7\WXáHPXZDJLZVWĊSQHM6ąG$SHODF\MQ\ZVND]XMHĪHSRG]LHODZFDáRĞFLGRNRQDQHSU]H]6ąG2NUĊJRZ\ XVWDOHQLDIDNW\F]QHSRSU]HG]RQHQLHZDGOLZąVSHáQLDMąFDNU\WHULDSU]HZLG]LDQHZDUW†NSFRFHQą ]JURPDG]RQHJRZVSUDZLHPDWHULDáXGRZRGRZHJRMDNUyZQLHĪRSDUWąQDW\FKXVWDOHQLDFK PDWHULDOQRSUDZQąRFHQĊ]JáRV]RQ\FKSU]H]ZQLRVNRGDZFĊĪąGDĔ&]\QLWR]EĊGQ\PLFKSRZWDU]DQLH'R RGPLHQQ\FKZQLRVNyZQLHPRJá\GRSURZDG]Lü]DU]XW\]JáRV]RQHZ]DĪDOHQLXNWyU\FKVSRVyEZHU\ILNDFML VDPRLVWQLHZ\]QDF]DáNLHUXQHNUR]VWU]\JQLĊFLDVSUDZ\SU]H]6ąGRGZRáDZF]\ 6SHF\ILNDQLQLHMV]HMVSUDZ\QDHWDSLHSRVWĊSRZDQLDRGZRáDZF]HJRSU]HMDZLDáDVLĊZW\PĪHSRPLPR ZLHORĞFL]JáRV]RQ\FKSU]H]VNDUĪąFHJR]DU]XWyZLFKLVWRWDVSURZDG]DáDVLĊGRMHGQHJRZVSyOQHJR ]DJDGQLHQLDDPLDQRZLFLHOHJLW\PDFMLELHUQHMXF]HVWQLND6NDUĪąF\ZVND]\ZDáQDQDUXV]HQLHSU]H]6ąG, LQVWDQFML]DVDGRFHQ\PDWHULDáXGRZRGRZHJRZ]DNUHVLHXVWDOHQLDĪHXF]HVWQLNQLHMHVWLQVW\WXFMRQDOQLH ]ZLą]DQ\]SURILOHP2ĞURGHN  QDSRUWDOX)QDNWyU\P]DPLHV]F]RQHE\á\WUHĞFLQDUXV]DMąFHVIHUĊMHJR GyEUSUDZHPFKURQLRQ\FKDQDGWRWZLHUG]LáĪH]XVWDORQ\FKSU]H]WHQ6ąGIDNWyZXSUDZQLRQHE\áR Z\SURZDG]HQLHGRPQLHPDQLDIDNW\F]QHJRRLVWQLHQLXWHJRURG]DMX]ZLą]NXZRSDUFLXRG\VSR]\FMĊDUW NSF1LHXOHJDSU]\W\PZąWSOLZRĞFLĪHVNXWHF]QRĞü]DU]XWXQDUXV]HQLDZVND]DQ\FKZ]DĪDOHQLX SU]HSLVyZSUDZDPDWHULDOQHJRZSURVWX]DOHĪQLRQDE\áDRGNLHUXQNXRFHQ\]DU]XWyZQDWXU\SURFHVRZHML IDNW\F]QHMVNRURZ\QLNDMąFH]W\FKSU]HSLVyZXSUDZQLHQLDDNWXDOL]RZDá\VLĊGRSLHURZUD]LHXSU]HGQLHJR ]JRGQHJR]WZLHUG]HQLDPLVNDUĪąFHJRSU]HVąG]HQLDNZHVWLLOHJLW\PDFMLELHUQHMXF]HVWQLND6ąG$SHODF\MQ\ ZVND]XMHMHG\QLHZW\PDVSHNFLHĪHDNFHSWXMHZFDáRĞFLVWDQRZLVNR6ąGX,LQVWDQFMLFRGRWHJRĪHJG\E\ OHJLW\PDFMDWD]RVWDáDSU]H]ZQLRVNRGDZFĊZ\ND]DQDWRMHJRURV]F]HQLDSRGOHJDá\E\XZ]JOĊGQLHQLXZ SU]HZDĪDMąFHMF]ĊĞFL 7\WXáHPXZDJLSRU]ąGNRZHM6ąG$SHODF\MQ\ZVND]XMHĪHZHU\ILNXMąFPDWHULDáGRZRGRZ\XZ]JOĊGQLá UyZQLHĪGRZRG\]JáRV]RQHSU]H]ZQLRVNRGDZFĊZ]DĪDOHQLX2FHQDW\FKGRZRGyZ]RVWDQLH SU]HGVWDZLRQDZGDOV]HMF]ĊĞFLQLQLHMV]HJRX]DVDGQLHQLD :P\ĞODUW†NSFVąGRFHQLDZLDURJRGQRĞüLPRFGRZRGyZZHGáXJZáDVQHJRSU]HNRQDQLDQD SRGVWDZLHZV]HFKVWURQQHJRUR]ZDĪHQLD]HEUDQHJRPDWHULDáX=EU]PLHQLDF\WRZDQHJRSU]HSLVXSU]\ XZ]JOĊGQLHQLXWUHĞFLDUW†NSFZ]Z]DUW†NSFZ\QLNDMąQDáRĪRQHQDVąGRU]HNDMąF\ RERZLą]HNSRSLHUZV]HZV]HFKVWURQQHJRUR]ZDĪHQLD]HEUDQHJRZVSUDZLHPDWHULDáXSRGUXJLH XZ]JOĊGQLHQLDZV]\VWNLFKGRZRGyZSU]HSURZDG]RQ\FKZSRVWĊSRZDQLXSRWU]HFLHVNRQNUHW\]RZDQLD RNROLF]QRĞFLWRZDU]\V]ąF\FKSU]HSURZDG]HQLXSRV]F]HJyOQ\FKGRZRGyZPDMąF\FK]QDF]HQLHGODRFHQ\ LFKPRF\LZLDU\JRGQRĞFLSRF]ZDUWHZVND]DQLDMHGQR]QDF]QHJRNU\WHULXPRUD]DUJXPHQWDFML SR]ZDODMąFHMZ\ĪV]HMLQVWDQFMLLVNDUĪąFHPXQDZHU\ILNDFMĊGRNRQDQHMRFHQ\ZSU]HGPLRFLHX]QDQLD GRZRGX]DZLDU\JRGQ\EąGĨWHĪMHJR]G\VNZDOLILNRZDQLHSRSLąWHSU]\WRF]HQLDZX]DVDGQLHQLX ]DVNDUĪRQHJRRU]HF]HQLDGRZRGyZQDNWyU\FKVąGVLĊRSDUáLSU]\F]\QGODNWyU\FKLQQ\PGRZRGRP RGPyZLáZLDU\JRGQRĞFL-DNWUDIQLHSU]\MPXMHVLĊSU]\W\PZRU]HF]QLFWZLHVąGRZ\PMHĪHOL]RNUHĞORQHJR PDWHULDáXGRZRGRZHJRVąGZ\SURZDG]DZQLRVNLORJLF]QLHSRSUDZQHL]JRGQH]GRĞZLDGF]HQLHP