LFKQLHSU]HGVWDZLá5R]SR]QDMąFVSUDZĊZWU\ELHDUW†SNWNSDRUJDQRGZRáDZF]\RERZLą]DQ\ MHVWSRQRZQLHUR]SDWU]\üMąZFDáRĞFLLGRNRQDüRFHQ\SUDZLGáRZRĞFLGHF\]MLSLHUZV]RLQVWDQF\MQHMSR SRQRZQ\P]DSR]QDQLXVLĊ]HVWDQHPIDNW\F]Q\PVSUDZ\LGRNRQDQLXMHJRRFHQ\2UJDQRGZRáDZF]\PXVL ]DWHPRFHQLüF]\QDWOHRNUHĞORQHJRVWDQXIDNW\F]QHJRRUJDQ,LQVWDQFMLSRGMąáZáDĞFLZHUR]VWU]\JQLĊFLH 2ERZLą]DQ\MHVWQDGWRRGQLHĞüVLĊV]F]HJyáRZRGRDUJXPHQWDFMLVWURQ\VNDUĪąFHMSRGQLHVLRQHMZHZQLRVNX RSRQRZQHUR]SDWU]HQLHVSUDZ\0RĪHSU]\W\PSURZDG]LüX]XSHáQLDMąFHSRVWĊSRZDQLHGRZRGRZHMHĪHOL X]QDWR]DNRQLHF]QHZFHOXNRPSOHWQHJRXVWDOHQLDVWDQXIDNW\F]QHJR:SU]HGPLRWRZHMVSUDZLHRUJDQ,, LQVWDQFMLVZRMHMUROLZW\PDVSHNFLHQLHVSHáQLá 3RQRZQLHUR]SR]QDMąFVSUDZĊ6]HI8U]ĊGXGR6SUDZ.RPEDWDQWyZL2VyE5HSUHVMRQRZDQ\FK RERZLą]DQ\EĊG]LHSU]HSURZDG]LüZVSRVyESUDZLGáRZ\SRVWĊSRZDQLH2UJDQSRZLQLHQSU]HGVWDZLüZ GHF\]ML]DUyZQRX]DVDGQLHQLHIDNW\F]QHMDNLX]DVDGQLHQLHSUDZQHDSRGRNRQDQLXRFHQ\PDWHULDáX GRZRGRZHJR]HEUDQHJRZVSUDZLH]RERZLą]DQ\EĊG]LHWDNĪHGRZ\FLąJQLĊFLDVWRVRZQ\FKZQLRVNyZ SR]ZDODMąF\FKZNRQVHNZHQFML]DNRĔF]\üQLQLHMV]HSRVWĊSRZDQLHZ]JRG]LH]]DVDGDPLSRVWĊSRZDQLD DGPLQLVWUDF\MQHJR2ERZLą]DQ\QDGWREĊG]LHRGQLHĞüVLĊQDOHĪ\FLHGRDUJXPHQWDFMLL]DU]XWyZ SRGQLHVLRQ\FKSU]H]VWURQĊVNDUĪąFąLSU]\QDMPQLHMVSUyERZDüSU]HNRQDüMąĪHMHJRGHF\]MDQLHPD FKDUDNWHUXGRZROQHJRLMHVW]JRGQD]RERZLą]XMąF\PLSU]HSLVDPL&KRG]LWXWDMSU]HGHZV]\VWNLPR GRNRQDQLHDQDOL]\V\WXDFMLZMDNLHM]QDOD]áDVLĊVNDUĪąFDQDVNXWHNZNURF]HQLDGR3ROVNLZRMVN,,,5]HV]\ 1LHPLHFNLHMLUR]SRF]ĊFLDQD]LHPLDFKRNXSRZDQ\FKSROLW\NLWHUURUXLHNVWHUPLQDFMLZREHFOXGQRĞFL SRFKRG]HQLDĪ\GRZVNLHJRLZ\MDĞQLHQLHPRW\ZyZNWyUHSU]HVąG]Lá\RRGPRZLHSU]\]QDQLDVNDUĪąFHM ĞZLDGF]HQLDNRPEDWDQFNLHJR2UJDQZLQLHQSU]\W\PSDPLĊWDüĪHSU]HGVWDZLHQLHWRNXUR]XPRZDQLD RUJDQXDGPLQLVWUDF\MQHJRNWyU\SRSU]HG]DZ\GDQLHGHF\]MLSHáQLIXQNFMĊSHUVZD]\MQąZ\áXV]F]DMąF SRZRG\SRGMĊWHJRUR]VWU]\JQLĊFLDWDNDE\VWURQDPRJáDVLĊSU]HNRQDüRMHJRVáXV]QRĞFLDRNUHĞORQDZDUW NSD]DVDGDSRJáĊELDQLD]DXIDQLDRE\ZDWHOLGRRUJDQyZDGPLQLVWUDFMLQDND]XMHV]F]HJyOQLHVWDUDQQLH X]DVDGQLDüWHGHF\]MHZNWyU\FKRE\ZDWHORZLRGPDZLDVLĊ]DGRĞüXF]\QLHQLDMHJRĪąGDQLRP 0DMąFQDXZDG]HSRZ\ĪV]H6ąGQDSRGVWDZLHDUW†SNWOLWDLFSSVDRU]HNáMDNZSNW,Z\URNX 2NRV]WDFKRU]HF]RQRQDSRGVWDZLHDUWDUW†LDUWSSVD1DNRV]W\WHVNáDGDMąVLĊZSLV RGVNDUJL]áNRV]W\]DVWĊSVWZDSURFHVRZHJR]áRUD]]áW\WXáHPRSáDW\RGSHáQRPRFQLFWZD SNW ,,Z\URNX