2NUĊJRZD5DGD/HNDUVNDZ   GDOHM25/RUJDQ,LQVWDQFML XFKZDáą]GQLD  OLSFDUQU   QDSRGVWDZLHDUWSNWZ]Z]DUWSNWLXVWDZ\]GQLDJUXGQLDURL]EDFKOHNDUVNLFK '] 8]USR]GDOHMXVWDZDRL]EDFKOHNDUVNLFK RUD]DUWXVWXVWXVWRUD]DUWXVW XVWDZ\]GQLDJUXGQLDUR]DZRGDFKOHNDU]DLOHNDU]DGHQW\VW\ ']8]USR]WM]SyĨQ ]PGDOHMX]OG DUW†NSDL†XVWLXVW5R]SRU]ąG]HQLD0LQLVWUD=GURZLD]GQLD OLVWRSDGDUZVSUDZLHWU\EXSRZRá\ZDQLDLVSRVREXG]LDáDQLDNRPLVMLRU]HNDMąFHMZSU]HGPLRFLH QLH]GROQRĞFLOHNDU]DGRZ\NRQ\ZDQLD]DZRGXDOERRJUDQLF]HQLDZZ\NRQ\ZDQLXĞFLĞOHRNUHĞORQ\FK F]\QQRĞFLPHG\F]Q\FKRUD]WU\EXRU]HNDQLDRQLH]GROQRĞFLGRZ\NRQ\ZDQLD]DZRGXOHNDU]DDOER RJUDQLF]HQLDZZ\NRQ\ZDQLXĞFLĞOHRNUHĞORQ\FKF]\QQRĞFLPHG\F]Q\FK ']81USR]GDOHM UR]SRU]ąG]HQLH Z]Z]DUWKXVWDZ\]GQLDPDUFDURV]F]HJyOQ\FKUR]ZLą]DQLDFK ]ZLą]DQ\FK]]DSRELHJDQLHPSU]HFLZG]LDáDQLHPL]ZDOF]DQLHP&29,'LQQ\FKFKRUyE]DNDĨQ\FKRUD] Z\ZRáDQ\FKQLPLV\WXDFMLNU\]\VRZ\FK ']8]USR] SRZRáDáDNRPLVMĊRU]HNDMąFąZ SU]HGPLRFLHQLH]GROQRĞFLVNDUĪąFHJRGRZ\NRQ\ZDQLD]DZRGXDOERRJUDQLF]HQLDZZ\NRQ\ZDQLXĞFLĞOH RNUHĞORQ\FKF]\QQRĞFLPHG\F]Q\FK]HZ]JOĊGXQDVWDQ]GURZLDVNDUĪąFHJR OHNDU]DF]áRQND25/QU SUDZDZ\NRQ\ZDQLD]DZRGX  RUD]]DZLHVLáDVNDUĪąFHJRZSUDZLHZ\NRQ\ZDQLD]DZRGXGRF]DVX ]DNRĔF]HQLDSRVWĊSRZDQLD8FKZDOHQDGDQRU\JRUQDW\FKPLDVWRZHMZ\NRQDOQRĞFL 25/ZX]DVDGQLHQLXXFKZDá\Z\MDĞQLáDĪHZGQLXPDMDUGR3UH]HVD25/ZSá\QĊáRSLVPR =DVWĊSF\'\UHNWRUDGV0HG\F]Q\FK:RMHZyG]NLHM6WDFML3RJRWRZLD5DWXQNRZHJRZ  LQIRUPXMąFHR XMDZQLRQ\FKSUREOHPDFKQDWXU\]GURZRWQHMXVNDUĪąFHJRZ\NRQXMąFHJR]DZyGOHNDU]D:VND]DQRZQLP QDSRMDZLDMąFHVLĊSUREOHP\ GRW\F]ąFHPLQFDáNRZLWHJREUDNXKLJLHQ\RVRELVWHMRGPRZ\XG]LHODQLD SRPRF\SDFMHQWRPQLHOHWQLPRUD]SR]RVWDZLDQLHF]áRQNyZ]HVSRáXZWUDNFLHSURZDG]HQLD5.2]VXJHVWLą EH]VHQVRZQHJRSRGHMPRZDQLDGDOV]\FKG]LDáDĔ ZPLHMVFDFKVWDFMRQRZDQLD=HVSRáX5DWRZQLFWZD 0HG\F]QHJRZNWyU\FKVNDUĪąF\SHáQLáG\ĪXU\HIHNWHPF]HJRSU]HSURZDG]RQD]RVWDáDUR]PRZDG\UHNFML SODFyZNLPHG\F]QHM]HVNDUĪąF\P1DVWĊSQLHVNDUĪąF\VNLHURZDáGRNRRUG\QDWRUDSODFyZNLOLVW ]DZLHUDMąF\ZXOJDU\]P\RUD]JURĨE\ 25/ZVND]DáDQDVWĊSQLHĪHGDOV]DNRUHVSRQGHQFMDVNDUĪąFHJR]G]LDáHPSODQRZDQLDSODFyZNLPHG\F]QHM XWZLHUG]LáDMHMG\UHNFMĊZSU]HNRQDQLXRSUREOHPDFKVNDUĪąFHJRPRJąF\FKPLHüEH]SRĞUHGQLZSá\ZQD EH]SLHF]HĔVWZRSDFMHQWyZLF]áRQNyZ=HVSRáX5DWRZQLFWZD0HG\F]QHJRDWDNĪHVNDUĪąFHJR 3U]\WRF]RQRF\WDW\]ZLDGRPRĞFLVNDUĪąFHJRPLQREUDĪDMąFHRE\ZDWHOL3ROVNLLX]QDMąFHLFK]DUDVĊ QLĪV]ą6NDUĪąF\ZVND]\ZDáUyZQLHĪĪHEH]SU]HV]NyGMHVWZVWDQLH]DSU]\MDĨQLüVLĊ]SUH]\GHQWHP )HGHUDFML5RV\MVNLHMMDNUyZQLHĪXĪ\ZDáLQZHNW\ZZREHFMHGQHJR]SUDFRZQLNyZSODFyZNL2GQRVLáVLĊ UyZQLHĪZVZRLFKZLDGRPRĞFLDFKGRSUREOHPXKRORNDXVWXLSRVWDFL$GROID+LWOHUD :SLĞPLH]PDMDUSRGQLHVLRQRUyZQLHĪĪHVNDUĪąF\ZWUDNFLHSDQGHPLLZ\ZRáDQHMZLUXVHP 6$56&R&EH]SRĞUHGQLRQDUDĪDáF]áRQNyZ]HVSRáXRUD]VLHELHRGPDZLDMąF]DVWRVRZDQLDĞURGNyZ RFKURQ\RVRELVWHMRUD]QLHVWRVXMąFVLĊGRZ\PDJDQ\FKSURFHGXURUD]]DOHFHĔHSLGHPLRORJLF]Q\FK