX OLQRZ\P 0DOERUNVWRQHV 3LHUZV]\ (
([W[WUHPH WR SU]\NâDG QDMQRZRF]HĘQLHMV]HM IRUP\ UR]U\ZNL
RNUHV\ Z G]LHMDFK ]LHPL 1D ĘFLHĤFH G\GDNW\F]QHM R Q NWyUü ĘPLDâR PRĤHP\ QD]ZDþ UR]U\ZNü SU]\V]âRĘFL 7R ZâDĘQLH
QD D 3RPRU]X VXSHUQRZRF]HVQ\ V\VWHP DVHNXUDFML
GâXJRĘFL PHWUyZ ]REDF]\FLH MDN Z\JOüGDâ\ VHWNL ]DLQVWDORZDQ\ Z SDUNX JZDUDQWXMH EH]SLHF]Qü L VSRNRMQü WX ZLG] ]QDMG]LH VLĆ Z VDP\P VHUFX Z\GDU]HĎ L VWDQLH VLĆ
PLOLRQyZ ODW WHPX -HVW WR ZVSDQLDâ\ ]ELyU LQIRUPDFML ]DEDZĆ GOD G]LHFL L GRURVâ\FK 3RG RNLHP LQVWUXNWRUyZ 08=(80 6.$0,(1,$/2Ė&, DNW\ZQ\P XF]HVWQLNLHP VHDQVX ILOPRZHJR 7\ONR Z NLQLH '
ZUD] ] UHDOLVW\F]QLH Z\JOüGDMüF\PL GLQR]DXUDPL NDĤG\ PRĤH VSĆG]Lþ PLâH FKZLOH Z ZROQ\P F]DVLH ZLG] PRĤH ZFLHOLþ VLĆ Z UROĆ ERKDWHUD ILOPX L QD ZâDVQHM
(NVSRQDW\ Z\GDMü GĢZLĆNLNVSRQDW\ Z\GDMü GĢZLĆNL UXV]DMü JâRZü RJRQHP
( $NW\ZQ\ Z\SRF]\QHN RUD] ZVSDQLDâD SU]\JRGD &LHNDZD L IDVF\QXMüFD SU]\JRGD ] PRĤOLZRĘFLü REHMU]HQLD VNyU]H SRF]Xþ F]\P MHVW SU]HSUDZD NROHMNü JyUVNü Z]Lüþ
SRZLHNDPL D QDZHW EU]XFKHP ² LPLWXMüF RGG\FKDQLH HNVSRQDWyZ ] SU]HG VHWHN PLOLRQyZ ODW : PX]HXP XG]LDâ Z Z\ĘFLJX VDPRFKRGRZ\P GRWNQüþ ]LPQ\FK IDO
SUH]HQWXMHP\ ]JURPDG]RQü NROHNFMĆ VNDPLHQLDâRĘFL
RFHDFHDQX SRF]Xþ ]DSDFK SUHKLVWRU\F]Q\FK JDGyZ F]\ SU]HĤ\þ
VWDQRZLüF\FK V]F]üWNL ]ZLHU]üW L URĘOLQ RUD] ĘODG\ LFK R
G]LDâDOQRĘFL ]DFKRZDQH Z VNDâDFK 3UH]HQWRZDQH SUDZG]LZü ]DPLHþ ĘQLHĤQü Z OHWQL ZLHF]yU
VNDPLHQLDâRĘFL NWyU\PL Vü ]DUyZQR ZLHONLH MDN L GUREQH
RUJDQL]P\ ZLGRF]QH MHG\QLH Z PLNURVNRSRZ\P
SRRZLĆNV]HQLX RUD] OLF]QH UHNRQVWUXNFMH SUHKLVWRU\F]Q\FK
S
]ZLHU]üW XPRĤOLZLDMü ]ZLHG]DMüF\P SR]QDQLH
SRV]F]HJyOQ\FK HWDSyZ HZROXFML Ĥ\FLD QD =LHPL
$1,0$7521,&=1( 32.$=<
',12=$85Ð: 1$ Ģ<:2
: QDV]\P SDUNX PRĤHP\ SRV]F]\FLþ VLĆ Z\NRU]\VWDQLHP
QDMQRZV]HM ]DDZDQVRZDQHM WHFKQRORJLL Z G]LHG]LQLH
DQLPDWURQLNL SRVLDGDP\ DQLPDWURQLF]QH SRVWDFLH

6AH 8 I010F :8 43D:02H9=4

0XOWL*UD WR QRZRÐÅ QD SROVNLP U\QNX JLHU
HGXNDF\MQ\FK = SU]\MHPQRÐFLÃ SUH]HQWXMHP\
3DÌVWZX QDV]Ã RIHUWÇ VNLHURZDQÃ GR SODFµZHN
RÐZLDWRZ\FK SU]HGV]NROL V]NµÊ RUD] RF]\ZLÐFLH
RGELRUFµZ LQG\ZLGXDOQ\FK

1DV]\P FHOHP MHVW SURSDJRZDQLH QDXNL SRSU]H] ]DEDZÇ 7ZRU]\P\ JU\ L ]DEDZNL
NWµUH Z SU]\MD]Q\ L SU]\MHPQ\ VSRVµE XF]Ã G]LHFL OLWHU RUWRJUDĆL JUDPDW\NL
PDWHPDW\NL L ZLHOX LQQ\FK U]HF]\
1DV] ]HVSµÊ VNÊDGD VLÇ ] GRÐZLDGF]RQ\FK SURIHVMRQDOLVWµZ QDV]H SRP\VÊ\ VÃ

VSUDZG]DQH SU]H] SHGDJRJµZ ] ZLHOROHWQLP GRÐZLDGF]HQLHP 1DV]Ã PLVMÃ MHVW
VWZRU]HQLH QRZHM MDNRÐFL QDXNL DE\ G]LHFL OHSLHM SU]\VZDMDÊ\ ZLHG]Ç














































fff \d[cXVaP R^\ _[







) + 8 ì 08/7,*5$ë 'REU]HZLQR XO 'ÇERZD .LHOQR
&DOO XV QRZ (PDLO KDQGHO#PXOWLJUD FRP SO

6AH 8 I010F :8 43D:02H9=4

0XOWL*UD WR QRZRÐÅ QD SROVNLP U\QNX JLHU
HGXNDF\MQ\FK = SU]\MHPQRÐFLÃ SUH]HQWXMHP\
3DÌVWZX QDV]Ã RIHUWÇ VNLHURZDQÃ GR SODFµZHN
RÐZLDWRZ\FK SU]HGV]NROL V]NµÊ RUD] RF]\ZLÐFLH
RGELRUFµZ LQG\ZLGXDOQ\FK

1DV]\P FHOHP MHVW SURSDJRZDQLH QDXNL SRSU]H] ]DEDZÇ 7ZRU]\P\ JU\ L ]DEDZNL
NWµUH Z SU]\MD]Q\ L SU]\MHPQ\ VSRVµE XF]Ã G]LHFL OLWHU RUWRJUDĆL JUDPDW\NL
PDWHPDW\NL L ZLHOX LQQ\FK U]HF]\
1DV] ]HVSµÊ VNÊDGD VLÇ ] GRÐZLDGF]RQ\FK SURIHVMRQDOLVWµZ QDV]H SRP\VÊ\ VÃ

VSUDZG]DQH SU]H] SHGDJRJµZ ] ZLHOROHWQLP GRÐZLDGF]HQLHP 1DV]Ã PLVMÃ MHVW
VWZRU]HQLH QRZHM MDNRÐFL QDXNL DE\ G]LHFL OHSLHM SU]\VZDMDÊ\ ZLHG]Ç














































fff \d[cXVaP R^\ _[







) + 8 ì 08/7,*5$ë 'REU]HZLQR XO 'ÇERZD .LHOQR
&DOO XV QRZ (PDLO KDQGHO#PXOWLJUD FRP SO

Ćº¬ ·™Þæ ×˽޺‰ Âں‰ Ë£™Ú귉‰ Ă·öüĄÞā™· ·‚ºËߏ¬ ×Ú˕êºæü 智Þæü½Ä™ •½‚ •ā¬™¬Ɍ YËßĬ™Ãü öڂā ā ĂÞāüì º½¬™Äæ‚ì
·êĄ ˕ ǾǼǽǼ ÚɌ D‚Þā‰ ׂ޷‰ ·™Þæ öü©Ë•ā™Ä¬™ Ă×Úā™¬ö ×ËæÚā™ŽËà Ă·Ž‚Ú•ā¬™· öü¤‚·‰ü© º½¬™ÄæÌöɌ cöËÚāüÃü ×Ú˕êºæü æÚö‚™ɇ
‚ ·™•Äˏā™ßĬ™ ÄËö‚æËÚÞº¬™ɇ ׬¢ºÄ™ ¬ āöڂ‚·‰™ êö‚¤¢ ™½™¤‚ďº¬Ã öāËÚĬæö™ÃɌ ;ËÚāüÞæ‚Ãü æü½ºË ā Ž™ā׬™āÄü© •½‚ •ā¬™¬ 溂ĬÄ
×ËÞ¬‚•‚·‰ü© ™ÚæüĈº‚æ J™ºËɬc™ûɌ ΂ނ•ËÚº‰ Âں¬ Ćº¬ ·™Þæ ê•ËöĂ ‚ºæËÚº‚ɇ ‚ ×Úüö‚æĬ™  æÚÌ·º¬ •ā¬™¬ C‚¤ËÞ¬‚ ]ˏ©‚Ɍ
~‚©¢‚Ãü •Ë ā‚×ËāĂĬ‚ Þ¬¢ ā Ë£™Úæ‰ɇ ö ºæÌڙ· Ă יöÄË āĂ·•ā¬™¬™ V‚ÅÞæöË ö¬™½™ ׬¢ºÄü© ×Ú˕êºæÌö •½‚ Þöˬ© ×ˏ¬™©Ɍ



©¢æĬ™ ×ËÃËĄ™Ãü V‚ÅÞæöê ×Úāü ā‚ºêׂ© ¬ ˕×Ëö¬™Ãü Ă ×üæ‚Ĭ‚Ɇ
˕ ×ËĬ™•ā¬‚Âºê •Ë ׬‰æºê ö ¤Ë•āɌ ǼȄɆǼǼ ɬ ǽȂɆǼǼɌ
.ģ˽¬Ä¬‚ 晽™£ËĬāĂɆ ʐ ȀȄ ȁǿȁ ȃǽȄ Ȅǽȃ ʹ ;ËÄ悺æ ¬½ËöüɆ ¬Ä£Ëʱ™Ćº¬ɌËÃ
.

9™•Ä‚ ā ÷׬¢ºÄ¬™·Þāü© Â޺Ë智 •½‚ ZZZ HIILNL FRP
•ā¬™¬ɇ êÚˏāü ºÚ̽¬º Ćº öüÞæ¢×귙 ‚Ą
ö æÚā™© ÚËāì‚Ú‚© ¬ º¬½ºê ºË½Ëڂ©Ɍ
&ö‚ڂď·‚ ìÂËߏ¬ ˕ ׬™ÚöÞā™¤Ë s¬¢™· Ë Ä‚Þā ÚÌöĬ™Ą ö ٕ¬‚© Þ×Ë™āÄËߏ¬Ëöü©Ɇ
×Úāüæ꽙Ĭ‚Ɍ CËĄ™Þā ¤Ë ā‚ŽÚ‚ ā™ Þˎ‰
•Ë ×Úā™•ÞāºË½‚ ¬ æ꽬 ‚Âü •ā¬™ÅɌ









4 à " Ă
VËߏ¬™½ ö ׬¢ºÄü© ÞæËÄËö‚Äü©
öāËڂ© ¬ ºË½Ëڂ© Ž¢•ā¬™ ¬•™‚½ÄüÃ
•ËיÂĬ™Ä¬™Ã ×ËºË·ê º‚Ą•™¤Ë
×Úā™•ÞāºË½‚º‚Ɍ








. "

sü·‰æºËöü ºË öüºËĂÄü ā Ă·öüĄÞā™·
·‚ºËߏ¬ Ž‚ö™ÂÄü ނæüÄËö™·
ā Ž‚·™āÄüà ÕÚ꺬™Ã ĂÞā™¤Ë
ŽË©‚æ™Ú‚ɇ êÚ˺½¬ö™¤Ë ºÚ̽¬º‚ Ćº‚
ā ·™•Ä‚· ÞæÚËÄü ¬ ö™½êÚËö™·
•™½¬º‚æę· 溂ĬÄü









5 Ă " "

süŽ¬™Úā ·™•™Ä ā ȁ öāËÚÌöɌ ‚ö™ÂĂ
Ă·öüĄÞā™· ·‚ºËߏ¬Ɍ êĄü Ú¢āĬº
¬•™‚½Äü •½‚ ×Úā™•ÞāºË½‚ºÌöɌ

Ćº¬ ·™Þæ ×˽޺‰ Âں‰ Ë£™Ú귉‰ Ă·öüĄÞā™· ·‚ºËߏ¬ ×Ú˕êºæü 智Þæü½Ä™ •½‚ •ā¬™¬Ɍ YËßĬ™Ãü öڂā ā ĂÞāüì º½¬™Äæ‚ì
·êĄ ˕ ǾǼǽǼ ÚɌ D‚Þā‰ ׂ޷‰ ·™Þæ öü©Ë•ā™Ä¬™ Ă×Úā™¬ö ×ËæÚā™ŽËà Ă·Ž‚Ú•ā¬™· öü¤‚·‰ü© º½¬™ÄæÌöɌ cöËÚāüÃü ×Ú˕êºæü æÚö‚™ɇ
‚ ·™•Äˏā™ßĬ™ ÄËö‚æËÚÞº¬™ɇ ׬¢ºÄ™ ¬ āöڂ‚·‰™ êö‚¤¢ ™½™¤‚ďº¬Ã öāËÚĬæö™ÃɌ ;ËÚāüÞæ‚Ãü æü½ºË ā Ž™ā׬™āÄü© •½‚ •ā¬™¬ 溂ĬÄ
×ËÞ¬‚•‚·‰ü© ™ÚæüĈº‚æ J™ºËɬc™ûɌ ΂ނ•ËÚº‰ Âں¬ Ćº¬ ·™Þæ ê•ËöĂ ‚ºæËÚº‚ɇ ‚ ×Úüö‚æĬ™  æÚÌ·º¬ •ā¬™¬ C‚¤ËÞ¬‚ ]ˏ©‚Ɍ
~‚©¢‚Ãü •Ë ā‚×ËāĂĬ‚ Þ¬¢ ā Ë£™Úæ‰ɇ ö ºæÌڙ· Ă יöÄË āĂ·•ā¬™¬™ V‚ÅÞæöË ö¬™½™ ׬¢ºÄü© ×Ú˕êºæÌö •½‚ Þöˬ© ×ˏ¬™©Ɍ



©¢æĬ™ ×ËÃËĄ™Ãü V‚ÅÞæöê ×Úāü ā‚ºêׂ© ¬ ˕×Ëö¬™Ãü Ă ×üæ‚Ĭ‚Ɇ
˕ ×ËĬ™•ā¬‚Âºê •Ë ׬‰æºê ö ¤Ë•āɌ ǼȄɆǼǼ ɬ ǽȂɆǼǼɌ
.ģ˽¬Ä¬‚ 晽™£ËĬāĂɆ ʐ ȀȄ ȁǿȁ ȃǽȄ Ȅǽȃ ʹ ;ËÄ悺æ ¬½ËöüɆ ¬Ä£Ëʱ™Ćº¬ɌËÃ
.

9™•Ä‚ ā ÷׬¢ºÄ¬™·Þāü© Â޺Ë智 •½‚ ZZZ HIILNL FRP
•ā¬™¬ɇ êÚˏāü ºÚ̽¬º Ćº öüÞæ¢×귙 ‚Ą
ö æÚā™© ÚËāì‚Ú‚© ¬ º¬½ºê ºË½Ëڂ©Ɍ
&ö‚ڂď·‚ ìÂËߏ¬ ˕ ׬™ÚöÞā™¤Ë s¬¢™· Ë Ä‚Þā ÚÌöĬ™Ą ö ٕ¬‚© Þ×Ë™āÄËߏ¬Ëöü©Ɇ
×Úāüæ꽙Ĭ‚Ɍ CËĄ™Þā ¤Ë ā‚ŽÚ‚ ā™ Þˎ‰
•Ë ×Úā™•ÞāºË½‚ ¬ æ꽬 ‚Âü •ā¬™ÅɌ









4 à " Ă
VËߏ¬™½ ö ׬¢ºÄü© ÞæËÄËö‚Äü©
öāËڂ© ¬ ºË½Ëڂ© Ž¢•ā¬™ ¬•™‚½ÄüÃ
•ËיÂĬ™Ä¬™Ã ×ËºË·ê º‚Ą•™¤Ë
×Úā™•ÞāºË½‚º‚Ɍ








. "

sü·‰æºËöü ºË öüºËĂÄü ā Ă·öüĄÞā™·
·‚ºËߏ¬ Ž‚ö™ÂÄü ނæüÄËö™·
ā Ž‚·™āÄüà ÕÚ꺬™Ã ĂÞā™¤Ë
ŽË©‚æ™Ú‚ɇ êÚ˺½¬ö™¤Ë ºÚ̽¬º‚ Ćº‚
ā ·™•Ä‚· ÞæÚËÄü ¬ ö™½êÚËö™·
•™½¬º‚æę· 溂ĬÄü









5 Ă " "

süŽ¬™Úā ·™•™Ä ā ȁ öāËÚÌöɌ ‚ö™ÂĂ
Ă·öüĄÞā™· ·‚ºËߏ¬Ɍ êĄü Ú¢āĬº
¬•™‚½Äü •½‚ ×Úā™•ÞāºË½‚ºÌöɌ

; C.~ =;. = ~. .














*MVQE /%1(3 XS FEVH^S ^RER] HSWXE[GE QEXIVMEɹ[ SHFPEWOS[]GL [ )YVSTMI ˒VSHOS[S
[WGLSHRMIN 2EW^I HS˒[MEHG^IRMI RE V]ROY TV^]G^]RMS WMʚ HS XIKS ˵I K[EVERXYNIQ] HSWOSREʈ +g]cy J = ];Js
NEOS˒ʊ SJIVS[ER]GL TVSHYOXɹ[ SHFPEWOS[]GL ; ^[Mʈ^OY ^ X]Q ˵I TSPMG]NRI WXEX]WX]OM
TSX[MIVH^ENʈ OSRMIG^RS˒ʊ RSW^IRME SHFPEWOɹ[ REW^E JMVQE []GLSH^M RE TV^IGM[ OPMIRXSQ Ʌ ™ÚæüĈº‚æ ˏ™Äü æü×ê s DÚ s ɒ]ɒǾȁǿǽɒǾǼǽȂ
SJIVYNʈG TVSJIWNSREPRʈ SFWYKʚ M OSV^]WXRʈ GIRʚ Ʌ öüºËĂĂ ā •ā¬‚ĬÄü ĉêËڙޏ™Äü·Ä™·
Ʌ ā öÞāüæüà ׂޙà ˕Ž½‚ÞºËöüÃ
2EW^]QM OPMIRXEQM Wʈ TVEW^]QM OPMIRXEQM Wʈ TV^IHI [W^]WXOMQ YV^ʚH] TEʿWX[S[I TSPMGNE E XEO˵I JMVQ] OSQIVG]NRI OXɹVI Ʌ ºË½ËÚɆ ĄÌÂæüɇ ā¬™½ËÄüɇ Ĭ™Ž¬™Þº¬ɇ ×ËÂڂŏāËöüɇ
2
YQMIW^G^ENʈ W[SNI PSKS M X]Q WEQ]Q TVSTEKYNʈ FI^TMIG^IʿWX[S RE HVSH^I ;]OSRYNIQ] TVSNIOX]
REHVYOɹ[ M []W]EQ] [M^YEPM^EGNʚ OSQTYXIVS[ʈ HS EOGITXEGNM .IWXI˒Q] Vɹ[RMI˵ IPEWX]G^RM NI˵IPM ÚÌĄËöü ¬ Ž¬‚Âü
Ʌ •Ë ā‚ÂËĄ™Ä¬‚ Ă Þāü·¢ ½êŽ ¤ÂËö¢
GLSH^M S MRH][MHYEPRI ^PIGIRME 1EQ] HY˵S EXVEOG]NR]GL TSQ]Wɹ[ WY˵]Q] VEHʈ GS HS Ʌ ÚËāì‚Ú ȀȂûȀȂûȂȂ Ã
Ʌ
MRH][MHYEPR]GL OW^XEXɹ[ M ^ETI[RMEQ] OVɹXOMI XIVQMR] VIEPM^EGNM
Ʌ ÃËĄ½¬öËߐ öüºËĂĬ‚ ¬Ä•üö¬•ê‚½Ä™¤Ë ÕÚêºê
]~ =;. J = ];Js


Ʌ ™ÚæüĈº‚æ ˏ™Äü æü×ê s DÚ s ɒ]ɒǾȁǿǼɒǾǼǽȂ
Ʌ ¬•™‚½Ä‚ ˏ©ÚËĂ ˕Ž½‚ÞºËö‚ •½‚ •ā¬™¬
Ʌ Âæ™Ú¬‚ÂɆ •ā¬‚ĬĂ ĉêËڙޏ™Äü·Ä‚ ā ö¤Úā‚ÄüÃ
ׂޙà ˕Ž½‚ÞºËöüÃ
Ʌ ÚËāì‚Ú êĬö™Úނ½Äü
Ʌ ÃËĄ½¬öËߐ ¬Ä•üö¬•ê‚½Ä™¤Ë ÕÚêºê



sJY;JɬV= ;.

t ™ÚæüĈº‚æ ˏ™Äü æü×ê s DÚ s ɒ]ɒǾȁǿǾɒǾǼǽȂ
t ×Úā™āÏā™Ä¬™ Ă Žêæü ½êŽ ÞæÚÌ· ¤¬ÃĂÞæüāÄü
t öüºËĂÄü ā 溂ĬÄü ĉêËڙޏ™Äü·Ä™·
ā öÞāüæüà ׂޙà ˕Ž½‚ÞºËöüà ā¤Ë•Äüà ā ÄËÚÉ DȀȃǽ
t öüì‚ÚüɆ ǿǾ û ǿȅ Ã
t ºË½ËÚüɆ ĄÌÂæüɇ ×ËÂڂŏāËöüɇ ā¬™½ËÄüɇ Ĭ™Ž¬™Þº¬ɇ ÚÌĄËöüɇ ā‚ÚÄü
t
t öüºËÄ귙Ãü ¬Ä•üö¬•ê‚½Ä™ ÕÚ꺬

~ V;. = ~. . . JYJ]By +


t ºË½ËÚɆ ĄÌÂæüɇ ×ËÂڂŏāËöüɇ ¤Ú‚Ä‚æËöüɇ ā‚ÚÄüɇ ā™ÚöËÄü
t öüºËĂę ā ×Úā™ö¬™öę·ɇ ™½‚Þæüāę· •ā¬‚ĬÄü ×˽¬™ÞæÚËö™·
t ā æ‚ßÉ ˕Ž½‚ÞºËö‰
t ā ˕Ž½‚ÞºËöüà ׂ޺¬™Ã
t ā‚׬ĂĂ Ă Úā™×
t ÃËĄ½¬öËߐ öüºËĂĬ‚ ÕÚêºê




öööɌº‚ìā™½º¬Ë•Ž½‚ÞºËö™ɌËÃɌ×½
ā‚ÃËö¬™Ä¬‚ʱº‚ìā™½º¬Ë•Ž½‚ÞºËö™ɌËÃɌ×½

; C.~ =;. = ~. .














*MVQE /%1(3 XS FEVH^S ^RER] HSWXE[GE QEXIVMEɹ[ SHFPEWOS[]GL [ )YVSTMI ˒VSHOS[S
[WGLSHRMIN 2EW^I HS˒[MEHG^IRMI RE V]ROY TV^]G^]RMS WMʚ HS XIKS ˵I K[EVERXYNIQ] HSWOSREʈ +g]cy J = ];Js
NEOS˒ʊ SJIVS[ER]GL TVSHYOXɹ[ SHFPEWOS[]GL ; ^[Mʈ^OY ^ X]Q ˵I TSPMG]NRI WXEX]WX]OM
TSX[MIVH^ENʈ OSRMIG^RS˒ʊ RSW^IRME SHFPEWOɹ[ REW^E JMVQE []GLSH^M RE TV^IGM[ OPMIRXSQ Ʌ ™ÚæüĈº‚æ ˏ™Äü æü×ê s DÚ s ɒ]ɒǾȁǿǽɒǾǼǽȂ
SJIVYNʈG TVSJIWNSREPRʈ SFWYKʚ M OSV^]WXRʈ GIRʚ Ʌ öüºËĂĂ ā •ā¬‚ĬÄü ĉêËڙޏ™Äü·Ä™·
Ʌ ā öÞāüæüà ׂޙà ˕Ž½‚ÞºËöüÃ
2EW^]QM OPMIRXEQM Wʈ TVEW^]QM OPMIRXEQM Wʈ TV^IHI [W^]WXOMQ YV^ʚH] TEʿWX[S[I TSPMGNE E XEO˵I JMVQ] OSQIVG]NRI OXɹVI
2 Ʌ ºË½ËÚɆ ĄÌÂæüɇ ā¬™½ËÄüɇ Ĭ™Ž¬™Þº¬ɇ ×ËÂڂŏāËöüɇ
YQMIW^G^ENʈ W[SNI PSKS M X]Q WEQ]Q TVSTEKYNʈ FI^TMIG^IʿWX[S RE HVSH^I ;]OSRYNIQ] TVSNIOX]
REHVYOɹ[ M []W]EQ] [M^YEPM^EGNʚ OSQTYXIVS[ʈ HS EOGITXEGNM .IWXI˒Q] Vɹ[RMI˵ IPEWX]G^RM NI˵IPM ÚÌĄËöü ¬ Ž¬‚Âü
Ʌ •Ë ā‚ÂËĄ™Ä¬‚ Ă Þāü·¢ ½êŽ ¤ÂËö¢
GLSH^M S MRH][MHYEPRI ^PIGIRME 1EQ] HY˵S EXVEOG]NR]GL TSQ]Wɹ[ WY˵]Q] VEHʈ GS HS Ʌ
Ʌ ÚËāì‚Ú ȀȂûȀȂûȂȂ Ã
MRH][MHYEPR]GL OW^XEXɹ[ M ^ETI[RMEQ] OVɹXOMI XIVQMR] VIEPM^EGNM
Ʌ ÃËĄ½¬öËߐ öüºËĂĬ‚ ¬Ä•üö¬•ê‚½Ä™¤Ë ÕÚêºê
]~ =;. J = ];Js


Ʌ ™ÚæüĈº‚æ ˏ™Äü æü×ê s DÚ s ɒ]ɒǾȁǿǼɒǾǼǽȂ
Ʌ ¬•™‚½Ä‚ ˏ©ÚËĂ ˕Ž½‚ÞºËö‚ •½‚ •ā¬™¬
Ʌ Âæ™Ú¬‚ÂɆ •ā¬‚ĬĂ ĉêËڙޏ™Äü·Ä‚ ā ö¤Úā‚ÄüÃ
ׂޙà ˕Ž½‚ÞºËöüÃ
Ʌ ÚËāì‚Ú êĬö™Úނ½Äü
Ʌ ÃËĄ½¬öËߐ ¬Ä•üö¬•ê‚½Ä™¤Ë ÕÚêºê



sJY;JɬV= ;.

t ™ÚæüĈº‚æ ˏ™Äü æü×ê s DÚ s ɒ]ɒǾȁǿǾɒǾǼǽȂ
t ×Úā™āÏā™Ä¬™ Ă Žêæü ½êŽ ÞæÚÌ· ¤¬ÃĂÞæüāÄü
t öüºËĂÄü ā 溂ĬÄü ĉêËڙޏ™Äü·Ä™·
ā öÞāüæüà ׂޙà ˕Ž½‚ÞºËöüà ā¤Ë•Äüà ā ÄËÚÉ DȀȃǽ
t öüì‚ÚüɆ ǿǾ û ǿȅ Ã
t ºË½ËÚüɆ ĄÌÂæüɇ ×ËÂڂŏāËöüɇ ā¬™½ËÄüɇ Ĭ™Ž¬™Þº¬ɇ ÚÌĄËöüɇ ā‚ÚÄü
t
t öüºËÄ귙Ãü ¬Ä•üö¬•ê‚½Ä™ ÕÚ꺬

~ V;. = ~. . . JYJ]By +


t ºË½ËÚɆ ĄÌÂæüɇ ×ËÂڂŏāËöüɇ ¤Ú‚Ä‚æËöüɇ ā‚ÚÄüɇ ā™ÚöËÄü
t öüºËĂę ā ×Úā™ö¬™öę·ɇ ™½‚Þæüāę· •ā¬‚ĬÄü ×˽¬™ÞæÚËö™·
t ā æ‚ßÉ ˕Ž½‚ÞºËö‰
t ā ˕Ž½‚ÞºËöüà ׂ޺¬™Ã
t ā‚׬ĂĂ Ă Úā™×
t ÃËĄ½¬öËߐ öüºËĂĬ‚ ÕÚêºê




öööɌº‚ìā™½º¬Ë•Ž½‚ÞºËö™ɌËÃɌ×½
ā‚ÃËö¬™Ä¬‚ʱº‚ìā™½º¬Ë•Ž½‚ÞºËö™ɌËÃɌ×½

Witaj w świecie zabawek


Toys”R”Us to kultowa, znana na całym świecie sieć sklepów z zabawkami i produktami dla
niemowląt. Znakiem rozpoznawczym marki jest duża przestrzeń handlowa i największy wybór
zabawek. Obecnie Toys”R”Us posiada około 1600 sklepów w 36 krajach, z czego 16 w Polsce.

Dzięki globalnej skali, do Toys”R”Us trafiają wszystkie zabawkowe bestsellery, a wiele
Dzięki
wiodących producentów (np. LEGO, Mattel, Hasbro) produkuje zabawki wyłącznie dla
Toys”R”Us. Oprócz tego sieć posiada szeroki wybór produktów marek własnych. W bogatym
asortymencie Toys”R”Us, klienci znajdą m.in. kompleksową ofertę dla dzieci w wieku Super Oferta dla przedszkoli
przedszkolnym, w tym pomoce naukowe, zabawki edukacyjne, klocki, zestawy artystyczne,
instrumenty, artykuły szkolne i wiele innych. im wieksze zakupy, tym większy rabat

Dla przedszkoli i innych placówek edukacyjnych Toys”R”Us przygotowała specjalną ofertę rabatową na
zakup kart podarunkowych. Karta podarunkowa pozwoli na dowolne skompletowanie wyposażenia
do przedszkola czy żłobka w sklepach stacjonarnych marki oraz online na www.toysrus.pl




Sprawdź






















SERDECZNIE
POLECAMY!







www.toysrus.pl | [email protected]

Witaj w świecie zabawek


Toys”R”Us to kultowa, znana na całym świecie sieć sklepów z zabawkami i produktami dla
niemowląt. Znakiem rozpoznawczym marki jest duża przestrzeń handlowa i największy wybór
zabawek. Obecnie Toys”R”Us posiada około 1600 sklepów w 36 krajach, z czego 16 w Polsce.

Dzięki globalnej skali, do Toys”R”Us trafiają wszystkie zabawkowe bestsellery, a wiele
Dzięki
wiodących producentów (np. LEGO, Mattel, Hasbro) produkuje zabawki wyłącznie dla
Toys”R”Us. Oprócz tego sieć posiada szeroki wybór produktów marek własnych. W bogatym
asortymencie Toys”R”Us, klienci znajdą m.in. kompleksową ofertę dla dzieci w wieku Super Oferta dla przedszkoli
przedszkolnym, w tym pomoce naukowe, zabawki edukacyjne, klocki, zestawy artystyczne,
instrumenty, artykuły szkolne i wiele innych. im wieksze zakupy, tym większy rabat

Dla przedszkoli i innych placówek edukacyjnych Toys”R”Us przygotowała specjalną ofertę rabatową na
zakup kart podarunkowych. Karta podarunkowa pozwoli na dowolne skompletowanie wyposażenia
do przedszkola czy żłobka w sklepach stacjonarnych marki oraz online na www.toysrus.pl




Sprawdź






















SERDECZNIE
POLECAMY!







www.toysrus.pl | [email protected]





*SXSFE˒RMI XS MRRS[EG]NR] TVSNIOX TSPIKENʈG] RE YQMIW^G^IRMY [ MPYWXVS[ERIN FE˒RM ^HNʚʊ
8[SNIKS (^MIGOE 4MʚORI OSPSVS[I LMWXSVMI ^ 8[SMQ (^MIGOMIQ [ VSPM Kɹ[RIN XS ˒[MIXRE
^EFE[E HPE GEIN VSH^MR] HSWOSRE] TVI^IRX HPE H^MIGM [ OE˵H]Q [MIOY SVE^ TMʚORE
TEQMʈXOE RE PEXE





























.%/ 43;78%.ʆ *383&%ː2-)#



8[SV^IRMI *SXSFE˒RM XS FEVH^S G^EWSGLSRR] TVSGIW /E˵Hʈ FE˒ʿ RENTMIV[ XV^IFE
[]Q]˒PMʊ 0MG^] WMʚ TSQ]W ; TSW^YOM[ERMY SHTS[MIHRMIN XVI˒GM FEVH^S TSQSGRI Wʈ
OPYG^S[I IPIQIRX] ũ GS H^MIGOS PYFM VSFMʊ NEOMI ^[MIV^ʈXOS PYFM QS˵I QE W[SNʈ YPYFMSRʈ ;][SERMI OVIEX][RIN FYV^] [ Qɹ^KY ^NIH^IRMI
QEWOSXOʚ OSPSV EOSʊ G^] QE TYTMPE MXH 4S ^IFVERMY X]GL IPIQIRXɹ[ QS˵RE WMʚ ^EFMIVEʊ QMR G^IOSPEH W^OMGI ^SWXE[MERI [W^ʚH^MI
^E []Q]˒PERMI 1ɹ^K RENPITMIN TVEGYNI [ VYGLY [MʚG RENPITW^I TSQ]W] TV^]GLSH^ʈ RE
WTEGIV^I FEWIRMI PYF VS[IVS[IN TV^INE˵H˵GI ^ 1ʚ˵IQ /MIH] XVI˒ʊ REVIW^GMI WMʚ SFNE[M
QS˵RE ^EG^ʈʊ V]QS[Eʊ

; ;E˵RI NIWX EF] HSFMIVEʊ WS[E XEO F] X[SV^]] NEOM˒ GMʈK WOSNEV^IRMS[] [ H^MIGMʚG]Q
YQ]˒PI H^MʚOM G^IQY EX[MIN NI ^ETEQMʚXENʈ
6S[IV FEWR VS[IV TSXIQ NY˵ X]POS
+H] NIWX NY˵ V]QS[ER] XIOWX ũ G^EW RE MPYWXVEGNI 2ENTMIV[ W^OMGI FSLEXIVɹ[ TSXIQ FMYVOS FMYVOS FMYVOS
TV^IPERMI MGL RE []WSOMIN KVEQEXYV] TETMIV 9˵][EQ EO[EVIPM HS REQEPS[ERME TSWXEGM
SVE^ [W^]WXOMGL IPIQIRXɹ[ XE 2EWXʚTRMI WOERYNʚ [W^]WXOS M ^EG^]REQ ^EFE[ʚ
[ TVSKVEQMI JSXSWLST (^MʚOM XIQY QEQ TIRʈ OSRXVSPʚ REH NEOS˒GMʈ VS^H^MIPG^S˒GMʈ
M OSPS OSPSVEQM 2MI [WTSQMRENʈG S HSOEʿG^ERMY MPYWXVEGNM M HSHE[ERMY HS RMGL YFSKEGENʈG]GL
M
IPIQIRXɹ[ /MIH] MPYWXVEGNI Wʈ KSXS[I ũ QS˵RE [WXE[MEʊ ^HNʚGME H^MIGOE ũ RENTMIV[
[]GMREQ XS ^ OE˵HIKS VIXYW^YNʚ OVE[ʚH^MI M SHTS[MIHRMS TSHWXE[MEQ HS OE˵HIN TPERW^] *EVFOE 4LSXSWLST (VYOEVOE
4SXIQ NY˵ X]POS []HVYO M KSXS[I *MRMW^ [I [WTERME]Q WX]PY





[[[ JSXSFEWRMI TP ŵ WXYHMS$JSXSFEWRMI TP ŵ

*SXSFE˒RMI XS MRRS[EG]NR] TVSNIOX TSPIKENʈG] RE YQMIW^G^IRMY [ MPYWXVS[ERIN FE˒RM ^HNʚʊ
8[SNIKS (^MIGOE 4MʚORI OSPSVS[I LMWXSVMI ^ 8[SMQ (^MIGOMIQ [ VSPM Kɹ[RIN XS ˒[MIXRE
^EFE[E HPE GEIN VSH^MR] HSWOSRE] TVI^IRX HPE H^MIGM [ OE˵H]Q [MIOY SVE^ TMʚORE
TEQMʈXOE RE PEXE





























.%/ 43;78%.ʆ *383&%ː2-)#



8[SV^IRMI *SXSFE˒RM XS FEVH^S G^EWSGLSRR] TVSGIW /E˵Hʈ FE˒ʿ RENTMIV[ XV^IFE
[]Q]˒PMʊ 0MG^] WMʚ TSQ]W ; TSW^YOM[ERMY SHTS[MIHRMIN XVI˒GM FEVH^S TSQSGRI Wʈ
OPYG^S[I IPIQIRX] ũ GS H^MIGOS PYFM VSFMʊ NEOMI ^[MIV^ʈXOS PYFM QS˵I QE W[SNʈ YPYFMSRʈ ;][SERMI OVIEX][RIN FYV^] [ Qɹ^KY ^NIH^IRMI
QEWOSXOʚ OSPSV EOSʊ G^] QE TYTMPE MXH 4S ^IFVERMY X]GL IPIQIRXɹ[ QS˵RE WMʚ ^EFMIVEʊ QMR G^IOSPEH W^OMGI ^SWXE[MERI [W^ʚH^MI
^E []Q]˒PERMI 1ɹ^K RENPITMIN TVEGYNI [ VYGLY [MʚG RENPITW^I TSQ]W] TV^]GLSH^ʈ RE
WTEGIV^I FEWIRMI PYF VS[IVS[IN TV^INE˵H˵GI ^ 1ʚ˵IQ /MIH] XVI˒ʊ REVIW^GMI WMʚ SFNE[M
QS˵RE ^EG^ʈʊ V]QS[Eʊ

; ;E˵RI NIWX EF] HSFMIVEʊ WS[E XEO F] X[SV^]] NEOM˒ GMʈK WOSNEV^IRMS[] [ H^MIGMʚG]Q
YQ]˒PI H^MʚOM G^IQY EX[MIN NI ^ETEQMʚXENʈ
6S[IV FEWR VS[IV TSXIQ NY˵ X]POS
+H] NIWX NY˵ V]QS[ER] XIOWX ũ G^EW RE MPYWXVEGNI 2ENTMIV[ W^OMGI FSLEXIVɹ[ TSXIQ FMYVOS FMYVOS FMYVOS
TV^IPERMI MGL RE []WSOMIN KVEQEXYV] TETMIV 9˵][EQ EO[EVIPM HS REQEPS[ERME TSWXEGM
SVE^ [W^]WXOMGL IPIQIRXɹ[ XE 2EWXʚTRMI WOERYNʚ [W^]WXOS M ^EG^]REQ ^EFE[ʚ
[ TVSKVEQMI JSXSWLST (^MʚOM XIQY QEQ TIRʈ OSRXVSPʚ REH NEOS˒GMʈ VS^H^MIPG^S˒GMʈ
M OSPS OSPSVEQM 2MI [WTSQMRENʈG S HSOEʿG^ERMY MPYWXVEGNM M HSHE[ERMY HS RMGL YFSKEGENʈG]GL
M
IPIQIRXɹ[ /MIH] MPYWXVEGNI Wʈ KSXS[I ũ QS˵RE [WXE[MEʊ ^HNʚGME H^MIGOE ũ RENTMIV[
[]GMREQ XS ^ OE˵HIKS VIXYW^YNʚ OVE[ʚH^MI M SHTS[MIHRMS TSHWXE[MEQ HS OE˵HIN TPERW^] *EVFOE 4LSXSWLST (VYOEVOE
4SXIQ NY˵ X]POS []HVYO M KSXS[I *MRMW^ [I [WTERME]Q WX]PY





[[[ JSXSFEWRMI TP ŵ WXYHMS$JSXSFEWRMI TP ŵ

&R PRİHP\ SRGDURZDþ ']LĊNL WHPX ĪH G]LHFNR ZLG]L Z NVLąĪFH VLHELH ']LĊNL QRZRF]HVQHM WHFKQRORJLL WUDG\F\MQH
G]LHFLRP G]LčNL WHFKQRORJLL L VZRLFK QDMEOLĪV]\FK áDWZLHM MHVW PX VLĊ NVLąĪNL ]\VNXMą QRZ\ Z\PLDU $JDWD
1RZRF]HVQH WHFKQRORJLH QD GREUH ]DDQJDĪRZDü Z OHNWXUĊ NVLąĪND MHVW GOD ĝOLZLĔVND DXWRUND SURMHNWX )RWREDVQLH SO
RGELRUF\ FLHNDZV]D D PDOHF VWDMH VLĊ MHM
PDU]\ R W\P DE\ GRURVáH G]LHFL SR ODWDFK
]DGRPRZLá\ VLĊ Z QDV]HM FRG]LHQQRĞFL L G]LĞ SUDZG]LZ\P ERKDWHUHP 3U]HGH ZV]\VWNLP ZUDFDá\ GR NVLąĪHF]HN Z NWyU\FK PRJą
QLNRJR MXĪ QLH G]LZL ĪH GZXODWHN VSUDZQLHM MHGQDN PáRG\ F]áRZLHN F]XMH VLĊ ]QDOHĨü SDFKQąFH G]LHFLĔVWZHP SDPLąWNL D
REVáXJXMH WDEOHW RG QLHMHGQHJR GRURVáHJR GRZDUWRĞFLRZDQ\ L ]EXGRZDQ\ QDZHW RGF]\W\ZDü MH VZRLP G]LHFLRP
SU]HGVWDZLHQLHPU]HGVWDZLHQLHP JR MDNR RVRE\ QD NWyUHM
1 S S
1LHNWyU]\LHNWyU]\ SDWU]ą QD WR ] QDG]LHMą LQQL ]
SRND]XMąFRND]XMąF MHGQRF]HĞQLH MDN Z\JOąGDáD PDPD
QLHSRNRMHP -HGQDN QRZRF]HVQH WHFKQRORJLH PRĪQD SROHJDü OXE EDEFLD NLONDG]LHVLąW ODW WHPX
PRJą VSUDZLü ĪH GRW\FKF]DVRZH U]HF]\ GOD )RWREDĞQLH QLH W\ONR EDZLą DOH L XF]ą ² IDEXáD
QDV]\FK SRFLHFK ]\VNDMą SUDZG]LZą GXV]Ċ RSLHUD VLĊ QD W\P ĪH G]LHFNR VWDUD VLĊ SRPyF
1LH PD SLĊNQLHMV]HJR SUH]HQWX GOD PDOXFKD ]ZLHU]ąWNX Z NáRSRWDFK V]XND NUHDW\ZQ\FK
QLĪ GHG\NRZDQ\ XSRPLQHN Sá\W\ ] UR]ZLą]DĔ OXE RGGDMH ]QDOH]LRQą ZF]HĞQLHM
SLRVHQNDPL Z NWyU\FK SDGD LPLĊ G]LHFND ]JXEĊ 5\PRZDQH WHNVW\ VSUDZLDMą ĪH WUHĞü
P
PDVNRWNLDVNRWNL ]ZUDFDMąFH VLĊ GR G]LHFND SR LPLHQLX MHVW áDWZLHM SU]\VZDMDOQD L PRĪQD Mą V]\ENR
F]\ PLVLH LPLWXMąFH V]XP ] EU]XV]ND PDP\ ]DSDPLĊWDü

:
: RIHUFLH )RWREDĞQL Vą WHĪ VHQVRU\F]QH
NVLąĪNL SHUVRQDOL]RZDQH ² VWZRU]RQH
RGSRZLHGQLR GR ZLHNX NVLąĪNL GOD G]LHFL Z
SU]HG]LDOH ODW .VLąĪNL VHQVRU\F]QH QLH Vą
SU]HáDGRZDQH LOXVWUDFMDPL FR VSUDZLD ĪH Vą
F]\WHOQH GOD PDOXV]ND ,FK ]DGDQLHP MHVW
SREXG]HQLH Z\REUDĨQL L FLHNDZRĞFL PDáHJR
F]\WHOQLND ]\WHOQLND 6ą WHĪ SRP\ĞODQH Z WDNL VSRVyE E\
F
SR ODWDFK VWDQRZLá\ SLĊNQą SDPLąWNĊ GOD %\ü PRĪH Z SU]\V]áRĞFL NXSLRQH G]LĞ
REGDURZDQHJR G]LHFND NVLąĪHF]NL EĊGą SUDZG]LZ\P VNDUEHP Z
HSRFH SRZV]HFKQHM F\IU\]DFML
=DPDZLDMąF NVLąĪNL Z ILUPLH )RWREDĞQLH QLH
]DPDZLDP\ W\ONR XVáXJL DOH SUDZG]LZ\ :\ VZRMH NVLąĪNL PRĪHFLH NXSLü MXĪ G]LĞ QD
'R WHJR JURQD ]DOLF]\ü G]LĞ PRĪQD UyZQLHĪ RVRELVW\ SUH]HQW $JDWD ĝOLZLĔVND ² DXWRUND VWURQLH )RWREDVQLH SO ] NRGHP UDEDWRZ\P
NVLąĪNL GOD G]LHFL NWyUH PRJą VWDü VLĊ EDUG]R )RWREDĞQL Z PLDUĊ PRĪOLZRĞFL VWDUD VLĊ Ä0DJD]\Q3U]HGV]NROD´ RWU]\PDFLH ]QLĪNL
)RWREDVQLH SO ]DSUDV]DMą
RVRELVW\P SUH]HQWHP L SLĊNQą SDPLąWNą GRGDZDü ]GMĊFLD URG]LFyZ L LQQ\FK EOLVNLFK
3 G]LHFNX RVyE MHĞOL W\ONR RWU]\PD WDNLH
3HUVRQDOL]RZDQHHUVRQDOL]RZDQH NVLąĪNL GOD G]LHFL ER R QLFK
WX PRZD WR ERJDWR LOXVWURZDQH RSRZLHĞFL IRWRJUDILH 5REL WR Z FHQLH SURGXNWX SRQLHZDĪ
]DOHĪ\DOHĪ\ MHM QD VWZRU]HQLX URG]LQQHM SDPLąWNL
]
NWyU\FK F]ĊĞFLą VWDMH VLĊ G]LHFNR 'R NVLąĪNL NWyUD VWDQLH VLĊ SUDZG]LZ\P
NVLąĪNRZ\FK LOXVWUDFML PRĪQD GRGDü ]GMĊFLD URG]LQQ\P VNDUEHP áąF]ąF\P SRNROHQLD
G]LHFND Z WDNL VSRVyE ĪH Z\JOąGDMą MDN LFK
LQWHJUDOQD F]ĊĞü

1DD VWURQLH )RWREDVQLH SO PRĪQD ]REDF]\ü FDáą
1
NVLąĪNĊ SU]HG ]DNXSHP FR VSUDZL ĪH áDWZLHM
MHVW GREUDü ]GMĊFLD SDVXMąFH GR VFHQ NVLąĪNL
'R VWZRU]HQLD MHGQHM ILUPD )RWREDĞQLH
Z\NRU]\VWXMH PLQLPXP GR ]GMĊü ']LĊNL
QRZRF]HVQ\P WHFKQRORJLRP ]GMĊFLD [[[ JSXSFEWRMI TP
Z\NRU]\VW\ZDQH Z LOXVWUDFML PRĪQD
RGSRZLHGQLRGSRZLHGQLR VIRUPDWRZDü GRĞZLHWOLü L
R WXYHMS$JSXSFEWRMI TP
HG\WRZDü Z WDNL VSRVyE ĪH G]LHFL Z\JOąGDMą
MDNE\ QDSUDZGĊ XF]HVWQLF]\á\ Z SU]\JRGDFK
]ZLHU]ąWHN Z Z\U\VRZDQ\P ĞZLHFLH
3RáąF]HQLH UĊF]QHM SUDF\ ] GRVNRQDá\PL
QDU]ĊG]LDPL JUDILF]Q\PL GDMH Z\MąWNRZ\ HIHNW
NWyU\ ] SHZQRĞFLą ]DFKZ\FL PDá\FK
E
ERKDWHURRKDWHURZ MDN UyZQLHĪ LFK URG]LFyZ

&R PRİHP\ SRGDURZDþ ']LĊNL WHPX ĪH G]LHFNR ZLG]L Z NVLąĪFH VLHELH ']LĊNL QRZRF]HVQHM WHFKQRORJLL WUDG\F\MQH
G]LHFLRP G]LčNL WHFKQRORJLL L VZRLFK QDMEOLĪV]\FK áDWZLHM MHVW PX VLĊ NVLąĪNL ]\VNXMą QRZ\ Z\PLDU $JDWD
1RZRF]HVQH WHFKQRORJLH QD GREUH ]DDQJDĪRZDü Z OHNWXUĊ NVLąĪND MHVW GOD ĝOLZLĔVND DXWRUND SURMHNWX )RWREDVQLH SO
RGELRUF\ FLHNDZV]D D PDOHF VWDMH VLĊ MHM
PDU]\ R W\P DE\ GRURVáH G]LHFL SR ODWDFK
]DGRPRZLá\ VLĊ Z QDV]HM FRG]LHQQRĞFL L G]LĞ SUDZG]LZ\P ERKDWHUHP 3U]HGH ZV]\VWNLP ZUDFDá\ GR NVLąĪHF]HN Z NWyU\FK PRJą
QLNRJR MXĪ QLH G]LZL ĪH GZXODWHN VSUDZQLHM MHGQDN PáRG\ F]áRZLHN F]XMH VLĊ ]QDOHĨü SDFKQąFH G]LHFLĔVWZHP SDPLąWNL D
REVáXJXMH WDEOHW RG QLHMHGQHJR GRURVáHJR GRZDUWRĞFLRZDQ\ L ]EXGRZDQ\ QDZHW RGF]\W\ZDü MH VZRLP G]LHFLRP
SU]HGVWDZLHQLHPU]HGVWDZLHQLHP JR MDNR RVRE\ QD NWyUHM
1 S S
1LHNWyU]\LHNWyU]\ SDWU]ą QD WR ] QDG]LHMą LQQL ]
SRND]XMąFRND]XMąF MHGQRF]HĞQLH MDN Z\JOąGDáD PDPD
QLHSRNRMHP -HGQDN QRZRF]HVQH WHFKQRORJLH PRĪQD SROHJDü OXE EDEFLD NLONDG]LHVLąW ODW WHPX
PRJą VSUDZLü ĪH GRW\FKF]DVRZH U]HF]\ GOD )RWREDĞQLH QLH W\ONR EDZLą DOH L XF]ą ² IDEXáD
QDV]\FK SRFLHFK ]\VNDMą SUDZG]LZą GXV]Ċ RSLHUD VLĊ QD W\P ĪH G]LHFNR VWDUD VLĊ SRPyF
1LH PD SLĊNQLHMV]HJR SUH]HQWX GOD PDOXFKD ]ZLHU]ąWNX Z NáRSRWDFK V]XND NUHDW\ZQ\FK
QLĪ GHG\NRZDQ\ XSRPLQHN Sá\W\ ] UR]ZLą]DĔ OXE RGGDMH ]QDOH]LRQą ZF]HĞQLHM
SLRVHQNDPL Z NWyU\FK SDGD LPLĊ G]LHFND ]JXEĊ 5\PRZDQH WHNVW\ VSUDZLDMą ĪH WUHĞü
P
PDVNRWNLDVNRWNL ]ZUDFDMąFH VLĊ GR G]LHFND SR LPLHQLX MHVW áDWZLHM SU]\VZDMDOQD L PRĪQD Mą V]\ENR
F]\ PLVLH LPLWXMąFH V]XP ] EU]XV]ND PDP\ ]DSDPLĊWDü

:
: RIHUFLH )RWREDĞQL Vą WHĪ VHQVRU\F]QH
NVLąĪNL SHUVRQDOL]RZDQH ² VWZRU]RQH
RGSRZLHGQLR GR ZLHNX NVLąĪNL GOD G]LHFL Z
SU]HG]LDOH ODW .VLąĪNL VHQVRU\F]QH QLH Vą
SU]HáDGRZDQH LOXVWUDFMDPL FR VSUDZLD ĪH Vą
F]\WHOQH GOD PDOXV]ND ,FK ]DGDQLHP MHVW
SREXG]HQLH Z\REUDĨQL L FLHNDZRĞFL PDáHJR
F]\WHOQLND ]\WHOQLND 6ą WHĪ SRP\ĞODQH Z WDNL VSRVyE E\
F
SR ODWDFK VWDQRZLá\ SLĊNQą SDPLąWNĊ GOD %\ü PRĪH Z SU]\V]áRĞFL NXSLRQH G]LĞ
REGDURZDQHJR G]LHFND NVLąĪHF]NL EĊGą SUDZG]LZ\P VNDUEHP Z
HSRFH SRZV]HFKQHM F\IU\]DFML
=DPDZLDMąF NVLąĪNL Z ILUPLH )RWREDĞQLH QLH
]DPDZLDP\ W\ONR XVáXJL DOH SUDZG]LZ\ :\ VZRMH NVLąĪNL PRĪHFLH NXSLü MXĪ G]LĞ QD
'R WHJR JURQD ]DOLF]\ü G]LĞ PRĪQD UyZQLHĪ RVRELVW\ SUH]HQW $JDWD ĝOLZLĔVND ² DXWRUND VWURQLH )RWREDVQLH SO ] NRGHP UDEDWRZ\P
NVLąĪNL GOD G]LHFL NWyUH PRJą VWDü VLĊ EDUG]R )RWREDĞQL Z PLDUĊ PRĪOLZRĞFL VWDUD VLĊ Ä0DJD]\Q3U]HGV]NROD´ RWU]\PDFLH ]QLĪNL
)RWREDVQLH SO ]DSUDV]DMą
RVRELVW\P SUH]HQWHP L SLĊNQą SDPLąWNą GRGDZDü ]GMĊFLD URG]LFyZ L LQQ\FK EOLVNLFK
3 G]LHFNX RVyE MHĞOL W\ONR RWU]\PD WDNLH
3HUVRQDOL]RZDQHHUVRQDOL]RZDQH NVLąĪNL GOD G]LHFL ER R QLFK
WX PRZD WR ERJDWR LOXVWURZDQH RSRZLHĞFL IRWRJUDILH 5REL WR Z FHQLH SURGXNWX SRQLHZDĪ
]DOHĪ\DOHĪ\ MHM QD VWZRU]HQLX URG]LQQHM SDPLąWNL
]
NWyU\FK F]ĊĞFLą VWDMH VLĊ G]LHFNR 'R NVLąĪNL NWyUD VWDQLH VLĊ SUDZG]LZ\P
NVLąĪNRZ\FK LOXVWUDFML PRĪQD GRGDü ]GMĊFLD URG]LQQ\P VNDUEHP áąF]ąF\P SRNROHQLD
G]LHFND Z WDNL VSRVyE ĪH Z\JOąGDMą MDN LFK
LQWHJUDOQD F]ĊĞü

1DD VWURQLH )RWREDVQLH SO PRĪQD ]REDF]\ü FDáą
1
NVLąĪNĊ SU]HG ]DNXSHP FR VSUDZL ĪH áDWZLHM
MHVW GREUDü ]GMĊFLD SDVXMąFH GR VFHQ NVLąĪNL
'R VWZRU]HQLD MHGQHM ILUPD )RWREDĞQLH
Z\NRU]\VWXMH PLQLPXP GR ]GMĊü ']LĊNL
QRZRF]HVQ\P WHFKQRORJLRP ]GMĊFLD [[[ JSXSFEWRMI TP
Z\NRU]\VW\ZDQH Z LOXVWUDFML PRĪQD
RGSRZLHGQLRGSRZLHGQLR VIRUPDWRZDü GRĞZLHWOLü L
R WXYHMS$JSXSFEWRMI TP
HG\WRZDü Z WDNL VSRVyE ĪH G]LHFL Z\JOąGDMą
MDNE\ QDSUDZGĊ XF]HVWQLF]\á\ Z SU]\JRGDFK
]ZLHU]ąWHN Z Z\U\VRZDQ\P ĞZLHFLH
3RáąF]HQLH UĊF]QHM SUDF\ ] GRVNRQDá\PL
QDU]ĊG]LDPL JUDILF]Q\PL GDMH Z\MąWNRZ\ HIHNW
NWyU\ ] SHZQRĞFLą ]DFKZ\FL PDá\FK
E
ERKDWHURRKDWHURZ MDN UyZQLHĪ LFK URG]LFyZ





/DPSNL G]LHFLÇFH



3UDNW\F]QH L QRZRF]HVQH ODPSNL QD ELXUNR GOD G]LHFL SU]\GDG]Ã VLÇ ND×GHPX SRF]ÃWNXMÃFHPX
QDXNRZFRZL SURMHNWDQWRZL SLVDU]RZL EÃGÕ LQ×\QLHURZL 3RVWDZ QD RÐZLHWOHQLH NWµUH SRSUDZL NRPIRUW
QDXNL 7ZRMHM SRFLHFK\ D WDN×H VSUDZL ×H ZQÇWU]H ]\VND ]XSHÊQLH LQQ\ FKDUDNWHU

.D×GD GRVWÇSQD Z QDV]HM RIHUFLH ODPSND GOD G]LHFND GRVNRQDOH QDGDMH VLÇ GR XVWDZLHQLD SU]\ ELXUNX
']LÇNL ×DUµZNRP /(' ]DSHZQLV] RGSRZLHGQLH ZDUXQNL GR QDXNL 2ÐZLHWOHQLH SXQNWRZH MHVW
V]F]HJµOQH ]DOHFDQH PÊRG\P RVRERP NWµUH ZLÇNV]RÐÅ F]DVX VSÇG]DMÃ QD SLVDQLX F]\WDQLX
EÃGÕ SUDF\ SU]\ NRPSXWHU]H SRGF]DV NWµU\FK QDMZD×QLHMV]D MHVW GEDÊRÐÅ R Z]URN RUD]
RGSRZLHGQLÃ SRVWDZÇ FLDÊD 3RQDGWR SURGXNW\ SRVLDGDMÃ EH]SLHF]QÃ HODVW\F]QÃ
NRQVWUXNFMÇ LGHDOQÃ GOD GUREQ\FK GÊRQL
























0DJLF





]DFKZ\Å VLÇ

PDJLÃ NRORUµZ


























1,/6(1 3ROVND
XO %XGRZODQD /XEOLQ
ZZZ QLOVHQ SO



VNOHS#QLOVHQ SO

/DPSNL G]LHFLÇFH



3UDNW\F]QH L QRZRF]HVQH ODPSNL QD ELXUNR GOD G]LHFL SU]\GDG]Ã VLÇ ND×GHPX SRF]ÃWNXMÃFHPX
QDXNRZFRZL SURMHNWDQWRZL SLVDU]RZL EÃGÕ LQ×\QLHURZL 3RVWDZ QD RÐZLHWOHQLH NWµUH SRSUDZL NRPIRUW
QDXNL 7ZRMHM SRFLHFK\ D WDN×H VSUDZL ×H ZQÇWU]H ]\VND ]XSHÊQLH LQQ\ FKDUDNWHU

.D×GD GRVWÇSQD Z QDV]HM RIHUFLH ODPSND GOD G]LHFND GRVNRQDOH QDGDMH VLÇ GR XVWDZLHQLD SU]\ ELXUNX
']LÇNL ×DUµZNRP /(' ]DSHZQLV] RGSRZLHGQLH ZDUXQNL GR QDXNL 2ÐZLHWOHQLH SXQNWRZH MHVW
V]F]HJµOQH ]DOHFDQH PÊRG\P RVRERP NWµUH ZLÇNV]RÐÅ F]DVX VSÇG]DMÃ QD SLVDQLX F]\WDQLX
EÃGÕ SUDF\ SU]\ NRPSXWHU]H SRGF]DV NWµU\FK QDMZD×QLHMV]D MHVW GEDÊRÐÅ R Z]URN RUD]
RGSRZLHGQLÃ SRVWDZÇ FLDÊD 3RQDGWR SURGXNW\ SRVLDGDMÃ EH]SLHF]QÃ HODVW\F]QÃ
NRQVWUXNFMÇ LGHDOQÃ GOD GUREQ\FK GÊRQL
























0DJLF





]DFKZ\Å VLÇ

PDJLÃ NRORUµZ


























1,/6(1 3ROVND
XO %XGRZODQD /XEOLQ
ZZZ QLOVHQ SO



VNOHS#QLOVHQ SO

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴

7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ






































8IP /SQ
[[[ FMYV[E TP



FMYVS$FMYV[E TP

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴

7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ






































8IP /SQ
[[[ FMYV[E TP



FMYVS$FMYV[E TP





/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

ANGIELSKI DLA DZIECI PIOSENKI KAPITAN
NAUKA, OPRACOWANIE ZBIOROWE

NNNN NhN NNNNNN NNNNNNNNNN NN NNNNNN
3N NNNN dN NdNNć, dNNNNN NNóNNN

WWW.FABRYKAWAFELKOW.PL NNchNNNNN NNżNN NNNNNNN N żNcNN
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
LITTLE MONSTER GRANAT
ZNNNNNN N NNNNNNN NNNNNNNN NNNcNN
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

WWW.FABRYKAWAFELKOW.PL NNchNNNNN NNżNN NNNNNNN N żNcNN
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
LITTLE MONSTER GRANAT
ZNNNNNN N NNNNNNN NNNNNNNN NNNcNN
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

‹ 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





.IWXIQ TMVEVIQ KVE QIQS

4S^REN H^MOʈ TV^]VSHʚ 0SRHNM QVɹ[OSNEH] VIOMR] QET]
[MIPSV]F] M MRRI
TMʚORMI MPYWXVS[ERI OEVX] +VE TEQMʚGMS[E HPE H^MIGM
M HSVSW]GL >[]GMʚ^Gʈ ^SWXENI KVEG^ OXɹV] ^RENH^MI
RENFEVH^MIN TEWYNʈGI TEV]
'IRE ^







0.0 /ɸOS M /V^]˴]O

; XIN RS[IN KV^I [ OɹOS M OV^]˵]O WXEVEN WMʚ NEO RENW^]FGMIN
YQMI˒GMʊ [ NIHRIN PMRMM X[SNI TMSROM RE W^EGLS[RMG]
4MIV[W^] KVEG^ OXɹVIQY WMʚ XS YHE SXV^]QYNI TGLIOʚ ũ
TYROX 9[EKE [W^]WXOS ^EPI˵] SH XEOX]OM 4EVXMʚ []KV][E
KVEG^ OXɹV] TSWMEHE REN[MʚOW^ʈ MPS˒ʊ TGLIIO ũ TYROXɹ[

'IRE ^


/E˴H] VSH^MG QEV^] EF] NIKS H^MIGOS F]S ^HVS[I W^G^ʙˑPM[I M QʇHVI RMI

TV^IW^OEH^E NIˑPM HS XIKS [W^]WXOMIKS QE HSFV] KYWX
1IQS HSX]OS[I [ [SVIG^OY
9TSHSFERME M TSG^YGMI IWXIX]OM QS˴IQ] OW^XEXS[Eʉ SH QEIKS RMI FI^
^REG^IRME Wʇ [MʙG V^IG^] OXɸVI []FMIVEW^ HPE W[SNIN TSGMIGL] 2MI^[]O] [EVMERX KV] X]TY QIQS TSPIKENʈG] RE
^RENH][ERMY TEV ^E TSQSGʈ HSX]OY ;EPGS[EXI OPSGOM
;W^]WXOMI V^IG^] OXɹVI ^RENH^MIW^ [ REW^]Q WOPITMI []FMIVEPM˒Q] ^I W^G^IKɹPRʈ WXEVERRS˒GMʈ QENʈ Vɹ˵Rʈ TS[MIV^GLRMʚ OXɹVʈ REPI˵] VS^TS^REʊ TEPGEQM
XEO F] WTIRME] REN[E˵RMINW^I OV]XIVME &]] GMIOE[I M [W^IGLWXVSRRMI VS^[MNE] YQMINʚXRS˒GM +VE ^REOSQMGMI VS^[MNE ^Q]W HSX]OY
8[SNIKS H^MIGOE F]] WXEVERRMI []OSRERI ^ HSFV]GL QEXIVMEɹ[ F] MGL HIWMKR F] TV^]NIQR] HPE
SOE QEPYGLɹ[ M GS REN[E˵RMINW^I F] G^EW WTʚH^SR] [ MGL XS[EV^]WX[MI F] []NʈXOS[] 'IRE ^
>ETVEW^EQ]






+VE []ˑGMK 6ETMHMTPI\ G]VO .ERSH

+VE OEVGMERE ']VOS[] []˒GMK JVERGYWOMIN QEVOM
.%23( XS [WTERMEE ^EFE[E HPE H[ɹGL HS G^XIVIGL
SWɹF ũ ^EVɹ[RS H^MIGM NEO M HSVSW]GL

'IRE ^








1IVGM 1EQE YP 8VEOXSVS[E [IN˒GMI SH YP (YʿWOMIN -- TMʚXVS PSOEP RV Q ŽɹH˳ XIP [[[ QIVGMQEQE TP

.IWXIQ TMVEVIQ KVE QIQS

4S^REN H^MOʈ TV^]VSHʚ 0SRHNM QVɹ[OSNEH] VIOMR] QET]
[MIPSV]F] M MRRI
TMʚORMI MPYWXVS[ERI OEVX] +VE TEQMʚGMS[E HPE H^MIGM
M HSVSW]GL >[]GMʚ^Gʈ ^SWXENI KVEG^ OXɹV] ^RENH^MI
RENFEVH^MIN TEWYNʈGI TEV]
'IRE ^







0.0 /ɸOS M /V^]˴]O

; XIN RS[IN KV^I [ OɹOS M OV^]˵]O WXEVEN WMʚ NEO RENW^]FGMIN
YQMI˒GMʊ [ NIHRIN PMRMM X[SNI TMSROM RE W^EGLS[RMG]
4MIV[W^] KVEG^ OXɹVIQY WMʚ XS YHE SXV^]QYNI TGLIOʚ ũ
TYROX 9[EKE [W^]WXOS ^EPI˵] SH XEOX]OM 4EVXMʚ []KV][E
KVEG^ OXɹV] TSWMEHE REN[MʚOW^ʈ MPS˒ʊ TGLIIO ũ TYROXɹ[

'IRE ^


/E˴H] VSH^MG QEV^] EF] NIKS H^MIGOS F]S ^HVS[I W^G^ʙˑPM[I M QʇHVI RMI

TV^IW^OEH^E NIˑPM HS XIKS [W^]WXOMIKS QE HSFV] KYWX
1IQS HSX]OS[I [ [SVIG^OY
9TSHSFERME M TSG^YGMI IWXIX]OM QS˴IQ] OW^XEXS[Eʉ SH QEIKS RMI FI^
^REG^IRME Wʇ [MʙG V^IG^] OXɸVI []FMIVEW^ HPE W[SNIN TSGMIGL] 2MI^[]O] [EVMERX KV] X]TY QIQS TSPIKENʈG] RE
^RENH][ERMY TEV ^E TSQSGʈ HSX]OY ;EPGS[EXI OPSGOM
;W^]WXOMI V^IG^] OXɹVI ^RENH^MIW^ [ REW^]Q WOPITMI []FMIVEPM˒Q] ^I W^G^IKɹPRʈ WXEVERRS˒GMʈ QENʈ Vɹ˵Rʈ TS[MIV^GLRMʚ OXɹVʈ REPI˵] VS^TS^REʊ TEPGEQM
XEO F] WTIRME] REN[E˵RMINW^I OV]XIVME &]] GMIOE[I M [W^IGLWXVSRRMI VS^[MNE] YQMINʚXRS˒GM +VE ^REOSQMGMI VS^[MNE ^Q]W HSX]OY
8[SNIKS H^MIGOE F]] WXEVERRMI []OSRERI ^ HSFV]GL QEXIVMEɹ[ F] MGL HIWMKR F] TV^]NIQR] HPE
SOE QEPYGLɹ[ M GS REN[E˵RMINW^I F] G^EW WTʚH^SR] [ MGL XS[EV^]WX[MI F] []NʈXOS[] 'IRE ^
>ETVEW^EQ]






+VE []ˑGMK 6ETMHMTPI\ G]VO .ERSH

+VE OEVGMERE ']VOS[] []˒GMK JVERGYWOMIN QEVOM
.%23( XS [WTERMEE ^EFE[E HPE H[ɹGL HS G^XIVIGL
SWɹF ũ ^EVɹ[RS H^MIGM NEO M HSVSW]GL

'IRE ^








1IVGM 1EQE YP 8VEOXSVS[E [IN˒GMI SH YP (YʿWOMIN -- TMʚXVS PSOEP RV Q ŽɹH˳ XIP [[[ QIVGMQEQE TP

1$6=<&+ .6,ÆIJ(. 1,( 02IJ( 3,26(1., 35=('6=.2/$.$ 3,26(1., 1$6=(*2


=$%5$.1ÆÈ : 7:2,0 '208 ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN '=,(&,þ67:$ &'
+FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
8 LTJnjȈFD[DF [FCSBOP NFMPEJF 1JFTLJ NB’F EXB UP QJPTFOLJ [OBOF XT[ZTULJN
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF
LUØSF OB E’VHP [BKNnj VXBHǗ [BSØXOP [ QPLPMFOJB OB QPLPMFOJF LUØSF OB E’VHP [BKNnj
NB’ZDI KBL J XJǗLT[ZDI QPDJFDI VXBHǗ [BSØXOP NB’ZDI KBL J XJǗLT[ZDI QPDJFDI

&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü







%(=3,(&=1( '=,(&,$., /,7(5., , &<)(5., : =22

;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN ,TJnjȈFD[LB [BXJFSB XFTP’F XJFST[ZLJ E[JǗLJ
UP KFEOP [ OBK XBȈOJFKT[ZDI [BEBǩ LUØSZN N’PET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ
: Q D V ] \ P V N O H S L H ] Q D M G Ç 3 D ÿ V W Z R N V L Ç ij N L SPE[JDØX OBVD[ZDJFMJ PQJFLVOØX /BT[B PSB[ QPETUBXPXF E[JB’BOJB J [OBLJ
NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ
G O D G ] L H F L N V L Ç ij N L G O D Pý R G ] L H ij \ N R O R U R Z D Q N L LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ %PXJFE[nj TJǗ UFȈ EP D[FHP T’VȈnj X [EBOJV
CF[QJFD[FǩTUXB /BVLB SFHV’ [BDIPXBOJB
G O D G ] L H F L N V L Ç ij N L N X O L Q D U Q H R U D ] S R U D G Q L N L TJǗ X SØȈOZDI TZUVBDKBDI PECZXB TJǗ LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB /BUPNJBTU
TUBST[F QPDJFDIZ CǗEnj NPH’Z EPTLPOBMJǎ
D[[ZUBOJF NFUPEnj TZMBCPXnj
] V H U L L 6 L R V W U D 0D U L D QS[F[ [BCBXǗ D
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDz ǶǶ =ü





$.$'(0,$ $.$'(0,$ 35(=(17•:
.5($7<:1(*2 '=,(&.$ "LBEFNJB QSF[FOUØX UP XTQBOJB’B LTJnjȈLB EMB

"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB E[JFDJ J N’PE[JFȈZ E[JǗLJ LUØSFK CǗEnj NPH’Z
XJFMF XTQBOJB’ZDI QSPKFLUØX OB P[EPCZ QS[ZHPUPXBǎ QJǗLOF QSF[FOUZ EMB OBKCMJȈT[ZDI
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF J PSZHJOBMOF P[EPCZ ǴXJnjUFD[OF 8T[ZTULJF
TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK [BXBSUF X "LBEFNJJ QSPQP[ZDKF Tnj CBSE[P
QSBLUZD[OJF XZLPS[ZTUBǎ MVC LPNVǴ ’BUXF EP XZLPOBOJB B LBȈEZ PQJT PQBUS[POZ
QPEBSPXBǎ KFTU CBSXOZNJ GPUPHSBöBNJ
&(1$ ǯǶ ǶǶ =ü &(1$ ǯǶ ǶǶ =ü







/(*(1'< 32/6.,( /(*(1'< 32/6.,(

-FHFOEZ 1PMTLJF UP PQPXJFǴDJ -FHFOEZ 1PMTLJF UP PQPXJFǴDJ TUBOPXJnjDF
TUBOPXJnjDF XJFMLnj MJUFSBDLnj QS[ZHPEǗ XJFMLnj MJUFSBDLnj QS[ZHPEǗ [BSØXOP EMB
[BSØXOP EMB OBKN’PET[ZDI KBL UFȈ EMB OBKN’PET[ZDI KBL UFȈ EMB TUBST[ZDI
TUBST[ZDI QBTKPOBUØX OJFTBNPXJUZDI QBTKPOBUØX OJFTBNPXJUZDI IJTUPSJJ LUØS[Z
IJTUPSJJ LUØS[Z E[JǗLJ OJFK CǗEnj NPHMJ E[JǗLJ OJFK CǗEnj NPHMJ DIPǎ OB DIXJMǗ
WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO DIPǎ OB DIXJMǗ QPXSØDJǎ EP QJǗLOZDI QPXSØDJǎ EP QJǗLOZDI D[BTØX TXPKFHP
E[JFDJǩTUXB
D[BTØX TXPKFHP E[JFDJǩTUXB
ZZZ Z\GDZQLFWZRPDUWHO SO &(1$ ǮǮ ǶǶ =ü &(1$ ǮǮ ǶǶ =ü

1$6=<&+ .6,ÆIJ(. 1,( 02IJ( 3,26(1., 35=('6=.2/$.$ 3,26(1., 1$6=(*2


=$%5$.1ÆÈ : 7:2,0 '208 ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN '=,(&,þ67:$ &'
+FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
8 LTJnjȈFD[DF [FCSBOP NFMPEJF 1JFTLJ NB’F EXB UP QJPTFOLJ [OBOF XT[ZTULJN
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF
LUØSF OB E’VHP [BKNnj VXBHǗ [BSØXOP [ QPLPMFOJB OB QPLPMFOJF LUØSF OB E’VHP [BKNnj
NB’ZDI KBL J XJǗLT[ZDI QPDJFDI VXBHǗ [BSØXOP NB’ZDI KBL J XJǗLT[ZDI QPDJFDI

&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü







%(=3,(&=1( '=,(&,$., /,7(5., , &<)(5., : =22

;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN ,TJnjȈFD[LB [BXJFSB XFTP’F XJFST[ZLJ E[JǗLJ
UP KFEOP [ OBK XBȈOJFKT[ZDI [BEBǩ LUØSZN N’PET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ
: Q D V ] \ P V N O H S L H ] Q D M G Ç 3 D ÿ V W Z R N V L Ç ij N L SPE[JDØX OBVD[ZDJFMJ PQJFLVOØX /BT[B PSB[ QPETUBXPXF E[JB’BOJB J [OBLJ
NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ
G O D G ] L H F L N V L Ç ij N L G O D Pý R G ] L H ij \ N R O R U R Z D Q N L LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ %PXJFE[nj TJǗ UFȈ EP D[FHP T’VȈnj X [EBOJV
CF[QJFD[FǩTUXB /BVLB SFHV’ [BDIPXBOJB
G O D G ] L H F L N V L Ç ij N L N X O L Q D U Q H R U D ] S R U D G Q L N L TJǗ X SØȈOZDI TZUVBDKBDI PECZXB TJǗ LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB /BUPNJBTU
TUBST[F QPDJFDIZ CǗEnj NPH’Z EPTLPOBMJǎ
D[[ZUBOJF NFUPEnj TZMBCPXnj
] V H U L L 6 L R V W U D 0D U L D QS[F[ [BCBXǗ D
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDz ǶǶ =ü





$.$'(0,$ $.$'(0,$ 35(=(17•:
.5($7<:1(*2 '=,(&.$ "LBEFNJB QSF[FOUØX UP XTQBOJB’B LTJnjȈLB EMB

"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB E[JFDJ J N’PE[JFȈZ E[JǗLJ LUØSFK CǗEnj NPH’Z
XJFMF XTQBOJB’ZDI QSPKFLUØX OB P[EPCZ QS[ZHPUPXBǎ QJǗLOF QSF[FOUZ EMB OBKCMJȈT[ZDI
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF J PSZHJOBMOF P[EPCZ ǴXJnjUFD[OF 8T[ZTULJF
TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK [BXBSUF X "LBEFNJJ QSPQP[ZDKF Tnj CBSE[P
QSBLUZD[OJF XZLPS[ZTUBǎ MVC LPNVǴ ’BUXF EP XZLPOBOJB B LBȈEZ PQJT PQBUS[POZ
QPEBSPXBǎ KFTU CBSXOZNJ GPUPHSBöBNJ
&(1$ ǯǶ ǶǶ =ü &(1$ ǯǶ ǶǶ =ü







/(*(1'< 32/6.,( /(*(1'< 32/6.,(

-FHFOEZ 1PMTLJF UP PQPXJFǴDJ -FHFOEZ 1PMTLJF UP PQPXJFǴDJ TUBOPXJnjDF
TUBOPXJnjDF XJFMLnj MJUFSBDLnj QS[ZHPEǗ XJFMLnj MJUFSBDLnj QS[ZHPEǗ [BSØXOP EMB
[BSØXOP EMB OBKN’PET[ZDI KBL UFȈ EMB OBKN’PET[ZDI KBL UFȈ EMB TUBST[ZDI
TUBST[ZDI QBTKPOBUØX OJFTBNPXJUZDI QBTKPOBUØX OJFTBNPXJUZDI IJTUPSJJ LUØS[Z
IJTUPSJJ LUØS[Z E[JǗLJ OJFK CǗEnj NPHMJ E[JǗLJ OJFK CǗEnj NPHMJ DIPǎ OB DIXJMǗ
WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO DIPǎ OB DIXJMǗ QPXSØDJǎ EP QJǗLOZDI QPXSØDJǎ EP QJǗLOZDI D[BTØX TXPKFHP
E[JFDJǩTUXB
D[BTØX TXPKFHP E[JFDJǩTUXB
ZZZ Z\GDZQLFWZRPDUWHO SO &(1$ ǮǮ ǶǶ =ü &(1$ ǮǮ ǶǶ =ü

4PE]GMXɰ NIWX RS[ʈ TVʚ˵RMI VS^[MNENʈGʈ WMʚ QEVOʈ OXɹVE TS[WXEE
[
[ []RMOY TSʈG []RMOY TSʈG^IRME H[ɹGL G^IWOMGL JMVQ QQGMXɰ NIHIR ^ REN[MʚOW^]GL
TVSHYGIRXɹ[ QIFPM QMINWOMGL [ )YVSTMI M SVE^ LːM˚Xʜ G^ G^SS[] G^IWOM
TVSHYGIRX TPEGɹ[ ^EFE[ M FSMWO TSʈG^]PM W[SNʈ H^MEEPRS˒ʊ TSH QEVOʈ
TPE]GMXɰ ^ Hʈ˵IRMIQ HS TV^IHWXE[MIRME RMI X]POS [ )YVSTMI G^IWOMIKS
HIWMKRY EPI Vɹ[RMI˵ [TVS[EH^IRME NEOS˒GMS[IKS TVSHYOXY HIH]OS[ERIKS
TV^IHI [W^]WXOMQ HPE H^MIGM M YOMIVYROS[ERIKS RE EOX][R] []TSG^]RIO
[ TV^IWXV^IRM TYFPMG^RIN

>EFE[E



>EFE[E NIWX NIHRʈ ^ TSHWXE[S[]GL TSXV^IF RMI X]POS H^MIGM ; HSFMI
TERS[ERME XIPI[M^NM M [MVXYEPRIKS ˒[MEXE [ WMIGM G^ʚWXS XS SRI []KV][ENʈ
^ ^EFE[ʈ RE TS[MIXV^Y ^EFE[ʈ RE TS[MIXV^Y >I[RʚXV^RI TPEGI ^EFE[ X]QG^EWIQ Wʈ QMINWGIQ
^
WTSX]OEʿ PYH^M Vɹ˵R]GL KIRIVEGNM M KVYT WTSIG^R]GL FYHYNʈ OSRXEOX]
QMʚH^]PYH^OMI M ^ETI[RMENʈ MHIRX]JMOEGNʚ ^ HER]Q QMINWGIQ >ETI[RMENʈ
EOX][RS˒ʊ JM^]G^Rʈ TV^IGM[WXE[MENʈG Nʈ ^EFE[MI TEW][RIN K[EVERXYNʈ
TV^IWXV^Iʿ OXɹVE RMI SJIVYNI KSXS[]GL VS^[Mʈ^Eʿ PIG^ MRWTMVYNI HS X[SV^IRME
[EWR]GL %OX][RE ^EFE[E []OW^XEGE TS^]X][RI TSHIN˒GMI HS ˵]GME
SX[EVXS˒ʊ M GLʚʊ [WTɹTVEG] ^ MRR]QM %QFMGNʈ QEVOM 4PE]GMXɰ NIWX [T][ RE
KYWX H^MIGOE ^E TS˒YWX H^MIGOE ^E TS˒VIHRMGX[IQ []WSOMIN NEOS˒GM OSRGITGNM SVE^
K
TV^IQ]˒PER]GL M TMʚOR]GL HIXEPM [ OSRXIO˒GMI HERIKS QMINWGE



(IWMKR
·   

  e ]
/E˵H] TPEG ^EFE[ RMI NIWX NIH]RMI ^FMSVIQ FEVH^MIN G^] QRMIN
, $ e, JYROGNSREPR]GL IPIQIRXɹ[ PIG^ H^MʚOM W[SNIN [MIPOS˒GM ũ
^REG^ʈG]Q IPIQIRXIQ TV^IWXV^IRM TYFPMG^RIN 7[SMWX] HIWMKR
‰ , , , M Í
WTIRMENʈG] [W^]WXOMI OV]XIVME FI^TMIG^IʿWX[E M JYROGNSREPRS˒GM
QE [EVXS˒ʊ HSHERʈ ũ RMISGIRMSRʈ [EVXS˒ʊ IWXIX]G^Rʈ KH]˵
[]WSOMIN NEOS˒GM JSVQE RMIF][EPI HSFV^I [T][E RE IWXIX]G^RI
4PEGI ^EFE[ TSWXV^IKERMI G^S[MIOE 4SW^G^IKɹPRI IPIQIRX] TPEGY ^EFE[ EPI
M GEI M GEI ^IWXE[] QYW^ʈ HSFV^I TVI^IRXS[Eʊ WMʚ WEQI [ WSFMI

ŵ 63& 63= NIHREO Vɹ[RMI˵ [ VE^MI TSXV^IF] WXERS[Mʊ HSTIRMIRMI TV^IWXV^IRM
ŵ 63& 63= 2%896% [ RMIOXɹV]GL TV^]TEHOEGL TSHTSV^ʈHOS[Eʊ WMʚ [ MRR]GL

ŵ ;33(= (33 ^EHSQMRS[Eʊ 7OERMENʈGI HS ^EFE[] YWTSOENENʈGI []VE^MWXI G^]
RMITS^SVRI ^E[W^I [ RS[SG^IWR]Q HIWMKRMI &I^TMIG^IʿWX[S
ŵ 4-4) %+) SVE^ ^KSHRS˒ʊ ^ [W^]WXOMQM RSVQEQM Wʈ SG^][MWXI
ŵ %6%/2)% [ TV^]TEHOY IPIQIRXɹ[ TPEGɹ[ ^EFE[ 4PE]GMXɰ

ŵ 8%= 40%=
ŵ +)13 +)13
ŵ [[[ TPE]GMXI IY
ŵ 1-2-3

ŵ 13:)3 LERHIP$QQGMXI TP

4PE]GMXɰ NIWX RS[ʈ TVʚ˵RMI VS^[MNENʈGʈ WMʚ QEVOʈ OXɹVE TS[WXEE
[
[ []RMOY TSʈG []RMOY TSʈG^IRME H[ɹGL G^IWOMGL JMVQ QQGMXɰ NIHIR ^ REN[MʚOW^]GL
TVSHYGIRXɹ[ QIFPM QMINWOMGL [ )YVSTMI M SVE^ LːM˚Xʜ G^ G^SS[] G^IWOM
TVSHYGIRX TPEGɹ[ ^EFE[ M FSMWO TSʈG^]PM W[SNʈ H^MEEPRS˒ʊ TSH QEVOʈ
TPE]GMXɰ ^ Hʈ˵IRMIQ HS TV^IHWXE[MIRME RMI X]POS [ )YVSTMI G^IWOMIKS
HIWMKRY EPI Vɹ[RMI˵ [TVS[EH^IRME NEOS˒GMS[IKS TVSHYOXY HIH]OS[ERIKS
TV^IHI [W^]WXOMQ HPE H^MIGM M YOMIVYROS[ERIKS RE EOX][R] []TSG^]RIO
[ TV^IWXV^IRM TYFPMG^RIN

>EFE[E



>EFE[E NIWX NIHRʈ ^ TSHWXE[S[]GL TSXV^IF RMI X]POS H^MIGM ; HSFMI
TERS[ERME XIPI[M^NM M [MVXYEPRIKS ˒[MEXE [ WMIGM G^ʚWXS XS SRI []KV][ENʈ
^ ^EFE[ʈ RE TS[MIXV^Y ^EFE[ʈ RE TS[MIXV^Y >I[RʚXV^RI TPEGI ^EFE[ X]QG^EWIQ Wʈ QMINWGIQ
^
WTSX]OEʿ PYH^M Vɹ˵R]GL KIRIVEGNM M KVYT WTSIG^R]GL FYHYNʈ OSRXEOX]
QMʚH^]PYH^OMI M ^ETI[RMENʈ MHIRX]JMOEGNʚ ^ HER]Q QMINWGIQ >ETI[RMENʈ
EOX][RS˒ʊ JM^]G^Rʈ TV^IGM[WXE[MENʈG Nʈ ^EFE[MI TEW][RIN K[EVERXYNʈ
TV^IWXV^Iʿ OXɹVE RMI SJIVYNI KSXS[]GL VS^[Mʈ^Eʿ PIG^ MRWTMVYNI HS X[SV^IRME
[EWR]GL %OX][RE ^EFE[E []OW^XEGE TS^]X][RI TSHIN˒GMI HS ˵]GME
SX[EVXS˒ʊ M GLʚʊ [WTɹTVEG] ^ MRR]QM %QFMGNʈ QEVOM 4PE]GMXɰ NIWX [T][ RE
KYWX H^MIGOE ^E TS˒YWX H^MIGOE ^E TS˒VIHRMGX[IQ []WSOMIN NEOS˒GM OSRGITGNM SVE^
K
TV^IQ]˒PER]GL M TMʚOR]GL HIXEPM [ OSRXIO˒GMI HERIKS QMINWGE



(IWMKR
·   

  e ]
/E˵H] TPEG ^EFE[ RMI NIWX NIH]RMI ^FMSVIQ FEVH^MIN G^] QRMIN
, $ e, JYROGNSREPR]GL IPIQIRXɹ[ PIG^ H^MʚOM W[SNIN [MIPOS˒GM ũ
^REG^ʈG]Q IPIQIRXIQ TV^IWXV^IRM TYFPMG^RIN 7[SMWX] HIWMKR
‰ , , , M Í
WTIRMENʈG] [W^]WXOMI OV]XIVME FI^TMIG^IʿWX[E M JYROGNSREPRS˒GM
QE [EVXS˒ʊ HSHERʈ ũ RMISGIRMSRʈ [EVXS˒ʊ IWXIX]G^Rʈ KH]˵
[]WSOMIN NEOS˒GM JSVQE RMIF][EPI HSFV^I [T][E RE IWXIX]G^RI
4PEGI ^EFE[ TSWXV^IKERMI G^S[MIOE 4SW^G^IKɹPRI IPIQIRX] TPEGY ^EFE[ EPI
M GEI M GEI ^IWXE[] QYW^ʈ HSFV^I TVI^IRXS[Eʊ WMʚ WEQI [ WSFMI

ŵ 63& 63= NIHREO Vɹ[RMI˵ [ VE^MI TSXV^IF] WXERS[Mʊ HSTIRMIRMI TV^IWXV^IRM
ŵ 63& 63= 2%896% [ RMIOXɹV]GL TV^]TEHOEGL TSHTSV^ʈHOS[Eʊ WMʚ [ MRR]GL

ŵ ;33(= (33 ^EHSQMRS[Eʊ 7OERMENʈGI HS ^EFE[] YWTSOENENʈGI []VE^MWXI G^]
RMITS^SVRI ^E[W^I [ RS[SG^IWR]Q HIWMKRMI &I^TMIG^IʿWX[S
ŵ 4-4) %+) SVE^ ^KSHRS˒ʊ ^ [W^]WXOMQM RSVQEQM Wʈ SG^][MWXI
ŵ %6%/2)% [ TV^]TEHOY IPIQIRXɹ[ TPEGɹ[ ^EFE[ 4PE]GMXɰ

ŵ 8%= 40%=
ŵ +)13 +)13
ŵ [[[ TPE]GMXI IY
ŵ 1-2-3

ŵ 13:)3 LERHIP$QQGMXI TP