]DVDGDFKQDMDNLFKXVWDZRGDZFDRJUDQLF]D]GROQRĞüGRF]\QQRĞFLSUDZQ\FKRVyEIL]\F]Q\FK3U]HSLV\ RGQRV]ąFHVLĊGRRVyERJUDQLF]RQ\FKZ]GROQRĞFLGRF]\QQRĞFLSUDZQ\FKZW\PDUWSNWNFQLH ]QDMGXMą]DWHP]DVWRVRZDQLDGRRVyESUDZQ\FK=WHMSU]\F]\Q\EUDNRUJDQyZRVRE\SUDZQHMQLHMHVW RNROLF]QRĞFLąNWyUDZĞZLHWOHDUWSNWZ]Z]DUWNFPRJáDE\E\üX]QDQD]DSU]HU\ZDMąFą ELHJWHUPLQX]DVLHG]HQLDSU]HFLZNRWDNLHMRVRELH6WDQZNWyU\PRVREDSUDZQDQLHPRĪHSRGHMPRZDü G]LDáDĔ]XZDJLQDEUDNRUJDQyZQLHMHVWUyZQR]QDF]Q\F]\FKRüE\]EOLĪRQ\GREUDNX]GROQRĞFLGR F]\QQRĞFLSUDZQ\FKSRVWURQLHRVRE\IL]\F]QHM8VWDZRGDZFDVWZRU]\áV\VWHPĞURGNyZNWyU\FK Z\NRU]\VWDQLHPDGRSURZDG]LüGRSRZRáDQLDRUJDQyZRVRE\SUDZQHM6ąG2NUĊJRZ\ZPRW\ZDFK ]DVNDUĪRQHJRSRVWDQRZLHQLDZ\OLF]\áWHĞURGNLNWyUHE\á\GRVWĊSQHDNFMRQDULXV]RPVSyáNL/JG\E\ E\OL]DLQWHUHVRZDQLRGE\FLHPZDOQHJR]JURPDG]HQLDLSRZRáDQLHPRUJDQyZWHMVSyáNL1LH]DOHĪQLHMHGQDN RGSRZ\ĪV]HJRWUDIQLH]DXZDĪ\áWHQ6ąGĪHGODVSyáNL/SRZRáDQ\E\áNXUDWRUNWyU\SU]H]VąG\L XF]HVWQLNyZREURWXSUDZQHJRXZDĪDQ\E\á]DZáDĞFLZHJRUHSUH]HQWDQWDVSyáNLZVSUDZDFKGRW\F]ąF\FK MHMPDMąWNXGRF]DVXDĪVSyáND]DNZHVWLRQRZDáDXSUDZQLHQLHRVWDWQLHJR]MHMNXUDWRUyZGRG]LDáDQLD]D QLąZVSUDZLHR]DVLHG]HQLH %LHJWHUPLQXSU]HGDZQLHQLDSU]HU\ZDVLĊSU]H]NDĪGąF]\QQRĞüGRNRQDQąSU]HGVąGHPOXELQQ\P RUJDQHPSRZRáDQ\PGRUR]SR]QDZDQLDVSUDZOXEHJ]HNZRZDQLDURV]F]HĔGDQHJRURG]DMXSU]HGVLĊZ]LĊWą EH]SRĞUHGQLRZFHOXGRFKRG]HQLDOXEXVWDOHQLDDOER]DVSRNRMHQLDOXE]DEH]SLHF]HQLDURV]F]HQLD DUW† SNWNF 3RZ\ĪV]DUHJXáDPD]DVWRVRZDQLHGRELHJXWHUPLQX]DVLHG]HQLD DUWNF =DWDNą F]\QQRĞüJG\FKRG]LRELHJWHUPLQX]DVLHG]HQLDG]LDáNLQU6ąG\REXLQVWDQFMLX]QDá\Z\VWąSLHQLH SU]H]VSyáNĊ/]HVNDUJąRZ]QRZLHQLHSRVWĊSRZDQLDZVSUDZLHRVWZLHUG]HQLHQDE\FLDZáDVQRĞFLWHM QLHUXFKRPRĞFLSU]H]]DVLHG]HQLHFRNZHVWLRQXMHZQLRVNRGDZFDL*PLQD0LHMVND. 6ąG2NUĊJRZ\V]F]HJyáRZRLWUDIQLHREMDĞQLáSU]\F]\Q\GODNWyU\FKZRNROLF]QRĞFLDFKQLQLHMV]HMVSUDZ\ Z\VWąSLHQLH]HVNDUJąRZ]QRZLHQLHSRVWĊSRZDQLDPXVLDáRE\üX]QDQH]DG]LDáDQLHSRGMĊWHEH]SRĞUHGQLR ZFHOXGRFKRG]HQLDURV]F]HĔGRW\F]ąF\FKQLHUXFKRPRĞFLQDNWyUHSRZRá\ZDáDVLĊVSyáND/6SyáNDWDZ RNUHVLHRGUGRUE\áDXMDZQLRQDZNVLĊG]HZLHF]\VWHMSURZDG]RQHMGODQLHUXFKRPRĞFLZW\P WDNĪHVWDQRZLąFHMG]LDáNĊQUMDNRMHMZáDĞFLFLHO1LHUXFKRPRĞFLąWąRGJUXGQLDUZáDGDá 6NDUE3DĔVWZDSRF]\PSU]HND]DáMHMSRVLDGDQLH*PLQLH0LHMVNLHM.7HUPLQQDE\FLDZáDVQRĞFL QLHUXFKRPRĞFLSU]H]]DVLHG]HQLH]DNRĔF]\áE\ELHJVW\F]QLDU3U]HGWąGDWąDPLDQRZLFLHZ SRVWDQRZLHQLX]PDMDU6NDUE3DĔVWZDX]\VNDáVWZLHUG]HQLHĪHMXĪ]GQLHPVW\F]QLDU QDE\áSU]H]]DVLHG]HQLHWDNĪHG]LDáNĊQU6NDUE3DĔVWZDQLJG\QLHXMDZQLáVZRMHJRSUDZDZNVLĊG]H ZLHF]\VWHMDOH]GDU]HQLHSyĨQLHMV]HQLĪEĊGąFHSRGVWDZąZSLVXSUDZDQDU]HF]VSyáNL/ĞZLDGF]\áRR VSU]HF]QRĞFLZSLVXSUDZDZáDVQRĞFLLVWQLHMąFHJRQDMHMU]HF]]HVWDQHPU]HF]\ZLVW\P7UDIQLHZWHM V\WXDFMLDUJXPHQWXMH6ąG2NUĊJRZ\ĪHZ\VWąSLHQLH]SRZyG]WZHPRZ\GDQLHSU]H]VSyáNĊ/ QDUD]LáRE\WĊVSyáNĊQD]DU]XWEUDNXOHJLW\PDFMLF]\QQHMZVSUDZLHD]ZOHNDMąF]ZQLHVLHQLHPVNDUJLR Z]QRZLHQLHSRVWĊSRZDQLDZVSUDZLHRVWZLHUG]HQLH]DVLHG]HQLDGRSURZDG]LáDE\GRXWUDW\WHUPLQXGRMHM ZQLHVLHQLDF]\OLGRXWUDW\PRĪOLZRĞFLNZHVWLRQRZDQLDUR]VWU]\JQLĊFLDVWZLHUG]DMąFHJRĪHZáDVQRĞü