XVWDZ\XVWDORQ\]DSRPRFąG\UHNW\ZZ\NáDGQLVHPDQW\F]QHMX]DOHĪQLDMąFSU]\]QDQLHĞZLDGF]HQLDRG VSHáQLHQLDSU]HVáDQHNQLHSU]HZLG]LDQ\FKZXVWDZLH0RĪQDZV]DNZ\REUD]LüVRELHV\WXDFMĊĪHNWRLQQ\ GDZDáZ\PLHQLRQ\PRVRERPVFKURQLHQLH  DNWRLQQ\XG]LHODáSRPRF\WURV]F]ąFVLĊRĪ\ZQRĞü RG]LHĪĞURGNLKLJLHQLF]QHLWS .RQNOXGXMąFQDOHĪ\SU]\MąüĪHSU]HSLVDUWSNW  XVWDZ\VWZDU]DSRGVWDZĊSU]\]QDQLDĞZLDGF]HQLD MHĪHOLZUD]]LQQ\PLZDUXQNDPL]RVWDáDVSHáQLRQDSU]HVáDQNDGDZDQLDVFKURQLHQLDZ\PLHQLRQ\PZQLP RVRERP-HVWWRSU]HVáDQNDNRQLHF]QDD]DUD]HPZ\VWDUF]DMąFDGRX]\VNDQLDWHJRĞZLDGF]HQLDMHĪHOL]MHM Z\SHáQLHQLHPZLą]DáDVLĊJURĨEDNDU\ĞPLHUFL .ROHMQ\SUREOHPZLąĪHVLĊ]DNFHQWRZDQąSU]H]RUJDQ]GROQRĞFLąGRGDZDQLDVFKURQLHQLD-HJR]GDQLHP ]GROQRĞFLWDNLHMSR]EDZLRQDE\áDVNDUĪąFDNWyUDMDNRNLONXOHWQLHG]LHFNRQLHPRJáDSURZDG]LüG]LDáDOQRĞFL RNUHĞORQHMZXVWDZLH3RJOąGWDNLQLHMHVWXSUDZQLRQ\8VWDZDX]DOHĪQLDSU]\]QDQLHĞZLDGF]HQLDRG VSHáQLHQLDSU]HVáDQNLGDZDQLDVFKURQLHQLDZ\PLHQLRQ\PZQLHMSRGPLRWRP'DZDüVFKURQLHQLHPRJá\ RVRE\VDPRG]LHOQLHJRVSRGDUXMąFHOXEMDNZUR]ZDĪDQHMVSUDZLHURG]LQ\  GDZDQLHVFKURQLHQLD SU]H]URG]LQĊSRGPLRWRPZ\PLHQLRQ\PZDUWSNW  E\áRZU]HF]\ZLVWRĞFLG]LDáDQLHPUHDOL]RZDQ\PZ WHMF]\LQQHMIRUPLHSU]H]MHMF]áRQNyZNWyU]\ZVSyOQLHPLHV]NDMąFLJRVSRGDUXMąFURG]LQĊWĊWZRU]ą 2]QDF]DWRĪHURG]LFHVNDUĪąFHMNWyU]\SRGMĊOLGHF\]MĊRGDQLXVFKURQLHQLDRVRERPZ\PLHQLRQ\PZDUW SNW XVWDZ\G]LDáDOLWDNĪHMDNRUHSUH]HQWDQFLPDáROHWQLFKG]LHFLDQJDĪXMąFMHZG]LDáDQLHRNUHĞORQHZ W\PSU]HSLVLH6NRURG]LHFLRP]DDQJDĪRZDQ\P]ZROLURG]LFyZZWĊG]LDáDOQRĞüJUR]Lá\WDNLHVDPHVXURZH NRQVHNZHQFMHMDNRVRERPGRURVá\PWRWUXGQRE\áRE\EURQLüVWDQRZLVNDĪHMHGQRF]HĞQLHSR]EDZLRQHVą RQH]WHJRW\WXáXXSUDZQLHĔSU]\VáXJXMąF\FKGRURVá\P:\NáDGQLWDNLHMQLHGDáRE\VLĊXVSUDZLHGOLZLü ĪDGQ\PLZ]JOĊGDPL 1DPDUJLQHVLHW\ONRQDOHĪ\ZVND]DüĪHGHF\]MD]GQLDOLVWRSDGDUZRJyOHQLH]DZLHUDĪDGQHJR X]DVDGQLHQLDIDNW\F]QHJRRUD]QLHSRGDMHPDWHULDOQRSUDZQHMSRGVWDZ\UR]VWU]\JQLĊFLDQDWRPLDVWGHF\]MD Z\GDQDSRSRQRZQ\PUR]SDWU]HQLXVSUDZ\ZVND]XMHMDNRSRGVWDZĊUR]VWU]\JQLĊFLDDUWSNW]DPLDVW DUWSNW  ,FKRFLDĪZW\PZ\SDGNXWHXFK\ELHQLDQLHPLDá\ZSá\ZXQDZ\QLNUR]VWU]\JQLĊFLDWR RERZLą]NLHP6ąGXMHVW]ZUyFHQLHQDQLHXZDJL 8Z]JOĊGQLDMąFSRZ\ĪV]HQDSRGVWDZLHDUW†SNWOLWDXVWDZ\]GQLDVLHUSQLDU3UDZRR SRVWĊSRZDQLXSU]HGVąGDPLDGPLQLVWUDF\MQ\PL ']81USR] Z]ZLą]NX]DUW†XVWDZ\ ]GQLDVLHUSQLDU3U]HSLV\ZSURZDG]DMąFHXVWDZĊ3UDZRRXVWURMXVąGyZDGPLQLVWUDF\MQ\FKL XVWDZĊ3UDZRRSRVWĊSRZDQLXSU]HGVąGDPLDGPLQLVWUDF\MQ\PL ']81USR]]H]P RU]HF]RQRMDNZVHQWHQFML 2NRV]WDFKRU]HF]RQRQDSRGVWDZLHDUWXVWXVWDZ\]GQLDPDMDUR1DF]HOQ\P6ąG]LH $GPLQLVWUDF\MQ\PZ]ZLą]NX]DUW†Z\ĪHMSRZRáDQ\FK3U]HSLVyZZSURZDG]DMąF\FK 6ąGQLHRU]HNDáZSU]HGPLRFLHZ\NRQDQLD]DVNDUĪRQHMGHF\]MLJG\ĪGHF\]MDRGPRZQD]DVDGQLF]RQLH QDGDMHVLĊGRZ\NRQDQLD