MP Ubieraj dziecko

8]POS SV]KMREPRI YFVEROE ^ FENIO



7TVE[ EF] 8[SNE TSGMIGLE TSG^YE WMI []NʈXOS[S NY˵ H^M˒










































2EN[E˴RMINW^E NIWX

GSH^MIRRE VEHSˑʉ
8[SNIKS (^MIGOE






[[[ YFMIVENH^MIGOS TP

8]POS SV]KMREPRI YFVEROE ^ FENIO


7TVE[ EF] 8[SNE TSGMIGLE TSG^YE WMI []NʈXOS[S NY˵ H^M˒







2EN[E˴RMINW^E NIWX GSH^MIRRE VEHSˑʉ 8[SNIKS (^MIGOE




(FENʈG GSH^MIRRMI S 2EW^I 4SGMIGL] GLGIQ] EF] ^E[W^I []KPʈHE] []NʈXOS[S M EF] G^Y] WMʚ []NʈXOS[S (PEXIKS ^ Q]˒Pʈ S RMGL WX[SV^]PM˒Q] WOPIT
[[[ YFMIVENH^MIGOS TP OXɹV] WTVE[ME ˵I ;EW^I H^MIGM FʚHʈ ^E[W^I SV]KMREPRMI M WX]PS[S YFVERI TSTV^I^ W^IVSOM []FɹV PMGIRGNSRS[ERIKS EWSVX]QIRXY
[ REW^]Q WOPITMI 9 REW YFMIV^IW^ W[SNI 4SGMIGL] SH HS VSOY ˵]GME []FMIVENʈG YFVERME ^ YPYFMSR]QM FSLEXIVEQM TVSWXS ^ FENOM

(SOEHEQ] [W^IPOMGL WXEVEʿ EF] ^EQɹ[MIRME F]] VIEPM^S[ERI F]WOE[MG^RMI E SJIVS[ER] XS[EV F] REN[]˵W^IN NEOS˒GM (^MʚOM ^EERKE˵S[ERMY REW^]GL
JEGLS[Gɹ[ OXɹV^] GLʚXRMI YH^MIPENʈ TSVEH ^EOYT] [ REW^]Q WOPITMI MRXIVRIXS[]Q WXENʈ WMʚ G^]WXʈ TV^]NIQRS˒GMʈ


9FVERME OXɹVI 4EʿWX[Y TVSTSRYNIQ] Wʈ SV]KMREPRI SVE^ []Vɹ˵RMENʈ WMʚ YRMOEPR]Q WX]PIQ M NEOS˒GMʈ NEO ^ FENOM H^MʚOM
G^IQY 8[SNI H^MIGOS ^E[W^I FʚH^MI []KPʈHES QSHRMI WX]PS[S E GS REN[E˵RMINW^I []NʈXOS[S .IWXI˒Q] TV^IOSRERM
˵I OE˵H] ^ 4EʿWX[E ^RENH^MI GS˒ HPE W[SNIKS H^MIGOE > REQM [W^]WXOMI 4EʿWX[E TSGMIGL] FʚHʈ []NʈXOS[I


















































7IVHIG^RMI ^ETVEW^EQ] HS 2EW^IKS WOPITY M ˵]G^]Q] YHER]GL ^EOYTɹ[
>IWTɹ 7OPITY [[[ YFMIVENH^MIGOS TP

8]POS SV]KMREPRI YFVEROE ^ FENIO


7TVE[ EF] 8[SNE TSGMIGLE TSG^YE WMI []NʈXOS[S NY˵ H^M˒







2EN[E˴RMINW^E NIWX GSH^MIRRE VEHSˑʉ 8[SNIKS (^MIGOE




(FENʈG GSH^MIRRMI S 2EW^I 4SGMIGL] GLGIQ] EF] ^E[W^I []KPʈHE] []NʈXOS[S M EF] G^Y] WMʚ []NʈXOS[S (PEXIKS ^ Q]˒Pʈ S RMGL WX[SV^]PM˒Q] WOPIT
[[[ YFMIVENH^MIGOS TP OXɹV] WTVE[ME ˵I ;EW^I H^MIGM FʚHʈ ^E[W^I SV]KMREPRMI M WX]PS[S YFVERI TSTV^I^ W^IVSOM []FɹV PMGIRGNSRS[ERIKS EWSVX]QIRXY
[ REW^]Q WOPITMI 9 REW YFMIV^IW^ W[SNI 4SGMIGL] SH HS VSOY ˵]GME []FMIVENʈG YFVERME ^ YPYFMSR]QM FSLEXIVEQM TVSWXS ^ FENOM

(SOEHEQ] [W^IPOMGL WXEVEʿ EF] ^EQɹ[MIRME F]] VIEPM^S[ERI F]WOE[MG^RMI E SJIVS[ER] XS[EV F] REN[]˵W^IN NEOS˒GM (^MʚOM ^EERKE˵S[ERMY REW^]GL
JEGLS[Gɹ[ OXɹV^] GLʚXRMI YH^MIPENʈ TSVEH ^EOYT] [ REW^]Q WOPITMI MRXIVRIXS[]Q WXENʈ WMʚ G^]WXʈ TV^]NIQRS˒GMʈ


9FVERME OXɹVI 4EʿWX[Y TVSTSRYNIQ] Wʈ SV]KMREPRI SVE^ []Vɹ˵RMENʈ WMʚ YRMOEPR]Q WX]PIQ M NEOS˒GMʈ NEO ^ FENOM H^MʚOM
G^IQY 8[SNI H^MIGOS ^E[W^I FʚH^MI []KPʈHES QSHRMI WX]PS[S E GS REN[E˵RMINW^I []NʈXOS[S .IWXI˒Q] TV^IOSRERM
˵I OE˵H] ^ 4EʿWX[E ^RENH^MI GS˒ HPE W[SNIKS H^MIGOE > REQM [W^]WXOMI 4EʿWX[E TSGMIGL] FʚHʈ []NʈXOS[I


















































7IVHIG^RMI ^ETVEW^EQ] HS 2EW^IKS WOPITY M ˵]G^]Q] YHER]GL ^EOYTɹ[
>IWTɹ 7OPITY [[[ YFMIVENH^MIGOS 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

(38


(SX XS QRMINW^] TV^]NEGMIP (EWLE

(SX WXERS[M Y^YTIRMIRMI
M VS^W^IV^IRMI QS˵PM[S˒GM
VSFSXE (EWL


^ W^X







4VSKVEQS[ERMI XS [WTɹG^IWRE WYTIVQSG

4SQEKE ^VS^YQMIʊ NEO H^MEENʈ V^IG^] [SOɹ REW YG^]
REW RMIWXERHEVHS[IKS Q]˒PIRME M XIKS NEO TI[RMI
TSVYW^Eʊ WMʚ [ G]JVS[]Q ˒[MIGMI




(%7,



(EWL XS TSHWXE[S[] TVSHYOX QEVOM ;SRHIV (^MʚOM PMG^R]Q WIRWSVSQ VIEKYNI RE
KSW SHRENHYNI TV^IHQMSX] TSVYW^E WMʚ M []HENI H˳[MʚOM E [W^]WXOS XS ^ TS^MSQY
OMPOY ETPMOEGNM HS []FSVY

(EWL XS RENTVE[H^M[W^] VSFSX HPE H^MIGM SH VSOY ˴]GME (^MʚOM PMG^R]Q WIRWSVSQ 437-%(%7> 63&38% (%7, -
QS˵RE KS ^ETVSKVEQS[Eʊ RE [MIPI WTSWSFɹ[ (EWL QS˵I VIEKS[Eʊ RE KSW ','-%Ž&=ː (3/94-ʈ 63&38% (38#
SHRENHS[Eʊ TV^IHQMSX] XEʿG^]ʊ M ˒TMI[Eʊ 6SFSXIQ OMIVYNI WMʚ ^E TSQSGʈ 8)6%> .)78 83 13˳0-;)
MRXYMG]NR]GL KVEJMG^R]GL HEVQS[]GL ETPMOEGNM OXɹVI H^MIGOS ^ EX[S˒GMʈ SFWY˵] (SX XS QSHW^] TV^]NEGMIP (EWLE (^MʚOM PMG^R]Q
^ XEFPIXE PYF WQEVXJSRE WIRWSVSQ QS˵RE KS ^ETVSKVEQS[Eʊ RE [MIPI
^ W^X WTSWSFɹ[ (SX VIEKYNI RE ^QMERʚ TSS˵IRME

TSWMEHE ˵]VSWOST YW]W^] KSW PYF OPE˒RMʚGMI
TSXVEJM XI˵ Qɹ[Mʊ (SX RMI QE REXSQMEWX OɹIO
[MʚG RMI TSXVEJM WMʚ WEQSH^MIPRMI TSVYW^Eʊ (PE
(SXE ^RENH^MIW^ SHVʚFRI ^EHERME [ WEQSYG^OY
ETPMOEGNM &PSGOP] M TPMOEGNM &PSGOP] M ;SRHIV (EWL M (SX XS NIW^G^I
E
[MʚGIN QS˵PM[S˒GM ^EFE[] ^EQMIʿ (SXE [
TMPSXE HS WXIVS[ERME (EWLIQ SVE^ REYG^
(EWLE TV^][MXEʊ WMʚ ^ (SXIQ




;SRHIV 4SPWOE 7T ^ S S

YP /SVHIGOMIKS
6SFSX QE GLEVEOXIV IHYOEG]NR]
TSRMI[E˵ TSTV^I^ ^EFE[ʚ ^ VSFSXIQ 4S^REʿ
H^MIGM [GLSH^ʈ [ ˑ[MEX TVSKVEQS[ERME [[[ [SRHIVTSPWOE TP
X[SV^IRMI ^HEV^Iʿ EPKSV]XQɹ[ FYHS[ERMI
WIO[IRGNM M TʚXPM M [MIPI MRR]GL WOPIT$[SRHIVTSPWOE TP 8IP

(38


(SX XS QRMINW^] TV^]NEGMIP (EWLE

(SX WXERS[M Y^YTIRMIRMI
M VS^W^IV^IRMI QS˵PM[S˒GM
VSFSXE (EWL


^ W^X







4VSKVEQS[ERMI XS [WTɹG^IWRE WYTIVQSG

4SQEKE ^VS^YQMIʊ NEO H^MEENʈ V^IG^] [SOɹ REW YG^]
REW RMIWXERHEVHS[IKS Q]˒PIRME M XIKS NEO TI[RMI
TSVYW^Eʊ WMʚ [ G]JVS[]Q ˒[MIGMI




(%7,



(EWL XS TSHWXE[S[] TVSHYOX QEVOM ;SRHIV (^MʚOM PMG^R]Q WIRWSVSQ VIEKYNI RE
KSW SHRENHYNI TV^IHQMSX] TSVYW^E WMʚ M []HENI H˳[MʚOM E [W^]WXOS XS ^ TS^MSQY
OMPOY ETPMOEGNM HS []FSVY

(EWL XS RENTVE[H^M[W^] VSFSX HPE H^MIGM SH VSOY ˴]GME (^MʚOM PMG^R]Q WIRWSVSQ 437-%(%7> 63&38% (%7, -
QS˵RE KS ^ETVSKVEQS[Eʊ RE [MIPI WTSWSFɹ[ (EWL QS˵I VIEKS[Eʊ RE KSW ','-%Ž&=ː (3/94-ʈ 63&38% (38#
SHRENHS[Eʊ TV^IHQMSX] XEʿG^]ʊ M ˒TMI[Eʊ 6SFSXIQ OMIVYNI WMʚ ^E TSQSGʈ 8)6%> .)78 83 13˳0-;)
MRXYMG]NR]GL KVEJMG^R]GL HEVQS[]GL ETPMOEGNM OXɹVI H^MIGOS ^ EX[S˒GMʈ SFWY˵] (SX XS QSHW^] TV^]NEGMIP (EWLE (^MʚOM PMG^R]Q
^ XEFPIXE PYF WQEVXJSRE WIRWSVSQ QS˵RE KS ^ETVSKVEQS[Eʊ RE [MIPI
^ W^X WTSWSFɹ[ (SX VIEKYNI RE ^QMERʚ TSS˵IRME

TSWMEHE ˵]VSWOST YW]W^] KSW PYF OPE˒RMʚGMI
TSXVEJM XI˵ Qɹ[Mʊ (SX RMI QE REXSQMEWX OɹIO
[MʚG RMI TSXVEJM WMʚ WEQSH^MIPRMI TSVYW^Eʊ (PE
(SXE ^RENH^MIW^ SHVʚFRI ^EHERME [ WEQSYG^OY
ETPMOEGNM &PSGOP] M TPMOEGNM &PSGOP] M ;SRHIV (EWL M (SX XS NIW^G^I
E
[MʚGIN QS˵PM[S˒GM ^EFE[] ^EQMIʿ (SXE [
TMPSXE HS WXIVS[ERME (EWLIQ SVE^ REYG^
(EWLE TV^][MXEʊ WMʚ ^ (SXIQ




;SRHIV 4SPWOE 7T ^ S S

YP /SVHIGOMIKS
6SFSX QE GLEVEOXIV IHYOEG]NR]
TSRMI[E˵ TSTV^I^ ^EFE[ʚ ^ VSFSXIQ 4S^REʿ
H^MIGM [GLSH^ʈ [ ˑ[MEX TVSKVEQS[ERME [[[ [SRHIVTSPWOE TP
X[SV^IRMI ^HEV^Iʿ EPKSV]XQɹ[ FYHS[ERMI
WIO[IRGNM M TʚXPM M [MIPI MRR]GL WOPIT$[SRHIVTSPWOE TP 8IP

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

=DEDZND (GXNDF\MQD NW´UD URěQLH =$%$:$ 1$8.$ , '2%5< 6(1



UD]HP ] WZRLP G]LHFNLHP .RORURZH NUµOLF]NL $OLOR SRZVWDÊ\ SR WR DE\ ZVSLHUDÅ G]LHFNR Z UR]ZRMX RG NRÊ\VNL



D× SR ÊDZNÇ SLHUZV]DND =DSHZQLÃ PX VSRNRMQ\ VHQ ]DFKÇFÃ GR UDGRVQHM ]DEDZ\ RUD]
SRPRJÃ Z QDXFH L ZF]HVQ\FK ODWDFK V]NRÊ\ 0RJÃ VÊX×\Å MDNR RGWZDU]DF] EDMHN
SLRVHQHN L NRÊ\VDQHN G\NWDIRQ ODPSND QRFQD JU]HFKRWND SRPRF G\GDNW\F]QD
D QDZHW JÊRÐQLN GR NRPSXWHUD

3R]QDM FDÊÃ URG]LQÇ NUµOLF]NµZ QD

=DEDZND (GXNDF\MQD NW´UD URěQLH =$%$:$ 1$8.$ , '2%5< 6(1



UD]HP ] WZRLP G]LHFNLHP .RORURZH NUµOLF]NL $OLOR SRZVWDÊ\ SR WR DE\ ZVSLHUDÅ G]LHFNR Z UR]ZRMX RG NRÊ\VNL



D× SR ÊDZNÇ SLHUZV]DND =DSHZQLÃ PX VSRNRMQ\ VHQ ]DFKÇFÃ GR UDGRVQHM ]DEDZ\ RUD]
SRPRJÃ Z QDXFH L ZF]HVQ\FK ODWDFK V]NRÊ\ 0RJÃ VÊX×\Å MDNR RGWZDU]DF] EDMHN
SLRVHQHN L NRÊ\VDQHN G\NWDIRQ ODPSND QRFQD JU]HFKRWND SRPRF G\GDNW\F]QD
D QDZHW JÊRÐQLN GR NRPSXWHUD

3R]QDM FDÊÃ URG]LQÇ NUµOLF]NµZ QD

-HVWHÐ


URG]LFHP"





+HM SU]HGV]NRODNX 3U]HGVWDZLDP\ &L 6TXOÇ MHGQÃ

] QDMZLÇNV]\FK Z 3ROVFH SODWIRUP HGXNDF\MQ\FK NWµUD SR]ZDOD
&]\ ]QDV] MX× 6TXOÇ" G]LHFLRP HIHNW\ZQLH VLÇ XF]\Å L F]HUSDÅ ] WHJR SU]\MHPQRÐÅ

-HÐOL QLH NRQLHF]QLH ZHMGÕ QD ZZZ VTXOD SO -HÐOL FKFHV] VNXWHF]QLH ]PRW\ZRZDÅ G]LHFNR GR QDXNL D WDN×H
3U]HNRQDM VLÇ LOH IUDMG\ PR×H VSUDZLDÅ QDXND Z ZDUWRÐFLRZ\ VSRVµE VSÇG]LÅ ] QLP F]DV NRQLHF]QLH ]DSR]QDM VLH ]H 6TXOÃ

L ]DEDZD ]H 6TXOÃ







6 T X O D M H V W 3 O D W I R U P D M H V W * U D M Ã F Z 6 T X O Ç
0D V ] G R Z \ E R U X W \ V L Ã F H = G R E \ Z D V ] S X Q N W \ S U ] H ] Q D F ] R Q D F D Ê N R Z L F L H

L Q W H U D N W \ Z Q \ F K J L H U L Z \ P L H Q L D V ] M H Q D G O D G ] L H F L Z Z L H N X E H ] S L H F ] Q D G O D G ] L H F L Z Z D U W R Ð F L R Z \
T X L ] µ Z L ] D G D Ì V X S H U Q D J U R G \ O D W V S R V µ E V S Ç G ] D V ]

Z V N O H S L N X 6 T X O L L Z R O Q D R G U H N O D P F ] D V ] H V Z R L P
G ] L H F N L H P






2 E H M P X M H S U R J U D P - H G Q R N R Q W R
- H Ð O L U R ] Z L Ã × H V ] Z V ] \ V W N L F K S U ] H G P L R W µ Z X P R × O L Z L D J U Ç :V S µ O Q L H P R × H F L H


: 6 T X O Ç P R × H V ] J U D Å Z V ] \ V W N L H ] D G D Q L D ] H V ] N R O Q \ F K Z N O D V D F K Q D N R P S X W H U ] H E U D Å X G ] L D Ê
V Z R M H J R S R ] L R P X P R × H V ]
V D P R G ] L H O Q L H ] U R G ] L F D P L å R U D ] H G X N D F M L Q D W D E O H F L H Z N R Q N X U V D F K 6 T X O L
D O E R ] S U ] \ M D F L µ Ê P L V W D Z L Å F ] R Ê R W U X G Q L H M V ] \ P S U ] H G V ] N R O Q H M L Q D W H O H I R Q L H
J U R P L T X L ] R P

G


1 D E L H × Ã F R P R × H V ]

Ð O H G ] L Å S R V W Ç S \ :V ] H O N L H L Q I R U P D F M H
G ] L H F N D Z Q D X F H ] Q D M G ] L H V ] Q D
L Z \ ] Q D F ] D Å F H O H G R ) D F H E R R N X

.RG ]QL×NRZ\ Z SUH]HQFLH R V L Ã J Q L Ç F L D I D F H E R R N S O 6 T X O D 3 /


:HMGÕ QD ZZZ VTXOD SO L DNW\ZXM VZµM NRG

$ERQDPHQW URF]Q\ 6TXOL :\ELHU] RGSRZLHGQL DERQDPHQW L UR]SRF]QLM
ZVSµOQÃ SU]\JRGÇ ]H 6TXOÃ QD ZZZ VTXOD SO
]H ]QL×NÃ R ZDUWRÐFL ]Ê -HÐOL PDV] S\WDQLD QDSLV] GR QDV QD DGUHV LQIR#VTXOD SO

-HVWHÐ


URG]LFHP"





+HM SU]HGV]NRODNX 3U]HGVWDZLDP\ &L 6TXOÇ MHGQÃ

] QDMZLÇNV]\FK Z 3ROVFH SODWIRUP HGXNDF\MQ\FK NWµUD SR]ZDOD
&]\ ]QDV] MX× 6TXOÇ" G]LHFLRP HIHNW\ZQLH VLÇ XF]\Å L F]HUSDÅ ] WHJR SU]\MHPQRÐÅ

-HÐOL QLH NRQLHF]QLH ZHMGÕ QD ZZZ VTXOD SO -HÐOL FKFHV] VNXWHF]QLH ]PRW\ZRZDÅ G]LHFNR GR QDXNL D WDN×H
3U]HNRQDM VLÇ LOH IUDMG\ PR×H VSUDZLDÅ QDXND Z ZDUWRÐFLRZ\ VSRVµE VSÇG]LÅ ] QLP F]DV NRQLHF]QLH ]DSR]QDM VLH ]H 6TXOÃ

L ]DEDZD ]H 6TXOÃ







6 T X O D M H V W 3 O D W I R U P D M H V W * U D M Ã F Z 6 T X O Ç
0D V ] G R Z \ E R U X W \ V L Ã F H = G R E \ Z D V ] S X Q N W \ S U ] H ] Q D F ] R Q D F D Ê N R Z L F L H

L Q W H U D N W \ Z Q \ F K J L H U L Z \ P L H Q L D V ] M H Q D G O D G ] L H F L Z Z L H N X E H ] S L H F ] Q D G O D G ] L H F L Z Z D U W R Ð F L R Z \
T X L ] µ Z L ] D G D Ì V X S H U Q D J U R G \ O D W V S R V µ E V S Ç G ] D V ]

Z V N O H S L N X 6 T X O L L Z R O Q D R G U H N O D P F ] D V ] H V Z R L P
G ] L H F N L H P






2 E H M P X M H S U R J U D P - H G Q R N R Q W R
- H Ð O L U R ] Z L Ã × H V ] Z V ] \ V W N L F K S U ] H G P L R W µ Z X P R × O L Z L D J U Ç :V S µ O Q L H P R × H F L H


: 6 T X O Ç P R × H V ] J U D Å Z V ] \ V W N L H ] D G D Q L D ] H V ] N R O Q \ F K Z N O D V D F K Q D N R P S X W H U ] H E U D Å X G ] L D Ê
V Z R M H J R S R ] L R P X P R × H V ]
V D P R G ] L H O Q L H ] U R G ] L F D P L å R U D ] H G X N D F M L Q D W D E O H F L H Z N R Q N X U V D F K 6 T X O L
D O E R ] S U ] \ M D F L µ Ê P L V W D Z L Å F ] R Ê R W U X G Q L H M V ] \ P S U ] H G V ] N R O Q H M L Q D W H O H I R Q L H
J U R P L T X L ] R P

G


1 D E L H × Ã F R P R × H V ]

Ð O H G ] L Å S R V W Ç S \ :V ] H O N L H L Q I R U P D F M H
G ] L H F N D Z Q D X F H ] Q D M G ] L H V ] Q D
L Z \ ] Q D F ] D Å F H O H G R ) D F H E R R N X

.RG ]QL×NRZ\ Z SUH]HQFLH R V L Ã J Q L Ç F L D I D F H E R R N S O 6 T X O D 3 /


:HMGÕ QD ZZZ VTXOD SO L DNW\ZXM VZµM NRG

$ERQDPHQW URF]Q\ 6TXOL :\ELHU] RGSRZLHGQL DERQDPHQW L UR]SRF]QLM
ZVSµOQÃ SU]\JRGÇ ]H 6TXOÃ QD ZZZ VTXOD SO
]H ]QL×NÃ R ZDUWRÐFL ]Ê -HÐOL PDV] S\WDQLD QDSLV] GR QDV QD DGUHV LQIR#VTXOD SO

1LHNDSHN 7ÇF]D 6]RS ] RJRQHP 7XOLÐ ZLOF]NL

]Ê ]Ê ]Ê
8×\WHF]QRÐÅ WR ZÊDVQLH FHFKXMH 0D%L%RZH SURGXNW\ QD WOH VHWHN LQQ\FK SROVNLFK KDQGPDGRZ\FK
PDUHN 5]HF]\ V]\WH Z %LHOVNX %LDÊHM VSUDZLDMÃ ×H URG]LFLHOVWZR VWDMH VLÇ MHV]F]H SU]\MHPQLHMV]H
D G]LHFLÌVWZR UDGRVQH 8EUDQND G]LHFLÇFH RSUµF] WHJR ERZLHP ×H SRZLQQ\ IDMQLH Z\JOÃGDÅ PDMÃ E\Å
Z\JRGQH PR×OLZLH ÊDWZH Z ìREVÊXG]HëL WUZDÊH 7R ZÊDÐQLH ]\VNXMHP\ NXSXMÃF Z 0D%L%L

,GHDOQ\P SU]\NÊDGHP WDNLHJR SURGXNWX VÃ QLHNDSNL 7R VRIWVKHOORZH NRPELQH]RQ\ PDMÃ PDVÇ VSU\WQ\FK
XGRJQRGQLHÌ P LQ RUWDOLRQRZH Z]PRFQLHQLD QD SXSLH ]ZÇ×DQH QRJDZNL UHJXORZDQ\ NDSWXU G]LÇNL
NWµU\P MHVLHÌ L ZLRVQD QLH EÇG]LH VLÇ MX× ZLÇFHM NRMDU]\ÊD ] V]DU\PL SRSRÊXGQLDPL VSÇG]RQ\PL Z GRPX
1LHNDSNL VÃ ERZLHP ZRGRRGSRUQH ÐZLHWQLH QDGDMÃ VLÇ ZLÇF GR VSDFHURZDQLD QDZHW SRGF]DV P×DZNL
VNRNµZ Z NDÊX×DFK ]MH×G×DQLD SR PRNUHM ]MH×G×DOQL F]\ WXUDOQLD SR WUDZLH .RQLHF ] ìXZD×DM ER VLÇ
SRPRF]\V] ë : PDELRZ\P ÐZLHFLH Z F]DVLH GHV]F]X G]LHFL VLÇ QLH QXG]Ã
1D ZLUWXDQ\FK SXÊNDFK VNOHSX ]QDMG]LHFLH WDN×H QLHSU]HPDNDOQH
RVÊRQNL QD G]LHFL QRV]RQ\FK Z FKXVWDFK OXE QRVLGÊDFK 3RVLDGDMÃ RQH
RGSLQDQH RFLHSOHQLH G]LÇNL WHPX VÃ SURGXNWHP FDÊRURF]Q\P
ÐZLHWQD DOWHUQDW\ZD GOD ]QDF]QLH PQLHM X×\WHF]Q\FK NXUWHN GOD *HRPHWU\F]QLH -RGHÊND %XFLNL JZLHÕG]LVWH %DÐQLRZ\ 0DELÐ
GZRMJD .RQLHF]QLH SRSDWU]FLH WDN×H QD PDELVLH NWµUH UD] QD ]Ê ]Ê ]Ê
]DZV]H ]DVWÃSLÃ PLHMVFH F]DSHN DSDV]HN L JUXE\FK F]DS
Z
Z :DV]\FK V]DIDFK RFLHSODQH EXFLNL EOX]\ ] NRPLQR
NDSWXUDPL F]\ QLHSU]HPDNDOQH JLJD QHUNL
, SDPLÇWDMFLHð ZV]\VWNLH SURGXNW\ PR×HFLH NXSLÅ ]DUµZQR
Z URPLDU]H GOD PLHVLÇF]QLDND MDN L GOD MHJR PDP\ F]\ WDW\
$ SU]HGH ZV]\VWNLP å PR×HFLH MH VWZRU]\Å VDPL
6DPRG]LHOQLH GRELHUDMÃF Z\PLDU\ Z]RU\ L NRORU\
D QDZHW KDIWXMÃF LPLÇ MHÐOL F]XMHFLH WDNÃ FKÇÅ










1HUND 0XOWLNRORURZD .RNDUGD 3DSURWNRZD VXNLHQND
]Ê ]Ê ]Ê




ZZZ PDELEL SO 2IHUWD 0D%L%L QLH NRÌF]\ VLÇ QD XEUDQNDFK 6SRG QDV]\FK PDV]\Q Z\FKRG]L ZLHOH LQQ\FK
FXGHQLHN NWµUH ]D]Z\F]DM SRZVWDÊÃ SR SURVWX ] SRWU]HE\ ]DSHÊQLHQLD OXNL QD U\QNX
PE PDELEL#JPDLO FRP _ WHO

1LHNDSHN 7ÇF]D 6]RS ] RJRQHP 7XOLÐ ZLOF]NL

]Ê ]Ê ]Ê
8×\WHF]QRÐÅ WR ZÊDVQLH FHFKXMH 0D%L%RZH SURGXNW\ QD WOH VHWHN LQQ\FK SROVNLFK KDQGPDGRZ\FK
PDUHN 5]HF]\ V]\WH Z %LHOVNX %LDÊHM VSUDZLDMÃ ×H URG]LFLHOVWZR VWDMH VLÇ MHV]F]H SU]\MHPQLHMV]H
D G]LHFLÌVWZR UDGRVQH 8EUDQND G]LHFLÇFH RSUµF] WHJR ERZLHP ×H SRZLQQ\ IDMQLH Z\JOÃGDÅ PDMÃ E\Å
Z\JRGQH PR×OLZLH ÊDWZH Z ìREVÊXG]HëL WUZDÊH 7R ZÊDÐQLH ]\VNXMHP\ NXSXMÃF Z 0D%L%L

,GHDOQ\P SU]\NÊDGHP WDNLHJR SURGXNWX VÃ QLHNDSNL 7R VRIWVKHOORZH NRPELQH]RQ\ PDMÃ PDVÇ VSU\WQ\FK
XGRJQRGQLHÌ P LQ RUWDOLRQRZH Z]PRFQLHQLD QD SXSLH ]ZÇ×DQH QRJDZNL UHJXORZDQ\ NDSWXU G]LÇNL
NWµU\P MHVLHÌ L ZLRVQD QLH EÇG]LH VLÇ MX× ZLÇFHM NRMDU]\ÊD ] V]DU\PL SRSRÊXGQLDPL VSÇG]RQ\PL Z GRPX
1LHNDSNL VÃ ERZLHP ZRGRRGSRUQH ÐZLHWQLH QDGDMÃ VLÇ ZLÇF GR VSDFHURZDQLD QDZHW SRGF]DV P×DZNL
VNRNµZ Z NDÊX×DFK ]MH×G×DQLD SR PRNUHM ]MH×G×DOQL F]\ WXUDOQLD SR WUDZLH .RQLHF ] ìXZD×DM ER VLÇ
SRPRF]\V] ë : PDELRZ\P ÐZLHFLH Z F]DVLH GHV]F]X G]LHFL VLÇ QLH QXG]Ã
1D ZLUWXDQ\FK SXÊNDFK VNOHSX ]QDMG]LHFLH WDN×H QLHSU]HPDNDOQH
RVÊRQNL QD G]LHFL QRV]RQ\FK Z FKXVWDFK OXE QRVLGÊDFK 3RVLDGDMÃ RQH
RGSLQDQH RFLHSOHQLH G]LÇNL WHPX VÃ SURGXNWHP FDÊRURF]Q\P
ÐZLHWQD DOWHUQDW\ZD GOD ]QDF]QLH PQLHM X×\WHF]Q\FK NXUWHN GOD *HRPHWU\F]QLH -RGHÊND %XFLNL JZLHÕG]LVWH %DÐQLRZ\ 0DELÐ
GZRMJD .RQLHF]QLH SRSDWU]FLH WDN×H QD PDELVLH NWµUH UD] QD ]Ê ]Ê ]Ê
]DZV]H ]DVWÃSLÃ PLHMVFH F]DSHN DSDV]HN L JUXE\FK F]DS
Z
Z :DV]\FK V]DIDFK RFLHSODQH EXFLNL EOX]\ ] NRPLQR
NDSWXUDPL F]\ QLHSU]HPDNDOQH JLJD QHUNL
, SDPLÇWDMFLHð ZV]\VWNLH SURGXNW\ PR×HFLH NXSLÅ ]DUµZQR
Z URPLDU]H GOD PLHVLÇF]QLDND MDN L GOD MHJR PDP\ F]\ WDW\
$ SU]HGH ZV]\VWNLP å PR×HFLH MH VWZRU]\Å VDPL
6DPRG]LHOQLH GRELHUDMÃF Z\PLDU\ Z]RU\ L NRORU\
D QDZHW KDIWXMÃF LPLÇ MHÐOL F]XMHFLH WDNÃ FKÇÅ










1HUND 0XOWLNRORURZD .RNDUGD 3DSURWNRZD VXNLHQND
]Ê ]Ê ]Ê




ZZZ PDELEL SO 2IHUWD 0D%L%L QLH NRÌF]\ VLÇ QD XEUDQNDFK 6SRG QDV]\FK PDV]\Q Z\FKRG]L ZLHOH LQQ\FK
FXGHQLHN NWµUH ]D]Z\F]DM SRZVWDÊÃ SR SURVWX ] SRWU]HE\ ]DSHÊQLHQLD OXNL QD U\QNX
PE PDELEL#JPDLO FRP _ WHO

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



=É


$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



=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




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

=GURZH VWRS\ 'R SURGXNFML REXZLD 0HPR VWRVR

ZDQH VĈ QDMZ\İV]HM MDNRĤFL PDWHULDã\ :LHU
G]LHFND ]FKQLD L ZHZQčWU]QD F]čĤþ EXWD Z\NRQDQD
MHVW ] QDWXUDOQ\FK PLčNNLFK VNyU NR]LFK
LGHDOQ\FK GOD VWRS\ G]LHFND 6NyU\ WH Z
VSRVyE QDWXUDOQ\ GRVWRVRZXMĈ VLč GR
0HPR WR QDMZ\İV]HM MDNRĤFL REXZLH GOD
G]LHFL Z\NRQDQH Z NODV\F]Q\P VW\OX ] VWRS\ W\P VDP\P ]ZLčNV]DMĈ NRPIRUW Xİ\W
QDWXUDOQ\FK PDWHULDãyZ SU]\MD]Q\FK VWRSLH NRZDQLD 1LHNWyUH PRGHOH Z\SRVDİRQH
G]LHFND 8QLNDWRZĈ IXQNFMč GLDJQRVW\F]QĈ ]RVWDã\ Z VSHFMDOLVW\F]QĈ SRGV]HZNč
]DSHZQLD V\VWHP PRQLWRULQJX Z SRGHV]ZLH EH]FKURPRZĈ 1DWXUDOQH PDWHULDã\ R
0HPR :\SUDFRZDQD SU]H] ODWD NRQVWUXN ZãDĤFLZRĤFLDFK KLJURVNRSLMQ\FK VSUDZLDMĈ
FMD L WHFKQRORJLD PRQWDİX EXWyZ 0HPR İH EXW RGG\FKD D VWRSD QLH XOHJD
] ]DSRFHQLX
]\VNDãD\VNDãD X]QDQLH VSHFMDOLVWyZ MDNR
VNXWHF]QD PHWRGD SURILODNW\NL L OHF]HQLD
QDMF]čVWV]\FK ZDG SRVWDZ\









8QLNDWRZ\ V\VWHP G\QDPLF]QHM NRQWUROL
VWyS G]LHFND GDMĈF\ PRİOLZRĤþ ELHİĈFHJR
PRQLWRURZDQLD VWDQX VWyS RUD] QDW\FKPLD
VWRZHM UHDNFML 6SHFMDOQ\ RGVWDZLRQ\ NV]
WDãW SRGHV]Z\ GRGDWNRZR VWDELOL]XMH VWRSč
L ]DSHZQLD SUDZLGãRZH MHM XãRİHQLH SRG 6SHFMDOQD WHFKQRORJLD PRQWDİX
F]DV FKRGX 'LDJQRVW\F]QD SRGHV]ZD 9 WHFK SROHJDMĈFD QD SUDZLGãRZ\P XVW
0HPR 2EV]DUHP GLDJQRVW\F]Q\P REXZLD DZLHQLX FKROHZNL SRGF]DV SURFHVX PRQ
0HPR MHVW MHJR SRGHV]ZD 1D MHM SRZLHU WRZDQLD EXWD 7HFKQRORJLD WD JZDUDQWXMH
]FKQL RUD] QD REFDVLH ]RVWDãR Z\RGUčEQL ]DFKRZDQLH RVL V\PHWULL Z Z\SURGXNRZ
RQ\FK V]HĤþ SRQXPHURZDQ\FK VWUHI ] Z\ DQ\P EXFLH D W\P VDP\P ZUD] ] FKDUDNW
SXNã\PL SDVNDPL ELHİQLND VWUHID QRUP\ HU\VW\F]Q\P V]W\ZQ\P ]DSLčWNLHP L Z\VRNĈ
VWUHID U\]\ND RUD] F]WHU\ VWUHI\ GXİHM G\V FKROHZNĈ ZVSRPDJD SUDZLGãRZ\ UR]ZyM
IXQNFML 3RGF]DV Xİ\WNRZDQLD SDVNL XOHJDMĈ VWyS 2EXZLH 0HPR SR]EDZLRQH MHVW FHFK
ĤFLHUDQLX G]LčNL F]HPX VWDUWH IUDJPHQW\ NRQVWUXNF\MQ\FK PRJĈF\FK ]DNãyFLþ
XPRİOLZLDMĈ V]\ENĈ L SUHF\]\MQĈ GLDJQR]č REUD] U]HF]\ZLVWHM IL]MRORJLL L SRWU]HE VWyS Z
ZDG VWyS RUD] HZHQWXDOQH GREUDQLH RNUHVLH Z]UDVWDQLD ']LčNL WHPX REXZLH
ZNãDGHN : SU]\SDGNX EUDNX NRQLHF]QRĤFL 0HPR XMDZQLD LFK SUDZLGãRZRĤþ PRUIR
VWRVRZDQLD ZNãDGHN NRU\JXMĈF\FK EXW\ ORJLF]QRF]\QQRĤFLRZĈ OXE LVWQLHMĈFH
0HPR VSHãQLDMĈ IXQNFMč SURILODNW\F]QĈ ZDG\ EĈGĮ LFK V\PSWRP\
=HVWDZ ZNãDGHN ZFKRG]ĈF\FK Z VNãDG
V\VWHPX\VWHPX 0HPR ZUD] ] ZEXGRZDQ\P Z
V 3URGXNW X]\VNDã SR]\W\ZQĈ RSLQLč
SRGHV]ZLH REFDVHP 7KRPDV·D QDGDMH Å&HQWUXP =GURZLD ']LHFNDµ
EXWRP 0HPR FKDUDNWHU REXZLD NRUHNF\M
QHJR 2GSRZLHGQLD GOD G]LHFND ZNãDGND
PRİH E\þ GREUDQD EH]SRĤUHGQLR SU]H]
URG]LFD QD SRGVWDZLH ]DãĈF]RQHM LQVWUXNFML
Xİ\WNRZDQLD 6\VWHPX 0HPR OXE ZJ ZVND
]Dę VSHFMDOLVW\




ZZZ ]GURZHEXFLNL SO