SU]H]RUJDQ\SDĔVWZDRE\ZDWHOLQDURGRZRĞFLĪ\GRZVNLHMOXERVyENWyUHXWUDFLá\RE\ZDWHOVWZR =DLQWHUHVRZDQ\PyJáSRGMąüG]LDáDQLDSUDZQHFKRFLDĪE\SU]H]G]LDáDMąFHJRQDWHUHQLHNUDMXIDFKRZHJR SHáQRPRFQLND7DNLFKG]LDáDĔQLHSRGHMPRZDáFKRFLDĪQLHE\áRFRGRWHJRRELHNW\ZQ\FKSU]HV]NyG :\UD]LáSRJOąGĪHWDNĪHZRNUHVLHNLHG\$*]DPLHV]NLZDáZ,]UDHOXQDOHĪ\X]QDüLĪQLHNRU]\VWDQLH SU]H]QLHJR]XSUDZQLHĔZáDĞFLFLHOVNLFKQLHE\áRVNXWNLHPRELHNW\ZQ\FKSU]HV]NyGOHF]SU]HNRQDQLDR VXELHNW\ZQ\PFKDUDNWHU]H3RGNUHĞOLáĪH]DLQWHUHVRZDQLVSDGNRELHUF\ZáDĞFLFLHODQLHSRGHMPRZDOLSU]H] NLONDG]LHVLąWODWĪDGQ\FKG]LDáDĔLWRMHVWSU]HVąG]DMąFHRQLHWUDIQRĞFL]DMĊWHJRSU]H]QLFKVWDQRZLVND GRW\F]ąFHJRVWRVRZDQLDZVSUDZLHDUWSNWNF3U]\MPXMąFELHJWHUPLQX]DVLHG]HQLDRGVW\F]QLD URUD]GREUąZLDUĊZQLRVNRGDZF\VWZLHUG]LáĪHGRQDE\FLDVSRUQHMQLHUXFKRPRĞFLSU]H]6NDUE 3DĔVWZDGRV]áR]GQLHPVW\F]QLDU 8F]HVWQLF\ZVNDUG]HNDVDF\MQHMRSDUWHMQDQDUXV]HQLXSU]HSLVyZSRVWĊSRZDQLDZVWRSQLXPDMąF\PZSá\Z QDZ\QLNVSUDZ\WMDUWNSFZ]Z]DUW†NSFRUD]Z]Z]DUW†NSFLZ]Z]DUW †NSFDWDNĪHQDREUD]LHSUDZDPDWHULDOQHJRDWRDUW†NFRUD]DUWSNWNFZ]Z] DUWNFZQLHĞOLRXFK\OHQLH]DVNDUĪRQHJRSRVWDQRZLHQLDZFDáRĞFLLRGGDOHQLHDSHODFMLHZHQWXDOQLHR SU]HND]DQLHVSUDZ\GRSRQRZQHJRUR]SR]QDQLD 8]DVDGQLHQLHSUDZQH 6ąG1DMZ\ĪV]\]ZDĪ\áFRQDVWĊSXMH :HGáXJDUW  †NSFSRGVWDZąVNDUJLNDVDF\MQHMQLHPRJąE\ü]DU]XW\GRW\F]ąFHXVWDOHQLDIDNWyZ OXERFHQ\GRZRGyZ8QRUPRZDQLHWRMHVWZ\QLNLHPWHJRĪHGHOHJHODWDĞURGHNWHQSU]\VáXJXMHRG RU]HF]HĔSUDZRPRFQ\FK:]ZLą]NX]W\PSRVWĊSRZDQLHSU]HG6ąGHP1DMZ\ĪV]\PWRF]\VLĊSU]HGH ZV]\VWNLPZLQWHUHVLHSXEOLF]Q\PLGODWHJRMHVWRSDUWHQDRGPLHQQ\FK]DVDGDFKQLĪSRVWĊSRZDQLHSU]HG VąGHPDSHODF\MQ\P=WHJRZ]JOĊGXQLHPRĪQDRSLHUDüVNDUJLNDVDF\MQHMQD]DU]XFLHREUD]\DUW† NSF7DNL]DU]XWJG\E\QLHGDOV]HZ\WNQLĊWHEUDNLSRGOHJDMąFHPHU\WRU\F]QHMRFHQLHPyJáE\VNXWNRZDü QDZHWRGU]XFHQLHPVNDUJLNDVDF\MQHM SRUQSSRVWDQRZLHQLH6ąGX1DMZ\ĪV]HJR]GQLDPDMDU,,, &=261&1USR]LZ\URN6ąGX1DMZ\ĪV]HJR]GQLDOXWHJRU,,&6. QLHSXEOLNRZDQ\  6ąGGUXJLHMLQVWDQFMLPRĪHZ]DVDG]LH]DZV]HVDPXVWDOLüVWDQIDNW\F]Q\ZVSUDZLH0D]UHV]WąWDNLH SUDZRLRERZLą]HN$UW\NXáNSFPDFKDUDNWHURJyOQHMG\UHNW\Z\RNUHĞODMąFHMLVWRWĊSRVWĊSRZDQLD DSHODF\MQHJRMDNRNRQW\QXDFMĊPHU\WRU\F]QHJRUR]SR]QDQLDVSUDZ\Z]ZLą]NX]F]\PZV\WXDFMLZ NWyUHMSRGVWDZDNDVDF\MQD]DUW  †SNWNSFRJUDQLF]DVLĊGR]DU]XWXQDUXV]HQLDDUWNSF PRĪHRQDE\üXVSUDZLHGOLZLRQDW\ONRZ\MąWNRZRMHĪHOLVNDUĪąF\Z\NDĪHĪHVąGGUXJLHMLQVWDQFML EH]SRGVWDZQLHSRPLQąáF]ĊĞü]HEUDQHJRPDWHULDáXRUD]ĪHXFK\ELHQLHWRPRJáRPLHüZSá\ZQDZ\QLN VSUDZ\ SRUQSZ\URN6ąGX1DMZ\ĪV]HJR]GQLDSDĨG]LHUQLNDU,9&6./(;QU  =DU]XWMHGQDNREUD]\WHJRSU]HSLVXQLHMHVWWUDIQ\VNRURVNDUĪąF\QLHZVND]DOLQDZHWMDNąWR F]ĊĞüPDWHULDáXSURFHVRZHJRPLDáE\SRPLQąü6ąGGUXJLHMLQVWDQFML