MHGQDNSRJRUV]HQLX]FKZLOąJG\Z]QRZLáDSUDFĊZWHDWU]H3UDFD]DZRGRZDDEVRUERZDáDMąZyZF]DVGR WHJRVWRSQLDĪHSU]HVWDáDVLĊ]DMPRZDüG]LHFNLHPNWyUHSU]HV]áRSRGIDNW\F]QąRSLHNĊPDWNLSRZRGD2G FKZLOLUR]HMĞFLDVLĊVWURQG]LHFNR]QDMGXMHVLĊZ\áąF]QLHSRGRSLHNąSRZRGDLEDENLDPDWNLVZHMQLH ZLGXMHLSUDZLHMHMQLH]QDSRZyGQDWRPLDVWSRĞZLĊFDG]LHFNXF]DVZROQ\SRSUDF\']LHFNRPD ]DSHZQLRQHGREUHZDUXQNLPDWHULDOQHLWURVNOLZąRSLHNĊ 2SLHUDMąFVLĊQDWDNXVWDORQ\PPDWHULDOHIDNW\F]Q\P6ąG:RMHZyG]NLX]QDáĪHSRĪ\FLHPDáĪHĔVNLHVWURQ XOHJáR]ZDĪQ\FKSRZRGyZWUZDáHPXL]XSHáQHPXUR]NáDGRZLZUR]XPLHQLXDUW†NRGURG]ĪHZLQĊ ]DWHQVWDQSRQRV]ąRE\GZLHVWURQ\RUD]ĪHZáDG]ĊURG]LFLHOVNąQDGG]LHFNLHPVWURQSRZLQLHQZ\NRQ\ZDü SRZyGJG\ĪZ\PDJDWHJRGREURG]LHFND']LHFNRSU]\]Z\F]DLáRVLĊGRRMFDLEDENLLPDXQLFK ]DSHZQLRQHZáDĞFLZHZDUXQNLZ\FKRZDQLDSR]ZDQDQDWRPLDVWQLHPRJáDE\]UDFMLVZHJR]DZRGX SRGREQLHMDNWRPLDáRPLHMVFHJG\VWURQ\MHV]F]HUD]HP]HVREąPLHV]NDá\]DMPRZDüVLĊG]LHFNLHP=D WDNąGHF\]MąFRGRZ\NRQ\ZDQLDZáDG]\URG]LFLHOVNLHMSU]HPDZLDUyZQLHĪ]GDQLHP6ąGX :RMHZyG]NLHJR]MHGQHMVWURQ\QLH]UyZQRZDĪRQ\FKDUDNWHU QHUZRZRĞüLZ\EXFKRZRĞü SR]ZDQHM] GUXJLHM]DĞVSRNRMQHXVSRVRELHQLHSRZRGD .RV]WDPLXWU]\PDQLDLZ\FKRZDQLDV\QDVWURQ6ąG:RMHZyG]NLREFLąĪ\áRERMHURG]LFyZQLHSUHF\]XMąF EOLĪHMQDF]\PRERZLą]HNLFKPDSROHJDü :\URNVąGXSLHUZV]HMLQVWDQFML]DVNDUĪ\áDUHZL]MąSR]ZDQDZQRV]ąFRMHJR]PLDQĊZF]ĊĞFLGRW\F]ąFHM MHMZLQ\RUD]SRZLHU]HQLDZ\NRQ\ZDQLDZáDG]\URG]LFLHOVNLHMQDGG]LHFNLHPVWURQSRZRGRZL 6NDUĪąFD]DU]XFD6ąGRZL:RMHZyG]NLHPXQDUXV]HQLHSUDZDPDWHULDOQHJRGRNRQDQLHVSU]HF]Q\FK] ]HEUDQ\PPDWHULDáHPGRZRGRZ\PXVWDOHĔIDNW\F]Q\FKRUD]SRSHáQLHQLHXFK\ELHĔSURFHVRZ\FKNWyUH PRJá\PLHüZSá\ZQDZ\QLNVSUDZ\ DUW†SNW L NSF  1DUXV]HQLHSUDZDPDWHULDOQHJRSROHJDZHGáXJVNDUJLUHZL]\MQHMQDZDGOLZ\PSU]\MĊFLXLĪRGPRZD SRU]XFHQLDSU]H]SR]ZDQąSUDF\]DZRGRZHMSU]\UyZQRF]HVQ\PSU]HU]XFHQLXFLĊĪDUXRSLHNLQDG G]LHFNLHPQDPDWNĊSRZRGDVWDQRZL]DZLQLRQHSRVWĊSRZDQLHZUR]XPLHQLXDUW†NRGURG]RUD]QD SRPLQLĊFLXSU]\SRZLHU]HQLXSRZRGRZLZ\NRQ\ZDQLDZáDG]\URG]LFLHOVNLHMSREXGHNMDNLPLNLHURZDáVLĊ RQGąĪąFGRRGVHSDURZDQLDSR]ZDQHMLMHMURG]LQ\RGG]LHFNDZWHQVSRVyE6ąGRFHQLáZDGOLZLH]SXQNWX ZLG]HQLDGREUDG]LHFNDNZDOLILNDFMHSRZRGDGRZ\NRQ\ZDQLDZáDG]\URG]LFLHOVNLHM :DGOLZRĞFLXVWDOHĔIDNW\F]Q\FKVNDUĪąFDGRSDWUXMHVLĊZSRPLQLĊFLXSU]H]VąGSLHUZV]HMLQVWDQFMLV]HUHJX IDNWyZZ\QLNDMąF\FK]]HEUDQHJRPDWHULDáXGRZRGRZHJRDNWyUHMHM]GDQLHPGRZRG]ą]MHGQHMVWURQ\ ZLQ\SRZRGDLEUDNXSRMHJRVWURQLHRGSRZLHGQLFKNZDOLILNDFMLLZDUXQNyZRELHNW\ZQ\FKGR VSUDZRZDQLDZáDG]\URG]LFLHOVNLHM]GUXJLHM]DĞZVND]XMąQDEUDN]QDPLRQZLQ\Z]DFKRZDQLXVLĊ SR]ZDQHM6ąGZV]F]HJyOQRĞFLSU]HV]HGáGRSRU]ąGNXQDGW\PĪHSRVWĊSRZDQLHSRZRGDZVWRVXQNXGR ĪRQ\E\áRZ\MąWNRZRJZDáWRZQHLEUXWDOQHĪHGRSXĞFLáVLĊRQ]GUDG\PDáĪHĔVNLHMĪHSRZyG]DEUDQLDá SR]ZDQHMZLG\ZDQLDVLĊ]G]LHFNLHPĪHQLHPDRQPRĪQRĞFLRVRELVWHJR]DMĊFLDVLĊG]LHFNLHPVNRUR SUDFXMHPLHV]NDZLQQ\PPLHV]NDQLX G]LHFNR]DPLHV]NXMHZUD]]EDENą LZLHOHF]DVXSRĞZLĊFD