GZyFKXVWDZ5R]ZDĪDQLDSUDZQHRUJDQXGRW\F]ąUyZQLHĪZVND]DQ\FKSU]HSLVyZ.RQVW\WXFML53DZ V]F]HJyOQRĞFLDUWDUWXVWDUWXVWDWDNĪHDUW3RZV]HFKQHM'HNODUDFML3UDZ &]áRZLHNDDUWXVW.RQZHQFMLRRFKURQLHSUDZF]áRZLHNDLSRGVWDZRZ\FKZROQRĞFL,VWRWQ\P HOHPHQWHPUR]ZDĪDĔSUDZQ\FKMHVW6WDWXW  RUD]6WDWXW  NWyUHPDMąFKDUDNWHUDNWyZSUDZD ZHZQĊWU]QHJR6ąGQLHRGQLyVáVLĊGRSU]HGVWDZLRQHJRSU]H]RUJDQX]DVDGQLHQLDSUDZQHJRLSRGQRV]RQ\FK DUJXPHQWyZQLHRGQLyVáVLĊUyZQLHĪGRSRGQRV]RQ\FKZVNDUG]H]DU]XWyZGRW\F]ąF\FKQDUXV]HQLD ]DUyZQRSU]HSLVyZXVWDZ\]GQLDOXWHJRUMDNLXVWDZ\]PDMDUDWDNĪHSU]HSLVyZ .RQVW\WXFMLQLHSU]HGVWDZLáUyZQLHĪZáDVQHJRVWDQRZLVNDSUDZQHJRLWRZV\WXDFMLJG\XZ]JOĊGQLáVNDUJĊ LXFK\OLá]DVNDUĪRQąGHF\]MĊRUD]GHF\]MĊMąSRSU]HG]DMąFą 1DOHĪ\Z\UDĨQLH]D]QDF]\üĪHZNDĪG\PX]DVDGQLHQLXZ\URNXV]F]HJyOQH]QDF]HQLHPDZVND]DQLH SRGVWDZ\SUDZQHMUR]VWU]\JQLĊFLDRUD]MHMZ\MDĞQLHQLH:\PRJXWHJRQLHVSHáQLDDQLRJyOQHSRZRáDQLHVLĊ QD]DVWRVRZDQHZVSUDZLHSU]HSLV\SUDZDDQLWHĪRJUDQLF]HQLHVLĊGRVWZLHUG]HQLDĪHQLHGRV]áRGR QDUXV]HQLDSUDZD=DWDNLPVWZLHUG]HQLHPPXVLSRGąĪDüGRNRQDQDVDPRG]LHOQLHSU]H]VąGDQDOL]DFDáHM VSUDZ\áąF]QLH]Z\MDĞQLHQLHPSRGVWDZ\SUDZQHMLDUJXPHQWDPLSU]HPDZLDMąF\PL]DMHM]DVWRVRZDQLHP 2JyOQLNRZHX]DVDGQLHQLHQLHVSHáQLDMąFHSRZ\ĪV]\FKZ\PRJyZVWDQRZLZLĊFXFK\ELHQLHNWyUHPRĪH PLHüZSá\ZQDZ\QLNVSUDZ\ZSUDNW\FHXQLHPRĪOLZLDVWURQLHSROHPLNĊ]RFHQąVWDQXIDNW\F]QHJRL SUDZQHJRVSUDZ\ =DVDGQHVąUyZQLHĪ]DU]XW\VNDUJLNDVDF\MQHMGRW\F]ąFHQDUXV]HQLDSU]HSLVyZSUDZDPDWHULDOQHJR:ĞUyG W\FK]DU]XWyZZVND]DQRQDQDUXV]HQLHDUWDUWXVWZ]Z]DUWXVWDZ\]GQLDOXWHJRU SRSU]H]EáĊGQąZ\NáDGQLĊSROHJDMąFąQDSU]\MĊFLXĪH  WZRU]ąFMHGQRVWNĊRNUHĞOQDMDNRJPLQDZV]HGá ZVIHUĊ]DVWU]HĪRQąSU]HSLVDPLWHMXVWDZ\DUWRUD]XVW.RQVW\WXFML53DUWXVW.RQZHQFMLR 2FKURQLH3UDZ&]áRZLHNDLSRGVWDZRZ\FKZROQRĞFLDUW3RZV]HFKQHM'HNODUDFML3UDZ&]áRZLHNDRUD] DUWXVWZ]ZLą]NXDUWLXVWDZ\]PDMDU 2GQRV]ąFVLĊGRSRZ\ĪV]\FK]DU]XWyZQDOHĪ\ZSLHUZV]HMNROHMQRĞFLZVND]DüQD]DU]XW\GRW\F]ąFH QDUXV]HQLD]DVDGZ\QLNDMąF\FK].RQVW\WXFML7RRGZRáDQLHVLĊGR]DVDGNRQVW\WXF\MQ\FKX]DVDGQLRQHMHVW ]DUyZQRW\PĪH.RQVW\WXFMDMHVWSRGVWDZRZ\PĨUyGáHPSUDZDZ3DĔVWZLHMDNUyZQLHĪIDNWHPĪHXVWDZ\ ]OXWHJRUL]PDMDU]RVWDá\ZSURZDG]RQHGRREURWXSUDZQHJRSU]HGZHMĞFLHPZĪ\FLH .RQVW\WXFML53]GQLDNZLHWQLDUSRGF]DVJG\QRZDXVWDZD]DVDGQLF]DXVWDQRZLáDRZLHOHEDUG]LHM V]F]HJyáRZ\UHĪLPSUDZQ\ZVSUDZDFK]]DNUHVXZROQRĞFLVXPLHQLDLUHOLJLLQLĪZF]HĞQLHMV]HSU]HSLV\ NRQVW\WXF\MQH:ĞUyGNOXF]RZ\FKZW\P]DNUHVLHSU]HSLVyZVąPLĊG]\LQQ\PLSU]HSLV\SRZRá\ZDQHZ VNDUG]HNDVDF\MQHM=JRGQLH]DUWXVW.RQVW\WXFMLVWRVXQNLPLĊG]\SDĔVWZHPDNRĞFLRáDPLLLQQ\PL ]ZLą]NDPLZ\]QDQLRZ\PLVąNV]WDáWRZDQHQD]DVDGDFKSRV]DQRZDQLDLFKDXWRQRPLLRUD]Z]DMHPQHM QLH]DOHĪQRĞFLNDĪGHJRZVZRLP]DNUHVLHMDNUyZQLHĪZVSyáG]LDáDQLDGODGREUDF]áRZLHNDLGREUD ZVSyOQHJR=DVDGDZ\QLNDMąFD]DUWXVW.RQVW\WXFMLMHVWZ\UD]HPLUHDOL]DFMąIXQGDPHQWDOQHM]DVDG\ Z\QLNDMąFHM]DUWXVW.RQVW\WXFML]JRGQLH]NWyUą]ZLą]NRPZ\]QDQLRZ\P.RQVW\WXFMDJZDUDQWXMH