MP KneeGuard

ʾˢˠ˙ˢ˥˧ ˣˢ˗˥ͅκˬ ˗˟˔


ˠ˔·ˬ˖˛ ˣ˔˦˔κ˘˥ͅ˪
































ʾˡ˘˘ʺ˨˔˥˗ʾ˜˗˦ ʦ
˃˂ʷˁ̥ιʸʾ ʷ˂ ʹ˂ˇʸʿʼʾ̥ˊ ˆʴˀ˂ʶʻ˂ʷ˂ˊˌʶʻ























˧˘˟ʭ ʞʧʫ ʪʥʫ ʬʪʥ ʥʣʥ

˪˪˪ʡ˞ˡ˘˘˚˨˔˥˗˞˜˗˦ʡˣ˟
˜ˡ˙ˢʳ˞ˡ˘˘˚˨˔˥˗˞˜˗˦ʡˣ˟

ʾˡ˘˘ʺ˨˔˥˗ʾ˜˗˦ ʦ

˃˂ʷˁ̥ιʸʾ ʷ˂ ʹ˂ˇʸʿʼʾ̥ˊ ˆʴˀ˂ʶʻ˂ʷ˂ˊˌʶʻ
˂˗˞˥ˬ˝ ˣˢ˗ˡͅκ˘˞ ˗ˢ ˙ˢ˧˘˟˜˞ͅ˪ ˦˔ˠˢ˖˛ˢ˗ˢ˪ˬ˖˛ ʾˡ˘˘ʺ˨˔˥˗ʾ˜˗˦ʦʟ ˞˧ͅ˥ˬ
˪ ˢˣ˧ˬˠ˔˟ˡˬ ˦ˣˢ˦ͅ˕ ˣˢˠ˔˚˔ ˖˛˥ˢˡ˜͙ ˡˢ˚˜ ˜ ˞ˢ˟˔ˡ˔ ˠ˔·ˬ˖˛
ˣ˔˦˔κ˘˥ͅ˪ʡ ˃ˢ˗ˡͅκ˘˞ ˭˔ˣ˘˪ˡ˜˔ ˗˭˜˘˖˜ͩ˖ˬˠ ˦˧ˢˣˢˠ ˣ˘˪ˡˬ ˣ˨ˡ˞˧
ˣˢ˗ˣ˔˥˖˜˔ʟ ˖ˢ ˦˞˨˧˘˖˭ˡ˜˘ ˥˘˗˨˞˨˝˘ ˡ˔ˣ˜ͩ˖˜˘ ˠ˜ͩΝˡ˜ ˞ˢΉ˖˭ˬˡ ˗ˢ˟ˡˬ˖˛ʟ
˭˔˥ͅ˪ˡˢ ˣˢ˗˖˭˔˦ ˞˥ͅ˧˞˜˖˛ʟ ˝˔˞ ˜ ˗·˨˚˜˖˛ ˣˢ˗˥ͅκˬʡ ʽ˘˦˧ ˡ˜˘˭˔˦˧͗ˣ˜ˢˡˬ
ˣ˥˭ˬ ˖ˢ˗˭˜˘ˡˡˬˠ ˣˢ˥˨˦˭˔ˡ˜˨ ˦˜ͩ ˭ ˗˭˜˘˖˞˜˘ˠ ˣˢ ˠ˜˘Ν˖˜˘ʟ ˚˗ˬ ˖˭ͩ˦˧ˢ
˦˧ˢ˜ˠˬ ˪ ˞ˢ˥˞˔˖˛ʡ ˃ˢ˗ˡͅκ˘˞ ˣˢˠ˔˚˔ ˨˧˥˭ˬˠ˔͙ ˕˘˭ˣ˜˘˖˭ˡ͗
ˣ
ˣˢ˭ˬ˖˝ͩ ˠ˔˟˨˖˛˔ ˪ ˧˥˔˞˖˜˘ ˝˔˭˗ˬʟ ˔ ˗˭˜˘˖˜ ˚ˢ ˪ˣ˥ˢ˦˧ ˨˪˜˘˟˕˜˔˝͗ʡ ˢ˭ˬ˖˝ͩ ˠ˔˟˨˖˛˔ ˪ ˧˥˔˞˖˜˘ ˝˔˭˗ˬʟ ˔ ˗˭˜˘˖˜ ˚ˢ ˪ˣ˥ˢ˦˧ ˨˪˜˘˟˕˜˔˝͗ʡ
ʷ˭˜ͩ˞˜ ˡ˜˘ˠ˨ ˪˥˘˦˭˖˜˘ ˣˢ˗˥ͅκ˨˝͗ ˞ˢˠ˙ˢ˥˧ˢ˪ˢ ˜ ˥˔˗ˢΝˡ˜˘ ˝˔˞ ˗ˢ˥ˢΝ˟˜ʡ
˃ˢ˭˪ͅ˟ ˇ˪ˢ˝˘ˠ˨ ˗˭˜˘˖˞˨ ˣˢ˖˭˨͙ ˦˜ͩ ˪ˬ˚ˢ˗ˡ˜˘ ˜ ˖˭˘˥ˣ˔͙
ˣ˥˭ˬ˝˘ˠˡˢΝ͙ ˭ ˝˔˭˗ˬ ˦˔ˠˢ˖˛ˢ˗˘ˠʔ


ˣˢ˪˜˘˗θ ˆˇ˂˃ ˟˨θˡˢ ˭˪˜˦˔˝͗˖ˬˠ ʾˢˠ˙ˢ˥˧ ˣˢ˗˥ͅκˬ ˗˟˔
ˡˢ˚ˢˠ ˇ˪ˢ˝˘˚ˢ ˠ˔˟˨˖˛˔ʔ
ˠ˔·ˬ˖˛ ˣ˔˦˔κ˘˥ͅ˪
ˢ˖˛˥ˢΉ ˗˭˜˘˖˞ˢ ˣ˥˭˘˗ ˣ˥ˢ˕˟˘ˠ˔ˠ˜
˭ ˞˥͗κ˘ˡ˜˘ˠ ˞˥˪˜ ˜ ˗˥ͩ˧˪˜˘ˡ˜˘ˠ ˡͅ˚
˦ˣ˥˔˪˗θ ˝˔˞ ˣˢˠ˔˚˔ ˗˭˜˘˖˞˨ ˨˧˥˭ˬˠ˔͙ ˕˘˭ˣ˜˘˖˭ˡ͗
˜ ˞ˢˠ˙ˢ˥˧ˢ˪͗ ˣˢ˭ˬ˖˝ͩ ˪ ˙ˢ˧˘˟˜˞˨

˕
˕·ˬ˦˞˔˪˜˖˭ˡ˜˘ ˜ ˭ ·˔˧˪ˢΝ˖˜͗ ˗ˢˣ˔˦˨˝ ˚ˢ ˗ˢ ˪˭˥ˢ˦˧˨ ·ˬ˦˞˔˪˜˖˭ˡ˜˘ ˜ ˭ ·˔˧˪ˢΝ˖˜͗ ˗ˢˣ˔˦˨˝ ˚ˢ ˗ˢ ˪˭˥ˢ˦˧˨
ˇ˪ˢ˝˘˚ˢ ˗˭˜˘˖˞˔
ˣˢ˖˭˨˝ ˥ͅκˡ˜˖ͩ ˪ ˝˔˞ˢΝ˖˜ ˣˢ˗˥ͅκˢ˪˔ˡ˜˔ ˕˘˭ ˞ˢˣ˔ˡ˜˔
˪ ˙ˢ˧˘˟ ˞˜˘˥ˢ˪˖ˬ

˝˨κ ˗˭˜Ν ˗ˢ·͗˖˭ ˗ˢ ˥ˢ˗˭˜˖ͅ˪ ˭ ˁ˜˘ˠ˜˘˖ʟ ʴ˨˦˧˥˜˜ʟ ˆ˭˪˔˝˖˔˥˜˜ʟ
ʾˢ˥˘˜ʟ ʽ˔ˣˢˡ˜˜ ˜ ˈˆʴ





















˧˘˟ʭ ʞʧʫ ʪʥʫ ʬʪʥ ʥʣʥ
˪˪˪ʡ˞ˡ˘˘˚˨˔˥˗˞˜˗˦ʡˣ˟

˜ˡ˙ˢʳ˞ˡ˘˘˚˨˔˥˗˞˜˗˦ʡˣ˟

ʾˡ˘˘ʺ˨˔˥˗ʾ˜˗˦ ʦ

˃˂ʷˁ̥ιʸʾ ʷ˂ ʹ˂ˇʸʿʼʾ̥ˊ ˆʴˀ˂ʶʻ˂ʷ˂ˊˌʶʻ
˂˗˞˥ˬ˝ ˣˢ˗ˡͅκ˘˞ ˗ˢ ˙ˢ˧˘˟˜˞ͅ˪ ˦˔ˠˢ˖˛ˢ˗ˢ˪ˬ˖˛ ʾˡ˘˘ʺ˨˔˥˗ʾ˜˗˦ʦʟ ˞˧ͅ˥ˬ
˪ ˢˣ˧ˬˠ˔˟ˡˬ ˦ˣˢ˦ͅ˕ ˣˢˠ˔˚˔ ˖˛˥ˢˡ˜͙ ˡˢ˚˜ ˜ ˞ˢ˟˔ˡ˔ ˠ˔·ˬ˖˛
ˣ˔˦˔κ˘˥ͅ˪ʡ ˃ˢ˗ˡͅκ˘˞ ˭˔ˣ˘˪ˡ˜˔ ˗˭˜˘˖˜ͩ˖ˬˠ ˦˧ˢˣˢˠ ˣ˘˪ˡˬ ˣ˨ˡ˞˧
ˣˢ˗ˣ˔˥˖˜˔ʟ ˖ˢ ˦˞˨˧˘˖˭ˡ˜˘ ˥˘˗˨˞˨˝˘ ˡ˔ˣ˜ͩ˖˜˘ ˠ˜ͩΝˡ˜ ˞ˢΉ˖˭ˬˡ ˗ˢ˟ˡˬ˖˛ʟ
˭˔˥ͅ˪ˡˢ ˣˢ˗˖˭˔˦ ˞˥ͅ˧˞˜˖˛ʟ ˝˔˞ ˜ ˗·˨˚˜˖˛ ˣˢ˗˥ͅκˬʡ ʽ˘˦˧ ˡ˜˘˭˔˦˧͗ˣ˜ˢˡˬ
ˣ˥˭ˬ ˖ˢ˗˭˜˘ˡˡˬˠ ˣˢ˥˨˦˭˔ˡ˜˨ ˦˜ͩ ˭ ˗˭˜˘˖˞˜˘ˠ ˣˢ ˠ˜˘Ν˖˜˘ʟ ˚˗ˬ ˖˭ͩ˦˧ˢ
˦˧ˢ˜ˠˬ ˪ ˞ˢ˥˞˔˖˛ʡ ˃ˢ˗ˡͅκ˘˞ ˣˢˠ˔˚˔ ˨˧˥˭ˬˠ˔͙ ˕˘˭ˣ˜˘˖˭ˡ͗
ˣ
ˣˢ˭ˬ˖˝ͩ ˠ˔˟˨˖˛˔ ˪ ˧˥˔˞˖˜˘ ˝˔˭˗ˬʟ ˔ ˗˭˜˘˖˜ ˚ˢ ˪ˣ˥ˢ˦˧ ˨˪˜˘˟˕˜˔˝͗ʡ ˢ˭ˬ˖˝ͩ ˠ˔˟˨˖˛˔ ˪ ˧˥˔˞˖˜˘ ˝˔˭˗ˬʟ ˔ ˗˭˜˘˖˜ ˚ˢ ˪ˣ˥ˢ˦˧ ˨˪˜˘˟˕˜˔˝͗ʡ
ʷ˭˜ͩ˞˜ ˡ˜˘ˠ˨ ˪˥˘˦˭˖˜˘ ˣˢ˗˥ͅκ˨˝͗ ˞ˢˠ˙ˢ˥˧ˢ˪ˢ ˜ ˥˔˗ˢΝˡ˜˘ ˝˔˞ ˗ˢ˥ˢΝ˟˜ʡ
˃ˢ˭˪ͅ˟ ˇ˪ˢ˝˘ˠ˨ ˗˭˜˘˖˞˨ ˣˢ˖˭˨͙ ˦˜ͩ ˪ˬ˚ˢ˗ˡ˜˘ ˜ ˖˭˘˥ˣ˔͙
ˣ˥˭ˬ˝˘ˠˡˢΝ͙ ˭ ˝˔˭˗ˬ ˦˔ˠˢ˖˛ˢ˗˘ˠʔ


ˣˢ˪˜˘˗θ ˆˇ˂˃ ˟˨θˡˢ ˭˪˜˦˔˝͗˖ˬˠ ʾˢˠ˙ˢ˥˧ ˣˢ˗˥ͅκˬ ˗˟˔
ˡˢ˚ˢˠ ˇ˪ˢ˝˘˚ˢ ˠ˔˟˨˖˛˔ʔ
ˠ˔·ˬ˖˛ ˣ˔˦˔κ˘˥ͅ˪
ˢ˖˛˥ˢΉ ˗˭˜˘˖˞ˢ ˣ˥˭˘˗ ˣ˥ˢ˕˟˘ˠ˔ˠ˜
˭ ˞˥͗κ˘ˡ˜˘ˠ ˞˥˪˜ ˜ ˗˥ͩ˧˪˜˘ˡ˜˘ˠ ˡͅ˚
˦ˣ˥˔˪˗θ ˝˔˞ ˣˢˠ˔˚˔ ˗˭˜˘˖˞˨ ˨˧˥˭ˬˠ˔͙ ˕˘˭ˣ˜˘˖˭ˡ͗
˜ ˞ˢˠ˙ˢ˥˧ˢ˪͗ ˣˢ˭ˬ˖˝ͩ ˪ ˙ˢ˧˘˟˜˞˨

˕
˕·ˬ˦˞˔˪˜˖˭ˡ˜˘ ˜ ˭ ·˔˧˪ˢΝ˖˜͗ ˗ˢˣ˔˦˨˝ ˚ˢ ˗ˢ ˪˭˥ˢ˦˧˨ ·ˬ˦˞˔˪˜˖˭ˡ˜˘ ˜ ˭ ·˔˧˪ˢΝ˖˜͗ ˗ˢˣ˔˦˨˝ ˚ˢ ˗ˢ ˪˭˥ˢ˦˧˨
ˇ˪ˢ˝˘˚ˢ ˗˭˜˘˖˞˔
ˣˢ˖˭˨˝ ˥ͅκˡ˜˖ͩ ˪ ˝˔˞ˢΝ˖˜ ˣˢ˗˥ͅκˢ˪˔ˡ˜˔ ˕˘˭ ˞ˢˣ˔ˡ˜˔
˪ ˙ˢ˧˘˟ ˞˜˘˥ˢ˪˖ˬ

˝˨κ ˗˭˜Ν ˗ˢ·͗˖˭ ˗ˢ ˥ˢ˗˭˜˖ͅ˪ ˭ ˁ˜˘ˠ˜˘˖ʟ ʴ˨˦˧˥˜˜ʟ ˆ˭˪˔˝˖˔˥˜˜ʟ
ʾˢ˥˘˜ʟ ʽ˔ˣˢˡ˜˜ ˜ ˈˆʴ





















˧˘˟ʭ ʞʧʫ ʪʥʫ ʬʪʥ ʥʣʥ
˪˪˪ʡ˞ˡ˘˘˚˨˔˥˗˞˜˗˦ʡˣ˟

˜ˡ˙ˢʳ˞ˡ˘˘˚˨˔˥˗˞˜˗˦ʡˣ˟

3$67$ %(= )/8258 =( 6=&=27(&=. '2 1$8., 0<&,$ =Æ%•:

3DVWD GR QDXNL SLHOÇJQDFML ]ÃENµZ QHQHGHQWp EDE\ GR GHOLNDWQHJR P\FLD
SLHUZV]\FK ]ÃENµZ V]F]RWHF]ND GR ]ÇEµZ ] VLOLNRQX GOD QLHPRZOÃW L G]LHFL
PLÇG]\ D PLHVLÃFHP ×\FLD
3/1





6./(3 2572'217<&=12 6720$72/2*,&=1< 25726./(3

'5 +,1= 3É<7.$ 35=('6,21.2:$ 67233,
3U]H] ODWD GRÐZLDGF]HQLD QDZLÃ]DOLÐP\ ZVSµÊSUDFÇ ] ]DXIDQ\PL SURGXFHQWDPL NWµU]\ Z\NRQXMà Uµ×QHJR
URG]DMX SURGXNW\ RUWRGRQW\F]QH VWRPDWRORJLF]QH ORJRSHG\F]QH WDNLH MDN PLÇG]\ LQQ\PL ZLEUDWRU VSHFMDOLVW\F]Q\ VPRF]HN GR RG]Z\F]DMDQLD RG VVDQLD NFLXND EXWHONL VPRF]ND
ORJRSHG\F]Q\ 5HUHN SÊ\WND SU]HGVLRQNRZD ĆUP\ 'U +LQ] D WDN×H VSHFMDOLVW\F]QH SÊ\Q\ GR GH]\QIHNFML WDNL RG GR URNX ×\FLD
MDN (FRODE ,QFLGLQ (FRODE 6NLQVHSW SXU ÐURGNL GR Z\ELHODQLD ]ÇEµZ ×HO 2SDOHVFHQFMH 3ROD 1LJKW L ZLHOH 3/1

LQQ\FK VNXWHF]Q\FK SURGXNWµZ L SUHSDUDWµZ
: RIHUFLH QDV]HJR VNOHSX ]QDMGÃ 3DÌVWZR PLÇG]\ LQQ\PL

ï
ï DUW\NXÊ\ RUWRGRQW DUW\NXÊ\ RUWRGRQW\F]QH VWRVRZDQH Z FHODFK NRUHNFML ]JU\]X WDNLH MDN DSDUDW RUWRGRQW\F]Q\ VWDÊ\
HODVW\F]Q\ DSDUDW RUWRGRQW\F]Q\ F]\ SÊ\WND SU]HGVLRQNRZD *& 7227+ 02866( 5(&$/'(17 0/ 3É<11( 6=./,:2
ï VSHFMDOLVW\F]QH SÊ\Q\ SU]H]QDF]RQH GR F]\V]F]HQLD RUD] GH]\QIHNFML SRZLHU]FKQL VSU]ÇWµZ VNµU\ 3UHSDUDW GR RFKURQ\ QD QRF ]ZLÇNV]DMÃFHM SR]LRP ELRGRVWÇSQ\FK MRQµZ
]QDMGXMÃF\FK VLÇ Z JDELQHFLH WDNLH MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ å SURIHVMRQDOQ\ SUHSDUDW Z VSUD\èX ZDSQLD IRVIRUDQX L ćXRUX NRQLHF]Q\FK GR UHPLQHUDOL]DFML L SURĆODNW\NL
QLV]F]ÃF\ ZV]HONLH ]DUD]NL EDNWHULH L JU]\E\

ï SURGXNW\ VWRVRZDQH Z SU]\SDGNX Uµ×QHJR URG]DMX ZDG Z\PRZ\ WDNLH MDN ZLEUDWRU ORJRSHG\F]Q\ 3/1
JU\]DN V]SDWXÊND
ï SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z W SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z WUDNFLH OHF]HQLD RUWRGRQW\F]QHJR 'RVWDUF]DP\ SURGXNW\ G]LÇNL NWµU\P SRSUDZLD VLÇ QLH W\ONR Z\JOÃG Ć]\F]Q\ Z\ELHORQH ]ÇE\ G]LÇNL
ï
ï SDVW\ L ×HOH SU]H]QDF]RQH GR Z\ELHODQLD ]ÇEµZ WDNLH MDN QD SU]\NÊDG SUHSDUDW PDUNL 2SDOHVFHQFH 3ROD SURGXNWRP 2SDOHVFHQFH L SURVW\ ]JU\] ]D VSUDZÃ DSDUDWµZ RUWRGRQW\F]Q\ RUD] SÊ\WNL SU]HGVLRQNRZHM
1LJKW VWRVRZDQ\ SRG QDG]RUHP OHNDU]D VWRPDWRORJD DOH UµZQLH× SROHSV]D VLÇ VDPRSRF]XFLH ZLEUDWRU ORJRSHG\F]Q\ SRPR×H Z ]ZDOF]DQLX ZDG Z\PRZ\ NWµUH
QLHU]DGNR VSUDZLDMÃ ×H G]LHFNR VWDMH VLÇ QLHÐPLDÊH L PDÊRPµZQH
: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR SURGXNW\ WDNLFK PDUHN MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ $UN 05&
%$%< %586+ *5<=$. '/$ '=,(&, : :,(.8 2' 0,(6,Æ&< &XUDSUR[ 2UDO E *& .LQ 2UWKR 7HFKQRORJ\ RUWKRSOXV 502 6RQLFDUH 7RUN 9LUXVROYH F]\ <RWXHO
,GHDOQ\ UR]ZLÃ]DQLH GOD PDÊ\FK G]LHFL NWµUH QLH OXELÃ P\Å ]ÇEµZ OXE FLHUSLÃ ]
SRZRGX ]ÃENRZDQLD SRPDJD Z FRG]LHQQHM KLJLHQLH MDP\ XVWQHM QDMPÊRGV]\FK
G]LHFL RUD] ÊDJRG]L EµO Z\ZRÊDQ\ ]ÃENRZDQLHP
3/1





%$%< %586+ 6=&=27.$ 621,&=1$ .,'=621,& '/$ '=,(&,

6]F]RWHF]ND .LG]6RQLF ]H VZRLP PLÇNNLP ZÊRVLHP RUD] GHOLNDWQ\PL GUJDQLDPL MHVW
LGHDOQ\P QDU]ÇG]LHP SR]ZDODMÃF\P QDMPÊRGV]\P QD GHOLNDWQH RUD] GRNÊDGQH
F]\V]F]HQLH SRZLHU]FKQL ]ÇEµZ L G]LÃVHÊ

3/1





ZZZ VNOHSRUWR FRP SO



2UWR6NOHS _ XO 2VWURJVNLFK _ 7DUQµZ _ WHO _ PDLO RUWRVNOHS#JPDLO FRP

3$67$ %(= )/8258 =( 6=&=27(&=. '2 1$8., 0<&,$ =Æ%•:

3DVWD GR QDXNL SLHOÇJQDFML ]ÃENµZ QHQHGHQWp EDE\ GR GHOLNDWQHJR P\FLD
SLHUZV]\FK ]ÃENµZ V]F]RWHF]ND GR ]ÇEµZ ] VLOLNRQX GOD QLHPRZOÃW L G]LHFL
PLÇG]\ D PLHVLÃFHP ×\FLD
3/1





6./(3 2572'217<&=12 6720$72/2*,&=1< 25726./(3

'5 +,1= 3É<7.$ 35=('6,21.2:$ 67233,
3U]H] ODWD GRÐZLDGF]HQLD QDZLÃ]DOLÐP\ ZVSµÊSUDFÇ ] ]DXIDQ\PL SURGXFHQWDPL NWµU]\ Z\NRQXMà Uµ×QHJR
URG]DMX SURGXNW\ RUWRGRQW\F]QH VWRPDWRORJLF]QH ORJRSHG\F]QH WDNLH MDN PLÇG]\ LQQ\PL ZLEUDWRU VSHFMDOLVW\F]Q\ VPRF]HN GR RG]Z\F]DMDQLD RG VVDQLD NFLXND EXWHONL VPRF]ND
ORJRSHG\F]Q\ 5HUHN SÊ\WND SU]HGVLRQNRZD ĆUP\ 'U +LQ] D WDN×H VSHFMDOLVW\F]QH SÊ\Q\ GR GH]\QIHNFML WDNL RG GR URNX ×\FLD
MDN (FRODE ,QFLGLQ (FRODE 6NLQVHSW SXU ÐURGNL GR Z\ELHODQLD ]ÇEµZ ×HO 2SDOHVFHQFMH 3ROD 1LJKW L ZLHOH 3/1

LQQ\FK VNXWHF]Q\FK SURGXNWµZ L SUHSDUDWµZ
: RIHUFLH QDV]HJR VNOHSX ]QDMGÃ 3DÌVWZR PLÇG]\ LQQ\PL

ï
ï DUW\NXÊ\ RUWRGRQW DUW\NXÊ\ RUWRGRQW\F]QH VWRVRZDQH Z FHODFK NRUHNFML ]JU\]X WDNLH MDN DSDUDW RUWRGRQW\F]Q\ VWDÊ\
HODVW\F]Q\ DSDUDW RUWRGRQW\F]Q\ F]\ SÊ\WND SU]HGVLRQNRZD *& 7227+ 02866( 5(&$/'(17 0/ 3É<11( 6=./,:2
ï VSHFMDOLVW\F]QH SÊ\Q\ SU]H]QDF]RQH GR F]\V]F]HQLD RUD] GH]\QIHNFML SRZLHU]FKQL VSU]ÇWµZ VNµU\ 3UHSDUDW GR RFKURQ\ QD QRF ]ZLÇNV]DMÃFHM SR]LRP ELRGRVWÇSQ\FK MRQµZ
]QDMGXMÃF\FK VLÇ Z JDELQHFLH WDNLH MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ å SURIHVMRQDOQ\ SUHSDUDW Z VSUD\èX ZDSQLD IRVIRUDQX L ćXRUX NRQLHF]Q\FK GR UHPLQHUDOL]DFML L SURĆODNW\NL
QLV]F]ÃF\ ZV]HONLH ]DUD]NL EDNWHULH L JU]\E\

ï SURGXNW\ VWRVRZDQH Z SU]\SDGNX Uµ×QHJR URG]DMX ZDG Z\PRZ\ WDNLH MDN ZLEUDWRU ORJRSHG\F]Q\ 3/1
JU\]DN V]SDWXÊND
ï SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z W SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z WUDNFLH OHF]HQLD RUWRGRQW\F]QHJR 'RVWDUF]DP\ SURGXNW\ G]LÇNL NWµU\P SRSUDZLD VLÇ QLH W\ONR Z\JOÃG Ć]\F]Q\ Z\ELHORQH ]ÇE\ G]LÇNL
ï
ï SDVW\ L ×HOH SU]H]QDF]RQH GR Z\ELHODQLD ]ÇEµZ WDNLH MDN QD SU]\NÊDG SUHSDUDW PDUNL 2SDOHVFHQFH 3ROD SURGXNWRP 2SDOHVFHQFH L SURVW\ ]JU\] ]D VSUDZÃ DSDUDWµZ RUWRGRQW\F]Q\ RUD] SÊ\WNL SU]HGVLRQNRZHM
1LJKW VWRVRZDQ\ SRG QDG]RUHP OHNDU]D VWRPDWRORJD DOH UµZQLH× SROHSV]D VLÇ VDPRSRF]XFLH ZLEUDWRU ORJRSHG\F]Q\ SRPR×H Z ]ZDOF]DQLX ZDG Z\PRZ\ NWµUH
QLHU]DGNR VSUDZLDMÃ ×H G]LHFNR VWDMH VLÇ QLHÐPLDÊH L PDÊRPµZQH
: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR SURGXNW\ WDNLFK PDUHN MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ $UN 05&
%$%< %586+ *5<=$. '/$ '=,(&, : :,(.8 2' 0,(6,Æ&< &XUDSUR[ 2UDO E *& .LQ 2UWKR 7HFKQRORJ\ RUWKRSOXV 502 6RQLFDUH 7RUN 9LUXVROYH F]\ <RWXHO
,GHDOQ\ UR]ZLÃ]DQLH GOD PDÊ\FK G]LHFL NWµUH QLH OXELÃ P\Å ]ÇEµZ OXE FLHUSLÃ ]
SRZRGX ]ÃENRZDQLD SRPDJD Z FRG]LHQQHM KLJLHQLH MDP\ XVWQHM QDMPÊRGV]\FK
G]LHFL RUD] ÊDJRG]L EµO Z\ZRÊDQ\ ]ÃENRZDQLHP
3/1





%$%< %586+ 6=&=27.$ 621,&=1$ .,'=621,& '/$ '=,(&,

6]F]RWHF]ND .LG]6RQLF ]H VZRLP PLÇNNLP ZÊRVLHP RUD] GHOLNDWQ\PL GUJDQLDPL MHVW
LGHDOQ\P QDU]ÇG]LHP SR]ZDODMÃF\P QDMPÊRGV]\P QD GHOLNDWQH RUD] GRNÊDGQH
F]\V]F]HQLH SRZLHU]FKQL ]ÇEµZ L G]LÃVHÊ

3/1





ZZZ VNOHSRUWR FRP SO



2UWR6NOHS _ XO 2VWURJVNLFK _ 7DUQµZ _ WHO _ PDLO RUWRVNOHS#JPDLO FRP

3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ



4ÑÄÜüèôÄ ã°÷ĖÄ ñôçÀþÜüē ñç÷Ñ°À°Û· ¼ÄôüēķÜ°ü øôçÀÜèđ ÀēÀ°Üüē¼Ėãē¼Ð Ė°Ýļ°ãē¼Ð Àç þęēüÜþ ÷ĖÜçÝãÄÎçȩ

ã°À°ãē ñôĖÄĖ 3ÑãÑ÷üô° ÀþÜ°¼ÛÑ 4°ôçÀçđÄÛ Ñ HñçôüþȮ

1DV]D RIHUWD WR SRPRFH G\GDNW\F]QH PDS\ V]NROQH PDS\ ǴFLHQQH SODQV]H HGXNDF\MQH SODQV]H MǗ]\NRZH WDEOLFH LQWHUDNW\ZQH

SURJUDP\ HGXNDF\MQH SRPRFH L JU\ SU]HGV]NROQH WDEOLFH G\GDNW\F]QH JOREXV\ RUD] ODPLQRZDQH PD’H IRUPDW\ SRGN’DGNL QD
ELXUNR :V]\VWNLH SODQV]H G\GDNW\F]QH L PDS\ Vnj REXVWURQQLH ODPLQRZDQH PDMnj G’XJnj Ȉ\ZRWQRǴǎ L ]DFKRZXMnj WUZD’RǴǎ NRORUyZ































































HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô

8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ

3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ



4ÑÄÜüèôÄ ã°÷ĖÄ ñôçÀþÜüē ñç÷Ñ°À°Û· ¼ÄôüēķÜ°ü øôçÀÜèđ ÀēÀ°Üüē¼Ėãē¼Ð Ė°Ýļ°ãē¼Ð Àç þęēüÜþ ÷ĖÜçÝãÄÎçȩ

ã°À°ãē ñôĖÄĖ 3ÑãÑ÷üô° ÀþÜ°¼ÛÑ 4°ôçÀçđÄÛ Ñ HñçôüþȮ

1DV]D RIHUWD WR SRPRFH G\GDNW\F]QH PDS\ V]NROQH PDS\ ǴFLHQQH SODQV]H HGXNDF\MQH SODQV]H MǗ]\NRZH WDEOLFH LQWHUDNW\ZQH

SURJUDP\ HGXNDF\MQH SRPRFH L JU\ SU]HGV]NROQH WDEOLFH G\GDNW\F]QH JOREXV\ RUD] ODPLQRZDQH PD’H IRUPDW\ SRGN’DGNL QD
ELXUNR :V]\VWNLH SODQV]H G\GDNW\F]QH L PDS\ Vnj REXVWURQQLH ODPLQRZDQH PDMnj G’XJnj Ȉ\ZRWQRǴǎ L ]DFKRZXMnj WUZD’RǴǎ NRORUyZ































































HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô

8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ

1$6=( /$/.,


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






















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










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


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


















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

1$6=( /$/.,


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






















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










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


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


















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

2IHUXMHP\ Z\VRNÇ MDNRĝÉ Z GREUHM FHQLH -HĝOL PDV] ZÇWSOLZRĝFL 635$:'Ļ 1$6
:]UDVWDMÇFH Z\PDJDQLD KLJLHQ\ L F]\VWRĝFL Z ]DNĄDGDFK SUDF\ RUD] WHQGHQFMD GR Z\G]LHODQLD
IXQNFML SRPRFQLF]\FK QD ]HZQÇWU] SU]HGVLÛELRUVWZ SRZRGXMÇ ľH XVĄXJL WHNVW\OQH ]\VNXMÇ
Z 3ROVFH FRUD] ZLÛNV]Ç SRSXODUQRĝÉ 8VĄXJL Z\QDMPX PDW ZHMĝFLRZ\FK ĝZLDGF]RQH SU]H]
0XOWL&OHDQ SROHJDMÇ QD NRPSOHNVRZ\P SU]HMÛFLX SU]H] ȴUPÛ REVĄXJL NOLHQWD Z ]DNUHVLH
]DRSDWU]HQLD Z PDW\ ZHMĝFLRZH 0XOWL&OHDQ ]DNXSXMH Z LPLHQLX NOLHQWD PDW\ GZD NRPSOHW\
Q QD NDľGH PLHMVFH Z\ĄRľHQLD NWµUH VÇ LQG\ZLGXDOQLH R]QDNRZDQH %UXGQH PDW\ VÇ F\NOLF]QLH
RGELHUDQD SU]H] SUDFRZQLND 0XOWL&OHDQ L Z\PLHQLDQH QD F]\VWH 0XOWL&OHDQ SRVLDGD ZĄDVQ\
]DNĄDG JG]LH PDW\ VÇ SUDQH NRQVHUZRZDQH L QDSUDZLDQH





6(5'(&=1Ζ( =$35$6=$0< '2 .217$.78












































6(5:Ζ6 '=Ζ$ă +$1'/2:< .217$.7

3LRWU &HQWRZVNL =HQRQ 5DG]LHMHZVNL 0XOWL&OHDQ 6S ] R R 6S N ZZZ PXOWLFOHDQ SO
'=Ζ$ă 2%6ă8*Ζ ./Ζ(17$ PRE PRE XO 3ROVND 3R]QDĆ
H PDLO LQIR#PXOWLFOHDQ SO H PDLO VHUZLV#PXOWLFOHDQ SO H PDLO ]HQRQ UDG]LHMHZVNL#PXOWLFOHDQ SO 7HO ELXUR#PXOWLFOHDQ SO

2IHUXMHP\ Z\VRNÇ MDNRĝÉ Z GREUHM FHQLH -HĝOL PDV] ZÇWSOLZRĝFL 635$:'Ļ 1$6
:]UDVWDMÇFH Z\PDJDQLD KLJLHQ\ L F]\VWRĝFL Z ]DNĄDGDFK SUDF\ RUD] WHQGHQFMD GR Z\G]LHODQLD
IXQNFML SRPRFQLF]\FK QD ]HZQÇWU] SU]HGVLÛELRUVWZ SRZRGXMÇ ľH XVĄXJL WHNVW\OQH ]\VNXMÇ
Z 3ROVFH FRUD] ZLÛNV]Ç SRSXODUQRĝÉ 8VĄXJL Z\QDMPX PDW ZHMĝFLRZ\FK ĝZLDGF]RQH SU]H]
0XOWL&OHDQ SROHJDMÇ QD NRPSOHNVRZ\P SU]HMÛFLX SU]H] ȴUPÛ REVĄXJL NOLHQWD Z ]DNUHVLH
]DRSDWU]HQLD Z PDW\ ZHMĝFLRZH 0XOWL&OHDQ ]DNXSXMH Z LPLHQLX NOLHQWD PDW\ GZD NRPSOHW\
Q QD NDľGH PLHMVFH Z\ĄRľHQLD NWµUH VÇ LQG\ZLGXDOQLH R]QDNRZDQH %UXGQH PDW\ VÇ F\NOLF]QLH
RGELHUDQD SU]H] SUDFRZQLND 0XOWL&OHDQ L Z\PLHQLDQH QD F]\VWH 0XOWL&OHDQ SRVLDGD ZĄDVQ\
]DNĄDG JG]LH PDW\ VÇ SUDQH NRQVHUZRZDQH L QDSUDZLDQH





6(5'(&=1Ζ( =$35$6=$0< '2 .217$.78












































6(5:Ζ6 '=Ζ$ă +$1'/2:< .217$.7

3LRWU &HQWRZVNL =HQRQ 5DG]LHMHZVNL 0XOWL&OHDQ 6S ] R R 6S N ZZZ PXOWLFOHDQ SO
'=Ζ$ă 2%6ă8*Ζ ./Ζ(17$ PRE PRE XO 3ROVND 3R]QDĆ
H PDLO LQIR#PXOWLFOHDQ SO H PDLO VHUZLV#PXOWLFOHDQ SO H PDLO ]HQRQ UDG]LHMHZVNL#PXOWLFOHDQ SO 7HO ELXUR#PXOWLFOHDQ SO

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

1DJURGÇ GOD QDV VÇ XĕPLHFKQLÛWH WZDU]H QDV]\FK &]\WHOQLNµZ





ˊˬ˗˔˪ˡ˜˖˧˪ˢ ˆʵˀ ˜˦˧ˡ˜˘˝˘ ˢ˗ ʥʣʣʧ ˥ˢ˞˨ʡ

ˀ˔ˠˬ ˣˢˡ˔˗ ʥʣʣ ˧ˬ˧˨·ͅ˪ ˭ ˡ˔˝˥ͅκˡ˜˘˝˦˭ˬ˖˛ ˗˭˜˘˗˭˜ˡʡ ˆ͗ ˧ˢ ˞˦˜͗κ˞˜ ˭˔˥ͅ˪ˡˢ ˗˟˔ ˗˭˜˘˖˜ʟ ˝˔˞ ˜ ˗˟˔ ˗ˢ˥ˢ˦·ˬ˖˛ ˖˭ˬ˧˘˟ˡ˜˞ͅ˪ʡ

˂˙˘˥˧˔ ˦˞˜˘˥ˢ˪˔ˡ˔ ˗ˢ ˡ˔˝ˠ·ˢ˗˦˭ˬ˖˛ ˝˘˦˧ ˕˔˥˗˭ˢ ˥ͅκˡˢ˥ˢ˗ˡ˔ʡ ˆ˞·˔˗˔˝͗ ˦˜ͩ ˡ˔ ˡ˜͗ ˭˕˜ˢ˥ˬ ˕˔˝˘˞ʟ ˕˔Νˡ˜ʟ ˟˘˚˘ˡ˗ ˜ ˪˜˘˥˦˭ˬʟ
˔ ˧˔˞κ˘ ˘ˡ˖ˬ˞˟ˢˣ˘˗˜˘ ˜ ˞˦˜͗κ˞˜ ˘˗˨˞˔˖ˬ˝ˡ˘ ˗˟˔ ˗˭˜˘˖˜ ˪ ˪˜˘˞˨ ˣ˥˭˘˗˦˭˞ˢ˟ˡˬˠ ˜ ˪˖˭˘˦ˡˢ˦˭˞ˢ˟ˡˬˠʡ

ʷˢ˥ˢ˦·ˬˠ ˖˭ˬ˧˘˟ˡ˜˞ˢˠ ˣˢ˟˘˖˔ˠˬ ˔˟˕˨ˠˬ ˞˥˔˝ˢ˭ˡ˔˪˖˭˘ ˜ ˧˘ˠ˔˧ˬ˖˭ˡ˘ʟ ˣˢ˥˔˗ˡ˜˞˜ ˗ˢ˧ˬ˖˭͗˖˘ ˦˧ˬ˟˨ κˬ˖˜˔ ˜ ˢ˚˥ˢ˗ˡ˜˖˧˪˔ʟ
˞˦˜͗κ˞˜ ˞˨˟˜ˡ˔˥ˡ˘ʟ ˣ˥˭˘˪ˢ˗ˡ˜˞˜ ˧˨˥ˬ˦˧ˬ˖˭ˡ˘ ˢ˥˔˭ ˔˧˟˔˦ˬ ˗˟˔ ˛ˢ˕˕ˬ˦˧ͅ˪ʡ
































































ˊˊˊʡˊˌʷʴˊˁʼʶˇˊ˂ˆʵˀʡ˃ʿ



ˆʵˀʳˊˌʷʴˊˁʼʶˇˊ˂ʠˆʵˀʡ˃ʿ

1DJURGÇ GOD QDV VÇ XĕPLHFKQLÛWH WZDU]H QDV]\FK &]\WHOQLNµZ





ˊˬ˗˔˪ˡ˜˖˧˪ˢ ˆʵˀ ˜˦˧ˡ˜˘˝˘ ˢ˗ ʥʣʣʧ ˥ˢ˞˨ʡ

ˀ˔ˠˬ ˣˢˡ˔˗ ʥʣʣ ˧ˬ˧˨·ͅ˪ ˭ ˡ˔˝˥ͅκˡ˜˘˝˦˭ˬ˖˛ ˗˭˜˘˗˭˜ˡʡ ˆ͗ ˧ˢ ˞˦˜͗κ˞˜ ˭˔˥ͅ˪ˡˢ ˗˟˔ ˗˭˜˘˖˜ʟ ˝˔˞ ˜ ˗˟˔ ˗ˢ˥ˢ˦·ˬ˖˛ ˖˭ˬ˧˘˟ˡ˜˞ͅ˪ʡ

˂˙˘˥˧˔ ˦˞˜˘˥ˢ˪˔ˡ˔ ˗ˢ ˡ˔˝ˠ·ˢ˗˦˭ˬ˖˛ ˝˘˦˧ ˕˔˥˗˭ˢ ˥ͅκˡˢ˥ˢ˗ˡ˔ʡ ˆ˞·˔˗˔˝͗ ˦˜ͩ ˡ˔ ˡ˜͗ ˭˕˜ˢ˥ˬ ˕˔˝˘˞ʟ ˕˔Νˡ˜ʟ ˟˘˚˘ˡ˗ ˜ ˪˜˘˥˦˭ˬʟ
˔ ˧˔˞κ˘ ˘ˡ˖ˬ˞˟ˢˣ˘˗˜˘ ˜ ˞˦˜͗κ˞˜ ˘˗˨˞˔˖ˬ˝ˡ˘ ˗˟˔ ˗˭˜˘˖˜ ˪ ˪˜˘˞˨ ˣ˥˭˘˗˦˭˞ˢ˟ˡˬˠ ˜ ˪˖˭˘˦ˡˢ˦˭˞ˢ˟ˡˬˠʡ

ʷˢ˥ˢ˦·ˬˠ ˖˭ˬ˧˘˟ˡ˜˞ˢˠ ˣˢ˟˘˖˔ˠˬ ˔˟˕˨ˠˬ ˞˥˔˝ˢ˭ˡ˔˪˖˭˘ ˜ ˧˘ˠ˔˧ˬ˖˭ˡ˘ʟ ˣˢ˥˔˗ˡ˜˞˜ ˗ˢ˧ˬ˖˭͗˖˘ ˦˧ˬ˟˨ κˬ˖˜˔ ˜ ˢ˚˥ˢ˗ˡ˜˖˧˪˔ʟ
˞˦˜͗κ˞˜ ˞˨˟˜ˡ˔˥ˡ˘ʟ ˣ˥˭˘˪ˢ˗ˡ˜˞˜ ˧˨˥ˬ˦˧ˬ˖˭ˡ˘ ˢ˥˔˭ ˔˧˟˔˦ˬ ˗˟˔ ˛ˢ˕˕ˬ˦˧ͅ˪ʡ
































































ˊˊˊʡˊˌʷʴˊˁʼʶˇˊ˂ˆʵˀʡ˃ʿ



ˆʵˀʳˊˌʷʴˊˁʼʶˇˊ˂ʠˆʵˀʡ˃ʿ

; 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