MP Heluszek

5NÐPSJ \^XJQJPHOTST\FSJ


N SFO\^İX_JO OFPTďHN TIJ

RSNJ IQF <FX




























6NOHS +HOXV]HN &+ -DQWDU
XO 6]F]HFLÌVND 6ÊXSVN
WHO






ZZZ KHOXV]HN SO


NRQWDNW#KHOXV]HN SO

ZZZ KHOXV]HN SO


5NÐPSJ \^XJQJPHOTST\FSJ NRQWDNW#KHOXV]HN SO




N SFO\^İX_JO OFPTďHN TIJ



RSNJ IQF <FX







7R WXWDM ]QDMG]LHFLH SURGXNW\ QDV]\FK SROVNLFK SURGXFHQWµZ L QLH W\ONR = QDPL VNRPSOHWXMHV] Z\SUDZNÇ GOD VZRMHJR
PDOXV]ND RUD] ]DSHZQLV] PX PDJLF]QH PLHMVFH Z SRNRMX GRELHUDMÃF RGSRZLHGQLH PHEOH RUD] GHNRUDFMH :LHP\ MDN ZD×QD
MHVW MDNRÐÅ GOD :DV GODWHJR X QDV ]QDMG]LHV] UµZQLH× SURGXNW\ HNRORJLF]QH L QDWXUDOQH D WR SU]HFLH× EDUG]R ZD×QH
%H]SLHF]QH ]DEDZNL WR WR FR URG]LFH OXELÃ QDMEDUG]LHM GOD VZRMHJR PDOXV]ND RUD] FR QDMZD×QLHMV]H HGXNDF\MQH


























































6NOHS +HOXV]HN &+ -DQWDU
XO 6]F]HFLÌVND 6ÊXSVN

WHO ?FUWFX_FR^

ZZZ KHOXV]HN SO


5NÐPSJ \^XJQJPHOTST\FSJ NRQWDNW#KHOXV]HN SO




N SFO\^İX_JO OFPTďHN TIJ



RSNJ IQF <FX







7R WXWDM ]QDMG]LHFLH SURGXNW\ QDV]\FK SROVNLFK SURGXFHQWµZ L QLH W\ONR = QDPL VNRPSOHWXMHV] Z\SUDZNÇ GOD VZRMHJR
PDOXV]ND RUD] ]DSHZQLV] PX PDJLF]QH PLHMVFH Z SRNRMX GRELHUDMÃF RGSRZLHGQLH PHEOH RUD] GHNRUDFMH :LHP\ MDN ZD×QD
MHVW MDNRÐÅ GOD :DV GODWHJR X QDV ]QDMG]LHV] UµZQLH× SURGXNW\ HNRORJLF]QH L QDWXUDOQH D WR SU]HFLH× EDUG]R ZD×QH
%H]SLHF]QH ]DEDZNL WR WR FR URG]LFH OXELÃ QDMEDUG]LHM GOD VZRMHJR PDOXV]ND RUD] FR QDMZD×QLHMV]H HGXNDF\MQH


























































6NOHS +HOXV]HN &+ -DQWDU
XO 6]F]HFLÌVND 6ÊXSVN

WHO ?FUWFX_FR^

.RQLHF ] GRGDWNRZ\PL DNFHVRULDPL GR QDSHãQLDQLD VDV]HWHN NRQLHF ] GRGDWNRZ\PL DNFHVRULDPL GR LFK P\FLD SR
SURVWX RWZyU] MĈ V]HURNR L Z\P\M JRUĈFĈ ZRGĈ L Sã\QHP GR P\FLD QDF]\ę D QDVWčSQLH SR]RVWDZ RWZDUWĈ GR
Z\VFKQLčFLD ! NRQLHF ] QLHFLHNDZ\P ]DSDFKHP

.DUPLV] L QLH PDV] Z F]\P SU]HFKRZ\ZDþ POHND" PO WR GRVNRQDãD MHGQRVWND GR SU]HFKRZ\ZDQLD WDNİH

Z ]DPUDİDUFH 2FK 7ZRMD VWDUV]D SRFLHFKD MHVW ]D]GURVQD R PDOXFKD" 1DSHãQLM VDV]HWNč IDUEĈ L UXV]DM QD SRGEyM
ĤFLDQ RXSV QR PRİH NDUWHN OHİĈF\FK QD VWROH 1LH PDUWZ VLč UHV]WD IDUE\ PRİH VSRNRMQLH E\þ SU]HFKRZDQD
Z VDV]HWFH GR QDVWčSQHJR UD]X

0
0DV] GRV\þ" :\UZDãDE\Ĥ VLč GR ILWQHVV NOXEX E\ RG]\VNDþ UyZQRZDJč L IRUPč" $OH QLH FKFH DV] GRV\þ" :\UZDãDE\Ĥ VLč GR ILWQHVV NOXEX E\ RG]\VNDþ UyZQRZDJč L IRUPč" $OH QLH FKFH
&L VLč GĮZLJDþ W\FK ZV]\VWNLFK NRVPHW\NyZ" 1DSHãQLM QLPL VDV]HWNL L ZVDGĮ GR NLHV]HQL
PO WR LGHDOQ\ UR]PLDU WDNİH QD SRNãDG]LH VDPRORWX JG\ PĈİ QLHVSRG]LHZDQLH &Lč

]DVNRF]\ URPDQW\F]Q\P ZHHNHQGHP ZH GZRMH QD 0DGHU]H D 7\ NRQLHF]QLH FKFHV]
]DEUDþ ]H VREĈ VZyM XOXELRQ\ ROHMHN GR PDVDİX =DUD] ]DUD] D FR WX G]ZRQL
QD EUDPFH" 3LHUVLyZND""" =DPLHę MĈ QD VDV]HWNč 'RGGOH%DJ L SR NãRSRFLH '






35267( ă$7:( Ζ &=<67( .$50Ζ(1Ζ( : '208 Ζ 1$ 63$&(5=(

ă$7:$ '2 1$3(ă1Ζ(1Ζ$ :Ζ(/25$=2:$ 6$6=(7.$






=HVWDZ ZLHORUD]RZ\FK VDV]HWHN ãDWZ\FK GR QDSHãQLDQLD G]LčNL V]HURNLHPX VWUXQRZHPX
]DSLčFLX 'OD PDOXFKD GR MHG]HQLD L ]DEDZ\ GOD VWDUV]DND GR OXQFKRER[ X GOD

GRURVãHJR Z SRGUyİ\ F]\ QD ILWQHVV 'R SU]HFKRZ\ZDQLD MHG]HQLD NRVPHW\NyZ IDUE
L ZLHOX LQQ\FK 1LH]DVWĈSLRQH QD SU]\MčFLDFK MDNR NXEHF]NL F]\ SLHUVLyZNL
'R PURİHQLD ]DOHZDQLD ZU]ĈWNLHP L P\FLD Z ]P\ZDUFH


3URVWH ãDWZH L F]\VWH NDUPLHQLH Z GRPX L QD VSDFHU]H âDWZD GR QDSHãQLHQLD
ZLHORUD]RZD VDV]HWND












.217$.7


6NRQWDNWXM VLč ] QDPL
H PDLO NRQWDNW#SURVWHWRUHENL SO

WHOHIRQ
$GUHV 6RSKLH GH 9XOOL XO %DW
:ãRFK\ :DUV]DZD

ZZZ GRGGOHEDJV SO

.RQLHF ] GRGDWNRZ\PL DNFHVRULDPL GR QDSHãQLDQLD VDV]HWHN NRQLHF ] GRGDWNRZ\PL DNFHVRULDPL GR LFK P\FLD SR
SURVWX RWZyU] MĈ V]HURNR L Z\P\M JRUĈFĈ ZRGĈ L Sã\QHP GR P\FLD QDF]\ę D QDVWčSQLH SR]RVWDZ RWZDUWĈ GR
Z\VFKQLčFLD ! NRQLHF ] QLHFLHNDZ\P ]DSDFKHP

.DUPLV] L QLH PDV] Z F]\P SU]HFKRZ\ZDþ POHND" PO WR GRVNRQDãD MHGQRVWND GR SU]HFKRZ\ZDQLD WDNİH

Z ]DPUDİDUFH 2FK 7ZRMD VWDUV]D SRFLHFKD MHVW ]D]GURVQD R PDOXFKD" 1DSHãQLM VDV]HWNč IDUEĈ L UXV]DM QD SRGEyM
ĤFLDQ RXSV QR PRİH NDUWHN OHİĈF\FK QD VWROH 1LH PDUWZ VLč UHV]WD IDUE\ PRİH VSRNRMQLH E\þ SU]HFKRZDQD
Z VDV]HWFH GR QDVWčSQHJR UD]X

0
0DV] GRV\þ" :\UZDãDE\Ĥ VLč GR ILWQHVV NOXEX E\ RG]\VNDþ UyZQRZDJč L IRUPč" $OH QLH FKFH DV] GRV\þ" :\UZDãDE\Ĥ VLč GR ILWQHVV NOXEX E\ RG]\VNDþ UyZQRZDJč L IRUPč" $OH QLH FKFH
&L VLč GĮZLJDþ W\FK ZV]\VWNLFK NRVPHW\NyZ" 1DSHãQLM QLPL VDV]HWNL L ZVDGĮ GR NLHV]HQL
PO WR LGHDOQ\ UR]PLDU WDNİH QD SRNãDG]LH VDPRORWX JG\ PĈİ QLHVSRG]LHZDQLH &Lč

]DVNRF]\ URPDQW\F]Q\P ZHHNHQGHP ZH GZRMH QD 0DGHU]H D 7\ NRQLHF]QLH FKFHV]
]DEUDþ ]H VREĈ VZyM XOXELRQ\ ROHMHN GR PDVDİX =DUD] ]DUD] D FR WX G]ZRQL
QD EUDPFH" 3LHUVLyZND""" =DPLHę MĈ QD VDV]HWNč 'RGGOH%DJ L SR NãRSRFLH '






35267( ă$7:( Ζ &=<67( .$50Ζ(1Ζ( : '208 Ζ 1$ 63$&(5=(

ă$7:$ '2 1$3(ă1Ζ(1Ζ$ :Ζ(/25$=2:$ 6$6=(7.$






=HVWDZ ZLHORUD]RZ\FK VDV]HWHN ãDWZ\FK GR QDSHãQLDQLD G]LčNL V]HURNLHPX VWUXQRZHPX
]DSLčFLX 'OD PDOXFKD GR MHG]HQLD L ]DEDZ\ GOD VWDUV]DND GR OXQFKRER[ X GOD

GRURVãHJR Z SRGUyİ\ F]\ QD ILWQHVV 'R SU]HFKRZ\ZDQLD MHG]HQLD NRVPHW\NyZ IDUE
L ZLHOX LQQ\FK 1LH]DVWĈSLRQH QD SU]\MčFLDFK MDNR NXEHF]NL F]\ SLHUVLyZNL
'R PURİHQLD ]DOHZDQLD ZU]ĈWNLHP L P\FLD Z ]P\ZDUFH


3URVWH ãDWZH L F]\VWH NDUPLHQLH Z GRPX L QD VSDFHU]H âDWZD GR QDSHãQLHQLD
ZLHORUD]RZD VDV]HWND












.217$.7


6NRQWDNWXM VLč ] QDPL
H PDLO NRQWDNW#SURVWHWRUHENL SO

WHOHIRQ
$GUHV 6RSKLH GH 9XOOL XO %DW
:ãRFK\ :DUV]DZD

ZZZ GRGGOHEDJV SO

.203/(7 .23$5$

6\PSDW\F]Q\ GUHVLN Z ZHVRĄ\FK NRORUDFK GOD PDĄHJR

5R]UDELDNL 1D EOX]LH HOHPHQW WUµMZ\PLDURZ\

3/1






.203/(7 .5•/Ζ&=(.


F]ÛĝFLRZ\ NRPSOHW : ]HVWDZLH VSRGHQNL
] NLHV]RQNDPL L XURF]Ç IDOEDQNÇ EOX]HF]ND ] PDUV]F]RQ\PL
UÛNDZNDPL L FLHSĄD NDPLOHND] NDSWXUNLHP

3/1


.LHG\ Z ľ\FLX SRMDZLD VLÛ G]LHFNR ĝZLDW VWDMH QD JĄRZLH
=PLHQLDMÇ VLÛ SULRU\WHW\ L RF]HNLZDQLD

: Z\QLNX WDNLHM ľ\FLRZHM UHZROXFML R LPLHQLX +HOHQD SRZVWDĄ SRP\VĄ VWZRU]HQLD VNOHSX .203/(7 6ă21Ζ.
JG]LH EÛG]LH PRľQD NXSLÉ Z\MÇWNRZH XEUDQND GOD QLHPRZÇW L PDĄ\FK G]LHFL 0DP\ QDG]LHMÛ
ľH NDľG\ ]QDMG]LH WX FRĝ GOD VZRMHJR PDOXFKD 6NOHS QDELHUD UR]SÛGX GODWHJR WHľ SURVLP\ 6XSHU GUHVLN ]H VĄRQLHP
R FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H XFKR WUµMZ\PLDURZH
R
ZLÛNV]\ Ľ\F]\P\ XGDQ\FK ]DNXSµZ
3/1

-
HVWHĝP\ ȴUPÇ NWµUD ]DMPXMH VLÛ LQWHUQHWRZÇ VSU]HGDľÇ XEUDQHN GOD QLHPRZOÇW L PDĄ\FK G]LHFL
'\VSRQXMHP\ UR]PLDUDPL RG GR URNX ľ\FLD Z SU]\V]ĄRĝFL SODQXMHP\ SRV]HU]\É QDV]Ç
RIHUWÛ R XEUDQND GOD VWDUV]\FK G]LHFL
2IHUXMHP\ RG]LHľ QD NDľGÇ SRUÛ URNX ]DUµZQR Z SRVWDFL NRPSOHWµZ MDN L SRMHG\QF]\FK V]WXN .203/(7 %Ζ('521(&=.$
1DV]H XEUDQND SRFKRG]Ç JĄµZQLH RG SURGXFHQWµZ SROVNLFK DOH WDNľH WXUHFNLFK ZĄRVNLFK L LQQ\FK
6WDZLDP\ QD MDNRĝÉ L NRPIRUW GOD 0DOXV]ND F]ÛĝFLRZ\ NRPSOHW GOD ']LHZF]\QNL : ]HVWDZLH

= VSRGHQNL ] ĄDGQ\P Z\NRĆF]HQLHP ERG\ ] QDGUXNLHP
=DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX
JG]LH QD ELHľÇFR SUH]HQWXMHP\ QRZRĝFL D WDNľH RUJDQL]XMHP\ NRQNXUV\ L SURPRFMH L EOX]D ] NLHV]RQNDPL 3U]HXURF]\
3/1






.203/(7 0Ζ&.(<


F]ÛĝFLRZ\ NRPSOHW ] 0\V]NÇ 0LFNH\ : ]HVWDZLH
MHDQV\ EOX]HF]ND Z SDVHF]NL FLHSĄ\ EH]UÛNDZQLN
6XNLHQHF]NL L 3RUWHF]NL 'RURWD 6RELHUDM +DQNLHZLF] ] NDSWXUNLHP ] IXWHUNLHP

WHO H PDLO VXNLHQHF]NLLSRUWHF]NL#ZS SO
3/1

::: 68.Ζ(1(&=.ΖΖ3257(&=.Ζ ( 6./(3 &20 3/

.203/(7 .23$5$

6\PSDW\F]Q\ GUHVLN Z ZHVRĄ\FK NRORUDFK GOD PDĄHJR

5R]UDELDNL 1D EOX]LH HOHPHQW WUµMZ\PLDURZ\

3/1






.203/(7 .5•/Ζ&=(.


F]ÛĝFLRZ\ NRPSOHW : ]HVWDZLH VSRGHQNL
] NLHV]RQNDPL L XURF]Ç IDOEDQNÇ EOX]HF]ND ] PDUV]F]RQ\PL
UÛNDZNDPL L FLHSĄD NDPLOHND] NDSWXUNLHP

3/1


.LHG\ Z ľ\FLX SRMDZLD VLÛ G]LHFNR ĝZLDW VWDMH QD JĄRZLH
=PLHQLDMÇ VLÛ SULRU\WHW\ L RF]HNLZDQLD

: Z\QLNX WDNLHM ľ\FLRZHM UHZROXFML R LPLHQLX +HOHQD SRZVWDĄ SRP\VĄ VWZRU]HQLD VNOHSX .203/(7 6ă21Ζ.
JG]LH EÛG]LH PRľQD NXSLÉ Z\MÇWNRZH XEUDQND GOD QLHPRZÇW L PDĄ\FK G]LHFL 0DP\ QDG]LHMÛ
ľH NDľG\ ]QDMG]LH WX FRĝ GOD VZRMHJR PDOXFKD 6NOHS QDELHUD UR]SÛGX GODWHJR WHľ SURVLP\ 6XSHU GUHVLN ]H VĄRQLHP
R XFKR WUµMZ\PLDURZH
R FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H
ZLÛNV]\ Ľ\F]\P\ XGDQ\FK ]DNXSµZ
3/1

-
HVWHĝP\ ȴUPÇ NWµUD ]DMPXMH VLÛ LQWHUQHWRZÇ VSU]HGDľÇ XEUDQHN GOD QLHPRZOÇW L PDĄ\FK G]LHFL
'\VSRQXMHP\ UR]PLDUDPL RG GR URNX ľ\FLD Z SU]\V]ĄRĝFL SODQXMHP\ SRV]HU]\É QDV]Ç
RIHUWÛ R XEUDQND GOD VWDUV]\FK G]LHFL
2IHUXMHP\ RG]LHľ QD NDľGÇ SRUÛ URNX ]DUµZQR Z SRVWDFL NRPSOHWµZ MDN L SRMHG\QF]\FK V]WXN .203/(7 %Ζ('521(&=.$
1DV]H XEUDQND SRFKRG]Ç JĄµZQLH RG SURGXFHQWµZ SROVNLFK DOH WDNľH WXUHFNLFK ZĄRVNLFK L LQQ\FK
6WDZLDP\ QD MDNRĝÉ L NRPIRUW GOD 0DOXV]ND F]ÛĝFLRZ\ NRPSOHW GOD ']LHZF]\QNL : ]HVWDZLH

= VSRGHQNL ] ĄDGQ\P Z\NRĆF]HQLHP ERG\ ] QDGUXNLHP
=DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX
JG]LH QD ELHľÇFR SUH]HQWXMHP\ QRZRĝFL D WDNľH RUJDQL]XMHP\ NRQNXUV\ L SURPRFMH L EOX]D ] NLHV]RQNDPL 3U]HXURF]\
3/1






.203/(7 0Ζ&.(<


F]ÛĝFLRZ\ NRPSOHW ] 0\V]NÇ 0LFNH\ : ]HVWDZLH
MHDQV\ EOX]HF]ND Z SDVHF]NL FLHSĄ\ EH]UÛNDZQLN
6XNLHQHF]NL L 3RUWHF]NL 'RURWD 6RELHUDM +DQNLHZLF] ] NDSWXUNLHP ] IXWHUNLHP

WHO H PDLO VXNLHQHF]NLLSRUWHF]NL#ZS SO
3/1

::: 68.Ζ(1(&=.ΖΖ3257(&=.Ζ ( 6./(3 &20 3/

%2'< 63•'1Ζ&=.$


.RORURZH EDZHĄQLDQH ERG]LDNL ] NUµWNLP L GĄXJLP 6SµGQLF]ND Z ELDĄR F]HUZRQH SDVHF]NL ] XURF]Ç

UÛNDZHP SRMHG\QF]R L Z ZLHORSDNDFK NRNDUGNÇ LGHDOQD QD XSDOQ\ G]LHĆ

2' 3/1 3/1






3$-$&( 6=257<


:\JRGQH SDMDFH L UDPSHUV\ ]DUµZQR QD
ODWR MDN L QD FKĄRGQLHMV]H GQL V\PSDW\F]QH 6]RUW\ FKĄRSLÛFH Z NUDWNÛ
Z]RU\ L DQW\SRĝOL]JRZH VWµSNL
3/1

2' 3/1





6=257< .203/(7 '=Ζ(:&=Ú&<


=LHORQH V]RUW\ ] UµľRZ\P Z\NRĆF]HQLHP .RPSOHW G]LHZF]ÛF\ 0LQQLH
NLHV]RQNDPL L PRW\ZHP SWDV]NµZ OLFHQFMD 'LVQH\

3/1 3/1








5•Ľ2:$ %/8=(&=.$ .203/(7 &+ă23ΖÚ&<

5µľRZD EOX]HF]ND EH] UÛNDZµZ ] MDSRĆVNLP ĜPLHV]QD NRV]XOND ] URQGHP
PRW\ZHP L ĝZLHWQ\P UR]ZLÇ]DQLHP QD SOHFNDFK L DXWNDPL L NUµWNLH VSRGHQNL


3/1 3/1







.26=8/.$ .203/(7 1Ζ(02:/Ú&< 36=&=•ă.$


&KĄRSLÛFD NRV]XOND ] ]DEDZQ\P QDSLVHP 3U]HXURF]\ NRPSOHLN GOD PDOHĆNLHM G]LHZF]\QNL
Z IDMQ\FK NRORUDFK Z ]HVWDZLH ERG\ Z WUµMZ\PLDURZ\PL VNU]\GHĄNDPL
RSDVND L ]ZLHZQD VSµGQLF]ND
3/1 3/1

%2'< 63•'1Ζ&=.$


.RORURZH EDZHĄQLDQH ERG]LDNL ] NUµWNLP L GĄXJLP 6SµGQLF]ND Z ELDĄR F]HUZRQH SDVHF]NL ] XURF]Ç

UÛNDZHP SRMHG\QF]R L Z ZLHORSDNDFK NRNDUGNÇ LGHDOQD QD XSDOQ\ G]LHĆ

2' 3/1 3/1






3$-$&( 6=257<


:\JRGQH SDMDFH L UDPSHUV\ ]DUµZQR QD
ODWR MDN L QD FKĄRGQLHMV]H GQL V\PSDW\F]QH 6]RUW\ FKĄRSLÛFH Z NUDWNÛ
Z]RU\ L DQW\SRĝOL]JRZH VWµSNL
3/1

2' 3/1





6=257< .203/(7 '=Ζ(:&=Ú&<


=LHORQH V]RUW\ ] UµľRZ\P Z\NRĆF]HQLHP .RPSOHW G]LHZF]ÛF\ 0LQQLH
NLHV]RQNDPL L PRW\ZHP SWDV]NµZ OLFHQFMD 'LVQH\

3/1 3/1








5•Ľ2:$ %/8=(&=.$ .203/(7 &+ă23ΖÚ&<

5µľRZD EOX]HF]ND EH] UÛNDZµZ ] MDSRĆVNLP ĜPLHV]QD NRV]XOND ] URQGHP
PRW\ZHP L ĝZLHWQ\P UR]ZLÇ]DQLHP QD SOHFNDFK L DXWNDPL L NUµWNLH VSRGHQNL


3/1 3/1







.26=8/.$ .203/(7 1Ζ(02:/Ú&< 36=&=•ă.$


&KĄRSLÛFD NRV]XOND ] ]DEDZQ\P QDSLVHP 3U]HXURF]\ NRPSOHLN GOD PDOHĆNLHM G]LHZF]\QNL
Z IDMQ\FK NRORUDFK Z ]HVWDZLH ERG\ Z WUµMZ\PLDURZ\PL VNU]\GHĄNDPL
RSDVND L ]ZLHZQD VSµGQLF]ND
3/1 3/1

32'86=.$ 6RZD





BçÀþ÷ĖÜ° đ Ü÷Ėü°á¼ÑÄ ÷çđē ñç÷Ñ°À° đēñÄáãÑÄãÑÄ
°ãüē°ÝÄôÎѼĖãÄȤ â°üÄôÑ°á đÑÄôĖ¼ÐãÑ üç Ƶƴƴʔ
»°đÄáã° Ñ ķݼȤ đēâÑ°ôē ƸƴĒƸƴ¼âȤ
ÜçÝçô ÷Ė°ôē áçđѼĖ ã° »Ñ°áēâ üÝÄ
]Ă 9$7







852&=( 32'86=.$ 6ĂRĄ




BçÀþ÷ĖÜ° ç đēâÑ°ô°¼Ð ƸƹĒƷƹ ¼â đēÜçã°ã°
ĖÄ Ƶƴƴʔ »°đÄáãē Ñ ķݼþ Ė ñþ÷Ėē÷üēâ đēñÄáãÑÄãÑÄâȩ
-8 Z-#ȩ B8 NH]-# -çÝçô »Ñ°áÄ âçüēÝÜÑ ã° ÷Ė°ôēâ üÝÄ ÷Ė°ôÄ þ¼Ðç Ė âÑãÜēȩ
]Ă 9$7

# X# . X# ,



Lþñçü â°áē¼Ð ÷üèñ Há°»ÑÜ 3°ÎÀ°ÝÄã° ÀĖÑ°á° ã° ñçÝ÷ÜÑ ôēãÜþ
çÀ ƶƴƵƹ ôçÜþ Û°Üç ñôçÀþ¼Äãü °ôüēÜþáèđ ÀĖÑļÑ̼ē¼Ðȩ8À ñç¼Ė·üÜþ
ã°÷ĖÄÛ ÀĖÑ°á°Ýãçø¼Ñ ÷ü°đÑ°âē ã° Û°½çø½ Ñ ÷çÝÑÀãÄ đēÜçã°ãÑÄȩ
-çôĖē÷ü°âē Ė ã°ÛÝÄñ÷Ėē¼Ð Àç÷üÌñãē¼Ð ã° ôēãÜþ â°üÄôÑ°áèđ ñôĖēÛ°Ėãē¼Ð
ÀÝ° ÀĖÑļܰ çô°Ė đēñÄáãÑÄä °ãüē°ÝÄôÎѼĖãē¼Ðȩ NRF\N
Lþñçü â°áē¼Ð ÷üèñ ñôçÀþÜüē đ ¼°áçø¼Ñ đēÜçã°ãÄ đ BçÝ÷¼ÄȤ ñç¼Ė·đ÷Ėē
ç -ç¼ēÜ ç đēâÑ°ô°¼Ð ƻƹĒƵƴƴ ¼âȤ
çÀ ñÀ ñôçÛÄÜüþȤ ñçñôĖÄĖ þ÷Ėē¼ÑÄȤ ° ÷Üçä¼Ėēđ÷Ėē ã° ÀÄü°Ý°¼Ðȩ
đēÜçã°ãē Ė âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē
8ÍÄôþÛÄâē ÷ĖÄôçÜ· ΰâÌ ñôçÀþÜüèđ çÀ ñôĖēüþÝ°ãÄÜ ñçñôĖÄĖ Üç¼ēÜÑ âÑãÜēȤ Ñ Ƶƴƴʔ »°đÄáãē Ė ¼ÑÄñáēâ đēñÄáãÑÄãÑÄâȩ
ñçø¼ÑÄÝÄ Àç đē÷üôçÛþ ñçÜçÛþ ÀĖÑļÑ̼ÄÎç ã° ÑãÀēđÑÀþ°ÝãÄ Ė°âèđÑÄãÑÄȩ
]Ă 9$7

HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ



635$:'Ķ



:RUHN QD ]DEDZNL P\V]ND




XçôÄÜ â° øôÄÀãÑ¼Ì Ʒƴ¼â Ñ đē÷çÜçø½ ƹƴ¼âȤ
đēÜçã°ãē ĖÄ Ƶƴƴʔ»°đÄáãē Ñ âÑÄÜÜÑÄÛ ñÑ°ãÜÑ
]Ă 9$7


::: 783270$/<&+6723 3/

32'86=.$ 6RZD





BçÀþ÷ĖÜ° đ Ü÷Ėü°á¼ÑÄ ÷çđē ñç÷Ñ°À° đēñÄáãÑÄãÑÄ
°ãüē°ÝÄôÎѼĖãÄȤ â°üÄôÑ°á đÑÄôĖ¼ÐãÑ üç Ƶƴƴʔ
»°đÄáã° Ñ ķݼȤ đēâÑ°ôē ƸƴĒƸƴ¼âȤ
ÜçÝçô ÷Ė°ôē áçđѼĖ ã° »Ñ°áēâ üÝÄ
]Ă 9$7







852&=( 32'86=.$ 6ĂRĄ




BçÀþ÷ĖÜ° ç đēâÑ°ô°¼Ð ƸƹĒƷƹ ¼â đēÜçã°ã°
ĖÄ Ƶƴƴʔ »°đÄáãē Ñ ķݼþ Ė ñþ÷Ėē÷üēâ đēñÄáãÑÄãÑÄâȩ
-8 Z-#ȩ B8 NH]-# -çÝçô »Ñ°áÄ âçüēÝÜÑ ã° ÷Ė°ôēâ üÝÄ ÷Ė°ôÄ þ¼Ðç Ė âÑãÜēȩ
]Ă 9$7

# X# . X# ,



Lþñçü â°áē¼Ð ÷üèñ Há°»ÑÜ 3°ÎÀ°ÝÄã° ÀĖÑ°á° ã° ñçÝ÷ÜÑ ôēãÜþ
çÀ ƶƴƵƹ ôçÜþ Û°Üç ñôçÀþ¼Äãü °ôüēÜþáèđ ÀĖÑļÑ̼ē¼Ðȩ8À ñç¼Ė·üÜþ
ã°÷ĖÄÛ ÀĖÑ°á°Ýãçø¼Ñ ÷ü°đÑ°âē ã° Û°½çø½ Ñ ÷çÝÑÀãÄ đēÜçã°ãÑÄȩ
-çôĖē÷ü°âē Ė ã°ÛÝÄñ÷Ėē¼Ð Àç÷üÌñãē¼Ð ã° ôēãÜþ â°üÄôÑ°áèđ ñôĖēÛ°Ėãē¼Ð
ÀÝ° ÀĖÑļܰ çô°Ė đēñÄáãÑÄä °ãüē°ÝÄôÎѼĖãē¼Ðȩ NRF\N
Lþñçü â°áē¼Ð ÷üèñ ñôçÀþÜüē đ ¼°áçø¼Ñ đēÜçã°ãÄ đ BçÝ÷¼ÄȤ ñç¼Ė·đ÷Ėē
çÀ ñÀ ñôçÛÄÜüþȤ ñçñôĖÄĖ þ÷Ėē¼ÑÄȤ ° ÷Üçä¼Ėēđ÷Ėē ã° ÀÄü°Ý°¼Ðȩ
ç -ç¼ēÜ ç đēâÑ°ô°¼Ð ƻƹĒƵƴƴ ¼âȤ
đēÜçã°ãē Ė âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē
8ÍÄôþÛÄâē ÷ĖÄôçÜ· ΰâÌ ñôçÀþÜüèđ çÀ ñôĖēüþÝ°ãÄÜ ñçñôĖÄĖ Üç¼ēÜÑ âÑãÜēȤ Ñ Ƶƴƴʔ »°đÄáãē Ė ¼ÑÄñáēâ đēñÄáãÑÄãÑÄâȩ
ñçø¼ÑÄÝÄ Àç đē÷üôçÛþ ñçÜçÛþ ÀĖÑļÑ̼ÄÎç ã° ÑãÀēđÑÀþ°ÝãÄ Ė°âèđÑÄãÑÄȩ
]Ă 9$7

HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ



635$:'Ķ



:RUHN QD ]DEDZNL P\V]ND




XçôÄÜ â° øôÄÀãÑ¼Ì Ʒƴ¼â Ñ đē÷çÜçø½ ƹƴ¼âȤ
đēÜçã°ãē ĖÄ Ƶƴƴʔ»°đÄáãē Ñ âÑÄÜÜÑÄÛ ñÑ°ãÜÑ
]Ă 9$7


::: 783270$/<&+6723 3/

3RV]HZND QD SRGXV]NÙ 1DU]XWD




Bç÷ĖÄđÜ° đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãēȤ 4°ôĖþü° ƵƸƴĒƶƵƴ¼âȤ Àđþ÷üôçããÑÄ Ƶƴƴʔ »°đÄáã°Ȥ
đēâÑ°ôē ƷƼĒƷƼ ¼â Ė Ė°âÜÑÄâ »áē÷Ü°đѼĖãēâȩ đēñÄáãÑÄãÑÄ ƴȤƹ¼â ñÑ°ãÜ°Ȥ
]Ă 9$7 ]Ă 9$7









:NĂDGND GR Z³]ND
SRV]HZND ] XV]DPL


XÜá°ÀÜ° Àç đèĖÜ°Ȥ đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãē
Bç÷ĖÄđÜ° ç đēâÑ°ô°¼Ð ƷƼĒƷƼȤ đēÜçã°ã° ĖÄ Ƶƴƴʔ Àđþ÷üôçããÑÄ üÄã ÷°â đĖèôȤ đēñÄáãÑÄãÑÄ üç âÑÌÜÜ°
»°đÄáãē Ñ ñçÝ°ôþ âÑãÜēȤ Ė°ñÑã°ã° ã° ÷þđ°Üȩ Ʒ¼â ñÑ°ãÜ° °ãüē°ÝÄôÎѼĖã°Ȥñç÷Ñ°À° đē¼Ñ̼Ѱ ã° ñ°÷ē
]Ă 9$7 ]Ă 9$7
ÀÝ° ôèęãē¼Ð üēñèđ đèĖÜ°ȩ










RWXODF]H .RURQD



8üþÝ°¼ĖÄÜ â° ôçĖâÑ°ô ƻƸȤ Ƶƴƴʔ »°đÄáã°Ȥ -çôçã° đēÜçã°ã° Ė »áē÷Ė¼Ė·¼ÄÛ üÜ°ãÑãēȤ ç»đèÀ
¼ÑÄñÝþüÜ° Ñ âÑ̼ÑþüÜ° çđ°ü° ÜçáÀÄôÜçđ°Ȥ ƸƼɎƹƴ¼âȤ Ė°ñÑã°ã° ã° ôĖÄñ ÀĖÑÌÜÑ üÄâþ âçęÝÑđ°
ñçÝ°ô âÑãÜēȤ ¼°áçø½ Ė°ñÑã°ã° ã° ôĖÄñȩ âÑãÑâ°Ýã° ôÄÎþÝ°¼Û°ȩ
]Ă 9$7 ]Ă 9$7









ęSLZRUHN



IñÑđçôÄÜ ôçĖâÑ°ô ƵƵƴɎƵƵƺ ÛÄ÷ü Ė ãÑÄñôĖÄâ°Ü°ÝãÄÛ ::: 783270$/<&+6723 3/
üÜ°ãÑãē ñçÝÑÄ÷üôçđÄÛȤ âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē Ñ
¼ÑÄñáÄÎç đēñÄáãÑÄãÑÄ Ė âÑÌÜÜÑÄÎç ñþ÷ĖÜþȩ HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ
]Ă 9$7

3RV]HZND QD SRGXV]NÙ 1DU]XWD




Bç÷ĖÄđÜ° đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãēȤ 4°ôĖþü° ƵƸƴĒƶƵƴ¼âȤ Àđþ÷üôçããÑÄ Ƶƴƴʔ »°đÄáã°Ȥ
đēâÑ°ôē ƷƼĒƷƼ ¼â Ė Ė°âÜÑÄâ »áē÷Ü°đѼĖãēâȩ đēñÄáãÑÄãÑÄ ƴȤƹ¼â ñÑ°ãÜ°Ȥ
]Ă 9$7 ]Ă 9$7









:NĂDGND GR Z³]ND
SRV]HZND ] XV]DPL


XÜá°ÀÜ° Àç đèĖÜ°Ȥ đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãē
Bç÷ĖÄđÜ° ç đēâÑ°ô°¼Ð ƷƼĒƷƼȤ đēÜçã°ã° ĖÄ Ƶƴƴʔ Àđþ÷üôçããÑÄ üÄã ÷°â đĖèôȤ đēñÄáãÑÄãÑÄ üç âÑÌÜÜ°
»°đÄáãē Ñ ñçÝ°ôþ âÑãÜēȤ Ė°ñÑã°ã° ã° ÷þđ°Üȩ Ʒ¼â ñÑ°ãÜ° °ãüē°ÝÄôÎѼĖã°Ȥñç÷Ñ°À° đē¼Ñ̼Ѱ ã° ñ°÷ē
]Ă 9$7 ]Ă 9$7
ÀÝ° ôèęãē¼Ð üēñèđ đèĖÜ°ȩ










RWXODF]H .RURQD



8üþÝ°¼ĖÄÜ â° ôçĖâÑ°ô ƻƸȤ Ƶƴƴʔ »°đÄáã°Ȥ -çôçã° đēÜçã°ã° Ė »áē÷Ė¼Ė·¼ÄÛ üÜ°ãÑãēȤ ç»đèÀ
¼ÑÄñÝþüÜ° Ñ âÑ̼ÑþüÜ° çđ°ü° ÜçáÀÄôÜçđ°Ȥ ƸƼɎƹƴ¼âȤ Ė°ñÑã°ã° ã° ôĖÄñ ÀĖÑÌÜÑ üÄâþ âçęÝÑđ°
ñçÝ°ô âÑãÜēȤ ¼°áçø½ Ė°ñÑã°ã° ã° ôĖÄñȩ âÑãÑâ°Ýã° ôÄÎþÝ°¼Û°ȩ
]Ă 9$7 ]Ă 9$7









ęSLZRUHN



IñÑđçôÄÜ ôçĖâÑ°ô ƵƵƴɎƵƵƺ ÛÄ÷ü Ė ãÑÄñôĖÄâ°Ü°ÝãÄÛ ::: 783270$/<&+6723 3/
üÜ°ãÑãē ñçÝÑÄ÷üôçđÄÛȤ âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē Ñ
¼ÑÄñáÄÎç đēñÄáãÑÄãÑÄ Ė âÑÌÜÜÑÄÎç ñþ÷ĖÜþȩ HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ
]Ă 9$7

.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

+VE XS[EV^]WOE GLMʾG^]O +VE (SQMRS 'MVGYW

.EO WMʚ KVE [ GLMʿG^]OE [ ^EWEH^MI OE˵H] GL]FE [MI
4MʚORE KVEJMOE WTVE[ME ˵I NIW^G^I QMPIN WTʚH^E WMʚ VE^IQ ; RMI^[]O]Q G]VOY 0SRHNM VS^FE[Mʈ 'Mʚ HS[GMT] OPEYRE
G^EW +VE YG^] GMIVTPM[S˒GM []XV[ES˒GM V][EPM^EGNM %YKYWXE ^SFEG^]W^ []NʈXOS[IKS WMEG^E M EOVSFEXOM [
Hʈ˵IRME HS []^REG^SRIKS GIPY E XEO˵I TSOE^YNI NEO WMʚ RMIWEQS[MX]GL RYQIVEGL [WTERMEI P[] SVE^
[]KV][E FʈH˳ TV^IKV][E REN[MIOW^IKS RE ˒[MIGMI WSRMEŷ
'IRE ^ 'IRE ^







+VE QEKRIX]G^RE (SQMRS +V] IHYOEG]NRI &MRKM QIQS (SQMRS 1EPM TV^]NEGMIPI

/PEW]G^RE KVE (SQMRS 'ES˒ʊ ^EQORMʚXE NIWX [ QIXEPS[I
TYHIOS (^MʚOM XIQY ˵I TSW^G^IKɹPRI IPIQIRX] KV] Wʈ +V] (SQMRS &MRKS M 1IQS [ NIHR]Q TYHIOY NIHR]Q
QEKRIWEQM KVEʊ QS˵IQ] [ OE˵H]Q QMINWGY )PIQIRX] WS[IQ TIRME W^G^ʚ˒GME
KV] RMI ^KYFMʈ REQ WMʚ E HSHEXOS[S HS KVERME QS˵IQ] &E[GMI WMʚ M KVENGMI ^ W]QTEX]G^R]QM ^[MIV^EOEQM
TS[VɹGMʊ [ OE˵H]Q QSQIRGMI

'IRE ^ 'IRE ^







+VE OEVGMERE >HVS[I SH˴][MERMI ^VʙG^RSˑGMS[E KVE &EHEFSYQ

4-' %77-)88) NIWX XS KVE OEVGMERE XVEOXYNʈGE S SH˵][ERMY VʚG^RS˒GM KVE FEHEFSYQ WOEHE WMʚ ^ QE]GL OYFOɹ[
^ TVSWX]Q TV^IWERMIQ QS˵RE NI˒ʊ [W^]WXOS EPI [ FEVH^S EX[]GL [ QSRXE˵Y M QEIN OSPSVS[IN OYPOM
WTSWɹF ^Vɹ[RS[E˵SR] 'IPIQ NIWX NEO RENW^]FW^I (^MIGM FʚHʈ ^EGL[]GSRI RENTMIV[ FYHYNʈG [MI˵ʚ E TEXIQ
WOSQTSRS[ERMI W[SNIKS QIRY TV^]WXE[OM HERME TVɹFYNʈG WXVʈGMʊ [W^]WXOS ^E TSQSGʈ QEIN OYPM
Kɹ[RIKS HIWIVY M W^OPEROM [SH]
'IRE ^
'IRE ^







4SHSKS[E KVE ;]ˑGMK ːPMQEOM .ERSH
+VE QEKRIX]G^RE (SQ
+VE TSHSKS[E ;]˒GMK JVERGYWOMIN QEVOM .ERSH XS
1EKRIX]G^RE KVE (SQ XS JERXEWX]G^RE ^EFE[E MRRE [WTERMEE ^EFE[E HPE H^MIGM WOEHENʈGE WMʚ ^ TPERW^]
^E OE˵H]Q VE^IQ (^MʚOM WTIGNEPRIN TPERW^] M E˵ ^ TY^^PM S []QMEVEGL \ GQ HVI[RMER]GL
QEKRIWSQ QS˵IGMI STS[MEHEʊ [GMʈ˵ RS[I LMWXSVMI TMSROɹ[ SVE^ H[ɹGL OSWXIO +VE TSPIKE RE HSXEVGMY
HS OSʿGE TPERW^] G^]PM HS TSPE S^REG^SRIKS
'IRE ^
'IRE ^





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

+VE XS[EV^]WOE GLMʾG^]O +VE (SQMRS 'MVGYW

.EO WMʚ KVE [ GLMʿG^]OE [ ^EWEH^MI OE˵H] GL]FE [MI
4MʚORE KVEJMOE WTVE[ME ˵I NIW^G^I QMPIN WTʚH^E WMʚ VE^IQ ; RMI^[]O]Q G]VOY 0SRHNM VS^FE[Mʈ 'Mʚ HS[GMT] OPEYRE
G^EW +VE YG^] GMIVTPM[S˒GM []XV[ES˒GM V][EPM^EGNM %YKYWXE ^SFEG^]W^ []NʈXOS[IKS WMEG^E M EOVSFEXOM [
Hʈ˵IRME HS []^REG^SRIKS GIPY E XEO˵I TSOE^YNI NEO WMʚ RMIWEQS[MX]GL RYQIVEGL [WTERMEI P[] SVE^
[]KV][E FʈH˳ TV^IKV][E REN[MIOW^IKS RE ˒[MIGMI WSRMEŷ
'IRE ^ 'IRE ^







+VE QEKRIX]G^RE (SQMRS +V] IHYOEG]NRI &MRKM QIQS (SQMRS 1EPM TV^]NEGMIPI

/PEW]G^RE KVE (SQMRS 'ES˒ʊ ^EQORMʚXE NIWX [ QIXEPS[I
TYHIOS (^MʚOM XIQY ˵I TSW^G^IKɹPRI IPIQIRX] KV] Wʈ +V] (SQMRS &MRKS M 1IQS [ NIHR]Q TYHIOY NIHR]Q
QEKRIWEQM KVEʊ QS˵IQ] [ OE˵H]Q QMINWGY )PIQIRX] WS[IQ TIRME W^G^ʚ˒GME
KV] RMI ^KYFMʈ REQ WMʚ E HSHEXOS[S HS KVERME QS˵IQ] &E[GMI WMʚ M KVENGMI ^ W]QTEX]G^R]QM ^[MIV^EOEQM
TS[VɹGMʊ [ OE˵H]Q QSQIRGMI

'IRE ^ 'IRE ^







+VE OEVGMERE >HVS[I SH˴][MERMI ^VʙG^RSˑGMS[E KVE &EHEFSYQ

4-' %77-)88) NIWX XS KVE OEVGMERE XVEOXYNʈGE S SH˵][ERMY VʚG^RS˒GM KVE FEHEFSYQ WOEHE WMʚ ^ QE]GL OYFOɹ[
^ TVSWX]Q TV^IWERMIQ QS˵RE NI˒ʊ [W^]WXOS EPI [ FEVH^S EX[]GL [ QSRXE˵Y M QEIN OSPSVS[IN OYPOM
WTSWɹF ^Vɹ[RS[E˵SR] 'IPIQ NIWX NEO RENW^]FW^I (^MIGM FʚHʈ ^EGL[]GSRI RENTMIV[ FYHYNʈG [MI˵ʚ E TEXIQ
WOSQTSRS[ERMI W[SNIKS QIRY TV^]WXE[OM HERME TVɹFYNʈG WXVʈGMʊ [W^]WXOS ^E TSQSGʈ QEIN OYPM
Kɹ[RIKS HIWIVY M W^OPEROM [SH]
'IRE ^
'IRE ^







4SHSKS[E KVE ;]ˑGMK ːPMQEOM .ERSH
+VE QEKRIX]G^RE (SQ
+VE TSHSKS[E ;]˒GMK JVERGYWOMIN QEVOM .ERSH XS
1EKRIX]G^RE KVE (SQ XS JERXEWX]G^RE ^EFE[E MRRE [WTERMEE ^EFE[E HPE H^MIGM WOEHENʈGE WMʚ ^ TPERW^]
^E OE˵H]Q VE^IQ (^MʚOM WTIGNEPRIN TPERW^] M E˵ ^ TY^^PM S []QMEVEGL \ GQ HVI[RMER]GL
QEKRIWSQ QS˵IGMI STS[MEHEʊ [GMʈ˵ RS[I LMWXSVMI TMSROɹ[ SVE^ H[ɹGL OSWXIO +VE TSPIKE RE HSXEVGMY
HS OSʿGE TPERW^] G^]PM HS TSPE S^REG^SRIKS
'IRE ^
'IRE ^





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

*UXSD Z\GDZQLF]D ,OOXPLQDWLR &LÃ×D SR URNX ×\FLD

*UXSD Z\GDZQLF]D ,OOXPLQDWLR WR PÊRGD L
G\QDPLF]QD RĆF\QD NWµUD SRZVWDÊD Z U 5R]VÃGQ\ L ]UµZQRZD×RQ\ SURJUDP ÅZLF]HÌ GOD NRELHW
Z FLÃ×\ SR URNX ×\FLD

&HQD 3/1





7HPDW\ND QDV]\FK NVLÃ×HN REHMPXMH QDVWÇSXMÃFH G]LHG]LQ\ )DMQD PDPD

ï OLWHUDWXUD GOD PÊRG]LH×\
ï SRUDGQLNL GRW\F]ÃFH ]GURZHJR RG×\ZLDQLD L RGFKXG]DQLD 6Ê\QQD DPHU\NDÌVND DNWRUND SU]HGVWDZLD NRPSOHNVRZ\ SU]HZRGQLN GOD ZV]\VWNLFK
ï SRUDGQLNL PRW\ZDF\MQH R QDXFH RVLÃJDQLD VXNFHVX NRELHW NWµUD SUDJQà ]DMÐÅ Z FLÃ×Ç XURG]LÅ ]GURZH G]LHFNR L Z\FKRZDÅ MH QD V]F]ÇÐOLZHJR
ï :\GDZQLFWZR MHVW WH× Z\ÊÃF]Q\P SROVNLP Z\GDZFà EHVWVHOOHURZHM VHULL NVLÃ×HN &HVDUD 0LOODQD F]ÊRZLHND $OLFLD 6LOYHUVWRQH G]LHOL VLÇ VZRLPL SU]H×\FLDPL ] RNUHVX FLÃ×\ RUD] SLHUZV]\FK
]QDQHJR MDNR =DNOLQDF] 3VµZ PLHVLÇF\ ×\FLD MHM XNRFKDQHJR V\QND %HDUD


&HQD 3/1

0DPR FKFÇ NXSÇ


3RUDGQLN G]LÇNL NWµUHPX VNXWHF]QLH L EH]SUREOHPRZR %\Ê VRELH SLHV å WHQ ÐZLDW MHVW QDSUDZGÇ SRPHUGDQ\
RG]Z\F]DLV] VZRMHJR PDOXFKD RG SLHOXFK XQLNDMÃF VWUHVX
]ZLÃ]DQHJR ] QRFQLNLHP %DLOH\ WR XURF]\ NXQGHO NWµU\ SR VHULL QLHIRUWXQQ\FK ]GDU]HÌ RGFKRG]L ] WHJR
ÐZLDWD .X VZHPX ]G]LZLHQLX RGUDG]D VLÇ SRQRZQLH MDNR ]ÊRWRZÊRV\ V]F]HQLDF]HN
L WUDĆD Z UÇFH RÐPLROHWQLHJR (WKDQD :NUµWFH VWDMÃ VLÇ QLHUR]ÊÃF]Q\PL
&HQD 3/1
SU]\MDFLµÊPL D %DLOH\ GR×\ZD V]F]ÇÐOLZHM VWDURÐFL X ERNX FKÊRSFD Z SRF]XFLX ×H
VSHÊQLÊ VZRMH SRZRÊDQLH -HGQDN MHJR PLVMD GRSLHUR VLÇ ]DF]\QDð

&HQD 3/1



-HG] EDZ VLÇ ÐSLM

'RÐZLDGF]RQD RSLHNXQND QLHPRZODNµZ UDG]L Z MDNL VSRVµE
RGF]\W\ZDÅ L ]UR]XPLHÅ SRWU]HE\ PDOXFKD D WDN×H MDN ]RUJDQL]RZDÅ
VZµM F]DV SU]\ RSLHFH QDG QRZRURGNLHP

&HQD 3/1





*UXSD :\GDZQLF]D ,//80,1$7,2
=UR]XPLHÅ PDOXFKD XO .ROHMRZD % _ %LDÊ\VWRN


'U 7RYDK .OHLQ QD]\ZDQD ê]DNOLQDF]Nà PDOXFKµZë SUH]HQWXMH NVLÃ×NÇ NWµUD
SRGELÊD VHUFD FHOHEU\WµZ L ]DFKZ\FLÊD ZLHOX SV\FKRORJµZ G]LHFLÇF\FK
: SRSU]HG]RQHM ZVWÇSHP 6DUDK -HVVLNL 3DUNHU SXEOLNDFML .OHLQ SURZDG]L
F]\WHOQLND SU]H] PHDQGU\ SV\FKLNL L ÐZLDWD HPRFMRQDOQHJR G]LHFL QD Uµ×Q\P
HWDSLH UR]ZRMX Z SURVW\ VSRVµE REMDÐQLDMÃF PRW\Z\ LFK ]DFKRZDÌ
ZZZ LOOXPLQDWLR SO
&HQD 3/1 UHGDNFMD#LOOXPLQDWLR SO

*UXSD Z\GDZQLF]D ,OOXPLQDWLR &LÃ×D SR URNX ×\FLD

*UXSD Z\GDZQLF]D ,OOXPLQDWLR WR PÊRGD L
G\QDPLF]QD RĆF\QD NWµUD SRZVWDÊD Z U 5R]VÃGQ\ L ]UµZQRZD×RQ\ SURJUDP ÅZLF]HÌ GOD NRELHW
Z FLÃ×\ SR URNX ×\FLD

&HQD 3/1





7HPDW\ND QDV]\FK NVLÃ×HN REHMPXMH QDVWÇSXMÃFH G]LHG]LQ\ )DMQD PDPD

ï OLWHUDWXUD GOD PÊRG]LH×\
ï SRUDGQLNL GRW\F]ÃFH ]GURZHJR RG×\ZLDQLD L RGFKXG]DQLD 6Ê\QQD DPHU\NDÌVND DNWRUND SU]HGVWDZLD NRPSOHNVRZ\ SU]HZRGQLN GOD ZV]\VWNLFK
ï SRUDGQLNL PRW\ZDF\MQH R QDXFH RVLÃJDQLD VXNFHVX NRELHW NWµUD SUDJQà ]DMÐÅ Z FLÃ×Ç XURG]LÅ ]GURZH G]LHFNR L Z\FKRZDÅ MH QD V]F]ÇÐOLZHJR
ï :\GDZQLFWZR MHVW WH× Z\ÊÃF]Q\P SROVNLP Z\GDZFà EHVWVHOOHURZHM VHULL NVLÃ×HN &HVDUD 0LOODQD F]ÊRZLHND $OLFLD 6LOYHUVWRQH G]LHOL VLÇ VZRLPL SU]H×\FLDPL ] RNUHVX FLÃ×\ RUD] SLHUZV]\FK
]QDQHJR MDNR =DNOLQDF] 3VµZ PLHVLÇF\ ×\FLD MHM XNRFKDQHJR V\QND %HDUD


&HQD 3/1

0DPR FKFÇ NXSÇ


3RUDGQLN G]LÇNL NWµUHPX VNXWHF]QLH L EH]SUREOHPRZR %\Ê VRELH SLHV å WHQ ÐZLDW MHVW QDSUDZGÇ SRPHUGDQ\
RG]Z\F]DLV] VZRMHJR PDOXFKD RG SLHOXFK XQLNDMÃF VWUHVX
]ZLÃ]DQHJR ] QRFQLNLHP %DLOH\ WR XURF]\ NXQGHO NWµU\ SR VHULL QLHIRUWXQQ\FK ]GDU]HÌ RGFKRG]L ] WHJR
ÐZLDWD .X VZHPX ]G]LZLHQLX RGUDG]D VLÇ SRQRZQLH MDNR ]ÊRWRZÊRV\ V]F]HQLDF]HN
L WUDĆD Z UÇFH RÐPLROHWQLHJR (WKDQD :NUµWFH VWDMÃ VLÇ QLHUR]ÊÃF]Q\PL
&HQD 3/1
SU]\MDFLµÊPL D %DLOH\ GR×\ZD V]F]ÇÐOLZHM VWDURÐFL X ERNX FKÊRSFD Z SRF]XFLX ×H
VSHÊQLÊ VZRMH SRZRÊDQLH -HGQDN MHJR PLVMD GRSLHUR VLÇ ]DF]\QDð

&HQD 3/1



-HG] EDZ VLÇ ÐSLM

'RÐZLDGF]RQD RSLHNXQND QLHPRZODNµZ UDG]L Z MDNL VSRVµE
RGF]\W\ZDÅ L ]UR]XPLHÅ SRWU]HE\ PDOXFKD D WDN×H MDN ]RUJDQL]RZDÅ
VZµM F]DV SU]\ RSLHFH QDG QRZRURGNLHP

&HQD 3/1





*UXSD :\GDZQLF]D ,//80,1$7,2
=UR]XPLHÅ PDOXFKD XO .ROHMRZD % _ %LDÊ\VWRN


'U 7RYDK .OHLQ QD]\ZDQD ê]DNOLQDF]Nà PDOXFKµZë SUH]HQWXMH NVLÃ×NÇ NWµUD
SRGELÊD VHUFD FHOHEU\WµZ L ]DFKZ\FLÊD ZLHOX SV\FKRORJµZ G]LHFLÇF\FK
: SRSU]HG]RQHM ZVWÇSHP 6DUDK -HVVLNL 3DUNHU SXEOLNDFML .OHLQ SURZDG]L
F]\WHOQLND SU]H] PHDQGU\ SV\FKLNL L ÐZLDWD HPRFMRQDOQHJR G]LHFL QD Uµ×Q\P
HWDSLH UR]ZRMX Z SURVW\ VSRVµE REMDÐQLDMÃF PRW\Z\ LFK ]DFKRZDÌ
ZZZ LOOXPLQDWLR SO
&HQD 3/1 UHGDNFMD#LOOXPLQDWLR SO

BOUTIQUE INTERNETOWY LALALO.PL POWSTAŁ Z MYŚLĄ
O NASZYCH NAJMŁODSZYCH POCIECHACH.



Oferujemy najwyższej jakości ubranka i akcesoria dla dzieci i niemowląt. Jesteśmy
rodzicami i podobnie jak inni rodzice najbardziej cenimy sobie zdrowie naszych dzieci.
Dlatego też w naszej ofercie znajdą Państwo ubranka i akcesoria wykonane
w 100% z bawełny organicznej pochodzącej z ekologicznych upraw (organic cotton).
Wszystkie kolekcje, które wybieramy do naszej oferty są przez nas starannie
wyselekcjonowane przy współpracy z designerami z Danii, Kanady,
Stanów Zjednoczonych i Wielkiej Brytanii.















































www.lalalo.pl


[email protected]



Kontakt telefoniczny (od poniedziałku do piątku, w godzinach 10:00-18:00): +48 508 268 805







4Q\YKLCO[ F\KGEKɂEȰ Y[QDTCʛPKɂ


9[FCYPKEVYQ #/''6 RQYUVCQ Y TQMW 1F UCOGIQ RQE\ȰVMW
PCU\[O EGNGO D[Q VYQT\GPKG YU\GEJUVTQPPKG CMV[YK\WLȰE[EJ
MUKȰʝGM FNC F\KGEK Y YKGMW RT\GFU\MQNP[O K YE\GUPQU\MQNP[O



1F RQPCF NCV TQ\YKLCO[ PCU\Ȱ QHGTVɂ Y[FCYPKE\Ȱ K F\Kɺ OQʝPC Y PKGL \PCNGʛȲ

ű MUKȰʝMK YURKGTCLȰEG TQ\YȡL PCLOQFU\[EJ F\KGEK
ű MUKȰʝMK CMV[YK\WLȰEG FQ MQNQTQYCPKC FNC F\KGEK Y YKGMW ť NCV
ű MUKȰʝMK FNC OC[EJ RTQLGMVCPVGM
ű MQNQTQYCPMK CTV[UV[E\PG K MUKȰʝMK FQ MTGCV[YP[EJ \CLɂȲ
ű RTQITCO GFWMCE[LP[ Ů&KUPG[ 7E\[ŭ UMKGTQYCP[ FQ F\KGEK Y YKGMW ť NCV
ű MUKȰʝMK \ MNQEMCOK .')1m
ű MUKȰʝMK \ QRQYKCFCPKCOK K MQOKMUCOK MUKȰʝMK \ QRQYKCFCPKCOK K MQOKMUCOK
ű
ű MUKȰʝMK FQ UCOQF\KGNPGIQ E\[VCPKC

6YQT\[O[ FNC F\KGEK K \ O[ɺNȰ Q F\KGEKCEJ

&\KGEK VQ PCLYF\KɂE\PKGLUK C LGFPQE\GɺPKG PCLDCTF\KGL Y[OCICLȰE[ QFDKQTE[ +EJ TQ\YȡL LGUV
FNC PCU DCTF\Q KUVQVP[ 6Q FNC PKEJ MTGWLGO[ MUKȰʝMK RGPG EKGMCY[EJ \CFCɧ GFWMCE[LP[EJ
K PKGVW\KPMQY[EJ RQO[UȡY

,CMQɺȲ ť VQ FNC PCU RQFUVCYC

5
5VCTCO[ UKɂ VCTCO[ UKɂ ʝGD[ MUKȰʝMK Y[FCYPKEVYC #/''6 URGPKC[ QE\GMKYCPKC MNKGPVȡY ť \CTȡYPQ
V[EJ PCLOQFU\[EJ LCM K KEJ TQF\KEȡY













































YYY COGGV RN

&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO

Ů2T\[IQFC \ %\[VCPKGOŭ VQ RTQITCO CFTGUQYCP[ FQ F\KGEK Y YKGMW
RT\GFU\MQNP[O TQ\RQE\[PCLȰE[EJ PCWMɂ E\[VCPKC &\KɂMK \CUVQUQYCPKW
TȡʝP[EJ OGVQF ť QF E\[VCPKC INQDCNPGIQ RQRT\G\ E\[VCPKG U[NCDQYG Cʝ FQ
CPCNKV[E\PQ U[PVGV[E\PGIQ ť \ RTQITCOW OQIȰ MQT\[UVCȲ K OQFU\G K UVCTU\G
RT\GFU\MQNCMK -UKȰʝMK RQYUVC[ RQF QRKGMȰ #PP[ -QTCNGYUMKGL ť FQTCFE[
OGVQF[E\PGIQ PCWE\[EKGNMK Y[EJQYCPKC RT\GFU\MQNPGIQ K GFWMCELK
YE\GUPQU\MQNPGL Y Œ%&0K-2 Y QRCTEKW Q RQFUVCYɂ RTQITCOQYȰ 6GMUV[
NKVGTCEMKG UVYQT\[NK \PCPK RKVGTCEMKG UVYQT\[NK \PCPK RQNUE[ CWVQT\[
N
2TQITCO \QUVC RQF\KGNQP[ PC RQ\KQO[ Ɖ Y \CNGʝPQɺEK QF \CUVQUQYCPGL OGVQF[
K UMQORNKMQYCPKC VGMUVW 4GMQOGPFQYCP[ LGUV FQ RTCE[ TQF\KEC \ F\KGEMKGO
/QʝG D[Ȳ VGʝ Y[MQT\[UV[YCP[ Y RT\GFU\MQNCEJ LCMQ PCT\ɂF\KG YURQOCICLȰEG
PCWMɂ CNHCDGVW K E\[VCPKC



&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO $ɂFɂ E\[VCȲ


Ů$ɂFɂ E\[VCȲŭ VQ MUKȰʝMK FQ E\[VCPKC PC RQ\KQOKG + MVȡT[ FGF[MQYCP[
LGUV PCLOQFU\[O F\KGEKQO 9[MQT\[UVCPC Y PKEJ OGVQFC E\[VCPKC
INQDCNPGIQ RQNGIC PC \CRCOKɂV[YCPKW Y[INȰFW ECGIQ Y[TC\W C PKG
RQU\E\GIȡNP[EJ NKVGT &\KGEMQ YKGNQMTQVPKG QINȰFC KNWUVTCELɂ K RQFRKU
C Y LGIQ RCOKɂEK RQYUVCLG QDTC\ 0CWMC LGUV RT\GFG YU\[UVMKO
\CDCYȰ FQ MVȡTGL \CEJɂECLȰ RQUVCEKG \G ɺYKCVC &KUPG[C &QFCVMQYȰ
OQV[YCELɂ UVCPQYKȰ PCMNGLMK PCITQF[ K F[RNQO OCGIQ E\[VGNPKMC




&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO %\[VCO \ OCOȰ K VCVȰ
Ů%\[VCO \ OCOȰ K VCVȰŭ VQ MUKȰʝMK PC RQ\KQOKG ++ RTQITCOW 0C V[O GVCRKG F\KGEK
WE\Ȱ UKɂ E\[VCȲ OGVQFȰ INQDCNPȰ \ Y[MQT\[UVCPKGO RKMVQITCOȡY 7E\GUVPKE\Ȱ
Y NGMVWT\G VGMUVW YKGTU\QYCPGIQ UCOQF\KGNPKG QFE\[VWLȰE Y[TC\[ RQYKȰ\CPG
ITCƓE\PKG \ RKMVQITCOCOK 6W VCMʝG PCWMC LGUV RT\GFG YU\[UVMKO \CDCYȰ FQ
MVȡTGL \CEJɂECLȰ \PCPG RQUVCEKG \G ɺYKCVC &KUPG[C /CNWEJ[ OQV[YWLGO[ \C
RQOQEȰ PCMNGLGM PCITQFQY[EJ K F[RNQOW E\[VGNPKMC





&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO -CTV[ GFWMCE[LPG

-CTV[ Ů2Q\PCLɂ NKVGT[ŭ VQ FQUMQPC[ URQUȡD ʝGD[ \C\PCLQOKȲ
RT\GFU\MQNCMK \ CNHCDGVGO K Y\DQICEKȲ KEJ UQYPKEVYQ <GUVCY UMCFC
UKɂ \ FYWF\KGUVW E\VGTGEJ FYWUVTQPP[EJ MCTV QTC\ MUKȰʝMK \ PCMNGLMCOK
2QFE\CU \CDCY[ F\KGEMQ RQ\PC CNHCDGV \OKɂME\GPKC K FYW\PCMK PCWE\[
UKɂ VCMʝG TQ\TȡʝPKCȲ OCG K YKGNMKG NKVGT[ 9 MUKȰʝEG TQF\KE \PCLF\KG
RTQRQ\[ELG \CDCY GFWMCE[LP[EJ \ Y[MQT\[UVCPKGO MCTV K PCMNGLGM
M MVȡTG FQFCVMQYQ \CEJɂEȰ OCNWEJC FQ ȲYKE\Gɧ C VCMʝG RQOQIȰ WVTYCNKȲ
\FQD[VȰ YKGF\ɂ /QIȰ QPG VCMʝG D[Ȳ KPURKTCELȰ FQ RQU\WMKYCPKC
YCUP[EJ RQO[UȡY \CLɂȲ YURKGTCLȰE[EJ TQ\YȡL PCLOQFU\[EJ











YYY COGGV RN



&KUPG[ 7E\[ %[HT[ ȱYKE\GPKC \ 0CMNGLMCOK

-UKȰʝMC YRTQYCF\C RKɂEKQNCVMK Y ɺYKCV E[HT K RT\[IQVQYWLG FQ PCWMK NKE\GPKC
2QFE\CU TQ\YKȰ\[YCPKC \CFCɧ F\KGEMQ ȲYKE\[ RKUCPKG E[HT RQ ɺNCF\KG
FQUMQPCNȰE Y VGP URQUȡD URTCYPQɺȲ OCPWCNPȰ K QRCPQYWLȰE VGEJPKMɂ
VT\[OCPKC QȡYMC &QFCVMQYQ WE\[ UKɂ Y[MQP[YCȲ RTQUVG F\KCCPKC PC
NKE\DCEJ 9 MUKȰʝEG QRTȡE\ TȡʝPQTQFP[EJ ȲYKE\Gɧ \YKȰ\CP[EJ \ E[HTCOK
\PCLFWLȰ UKɂ VCMʝG EKGMCYG \CFCPKC TQ\YKLCLȰEG URQUVT\GICYE\QɺȲ 9 \CLɂEKCEJ
F\KGEKQO VQYCT\[U\Ȱ WNWDKGPK DQJCVGTQYKG C FQFCVMQYȰ CVTCMELȰ UȰ PCMNGLMK
M
MVVȡTG OQʝPC Y[MQT\[UVCȲ RQFE\CU RTCE[



&KUPG[ 7E\[ 0QEPG PKGDQ -UKȰʝMC QFMT[YE[
9[LȰVMQYC RTQRQ\[ELC FNC YU\[UVMKEJ RCULQPCVȡY CUVTQPQOKK K \LCYKUM LCMKG \CEJQF\Ȱ
PC PCU\[O PKGDKG 9URCPKCG \FLɂEKC OPȡUVYQ MQNQTQY[EJ KNWUVTCELK K E\[VGNPG KPHQITCƓMK
RQ\YQNȰ F\KGEKQO DNKʝGL RQ\PCȲ PCU\Ȱ ICNCMV[Mɂ ť K PKG V[NMQ -UKȰʝMC \CYKGTC U\GTQMK
Y[DȡT HCMVȡY PC VGOCV \QT\[ RQNCTPGL EKGMCYQUVGM Q 7MCF\KG 5QPGE\P[O K QFRQYKCFC
PC YKGNG R[VCɧ \ \CMTGUW CUVTQPQOKK &\KGEK FQYKGF\Ȱ UKɂ O KP UMȰF UKɂ DKQTȰ PQE K F\KGɧ
KNG NCV K LCMȰ VGORGTCVWTɂ OC 5QɧEG K EQ VQ LGUV ŮNKUK QIKGɧŭ 6C MUKȰʝMC VQ RTQRQ\[ELC MVȡTC
\
\ RGY RGYPQɺEKȰ \CURQMQK IȡF YKGF\[ PCYGV PCLDCTF\KGL EKGMCYUMKEJ F\KGEK

&KUPG[ 7E\[ 1EGCP[ -UKȰʝMC QFMT[YE[

9[LȰVMQYC RTQRQ\[ELC FNC YU\[UVMKEJ RCULQPCVȡY ɺYKCVC QEGCPȡY 6C
HCUE[PWLȰEC MUKȰʝMC RGPC LGUV YURCPKC[EJ \FLɂȲ MQNQTQY[EJ KNWUVTCELK
K
K KPHQITCƓM F\KɂMK M KPHQITCƓM F\KɂMK MVȡT[O F\KGEK DɂFȰ OQI[ RT\[LT\GȲ UKɂ \ DNKUMC
RQFYQFPGOW ɺYKCVW ť QF Y[RGPKQPGL UQɧEGO TCH[ MQTCNQYGL RQ
PCLEKGOPKGLU\G IɂDKP[ 2Q\PCLȰ VCLGOPKEG OQTUMKEJ \YKGT\ȰV K KPPG \LCYKUMC
\YKȰ\CPG \ ʝ[EKGO Y QEGCPCEJ 2Q EQ QɺOKQTPKEC WFCLG ƔȰFTɂ! &NCE\GIQ
RGYKGP DNKUMK MTGYPKCM 0GOQ PC\[YCP[ LGUV EJKTWTIKGO! %\[ WMYKC VQ MYKCV
E\[ \YKGT\ɂ! %\[O LGUV GEJQNQMCELC! ,CM ɺRKȰ Y[FT[ OQTUMKG! 0C VG K KPPG
R[VCPKC YU\[UVMKG EKGMCYG ɺYKCVC F\KGEK \PCLFȰ QFRQYKGF\K Y MUKȰʝEG
Ů
Ů1EGCP1EGCP[ -UKȰʝMC QFMT[YE[ŭ


&KUPG[ 7E\[ <CFCPKC FQ <OC\[YCPKC

5GTKC MUKȰʝGM MVȡTC RQYUVCC Y TCOCEJ RTQITCOW GFWMCE[LPGIQ &KUPG[ 7E\[
&\KɂMK PKGL F\KGEMQ RQFE\CU FQUMQPCGL \CDCY[ OC QMC\Lɂ \OKGT\[Ȳ UKɂ
\ QFRQYKGFPKOK FNC LGIQ YKGMW TȡʝPQTQFP[OK \CFCPKCOK GFWMCE[LP[OK ɹEKGTCNPG
UVTQP[ QTC\ FQȰE\QP[ FQ MUKȰʝMK OC\CM URTCYKCLȰ ʝG RT\GFU\MQNCM OQʝG
YKGNQMTQVPKG TQ\YKȰ\[YCȲ UYQLG WNWDKQPG \CFCPKC 0CT[UQYCPG U\NCE\MK DG\ VTWFW
OQʝPC \GVT\GȲ K \CE\ȰȲ \CDCYɂ QF PQYC 5GTKC LGUV FQUMQPC[O PCT\ɂF\KGO F\KɂMK
MVȡTGOW RT\GFU\MQNCM ȲYKE\[ OQVQT[Mɂ OCȰ K TQ\YKLC WOKGLɂVPQɺȲ MQPEGPVTCELK



-UKȰʝMK \ UGTKK &KUPG[ 7E\[ Ů2T\[IQFC \ %\[VCPKGO 2Q\PCLɂ CNHCDGVŭ Ů4Q\YKȰ\WLɂ 5COC 4Q\YKȰ\WLɂ 5COŭ
Ů.KVGT[ ȱYKE\GPKC \ 0CMNGLMCOKŭ Ů%[HT[ ȱYKE\GPKC \ 0CMNGLMCOKŭ Ů0QEPG PKGDQ -UKȰʝMC QFMT[YE[ŭ
Ů1EGCP[ -UKȰʝMC QFMT[YE[ŭ Ů<CFCPKC FQ <OC\[YCPKCŭ WMCʝȰ UKɂ PC T[PMW Y UKGTRPKW TQMW











YYY COGGV RN

+SP&S\ 1 \


&3-7/3 13&-02) (0% (>-)'- 3 ;=1 1 < 1




&SMWOE QSFMPRI M WXEGNSREVRI HPE TV^IHW^OSPM M W^O·ă




+SP&S\ 1 \ &%1&-2-



&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1



+SP&S\ 1 \ &%1&-2- NIWX XS FSMWOS QSFMPRI
+SP&S\ 1 [ [IVWNM FI^ FERH [ QMINWGI OX¶V]GL
^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI JYROGNÜ +SP&S\ 1 XS FSMWOE QSFMPRI TV^IRSęRI TV^I^REG^SRI HPE H^MIGM [ [MIOY PEX +SP&S\ 1 \ NIWX FSMWOMIQ
TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL WMEXIO QSFMPR]Q ^ETVSNIOXS[ER]Q HS Yĺ]XOS[ERME TV^I^ H^MIGM [ [MIOY PEX .IWX XS W]WXIQ FERH M TVSŶPM
TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SFGMÈĺRMO¶[ EPYQMRMS[]GL X[SV^ÈG]GL TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ QE\
X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M QMRYX +SP&S\ 1 [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM ^[]OĂÈ TS[MIV^GLRMÜ [ FSMWOS WTSVXS[I 1SFMPRI FSMWOE +SP&S\
FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 \ 1 [ HPE H^MIGM YQSĺPM[MENÈ TVS[EH^IRMI ^ENÜÊ SK¶PRSVS^[SNS[]GL [ STEVGMY RMI X]POS S IPIQIRX] TMĂOM RSĺRIN
&%1&-2-%1&-2- [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM TS[MIV
& EPI XEOĺI OSW^]O¶[OM YRMLSOINE QMRM XIRMWE MXT
^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE [
[]H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI +SP&S\ 7 &%1&-2- \
^EFE[] ^ TMĂOEQM

&3-7/3 78%'.32%62) (0% (>-)'- 3 ;=1 < 1
+SP&S\ 1 \ &%1&-2- 4PYW




&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1


+SP&S\ 1 \ &%1&-2- 4PYW NIWX XS FSMWOS QS
FMPRI +SP&S\ 1 [ [IVWNM ^ FERHEQM X]POS TV^]
FVEQOEGL RE SFY OV¶XW^]GL FSOEGL FSMWOE 2E
HĂYĺW^]GL FSOEGL FSMWOE FERH] RMI []WXÜTYNÈ E [
MGL QMINWGI ^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI
JYROGNÜ TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL
WMEXIO TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SF
GMÈĺRMO¶[ X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ
W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 +SP&S\ 7 &%1&-2- XS FSMWOE WXEGNSREVRI +SP&S\ 7 [ [IVWNM HPE H^MIGM [ [MIOY TV^IHW^OSPR]Q M
\ &%1&-2- 4PYW [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM [G^IWRSW^OSPRR]Q &SMWOE +SP&S\ 7 &%1&-2- WÈ MHIEPR]Q SFMIOXIQ WTSVXS[S VIOVIEG]NR]Q HS
TS[MIV^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE ^EQSRXS[ERME RE XIVIRMI TV^IHW^OSPM M W^O¶Ă TSHWXE[S[]GL SVE^ NEOS Y^YTIĂRMIRMI TPEG¶[ ^EFE[ RE
[ []H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI SWMIHPEGL [ TEVOEGL RE XIVIREGL VIOVIEG]NR]GL SVE^ [ SęVSHOEGL []TSG^]ROS[]GL
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI
^EFE[] ^ TMĂOEQM



7OSRXEOXYN WMÜ ^ REQM
)2)6+= 4%682)6 &SKHER +VEPE
6S^ĂSKM Ę[MIFSH^MR
) QEMP WOPIT$KSPFS\ TP [[[ KSPFS\ TP

+SP&S\ 1 \


&3-7/3 13&-02) (0% (>-)'- 3 ;=1 1 < 1




&SMWOE QSFMPRI M WXEGNSREVRI HPE TV^IHW^OSPM M W^O·ă




+SP&S\ 1 \ &%1&-2-



&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1



+SP&S\ 1 \ &%1&-2- NIWX XS FSMWOS QSFMPRI
+SP&S\ 1 [ [IVWNM FI^ FERH [ QMINWGI OX¶V]GL
^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI JYROGNÜ +SP&S\ 1 XS FSMWOE QSFMPRI TV^IRSęRI TV^I^REG^SRI HPE H^MIGM [ [MIOY PEX +SP&S\ 1 \ NIWX FSMWOMIQ
TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL WMEXIO QSFMPR]Q ^ETVSNIOXS[ER]Q HS Yĺ]XOS[ERME TV^I^ H^MIGM [ [MIOY PEX .IWX XS W]WXIQ FERH M TVSŶPM
TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SFGMÈĺRMO¶[ EPYQMRMS[]GL X[SV^ÈG]GL TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ QE\
X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M QMRYX +SP&S\ 1 [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM ^[]OĂÈ TS[MIV^GLRMÜ [ FSMWOS WTSVXS[I 1SFMPRI FSMWOE +SP&S\
FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 \ 1 [ HPE H^MIGM YQSĺPM[MENÈ TVS[EH^IRMI ^ENÜÊ SK¶PRSVS^[SNS[]GL [ STEVGMY RMI X]POS S IPIQIRX] TMĂOM RSĺRIN
&%1&-2-%1&-2- [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM TS[MIV
& EPI XEOĺI OSW^]O¶[OM YRMLSOINE QMRM XIRMWE MXT
^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE [
[]H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI +SP&S\ 7 &%1&-2- \
^EFE[] ^ TMĂOEQM

&3-7/3 78%'.32%62) (0% (>-)'- 3 ;=1 < 1
+SP&S\ 1 \ &%1&-2- 4PYW




&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1


+SP&S\ 1 \ &%1&-2- 4PYW NIWX XS FSMWOS QS
FMPRI +SP&S\ 1 [ [IVWNM ^ FERHEQM X]POS TV^]
FVEQOEGL RE SFY OV¶XW^]GL FSOEGL FSMWOE 2E
HĂYĺW^]GL FSOEGL FSMWOE FERH] RMI []WXÜTYNÈ E [
MGL QMINWGI ^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI
JYROGNÜ TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL
WMEXIO TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SF
GMÈĺRMO¶[ X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ
W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 +SP&S\ 7 &%1&-2- XS FSMWOE WXEGNSREVRI +SP&S\ 7 [ [IVWNM HPE H^MIGM [ [MIOY TV^IHW^OSPR]Q M
\ &%1&-2- 4PYW [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM [G^IWRSW^OSPRR]Q &SMWOE +SP&S\ 7 &%1&-2- WÈ MHIEPR]Q SFMIOXIQ WTSVXS[S VIOVIEG]NR]Q HS
TS[MIV^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE ^EQSRXS[ERME RE XIVIRMI TV^IHW^OSPM M W^O¶Ă TSHWXE[S[]GL SVE^ NEOS Y^YTIĂRMIRMI TPEG¶[ ^EFE[ RE
[ []H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI SWMIHPEGL [ TEVOEGL RE XIVIREGL VIOVIEG]NR]GL SVE^ [ SęVSHOEGL []TSG^]ROS[]GL
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI
^EFE[] ^ TMĂOEQM



7OSRXEOXYN WMÜ ^ REQM
)2)6+= 4%682)6 &SKHER +VEPE
6S^ĂSKM Ę[MIFSH^MR
) QEMP WOPIT$KSPFS\ TP [[[ KSPFS\ TP

XO 0RG]HOHZVNLHJR
$JHQFMD 0X]\F]QD 3ROVNLHJR 5DGLD :DUV]DZD
7HO
SROHFD DOEXP\ GOD G]LHFL VNOHS#SROVNLHUDGLR SO

ZZZ VNOHS SROVNLHUDGLR SO






$QLHOVNLH VSUDZNL



ì$QLHOVNLH 6SUDZNLë WR KLVWRULD FKRUHM G]LHZF]\QNL å 0XV]HONL NWµUHM
QDMOHSV]\PL SU]\MDFLµÊPL Và RGZLHG]DMÃFH Mà $QLRÊ\ %DMND ]RVWDÊD
Z\EUDQD VSRÐUµG SRQDG QDGHVÊDQ\FK SU]H] SHGDJRJµZ =HVSRÊX
6]NµÊ 6SHFMDOQ\FK QU LP (Z\ 6]HOEXUJ å =DUHPELQ\ Z ,3&=' ]H
Z]JOÇGX QD MHM SR]\W\ZQ\ SU]HND] RUD] ZDUWRÐFL WHUDSHXW\F]QH


&HQD ]Ê






2SRZLHÐFL %LEOLMQH


']LHFL SR]QDMÃ ÐZLDW QD Uµ×QH VSRVRE\ 2ERN ZVSµOQHM OHNWXU\
SURSRQXMHP\ ZVSµOQH VÊXFKDQLH WHNVWµZ NWµUH SU]\VWÇSQ\P MÇ]\NLHP
SU]\EOL×à WUHÐÅ %LEOLL 6SHFMDOQLH Z\EUDQH ]DJDGQLHQLD 3LVPD ÏZLÇWHJR
SU]HGVWDZLRQH Z NUµWNLFK L QLH]Z\NOH EDUZQ\FK RSRZLHÐFLDFK
]DFKÇFÃ G]LHFL GR GDOV]HJR SR]QDZDQLD %LEOLL 1D F]WHUHFK SÊ\WDFK &'
WHNVW\ RSUDZLRQH PX]\NÃ 5HQDW\ %DV]XQ F]\WD $QGU]HM .UXVLHZLF]


&HQD ]Ê






.DVLD L 3LSSL QD WURSLH =DJXELRQ\ 3DQWRIHOHN

3Ê\WD ] PX]\NÃ GOD G]LHFL ] NRQFHUWX SW ì=DJXELRQ\ SDQWRIHOHNë
NWµU\ RGE\Ê VLÇ Z GQLDFK PDUFD U Z 6WXGLX .RQFHUWRZ\P
LP : /XWRVÊDZVNLHJR Z :DUV]DZLH 3RGF]DV NRQFHUWX ]RVWDÊD
]DSUH]HQWRZDQD PX]\ND ] Uµ×Q\FK VWURQ ÐZLDWD DWUDNF\MQD QDZHW
GOD EDUG]R PÊRG\FK VÊXFKDF]\ :\ERUX GRNRQDÊD G]LHQQLNDUND
3URJUDPX .DVLD 6WRSDUF]\N NWµUHM EOLVND MHVW WHPDW\ND G]LHFLÇFD


&HQD ]Ê

3LRVHQNL QLH W\ONR R ]ZLHU]ÇWDFK


ì3LRVHQNL QLH W\ONR R ]ZLHU]ÇWDFKë ,]DEHOL %\U\ WR SÊ\WD GHG\NRZDQD
QDMPÊRGV]\P 1RZDWRUVWZR L QLH]Z\NÊRÐÅ WHM PX]\NL SROHJD QD
SRZD×Q\P WUDNWRZDQLX G]LHFND VÊXFKDF]D ]DUµZQR Z VIHU]H
WHNVWRZHM MDN L PX]\F]QHM FKRÅ ] GX×à GR]à GRZFLSX ,VWRWQD MHVW WH×
V]F]HURÐÅ L F]\VWRÐÅ SU]HND]X


&HQD ]Ê







5DSXMÃFH F\IU\


3Ê\WD ê5DSXMÃFH F\IU\ë ]DZLHUD DXWRUVNLFK G]LHFLÇF\FK
SLRVHQHN .D×GD ] SLRVHQHN RSDUWD MHVW QD
LQQ\P FKDUDNWHU\VW\F]Q\P U\WPLH MHVW W\WXÊRZ\ UDS
ERRJLH UHJJDH VZLQJ ZDOF DOH WH× SROVNLH U\WP\ å NXMDZLDN
REHUHN F]\ F]HVND SROND


&HQD ]Ê






=DMÇFLD GRGDWNRZH

'UXJD SÊ\WD ']LHFLÇFHJR =HVSRÊX .251,., NWµU\ WZRU]Ã G]LHFL
] 5\SLQD L R 5\SLQD L RNROLF Z ZLHNX ODW NWµUH UHJXODUQLH ÅZLF]Ã VZµM ZDUV]WDW
]
ZRNDOQ\ SRG RNLHP &]DUND .XEDFNLHJR :LHORNURWQLH EUDÊ\ XG]LDÊ L ]GRE\ZDÊ\
QDJURG\ Z NRQNXUVDFK ZRMHZµG]NLFK RJµOQRSROVNLFK L PLÇG]\QDURGRZ\FK
$OEXP ]QDF]QLH RGELHJD RG W\SRZ\FK SURGXNFML SÊ\WRZ\FK GOD G]LHFL
6W\OLVW\F]QLH ]Uµ×QLFRZDQD ]DZLHUD XWZRU\ Z VW\OLVW\FH UHJJDH KDUG URFND
EOXHJUDVVX VDPE\ F]\ URFN Q UROOD

&HQD ]Ê






-DQ 3DZHÊ ,, F]\OL MDN .DUROHN ]RVWDÊ SDSLH×HP


3HÊQ\ WHNVW NVLÃ×NL ]RVWDÊ QDJUDQ\ Z IRUPLH VÊXFKRZLVND JG]LH RN
DNWRUµZ ZFLHOLÊR VLÇ Z UROH SRVWDFL ]DPLHV]F]RQ\FK Z NVLÃ×FH
$NWRUVNLH Z\NRQDQLH WHNVWX ]RVWDÊR RSUDZLRQH HIHNWDPL
GÕZLÇNRZ\PL RUD] PX]\NÃ +LVWRULD SU]HGVWDZLRQD MHVW Z VSRVµE
SURVW\ L ]UR]XPLDÊ\ VSHFMDOQLH GOD PÊRGHJR VÊXFKDF]D


&HQD ]Ê

'RNWRU :LWDPLQND


3Ê\WD ì'U :LWDPLQNDë ]HVSRÊX 2UHJDQNL SRG ZLHORPD Z]JOÇGDPL MHVW
Z\MÃWNRZD
-HVW G]LHFNLHP GLHWHW\ND -RDQQ\ 1HXKRII 0XUDZVNLHM åDXWRUNL
WHNVWµZ L =E\V]ND 0XUDZVNLHJR å DXWRUD PX]\NL -HM SRZVWDQLH E\ÊR
PR×OLZH G]LÇNL ZVSDQLDÊ\P PX]\NRP L G]LHFLRP ] JUXS\ ZRNDOQHM
7HUHVLÌVNLHJR 2ÐURGND .XOWXU\


&HQD ]Ê






.RUQLNL

3Ê\WD ] SLRVHQNDPL GOD G]LHFL Z ZLHNX ODW ]DZLHUDMÃFD
SU]HERMRZ\FK XWZRUµZ Z VW\OX URFN UROOD ] ODW L PX]\NL IRON 3Ê\WD
]DZLHUD UµZQLH× MDNR ERQXV XWZRU\ Z ZHUVML NDUDRNH

.RUQLNL ]HVSµÊ G]LHFLÇF\ ] 5\SLQD ]GRE\ZFD ZLHOX QDJUµG QD
RJµOQRSROVNLFK SU]HJOÃGDFK 'RGDWNRZR Z QDJUDQLX Z\NRU]\VWDQR
]HVSµÊ DNRPSDQLXMÃF\ ]ÊR×RQ\ ] WUDG\F\MQ\FK DNXVW\F]Q\FK
LQVWUXPHQWµZ


&HQD ]Ê





3ROVNLH 5DGLR ']LHFLRP 9ROXPH


3ROVNLH 5DGLR SUH]HQWXMH QDMSLÇNQLHMV]H XWZRU\ DXWRUVWZD -DQD
%U]HFKZ\ UHF\WRZDQH SU]H] Z\ELWQ\FK DNWRUµZ L ÐSLHZDQH SU]H]
Z\ELWQ\FK DUW\VWµZ -HGHQ ] XWZRUµZ UHF\WRZDQ\ MHVW RVRELÐFLH SU]H]
-DQD %U]HFKZÇ :ÐUµG Z\NRQDZFµZ QDOH×\ Z\PLHQLÅ P LQ ,UHQÇ
.ZLDWNRZVNÃ .U\VW\QÇ 6LHQNLHZLF] $QGU]HMD %RJXFNLHJR =ELJQLHZD
=DSDVLHZLF]D 0DU\OÇ 5RGRZLF] $OLFMH 0DMHZVNÃ

&HQD ]Ê







3ROVNLH 5DGLR ']LHFLRP YRO -XOLDQ 7XZLP

.ROHMQD SÊ\WD ] VHULL 3ROVNLH 5DGLR ']LHFLRP ]DZLHUD QDMSLÇNQLHMV]H
XWZRU\ DXWRUVWZD -XOLDQD 7XZLPD UHF\WRZDQH SU]H] Z\ELWQ\FK DNWRUµZ
L ÐSLHZDQH SU]H] Z\ELWQ\FK DUW\VWµZ 6ZRLFK JÊRVµZ XG]LHODMÃ WX
P LQ ,UHQD .ZLDWNRZVND 0DJGDOHQD =DZDG]ND :LHÌF]\VÊDZ *OLÌVNL
0DULDQ .RVLQLDN $QGU]HM %RJXFNL $QQD 6HQLXN :LNWRU =ERURZVNL
-DGZLJD 5DSSH $OLFMD 0DMHZVND 6WDQLVÊDZD &HOLÌVND .U\VW\QD
.UµOµZQD :ÊDG\VÊDZ .RZDOVNL 5\V]DUG %DU\F]

&HQD ]Ê

3ROVNLH 5DGLR ']LHFLRP YRO

ì3U]\JRG\ 'RU\ L )ORU\ë WR Z\ÐPLHQLWH ]DUµZQR SRG Z]JOÇGHP
OLWHUDFNLP MDN L PX]\F]Q\P VÊXFKRZLVNR GOD G]LHFL 3RZVWDÊR ODW WHPX
DOH QLH WD RNUÃJÊD Z NRÌFX URF]QLFD MHVW SRZRGHP GOD NWµUHJR ZDUWR
L WU]HED MH SU]\SRPQLHÅ 6WZRU]\Ê\ MH VDPH ]QDNRPLWRÐFL D WR (ULF
/LQNODWHU ÐZLHWQ\ SLVDU] DQJLHOVNL NWµU\ Z URNX QDSLVDÊ NVLÃ×NÇ
ì7KH :LQG 2Q 7KH 0RRQë XKRQRURZDQÃ URN SµÕQLHM QLH]Z\NOH
SUHVWL×RZÃ EU\W\MVNÃ QDJURGÃ OLWHUDFNÃ &DUQHJLH 0HGDO

&HQD ]Ê








3ROVNLH 5DGLR ']LHFLRP YRO


0RQRJUDĆF]Q\ DOEXP &' ]DZLHUDMÃF\ XWZRU\ GOD G]LHFL -DQLQ\
3RUD]LÌVNLHM MHVW NRQW\QXDFMÃ SURFHVX XGRVWÇSQLDQLD
]ELRUµZ $UFKLZXP 3ROVNLHJR 5DGLD V]HURNLHPX DXG\WRULXP -HJR WUHÐÅ
VWDQRZLÃ EDÐQLH SRH]MD SU]\SRZLHÐFL L SLHÐQL DXWRUVWZD SROVNLHM SRHWNL
SLVDUNL L WÊXPDF]NL OLWHUDWXU\ V]ZHG]NRMÇ]\F]QHM -DQLQ\ 3RUD]LÌVNLHM

&HQD ]Ê








3ROVNLH 5DGLR ']LHFLRP YRO


.ROHMQ\ DOEXP ] VHULL 3ROVNLH 5DGLR ']LHFLRP QD NWµU\P ]QDOD]Ê\ VLÇ
]UHNRQVWUXRZDQH GÕZLÇNRZR DUFKLZDOQH VÊXFKRZLVND ]UHDOL]RZDQH
Z 7HDWU]H 3ROVNLHJR 5DGLD 7\P UD]HP VÃ WR DGDSWDFMH GZµFK NODV\F]Q\FK
EDÐQL GOD G]LHFL &]HUZRQHJR .DSWXUND RUD] 2 W\P MDN NUDZLHF SDQ
1LWHF]ND NUµOHP ]RVWDÊ


&HQD ]Ê








3ROVNLH 5DGLR ']LHFLRP YRO


6]µVWD S\WD ] VHULL 3ROVNLH 5DGLR ']LHFLRP $OEXP ]DZLHUD DGDSWDFMH
WU]HFK NODV\F]Q\FK EDÐQL GOD G]LHFL ÏSLÃFD .UµOHZQD ,PEU\F]HN
5µ×RZ\ EDORQLN 0X]\NÇ GR VÊXFKRZLVN VNRPSRQRZDÊ L QDJUDÊ ZUD] ]H
VZRLP ]HVSRÊHP -HU]\ :DVRZVNL NWµU\ Z\VWÃSLÊ UµZQLH× Z UROL
QDUUDWRUD DXWRUD L Z\NRQDZF\ SLRVHQHN


&HQD ]Ê





/7<'7/ *+5614;%<0' /+#56# -4#-19#

DQ NGMELG JKUVQTKK PKG OWU\Ȱ D[Ȳ PWFPGų

/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC VQ OKGLUEG FNC %KGDKGК 6Q 0QYQE\GUPG /W\GWO OKGLUMKG ::+
YKGMW MVȡTG Y MKNMWPCUVW QFF\KCCEJ QRQYKCFC JKUVQTKɂ -TCMQYC \ TȡʝP[EJ RGTURGMV[Y QF
ɺTGFPKQYKGE\C FQ E\CUȡY YURȡE\GUP[EJ 6W QFD[YCLȰ UKɂ PCLNGRU\G PCLEKGMCYU\G K CMV[YPG NGMELG
JKUVQTKKК 2Q\PCL PCU\Ȱ DQICVC QHGTVɂ GFWMCE[LPȰ CFTGUQYCPȰ FQ F\KGEK Y TȡʝP[O YKGMW



/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC 2CCE -T\[U\VQHQT[
4[PGM )ȡYP[ -TCMȡY
%GPVTWO 1DUWIK <YKGF\CLȰE[EJ VGN


YYY OJM RN ^ KPHQ"OJM RN

24<'&5<-1.# + 5<-1Œ;



/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC RTQRQPWLG U\GTQMK Y[DȡT NGMELK K YCTU\VCVȡY CFTGUQYCP[EJ FQ F\KGEK
PC MCʝF[O U\E\GDNW GFWMCELK \CE\[PCLȰE QF RT\GFU\MQNK MQɧE\ȰE PC WE\PKCEJ U\Mȡ RQPCFIKOPC\LCNP[EJ
#MV[YPC Y[OKCPC O[ɺNK RTCEC Y \CD[VMQY[EJ YPɂVT\CEJ RT\[ Y[MQT\[UVCPKW OW\GCNP[EJ TGMYK\[VȡY
URT\[LC TQ\YKLCPKW MTGCV[YPQɺEK RQDWF\C EKGMCYQɺȲ C RT\GFG YU\[UVMKO WYTCʝNKYKC OQF[EJ
WE\GUVPKMȡY \CLɂȲ PC RQ\PCYCPKG RKɂMPC VTCF[ELK MWNVWT[ K YKGNQYKGMQYGL JKUVQTKK -TCMQYC


9 EGNW FQMQPCPKC TG\GTYCELK NGMELK
YCTU\VCVȡY NWD URCEGTW PCNGʝ[
UMQPVCMVQYCȲ UKɂ \ YCɺEKY[O
QFF\KCGO /W\GWO *KUVQT[E\PGIQ
/KCUVC -TCMQYC Y MVȡT[O FQEGNQYQ
QFDɂFȰ UKɂ \CLɂEKC
0WWOGT[ MQPVCMVQYG QTC\ CFTGU[ G OCKN
0
\PCLF\KGEKG 2CɧUVYQ Y \CMCFEG
1&&<+#Œ;






%'00+-


NGMELG OW\GCNPG \ ITWRC
YCTU\VCV[ \ ITWRC
NGMELG Y VGTGPKG \ ITWRC
NGMELG Y U\MQNG \ ITWRC
QRTQYCF\CPKG RQ Y[UVCYCEJ UVC[EJ
\ ITWRC DKNGV YUVɂRW
QR QRTQYCF\CPKG RQ Y[UVCYCEJ

E\CUQY[EJ Y QFF\KCCEJ 2CCE RQF
-T\[U\VQHQT[ &\KGLG 0QYGL *WV[ K &QO
<YKGT\[PKGEMK \ ITWRC DKNGV
YUVɂRW
QRTQYCF\CPKG RQ Y[UVCYKG UVCGL
Y QFF\KCNG QFF\KCNG (CDT[MC 'OCNKC 1UMCTC
Y
5EJKPFNGTC ť WUWIC Y EGPKG DKNGVW
WUWIC RT\GYQFPKMC Y QFF\KCNG
2QF\KGOKC 4[PMW \ ITWRC DKNGV
YUVɂRW
\CLɂEKC \ -T\[U\ \CLɂEKC \ -T\[U\VQHQTMKGO NWD

&QTQVMȰ MQU\V YCTU\VCVȡY \ \C
WF\KC CMVQTC QF ITWR[
















YYY OJM RN

41&<+%' < &<+'ȱ/+



<CDCYC MVȡTC WE\[ VQ JCUQ RT\GYQFPKG E[MNW URQVMCɧ FNC F\KGEK 9 KEJ VTCMEKG OCNK QFMT[YE[ RQ\PCLȰ
RQRT\G\ IT[ \CDCY[ URCEGT[ K URQVMCPKC YCTU\VCVQYG VCLGOPKEG K UGMTGV[ OCIKE\PGIQ -TCMQYC 0C
PCLOQFU\[EJ QFYKGF\CLȰE[EJ /W\GWO E\GMCLȰ Y EKȰIW TQMW TȡYPKGʝ KPPG EKGMCYG RTQRQ\[ELG VCMKG
EJQEKCʝD[ LCM HGTKG E\[ NCVQ Y OW\GWO

/7<'1/#0+# 9 MCʝF[O TQMW U\MQNP[O \CRTCU\CO[ PC E[MN \CLɂȲ FNC F\KGEK K OQF\KGʝ[ Y TCOCEJ
/W\GQOCPKK #MCFGOKC /CGIQ 1FMT[YE[ QTC\ #MCFGOKC /CGIQ 1FMT[YE[ ':64#К /C[ YKGNMK
-TCMȡY 6CLGOPKE\[ MWHGT 5Ȱ VQ MTGCV[YPG URQVMCPKC YCTU\VCVQYG QTC\ URCEGT[ OKGLUMKG %Q TQM
PQY[ RTQITCOК 9KɂEGL PC YYY OJM RN OW\GQOCPKC


#MCFGOKC /CGIQ 1FMT[YE[


2TQITCO FGF[MQYCP[ YU\[UVMKO IQFP[O YKGF\[ K YTCʝGɧ OC[O
QFMT[YEQO Y YKGMW NCV QTC\ KEJ TQF\KEQO MVȡT\[ Y CMV[YP[ K VYȡTE\[
URQUȡD RTCIPȰ RQ\PCYCȲ -TCMȡY Y[TCUVCLȰE V[O UCO[O PC RTCYF\KY[EJ
\PCYEȡY C \CTC\GO OKQɺPKMȡY LGIQ F\KGLȡY K MWNVWTQYGIQ F\KGF\KEVYC
2QFQDPKG LCM -T\[U\VQHQTGM K &QTQVMC ť DQJCVGTQYKG OW\GCNPGIQ E\CUQRKUOC
Ů-T\[U\VQHQTGMŭ ť MVȡT\[ YURȡNPKG \ F\KGȲOK WE\GUVPKE\Ȱ Y Y[DTCP[EJ \CLɂEKCEJ





/C[ YKGNMK -TCMȡY


%[MN OKGLUMKEJ URCEGTȡY FNC F\KGEK Y YKGMW ť NCV QTC\ KEJ TQF\KEȡY
6TCU[ K VGOCV[MC URCEGTȡY UȰ VCM RT\GO[ɺNCPG CD[ Y OQFU\[EJ WE\GUVPKMCEJ
Y\DWF\KȲ EKGMCYQɺȲ ɺYKCVC K \COKQYCPKG FQ QFMT[YCPKC VCLGOPKE -TCMQYC
9[EKGE\MK VTYCLȰ PKGEQ RQPCF IQF\KPɂ




6CLGOPKE\[ MWHGT

2TQITCO UMKGTQYCP[ FQ MTGCV[YP[EJ K EKGMCY[EJ ɺYKCVC OCNWEJȡY Y YKGMW
NCV QTC\ KEJ TQF\KEȡY MVȡT\[ RTCIPȰ YURKGTCȲ YU\GEJUVTQPP[ TQ\YȡL UYQKEJ
RQEKGEJ LWʝ QF PCLOQFU\[EJ NCV -CʝFG URQVMCPKG MQPEGPVTWLG UKɂ PC Y[DTCP[O
RT\GFOKQEKG ť ɺYKCFMW OKPKQP[EJ YKGMȡY K RQ\YCNC F\KGEKQO PC UVCYKCPKG
RKGTYU\[EJ MTQMȡY Y ɺYKGEKG RT\GU\QɺEK <CEJɂEC KEJ V[O UCO[O FQ
KPVGTCMV[YPGIQ RQ\PCYCPKC JKUVQTKK K MWNVWT[ -TCMQYC



#MCFGOKC /CGIQ 1FMT[YE[ ':64#К

2TQITCO FGF[MQYCP[ YU\[UVMKO IQFP[O YKGF\[
K YTCʝGɧ OC[O QFMT[YEQO QTC\ KEJ TQF\KEQO MVȡT\[
Y CMV[YP[ K VYȡTE\[ URQUȡD RTCIPȰ RQ\PCYCȲ -TCMȡY
Y[TCUVCLȰE V[O UCO[O PC RTCYF\KY[EJ \PCYEȡY
C \CTC\GO OKQɺPKMȡY LGIQ F\KGLȡY K MWNVWTQYGIQ
F\KGF\KEVYC 2QFQDPKG LCM -T\[U\VQHQTGM K &QTQVMC ť
DQJCVGTQYKG OW\GCNPGIQ E\CUQRKUOC Ů-T\[U\VQHQTGMŭ ť
M
MVVȡT\[ YURȡNPKG \ F\KGȲOK WE\GUVPKE\Ȱ Y Y[DTCP[EJ
\CLɂEKCEJ
YYY OJM RN

-4<;5<61(14'-



%\[VCLК $CY UKɂК <YKGF\CL -TCMȡYК %\CUQRKUOQ FNC /C[EJ 1FMT[YEȡY MVȡT\[ YTC\ \ LGIQ DQJCVGTCOK
ť -T\[U\VQHQTMKGO K &QTQVMȰ QFMT[YCLȰ RT\GU\QɺȲ FCYPGL UVQNKE[ RCɧUVYC -T\[U\VQHQTGM VQ
DQICEVYQ VTGɺEK IT[ K \CDCY[ QTC\ YURCPKCC U\CVC ITCƓE\PC








































52'-6#-.' &.# &<+'%+ 9 9+'-7 .#6


9 EKȰIW TQMW QFD[YC UKɂ MKNMCPCɺEKG URGMVCMNK Q TȡʝPGL VGOCV[EG \ -T\[U\VQHQTMKGO K &QTQVMȰ Y TQNK
IȡYPGL 9 DCTYP[ K F[PCOKE\P[ URQUȡD RT\GFUVCYKCLȰ TȡʝPG JKUVQTKG \CD[VMQYGIQ -TCMQYC
2T\Gʝ[L \ PCOK YURCPKCȰ RT\[IQFɂК






















YYY OJM RN ^ KPHQ"OJM RN


/W\GWO *KUVQT[E\PG /KCUVC -TCMQYC 2CCE -T\[U\VQHQT[
4[PGM )ȡYP[ -TCMȡY
%GPVTWO 1DUWIK <YKGF\CLȰE[EJ VGN

















HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG







9KVCO[ PC UVTQPKG ƒTO[ /'6.+0' ,GUVGɮO[ FQUVCYEȤ Y[UQMKGL
LCMQɮEK OGDNK Wʑ[VMQY[EJ MVȕTG QF\PCE\CLȤ UKȶ RQPCFRT\GEKȶVPȤ
GUVGV[MȤ QTC\ Y[LȤVMQYȤ HWPMELQPCNPQɮEKȤ 9[TQD[ RQYUVCLȤ PC
DC\KG FQDT[EJ ICVWPMQYQ OCVGTKCȕY Y[MQɛE\QP[EJ Y Y[UQMKO
UVCPFCTF\KG F\KȶMK E\GOW QF\PCE\CLȤ UKȶ QFRQTPQɮEKȤ PC F\KCCPKG
E\[PPKMȕY \GYPȶVT\P[EJ QTC\ WU\MQF\GPKC OGEJCPKE\PG




U\CHMK WDTCPKQYG $*2
U\CHMK ɮPKCFCPKQYG

U\CHMK FGRQ\[VQYG

U\CHMK PC QF\KGʑ E\[UVȤ DTWFPȤ

U\CH[ CMVQYG

U\CH[ MCTVQVGMQYG

ICDNQV[ QIQU ICDNQV[ QIQU\GPKQYG






5\CHMK FQ U\Mȕ




K RT\GFU\MQNK









$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN

YYY UMNGR OGVNKPG EQO RN

HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG







9KVCO[ PC UVTQPKG ƒTO[ /'6.+0' ,GUVGɮO[ FQUVCYEȤ Y[UQMKGL
LCMQɮEK OGDNK Wʑ[VMQY[EJ MVȕTG QF\PCE\CLȤ UKȶ RQPCFRT\GEKȶVPȤ
GUVGV[MȤ QTC\ Y[LȤVMQYȤ HWPMELQPCNPQɮEKȤ 9[TQD[ RQYUVCLȤ PC
DC\KG FQDT[EJ ICVWPMQYQ OCVGTKCȕY Y[MQɛE\QP[EJ Y Y[UQMKO
UVCPFCTF\KG F\KȶMK E\GOW QF\PCE\CLȤ UKȶ QFRQTPQɮEKȤ PC F\KCCPKG
E\[PPKMȕY \GYPȶVT\P[EJ QTC\ WU\MQF\GPKC OGEJCPKE\PG




U\CHMK WDTCPKQYG $*2
U\CHMK ɮPKCFCPKQYG

U\CHMK FGRQ\[VQYG

U\CHMK PC QF\KGʑ E\[UVȤ DTWFPȤ

U\CH[ CMVQYG

U\CH[ MCTVQVGMQYG

ICDNQV[ QIQU ICDNQV[ QIQU\GPKQYG






5\CHMK FQ U\Mȕ




K RT\GFU\MQNK









$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN

YYY UMNGR OGVNKPG EQO RN

HWPMELQPCNPQɮȦ GUVGV[MC 6YQLG \CFQYQNGPKG











QQȦ
0Yɮ
W U
P C F T M P C \ C H CJ
ME














































$T\G\KPMC WN 5QPGE\PC
#PFT[EJȕY
KPHQNKPKC
HCZ
VGN
G OCKN DKWTQ"OGVNKPG EQO RN

YYY UMNGR OGVNKPG EQO RN