U6NDUĪąF\NDVDF\MQLHSRZLQLHQE\üWUDNWRZDQ\MDNR]ZLą]HNZ\]QDQLRZ\1LHPD]QDF]HQLDWRĪH SRVLDGDW\ONRMHGQąJPLQĊ2GQLyVáVLĊUyZQLHĪGRVZRERG\Z\]QDQLDLUHODFMLGR   :SLĞPLHSURFHVRZ\PVNDUĪąF\NDVDF\MQLHRĞZLDGF]\áĪHSRSLHUDVNDUJĊNDVDF\MQąLSRLQIRUPRZDáĪH MHVWQLH]DOHĪQ\P]ZLą]NLHPZ\]QDQLRZ\PVNáDGDMąF\PVLĊ]WU]HFKJPLQORNDOQ\FK:QLyVáR GRSXV]F]HQLHGRZRGX]]H]QDĔĞZLDGND5DELQD  QDRNROLF]QRĞüG]LDáDOQRĞFLVNDUĪąFHJRNDVDF\MQLH SURZDG]HQLDSURFHVXNRQZHUVMLLRGUĊEQRĞFL]ZLą]NXRG  DWDNĪHRGRSXV]F]HQLHGRZRGX] SU]HVáXFKDQLD  SUH]HVD  QDRNROLF]QRĞüIXQNFMRQRZDQLDVNDUĪąFHJRNDVDF\MQLHMDNRRGUĊEQHJRL QLH]DOHĪQHJR]ZLą]NX :RGSRZLHG]LQDVNDUJĊNDVDF\MQą  ZQLyVáRMHMRGU]XFHQLHHZHQWXDOQLHRRGGDOHQLHDZNDĪG\P SU]\SDGNXR]DVąG]HQLHNRV]WyZSRVWĊSRZDQLDZJQRUPSU]HSLVDQ\FK:VND]DáĪHVąGSRZLQLHQ UR]ZDĪ\üF]\VNDUJDNDVDF\MQDQLHPXVL]RVWDüRGU]XFRQDMDNRVSyĨQLRQD:GDOV]HMNROHMQRĞFL]DXZDĪ\á ĪHZSRGREQ\FKVSUDZDFKE\á\MXĪZ\GDZDQHRU]HF]HQLDRGPDZLDMąFHUHMHVWUDFML  PDSU]\PLRWVWURQ\ SRVWĊSRZDQLDJG\ĪVSUDZDGRW\F]\MHJRSU]\ZLOHMyZJZDUDQWRZDQ\FKXVWDZRZR*PLQDZ\]QDQLRZD Ī\GRZVND EH]Z]JOĊGXQDWRF]\MHVWSRVWĊSRZDF]\NRQVHUZDW\ZQD PRĪHSRZVWDüW\ONRQDSRGVWDZLH GHF\]MLRGSRZLHGQLFKZáDG]  1LHPDPRĪOLZRĞFLDOWHUQDW\ZQHJRUHMHVWURZDQLDJPLQĪ\GRZVNLFK *G\E\  ]RVWDáDXWZRU]RQDZRSDUFLXRXVWDZĊ]UWRMHMPDMąWHNZSU]\SDGNX]QLHVLHQLD SU]HV]HGáE\QDZáDVQRĞü  DZLĊF  PDLQWHUHVSUDZQ\ZW\PSRVWĊSRZDQLX2W\PĪHVNDUĪąF\ NDVDF\MQLHWRJPLQDĪ\GRZVNDLQIRUPXMHQDZHWVDPDMHJRQD]ZD2GQLyVáVLĊWDNĪHGRDUJXPHQWXVNDUJL NDVDF\MQHMGRW\F]ąFHJRZ\áąF]QRĞFLZ\]QDQLDPRMĪHV]RZHJRZĞUyGF]áRQNyZ  RUD]RE\ZDWHOVWZD 'HF\]MDUHMHVWUXMąFD  RNUHĞODĪHMHJRF]áRQNDPLPRJąE\üRE\ZDWHOHSROVF\2GQRV]ąFVLĊ]DĞGR ZLHNXF]áRQNyZZVND]DáĪHSU]\MPRZDQLHRVyEQLHSHáQROHWQLFKVWRLZVSU]HF]QRĞFL]SU]HSLVDPLSUDZD JG\ĪQLHPDMąRQHSHáQHM]GROQRĞFLGRF]\QQRĞFLSUDZQ\FKDF]\QQRĞFLUHOLJLMQHZ\PDJDMąRVRELVWHJR ]DDQJDĪRZDQLDSU]H]FRQLHPRĪHLFKGRNRQDüQLHW\ONRRVREDRRJUDQLF]RQHM]GROQRĞFLGRF]\QQRĞFL SUDZQ\FKDOHUyZQLHĪMHMSU]HGVWDZLFLHO2GQRV]ąFVLĊ]DĞGRF]áRQNRVWZDRVyEQLHEĊGąF\FKZ\]QDQLD PRMĪHV]RZHJRZVND]DáĪH]U]HV]DQLHZUDPDFKMHGQHJR]ZLą]NXZ\]QDQLRZHJRZ\]QDZFyZUyĪQ\FK UHOLJLL]XZDJLQSQDSR]RVWDZDQLHLFKZ]ZLą]NXPDáĪHĔVNLPMHVWVSU]HF]QH]XVWDZą]U2GQLRVáD VLĊWDNĪHGRSR]RVWDá\FKDUJXPHQWyZVNDUĪąFHJRNDVDF\MQLH6NDUĪąF\NDVDF\MQLHU]ąG]LVLĊZáDVQ\P SUDZHPZHZQĊWU]Q\PVWDWXWHP6NDUĪąF\NDVDF\MQLHMHVWSRQDGWRQLH]DOHĪQ\RUJDQL]DF\MQLHJG\ĪPLQ W\ONRZVSyáSUDFXMH]HĞZLDWRZąXQLąMXGDL]PXSRVWĊSRZHJR-HVWRQ]DWHPJPLQąĪ\GRZVNąFRSRNU\ZD VLĊ]RSLQLDPLELHJá\FKUHOLJLR]QDZFyZ :SLĞPLHSURFHVRZ\P  ZQLyVáRRGGDOHQLHZQLRVNyZGRZRGRZ\FKRUD]SRPLQLĊFLHSU]\RFHQLH VSUDZ\]DáąF]RQHJRZ\FLąJX]UHMHVWUXNRĞFLRáyZLLQQ\FK]ZLą]NyZZ\]QDQLRZ\FK:VND]DáĪH SRVWĊSRZDQLHGRZRGRZH]]H]QDĔĞZLDGNyZQLHMHVWGRSXV]F]DOQHD]GRNXPHQWXQLHMHVWX]DVDGQLRQHL QLHPD]QDF]HQLDGODVSUDZ\FKRFLDĪE\]HZ]JOĊGXQDGDWĊWHJRZ\FLąJX 1DUR]SUDZLHOLSFDU16$]RERZLą]DáVNDUĪąFHJRNDVDF\MQLHGRX]XSHáQLHQLDX]DVDGQLHQLDVNDUJL