Kurier UEK nr 4 (74), października-listopad 2017 by Uniwersytet Ekonomiczny w Krakowie

CZASOPISMO UNIWERSYTETU EKONOMICZNEGO W KRAKOWIE

, 6 6 1 1 U S D ŏ G ] L H U Q L N O L V W R S D G

NAUKA PRZEZ CAŁE ŻYCIE

;XQ[ \ZMฤฌKQ 6ฤ RZR 5HNWRUD 8(.

*DXGHDPXV LJLWXU :\ NV]WDฤ FHQLH PD ]QDF]HQLH 1DXF]\FLHO

5 8

3URMHNW ,QNXEDWRU ,QQRZDF\MQRฤณFL

.XUV Mรท]\ND L NXOWXU\ SROVNLHM ; HG\FMD SURMHNWX 626 9,, .RQIHUHQFMD 3ROVNLFK 3URIHVRUร Z =DU]รฃG]DQLD ODW PLQรทฤ R 8GDQ\ PDUDWRQ G]LHG]LFWZD :\]ZDQLD L G\OHPDW\ QDXNL R SU]HGVLรทELRUVWZLH .RPXQLNDFMD 5\QNRZD :VSร ฤ SUDFD .DWHGU 1DXN 3ROLW\F]Q\FK 8(. 3Rล HJQDQLH DEVROZHQWร Z 2GFKRG]LP\ DOH QLH ]DSRPLQDP\ (:$&( :LHG]D *RVSRGDUND 6SRฤ HF]HฤกVWZR 1LHGRVWRVRZDQLH LQVW\WXFMRQDOQH L FR GDOHM" 3HUVSHNW\Z\ UR]ZRMX PDUNHWLQJX PLรทG]\QDURGRZHJR =DNRฤกF]HQLH VLร GPHM HG\FML $NDGHPLL 7DOHQWร Z

14 16 19 46 48

&(-(0( &]ฤ RQNRZLH .RPLWHWX 6WDW\VW\NL L (NRQRPHWULL 3$1 JRฤณFLOL QD 8(. 3U]HZRGQLF]รฃFD 6DPRU]รฃGX 'RNWRUDQWร Z Z\EUDQD QD : FH SU]HZRGQLF]รฃFรฃ 3'1+L6

3HUVSHNW\ZD XF]HQLD VLรท SU]H] FDฤ H ล \FLH 1DV]รฃ 3DVMรฃ MHVW ฤณSLHZ

54 56

3URMHNW 3U]HGVLรทELRUF]\ VWXGHQW .UDNร Z VWROLFรฃ (5$6086$ ( EL]QHV Z SUDNW\FH -HVWHP QD VWXGLDFK L FR GDOHM" 3DUODPHQW 6WXGHQFNL 8(. Z WURVFH R OHSV]\ SR]LRP HGXNDFML VWXGHQWD .LP Vรฃ $,(6(&HU]\"

58 65 66 67

*ฤ RGQ\ ZLHG]\" 5R]PRZ\ ] 3XV]NLHP

:VSRPQLHQLH SURI -DQD 0 0Dฤ HFNLHJR :VSRPQLHQLH R GU 0Dฤ JRU]DFLH %LHG]LH

6SURVWRZDQLH $XWRUHP WHNVWX SW 7\G]LHฤก (NRORJLL 8(. MXล ]D QDPL QD VWU Z SRSU]HGQLP QXPHU]H .XULHUD 8(. 1U

MHVW GU LQล 0DJGDOHQD :RMQDURZVND .RRUG\QDWRU 7\JRGQLD (NRORJLL 8(. .DWHGUD 7HFKQRORJLL L (NRORJLL :\UREร Z =D SRP\ฤ Nรท SU]HSUDV]DP\

;bIVW_VQ 8Iฤก[\_W +ba\MTVQKa ยถ3]ZQMZI =-3ยช WLLIRMUa _ 8Iฤก[\_I Zฤ KM XQMZ_[bM _ ZWS] ISILMUQKSQU _aLIVQM VI[bMOW KbI[WXQ[UI S\{ZMOW UaฤฌTฤ XZbM_WLVQฤ RM[\ VI]SI XZbMb KIรฐM ฤตaKQM *IZLbW KQM[bฤ [Qฤ ฤตM XWUQUW XZbMZ_a _ISIKaRVMR V]UMZ \MV XWSIb]RM JWOIK\_W _aLIZbMฤก _ VI[baU =VQ_MZ[a\MKQM ,bQฤ S]Rฤ _Qฤ K _[ba[\SQU )]\WZWU XZbM[รฐIVaKP UI\MZQIรฐ{_ I _ [bKbMO{TVWฤฌKQ \aU S\{Zba XWba\a_VQM WLXW_QMLbQMTQ VI XZWฤฌJฤ :MLISKRQ Q WXZ{Kb \MS[\{_ W KPIZIS\MZbM QVNWZUIKaRVaU LW\aKbฤ KaKP _aLIZbMฤก WZOIVQbW_IVaKP VI VI[bMR =KbMTVQ XWLbQMTQTQ [Qฤ [_WQUQ XZbMUaฤฌTMVQIUQ Q LWฤฌ_QILKbMVQIUQ _ bISZM[QM bIXZWXWVW_IVMR UaฤฌTQ XZbM_WLVQMR \MOW V]UMZ] 2MLVWKbMฤฌVQM bIKPฤ KIU LW LIT[bMOW IS\a_VMOW _รฐฤ KbIVQI [Qฤ _ XZIKM :MLISKRQ ยถ3]ZQMZI =-3ยช ?[ba[\SQU +ba\MTVQSWU VI[bMOW KbI[WXQ[UI ฤตaKbฤ _ 6W_aU :WS] )SILMUQKSQU _QMT] [Qรฐ VQMbJฤ LVaKP LW _aSWVa_IVQI [_WQKP KWLbQMVVa bILIฤก Q WJW_Qฤ bS{_ I \ISฤตM [I\a[NISKRQ b XZIKa Q _[bMTSQMR XWUaฤฌTVWฤฌKQ _ ฤตaKQ] W[WJQ[\aU 6QMKP Jฤ LbQM WV _aXMรฐVQWVa _QMTWUI VW_aUQ IUJQ\VaUQ XTIVIUQ RIS Z{_VQMฤต LaVIUQKbVaU ZWb_WRMU VI]SW_a bI_WLW_aU Q ML]SIKaRVaU SURI 8(. GU KDE LQล $1'5=(- &+2&+ยฐฤ 5HNWRU 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH

$GUHV UHGDNFML

5HGDNFMD 3DZHฤ .R]DNLHZLF]

8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH

6Nฤ DG L ฤ DPDQLH 3DZHฤ :ร MFLN

L ]PLDQ UHGDNF\MQ\FK QDGV\ฤ DQ\FK DUW\NXฤ ร Z

XO 5DNRZLFND

=GMรทFLD MHฤณOL QLH SRGSLVDQR LQDF]HM 3LRWU 0DOHF

RUD] ]PLDQ\ LFK W\WXฤ ร Z

.UDNร Z

:\GDZFD 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH

EXG\QHN e.VLรทล ร ZNDr SRN .

'UXN 'UXNDUQLD 2IIVHWRZD ,QWURPD[

WHO

1DNฤ DG HJ]HPSODU]\

H PDLO JD]HWD#XHN NUDNRZ SO

ISSN 1689-7757

5HGDNFMD ]DVWU]HJD VRELH SUDZR GR VNUDFDQLD

/I]LMIU][ QOQ\]Z 93. Rok Akademicki UR]SRF]รทW\ /I]LMIU][ QOQ\]Z รฐIK :IL]RUa [Qฤ _Qฤ K bIJZbUQIรฐW _ U]ZIKP 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH MXล SR UD]

pRQLHG]LDฤ HN SDล G]LHUQLND :VSร OQRWD $NDGHPLFND 8(. XURF]\ฤณFLH SRZLWDฤ D 1RZ\ 5RN $NDGHPLFNL &KRรฅ UR]SRF]\QDMรฃFD VLรท XURF]\VWRฤณรฅ MHVW SRF]รฃWNLHP URNX FLรทล NLHM SUDF\ RG ]DZV]H E\ฤ R WR ฤณZLรทWR UDGRVQH 7R G]Lฤณ MDN Z ล DGQ\P LQQ\P GQLX QDMPQLHMV]H ]DNDPDUNL ZLHOX V]Nร ฤ Z\ล V]\FK DNDGHPLL L XQLZHUV\WHWร Z Z\SHฤ QLD UDGRVQ\ ฤณSLHZ SRQDG GZXVWROHWQLHJR K\PQX ล DNร Z e*DXGHDPXV LJLWXU r t SRZLHG]LDฤ -0 5HNWRU SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ UR]SRF]\QDMรฃF 1RZ\ 5RN $NDGHPLFNL Z 8QLZHUV\WHFLH (NRQRPLF]Q\P Z .UDNRZLH 5R]Zร M RUD] GRVWRVRZDQLH VLรท GR ZVSร ฤ F]HVQRฤณFL RG ]DZV]H ZSLVDQH E\ฤ Z IXQGDPHQW\ QDV]HM G]LDฤ DOQRฤณFL 5R]SRF]\QDMรฃF\ VLรท G]Lฤณ 5RN $NDGHPLFNL WR WDNล H SLHUZV]\ G]LHฤก IXQNFMRQRZDQLD Z QDV]HM XF]HOQL Dล QRZ\FK NLHUXQNร Z ,QQRZDFMH Z EL]QHVLH 0RGHUQ EXVLQHVV PDQDJDPHQW $XG\W ILQDQVRZ\ %DQNRZRฤณรฅ L ]DU]รฃG]DQLH U\]\NLHP 5\QNL ILQDQVRZH RUD] =DU]รฃG]DQLH ILQDQVDPL SDฤกVWZD L VDPRU]รฃGX WHU\WRULDOQHJR 2G ZF]RUDM WDNล H VZRMรฃ QD]Zรท ]PLHQLฤ :\G]LDฤ 7RZDUR]QDZVWZD QD :\G]LDฤ 7RZDUR]QDZVWZD L =DU]รฃG]DQLD 3URGXNWHP t GRGDฤ 5HNWRU SRGF]DV SU]HPร ZLHQLD

8URF]\VWRฤณรฅ LQDXJXUDFML UR]SRF]รทฤ D 0V]D ฤณZ SRG SU]HZRGQLFWZHP -HJR (NVFHOHQFML ES -DQD 6]NRGRQLD t %LVNXSD 3RPRFQLF]HJR $UFKLGLHFH]ML .UDNRZVNLHM Z LQWHQFML SUDFRZQLNร Z VWXGHQWร Z L SU]\MDFLร ฤ QDV]HM $OPD 0DWHU NWร UD WUDG\F\MQLH RGSUDZLRQD ]RVWDฤ D Z NRฤณFLHOH RR .DUPHOLWร Z %RV\FK 1DMZDล QLHMV]H ฤณZLรทWR XF]HOQL XฤณZLHWQLฤ R XURF]\VWH SRVLHG]HQLH 6HQDWX L 5DG :\G]LDฤ ร Z :]Lรทฤ D Z QLP XG]LDฤ FDฤ D 6SRฤ HF]QRฤณรฅ $NDGHPLFND 8(. D WDNล H OLF]QL JRฤณFLH SU]HGVWDZLFLHOH Zฤ DG] SDฤกVWZRZ\FK L ORNDOQ\FK ]DSU]\MDล QLRQ\FK XF]HOQL NUDMRZ\FK L ]DJUDQLF]Q\FK SODFร ZHN G\SORPDW\F]Q\FK RUD] UHSUH]HQWDQFL ฤณZLDWD EL]QHVX L QDXNL 3RGF]DV G]LVLHMV]HJR ฤฒZLรทWD Jฤ RV ]DEUDOL SU]HGVWDZLFLHO 3UH]\GHQWD 53 t 0LQLVWHU $QGU]HM 'HUD t 6HNUHWDU] 6WDQX Z .DQFHODULL 3UH]\GHQWD 53 3U]HGVWDZLFLHO 0LQLVWUD 1DXNL L 6]NROQLFWZD :\ล V]HJR t GU 3LRWU 'DUG]LฤกVNL t 3RGVHNUHWDU] 6WDQX Z 01L6: RUD] 3DQ -ร ]HI *DZURQ t :LFHZRMHZRGD 0Dฤ RSROVNL 1LHRGฤ รฃF]Q\P SXQNWHP XURF]\VWHM LQDXJXUDFML 5RNX $NDGHPLFNLHJR MHVW LPPDWU\NXODFMD t XURF]\VWRฤณรฅ SU]\MรทFLD QRZ\FK VWXGHQWร Z QD , URN VWXGLร Z 5ร ZQLHล L Z W\P URNX

Z LPLHQLX QRZRSU]\MรทW\FK VWXGHQWร Z SU]HGVWDZLFLHOH ZV]\VWNLFK Z\G]LDฤ ร Z 8(. ]ฤ Rล \OL ฤณOXERZDQLH RUD] RWU]\PDOL ] UรฃN -0 5HNWRUD LQGHNV -HGQ\P ] QDMZDล QLHMV]\FK Z\GDU]Hฤก E\ฤ R Uร ZQLHล ZUรทF]HQLH SUDFRZQLNRP QDV]HM 8F]HOQL .U]\ล \ .DZDOHUVNLFK 2UGHUX 2GURG]HQLD 3ROVNL : LPLHQLX 3UH]\GHQWD 53 GU $QGU]HMD 'XG\ XURF]\VWHM GHNRUDFML GRNRQDฤ 0LQLVWHU $QGU]HM 'HUD 2G]QDF]HQL ]RVWDOL SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ SURI 8(. GU KDE (GZDUG 0ROHQGRZVNL RUD] SURI GU KDE $QGU]HM 6RNRฤ RZVNL 3RQDGWR 0LQLVWHU $QGU]HM 'HUD ZUรทF]\ฤ SUDFRZQLNRP 8(. ]ฤ RWH VUHEUQH RUD] EUรฃ]RZH PHGDOH ]D Gฤ XJROHWQLรฃ Vฤ Xล Eรท QDWRPLDVW 0LQLVWHU GU 3LRWU 'DUG]LฤกVNL t 0HGDOH .RPLVML (GXNDFML 1DURGRZHM ']LVLHMV]D XURF]\VWRฤณรฅ E\ฤ D WDNล H GRVNRQDฤ รฃ RND]Mรฃ GR XKRQRURZDQLD ODXUHDWร Z NRQNXUVX 6DQWDQGHU 8QLYHUVLGDGHV 3LHUZV]\ Z URNX DNDGHPLFNLP Z\Nฤ DG t LQDXJXUDF\MQ\ t SW =DU]รฃG]DQLH SU]HGVLรทELRUVWZHP PLรทG]\QDURGRZ\P ,QWHJUDFMD Uร ล QRURGQRฤณFL Z\Jฤ RVLฤ SURI GU KDE -DQ : :LNWRU t .LHURZQLN .DWHGU\ 0DUNHWLQJX QD :\G]LDOH =DU]รฃG]DQLD 8(. 5

e$QDOIDEHWDPL ;;, ZLHNX QLH EรทGรฃ FL NWร U]\ QLH ]QDMรฃ ([FHOD OXE QLH SRWUDILรฃ SURJUDPRZDรฅ DOH FL NWร U]\ QLH SRWUDILรฃ VLรท XF]\รฅ QRZ\FK U]HF]\ L RGXF]Dรฅ VWDU\FK OHDUQ XQOHDUQ L UHOHDUQ r

)T^QV <WฤบMZ UWLaย SIKRI 2IKMS ;IV\WZ[SQ

:\ NV]WDฤ FHQLH UI bVIKbMVQM

R]SRF]\QDMรฃF HGXNDFMรท XQLZHUV\WHFNรฃ ZLHOX ] QDV P\ฤณOL ล H MHVW WR RVWDWQL HWDS NV]WDฤ FHQLD Z QDV]\P ล \FLX D REURQD SUDF\ NRฤกF]\ QDV]H ]PDJDQLD ] QDE\ZDQLHP ZLHG]\ ] ZHU\ILNRZDQLHP WHJR FR ]DSDPLรทWDOLฤณP\ FR UR]XPLHP\ ] RSDQRZDQHJR PDWHULDฤ X L FR SRWUDILP\ ]DVWRVRZDรฅ Z SUDNW\FH 1LF EDUG]LHM P\OQHJR 8NRฤกF]HQLH VWXGLร Z UR]SRF]\QD RNUHV QLHXVWDQQHJR QDE\ZDQLD ZLHG]\ L XPLHMรทWQRฤณFL ]D NWร UH QLH RWU]\PDP\ RFHQ F]\ WHล SXQNWร Z 7\P UD]HP QD V]DOL ]QDMGXMH VLรท MDNRฤณรฅ QDV]HJR ล \FLD NDULHUD ]DZRGRZD L SRF]XFLH VDPRUHDOL]DFML

2EHFQLH QLH MHVW QLF]\P QDG]Z\F]DMQ\P VSRWNDรฅ RVREรท NWร UD XNRฤกF]\ฤ D RNUHฤณORQ\ NLHUXQHN VWXGLร Z D SUDFXMH Z EUDQล \ FDฤ NRZLFLH RGPLHQQHM RG WHM NWร Uรฃ ]Jฤ รทELDฤ D QD Z\Nฤ DGDFK L รฅZLF]HQLDFK 2F]\ZLฤณFLH SU]\F]\Q WDNLHM V\WXDFML PRล H E\รฅ ZLHOH RVRED GRNRQDฤ D QLHSUDZLGฤ RZHJR Z\ERUX U\QHN SUDF\ ]PLHQLฤ VLรท GLDPHWUDOQLH L REV]DU Z NWร U\P FKFLDฤ D SUDFRZDรฅ Z\PDJD MXล LQQHM ZLHG]\ L XPLHMรทWQRฤณFL D PRล H SR SURVWX RGNU\ฤ D QRZH FLHNDZV]H PLHMVFH UR]ZRMX NDULHU\ ]DZRGRZHM : NDล G\P ] W\FK WU]HFK SU]\SDGNร Z ]DFKRZDQLH FLรฃJฤ RฤณFL SUDF\ L RVLรฃJQLรทFLH

VXNFHVX ]DZRGRZHJR ]DOHล \ SU]HGH ZV]\VWNLP RG QDV]HJR SRGHMฤณFLD GR V\VWHPDW\F]QHJR ]GRE\ZDQLD ZLHG]\ L XPLHMรทWQRฤณFL RUD] RG VSHNWUXP GRฤณZLDGF]Hฤก NWร UH XGDฤ R QDP VLรท QDE\รฅ GR WHM SRU\ L ZQLRVNร Z NWร UH SRWUDILOLฤณP\ ] QLFK Z\FLรฃJQรฃรฅ 3U]HFKRG]รฃF GR NRQNUHWร Z ZDUWR SDPLรทWDรฅ ล H ]GRE\ZDQLH ZLHG]\ L XPLHMรทWQRฤณFL QLH MHVW ]DUH]HUZRZDQH GOD G]LHFL L Pฤ RG]LHล \ GR tJR URNX ล \FLD OHF] SRZLQQR E\รฅ SRVWU]HJDQH MDNR VWDฤ \ SURFHV WUZDMรฃF\ SU]H] FDฤ H ล \FLH .RQFHSFMD XF]HQLD VLรท SU]H] FDฤ H ล \FLH /LIH /RQJ /HDUQLQJ MHVW RGSRZLHG]Lรฃ QD

G\QDPLF]QLH ]PLHQLDMรฃFH VLรท RWRF]HQLH EL]QHVRZH SRVWรทS WHFKQLF]Q\ L WHFKQRORJLF]Q\ RUD] Gรฃล HQLH OXG]L GR VDPRUR]ZRMX L VDPRUHDOL]DFML : UDPDFK WHM NRQFHSFML SRGNUHฤณOD VLรท Lล XF]HQLH GRW\F]\ ZV]\VWNLFK EH] Z]JOรทGX QD VWDWXV VSRฤ HF]Q\ ZLHN F]\ IRUPDOQH Z\NV]WDฤ FHQLH =ZUDFD VLรท Uร ZQLHล XZDJรท QLH W\ONR QD NV]WDฤ FHQLH Z V\VWHPLH IRUPDOQ\P V]NROQ\P DOH Uร ZQLHล SR]D IRUPDOQ\P XF]HQLH SU]H] GRฤณZLDGF]HQLH EH] Z]JOรทGX QD PLHMVFH VSRVร E L F]DV XF]HQLD VLรท 1 7DNLH SR-

QDU]รทG]LDPL LQIRUPDF\MQR NRPXQLNDF\MQ\PL HODVW\F]QRฤณรฅ Z NRQWHNฤณFLH ]PLHQLDMรฃFHJR VLรท RWRF]HQLD LQLFMDW\ZD L VDPRVWDQRZLHQLH SURGXNW\ZQRฤณรฅ RGSRZLHG]LDOQRฤณรฅ L SU]\Zร G]WZR 3RZ\ล V]\FK XPLHMรทWQRฤณFL QLH QDXF]\P\ VLรท RW WDN Z NLOND QRF\ SU]HG HJ]DPLQHP F]\ WXล SU]HG UR]PRZรฃ R SUDFรท =GRE\ZD VLรท MH V\VWHPDW\F]QLH Z SURFHVLH IRUPDOQHM MDN Uร ZQLHล QLHIRUPDOQHM HGXNDFML QD SU]HVWU]HQL ODW 0\ฤณOรท WXWDM R Z\Nฤ DGDFK รฅZLF]HQLDFK L VHPLQDULDFK DOH Uร ZQLHล

bLWJa_IVQM _QMLba Q ]UQMRฤ \VWฤฌKQ VQM RM[\ bIZMbMZ_W_IVM LTI LbQMKQ Q UรฐWLbQMฤตa LW ยงOW ZWS] ฤตaKQI TMKb XW_QVVW Jaฤ XW[\ZbMOIVM RISW [\Iรฐa XZWKM[ \Z_IRฤ Ka XZbMb KIรฐM ฤตaKQM GHMฤณFLH GR ]GRE\ZDQLD ZLHG]\ GDMH PRล OLZRฤณรฅ EXGRZDQLD UHODFML ] LQQ\PL OXGล PL RUD] GRFHQLDQLD NRQWDNWร Z LQWHUSHUVRQDOQ\FK 3R]ZDOD Uร ZQLHล QD SRNRQDQLH WUXGQRฤณFL WDNLFK MDN QD SU]\Nฤ DG NU\]\V QD U\QNX SUDF\ SRQLHZDล RVRE\ VWDOH XF]รฃFH VLรท PDMรฃ EDUG]LHM HODVW\F]QH SRGHMฤณFLH GR ]PLDQ MDN Uร ZQLHล Vรฃ ]GHF\GRZDQLH DWUDNF\MQLHMV]\PL NDQG\GDWDPL QD U\QNX SUDF\ :VSRPLQDMรฃF R NRQNXUHQF\MQRฤณFL QD U\QNX SUDF\ RUD] R ล \FLX VSRฤ HF]Q\P ZDUWR Uร ZQLHล ]DSR]QDรฅ VLรท ] DPHU\NDฤกVNรฃ 0DSรฃ 6SRฤ HF]Q\FK 8PLHMรทWQRฤณFL ;;, ZLHNX RSUDFRZDQรฃ SU]H] SU]HGVWDZLFLHOL ฤณZLDWD QDXNL EL]QHVX RUD] RUJDQL]DFML SR]DU]รฃGRZ\FK 'R QDMEDUG]LHM FHQLRQ\FK XPLHMรทWQRฤณFL VSRฤ HF]Q\FK L ]DZRGRZ\FK ZHGฤ XJ WHJR GRNXPHQWX QDOHล รฃ NUHDW\ZQRฤณรฅ L LQQRZDF\MQRฤณรฅ NU\W\F]QH P\ฤณOHQLH L UR]ZLรฃ]\ZDQLH SUREOHPร Z ZVSร ฤ SUDFD Z UDPDFK Uร ล Q\FK JUXS Z\V]XNLZDQLH DQDOL]RZDQLH L ]DU]รฃG]DQLH LQIRUPDFMรฃ NRU]\VWDQLH ] PHGLร Z F\IURZ\FK VSUDZQRฤณรฅ Z SRVฤ XJLZDQLX VLรท

VWDล DFK SUDNW\NDFK VW\SHQGLDFK NWร UH GOD SU]HGVLรทELRUF]\FK RVร E Vรฃ QD Z\FLรฃJQLรทFLH UรทNL %DUG]R ZLHOH PRล QD Uร ZQLHล QDXF]\รฅ VLรท SU]H] REVHUZDFMรท RVร E L ]GDU]Hฤก ]DUร ZQR Z NRQWHNฤณFLH EL]QHVRZ\P MDN Uร ZQLHล Z FRG]LHQQ\FK V\WXDFMDFK 2EVHUZDFMH WH SR]ZDODMรฃ QDP WZRU]\รฅ ]DVร E FHQQ\FK GRฤณZLDGF]Hฤก NWร UH SU]\GDG]รฃ VLรท QDP SRGF]DV EXGRZDQLD QDV]HM ฤณFLHล NL ]DZRGRZHM RUD] SR]ZROรฃ OHSLHM IXQNFMRQRZDรฅ Z VSRฤ HF]HฤกVWZLH 3RGVXPRZXMรฃF F]DV QD ]GRE\ZDQLH ZLHG]\ L XPLHMรทWQRฤณFL MHVW RGSRZLHGQL ]DZV]H L ZV]รทG]LH :DUWR P\ฤณOHรฅ R XF]HQLX L XF]HQLX VLรท Z NDWHJRULDFK FLHNDZRฤณFL ฤณZLDWD L OXG]L RUD] VWDZLDQLD S\WDฤก 'ODF]HJR WDN D QLH LQDF]HM" : MDNL VSRVร E" &]\ GD VLรท WR ]URELรฅ LQDF]HM" $ PRล H ZDUWR WR VSUDZG]Lรฅ Z ]HVSROH" 3R SURVWX XF]\QLรฅ ]GRE\ZDQLH ZLHG]\ L XPLHMรทWQRฤณFL VSRVREHP QD ล \FLH D SU]\ RND]ML ]DUDล Dรฅ QLP LQQ\FK PJU 0Dฤ JRU]DWD %XGD /HNWRU Mรท]\ND DQJLHOVNLHJR Z EL]QHVLH &HQWUXP -รท]\NRZH 8(.

KWWSV PHQ JRY SO ZS FRQWHQW XSORDGV SOOOB B B ]DOBGRBXFKZDO\BUP SGI

KWWS ZZZ S RUJ DERXW XV S IUDPHZRUN

KWWS ZZZ HGXQHZV SO DNWXDOQRVFL V\VWHP HGXNDFML PDSD VSROHF]Q\FK XPLHMHWQRVFL [[L ZLHNX

1DXF]\FLHO f I RISQM \W UI bVIKbMVQM' = SHZQRฤณFLรฃ U]DGNR ]DVWDQDZLDP\ VLรท GR F]HJR WDN QDSUDZGรท Vฤ Xล \ nam UIรฐM ]Zbฤ LbMVQM b_IVM \MTMNWVMU SWU{ZSW_aU

Z\NOH Xล \ZDP\ JR GR SURZDG]HQLD UR]Pร Z QD RGOHJฤ Rฤณรฅ L URELHQLD IRWRJUDILL OXE NUร WNLFK ILOPLNร Z F]DVHP GR VSUDZG]DQLD SRF]W\ HOHNWURQLF]QHM Vฤ XFKDQLD PX]\NL OXE NRU]\VWDQLD ] HOHNWURQLF]Q\FK PDS L QDZLJDFML *36 5]DG]LHM GR SU]HJOรฃGDQLD LQWHUQHWX F]\WDQLD DUW\NXฤ ร Z L NVLรฃล HN QRWRZDQLD QDXNL Mรท]\ND REFHJR URELHQLD ]DNXSร Z OXE JUDQLD Z JU\ LQWHUQHWRZH :LHOX ] QDV PD ]DLQVWDORZDQH Z WHOHIRQLH PHGLD VSRฤ HF]QRฤณFLRZH t )DFHERRND :KDWV$SSD ,QVWDJUDP 7ZLWWHUD OXE 6QDSFKDWD 7R V]\ENL L SU]\MD]Q\ VSRVร E QD NRQWDNW

] LQQ\PL ZROQ\ RG GRGDWNRZ\FK RSฤ DW :LรทNV]Rฤณรฅ RVร E ฤณUHGQLHJR SRNROHQLD Xล \ZD LFK ] SU]\F]\Q SUDJPDW\F]Q\FK t GR GRUDล QHJR NRQWDNWX ]H ]QDMRP\PL OXE URG]LQรฃ SU]HE\ZDMรฃFรฃ ]D JUDQLFรฃ 7\PF]DVHP GOD Pฤ RGV]\FK SRNROHฤก WR Jฤ ร ZQ\ NDQDฤ NRPXQLNDFML EH] SU]HVDG\ PRล QD QDZHW SRZLHG]LHรฅ t GUXJL ฤณZLDW ฤณZLDW EXGRZDQLD WRล VDPRฤณFL SU]\MDล QL UR]U\ZNL SLHUZV]\FK GRฤณZLDGF]Hฤก EL]QHVRZ\FK D WDNล H t ]GRE\ZDQLD ZLHG]\ R ฤณZLHFLH :HGฤ XJ QDMQRZV]HJR UDSRUWX 1$6. SW 1DVWRODWNL JUXG]LHฤก SRQDG Pฤ RG]LHล \ L QDMSUDZGRSRGREQLHM

WDNล H ZF]HVQ\FK GRURVฤ \FK NRU]\VWD ] ,QWHUQHWX FRG]LHQQLH ] QLFK MHVW RQOLQH SU]H] FDฤ รฃ GREรท 'ODWHJR LFK VSRVRE\ IXQNFMRQRZDQLD Z ฤณZLHFLH UDG]HQLD VRELH ] SUREOHPDPL L VWUHVHP SRGWU]\P\ZDQLD ZLรท]L Vรฃ SR SURVWX LQQH QLล Z SU]\SDGNX SRNROHฤก NWร UH Z F\IURZ\ ฤณZLDW ZHV]ฤ \ MDNR RVRE\ XNV]WDฤ WRZDQH 2GSRZLHG]LDOQRฤณรฅ URG]LFร Z L QDXF]\FLHOL WDNล H SUDFXMรฃF\FK Z V]NRฤ DFK Z\ล V]\FK ]GDMH VLรท E\รฅ ZLรทF LQQD QLล GDZQLHM $ PLPR WR SUDZLH Pฤ RG\FK XF]\ VLรท SRUXV]DQLD Z VLHFLRZ\P ฤณZLHFLH

VDPD G]LHFL SRQLล HM GUXJLHJR URNX ล \FLD FRG]LHQQLH PD NRQWDNW ]H VPDUWIRQHP WDEOHWHP OXE NRQVROรฃ t GRURฤณOL F]รทVWR ERZLHP WUDNWXMรฃ WHOHIRQ MDN QLHZLQQ\ JDGล HW NWร U\P ฤ DWZR ]DMรฃรฅ G]LHFNR E\ QLH SU]HV]NDG]Dฤ R Z LQQ\FK F]\QQRฤณFLDFK 3UDZGD MHVW MHGQDN WDND ล H RSLHNXQRZLH QLH UR]XPLHMรฃ MDN G]LDฤ DMรฃ PHFKDQL]P\ Z\V]XNLZDQLD LQIRUPDFML PHGLD VSRฤ HF]QRฤณFLRZH UHJXฤ \ SU\ZDWQRฤณFL QLH XPLHMรฃ UHDJRZDรฅ QD KHMW L LQQH QLHEH]SLHF]QH ]GDU]HQLD , QLH FKRG]L WX Z\ฤ รฃF]QLH R ELHJฤ Rฤณรฅ Z REVฤ XG]H NRPSXWHUD F]\ WHOHIRQX 'RURฤณOL QLH ZLHG]รฃ ล H LFK G]LHFL L ZQXNL WDNล H PDMรฃ Nฤ RSRW\ ]H ฤณZLDWHP ZLUWXDOQ\P DOH VLรท W\P QDM]Z\F]DMQLHM QLH SU]HMPXMรฃ t G]LDฤ DMรฃ PHWRGรฃ SUร E L Eฤ รทGร Z XF]รฃ VLรท eZ G]LDฤ DQLXr D QLJG\ QD ]DSDV 3RGREQLH ]UHV]Wรฃ WUDNWXMรฃ FDฤ \ SURFHV NV]WDฤ FHQLD IRUPDOQHJR SRF]รฃZV]\ RG V]NRฤ \ SRGVWDZRZHM D VNRฤกF]\ZV]\ QD XQLZHUV\WHFLH t QLH XPLHMรฃ XF]\รฅ VLรท WHRULL FKFรฃ GRฤณZLDGF]\รฅ MHM ]DVWRVRZDฤก QLHSRWU]HEQH LP G]LHOHQLH Zฤ RVD QD F]ZRUR VNRUR OLF]\ VLรท HIHNW\ZQRฤณรฅ L V]\ENRฤณรฅ G]LDฤ DQLD 3R]QDMรฃ ฤณZLDW WDN MDNE\ SU]HJOรฃGDOL VWURQ\ LQWHUQHWRZH t SRELHล QLH ] ฤ DWZRฤณFLรฃ Z\ฤ DSXMรฃF LQIRUPDFMH LVWRWQH Z GDQHM FKZLOL V]\ENR NRMDU]รฃ IDNW\ DOH QLH ]DZV]H XPLHMรฃ MH DQDOL]RZDรฅ OXE WZRU]\รฅ V\QWH]รท = WHOHIRQHP NRPร UNRZ\P F]XMรฃ VLรท SHZQLH :LHG]รฃ ล H ]QDMGรฃ WDP ZV]\VWNR F]HJR SRWU]HEXMรฃ 'RFLHNDQLH MDN MHVW QDSUDZGรท X]QDMรฃ ]D VWUDWรท F]DVX 3UDZGD MHVW ERZLHP W\ONR MHGQ\P ] SRJOรฃGร Z D ZLรทF Zฤ DฤณFLZLH QLH LVWQLHMH 1LH NXPXOXMรฃ ZLHG]\ DQL MHM QLH V]DFXMรฃ t QRZD LQIRUPDFMD OXE GRฤณZLDGF]HQLH WR SU]HFLHล MHV]F]H W\ONR MHGQD SUร ED &]รทVWR QLH F]XMรฃ VLรท ]RERZLรฃ]DQL E\ QDZLรฃ]\ZDรฅ Z\PDJDMรฃFH L Gฤ XJRWUZDฤ H UHODFMH ] LQQ\PL 1LH SU]HV]NDG]D LP KRPRJHQLF]Q\ ฤณZLDW NWร U\ WZRU]รฃ PHGLD VSRฤ HF]QRฤณFLRZH 1LH SRWU]HEXMรฃ NRQIURQWDFML =QDMรฃ MHGQDN VZRMรฃ ZDUWRฤณรฅ L ] UHJXฤ \ NLHUXMรฃ VLรท ]GURZ\P UR]VรฃGNLHP Vรฃ HODVW\F]QL L ]DUD]HP GRฤณรฅ NU\W\F]QL ZREHF RWDF]DMรฃFHJR ฤณZLDWD %DUG]LHM QLล SRSU]HGQLH SRNROHQLH FHQLรฃ VRELH NRQWDNW ] LQQ\PL L ZDUWRฤณFL QLHPDWHULDOQH GR NWร U\FK QDOHล รฃ SU]HGH ZV]\VWNLP ZROQRฤณรฅ WROHUDQFMD L UR]Zร M 7DNLH Vรฃ < NL $ = W\" 0ร ZL VLรท R QLFK ล H LFK ล \FLH

WRF]\ VLรท MXล Z\ฤ รฃF]QLH Z ฤณZLHFLH ZLUWXDOQ\P ล H Vรฃ ]DZV]H SRGฤ รฃF]HQL (&RQQHFWHG $OH F]\ WR FDฤ D SUDZGD QD LFK WHPDW" 2 Pฤ RG]LHล \ ZVWรทSXMรฃFHM QD XQLZHUV\WHW Z QDMEOLล V]\FK ODWDFK EรทG]LHP\ G\VNXWRZDOL SU]H] FDฤ \ F]DV WUZDQLD SURMHNWX 8(. +XE 8QLZHUV\WHFNL KXE G\GDNW\F]Q\ t &KFHP\ ]UR]XPLHรฅ MDN UDG]รฃ VRELH Pฤ RG]L Z ]HWNQLรทFLX ] KLHUDUFKLF]Qรฃ RUJDQL]DFMรฃ Z\PDJDMรฃFรฃ VDPRG]LHOQRฤณFL F]รทVWR ล \MรฃFรฃ QD REU]Hล DFK ฤณZLDWD VLHFL ] NWร UHJR MHฤณOL NRU]\VWD WR UDF]HM SRSU]H] WZRU]HQLH Zฤ DVQ\FK LQWHUQHWRZ\FK SU]HVWU]HQL GRVWรทSQ\FK QD ] Jร U\ RNUHฤณORQ\FK ]DVDGDFK QDMF]รทฤณFLHM QLHDNFHSWRZDQ\FK SU]H] Pฤ RG\FK t ]D GXล R WX ERZLHP NRQWUROL ]D PDฤ R WUDQVSDUHQWQRฤณFL ]E\W ZLHOH LQIRUPDFML SRGDQ\FK Z QLHDWUDNF\MQ\ VSRVร E &KFHP\ VSUDZG]Lรฅ NWร UH PHWRG\NL NV]WDฤ FHQLD ]ZLรทNV]DMรฃ LFK ]DDQJDล RZDQLH Z QDXNรท FR VSUDZLD LP UHDOQรฃ WUXGQRฤณรฅ D FR QDOHล \ Z]PDFQLDรฅ E\ RVLรฃJDรฅ ]DPLHU]RQH HIHNW\ 8GRVNRQDOLP\ VWUDWHJLH SODQRZDQLD L SURZDG]HQLD ]DMรทรฅ Z JUXSDFK PLรทG]\QDURGRZ\FK L ZLHORNXOWXURZ\FK %รทG]LHP\ รฅZLF]\OL WDNW\NL PRW\ZDF\MQH DOH WHล ]DGEDP\ R PRW\ZDFMรท L NUHDW\ZQRฤณรฅ Z\Nฤ DGRZFร Z NRPIRUW LFK SUDF\ L Z]URVW RGSRUQRฤณFL QD VWUHV

]DZRGRZHJR RVร E ELRUรฃF\FK XG]LDฤ Z SURMHNFLH 'ODWHJR PLPR Lล UR]SRF]\QD VLรท RQ RG RERZLรฃ]NRZHJR PRGXฤ X ZSURZDG]DMรฃFHJR R FKDUDNWHU]H RJร OQRUR]ZRMRZ\P JRG]LQ MHJR FORX VWDQRZL PRGXฤ VSHFMDOLVW\F]Q\ WUZDMรฃF\ RG GR JRG]LQ Z ]DOHล QRฤณFL RG Z\EUDQHJR SURJUDPX V]NROHQLRZHJR ']LรทNL QLHPX XF]HVWQLF\ SURMHNWX PDMรฃ V]DQVรท SRJฤ รทELรฅ ZLHG]รท QD WHPDW VWRVRZDQLD Uร ล Q\FK PHWRG\N NV]WDฤ FHQLD t SRF]รฃZV]\ RG QDXF]DQLD SUREOHPRZHJR L SDUW\F\SDF\MQHJR SRSU]H] VWXGLXP SU]\SDGNX JU\ G\GDNW\F]QH L JDPLILNDFMรท RUD] SURZDG]HQLH ]DMรทรฅ Z Mรท]\NX DQJLHOVNLP D VNRฤกF]\ZV]\ QD SURMHNWRZDQLX L SURZDG]HQLX DNDGHPLFNLFK NXUVร Z RQOLQH 3URMHNW ZLHฤกF]\ LQG\ZLGXDOQLH UHDOL]RZDQ\ PRGXฤ ZGURล HQLRZ\ Z UDPDFK NWร UHJR NDล G\ ] XF]HVWQLNร Z ZH ZVSร ฤ SUDF\ ] KRVSLWDWRUHP OXE WXWRUHP SU]HSURZDG]L ]DMรทFLD ]H VWXGHQWDPL Z RSDUFLX R ]PRG\ILNRZDQ\ V\ODEXV SU]HGPLRWX L ] Z\NRU]\VWDQLHP NRPSHWHQFML QDE\W\FK Z WUDNFLH ZF]HฤณQLHMV]\FK WUHQLQJร Z 1LH GD VLรท ]DWHP XNU\รฅ ล H XG]LDฤ Z 8(. +XE Z\PDJD GHWHUPLQDFML L GXล HJR ]DDQJDล RZDQLD ]H VWURQ\ XF]HVWQLNร Z 0DP\ MHGQDN QDG]LHMรท ล H RVLรฃJQLรทWH HIHNW\ UHDOQLH SU]\F]\QLรฃ VLรท GR SRSUDZ\ V\VWHPX NV]WDฤ FHQLD QD QDV]\P XQLZHUV\WHFLH

3URMHNW VNLHURZDQ\ MHVW GR ZV]\VWNLFK QDXF]\FLHOL DNDGHPLFNLFK SUDFXMรฃF\FK QD 8(. EH] Z]JOรทGX QD ZLHN GRฤณZLDGF]HQLH ]DZRGRZH VWDล SUDF\ F]\ ZUHV]FLH VWRSLHฤก EรฃGล W\WXฤ QDXNRZ\ : F]DVLH ZLRVHQQHM UHNUXWDFML ]DNZDOLILNRZDฤ R VLรท GRฤก SRQDG RVร E ]H ZV]\VWNLFK SLรทFLX Z\G]LDฤ ร Z RUD] &HQWUXP -รท]\NRZHJR &HOHP MDNL VRELH SRVWDZLOL MHVW NRPSOHNVRZ\ UR]Zร M NRPSHWHQFML Z ]DNUHVLH VWRVRZDQLD LQQRZDF\MQ\FK VWUDWHJLL PHWRG L WHFKQLN G\GDNW\F]Q\FK Z SUDF\ ] SRNROHQLDPL < L = WDNล H Z Mรท]\NX DQJLHOVNLP RUD] VNXWHF]QLHMV]HJR QLล GRWรฃG NRU]\VWDQLD ] DNWXDOQLH GRVWรทSQ\FK WHFKQRORJLL LQIRUPDF\MQ\FK

3LHUZV]H V]NROHQLD Z UDPDFK 8(. +XE UR]SRF]รทฤ \ VLรท MXล Z SDล G]LHUQLNX D QD OXW\tF]HUZLHF ]DSODQRZDQR RVWDWQLรฃ SDUWLรท ZGURล Hฤก 3URMHNW ZVSร ฤ ILQDQVRZDQ\ MHVW ]H ฤณURGNร Z 8QLL (XURSHMVNLHM Z UDPDFK 3URJUDPX 2SHUDF\MQHJR :LHG]D (GXNDFMD 5R]Zร M Vฤ Xล รฃFHJR P LQ SRSUDZLH SROLW\NL L G]LDฤ Dฤก SXEOLF]Q\FK QD U]HF] HGXNDFML SRSU]H] Z]PRFQLHQLH V]NROQLFWZD Z\ล V]HJR .RRUG\QXMH JR QLHZLHONL ]HVSร ฤ SRG NLHUXQNLHP SURI GU KDE -HU]HJR .RUQDVLD 3Hฤ QRPRFQLND 5HNWRUD GV -DNRฤณFL .V]WDฤ FHQLD VNฤ DGDMรฃF\ VLรท SU]HGH ZV]\VWNLP ] SUDFRZQLNร Z &HQWUXP H /HDUQLQJX NWร U]\ Vรฃ MHJR SRP\Vฤ RGDZFDPL

3RP\Vฤ RGDZF\ 8(. +XE QLH FKFLHOL MHGQDN QDU]XFDรฅ WHPDW\NL VSHFMDOL]DFML G\GDNW\F]QHM NWร UD VWDQRZLรฅ PD Jฤ ร ZQ\ FHO GRVNRQDOHQLD

$QHWD 3RZURล QLN $QQD . 6WDQLVฤ DZVND 0LVFKNH &HQWUXP H /HUQLQJX ZZZ H XF]HOQLD XHN NUNRZ SO ZZZ KXE XHN NUDNRZ SO

:V]\VWNLFK ]DLQWHUHVRZDQ\FK V]F]HJร ฤ RZ\PL FHODPL SU]HGVLรทZ]LรทFLD MHJR RUJDQL]DFMรฃ L SU]HELHJLHP ]DSUDV]DP\ QD VWURQรท KXE XHN NUDNRZ SO RUD] GR %LXUD 3URMHNWX

UEK - partner w biznesie

3URMHNW ,QNXEDWRU ,QQRZDF\MQRฤณFL =-3 ยง XIZ\VMZ _ JQbVM[QM 6]DQRZQL 3DฤกVWZR

8WUQUW ฤตM W[\I\VQM UQM[Qฤ KM Jaรฐ \W KbI[ XZbMZ_a [MUM[\ZITVMR Q ]ZTWX{_ _aXWKbaVSW_aKP XZIKW_VQKa bIIVOIฤตW_IVQ _ XZWRMS\ 1VS]JI\WZ 1VVW_IKaRVWฤฌKQ VQM XZ{ฤตVW_ITQ I \W KW ]LIรฐW [Qฤ bZMITQbW_Iฤ XZbaJTQฤตIUa 8Iฤก[\_] XWVQฤตMR

O ']LDฤ 1DXNL L 7UDQVIHUX :LHG]\ %XG\QHN Jฤ ร ZQ\ , SLรทWUR SRN VWRQD ZZZ GQWZ XHN NUDNRZ SO WHO H PDLO WUDQVIHUZLHG]\#XHN NUDNRZ SO

6]HU]HM - *UDFHO 0 6WRFK $ %LHJDฤกVND ,Qล \QLHURZLH SU]HP\Vฤ X QLH JRWRZL GR ]PLDQ" $VWRU :KLWHSDSHU .UDNร Z V

]Dฤ Rล \ฤ R SU]HG GZRPD ODW\ WU]HFK G PDUFD E U SURZDG]RQR PLHV]NDMรฃF\FK Z 3ROVFH 8NUDLฤกFร Z UR]PRZ\ ] ]Dฤ Rล \FLHOHP 5RVV .QDS 6HUJH\ %XWNR L $QGUHZ L Jฤ ร ZQ\P XG]LDฤ RZFHP 7NDFKLY 7HUD] ILUPD ]DWUXGQLD RVRE\ )LUP\ &DOO3DJH t 5RVVHP .QDSHP 3UH]HVHP =DU]รฃGX &DOO3DJH 1D SU]Hฤ RPLH OLSFD VLHUSQLD RGE\ฤ R WR LQQRZDF\MQ\ VWDUW XS ] .UDNRZD VLรท QD 8QLZHUV\WHFLH (NRQRPLF]Q\P NWร U\ ]DMPXMH VLรท UR]ZLรฃ]DQLDPL GOD Z .UDNRZLH VSRWNDQLH ] SU]HGVWDNRPXQLNDFML EL]QHVRZHM -HVW P LQ ]Z\FLรท]Fรฃ HG\FML SURJUDPX 7KLQN %LJ ZLFLHOHP ILUP\ $6725 t &]ฤ RQNLHP =DU]รฃGX '\UHNWRUHP GV 0DUNHWLQJX L RIHUXMH V\VWHP GR ]DPDZLDQLD UR]3DQHP -DURVฤ DZHP *UDFHOHP PRZ\ ] NRQVXOWDQWHP SRSU]H] VWURQรท ::: 2SUDFRZDQ\ PRGXฤ SU]H] ILUPรท 6SRWNDQLH ]ZLรฃ]DQH E\ฤ R ] SRGMรทFLHP G]LDฤ Dฤก Z NLHUXQNX SU]\JRWRZDQLD &DOO3DJH MHVW DXWRPDW\F]QLH XPLHV]SURMHNWX GRW\F]รฃFHJR 3U]HP\Vฤ X F]DQ\ QD VWURQLH LQWHUQHWRZHM ILUP\ OXE RUD] SURPRFML RIHUW\ EDGDZF]HM LQVW\WXFML 5R]SR]QDMH RQ RVRE\ NWร UH 8F]HOQL ]ZLรฃ]DQHM ]H ZVSRPQLDQ\P FKFรฃ ]DGDรฅ MDNLHฤณ S\WDQLH DOER NXSLรฅ ]DJDGQLHQLHP SURGXNW OHF] SRWU]HEXMรฃ ZLรทFHM LQIRUPDFML &DOO3DJH ]DFKรทFD MH GR SR]R1D]ZD 3U]HP\Vฤ SRFKRG]L ] LQLVWDZLHQLD VZRMHJR QXPHUX WHOHIRQX FMDW\Z\ QLHPLHFNLHJR U]รฃGX LQVW\1DVWรทSQLH VDP G]ZRQL GR NRQVXOWDQWD WXWร Z EDGDZF]\FK P LQ 1LHPLHFND L ฤ รฃF]\ JR ] NOLHQWHP &Dฤ \ SURFHV WUZD $NDGHPLD 1DXN 7HFKQLF]Q\FK NUร FHM QLล Sร ฤ PLQXW\ 3ROVNL IXQGXV] t $&$7(&+ L SU]HGVLรทELRUVWZ SU]HP\E9DOXH ]Dฤ Rล RQ\ SU]H] ]QDQ\FK ELVฤ RZ\FK NWร UH Z URNX ]DSRF]รฃW]QHVPHQร Z 5DIDฤ D %U]RVNรท ,Q3RVW 0DULDQD 2ZHUNรท %DNDOODQG L 7RPDV]D NRZDฤ \ SURJUDP ,QGXVWULH 3RMรทFLH WR MHVW ]ELRUF]\P RNUHฤณOHQLHP GOD 0LVLDND :RUN 6HUYLFH ]DLQZHVWRZDฤ LQQRZDFML WHFKQLF]Q\FK RUD] NRQFHSFML POQ ]ฤ Z VWDUW XS &DOO3DJH &DOO3DJH

RUJDQL]DFML ฤ DฤกFXFKD ZDUWRฤณFL NWร UH ]PLHQLDMรฃ SURGXNFMรท SU]HP\Vฤ RZรฃ Z UHZROXF\MQ\ VSRVร E1 : 3ROVFH WUDQVIRUPDFMD JRVSRGDUNL MHVW SRG VWDฤ \P QDG]RUHP 0LQLVWHUVWZD 5R]ZRMX NWร UH MHVW DXWRUHP NRQFHSFML e&HQWUร Z .RPSHWHQFML ,QGXVWU\ ZVSLHUDMรฃF\FK WUDQVIRUPDFMรท NUDMRZHJR SU]HP\Vฤ X Z\WZร UF]HJRr 8(. ZVSร OQLH ] ILUPรฃ $6725 NWร UD MDNR SLHUZV]D Z QDV]\P NUDMX SU]HSURZDG]Lฤ D Z ]HV]ฤ \P URNX V]HURNR ]DNURMRQH EDGDQLD QW 3U]HP\Vฤ X Z SU]HGVLรทELRUVWZDFK SURGXNF\MQ\FK ]DPLHU]D Z\NRU]\VWXMรฃF SRWHQFMDฤ QDXNRZ\ L EDGDZF]\ VZRLFK SUDFRZQLNร Z DNW\ZQLH Zฤ รฃF]\รฅ VLรท Z LPSOHPHQWDFMรท ]Dฤ Rล Hฤก e3U]HP\Vฤ X QRZ\FK PRล OLZRฤณFLr Z SROVNLFK SU]HGVLรทELRUVWZDFK : VLHUSQLX L ZH ZU]HฤณQLX GRV]ฤ R WDNล H GR VSRWNDQLD ] SU]HGVWDZLFLHODPL GXล \FK ILUP t 9DOHR $XWRV\VWHP\ 6S ] R R RUD] )DNUR 6S ] R R : NRQWHNฤณFLH ILUP\ 9DOHR t RPร ZLRQR ] PDQDJHUDPL G]LDฤ ร Z )LQDQVร Z /RJLVW\NL =DNXSร Z L -DNRฤณFL PRล OLZH SROD

: NDล G\P SU]\SDGNX ] ILUPDPL ]RVWDQรฃ SRGSLVDQH XPRZ\ UDPRZH R ZVSร ฤ SUDF\ L PRล OLZH EรทG]LH ]DUร ZQR Zฤ รฃF]DQLH SUDFRZQLNร Z QDXNRZ\FK Z UHDOL]RZDQH SURMHNW\ SRGHMPRZDQLH QRZ\FK SURMHNWร Z DOH WDNล H NLHURZDQLH VWXGHQWร Z QD VWDล H L SUDNW\NL Z WUDNFLH NWร U\FK EรทGรฃ PRJOL ]DSR]QDรฅ VLรท ] DVSHNWDPL G]LDฤ DOQRฤณFL ILUP\ ZVSLHUDรฅ UHDOL]DFMรท NRQNUHWQ\FK SU]HGVLรทZ]Lรทรฅ EL]QHVRZ\FK Z NRฤกFX E\รฅ PRล H ]QDOHล รฅ SUDFรท JG\ล Vรฃ WR ZLRGรฃFH ILUP\ Z 0Dฤ RSROVFH NWร UH V\VWHPDW\F]QLH VLรท UR]ZLMDMรฃ RUD] SRV]XNXMรฃ LQQRZDF\MQ\FK UR]ZLรฃ]Dฤก : VLHUSQLX RGE\ฤ R VLรท Uร ZQLHล VSRWNDQLH Z VLHG]LELH ILUP\ 0$63(; Z :DGRZLFDFK )LUPD MHVW QD HWDSLH WZRU]HQLD &HQWUXP %DGDZF]R 5R]ZRMRZHJR Z REV]DU]H ZLHORZ\PLDURZ\FK DQDOL] VKRSSHUร Z JHRORNDOL]DFML L RSW\PDOL]DFML SRWHQFMDฤ ร Z VSU]HGDล RZ\FK 0$63(; SODQXMH ]OHFLรฅ 8F]HOQL VSHFMDOLVW\F]QH EDGDQLD X]XSHฤ QLDMรฃFH G]LDฤ DOQRฤณรฅ QRZR SRZRฤ DQHJR &HQWUXP 3LHUZV]H ] QLFK GRW\F]\รฅ EรทG]LH PRGHOL VSU]HGDล RZ\FK GOD VNOHSร Z WUDG\F\MQ\FK L VLHFLRZ\FK )LUPD 0$63(; PD Uร ZQLHล Z SODQDFK SU]\MรทFLH QD Sฤ DWQH VWDล H SUDFRZQLNร Z QDXNRZ\FK 8F]HOQL 6WDล EรทG]LH PLDฤ QD FHOX UR]ZLQLรทFLH L Z]PRFQLHQLH ZVSร ฤ SUDF\ PLรทG]\ SU]HGVLรทELRUVWZHP D VIHUรฃ % 5 RUD] Z\NRU]\VWDQLH SRWHQFMDฤ X QDXNRZHJR 8F]HOQL ZH ZGUDล DQLX LQQRZDF\MQ\FK UR]ZLรฃ]Dฤก Z ILUPLH : VLHUSQLX ]DNRฤกF]\ฤ \ VLรท GZD GXล H ]DGDQLD UHDOL]RZDQH RG NLONX PLHVLรทF\ Z SURMHNFLH ,QNXEDWRU ,QQRZDF\MQRฤณFL 3R Z\ERU]H ILUP\

NWร UD SRGMรทฤ D VLรท DXG\WX SRWHQFMDฤ X NRPHUFMDOL]DF\MQHJR QDV]HM XF]HOQL FR PLDฤ R PLHMVFH Z PDUFX ]RUJDQL]RZDQR NLONDQDฤณFLH VSRWNDฤก ] Z\W\SRZDQ\PL SU]H] VSHFMDOLVWรท ]HVSRฤ DPL EDGDZF]\PL NWร UH URNXMรฃ QDMZLรทNV]H SHUVSHNW\Z\ Z NRQWHNฤณFLH ZVSร ฤ SUDF\ ] EL]QHVHP SU]HP\Vฤ HP 3RGGDQR ZQLNOLZHM DQDOL]LH DNW\ SUDZQH L SURFHGXU\ RERZLรฃ]XMรฃFH Z 8(. ]ZHU\ILNRZDQR SRWHQFMDฤ NRPHUFMDOL]DF\MQ\ SRV]F]HJร OQ\FK :\G]LDฤ ร Z L .DWHGU RUD] ZVND]DQR G]LDฤ DQLD MDNLH XF]HOQLD SRZLQQD UR]ZDล \รฅ L SRGMรฃรฅ Z EOLล V]HM RUD] GDOV]HM SHUVSHNW\ZLH Z NRQWHNฤณFLH SRSUDZ\ DNW\ZQRฤณFL QD SROX NRPHUFMDOL]DFML EDGDฤก QDXNRZ\FK VSHFMDOLVW\F]QHJR WUDQVIHUX ZLHG]\ RUD] SRSUDZ\ GRW\FKF]DVRZHM ZVSร ฤ SUDF\ QDXND EL]QHV 3U]\JRWRZDQH ]RVWDฤ \ GZD UDSRUW\ $XG\W SRWHQFMDฤ X QDXNRZHJR SRG NรฃWHP ]DVWRVRZDฤก Z SUDNW\FH RUD] $XG\W DNWร Z SUDZQ\FK L SURFHGXU ]ZLรฃ]DQ\FK ] WUDQVIHUHP ZLHG]\ &]ฤ RQNRZLH ]HVSRฤ X SURMHNWRZHJR SODQXMรฃ ]RUJDQL]RZDรฅ VSRWNDQLH DXG\WRUD ] SUDFRZQLNDPL 8F]HOQL 3RGF]DV VSRWNDQLD SRUXV]RQH EรทGรฃ P LQ DVSHNW\ ]ZLรฃ]DQH ] SRZRฤ DQLHP 6Sร ฤ NL &HORZHM UHNRPHQGRZDQ\PL ]PLDQDPL Z ]DNUHVLH UHJXODPLQX Zฤ DVQRฤณFL LQWHOHNWXDOQHM SURFHGXU\ EXGล HWRZDQLD SURMHNWร Z L Z\FHQD XVฤ XJ SURFHGXU\ NRPHUFMDOL]DFML L WUDQVIHUX ZLHG]\ RUD] ฤณURGNร Z SRFKRG]รฃF\FK ] NRPHUFMDOL]DFML 3URSRQRZDQ\P GR SRUXV]HQLD ]DJDGQLHQLHP MHVW Uร ZQLHล SRZRฤ DQLH &HQWUXP 7UDQVIHUX 7HFKQRORJLL L MHJR UROD Z NUHRZDQLX SROLW\NL QDNLHURZDQHM QD Z]PDFQLDQLH ZVSร ฤ SUDF\ QDXNL ] EL]QHVHP 8VWDORQR ZVWรทSQLH ล H VSRWNDQLH RGEรทG]LH VLรท Z SDล G]LHUQLNX 6]F]HJร ฤ RZH LQIRUPDFMH QD WHQ WHPDW ]DPLHV]F]RQH EรทGรฃ QD VWURQLH LQWHUQHWRZHM ']LDฤ X 1DXNL L 7UDQVIHUX :LHG]\ )DFHERRNX RUD] UR]V\ฤ DQH GR SUDFRZQLNร Z PDLOLQJLHP .ROHMQ\P NURNLHP Z SURPRZDQLX SRWHQFMDฤ X QDXNRZHJR 8F]HOQL MHVW VWZRU]HQLH SRUWIROLR ZVND]DQ\FK Z WUDNFLH DXG\WX ]HVSRฤ ร Z EDGDZF]\FK RUD] ZGURล HQLH VWUDWHJLL

PDUNHWLQJRZHM : ELHล รฃF\P RNUHVLH SRGMรทWH ]RVWDฤ \ MXล G]LDฤ DQLD PDMรฃFH QD FHOX SU]HEXGRZรท VWURQ\ ']LDฤ X 1DXNL L 7UDQVIHUX :LHG]\ :VND]DQH GZD ZLRGรฃFH REV]DU\ G]LDฤ DOQRฤณFL ']LDฤ X t e1DXNDr L e7UDQVIHU ZLHG]\r ]RVWDQรฃ UR]G]LHORQH : UDPDFK REV]DUX e7UDQVIHU ZLHG]\r XGRVWรทSQLRQH ]RVWDQรฃ QD VWURQLH t VSHFMDOLVW\F]QH QDU]รทG]LD P LQ JRRJOH DQDO\WLFV JRRJOH VHDUFK NRQVROH 6(53 3UHYLHZ 7RRO :VND]DQH QDU]รทG]LD SR]ZROรฃ QD PRQLWRURZDQLH HIHNW\ZQRฤณFL G]LDฤ Dฤก SURZDG]RQ\FK Z ,QWHUQHFLH RUD] SRSUDZรท ZLGRF]QRฤณFL VWURQ\ LQWHUQHWRZHM Z Z\V]XNLZDUFH : GDOV]HM SHUVSHNW\ZLH SUDFRZQLF\ ']LDฤ X 1DXNL L 7UDQVIHUX :LHG]\ SODQXMรฃ REMรฃรฅ G]LDฤ DQLDPL SURPRF\MQ\PL ZV]\VWNLH .DWHGU\ ]DLQWHUHVRZDQH ZVSร ฤ SUDFรฃ ] EL]QHVHP

UEK - partner w biznesie

ZVSร ฤ SUDF\ RUD] ]DU\VRZDQR SODQ G]LDฤ Dฤก NWร UH EรทGรฃ SRGMรทWH Z NRQWHNฤณFLH UHDOL]DFML ZVSร OQ\FK SURMHNWร Z 6SRWNDQLH ] =DU]รฃGHP )LUP\ )DNUR WDNล H E\ฤ R EDUG]R NRQVWUXNW\ZQH 8VWDORQR P LQ ล H PRล OLZH EรทG]LH SRGMรทFLH VLรท UHDOL]DFML NLONX SURMHNWร Z Z Uร ล Q\FK REV]DUDFK G]LDฤ DQLD ILUP\ D VSร ฤ FH V]F]HJร OQLH ]DOHล \ QD SRPRF\ Z LPSOHPHQWDFML SUDF\ ]GDOQHM NWร Uรฃ VXNFHV\ZQLH EรทGรฃ PRJOL ฤณZLDGF]\รฅ SUDFRZQLF\ DGPLQLVWUDF\MQL VSร ฤ NL

=DFKรทFDP\ ZV]\VWNLFK ]DLQWHUHVRZDQ\FK GR ZVSร ฤ SUDF\ L DQJDล RZDQLD VLรท Z G]LDฤ DQLD NWร UH SRGHMPRZDQH Vรฃ L Z GDOV]\P FLรฃJX EรทGรฃ Z UDPDFK UHDOL]RZDQHJR SURMHNWX 3ODQXMHP\ Z QRZ\P URNX DNDGHPLFNLP RUJDQL]DFMรท NLONX V]NROHฤก VSHFMDOLVW\F]Q\FK ] WHPDW\NL P LQ NRPHUFMDOL]DFML EDGDฤก QDXNRZ\FK DVSHNWร Z SUDZD Zฤ DVQRฤณFL LQWHOHNWXDOQHM Z WUDNFLH ZVSร ฤ SUDF\ ] EL]QHVHP SU]HP\Vฤ HP Z UHDOL]RZDQ\FK SURMHNWDFK LWS 3UREOHPDW\ND WHPDWร Z V]NROHฤก EรทG]LH VXNFHV\ZQLH UR]EXGRZ\ZDQD D NDล G\ ] 3DฤกVWZD NWR ZLG]L SRWU]HEรท UR]ZLQLรทFLD MDNLHJRฤณ ]DJDGQLHQLD L ]DVDGQH MHVW MHM V]HUV]H SU]\EOLล HQLH L RPร ZLHQLH t SURV]RQ\ MHVW R NRQWDNW ] ']LDฤ HP ,QIRUPDFMรท R WHUPLQDFK V]NROHฤก SRGDP\ Z NRUHVSRQGHQFML PDLORZHM -Xล WHUD] VHUGHF]QLH 3DฤกVWZD ]DSUDV]DP\ QD V]NROHQLD NWร UH NDล GRUD]RZR EรทGรฃ SURZDG]Lรฅ VSHFMDOLฤณFL ]H ZVND]DQ\FK REV]DUร Z

PJU 0RQLND +DPHUVND .RRUG\QDWRU 3URMHNWX ']LDฤ 1DXNL L 7UDQVIHUX :LHG]\ GU 0DUHN 0DNRZLHF $GLXQNW .DWHGUD =DFKRZDฤก 2UJDQL]DF\MQ\FK :\G]LDฤ RZ\ .RRUG\QDWRU GV 7UDQVIHUX :LHG]\

.XUV Mรท]\ND L NXOWXU\ SROVNLHM LTI bIOZIVQKbVaKP [\]LMV\{_ =-3

?ISIKRM \W WSZM[ _ S\{ZaU 3IUX][ =VQ_MZ[a\M\] -SWVWUQKbVMOW b_ITVQI Q X][\W[bMRM ITM \aTSW b XWbWZ] 7DN QDSUDZGรท ]PLHQLD VLรท tylko forma jego DNW\ZQRฤณFL .LHG\ VWXGHQFL QDV]HJR 8QLZHUV\WHWX QDELHUDOL VLฤ SU]HG NROHMQ\P URNLHP DNDGHPLFNLP Z VLHUSQLX L ZU]HฤณQLX Z PXUDFK 8(. RGE\ฤ \ VLรท LQWHQV\ZQH NXUV\ Mรท]\ND L NXOWXU\ SROVNLHM DGUHVRZDQH GR RVร E SODQXMรฃF\FK UR]SRF]รฃรฅ QDXNรท Z QDV]HM 8F]HOQL : W\P URNX XF]HVWQLF]\ฤ R Z QLFK EOLVNR RVร E ] %LDฤ RUXVL L 8NUDLQ\ 14

*aรฐW UQVฤ รฐW UWRM _[XWUVQMVQI b TM\VQMOW S]Z[] Rฤ baSI Q S]T\]Za XWT[SQMR VI =-3 6]F]HU]H Pร ZLรฃF NDล GH ]DMรทFLH E\ฤ R GOD PQLH ฤณZLรทWHP 3R]QDฤ HP GXล R QRZ\FK LQIRUPDFML ]GRE\ฤ HP GXล R NRU]\VWQHM ZLHG]\ : V]F]HJร OQRฤณFL EDUG]R PL VLรท SRGREDฤ \ ]DGDQLD UR]U\ZNRZR QDXNRZH ']LรทNL WHPX SROHSV]\ฤ HP PRMรฃ ]QDMRPRฤณรฅ Mรท]\ND SROVNLHJR FR E\ฤ R GOD PQLH EDUG]R ZDล Qรฃ VSUDZรฃ L SRGVWDZRZ\P FHOHP $UWHP

1D ]DMรทFLDFK GRZLHG]LHOLฤณP\ VLรท ZLHOH QRZ\FK U]HF]\ 3DQL $QQD URELฤ D ZV]\VWNR ล HE\ ]DMรทFLD E\ฤ \ LQWHUHVXMรฃFH : ZHHNHQG\ FKRG]LOLฤณP\ QD Z\FLHF]NL SR .UDNRZLH MHล G]LOLฤณP\ GR =DNRSDQHJR 2SUร F] ]DMรทรฅ SR]QDฤ DP GXล R QRZ\FK OXG]L 0LHV]NDOLฤณP\ UD]HP Z $NDGHPLNX 7R GOD PQLH QRZH L QLHVDPRZLWH GRฤณZLDGF]HQLH 0DP QDG]LHMรท ล H SR NXUVLH EรทGรท NRPXQLNRZDรฅ VLรท ] ZV]\VWNLPL 6DEULQD

1LHVWHW\ F]DV EDUG]R V]\ENR Sฤ \QLH -Xล ]D NLOND GQL EรทG]LH NRQLHF NXUVX Mรท]\ND SROVNLHJR 0\ฤณOรท ล H JG\E\ E\ฤ D WDND PRล OLZRฤณรฅ SRZWร U]\OLE\ฤณP\ NXUV MHV]F]H UD] 3U]\NUR QDP ล H WDN V]\ENR ZV]\VWNR VLรท VNRฤกF]\ฤ R 'DULD L $QDVWD]MD

wydarzenia

; HG\FMD SURMHNWX 626 ;XWรฐMKbVI 7LXW_QMLbQITVWฤฌฤ ;\]LMV\{_ /La XW_QM\ZbM ZWJQ [Qฤ KQMXรฐM Q Kb]ฤ R]ฤต bJTQฤตIRฤ KM [Qฤ TI\W I UQฤ Lba [\]LMV\IUQ bUQMZbIRฤ KaUQ VI W[\I\VQM bIRฤ KQI Kba bITQKbMVQI JQMOIRฤ ZWbMฤฌUQIVM LbQMKQ WR ]QDN ล H QD 8QLZHUV\WHFLH (NRQRPLF]Q\P Z .UDNRZLH WUZD Zฤ DฤณQLH ILQDฤ NROHMQHM DNFML 626 t 6SRฤ HF]QD 2GSRZLHG]LDOQRฤณรฅ 6WXGHQWร Z

aN FR URNX QLHPDO G]LHFLD ] F]WHUHFK ฤณZLHWOLF ฤณURGRZLVNRZ\FK 7RZDU]\VWZD 3U]\MDFLร ฤ ']LHFL JRฤณFLฤ R QD WHUHQLH NDPSXVX 8(. 6WXGHQFL L DEVROZHQFL .DWHGU\ =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR GZRLOL VLรท L WURLOL ล HE\ ]DSHZQLรฅ QDMPฤ RGV]\P JRฤณFLRP ']LHฤก ']LHFND SHฤ HQ DWUDNFML &HOHP SURMHNWX 626 t 6SRฤ HF]QD 2GSRZLHG]LDOQRฤณรฅ 6WXGHQWร Z

MHVW ]DDQJDล RZDQLH VWXGHQWร Z Z G]LDฤ DOQRฤณรฅ SR]DXF]HOQLDQรฃ SRND]DQLH ล H ZDล QH MHVW WR MDN SRPDJDMรฃ LQQ\P L MDN G]LรทNL WHPX UR]ZLMDMรฃ VZRMรฃ ZUDล OLZRฤณรฅ L XPLHMรทWQRฤณFL 0D RQ X]P\Vฤ RZLรฅ VWXGHQWRP SRWU]HEรท SRPRF\ GUXJLHPX F]ฤ RZLHNRZL RUD] XPRล OLZLรฅ ]DDQJDล RZDQLH VLรท Z VSRฤ HF]QH DVSHNW\ ล \FLD ']LรทNL OLF]Q\P PLQL SURJUDPRP HGXNDF\MQ\P ]DMรทFLRP SURILORZDQ\P JURP

L ]DEDZRP VWXGHQFL SRND]XMรฃ G]LHFLRP ล H ZDUWR E\รฅ ZUDล OLZ\P QD SRWU]HE\ LQQ\FK UR]ZLMDรฅ VLHELH L Gรฃล \รฅ GR VSHฤ QLHQLD PDU]Hฤก &KFรฃ WDNล H ]DFKรทFLรฅ MH GR QDXNL L SRGMรทFLD VWXGLร Z Z SU]\V]ฤ RฤณFL 3RQDGWR XPRล OLZLDMรฃ G]LHFLRP SR]QDQLH DWPRVIHU\ SDQXMรฃFHM QD XF]HOQLDFK SRND]XMรฃ ล H ล \FLH VWXGHQFNLH MHVW FLHNDZH UDGRVQH UR]ZLMDMรฃFH KRU\]RQW\ L SHฤ QH SU]\Jร G

: FLรฃJX PLQLRQHM GHNDG\ VWXGHQFL L Z\Nฤ DGRZF\ ]RUJDQL]RZDOL NDOHMGRVNRS WHPDW\F]Q\ ]DMรทรฅ GOD Pฤ RG]LHล \ ] WUXGQ\FK L SRWU]HEXMรฃF\FK GRPร Z Z W\P ZDUV]WDW\ WDQHF]QH EDOHW WDQLHF QRZRF]HVQ\ WDQLHF NODV\F]Q\ ]XPED ZRNDOQH Z W\P NDUDRNH Mรท]\NRZH MDSRฤกVNL JUX]LฤกVNL ILฤกVNL KLV]SDฤกVNL Zฤ RVNL XNUDLฤกVNL QLHPLHFNL L LQQH SODVW\F]QH VSRUWRZH ZDUV]WDW\ ] PRG\ HW\F]QHM NUHDW\ZQHJR SLVDQLD WZRU]HQLD ZLWUDล \ ฤณZLรฃWHF]QH F]\ ZDUV]WDW\ ] GRPRZHJR EXGล HWX 2SUร F] WHJR G]LHFL WZRU]\ฤ \

VDPRORW\ ] SDSLHUX OHSLฤ \ SL]]H EDZLฤ \ VLรท NORFNDPL /HJR L FLDVWROLQรฃ VWU]HODฤ \ ] ฤ XNX FKRG]Lฤ \ SR OLQLH SURMHNWRZDฤ \ RG]LHล SRG RNLHP SURIHVMRQDOQHJR SURMHNWDQWD PLHU]\ฤ \ RU\JLQDOQH MDSRฤกVNLH NLPRQD URELฤ \ ELล XWHULรท ]ZLHU]DNL ] EDORQร Z OHSLฤ \ NXONL ] QDVLRQ NZLDWร Z SR]RZDฤ \ GR SURIHVMRQDOQ\FK VHVML ]GMรทFLRZ\FK EUDฤ \ XG]LDฤ Z SRND]DFK V]WXN ZDONL EUD]\OLMVNLHM FDSRHLU\ MLX MLWVX NDUDWH L ZDON QD PLHF]H VDPXUDMVNLH JUDฤ \ QD NRQVRODFK EDZLฤ \ VLรท ฤณZLHWQLH QD Uร ล Q\FK JUDFK WHUHQRZ\FK Vฤ XFKDฤ \ RSRZLHฤณFL R Z\SUDZLH QD .LOLPDQGล DUR EUDฤ \ XG]LDฤ Z GHEDFLH G]LHFL t VWXGHQFL R SOXVDFK L PLQXVDFK ล \FLD Z PLHฤณFLH VDG]Lฤ \ GU]HZD QD WHUHQLH NDPSXVX E\ฤ \ Z NLQLH QD ORGRZLVNX QD ฤณFLDQFH ZVSLQDF]NRZHM Z WHDWU]H RUD] PX]HXP 3RQDGWR RUJDQL]DWRU]\ SRPDJDOL SU]\JRWRZDรฅ F]รทฤณรฅ DUW\VW\F]Qรฃ -XELOHXV]X VWXOHFLD 7RZDU]\VWZD 3U]\MDFLร ฤ ']LHFL Z NUDNRZVNLP 0DJLVWUDFLH D WDNล H UDWRZDรฅ ฤณZLHWOLFH JG\ GZร P ] QLFK JURล RQR ]DPNQLรทFLHP ']LDฤ R VLรท 0RW\ZHP SU]HZRGQLP WHJRURF]QHJR 'QLD ']LHFND E\ฤ D RFKURQD ฤณURGRZLVND ']LHFL Z]Lรทฤ \ XG]LDฤ Z FDฤ RGQLRZ\FK ZDUV]WDWDFK HNRORJLF]Q\FK VSUDZG]DMรฃF\FK L SRJฤ รทELDMรฃF\FK LFK ZLHG]รท R QDWXU]H RUD] Z ZDUV]WDWDFK SRฤณZLรทFRQ\FK PRG]LH UHF\NOLQJRZHM L ]GURZHPX ล \ZLHQLX ZDUV]WDWDFK Mรท]\NRZ\FK ZRNDOQ\FK L WDQHF]Q\FK ']LHFL XF]\ฤ \ VLรท MDN

Z\NRU]\VW\ZDรฅ VXURZFH ZWร UQH MDNLH MHVW ]QDF]HQLH HNRORJLL L GODF]HJR ZDUWR GEDรฅ R QDV]รฃ =LHPLรท &LHNDZ\P SXQNWHP SURJUDPX E\ฤ \ ZDUV]WDW\ ] F\NOX e3U]\JRGD ] FLHSฤ HPr SU]\JRWRZDQH SU]H] 0LHMVNLH 3U]HGVLรทELRUVWZR (QHUJHW\NL &LHSOQHM 6 $ Z .UDNRZLH QD NWร U\FK G]LHFL GRZLHG]LDฤ \ VLรท VNรฃG ELHU]H VLรท FLHSฤ R Z NDORU\IHUDFK RUD] FLHSฤ D ZRGD Z NUDQDFK LFK GRPร Z

wydarzenia

= RND]ML MXELOHXV]RZHM G]LHVLรฃWHM HG\FML SURMHNWX ]RUJDQL]RZDQR WDNล H XURF]\VWรฃ LQDXJXUDFMรท SRGF]DV NWร UHM 3DQL 3URUHNWRU GV .RPXQLNDFML L :VSร ฤ SUDF\ t SURI GU KDE -DQLQD )LOHN t SRZLWDฤ D RILFMDOQLH ZV]\VWNLFK *RฤณFL Z LPLHQLX :ฤ DG] 8QLZHUV\WHWX : LPLHQLX RUJDQL]DWRUร Z Jฤ RV ]DEUDฤ Uร ZQLHล .LHURZQLN .DWHGU\ =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR t SURI GU KDE -DQXV] 7HF]NH t LQLFMDWRU SURMHNWX 626 'U 0RQLND 6DG\ LQLFMDWRU L NRRUG\QDWRU SURMHNWX Pร ZLฤ D R GRNRQDQLDFK VWXGHQWร Z ] RVWDWQLFK ODW L G]LรทNRZDฤ D SUDFRZQLNRP .DWHGU\ RUD] ZV]\VWNLP ]DDQJDล RZDQ\P RVRERP L ILUPRP '\UHNWRU 7RZDU]\VWZD 3U]\MDFLร ฤ ']LHFL SDQL 5HQDWD .ORU\JD ZH Z]UXV]DMรฃF\P SU]HPร ZLHQLX SRG]LรทNRZDฤ D 8QLZHUV\WHWRZL L .DWHGU]H ]D GRW\FKF]DVRZH G]LHVLรทรฅ ODW ZVSDQLDฤ HM ZVSร ฤ SUDF\

)LQDฤ 626 ]DNRฤกF]\ฤ VLรท ZUรทF]HQLHP SRล HJQDOQ\FK XSRPLQNร Z GOD G]LHFL RUD] ฤณZLHWOLF L HPRFMRQDOQ\PL SRล HJQDQLDPL ER MDN Z SRSU]HGQLFK ODWDFK ZV]\VF\ UDGRฤณQL L SHฤ QL SR]\W\ZQ\FK ZUDล Hฤก ZUDFDMรฃ GR GRPร Z 7HUD] JG\ G]LHFLDNL RSXฤณFLฤ \ NDPSXV 8(. RUJDQL]DWRU]\ LQWHQV\ZQLH P\ฤณOรฃ R SU]\V]ฤ RURF]Q\P VSRWNDQLX L FR ZLรทFHM PDMรฃ MXล VSRUR FLHNDZ\FK SRP\Vฤ ร Z QD ]DSHZQLHQLH MHV]F]H ZLรทNV]HM LORฤณFL DWUDNFML 1LH SR]RVWDMH QLF LQQHJR MDN W\ONR VNUHฤณODรฅ NROHMQH GQL Z NDOHQGDU]X :LรทFHM LQIRUPDFML R DNFML 626 t 6SRฤ HF]QD 2GSRZLHG]LDOQRฤณรฅ 6WXGHQWร Z PRล QD ]QDOHล รฅ QD VWURQLH .DWHGU\ =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR SRG DGUHVHP KWWS NDW]P XHN NUDNRZ SO VRV VSROHF]QD RGSRZLHG]LDOQRVF VWXGHQWRZ GU 0RQLND 6DG\ .LQJD 6WDฤณWR 6HEDVWLDQ .UXV]HZVNL

wydarzenia

0DQDJHPHQW LQ WKH WLPH RI QHWZRUNV FURVV FXOWXUDO DFWLYLWLHV DQG IOH[LEOH RUJDQL]DWLRQV >11 3WVNMZMVKRI 8WT[SQKP 8ZWNM[WZ{_ BIZbÄ&#x160;LbIVQI *]LIXM[b\ _ZbM[QMÄ¡ ? LVQIKP ! _ZbMÄ¬VQI ZWS] WLJaÃ°I [QÄ&#x201D; >11 3WVNMZMVKRI 8WT[SQKP 8ZWNM[WZ{_ BIZbÄ&#x160;LbIVQI bI\a\]Ã°W_IVI 0DQDJHPHQW LQ WKH WLPH RI QHWZRUNV FURVV FXOWXUDO DFWLYLWLHV DQG IOH[LEOH RUJDQL]DWLRQV

wydarzenia

GHรฃ RUJDQL]RZDQ\FK RG URNX NRQIHUHQFML MHVW V]HURNR UR]XPLDQD Z\PLDQD P\ฤณOL L NLHUXQNร Z EDGDฤก F]Rฤ RZ\FK SROVNLFK QDXNRZFร Z ] REV]DUX RUJDQL]DFML L ]DU]รฃG]DQLD ] SU]HGVWDZLFLHODPL W\FK QDXN ] LQQ\FK NUDMร Z : W\P URNX XF]HVWQLF\ NRQIHUHQFML JRฤณFLOL Z VWROLF\ :รทJLHU SLรทNQ\P %XGDSHV]FLH

.RQIHUHQFMD ]RUJDQL]RZDQD ]RVWDฤ D SU]H] .DWHGUรท =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH RUD] )XQGDFMรท =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR SRG SDWURQDWHP .RPLWHWX 1DXN 2UJDQL]DFML L =DU]รฃG]DQLD 3$1 :VSร ฤ RUJDQL]DWRUDPL NRQIHUHQFML E\ฤ \ EXGDSHV]WHฤกVNLH XF]HOQLH &RUYLQXV 8QLYHUVLW\ RI %XGDSHVW .LQJ 6LJLVPXQG 8QLYHUVLW\ %XGDSHVW %XVLQHVV 6FKRRO RUD] %XGDSHVW 0HWURSROLWDQ 8QLYHUVLW\

*RVSRGDU]H SU]\MHFKDOL QLH W\ONR ] Z\PLHQLRQ\FK XF]HOQL ] %XGDSHV]WX OHF] WDNล H ] SR]RVWDฤ \FK QDMZLรทNV]\FK ZรทJLHUVNLFK PLDVW 6HJHG\QX 0LV]NROFD 3HF]X RUD] ] *\ฤซU 3ROVNรท UHSUH]HQWRZDOL QDWRPLDVW SURIHVRURZLH ] RฤณURGNร Z QDXNRZ\FK ] :DUV]DZ\ 3R]QDQLD ฤ RG]L *GDฤกVND .UDNRZD .DWRZLF :URFฤ DZLD 2OV]W\QD RUD] 6]F]HFLQD 20

'ZD GQL REUDG QD WU]HFK XQLZHUV\WHWDFK GZDG]LHฤณFLD Z\VWรฃSLHฤก L WRZDU]\V]รฃFH LP Rล \ZLRQH G\VNXVMH ]ZLHG]DQLH %DQNX &HQWUDOQHJR :รทJLHU L PLDVWD t WDN Z VNUร FLH PRล QD RSLVDรฅ PLQLRQH GQLf 8F]HVWQLNร Z NRQIHUHQFML SU]\ZLWDฤ Z JRฤณFLQQ\FK SURJDFK .LQJ 6LJLVPXQG 8QLYHUVLW\ 5HNWRU SURI 3ร WHU 6]DWPยพUL :VSร ฤ SUDFD PLรทG]\QDURGRZD MHVW MHGQ\P ] SULRU\WHWร Z G]LDฤ DOQRฤณFL WHM XF]HOQL L ZDล Q\P QDU]รทG]LHP RVLรฃJDQLD GRVNRQDฤ RฤณFL Z G]LHG]LQLH EDGDฤก L HGXNDFML 8URF]\VWHJR RWZDUFLD NRQIHUHQFML GRNRQDฤ SURI GU KDE %RJGDQ 1RJDOVNL ] 8QLZHUV\WHWX *GDฤกVNLHJR 3U]HZRGQLF]รฃF\ .RPLWHWX 1DXN 2UJDQL]DFML L =DU]รฃG]DQLD 3$1 RUD] .LHURZQLN .DWHGU\ =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR 8(. t SURI GU KDE -DQXV] 7HF]NH

3RGF]DV RWZDUFLD NRQIHUHQFML PLDฤ R PLHMVFH PLฤ H Z\GDU]HQLH 'U .U]\V]WRI 0DFKDF]ND Z LPLHQLX 5HNWRUD 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH SURI $QGU]HMD &KRFKRฤ D ZUรทF]\ฤ OLVW JUDWXODF\MQ\ ] RND]ML OHFLD SUDF\ QDXNRZHM L DNDGHPLFNLHM SURI GU KDE -DQXV]RZL 7HF]NH 2EUDG\ SRGF]DV .RQIHUHQFML VNฤ DGDฤ \ VLรท ] SLรทFLX VHVML .Dล GD ] QLFK

R FKDUDNWHU]H G\VNXV\MQ\P QDZLรฃ]\ZDฤ D GR ZLRGรฃF\FK WHPDWร Z SRUXV]DQ\FK Z RSXEOLNRZDQ\FK DUW\NXฤ DFK '\VNXVMรท SRSU]HG]Dฤ D NUร WND SUH]HQWDFMD $XWRUร Z SXEOLNDFML QDMZDล QLHMV]\FK ZQLRVNร Z Z QLFK ]DZDUW\FK 8VWDORQ\ SU]H] RUJDQL]DWRUร Z VFKHPDW RUD] F]DV Z\VWรฃSLHฤก SR]ZROLฤ QD ]DEUDQLH Jฤ RVX ZV]\VWNLP XF]HVWQLNRP L VSU]\MDฤ RZRFQ\P G\VNXVMRP 0LรทG]\QDURGRZ\ FKDUDNWHU NRQIHUHQFML SRGNUHฤณODฤ Xล \ZDQ\ SU]H] ZV]\VWNLFK Mรท]\N DQJLHOVNL 6HVMD , NWร UD E\ฤ D VHVMรฃ RWZLHUDMรฃFรฃ REUDG\ GRW\F]\ฤ D NOXF]RZ\FK ]DJDGQLHฤก ]ZLรฃ]DQ\FK ] RUJDQL]DFMDPL VLHFLRZ\PL 3LHUZV]รฃ SUHOHJHQWNรฃ E\ฤ D SURI ,UHQD +HMGXN ] ZDUV]DZVNLHM 6]NRฤ \ *ฤ ร ZQHM +DQGORZHM NWร UD ]DSUH]HQWRZDฤ D Z\]ZDQLD Z ]DU]รฃG]DQLX Z JRVSRGDUFH VLHFLRZHM Z RSDUFLX R F\IURZH SU]HNV]WDฤ FHQLD PRGHOL EL]QHVRZ\FK 2EHFQD F]ZDUWD UHZROXFMD SU]HP\Vฤ RZD G]LรทNL P LQ LQWHUQHWRZL U]HF]\ ,QWHUQHW RI 7KLQJV ,R7 GRVWรทSQRฤณFL PRF\ REOLF]HQLRZ\FK F]\ JURPDG]HQLX L SU]HWZDU]DQLX GDQ\FK SR]ZDOD ]DXWRPDW\]RZDรฅ ]ฤ Rล RQH ]DGDQLD 8PRล OLZLD WR WZRU]HQLH ]XSHฤ QLH QRZ\FK QLH]QDQ\FK ZF]HฤณQLHM PRGHOL EL]QHVRZ\FK 3URI -HU]\ .LVLHOQLFNL ] 8QLZHUV\WHWX :DUV]DZVNLHJR QD ED]LH VZRMHJR DUW\NXฤ X 1HWZRUN RUJDQL]DWLRQ DV DQ HPHUJLQJ RUJDQL]DWLRQ ,QIOXHQFH RI ,&7 RQ WUDQVIRUPDWLRQV RI PDQDJHPHQW VWUXFWXUHV SU]HGVWDZLฤ NLOND VSRVWU]Hล Hฤก 5R]Zร M WHFKQRORJLL LQIRUPDF\MQR NRPXQLNDF\MQ\FK ,&7 ZVSRPDJD SURFHV WUDQVIRUPDFML WUDG\F\MQ\FK KLHUDUFKLF]Q\FK RUJDQL]DFML Z VLHFLRZH RUJDQL]DFMH : SRGHMฤณFLX VLHFLRZ\P PDNV\PDOL]XMH VLรท HIHNW\ SRV]F]HJร OQ\FK HOHPHQWร Z RUJDQL]DFML D QLH RUJDQL]DFML MDNR FDฤ RฤณFL .OXF]RZรฃ FHFKรฃ RUJDQL]DFML VLHFL MHVW V]\ENRฤณรฅ G]LDฤ DQLD NWร UD XPRล OLZLD GRVWRVRZDQLH VLรท GR QRZ\FK ZDUXQNร Z ]PLHQLDMรฃFHJR VLรท ฤณZLDWD &R LVWRWQH t DE\ RVLรฃJQรฃรฅ V]\ENLH Z\QLNL SU]\ G\VSRQRZDQLX RJUDQLF]RQ\PL ]DVREDPL VWUDWHJLD G]LDฤ DQLD SRZLQQD SROHJDรฅ QD XWZRU]HQLX RUJDQL]DFML VLHFLRZHM 1DOHล \ SU]\ W\P SDPLรทWDรฅ Lล ]DU]รฃG]DQLH VLHFLรฃ

= NROHL GU -ยพQRV +ยพUVNXWL SU]HGVWDZLFLHO XQLZHUV\WHWX JRV]F]รฃFHJR WHPDWHP VZRMHJR Z\VWรฃSLHQLD XF]\QLฤ SU]HGVLรทELRUF]Rฤณรฅ XQLZHUV\WHFNรฃ Z NRQWHNฤณFLH G]LDฤ Dฤก SRGHMPRZDQ\FK SU]H] .LQJ 6LJLVPXQG 8QLYHUVLW\ =RVWDฤ R RQR SU]\MรทWH ] GXล \P ]DLQWHUHVRZDQLHP ]H VWURQ\ SROVNLFK XF]HVWQLNร Z NWร U]\ Z F]DVLH Sร ล QLHMV]HM G\VNXVML ]DGDZDOL SURI +ยพUVNXWLpHPX ZLHOH S\WDฤก GRW\F]รฃF\FK GRฤณZLDGF]Hฤก L Z\]ZDฤก Z ]DNUHVLH P LQ UHDOL]DFML SURMHNWร Z ZVSร ฤ ILQDQVRZDQ\FK SU]H] 8QLรท (XURSHMVNรฃ $XWRUDPL RVWDWQLHM SUHOHNFML SRGF]DV WHM VHVML E\ฤ SURI =ELJQLHZ 'ZRU]HFNL ZUD] ] SURI *UDล \Qรฃ /HฤณQLDN t ฤ HENRZVNรฃ 7HPDWHP Z\VWรฃSLHQLD E\ฤ D Z\REUDล QLD VWUDWHJLF]QD NWร UD t Z RSLQLL $XWRUร Z t MHVW NRQLHF]QD Z NLHURZDQLX SU]\V]ฤ RฤณFLรฃ RUJDQL]DFML Z EXU]OLZ\P RWRF]HQLX $QDOL]D GRNRQDQD SU]H] $XWRUร Z Z\ND]Dฤ D Lล Z\REUDล QLD VWUDWHJLF]QD SROVNLFK PHQHGล HUร Z RG]ZLHUFLHGOD RFLรทล Dฤ Rฤณรฅ L LQHUFMรท RUD] QLH]EรทGQH SU]\VWRVRZDQLD GR ]PLHQLDMรฃF\FK VLรท UHDOLร Z -HM UR]Zร M ]DOHล \ P LQ RG F]\QQLNร Z SHUVRQDOQ\FK VSRฤ HF]Q\FK NXOWXURZ\FK RUD] URG]DMX ILUP\ MHM ZLHONRฤณFL L ]DVREร Z :\REUDล QLD VWUDWHJLF]QD PRล H L SRZLQQD E\รฅ UR]ZLMDQD Z SURJUDPDFK HGXNDF\MQ\FK RUD] WUHQLQJDFK EXGRZ\ VSHF\ILF]Q\FK NRPSHWHQFML PHQHGล HUVNLFK QS SRSU]H] SURJUDP\ DFWLRQ OHDUQLQJ SUDFรท

Z PLรทG]\NXOWXURZ\FK ]HVSRฤ DFK L VLHFLDFK RUD] UR]Zร M NUHDW\ZQHJR P\ฤณOHQLD L G]LDฤ DQLD GHVLJQ WKLQNLQJ 3RGF]DV ,, VHVML NRQIHUHQFML SURI 0DULD 5RPDQRZVND ] 6*+ SU]HGVWDZLฤ D Z\QLNL EDGDฤก GRW\F]รฃFH SU]HGVLรทELRUVWZ LQQRZDF\MQ\FK Z NRQWHNฤณFLH LFK RWZDUWRฤณFL L FKรทFL G]LHOHQLD VLรท ZLHG]รฃ : SROVNLFK SU]HGVLรทELRUVWZDFK V\WXDFMD ]ZLรฃ]DQD ] G]LDฤ DQLDPL LQQRZDF\MQ\PL MHVW GDOHND RG LGHL RWZDUW\FK LQQRZDFML :LรทNV]Rฤณรฅ ILUP SU]\ZLรฃ]XMH ZLรทNV]รฃ ZDJรท GR QLH]DOHล Q\FK SUR-

*]LIXM[\ *][QVM[[ ;KPWWT \W VIR_Qฤ S[bI VI ?ฤ OZbMKP ]KbMTVQI JQbVM[W_I S\{ZI S[b\IรฐKQ WSWรฐW [\]LMV\{_ MHNWร Z LQQRZDF\MQ\FK L LFK RFKURQ\ QLล GR ZVSร ฤ SUDF\ L Z\PLDQ\ SRP\Vฤ ร Z $XWRUND Z\VWรฃSLHQLD SU]HGVWDZLฤ D Uร ZQLHล F]WHU\ W\S\ VWUDWHJLL LQQRZDF\MQ\FK UHDOL]RZDQ\FK SU]H] SU]HEDGDQH SU]HGVLรทELRUVWZD 3URI =ROWยพQ 6LSRV ] EXGDSHV]WHฤกVNLHJR .LQJ 6LJLVPXQG 8QLYHUVLW\ SRGF]DV VZHJR Z\VWรฃSLHQLD SW ,QWHUQDWLRQDO EXVLQHVV VWUDWHJ\ DQG FURVV t FXOWXUDO FRPPXQLFDWLRQ HIILFLHQF\ RPร ZLฤ ZDUXQNL HIHNW\ZQRฤณFL PLรทG]\QDURGRZHM

VWUDWHJLL EL]QHVX L NRPXQLNDFML PLรทG]\NXOWXURZHM .ROHMQ\P SUHOHJHQWHP E\ฤ 3URI /ยพV]Oร .RPOร VL t 3URUHNWRU GV ZVSร ฤ SUDF\ PLรทG]\QDURGRZHM 7KH 6]ร FKHQ\L ,VWYยพQ 8QLYHUVLW\ Z *\ฤซU ']LรทNL GRVNRQDฤ HM ORNDOL]DFML PLDVWR *\ฤซU WR EDUG]R ZDล Q\ RฤณURGHN SU]HP\Vฤ X PRWRU\]DF\MQHJR t WXWDM ]ORNDOL]RZDQD MHVW QDMZLรทNV]D QD ฤณZLHFLH IDEU\ND VLOQLNร Z $XGL +XQJDULD 0RWRU .IW RUD] VHWNL GRVWDZFร Z F]รทฤณFL VDPRFKRGRZ\FK 8QLZHUV\WHW Z *\ฤซU PD EOLVNR Sร ฤ ZLHNX WUDG\FML L GRฤณZLDGF]Hฤก Z ]DNUHVLH ZVSRPDJDQLD REV]DUX SU]HP\Vฤ RZHJR QD :รทJU]HFK ]H V]F]HJร OQ\P XZ]JOรทGQLHQLHP ZVSร ฤ SUDF\ ] VHNWRUHP DXWRPRWLYH WUDQVSRUWX L WHOHNRPXQLNDFML 'ODWHJR WHล SURI .RPOร VL QD SU]\Nฤ DG]LH ZVSร ฤ SUDF\ XF]HOQL L SU]HP\Vฤ X 7KH 6]ร FKHQ\L &RRSHUDWLRQ 0RGHO IRU +LJKHU (GXFDWLRQ DQG ,QGXVWU\ SU]HGVWDZLฤ ]Dฤ Rล HQLD ZLHORSR]LRPRZHM VWUXNWXU\ HGXNDFML RSDUWHM QD NRPSHWHQFMDFK L SUDNW\FH ] ]DDQJDล RZDQLHP VSRฤ HF]QRฤณFL ORNDOQHM

wydarzenia

Z RUJDQL]DFMDFK Z\PDJD Z\VRNLFK XPLHMรทWQRฤณFL V]F]HJร OQLH Z G]LHG]LQLH NRPXQLNDFML

*RVSRGDU] NROHMQHM WU]HFLHM VHVML WR %XGDSHVW %XVLQHVV 6FKRRO 8QLZHUV\WHW WHQ SRZVWDฤ G]LรทNL LQWHJUDFML F]WHUHFK ZรทJLHUVNLFK V]Nร ฤ Z\ล V]\FK -HJR SRSU]HGQLNLHP E\ฤ D $NDGHPLD +DQGORZD ]Dฤ Rล RQD Z U NWร UD X SURJX ;; ZLHNX E\ฤ D SLHUZV]รฃ XF]HOQLรฃ KDQGORZรฃ Z PRQDUFKLL DXVWUR ZรทJLHUVNLHM Z UHJLRQLH ฤณURGNRZRHXURSHMVNLP ']Lฤณ WR QDMZLรทNV]D QD :รทJU]HFK XF]HOQLD EL]QHVRZD NWร UD NV]WDฤ FL RNRฤ R VWXGHQWร Z : SLรทNQHM

wydarzenia

]GRELRQHM PDORZLGฤ DPL ] ;,; ZLHNX DXOL XF]HVWQLNร Z NRQIHUHQFML SU]\ZLWDฤ 5HNWRU t SURI %DOยพ]V +HLQULFK 6HVMD ,,, REHMPRZDฤ D Z\VWรฃSLHQLD SR GZร FK SU]HGVWDZLFLHOL JRฤณFL RUD] JRVSRGDU]\ 3URI -DQ 6WDFKRZLF] ] :\G]LDฤ X =DU]รฃG]DQLD :\ล V]HM 6]NRฤ \ 2ILFHUVNLHM :RMVN /รฃGRZ\FK ZH :URFฤ DZLX ]DSUH]HQWRZDฤ LQVWUXPHQWDULXP ]DU]รฃG]DQLD RSDUWH QD SR]\W\ZQHM WHRULL RUJDQL]DFML NWร UH Z -HJR RSLQLL MHVW SODWIRUPรฃ VXNFHVX ZVSร ฤ F]HVQHM RUJDQL]DFML 2EHMPXMH RQR P LQ SU]HGVLรทELRUF]Rฤณรฅ WHFKQRORJLF]Qรฃ RUD] NODVWU\ NUHDW\ZQH 3UHOHJHQW SU]HGVWDZLฤ SU]\Nฤ DG\ SU]HGVLรทELRUVWZ WHFKQRORJLF]Q\FK ]ORNDOL]RZDQ\FK Z GZร FK NODVWUDFK ORWQLF]\FK Z 3ROVFH Z NWร U\FK GRPLQXMรฃF\P W\SHP VWUDWHJLL MHVW VWUDWHJLD SU]HGVLรทELRUF]D -HM ZGUDล DQLH MHVW SRGSRU]รฃGNRZDQH SRGHMฤณFLX NRQILJXUDF\MQHPX Z NWร U\P SRGVWDZRZรฃ ]DVDGรฃ MHVW X]QDQLH ]Uร ล QLFRZDQ\FK VSRVREร Z RVLรฃJDQLD FHOร Z VWUDWHJLF]Q\FK SRSU]H] GRSDVRZDQLH GRPHQ SU]\Zร G]WZR VWUXNWXUD RUJDQL]DF\MQD VWUDWHJLD UR]ZRMRZD RWRF]HQLH .OXF]RZH eGRPHQ\r t F]\QQLNL VSUDZQRฤณFL ZGUDล DQLD VWUDWHJLL LVWRWQLH NV]WDฤ WRZDQH Vรฃ SU]H] LQVWUXPHQW\ ]DU]รฃG]DQLD VWUDWHJLF]QHJR ED]XMรฃFH QD EXGRZLH ]DXIDQLD Z RUJDQL]DFML

=ROWยพQD : VZHM SUH]HQWDFML ]DW\WXฤ RZDQHM $UH WKH\ GLIIHUHQW" ,QVWLWXWLRQDO HQYLURQPHQW RI WKH FRUSRUDWH VHFWRU LQ 3RODQG DQG +XQJDU\ FRPSDUHG RPร ZLฤ GRVWU]HJDQH SRGRELHฤกVWZD L Uร ล QLFH F]\QQLNร Z RWRF]HQLD SROLW\F]QR t SUDZQHJR L LQVW\WXFMRQDOQHJR NV]WDฤ WXMรฃF\FK ZDUXQNL IXQNFMRQRZDQLD ZVSร ฤ F]HVQ\FK SU]HGVLรทELRUVWZ SROVNLFK L ZรทJLHUVNLFK .ROHMQ\ UHSUH]HQWDQW &RUYLQXV 'U $WWLOD 3HWKHฤซ ] &HQWUXP 6PDOO %XVLQHVV 'HYHORSPHQW t Z Z\VWรฃSLHQLX SW 6WDUWXS 1DZLJDWRU )URP WKH LGHD WR WKH PDUNHW ]DGDฤ VLHGHP NOXF]RZ\FK S\WDฤก NWร UH SU]HGVLรทELRUFD SRZLQLHQ VRELH SRVWD-

[M[RI 1> ZWbXWKbฤ รฐI [Qฤ _ *]LIXM[\ 5M\ZWXWTQ\IV =VQ^MZ[Q\a VIR_Qฤ S[baU XZa_I\VaU ]VQ_MZ[a\MKQM VI ?ฤ OZbMKP ZLรฅ UR]SRF]\QDMรฃF QRZ\ EL]QHV ,VWRWQH MHVW Uร ZQLHล eSU]HILOWURZDQLHr SRP\Vฤ ร Z XZ]JOรทGQLDMรฃF V]HUHJ F]\QQLNร Z t ZHZQรทWU]Q\FK L ]HZQรทWU]Q\FK PRJรฃF\FK ZSฤ \ZDรฅ QD SRZRG]HQLH UHDOL]DFML SRP\Vฤ X QD NDล G\P HWDSLH

= NROHL SURI &H]DU\ 6XV]\ฤกVNL ] 6*+ Z VZRLP Z\VWรฃSLHQLX QD WHPDW 6\QHUJ\ ,Q 'HYHORSPHQW 6WUDWHJLHV RI %XVLQHVV (QWHUSULVHV ]DGDฤ NLOND LVWRWQ\FK S\WDฤก L SU]HGVWDZLฤ KLSRWH]\ GRW\F]รฃFH UHODFML PLรทG]\ ]MDZLVNLHP V\QHUJLL RUD] VWUDWHJLDPL UR]ZRMX EL]QHVX 6SRG]LHZDQ\P FHOHP SURZDG]RQ\FK EDGDฤก MHVW VIRUPXฤ RZDQLH SRGVWDZ DQDOLW\F]QHM L RSHUDF\MQHM SURFHGXU\ VLรทJDQLD GR ]MDZLVND V\QHUJLL Z VWUDWHJLDFK UR]ZRMX SU]HGVLรทELRUVWZ 6WXGLD Z\EUDQ\FK SU]\SDGNร Z LOXVWUXMรฃ ERZLHP NRU]\ฤณFL SURSRQRZDQHJR SRGHMฤณFLD SRWZLHUG]DMรฃF MHJR Xล \WHF]QRฤณรฅ Z Z\NRU]\VWDQLX ]MDZLVND V\QHUJLL Z VWUDWHJLDFK UR]ZRMX EL]QHVX

.ROHMQD VHVMD L NROHMQ\ JRVSRGDU] JRV]F]รฃF\ XF]HVWQLNร Z NRQIHUHQFML t VHVMD ,9 UR]SRF]รทฤ D VLรท Z %XGDSHVW 0HWURSROLWDQ 8QLYHUVLW\ QDMZLรทNV]\P SU\ZDWQ\P XQLZHUV\WHFLH QD :รทJU]HFK 5HNWRU SURI /ยพV]Oร 9DVV SU]HGVWDZLฤ NUร WNรฃ FKDUDNWHU\VW\Nรท XF]HOQL 3RQDG VWXGHQWร Z XF]รฃF\FK VLรท Z SLรทFLX NDPSXVDFK PD GR Z\ERUX SURJUDP\ ]DZRGRZH OLFHQFMDFNLH PDJLVWHUVNLH 0%$ RUD] SRGZร MQ\ G\SORP Z F]WHUHFK REV]DUDFK EL]QHV NRPXQLNDFMD WXU\VW\ND V]WXND %OLVNR WR VWXGHQFL ]DJUDQLF]QL ] SRQDG NUDMร Z

2ล \ZLRQรฃ G\VNXVMรท Z\ZRฤ Dฤ R Z\VWรฃSLHQLH SU]HGVWDZLFLHOD &RUYLQXV 8QLYHUVLW\ RI %XGDSHVW GU ย GยพPD

3RGF]DV WHM VHVML SURI &]HVฤ DZ 0HVMDV] ] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH

]DVWDQDZLDฤ VLรท F]\ PRล OLZ\P MHVW SU]HGVWDZLHQLH QRZ\FK QLHRF]\ZLVW\FK NRQFHSFML GRW\F]รฃF\FK QDUDVWDMรฃF\FK QLHUร ZQRฤณFL VSRฤ HF]QR t HNRQRPLF]Q\FK UR]ZLQLรทW\FK VSRฤ HF]HฤกVWZ LQIRUPDF\MQ\FK = NROHL UHSUH]HQWDQFL 8QLZHUV\WHWX ฤ ร G]NLHJR t SURI -DQ -Hล DN RUD] GU /HV]HN %RKGDQRZLF] t QD ED]LH Z\QLNร Z SU]HSURZDG]RQ\FK EDGDฤก VWZLHUG]LOL Lล UDG\ VSร ฤ HN RGJU\ZDMรฃ NOXF]RZรฃ UROรท Z VSร ฤ NDFK SXEOLF]Q\FK L Vรฃ MHGQ\P ] QDMZDล QLHMV]\FK RJQLZ Z SURFHVLH NUHRZDQLD ZDUWRฤณFL 3ROVNL PRGHO ฤ DGX NRUSRUDF\MQHJR Z\PDJD MHGQDN ]PLDQ NWร UH SU]\F]\QLรฃ VLรท GR SRSUDZ\ MHJR HIHNW\ZQRฤณFL $XWRU]\ NROHMQ\FK GZร FK Z\VWรฃSLHฤก SU]\MHFKDOL ] 8QLZHUV\WHWX Z 0LV]NROFX .ULV]WLQD 9DUJD GRNWRUDQWND ] WHM XF]HOQL Z VZRMHM SUH]HQWDFML 0HDVXULQJ VRFLDO LQQRYDWLRQ SU]HGVWDZLฤ D NRQFHSFMรท LQQRZDFML VSRฤ HF]Q\FK NWร UH ZVSร ฤ F]HฤณQLH Z EDUG]R LVWRWQ\ VSRVร E ZSฤ \ZDMรฃ QD SU]HWUZDQLH EL]QHVX ,QQRZDFMH VSRฤ HF]QH Vรฃ LVWRWQ\P HOHPHQWHP SROLW\NL LQQRZDF\MQHM RGQRV]รฃF\P VLรท GR UR]ZLรฃ]\ZDQLD SUREOHPร Z VSRฤ HF]Q\FK RUD] WZRU]HQLD ZDUWRฤณFL Z REV]DUDFK Vฤ Xล รฃF\FK VSRฤ HF]HฤกVWZX 3UHOHJHQWND ]DSUH]HQWRZDฤ D Uร ZQLHล ZLHORSR]LRPRZ\ PRGHO PRJรฃF\ Vฤ Xล \รฅ SRPLDURZL LQQRZDFML VSRฤ HF]Q\FK 6HVMรท ]DNRฤกF]\ฤ R Z\VWรฃSLHQLH ] SROVNLP DNFHQWHP UHIHUHQW QD]\ZDฤ VLรท ERZLHP /HYHQWH /HQJ\HO F]\OL 3ROVNL : RSDUFLX R SUH]HQWDFMรท SW 1HZ EXVLQHVV PRGHO" t 7KH FKDOOHQJHV RI VKDULQJ HFRQRP\ LQ +XQJDU\ RPร ZLฤ LGHรท JRVSRGDUNL ZVSร ฤ G]LHOHQLD VKDULQJ HFRQRP\) RUD] VHJPHQWDFMรท NRQVXPHQWร Z PQLHM OXE EDUG]LHM ]DLQWHUHVRZDQ\FK UR]ZLรฃ]DQLDPL VWRMรฃF\PL ]D Wรฃ NRQFHSFMรฃ *RVSRGDUND ZVSร ฤ G]LHOHQLD WR PRGHO JRVSRGDUF]\ RSDUW\ QD G]LHOHQLX VLรท QLHXล \ZDQ\PL OXE QLH Z SHฤ QL Z\NRU]\VWDQ\PL ]DVREDPL L XVฤ XJDPL t ]D RSฤ DWรฃ OXE ]D GDUPR 0RGHO WHQ UR]ZLMD VLรท V]\ENR Uร ZQLHล QD :รทJU]HFK $XWRU Z\VWรฃSLHQLD SU]HGVWDZLฤ Uร ZQLHล MHM VLฤ \ QDSรทGRZH ZฤณUร G NWร U\FK Z\PLHQLฤ P LQ ]PLDQรท SDUDG\JPDWX ]DXIDQLH GRVWรทSQRฤณรฅ Uร ล QRURGQ\FK ]ELRUร Z GDQ\FK RUD] ]Uร ZQRZDล RQ\ UR]Zร M

RUJDQL]DFML ZLHORQDURGRZ\FK .RQFHSFMD WD RGZRฤ XMH VLรท GR VWUDWHJLL XQLNDQLD RSRGDWNRZDQLD Z\NRU]\VWXMรฃF\FK OXNL RUD] QLHMHGQROLWRฤณรฅ UHJXฤ SRGDWNRZ\FK Z FHOX V]WXF]QHJR SU]HU]XFDQLD GRFKRGร Z OXE LQZHVW\FML Z QRZ\P RWRF]HQLX SUDZQR t SRGDWNRZ\P =DPNQLรทFLD REUDG GRNRQDฤ SURI GU KDE -HU]\ .LVLHOQLFNL NWร U\ SRGNUHฤณOLฤ ล H SRGF]DV NRQIHUHQFML SRGMรทWR UR]PRZ\ Z REV]DUDFK ZV]\VWNLFK REHFQLH G\VNXWRZDQ\FK Z G\VF\SOLQLH ]DU]รฃG]DQLD NLHUXQNร Z EDGDฤก ]DUร ZQR Z VNDOL PLNUR MDN L PDNUR : SRGVXPRZDQLX SU]HGVWDZLฤ NLOND SURSR]\FML t P LQ GRW\F]รฃFรฃ VSRWNDQLD VLรท Z 3ROVFH Z JURQLH ZV]\VWNLFK GRW\FKF]DVRZ\FK ZVSร ฤ RUJDQL]DWRUร Z NRQIHUHQFML GOD SU]\SRPQLHQLD t ] +LV]SDQLL .D]DFKVWDQX 5HSXEOLNL 3Rฤ XGQLRZHM $IU\NL 0Rฤ GDZLL *UX]ML 5RVML L :รทJLHU 3URIHVRU .LVLHOQLFNL SRG]LรทNRZDฤ Uร ZQLHล RUJDQL]DWRURP L Z\UD]Lฤ QDG]LHMรท ล H NRQIHUHQFMD Z %XGDSHV]FLH QLH E\ฤ D RVWDWQLรฃ RND]Mรฃ GR VSRWNDQLD L Z\PLDQ\ GRฤณZLDGF]Hฤก QDXNRZ\FK PLรทG]\ ]QDF]รฃF\PL ฤณZLDWRZ\PL RฤณURGNDPL QDXNRZ\PL ] G]LHG]LQ\ ]DU]รฃG]DQLD L RUJDQL]DFML 8URF]\VWH ]DNRฤกF]HQLH NRQIHUHQFML RGE\ฤ R VLรท Z 1DURGRZ\P %DQNX &HQWUDOQ\P :รทJLHU 0DJ\DU 1HP]HWL %DQN ]Dฤ Rล RQ\P Z URNX =JRGQLH ] PLVMรฃ L VWUDWHJLรฃ &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ 0DJ\DU 1HP]HWL %DQN WZRU]\ L ZVSLHUD LQLFMDW\Z\ QD U]HF] SRSUDZ\ L UR]ZRMX V]NROQLFWZD Z\ล V]HJR Z FHOX SURPRZDQLD

Z VSRฤ HF]HฤกVWZLH GREURE\WX VSร MQRฤณFL L ]QDMRPRฤณFL ILQDQVร Z 8F]HVWQLF\ NRQIHUHQFML ]ZLHG]DOL SU]HSLรทNQH ZQรทWU]D EDQNX MDN Uร ZQLHล Z\Vฤ XFKDOL Z\VWรฃSLHQLD '\UHNWRUD EDQNX GV HGXNDFML =ROWยพQD 'XEร F]L NWร U\ SU]HGVWDZLฤ FHOH L G]LDฤ DQLD SRGHMPRZDQH SU]H] 01% RUD] ]DSUH]HQWRZDฤ SRGHMPRZDQH QD V]HURNรฃ VNDOรท SU]\Nฤ DG\ ZVSร ฤ SUDF\ ] ZรทJLHUVNLPL XF]HOQLDPL *RฤณFL SRGMรทWR NRODFMรฃ EรทGรฃFรฃ VZRLVWรฃ eZLVLHQNรฃ QD WRUFLHr WHJRURF]QHM NRQIHUHQFML

wydarzenia

6HVMD 9 RVWDWQLD ]RVWDฤ D e]GRPLQRZDQDr SU]H] WHPDW\ ZV]\VWNLP EOLVNLH ]ZLรฃ]DQH Jฤ ร ZQLH ] VHNWRUHP RSLHNL ]GURZRWQHM 8F]HVWQLNร Z NRQIHUHQFML SU]\ZLWDฤ D SU]HGVWDZLFLHOND .RQIHUHQFML 5HNWRUร Z :รทJLHUVNLFK F]ฤ RQNLQL .RPLVML 6SUDZ =DJUDQLF]Q\FK GU .DWDOLQ 1DJ\ ] 8QLZHUV\WHWX Z 6HJHG\QLH NWร UD ZSURZDG]DMรฃF Z WHPDW\Nรท VHVML QDZLรฃ]Dฤ D GR IDNWX Lล %XGDSHV]W WR SRSXODUQ\ FHO SRGUร ล \ Z NDWHJRULL WXU\VW\NL ]GURZRWQHM QD]\ZDQ\ VWROLFรฃ WXU\VW\NL GHQW\VW\F]QHM =DJDGQLHQLH WR NRQW\QXRZDOL NROHMQL SUHOHJHQFL 3URI 5RPDQ /HZDQGRZVNL ] ฤ RG]L Z VZ\P Z\VWรฃSLHQLX SW /HYHOV 2I +\EULGLW\ ,Q +HDOWKFDUH 6HFWRU ]DSUH]HQWRZDฤ SRZLรฃ]DQLD Z\VWรทSXMรฃFH QD Uร ล Q\FK SR]LRPDFK SRPLรทG]\ MHGQRVWNDPL L RUJDQL]DFMDPL Z VHNWRU]H RSLHNL ]GURZRWQHM = NROHL SURI -DFHN 5\ELFNL ] 8QLZHUV\WHWX *GDฤกVNLHJR SU]HGVWDZLฤ Z\QLNL EDGDฤก SU]HSURZDG]RQ\FK QD :รทJU]HFK L Z 3ROVFH 'RW\F]\ฤ \ RQH WXU\VW\NL GHQW\VW\F]QHM MDNR ]MDZLVND Z\VWรทSXMรฃFHJR Z W]Z NODVWUDFK PHG\F]Q\FK RUD] Z\NRU]\VW\ZDQ\FK PRGHOL EL]QHVX Z XVฤ XJDFK GHQW\VW\F]Q\FK RIHURZDQ\FK Z %XGDSHV]FLH L *GDฤกVNX 2VWDWQLP PHU\WRU\F]Q\P DNFHQWHP NRQIHUHQFML E\ฤ R Z\VWรฃSLHQLH SURI 0DUFLQD -DPURล HJR NWร U\ RPร ZLฤ Jฤ ร ZQH WH]\ VZRMHJR DUW\NXฤ X SW 1HZ 'HYHORSPHQWV LQ DQWL WD[ DYRLGDQFH PHFKDQLVPV 3U]HGVWDZLฤ Vฤ XFKDF]RP ]Dฤ Rล HQLD SURMHNWX 2(&' F]\OL %(36 %DVH (URVLRQ DQG 3URILW 6KLIWLQJ $FWLRQ 3ODQ RNUHฤณODQHJR MDNR UHZROXFMD Z SRGHMฤณFLX GR RSRGDWNRZDQLD

7UDG\FMรฃ NRQIHUHQFML RUJDQL]RZDQ\FK SU]H] .DWHGUรท =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR MHVW ]DGEDQLH Uร ZQLHล R WR E\ ]DFKRZDรฅ Uร ZQRZDJรท SRPLรทG]\ Z\VWรฃSLHQLDPL QDXNRZ\PL D SRWU]HEDPL NUDMR]QDZF]\PL XF]HVWQLNร Z 5HDOL]DFMรท W\FK RVWDWQLFK XPRล OLZLฤ FLHNDZ\ SURJUDP SR]DNRQIHUHQF\MQ\ ]ZLรฃ]DQ\ ]H ]ZLHG]DQLHP %XGDSHV]WX : RSLQLL ]DUร ZQR XF]HVWQLNร Z MDN L RUJDQL]DWRUร Z NRQIHUHQFMD ]DNRฤกF]\ฤ D VLรท VXNFHVHP QDXNRZ\P L RUJDQL]DF\MQ\P -HM RZRFHP MHVW SXEOLNDFMD SRG W\WXฤ HP 0DQDJHPHQW LQ WKH WLPH RI QHWZRUNV FURVV FXOWXUDO DFWLYLWLHV DQG IOH[LEOH RUJDQL]DWLRQV ,6%1 ]DZLHUDMรฃFD DUW\NXฤ ร Z XF]HVWQLNร Z NRQIHUHQFML V]F]HJร ฤ \ RUD] LQIRUPDFMH QD WHPDW PRล OLZRฤณFL ]DNXSX GRVWรทSQH Vรฃ SRG DGUHVHP NDW]P#XHN NUDNRZ SO GU $JQLHV]ND ล DN .DWHGUD =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR 8(.

wydarzenia w wy ydarze darzzenia da darz zen niia a

ODW UQVฤ รฐW 3WTMRVa R]JQTM][b KbaTQ TI\ WL ]SWฤกKbMVQI [\]LQ{_ _ ZIUIKP SQMZ]VS] 3ODQRZDQLH L ILQDQVRZDQLH JRVSRGDUNL QDURGRZHM

UQIรฐ UQMR[KM UIRI ZWS] _ U]ZIKP =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM

HVW ZLHONรฃ V]NRGรฃ DOH W\ONR QLHNLHG\ ล H QLH PRล HP\ ]DKDPRZDรฅ XSฤ \ZX F]DVX

, WDN WHล VLรท VWDฤ R PDMD URNX NLHG\ WR SLHUZVL $EVROZHQFL SUHVWLล RZHJR Zร ZF]DV NLHUXQNX 3ODQRZDQLH L ILQDQVRZDQLH JRVSRGDUNL QDURGRZHM VSRWNDOL VLรท SR ODWDFK RG MHJR XNRฤกF]HQLD %H] ZรฃWSLHQLD MHVW WR Gฤ XJL RNUHV DOH SU]\]QDรฅ QDOHล \ ล H XSฤ \Qรฃฤ RQ EH] XV]F]HUENX GOD QDV]HJR GXFKD QDV]HJR LPDJH QDV]HM SRVWDZ\ ]DUร ZQR SR VWURQLH :\Nฤ DGRZFร Z RUD] $EVROZHQWร Z 7R MHVW QLHZรฃWSOLZLH PLฤ H L NRMDU]\ VLรท GREU]H W\P

24 24

EDUG]LHM ล H ZV]\VF\ PXVLHOLฤณP\ Zร ZF]DV RGQDOHล รฅ VLรท Z QRZ\FK UHDOLDFK JRVSRGDUNL U\QNRZHM EรทGรฃF Z\UDล QLH eVNDล RQ\PLr V\VWHPHP FHQWUDOLVW\F]Q\P &]WHUG]LHฤณFL PLQLRQ\FK ODW WR ]DUร ZQR FLHNDZ\ MDN L LQWHQV\ZQ\ RNUHV t SRZLHG]LDฤ D Z RNROLF]QRฤณFLRZ\P SU]HPร ZLHQLX GU - -X]D 2UJDQL]DWRUND MXELOHXV]RZHJR VSRWNDQLD t $ GODF]HJR" %R ล \MHP\ Z F]DVDFK JOREDOQHM UHZROXFML REILWXMรฃFHM Z ZLHOH ]ZURWร Z KLVWRU\F]Q\FK HNRQRPLF]Q\FK L VSRฤ HF]Q\FK 2G RVWDWQLHJR QDV]HJR MXELOHXV]X PLDฤ PLHMVFH NU\]\V ILQDQVRZ\ L JRVSRGDUF]\

Z ODWDFK NWร U\ Z\EXFKฤ Z 6WDQDFK =MHGQRF]RQ\FK D QDVWรทSQLH GRWDUฤ GR (XURS\ =DFKRGQLHM 1D V]F]รทฤณFLH Z 3ROVFH SR]RVWDฤ R SR QLP Vฤ DEH HFKR )DNW\ WH VSRZRGRZDฤ \ RVWUรฃ L EH]Z]JOรทGQรฃ NU\W\Nรท NDSLWDOL]PX L SRZRGร Z MHJR OLNZLGDFML F]HJR GRVDGQ\P SRWZLHUG]HQLHP RND]Dฤ D VLรท SXEOLNDFMD )UDQFX]D 7KRPDVD 3LFNHWW\ SW e.DSLWDฤ Z ;;, ZLHNXr Z NWร UHM WR QD ED]LH VWDW\VW\NL ZLHOX NUDMร Z L Gฤ XJLHJR KRU\]RQWX F]DVRZHJR Z\ND]Dฤ ล H VWRSD ]ZURWX ] NDSLWDฤ X MHVW Z\ล V]D QLล WHPSR Z]URVWX Sฤ DF RUD] GRFKRGX QDURGRZHJR 3.% : NRQVHNZHQFML SRZRGXMH WR SRZLรทNV]DQLH Uร ล QLF Z GRFKRGDFK

&RUD] F]รทฤณFLHM Z WHRULL HNRQRPLL G\VNXWXMH VLรท QDG ]PLDQDPL LQVW\WXFMRQDOQ\PL SURZDG]รฃF\PL GR RJUDQLF]HQLD QLHSHZQRฤณFL L FRUD] EDUG]LHM ZLGRF]QH Vรฃ WUXGQRฤณFL SURJQR]RZDQLD SU]H] HNRQRPLVWร Z W]Z KROLVW\F]QHJR F]\OL FDฤ RฤณFLRZHJR SRGHMฤณFLD GR EDGDQLD ]MDZLVN JRVSRGDUF]\FK t SRGNUHฤณOLฤ D SRGF]DV Z\Nฤ DGX GU - -X]D 6SRWNDQLH MXELOHXV]RZH RGE\ฤ R VLรท Z 6WDUHM $XOL LP SURI $UQROGD %ROODQGD :ฤ DG]H 8F]HOQL UHSUH]HQWRZDOL -HJR 0DJQLILFHQFMD SURI 8(. GU KDE $QGU]HM &KRFKร ฤ t 5HNWRU 8(. L QDV] R URN Pฤ RGV]\ .ROHJD t SURI GU KDE .U]\V]WRI 6XUร ZND t 3URUHNWRU GV 6WXGHQWร Z L .V]WDฤ FHQLD 8(. 8G]LDฤ Z XURF]\VWRฤณFL Z]LรทOL WDNล H DEVROZHQFL L QDVL Z\Nฤ DGRZF\ 3DQLH 3URIHVRU .U\VW\QD &LXPDQ 0DULD .RVHN :RMQDU %DUEDUD 3RGROHF L +DOLQD :DQWXฤ D RUD] 3URIHVRURZLH =ELJQLHZ 'UHVOHU 7DGHXV] 6WDQLV] L =\JPXQW 6]\POD 3RQDGWR ]DSURV]HQLH SU]\MรทOL SURI 8(. GU KDE 3LRWU %Xฤ D t G\UHNWRU .UDNRZVNLHM 6]NRฤ \ %L]QHVX 8(. GU .U]\V]WRI 0DFKDF]ND t G\UHNWRU .DQFHODULL 5HNWRUD RUD] GU /HV]HN 6WU]HPELFNL t 3UH]HV 6WRZDU]\V]HQLD $EVROZHQWร Z 8(. -XELOHXV]RZH VSRWNDQLH VWDฤ R VLรท ZVSDQLDฤ รฃ RND]Mรฃ GR SU]\SRPQLHQLD VRELH QD]Z\ SU]HGPLRWร Z NLHUXQNRZ\FK L VSHFMDOQRฤณFL UHDOL]RZDQ\FK Z FLรฃJX ODW VWXGLร Z D WDNล H QD]ZLVN :\Nฤ DGRZFร Z 3RQDGWR DEVROZHQFL VSHFMDOQRฤณFL )LQDQVH PRJOL ]REDF]\รฅ VZRMH ]GMรทFLD ] RNUHVX VWXGLร Z XPLHV]F]DQH QD WDEODX NWร UH MDN GRWรฃG MHVW QLHSRZWDU]DOQ\P HOHPHQWHP Z OHWQLHM KLVWRULL 8F]HOQL

= ZLHONรฃ HVW\Pรฃ L Jฤ รทERNLP ]DLQWHUHVRZDQLHP SU]\MรทOLฤณP\ Z F]รทฤณFL RILFMDOQHM -XELOHXV]X Z\Jฤ RV]RQH Z\Nฤ DG\ L SU]HND]DQH LQIRUPDFMH R 8F]HOQL NLHUXQNDFK L VSHFMDOQRฤณFLDFK RUD] IRUPDFK VWXGLร Z = XZDJL QD IDNW SRZDล Q\FK ]PLDQ Z V]NROQLFWZLH Z\ล V]\P NWร UH Vรฃ G]Lฤณ SU]HGPLRWHP V]HURNLHM G\VNXVML RUD] SUDF\ ZLHOX ]HVSRฤ ร Z 5HNWRU QDV]HJR 8QLZHUV\WHWX Z\Jฤ RVLฤ Z\Nฤ DG SW :VSร ฤ F]HVQH G\OHPDW\ V]NROQLFWZD Z\ล V]HJR Z 3ROVFH REHMPXMรฃF\ VZRLP ]DNUHVHP P LQ U\V KLVWRU\F]Q\ V]NROQLFWZD

Z\ล V]HJR Z 3ROVFH V]HURNรฃ DQDOL]รท DNWXDOQHM V\WXDFML XF]HOQL Z QDV]\P NUDMX RUD] NLHUXQNL ]PLDQ Z\QLNDMรฃFH ] W]Z 8VWDZ\ = NROHL SURI .U]\V]WRI 6XUร ZND t 3URUHNWRU GV .V]WDฤ FHQLD L 6WXGHQWร Z SRGF]DV Z\Nฤ DGX GRNRQDฤ RFHQ\ Z ]DNUHVLH NV]WDฤ FHQLD QD NLHUXQNDFK ILQDQVRZ\FK t ZF]RUDM L G]Lฤณ 3RZLHG]LHรฅ QDOHล \ Uร ZQLHล ล H ] GXล รฃ VDW\VIDNFMรฃ SU]\MรทOLฤณP\ Vฤ RZD 3DQD 3URUHNWRUD NWร U\ SRGNUHฤณOLฤ ล H ]QDP\ VLรท ZV]\VF\ GREU]H ER MD VWXGLRZDฤ HP URN QLล HM F]\OL MHVWHP RG ZDV Pฤ RGV]\ 3DQ 3URIHVRU Z\MDฤณQLฤ ล H XSฤ \Z F]DVX F]\OL ODW QLH ]PLHQLฤ QLF Z ]DNUHVLH SRSXODUQRฤณFL L SUHVWLล X QDV]HJR NLHUXQNX D ]Zฤ DV]F]D VSHFMDOQRฤณFL )LQDQVH 7DN ZLรทF &L ] QDV t SRZLHG]LDฤ

GDOHM t NWร U]\ Z\EUDOL ZWHG\ Wรท VSHFMDOQRฤณรฅ Z PLDUรท ฤ DJRGQLH PRJOLE\ RGQDOHล รฅ VLรท QD G]LVLHMV]\P NLHUXQNX )LQDQVH L 5DFKXQNRZRฤณรฅ t GRGDฤ

wydarzenia w wy yyd darze enia enia a

L ]DPRล QRฤณFL PLรทG]\ NDSLWDOLVWDPL L SUDFRZQLNDPL 'DOHM 7 3LFNHWW\ WZLHUG]L ล H V\WXDFMD SRZ\ล V]D QLH W\ONR G\VNUHG\WXMH WHQ XVWUร M DOH JUR]L Z\EXFKHP SURWHVWร Z VSRฤ HF]Q\FK t GRGDฤ D 2UJDQL]DWRUND VSRWNDQLD

= 3DQLรฃ PJU 0DULรฃ .RVHN PLHOLฤณP\ ]DMรทFLD ] SU]HGPLRWX *RVSRGDUND EXGล HWRZD Z URNX DNDGHPLFNLP 3RGF]DV VSRWNDQLD MXELOHXV]RZHJR WD VDPD 0DU\VLD DOH MXล MDNR 3DQL 3URIHVRU 0DULD .RVHN :RMQDU Z\Jฤ RVLฤ D Z\Nฤ DG SW 6\VWHP SRGDWNRZ\ Z 3ROVFH t SUร ED RFHQ\ :\Nฤ DG WUDG\F\MQ\ REHMPRZDฤ ZSURZDG]HQLH Z SRGVWDZ\ SUDZQH SROVNLHJR V\VWHPX SRGDWNRZHJR SU]HSLV\ 8( .RQVW\WXFML 8VWDZ\ R ILQDQVDFK SXEOLF]Q\FK D WDNล H ]QDF]HQLH SRV]F]HJร OQ\FK SRGDWNร Z : F]รทฤณFL SLHUZV]HM 3DQL 3URIHVRU QDNUHฤณOLฤ D Jฤ ร ZQH FHFK\ V\VWHPX SRGDWNRZHJR ZVND]XMรฃF QD FHQWUDOQรฃ ]DVDGรท eZฤ DG]WZD SRGDWNRZHJRr MDN Uร ZQLHล XSUDZQLHฤก UDG JPLQ Z ]DNUHVLH NV]WDฤ WRZDQLD SRGDWNร Z ORNDOQ\FK SU]\MรทWH ]DVDG\ ZVSร OQHJR NRU]\VWDQLD ] QLHNWร U\FK SRGDWNร Z SU]H] SDฤกVWZR L VDPRU]รฃG &]รทฤณรฅ GUXJรฃ Z\Nฤ DGX VWDQRZLฤ \ NU\WHULD RFHQ\ SRV]F]HJร OQ\FK SRGDWNร Z F]\OL V\VWHPX SRGDWNRZHJR : ]DNRฤกF]HQLX SUHOHNFML 3DQL 3URIHVRU ZVND]Dฤ D QD NLHUXQNL SURSRQRZDQ\FK UHIRUP SRGDWNRZ\FK Z 3ROVFH 0Lฤ R E\ฤ R SR F]รทฤณFL RILFMDOQHM SRGGDรฅ VLรท ZVSRPQLHQLRP L UHIOHNVMRP UD]HP ] QDV]\PL 3URIHVRUDPL D LFK GRSHฤ QLHQLHP VWDฤ R VLรท VSRWNDQLH SR ODWDFK Z 0X]HXP 8(. NWร UH SRSURZDG]Lฤ QDV] RGGDQ\ KLVWRU\N GU 7DGHXV] )LODU :LHONรฃ SU]\MHPQRฤณFLรฃ GOD QDV]\FK SRGQLHELHฤก E\ฤ Z\ฤณPLHQLW\ RELDG SU]\JRWRZDQ\ SU]H] QLHVWUXG]RQรฃ GR G]Lฤณ 3DQLรฃ 7HUHVรท 6Rฤ W\VLN NLHURZQLN XF]HOQLDQHM UHVWDXUDFML 2 25

wydarzenia wyd wy w yd ydarz darz da r en enia na

6SRNRMQ\ GXFK SR Z\Nฤ DGDFK L UDGRVQH FLDฤ R SR RELHG]LH SR]ZROLฤ \ QDP FLHV]\รฅ VLรท SLรทNQHP QDV]HJR .DPSXVX L QD ]DNRฤกF]HQLH SRE\WX Z 8F]HOQL SU]\SRPQLHรฅ VRELH VSRWNDQLD SRGF]DV VHPLQDULXP PDJLVWHUVNLHJR Z 6DOL 6HPLQDU\MQHM .DWHGU\ )LQDQVร Z ]QDMGXMรฃFHM VLรท G]LVLDM QD ,,, SLรทWU]H S 3DZLORQX )LQDQVร Z %H] ZรฃWSLHQLD MHGQ\P ] QDMFLHNDZV]\FK HOHPHQWร Z ล \FLD VWXGHQFNLHJR Vรฃ VSRWNDQLD VWXGHQWร Z SR]D XF]HOQLรฃ 1LH ]DEUDNฤ R JR Uร ZQLHล SRGF]DV WHJR MXELOHXV]X WDNล H W\P UD]HP VSรทG]LOLฤณP\ F]DV QD UR]PRZDFK L ZVSRPQLHQLDFK Z MHGQHM ] UHVWDXUDFML ]QDMGXMรฃFHM VLรท QLHGDOHNR 8F]HOQL $ W\P QLH E\ฤ R NRฤกFD :VSDQLDฤ D DWPRVIHUD MXELOHXV]X ]DFKรทFLฤ D QDV GR NROHMQ\FK WHJR URG]DMX VSRWNDQLD 1LHSRZWDU]DOQD RND]MD EรทG]LH PLDฤ D PLHMVFH MXล QLHEDZHP ]D ODWD QD -XELOHXV]X OHFLD 8QLZHUV\WHWX

GU -RODQWD -X]D .DWHGUD )LQDQVร Z 2UJDQL]DWRU 6SRWNDQLD

26 26

wydarzenia

8GDQ\ PDUDWRQ G]LHG]LFWZD 3ZIS{_ XW ZIb SWTMRVa bIJรฐa[Vฤ รฐ RISW O_QIbLI XQMZ_[bMR _QMTSWฤฌKQ VI ย ZUIUMVKQM ฤฌ_QI\W_MR S]T\]Za ;\IรฐW [Qฤ \IS LbQฤ SQ _[XIVQITM XZbMXZW_ILbWVMR _ XWL_I_MT[SQU OZWLbQM VHVML .RPLWHWX ฤฒZLDWRZHJR ']LHG]LFWZD 81(6&2 _ S\{ZMR ]KbM[\VQKbaรฐW XZI_QM \a[Qฤ KM W[{J bM SZIR{_ MDSRฤกVND ฤณZLรทWD Z\VSD 2NLQRVKLPD aMZLรทFHM JUDWXODFML ]HEUDฤ SU]HZRGQLF]รฃF\ .RPLWHWX SURIHVRU 6WDUH 0LDVWR Z +HEURQLH VREร U =DฤณQLรทFLD 0DWNL %Rล HM Z 6ZLMDล VNX -DFHN 3XUFKOD NLHURZQLN .DWHGU\ +LVWRULL *RVSRGDUF]HM Z 5RVML L UHOLNW\ VWDUHJR PLDVWD 0pEDQ]D .RQJR Z DIU\NDฤกVNLHM $QJROL L 6SRฤ HF]QHM 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH RUD] G\1D OLVWรท ]DJURล HQLD WUDILฤ R ]DE\WNRZH UHNWRU 0LรทG]\QDURGRZHJR &HQWUXP FHQWUXP :LHGQLD NWร UHJR XQLNDOQH.XOWXU\ NWร U\ Zฤ Rล \ฤ ZLHOH Z\VLฤ NX PX FKDUDNWHURZL JUR]L QRZRF]HVQD Z SU]\JRWRZDQLH REUDG XPLHMรทWQLH ]DEXGRZD D WDNล H Z\PLHQLRQH Z\ล HM ฤ DJRG]Lฤ SRMDZLDMรฃFH VLรท Z LFK WUDNFLH 6WDUH 0LDVWR Z +HEURQLH SU]HFLZ QDSLรทFLD LPSRQRZDฤ ฤ DWZRฤณFLรฃ QDZLรฃ]\ZDQLD NRQWDNWร Z RJURPQรฃ HUXG\FMรฃ F]HPX SURWHVWRZDOL SU]HGVWDZLFLHOH ,]UDHOD VSRNRMHP RUD] WDOHQWDPL RUJDQL]DF\MQ\PL 3U]\]QDZDOL WR ZV]\VF\ XF]HVWt ยฐZ VZRLVW\ ZLHONL PDUDWRQ ฤณZLDWRQLF\ VHVML NWร UHM 3ROVND E\ฤ D JRVSRGDZHJR G]LHG]LFWZD MHVW SU]\Nฤ DGHP U]HP SR UD] SLHUZV]\ D QDMOHSV]\P GRZRGHP SRZV]HFKQHJR X]QDQLD GODฤก ZDล QRฤณFL NXOWXU\ GOD REHFQRฤณFL 3ROVNL Z ฤณZLHFLH :DUWR SRGNUHฤณOLรฅ E\ฤ R Z\EUDQLH JR QD GUXJรฃ NDGHQFMรท GXล รฃ UROรท .UDNRZD 7X Z URNX Z WUDNFLH .RQIHUHQFML %H]SLHF]HฤกVWZD .RPLWHW SRGMรฃฤ Z .UDNRZLH SRQDG L :VSร ฤ SUDF\ (XURSHMVNLHM RWZLHUDOLGHF\]ML P LQ R ZSLVDQLX RELHNWร Z ฤณP\ VLรท QD (XURSรท WHUD] RWZDUOLฤณP\ QD /LVWรท ฤฒZLDWRZHJR ']LHG]LFWZD VLรท ]Dฤณ QD FDฤ \ ฤณZLDW 6HVMD SRND]Dฤ D 81(6&2 Z W\P 7DUQRZVNLFK PRFQรฃ SR]\FMรท QDV]HM REHFQRฤณFL *ร U =QDOD]ฤ \ VLรท QD QLHM RELHNW\ ]H Z 81(6&2 L QDV]HJR SUHVWLล X ZV]\VWNLFK VWURQ ฤณZLDWD ZฤณUร G QLFK

Z G]LHG]LQLH RFKURQ\ G]LHG]LFWZD = SHUVSHNW\Z\ .RPLWHWX ฤฒZLDWRZHJR ']LHG]LFWZD 81(6&2 NWร UHPX PDP ]DV]F]\W SU]HZRGQLF]\รฅ QRZH MHVW WR ล H RWZDUOLฤณP\ VLรท Z .UDNRZLH QD RUJDQL]DFMH SR]DU]รฃGRZH :LHOH RUJDQL]DFML NWร UH SU]\MHFKDฤ \ WX ] Uร ล Q\FK NRQW\QHQWร Z FKZDOLฤ R 3ROVNรท ]D WR ล H GRVWDOL Jฤ RV QD WHM VHVML 3RG W\P Z]JOรทGHP WD VHVMD ]RVWDQLH ]DSDPLรทWDQD MDNR SU]Hฤ RP Z UR]PRZLH SRPLรทG]\ SDฤกVWZDPL VWURQDPL D VSRฤ HF]HฤกVWZHP RE\ZDWHOVNLP EH] NWร UHJR QLH EรทG]LHP\ PRJOL VNXWHF]QLH FKURQLรฅ G]LHG]LFWZD 7D VHVMD WR ฤณZLHWQ\ SU]\Nฤ DG MDN NXOWXUD MHVW ZDล QD GOD EXGRZDQLD ZL]HUXQNX 3ROVNL Z ฤณZLHFLH t SRZLHG]LDฤ SRGF]DV NRQIHUHQFML SUDVRZHM SURI 3XUFKOD F\WDW ]D 3ROVNรฃ $JHQFMรฃ 3UDVRZรฃ GU -HU]\ %XNRZVNL .DWHGUD )LOR]RILL 8(.

IRW %DUWHN %DQDV]DN 1DURGRZ\ ,QVW\WXW ']LHG]LFWZD

3U]HGUXN ]D 32/6.$ t 1HZV IURP 3RODQG

wydarzenia

:\]ZDQLD L G\OHPDW\ VI]SQ W XZbML[Qฤ JQWZ[\_QM ? LVQ] KbMZ_KI ZWS] _ U]ZIKP =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM WLJaรฐI [Qฤ -XELOHXV]RZD .RQIHUHQFMD 1DXNRZD SW :VSร ฤ F]HVQH Z\]ZDQLD L G\OHPDW\ QDXNL R SU]HGVLรทELRUVWZLH S\{ZMR WZOIVQbI\WZMU JaรฐI 3I\MLZI -SWVWUQSQ Q 7ZOIVQbIKRQ 8ZbML[Qฤ JQWZ[\_ =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM 2WZDUFLH NRQIHUHQFML RG OHZHM .LHURZQLN .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ t SURI 8(. GU KDE $QGU]HM -DNL -0 5HNWRU t SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ ']LHNDQ :\G]LDฤ X =DU]รฃG]DQLD t SURI 8(. GU KDE %RJXV] 0LNXฤ D RUD] SURI GU KDE 5\V]DUG %RURZLHFNL

HOHP .RQIHUHQFML E\ฤ R XF]F]HQLH -XELOHXV]X OHFLD .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ RUD] -XELOHXV]X OHFLD SUDF\ QDXNRZR G\GDNW\F]QHM 3URIHVRUD 5\V]DUGD %RURZLHFNLHJR ZLHOROHWQLHJR .LHURZQLND .DWHGU\ $PELFMรฃ .RQIHUHQFML E\ฤ R WDNล H VWZRU]HQLH IRUXP GOD V]HURNLHM L ZLHORDVSHNWRZHM G\VNXVML REHMPXMรฃFHM ]DJDGQLHQLD GRW\F]รฃFH GUร J L NLHUXQNร Z UR]ZRMX QDXNL R SU]HGVLรทELRUVWZLH .RQIHUHQFMD E\ฤ D RND]Mรฃ GR XND]DQLD L SU]\SRPQLHQLD KLVWRULL .DWHGU\ (NRQRPLNL L 2UJDQL]DFML

3U]HGVLรทELRUVWZ 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH RUD] SUH]HQWDFML MHM RVLรฃJQLรทรฅ : URNX DNDGHPLFNLP SU]\SDGDฤ SRGZร MQ\ MXELOHXV] ]ZLรฃ]DQ\ ] .DWHGUรฃ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(. t -XELOHXV] OHFLD .DWHGU\ RUD] -XELOHXV] OHFLD SUDF\ QDXNRZR EDGDZF]HM L G\GDNW\F]QHM SURI GU KDE 5\V]DUGD %RURZLHFNLHJR t 5HNWRUD 6HQLRUD 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH L ZLHOROHWQLHJR .LHURZQLND .DWHGU\ ]ZLรฃ]DQHJR ] QLรฃ RG SRF]รฃWNX VZRMHM NDULHU\ DNDGHPLFNLHM

']LDฤ DOQRฤณรฅ QDXNRZR EDGDZF]D L G\GDNW\F]QD MDN Uร ZQLHล ฤณFLVฤ H ]ZLรฃ]NL .DWHGU\ ]H VIHUรฃ SUDNW\NL JRVSRGDUF]HM Vรฃ ERZLHP Z VSRVร E QLHUR]HUZDOQ\ ]ZLรฃ]DQH ] SUREOHPDW\Nรฃ HNRQRPLNL ]DU]รฃG]DQLD UHVWUXNWXU\]DFML ILQDQVร Z L FRQWUROOLQJX SU]HGVLรทELRUVWZ +RQRURZ\ 3DWURQDW QD REUDGDPL NRQIHUHQFML REMรทOL -0 5HNWRU 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH t SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ 3UH]\GHQW 0LDVWD .UDNRZD t SURI GU KDE -DFHN 0DMFKURZVNL .RPLWHW 1DXN 2UJDQL]DFML L =DU]รฃG]DQLD 3ROVNLHM $NDGHPLL 1DXN

: NRQIHUHQFML XG]LDฤ Z]Lรทฤ R EOLVNR RVร E UHSUH]HQWXMรฃF\FK ฤณURGRZLVND DNDGHPLFNLH ] FDฤ HM 3ROVNL RUD] SU]HGVWDZLFLHOH SUDNW\NL JRVSRGDUF]HM ZVSร ฤ SUDFXMรฃF\ RG ZLHOX ODW QD URล Q\FK Sฤ DV]F]\]QDFK ] .DWHGUรฃ : LPLHQLX RUJDQL]DWRUร Z XF]HVWQLNร Z L JRฤณFL NRQIHUHQFML SRZLWDฤ NLHURZQLN .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ t SURI 8(. GU KDE $QGU]HM -DNL =ZUDFDMรฃF VLรท GR SU]\E\ฤ \FK Z SLHUZV]HM NROHMQRฤณFL SRZLWDฤ SU]HGVWDZLFLHOL :ฤ DG] 5HNWRUVNLFK 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH -0 5HNWRUD t SURI 8(. GU KDE LQล $QGU]HMD &KRFKร ฤ D 3URUHNWRU GV .RPXQLNDFML L :VSร ฤ SUDF\ t SURI GU KDE -DQLQรท )LOHN 3URUHNWRUD GV 1DXNL t SURI GU KDE $OHNVHJR 3RF]WRZVNLHJR 3URUHNWRUD GV .V]WDฤ FHQLD L 6WXGHQWร Z t SURI GU KDE .U]\V]WRID 6XUร ZNรท RUD] 3URUHNWRUD GV 2UJDQL]DFML L 5R]ZRMX t SURI GU KDE -DQXV]D &]HNDMD .ROHMQR Vฤ RZD SRZLWDQLD VNLHURZDQH ]RVWDฤ \ GR REHFQ\FK QD VDOL SU]HGVWDZLFLHOL Zฤ DG] G]LHNDฤกVNLFK 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH ']LHNDQD :\G]LDฤ X =DU]รฃG]DQLD t SURI 8(. GU KDE %RJXV]D 0LNXฤ \ RUD] ']LHNDQD :\G]LDฤ X *RVSRGDUNL L $GPLQLVWUDFML 3XEOLF]QHM t SURI 8(. GU KDE 6WDQLVฤ DZD 0D]XUD D WDNล H SU]HGVWDZLFLHOL DGPLQLVWUDFML 8F]HOQL .ZHVWRUD t 3DQD -ร ]HID /DVNRZVNLHJR RUD] '\UHNWRUD .DQFHODULL 5HNWRUD t GU .U]\V]WRID 0DFKDF]NL : V]F]HJร OQ\ VSRVร E SRZLWDQL ]RVWDOL WDNล H SU]HGVWDZLFLHOH ,QVW\WXFML NWร UH REMรทฤ \ NRQIHUHQFMรท VZRLP SDWURQDWHP

3U]HZRGQLF]รฃF\ .12L= 3$1 t SURI GU KDE %RJGDQ 1RJDOVNL ]DVWรทSFD 3U]HZRGQLF]รฃFHJR .1( 3$1 t SURI GU KDE %RJXVฤ DZ )LHGRU 3UH]HVD 37( t SURI GU KDE

3U]HGVLรทELRUVWZ SU]\ZLWDฤ Uร ZQLHล VHUGHF]QLH SU]HGVWDZLFLHOL ฤณURGRZLVND EL]QHVRZHJR NWร U]\ WDNล H ]DV]F]\FLOL NRQIHUHQFMรท VZRMรฃ REHFQRฤณFLรฃ

PQ[\WZQI Q ZWb_{R 3I\MLZa -SWVWUQSQ Q 7ZOIVQbIKRQ 8ZbML[Qฤ JQWZ[\_ [ฤ Kbฤ ฤฌKQฤ XWVIL ! TM\VQMR PQ[\WZQQ VI[bMR )TUI 5I\MZ

: VSRVร E V]F]HJร OQ\ SRZLWDQ\ ]RVWDฤ GRVWRMQ\ -XELODW t 5HNWRU 6HQLRU 8(. ZLHOROHWQL NLHURZQLN .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ t SURI GU KDE 5\V]DUG %RURZLHFNL -DN SRGNUHฤณOLฤ SURI $QGU]HM -DNL -XELOHXV] OHFLD .DWHGU\ WR ฤณZLรทWR ZV]\VWNLFK MHM SUDFRZQLNร Z VWรฃG SRZLWDQL VHUGHF]QLH ]RVWDOL WDNล H REHFQL L E\OL SUDFRZQLF\ .DWHGU\

(Oล ELHWรท 0รฃF]\ฤกVNรฃ RUD] 3UH]HV =* 712L. t SURI GU KDE LQล /HV]HN .LHฤ W\N 3RZLWDQR Uร ZQLHล '\UHNWRUD %LXUD &. GV 6WRSQL L 7\WXฤ ร Z t 3DQD 3LRWUD .RUF]DOรท D WDNล H REHFQ\FK QD NRQIHUHQFML SURUHNWRUร Z G]LHNDQร Z L SURG]LHNDQร Z Z\G]LDฤ ร Z G\UHNWRUร Z LQVW\WXWร Z NLHURZQLNร Z NDWHGU L ]DNฤ DGร Z XF]HOQL ] FDฤ HM 3ROVNL RUD] ZV]\VWNLFK SR]RVWDฤ \FK SU]HGVWDZLFLHOL ฤณURGRZLVND DNDGHPLFNLHJR Z W\P REHFQ\FK L E\ฤ \FK SUDFRZQLNร Z 8(. NWร U]\ OLF]QLH SU]\E\OL QD Wรท NRQIHUHQFMรท .LHURZQLN .DWHGU\ (NRQRPLNL L 2UJDQL]DFML

3URI 8(. GU KDE $QGU]HM -DNL ]ZUร FLฤ XZDJรท ล H KLVWRULD L UR]Zร M .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ Vรฃ F]รทฤณFLรฃ SRQDG OHWQLHM KLVWRULL QDV]HM $OPD 0DWHU 7DN MDN 8F]HOQLD WDN L .DWHGUD SRGOHJDฤ D Z W\P F]DVLH ]PLDQRP RUJDQL]DF\MQ\P 3RZVWDฤ D Z URNX MDNR .DWHGUD (NRQRPLNL L =DU]รฃGX 3U]HGVLรทELRUVWZ 3U]HP\Vฤ RZ\FK SU]HNV]WDฤ FDQD E\ฤ D NROHMQR Z .DWHGUรท 2UJDQL]DFML 3U]HGVLรทELRUVWZ .DWHGUรท (NRQRPLNL 3U]HP\Vฤ X .DWHGUรท (NRQRPLNL 3U]HGVLรทELRUVWZD 3U]HP\Vฤ RZHJR =DNฤ DG (NRQRPLNL L 2UJDQL]DFML

wydarzenia

.RPLWHW 1DXN (NRQRPLF]Q\FK 3ROVNLHM $NDGHPLL 1DXN 3ROVNLH 7RZDU]\VWZR (NRQRPLF]QH RUD] 7RZDU]\VWZR 1DXNRZH 2UJDQL]DFML L .LHURZQLFWZD 3DUWQHUDPL NRQIHUHQFML NWร U]\ XG]LHOLOL ZVSDUFLD U]HF]RZHJR L ILQDQVRZHJR GOD MHM RUJDQL]DFML E\ฤ \ WDNLH SU]HGVLรทELRUVWZD MDN 03:L. 6 $ Z .UDNRZLH 03(& 6 $ Z .UDNRZLH $OZHUQLD 6 $ Z $OZHUQL $LU 7HFK %XG 6S ] R R Z %RFKQL RUD] *UXSD 36% 6 $ Z :Hฤ F]X N %XVND =GURMX

8F]HVWQLF\ G\VNXVML SDQHORZHM RG SUDZHM SURI GU KDE -DQ 3\ND t 8QLZHUV\WHW (NRQRPLF]Q\ Z .DWRZLFDFK SURI GU KDE -DQ 'XUDM t 8QLZHUV\WHW ฤ ร G]NL RUD] SURI 8(. GU KDE $QGU]HM -DNL t 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH PRGHUDWRU G\VNXVML

wydarzenia

3U]HGVLรทELRUVWZD 3U]HP\Vฤ RZHJR ,QVW\WXWX (NRQRPLNL 3U]HP\Vฤ X 6DPRG]LHOQ\ =DNฤ DG (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ RUD] .DWHGUรท (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ IXQNFMRQXMรฃFรฃ Z REHFQ\P RUJDQL]DF\MQ\P NV]WDฤ FLH RG URNX .DWHGUรท WZRU]รฃ OXG]LH t ]DDQJDล RZDQL Z MHM IXQNFMRQRZDQLH L UR]Zร M Z G]LDฤ DOQRฤณรฅ QDXNRZรฃ L G\GDNW\F]Qรฃ D WDNล H ]DSHZQLDMรฃF\ MHM IXQNFMRQRZDQLH RG VWURQ\ DGPLQLVWUDF\MQHM 6WรฃG Z W\P XURF]\VW\P GQLX Z SLHUZV]HM NROHMQRฤณFL SURI -DNL SU]\ZRฤ Dฤ QD]ZLVND MHM NROHMQ\FK NLHURZQLNร Z QDXNRZ\FK PLVWU]ร Z L QDXF]\FLHOL Z\FKRZDZFร Z ZLHOX SRNROHฤก Pฤ RG]LHล \ DNDGHPLFNLHM 3URIHVRUD 6WDQLVฤ DZD

3URI $QGU]HM -DNL SRGNUHฤณOLฤ ล H NRQIHUHQFMD QDXNRZD VWDQRZL RND]Mรท GR XND]DQLD L SU]\SRPQLHQLD KLVWRULL .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ RUD] SUH]HQWDFML MHM RVLรฃJQLรทรฅ -XELOHXV] .DWHGU\ MHVW WDNล H RND]Mรฃ GOD SU]HND]DQLD Z\UD]ร Z ZG]LรทF]QRฤณFL W\P ZV]\VWNLP NWร U]\ QD SU]HVWU]HQL G]LHVLรทFLROHFL SU]\F]\QLOL VLรท GR MHM UR]ZRMX L Z\SUDFRZDQLD Z\VRNLHM SR]\FML Z ฤณURGRZLVNX QDXNRZ\P SROVNLFK XF]HOQL XPRล OLZLDMรฃF ]DUD]HP SRGMรทFLH L UHDOL]DFMรท WZร UF]HM ZVSร ฤ SUDF\ Z Z\PLDU]H PLรทG]\QDURGRZ\P ODW ] KLVWRULL .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH SU]\SDGD QD RNUHV SUDF\ Z QLHM GRVWRMQHJR

TI\ b PQ[\WZQQ 3I\MLZa -SWVWUQSQQ 7ZOIVQbIKRQ 8ZbML[Qฤ JQWZ[\_ =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM przypada na WSZM[ XZIKa _ VQMR LW[\WRVMOW 2]JQTI\I ยง 8ZWNM[WZI :a[bIZLI *WZW_QMKSQMOW %LHฤกNRZVNLHJR 3URIHVRUD (GZDUGD 5RVH 3URIHVRUD /XGZLND 0D\UH D 'RFHQWD .D]LPLHU]D -DQLND 3URIHVRUD %URQLVฤ DZD %\UVNLHJR RUD] MHJR SRSU]HGQLND t 3URIHVRUD 5\V]DUGD %RURZLHFNLHJR 5R]Zร M L RVLรฃJQLรทFLD .DWHGU\ Vรฃ WDNล H ฤณFLฤณOH ]ZLรฃ]DQH ] LQQ\PL Z\ELWQ\PL F]ฤ RQNDPL VSRฤ HF]QRฤณFL DNDGHPLFNLHM 8(. NWร U]\ UR]SRF]\QDMรฃF VZRMH NDULHU\ QDXNRZH Z .DWHGU]H (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ NRQW\QXRZDOL MH Sร ล QLHM Z LQQ\FK t F]รทVWR WZRU]RQ\FK SU]H] QLFK t MHGQRVWNDFK QDV]HM $OPD 0DWHU 3URIHVRUD -HU]HJR 7U]FLHQLHFNLHJR 3URIHVRUD (PLOD /XFKWHUD 3URIHVRUD )HUG\QDQGD 0LFKRQLD RUD] 3URIHVRUD =ELJQLHZD 0DUW\QLDND :V]\VF\ Z\PLHQLHQL Vรฃ ERZLHP RVREDPL EH] SU]\ZRฤ DQLD NWร U\FK WUXGQR XND]\ZDรฅ NRU]HQLH KLVWRULรท L RVLรฃJQLรทFLD .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 30

-XELODWD t 3URIHVRUD 5\V]DUGD %RURZLHFNLHJR 3URI $QGU]HM -DNL QDGPLHQLฤ Lล ]ZLรฃ]NL 3URIHVRUD ] .DWHGUรฃ PDMรฃ QDZHW Gฤ Xล V]รฃ KLVWRULรท D LFK SRF]รฃWNL VLรทJDMรฃ RNUHVX JG\ MDNR VWXGHQW E\ฤ XF]HVWQLNLHP VHPLQDULXP PDJLVWHUVNLHJR SURZDG]RQHJR SU]H] ร ZF]HVQHJR NLHURZQLND .DWHGU\ SURI /XGZLND 0D\UH D 3UH]HQWXMรฃF V\OZHWNรท QDXNRZรฃ 3URIHVRUD -XELODWD ]ZUร FLฤ V]F]HJร OQรฃ XZDJรท QD IDNW Lล SHฤ QLฤ RQ IXQNFMรท NLHURZQLND =DNฤ DGX L .DWHGU\ RG URNX SU]H] ODWD Dล GR F]DVX SU]HMฤณFLD QD HPHU\WXUรท : ODWDFK SHฤ QLฤ IXQNFMรท UHNWRUD $NDGHPLL (NRQRPLF]QHM Sร ล QLHM 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH ฤฒURGRZLVNR DNDGHPLFNLH SRZLHU]D PX WDNล H V]HUHJ LQQ\FK RGSRZLHG]LDOQ\FK IXQNFML ] Z\ERUX P LQ &]ฤ RQND &. GV 6WRSQL L 7\WXฤ ร Z :LFHSU]HZRGQLF]รฃFHJR .12L= 3$1 &]ฤ RQND .1( 3$1 &]ฤ RQND .RPLWHWX %DGDฤก 1DXNRZ\FK 3UH]HVD =* 712L. 3Lรทรฅ XF]HOQL

NUDMRZ\FK L ]DJUDQLF]Q\FK XKRQRURZDฤ R *R JRGQRฤณFLรฃ 'RNWRUD +RQRULV &DXVD *RGQ\ SRGNUHฤณOHQLD MHVW -HJR ZNฤ DG Z SURFHV NV]WDฤ FHQLD NDGU QDXNRZ\FK F]HJR EH]SRฤณUHGQLP UH]XOWDWHP MHVW SU]HGH ZV]\VWNLP SURPRWRUVWZR ]DNRฤกF]RQ\FK SU]HZRGร Z GRNWRUVNLFK MDN Uร ZQLHล ]QDF]รฃFH RGG]LDฤ \ZDQLH QD SROVNLH ฤณURGRZLVNR QDXNRZH R F]\P ฤณZLDGF]\ -HJR UROD MDNR UHFHQ]HQWD L RSLQLRGDZF\ 3URIHVRU RSLQLRZDฤ ZQLRVNร Z R QDGDQLH W\WXฤ X QDXNRZHJR SURIHVRUD E\ฤ UHFHQ]HQWHP UR]SUDZ KDELOLWDF\MQ\FK L SR]RVWDฤ HJR GRURENX Z ]ZLรฃ]NX ] SRVWรทSRZDQLHP KDELOLWDF\MQ\P UHFHQ]RZDฤ SUDF GRNWRUVNLFK E\ฤ DXWRUHP ODXGDFML L RSLQLL Z VSUDZLH QDGDQLD JRGQRฤณFL GRNWRUD KRQRULV FDXVD Z\NRQDฤ UHFHQ]ML Z\GDZQLF]\FK RSLQLRZDฤ SURMHNWร Z EDGDZF]\FK L QLHSXEOLNRZDQ\FK SUDF QDXNRZ\FK MDN Uร ZQLHล E\ฤ DXWRUHP LQQ\FK UHNRPHQGDFML L UHFHQ]ML : LPLHQLX :ฤ DG] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH XF]HVWQLNร Z SRZLWDฤ -0 5HNWRU SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ SU]HND]XMรฃF Uร ZQRF]HฤณQLH JUDWXODFMH :ฤ DG] 5HNWRUVNLFK L 6HQDWX 8F]HOQL ] RND]ML -XELOHXV]X .DWHGU\ RUD] -XELOHXV]X 3URIHVRUD 5\V]DUGD %RURZLHFNLHJR : LPLHQLX :ฤ DG] ']LHNDฤกVNLFK :\G]LDฤ X =DU]รฃG]DQLD Jฤ RV ]DEUDฤ G]LHNDQ SURI 8(. GU KDE %RJXV] 0LNXฤ D 2GF]\WDQ\ WDNล H ]RVWDฤ OLVW JUDWXODF\MQ\ 3UH]\GHQWD 0LDVWD .UDNRZD SURI GU KDE -DFND 0DMFKURZVNLHJR 6ฤ RZD SRZLWDQLD L JUDWXODFMH ] RND]ML -XELOHXV]\ ]RVWDฤ \ VNLHURZDQH SU]H] SU]HGVWDZLFLHOL LQVW\WXFML NWร UH REMรทฤ \ NRQIHUHQFMรท VZRLP SDWURQDWHP Z Z\VWรฃSLHQLDFK SURI GU KDE %RJGDQD 1RJDOVNLHJR SURI GU KDE %RJXVฤ DZD )LHGRUD SURI GU KDE (Oล ELHW\ 0รฃF]\ฤกVNLHM RUD] SURI GU KDE LQล /HV]ND .LHฤ W\NL : LPLHQLX VSRฤ HF]QRฤณFL $NDGHPLL *ร UQLF]R +XWQLF]HM Z .UDNRZLH JUDWXODFMH GOD .DWHGU\ L GOD GRVWRMQHJR 3URIHVRUD -XELODWD SU]HND]Dฤ SURI GU KDE LQล 0DFLHM .DOLVNL 6ฤ RZD JUDWXODF\MQH VNLHURZDฤ WDNล H 5HNWRU 6HQLRU 3RGKDODฤกVNLHM 3DฤกVWZRZHM :\ล V]HM 6]NRฤ \

= RND]ML -XELOHXV]X OHFLD SUDF\ QDXNRZR EDGDZF]HM L G\GDNW\F]QHM SURI GU KDE 5\V]DUGD %RURZLHFNLHJR Z LPLHQLX 3UDFRZQLNร Z .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ JUDWXODFMH L Vฤ RZD SRG]LรทNRZDQLD ]ฤ Rล \ฤ D SURI GU KDE 0DULD 6LHUSLฤกVND 1DVWรทSQLH Jฤ RV ]DEUDฤ SURI 8(. GU KDE -DURVฤ DZ .DF]PDUHN NWร U\ Z LPLHQLX ZV]\VWNLFK GRNWRUร Z Z\SURPRZDQ\FK SU]H] 3URIHVRUD ]ฤ Rล \ฤ VHUGHF]QH SRG]LรทNRZDQLD QD UรทFH GRVWRMQHJR -XELODWD :\UDล DMรฃF ZG]LรทF]QRฤณรฅ ZV]\VWNLP SU]\E\ฤ \P QD MXELOHXV]RZรฃ NRQIHUHQFMรท L G]LรทNXMรฃF ]D ]ฤ Rล RQH JUDWXODFMH Z GDOV]HM F]รทฤณFL Jฤ RV ]DEUDฤ SURI 5\V]DUG %RURZLHFNL 1D ]DNRฤกF]HQLH SLHUZV]HM F]รทฤณFL NRQIHUHQFML RGF]\WDQH ]RVWDฤ \ OLF]QLH ]ฤ Rล RQH L QDGHVฤ DQH OLVW\ JUDWXODF\MQH 'UXJD F]Hฤณรฅ REUDG NRQIHUHQF\MQ\FK SRฤณZLรทFRQD E\ฤ D G\VNXVML

SDQHORZHM QD WHPDW 'URJL L NLHUXQNL UR]ZRMX QDXNL R SU]HGVLรทELRUVWZLH t GRฤณZLDGF]HQLD SROVNLFK ฤณURGRZLVN DNDGHPLFNLFK 2EUDG\ UR]SRF]รทฤ \ VLรท RG Z\VWรฃSLHQLD ]DSURV]RQ\FK SUHOHJHQWร Z SURI GU KDE -DQD /LFKWDUVNLHJR ] 8QLZHUV\WHWX (NRQRPLF]QHJR ZH :URFฤ DZLX SURI GU KDE -DQD 'XUDMD ] 8QLZHUV\WHWX ฤ ร G]NLHJR RUD] SURI GU KDE -DQD 3\NL ] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .DWRZLFDFK NWร UH VWDฤ \ VLรท QDVWรทSQLH SRGVWDZรฃ GR SURZDG]RQHM Z RSDUFLX R QLH ZLHORZรฃWNRZHM G\VNXVML D W\P VDP\P NRQIURQWDFML ZLHG]\ L Z\PLDQ\ GRฤณZLDGF]Hฤก Z ]DNUHVLH ]DJDGQLHฤก ZSLVXMรฃF\FK VLรท Z WHPDW VHVML %H]SRฤณUHGQLP UH]XOWDWHP NRQIHUHQFML Vรฃ WU]\ RNROLF]QRฤณFLRZH SXEOLNDFMH NVLรฃล NRZH 3LHUZV]D WR .VLรทJD -XELOHXV]RZD GOD XF]F]HQLD OHFLD .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH NWร UD XND]XMH Z VSRVร E SU]HJOรฃGRZ\ MHM KLVWRULรท

UR]Zร M L HZROXRZDQLH G]LDฤ DOQRฤณFL MDN Uร ZQLHล MHM HIHNW\ Z VIHU]H QDXNL G\GDNW\NL RUD] ZVSร ฤ SUDF\ ] RWRF]HQLHP VSRฤ HF]QR JRVSRGDUF]\P 'UXJD Z SRVWDFL .VLรทJL 3DPLรฃWNRZHM Z\GDQHM ] RND]ML OHFLD SUDF\ ]DZRGRZHM L XND]XMรฃFD V\OZHWNรท RUD] UR]OLF]QH GRNRQDQLD -XELODWD SW 3URIHVRU 5\V]DUG %RURZLHFNL %DGDF] t 3HGDJRJ t 2UJDQL]DWRU :\ND] RVLรฃJQLรทรฅ QDXNRZ\FK G\GDNW\F]Q\FK L RUJDQL]DF\MQ\FK 7U]HFLD WR PRQRJUDILD QDXNRZD RSDWU]RQD W\WXฤ HP 3U]HGVLรทELRUVWZR Z JRVSRGDUFH U\QNRZHM 7UDQVIRUPDFMD t UR]Zร M t ]DU]รฃG]DQLH SRZVWDฤ D ] ]DP\Vฤ HP SUH]HQWDFML ]DLQWHUHVRZDฤก QDXNRZR EDGDZF]\FK REHFQ\FK SUDFRZQLNร Z .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH.

wydarzenia

=DZRGRZHM Z 1RZ\P 7DUJX t SURI GU KDE 6WDQLVฤ DZ +RGRURZLF]

2EHFQL L E\OL SUDFRZQLF\ .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(. RG OHZHM SURI 8(. GU KDE $QGU]HM -DNL SURI .$ GU KDE 0LURVฤ DZ .ZLHFLฤกVNL SURI GU KDE 5\V]DUG %RURZLHFNL GU -RODQWD 6WDQLHQGD PJU 6WDQLVฤ DZ 5XGD RUD] PJU 7RPDV] -DFKQD

GU 0Dฤ JRU]DWD .RZDOLN .DWHGUD (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(.

wydarzenia

.RPXQLNDFMD 5\QNRZD KbaTQ RIS XZWU]Rฤ [Qฤ _[X{รฐKbM[VM ย ZUa' 6I bISWฤกKbMVQM KaST] _aSรฐIL{_ b XZbMLUQW\] 8WL[\I_a SWU]VQSIKRQ ZaVSW_MR XZW_ILbWVaKP XZbMb LZ 5IOLITMVฤ ,WรฐPI[b WZIb ฤ _QKbMฤก XZW_ILbWVaKP XZbMb LZ 3I\IZbaVฤ ;IVIS 3W[UW_[Sฤ _ [MUM[\ZbM TM\VQU XZbMXZW_ILbWVW VQMSWV_MVKRWVITVa MObIUQV b \MOW XZbMLUQW\] 3ROHJDฤ RQ QD ]RUJDQL]RZDQLX ,, '\GDNW\F]QR 1DXNRZHM .RQIHUHQFML 3ODNDWRZHM

W\P QLHFRG]LHQQ\P Z\GDU]HQLX PDUNHWLQJRZ\P Z]LรทOL XG]LDฤ QLH W\ONR ]GDMรฃF\ HJ]DPLQ VWXGHQFL NLHUXQNX 0L.5 DOH WDNล H VWXGHQFL 8(. ]DLQWHUHVRZDQL WHPDWHP NRQIHUHQFML RUD] SUDFRZQLF\ QDXNRZR G\GDNW\F]QL QDV]HJR 8QLZHUV\WHWX L ]DSURV]HQL JRฤณFLH P LQ VWXGHQFL 8QLZHUV\WHWX -DJLHOORฤกVNLHJR NDV]รฃ .RQIHUHQFMรท KRQRURZ\P SDWURQDWHP REMรทฤ D 3URUHNWRU 32

GV .RPXQLNDFML L :VSร ฤ SUDF\ 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH SURI GU KDE -DQLQD )LOHN : GQLX F]HUZFD U UR]SRF]รทฤ D VLรท ,, '\GDNW\F]QR 1DXNRZD .RQIHUHQFMD 3ODNDWRZD NWร UHM FHOHP E\ฤ R ]DSR]QDQLH VLรท ] QDMQRZV]\PL Z\EUDQ\PL NLHUXQNDPL UR]ZRMX NRPXQLNDFML U\QNRZH RUD] DQDOL]D G]LDฤ Dฤก NRPXQLNDFML U\QNRZHM Z 3ROVFH

: UDPDFK WHJR Z\GDU]HQLD ]DSUH]HQWRZDQR SODNDW\ VDPRG]LHOQLH RSUDFRZDQH L Z\P\ฤณORQH SU]H] VWXGHQWร Z RSDUWH R ZF]HฤณQLHM SU]\JRWRZDQH QD รฅZLF]HQLDFK UHIHUDW\ QDXNRZH SODNDW\ ]RVWDฤ \ Z\GUXNRZDQH G]LรทNL SRPRF\ 6HNFML 3URPRFML 8QLZHUV\WHWX (NRQRPLF]QHJR L PRล QD MH E\ฤ R RJOรฃGDรฅ SU]H] FDฤ \ F]DV WUZDQLD .RQIHUHQFML 7UHฤณรฅ PHU\WRU\F]Qรฃ SRP\Vฤ L NUHDW\ZQRฤณรฅ SU]HVWDZLRQ\FK SODNDWร Z RFHQLRQR Z GURG]H Jฤ RVRZDQLD Z NWร U\P Z]LรทOL XG]LDฤ

rozmowa ]DUร ZQR VWXGHQFL MDN Uร ZQLHล NDGUD G\GDNW\F]QR QDXNRZD SU]\]QDMรฃF RGG]LHOQLH QDJURG\ GOD QDMOHSV]\FK SUDF

MDNRฤณรฅ NRPXQLNDFML IXQGDPHQWHP PDUNL ,&( .UDNร Z SU]HGVWDZLRQ\ SU]H] PJU LQล 0LFKDฤ D =DOHZVNLHJR t 5]HF]QLND 3UDVRZHJR .%)

: F]DVLH .RQIHUHQFML Z\Jฤ RV]RQR WDNล H GZD Z\Nฤ DG\ ]ZLรฃ]DQH ] NRPXQLNDFMรฃ U\QNRZรฃ 3LHUZV]\ R VWUDWHJLDFK SURPRFML ILUP QD U\QNDFK PLรทG]\QDURGRZ\FK ]DSUH]HQWRZDQ\ SU]H] SURI GU KDE -DQD : :LNWRUD t .LHURZQLND .DWHGU\ 0DUNHWLQJX RUD] GUXJL R W\P MDN EXGRZDรฅ QLH]EXGRZDQH F]\OL

.Dล G\ VWXGHQW 0L.5 RWU]\PDฤ SR]\W\ZQรฃ RFHQรท ] HJ]DPLQX ] SU]HGPLRWX 3RGVWDZ\ NRPXQLNDFML U\QNRZHM NWร UHM Jฤ ร ZQ\P HOHPHQWHP RSUร F] RFHQ\ ] รฅZLF]Hฤก L WHVWX HJ]DPLQDF\MQHJR E\ฤ D RFHQD SUH]HQWRZDQHJR QD .RQIHUHQFML SODNDWX =Z\FLรท]FRP ZUรทF]RQR V\PEROLF]QH QDJURG\

=Z\FLรท]F\ Z Jฤ RVRZDQLX NDGU\ G\GDNW\F]QR QDXNRZHM

SXFKDU\ D ZV]\VF\ XF]HVWQLF\ RWU]\PDOL FHUW\ILNDW\ SRWZLHUG]DMรฃFH XG]LDฤ Z SURMHNFLH 0DP QDG]LHMรท Lล .RQIHUHQFMD 3ODNDWRZD MDNR IRUPD HJ]DPLQX VSRGREDฤ D VLรท L ]QDMG]LH VWDฤ H PLHMVFH Z NDOHQGDU]X LPSUH] RUJDQL]RZDQ\FK QD QDV]HM 8F]HOQL GU 0DJGDOHQD 'Rฤ KDV] SURZDG]รฃFD Z\Nฤ DG ] SU]HGPLRWX 3RGVWDZ\ NRPXQLNDFML U\QNRZHM SRP\Vฤ RGDZF]\QL SURMHNWX

=Z\FLรท]F\ Z Jฤ RVRZDQLX VWXGHQWร Z I

$QDOL]D VSRVREร Z SURPRZDQLD SURGXNWร Z SU]H] F]Rฤ RZ\FK \RXWXEHUร Z NRVPHW\F]Q\FK : 0DFKQLN - 6LZHN 0 7DODUHN * 7UรฃEND

:Sฤ \Z NDUW ORMDOQRฤณFLRZ\FK QD EXGRZDQLH UHODFML ] NOLHQWHP $ ']LDGRV] - 0DU]HF & +DQJ 1JR 7KDQK

&HOHEULW\ (QGRUVHPHQW t :Sฤ \Z SROVNLHJR FHOHEU\W\ Z UHNODPLH QD GHF\]MH ]DNXSRZH NRQVXPHQWร Z 0 5DSDF] ' 6NXUD 0 6]F]\JLHฤ - 7RNDUVND 6 :LรทFHN

III

:RMQD PDUNHWLQJRZD SURGXFHQWร Z QDSRMร Z JD]RZDQ\FK &RFD &ROD YV 3HSVL &ROD 9 5DGFKHQNR 2 6DYHUVND , 9DVLOLHYD

III

$QDOL]D VSRVREร Z SURPRZDQLD SURGXNWร Z SU]H] F]Rฤ RZ\FK \RXWXEHUร Z NRVPHW\F]Q\FK : 0DFKQLN - 6LZHN 0 7DODUHN * 7UรฃEND

$SOLNDFMH MDNR QDU]รทG]LH NRPXQLNDFML 0 %DMDN - )LOLS = +RUEDFK 1 .DUJXOD

wydarzenia

:VSร ฤ SUDFD .DWHGU\ 1DXN 3ROLW\F]Q\FK 8(. b 1V[\a\]\MU -]ZWXa :W[aR[SQMR )SILMUQQ 6I]S OLSFD U .DWHGUD 1DXN 3ROLW\F]Q\FK E\ฤ D RUJDQL]DWRUHP PLรทG]\QDURGRZHJR VHPLQDULXP QDXNRZHJR :MTIKRM :W[RQ b SZIRIUQ

/Z]Xa ?a[bMPZILbSQMR _ WJZIbIKP UMLQITVaKP Q ZMITQIKP 2WZDUFLH NRQIHUHQFML e:VSร ฤ SUDFD GHPRNUDW\F]Q\FK NUDMร Z (XURS\ ฤฒURGNRZR :VFKRGQLHM ] )HGHUDFMรฃ 5RV\MVNรฃ QRZH Z\]ZDQLDr RG OHZHM .RQVXO *HQHUDOQ\ 5RVML Z .UDNRZLH $OHNVDQGHU 0LQLQ SURI 5REHUW -DNLPRZLF] SURI .DUROLQD .OHFKD 7\OHF

UDPDFK VHPLQDULXP RGE\ฤ D VLรท SUH]HQWDFMD Z\GDZQLFWZD ] XELHJฤ RURF]QHM NRQIHUHQFML :VSร ฤ SUDFD GHPRNUDW\F]Q\FK NUDMร Z (XURS\ ฤฒURGNRZR :VFKRGQLHM ] )HGHUDFMรฃ 5RV\MVNรฃ QRZH Z\]ZDQLD RUD] GHEDWD GRW\F]รฃFD VWDQX UHODFML 5RVML ] NUDMDPL (XURS\ ฤฒURGNRZR :VFKRGQLHM : Z\GDU]HQLX Z]LรทOL XG]LDฤ ZLRGรฃF\ QDXNRZF\ ]DMPXMรฃF\ VLรท SUREOHPDW\Nรฃ PLHMVFD 5RVML Z UHODFMDFK PLรทG]\QDURGRZ\FK ] 3ROVNL RUD] 5RVML 6HPLQDULXP ]RVWDฤ R ]RUJDQL]RZDQH SU]\ ZVSร ฤ SUDF\ ] ,QVW\WXWHP (XURS\ 5RV\MVNLHM $NDGHPLL 1DXN

ฤฒURGNRZRHXURSHMVNLP ,QVW\WXWHP 6WRVXQNร Z 0LรทG]\QDURGRZ\FK %XGDSHV]W RUD] )XQGDFMรฃ :VSLHUDQLD 3XEOLF]QHM '\SORPDFML LP $ 0 *RUF]DNRZD 6HPLQDULXP E\ฤ R MXล NROHMQ\P ZVSร OQ\P SURMHNWHP Z UDPDFK ZVSร ฤ SUDF\ .DWHGU\ 1DXN 3ROLW\F]Q\FK 8(. .13 ] ,QVW\WXWHP (XURS\ 5RV\MVNLHM $NDGHPLL 1DXN : UDPDFK ZVSRPQLDQHJR SDUWQHUVWZD SUDFRZQLF\ .13 MXล NLONDNURWQLH EUDOL XG]LDฤ Z NRQIHUHQFMDFK RUJDQL]RZDQ\FK SU]H] ,QVW\WXW (XURS\ 5$1 Z 5RVML L LQQ\FK NUDMDFK &R ZDล QH Z ZLรทNV]RฤณFL NRV]W\

]ZLรฃ]DQH ] W\PL NRQIHUHQFMDPL E\ฤ \ ILQDQVRZDQH SU]H] VWURQรท URV\MVNรฃ ']LรทNL ZVSร ฤ SUDF\ ] ,QVW\WXWHP (XURS\ SUDFRZQLF\ .13 PLHOL WDNล H PRล OLZRฤณรฅ SXEOLNRZDQLD VZRLFK SUDF Z Z\GDZQLFWZDFK ,QVW\WXWX MDN SUHVWLล RZH F]DVRSLVPR QDXNRZH e6DZULHPLHQQDMD -HZURSDr F]\ PRQRJUDILH SRNRQIHUHQF\MQH 3UDFRZQLF\ ,QVW\WXWX (XURS\ 5$1 E\OL WDNล H XF]HVWQLNDPL NRQIHUHQFML RUJDQL]RZDQ\FK SU]H] .13 Z 8QLZHUV\WHFLH (NRQRPLF]Q\P Z .UDNRZLH RUD] SXEOLNRZDOL Z Z\GDZQLFWZDFK SRNRQIHUHQF\MQ\FK 1S Z U '\UHNWRU ,QVW\WXWX (XURS\ 5$1 SURI $OHNVLHM *URP\NR

*ฤ ร ZQ\P LQLFMDWRUHP L SURPRWRUHP ZVSRPQLDQHM ZVSร ฤ SUDF\ ]H VWURQ\ URV\MVNLHM MHVW SDQL SURIHVRU /LXERZ 1LNRฤ DMHZQD 6]LV]HOLQD NLHURZQLN .DWHGU\ 6WXGLร Z QDG (XURSรฃ ฤฒURGNRZรฃ L :VFKRGQLรฃ NLHURZQLN &HQWUXP 6WXGLร Z :\V]HKUDG]NLFK ,QVW\WXWX (XURS\ 5RV\MVNLHM $NDGHPLL 1DXN 2G U ZVSร ฤ SUDFD SRPLรทG]\ .13 D ,QVW\WXWHP (XURS\ 5$1 XOHJฤ D LQWHQV\ILNDFML ']LรทNL X]\VNDQLX ZVSร OQHJR JUDQWX URV\MVNLHM )XQGDFML :VSLHUDQLD '\SORPDFML 3XEOLF]QHM LP $ 0 *RUF]DNRZD SDล G]LHUQLND U ]RUJDQL]RZDQR Z QDV]\P 8QLZHUV\WHFLH NRQIHUHQFMรท :VSร ฤ SUDFD GHPRNUDW\F]Q\FK NUDMร Z (XURS\ ฤฒURGNRZR :VFKRGQLHM ] )HGHUDFMรฃ 5RV\MVNรฃ QRZH Z\]ZDQLD :VSDUFLD NRQIHUHQFML XG]LHOLฤ R WDNล H &HQWUXP 3ROVNR 5RV\MVNLHJR 'LDORJX L 3RUR]XPLHQLD RUD] &HQWUXP .XOWXU\ L -รท]\ND 5RV\MVNLHJR SU]\ 8QLZHUV\WHFLH 3HGDJRJLF]Q\P LP .(1 Z .UDNRZLH 3RGF]DV NRQIHUHQFML SURZDG]RQR G\VNXVMH Z QDVWรทSXMรฃF\FK REV]DUDFK โ ข

1RZH XZDUXQNRZDQLH JHRSROLW\F]QH

D SRV]XNLZDQLH ZVSร ฤ SUDF\ PLรทG]\ 5RVMรฃ D NUDMDPL (XURS\ ฤฒURGNRZR :VFKRGQLHM โ ข

1RZH SRGHMฤณFLH GR DQDOL]\ VWDQX VWRVXQNร Z 5RVMD t (XURSD ฤฒURGNRZR :VFKRGQLD

โ ข

1RZH Z\]ZDQLD GOD ZVSร ฤ SUDF\ JRVSRGDUF]HM 5RVML L NUDMร Z (XURS\ ฤฒURGNRZHM L :VFKRGQLHM

โ ข

:Sฤ \Z JRVSRGDUNL SROLW\NL NXOWXU\ L KLVWRULL QD SR]LRP ZVSร ฤ SUDF\ NUDMร Z (ฤฒ: L 5RVML

: NRQIHUHQFML Z]LรทOL XG]LDฤ Z\ELWQL SROVF\ L URV\MVF\ QDXNRZF\ ] XQLZHUV\WHWร Z Z .UDNRZLH ฤ RG]L 2OV]W\QLH (OEOรฃJX ,QVW\WXWX (XURS\ 5RV\MVNLHM $NDGHPLL 1DXN 0*,02 $NDGHPLL '\SORPDW\F]QHM SU]\ 06= )5 ,QVW\WXWX ,QIRUPDFML 1DXNRZHM 1DXN 6SRฤ HF]Q\FK 5RV\MVNLHM $NDGHPLL 1DXN 8F]HVWQLF]\ฤ Z QLHM WDNล H SU]HGVWDZLFLHO 'HSDUWDPHQWX :VFKRGQLHJR 06= 53 GU 6WDQLVฤ DZ .R]ฤ RZVNL L .RQVXO *HQHUDOQ\ 5RVML Z .UDNRZLH $OHNVDQGHU 0LQLQ &R ZDUWH SRGNUHฤณOHQLD PLPR QDSLรทW\FK UHODFML QD Sฤ DV]F]\ล QLH SROLW\F]QHM SRPLรทG]\ )HGHUDFMรฃ 5RV\MVNรฃ D =DFKRGHP NRQIHUHQFMD SU]HELHJDฤ D Z EDUG]R GREUHM DWPRVIHU]H 8F]HVWQLF\ SRGNUHฤณODOL MHM Z\VRNL SR]LRP PHU\WRU\F]Q\ (IHNWHP WHJR Z\GDU]HQLD E\ฤ D SXEOLNDFMD DUW\NXฤ ร Z SRNRQIHUHQF\MQ\FK Z F]DVRSLฤณPLH 1RZD 3ROLW\ND :VFKRGQLD t QXPHU\ L ] U SRG UHGDNFMรฃ QDXNRZรฃ GU 5DIDฤ D /LVLDNLHZLF]D 3XEOLNDFMD WD E\ฤ D PRล OLZD

G]LรทNL JUDQWRZL &HQWUXP 3ROVNR 5RV\MVNLHJR 'LDORJX L 3RUR]XPLHQLD

wydarzenia

L SURI /LXERZ 6]\V]HOLQD ZHV]OL Z VNฤ DG 5DG\ 1DXNRZHM NRQIHUHQFML RUJDQL]RZDQHM SU]H] .DWHGUรท 1DXN 3ROLW\F]Q\FK 8(. ]DW\WXฤ RZDQHM 'HPRNUDFMD :VSร ฤ F]HVQD t Z\PLDU SROVNL L PLรทG]\QDURGRZ\

.ROHMQ\P RZRFHP ZVSร ฤ SUDF\ .13 ] ,QVW\WXWHP (XURS\ 5$1 E\ฤ D REHFQRฤณรฅ SU]HGVWDZLFLHOL .13 QD NRQIHUHQFML Z 0RVNZLH Z GQLDFK RG OLVWRSDGD GR JUXGQLD U :]Lรทฤ R Z QLHM XG]LDฤ WU]HFK SUDFRZQLNร Z .DWHGU\ 1DXN 3ROLW\F]Q\FK SURI 5REHUW -DNLPRZLF] GU .DUROLQD .RWXOHZLF] :LVLฤกVND L GU 5DIDฤ /LVLDNLHZLF] :\GDU]HQLH WR ]RUJDQL]RZDฤ ,QVW\WXW (XURS\ 5RV\MVNLHM $NDGHPLL 1DXN RUD] $PEDVDGD 6ฤ RZDFML Z 0RVNZLH .RQIHUHQFMD ]DW\WXฤ RZDQD E\ฤ D 5HODFMH Z\V]HKUDG]NLHM F]Zร UNL L 8QLL (XURSHMVNLHM ] 5RVMรฃ :]LรทOL Z QLHM XG]LDฤ QDXNRZF\ L HNVSHUFL ] ZLRGรฃF\FK URV\MVNLFK MHGQRVWHN EDGDZF]\FK L SU]HGVWDZLFLHOH G\SORPDFML MDN 06= )HGHUDFML 5RV\MVNLHM 0*,02 5RV\MVND $NDGHPLD 1DXN NUDMร Z Z\V]HKUDG]NLFK L (XURS\ :VFKRGQLHM :\GDU]HQLH WR E\ฤ R VSRVREQRฤณFLรฃ GR SUDJPDW\F]QHJR L RWZDUWHJR GLDORJX SRPLรทG]\ HNVSHUWDPL ]DMPXMรฃF\PL VLรท VWDQHP UHODFML 5RVML ] NUDMDPL HXURSHMVNLPL OLSFD U SUDFRZQLF\ .DWHGU\ 1DXN 3ROLW\F]Q\FK 8(. SURI 5REHUW -DNLPRZLF] GU .DUROLQD .RWXOHZLF] :LVLฤกVND L GU 5DIDฤ /LVLDNLHZLF] Z]LรทOL XG]LDฤ Z NRQIHUHQFML Z %XGDSHV]FLH RUJDQL]RZDQHM SU]H] ฤฒURGNRZRHXURSHMVNL ,QVW\WXW 6WRVXQNร Z 0LรทG]\QDURGRZ\FK

)RWR RG OHZHM 8F]HVWQLF\ NRQIHUHQFML Z 0RVNZLH RG OHZHM GU .DUROLQD .RWXOHZLF] :LVLฤกVND GU 5DIDฤ /LVLDNLHZLF] SURI 5REHUW -DNLPRZLF] 3URI 5REHUW -DNLPRZLF] L GU .DUROLQD .RWXOHZLF] :LVLฤกVND QD NRQIHUHQFML Z %XGDSHV]FLH

GU 5DIDฤ /LVLDNLHZLF] .DWHGUD 1DXN 3ROLW\F]Q\FK 8(.

wydarzenia

3Rล HJQDQLH IJ[WT_MV\{_ KbMZ_KI ZWS] [\]LMVKQ _ \_IZbW_aKP \WOIKP Q JQZM\IKP \รฐ]Ua OWฤฌKQ XZbML[\I_QKQMTM ?รฐILb =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM XZIKW_VQKa .DWHGU\ =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR

HฤณOL GRGDP\ GR WHJR MHV]F]H QLHW\SRZรฃ VFHQHULรท t F]HUZFRZD Vฤ RQHF]QD VRERWD SLรทNQD SRJRGD e]DPร ZLRQDr MDN ]DZV]H ]UHV]Wรฃ NDPHUDOQD ]DE\WNRZD 6WDUD $XOD t WR ]QDN ล H RGE\ZD VLรท GRURF]QD V]F]รทฤณOLZD t WU]\QDVWD t XURF]\VWRฤณรฅ 3Rล HJQDQLD $EVROZHQWร Z RUJDQL]RZDQD SU]H] .DWHGUรท =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR NLHURZDQรฃ SU]H] SURI GU KDE -DQXV]D 7HF]NH

WฤณUร G WHJRURF]Q\FK $EVROZHQWร Z E\OL VWXGHQFL VWXGLร Z VWDFMRQDUQ\FK , L ,, VWRSQLD VSHFMDOQRฤณFL /RJLVW\ND 0LรทG]\QDURGRZD L =DU]รฃG]DQLH 0LรทG]\QDURGRZH QLH W\ONR ] 3ROVNL DOH Uร ZQLHล ] .HQLL 7XUNPHQLVWDQX 8NUDLQ\ L 8]EHNLVWDQX 3U]\E\OL RQL QD QDV] 8QLZHUV\WHW Z WRZDU]\VWZLH VZRLFK QDMEOLล V]\FK t URG]LQ

SU]\MDFLร ฤ L ]QDMRP\FK E\ RGHEUDรฅ ] UรฃN 3URPRWRUร Z OLVW\ JUDWXODF\MQH RUD] SDPLรฃWNRZH L Z\MรฃWNRZR QRZRF]HVQH Z W\P URNX .VLรทJL $EVROZHQWร Z ฤฒZLDGNDPL WHJR Z\GDU]HQLD E\OL Uร ZQLHล SU]HGVWDZLFLHOH :ฤ DG] QDV]HM XF]HOQL 3URUHNWRU GV .V]WDฤ FHQLD L 6WXGHQWร Z SURI GU KDE .U]\V]WRI 6XUร ZND ']LHNDQ :\G]LDฤ X (NRQRPLL L 6WRVXQNร Z

-DN MXล ZVSRPQLDQR JDOD ]RUJDQL]RZDQD E\ฤ D SR UD] WU]\QDVW\ = URNX QD URN Z]ERJDFDQD MHVW QRZ\PL SXQNWDPL SURJUDPX NWร UH SRZRGXMรฃ ล H QD 3Rล HJQDQLX $EVROZHQWร Z Z UROL ZLG]ร Z L QLH W\ONR FKรทWQLH SRMDZLDMรฃ VLรท L GDZQL $EVROZHQFL : W\P URNX RGZLHG]Lฤ QDV MHGHQ ] QLFK t 0DUFLQ 3LรฃWNRZVNL DEVROZHQW VSHFMDOQRฤณFL /RJLVW\ND 0LรทG]\QDURGRZD ] URNX NWร UHJR DPHU\NDฤกVNL e)RUEHVr XPLHฤณFLฤ QD OLฤณFLH e XQGHU r F]\OL QDMEDUG]LHM LQQRZDF\MQ\FK SU]HGVLรทELRUFร Z SRQLล HM URNX ล \FLD WZร UFD Z\MรฃWNRZHJR PLHMVNLHJR URZHUX -,95 .WR ZLH F]\ SR RJURGDFK SDฤ DFX .HQVLQJWRQ QLH ฤณPLJD MXล QD QLP .VLรฃล H :LOOLDP OXE NVLรทล QD .DWH NWร U]\ SRGF]DV VZRMHM OLSFRZHM ZL]\W\ Z 3ROVFH RWU]\PDOL -,95 Z SUH]HQFLH 0DUFLQ SRUZDฤ QDV LQWHUHVXMรฃFรฃ PRW\ZXMรฃFรฃ SUH]HQWDFMรฃ 0DP\ QDG]LHMรท ล H MHJR SU]HVฤ DQLH VNLHURZDQH GR REHFQ\FK QD JDOL $EVROZHQWร Z ]DZDUWH Z WU]HFK NUร WNLFK KDVฤ DFK e(NVSHU\PHQWXM =UR]XP VLHELH 'DM VLHELHr EรทG]LH PRWWHP QDV]\FK $EVROZHQWร Z VWRMรฃF\FK QD SRF]รฃWNX VZRMHM ]DZRGRZHM GURJL

&]รทฤณรฅ DUW\VW\F]Qรฃ XURF]\VWRฤณFL WZRU]\ฤ \ Z\VWรทS\ FKร UX e'RPLQDQWDr NWร U\ Z\NRQDฤ XWZร U SW *DXGHDPXV LJLWXU :\VWรฃSLฤ Uร ZQLHล GXHW LQVWUXPHQWDOQ\ t 0DUWD VWXGHQWND ,, URNX NLHUXQNX /RJLVW\ND 0LรทG]\QDURGRZD ] JLWDUรฃ L JRฤณรฅ VSHFMDOQ\ ] /ZRZD t $QQD VWXGHQWND /ZRZVNLHJR 8QLZHUV\WHWX 1DURGRZHJR LP ,ZDQD )UDQNL ZRNDOLVWND OZRZVNLHJR ]HVSRฤ X e$VWRU\%DQGr $UW\VWNL ]DSUH]HQWRZDฤ \ QRVWDOJLF]QH XWZRU\ XNUDLฤกVNLH RUD] SLRVHQNL EU\W\MVNLHM ZRNDOLVWNL -HVVLH -

?QMLbฤ UWฤตMUa bLWJa_Iฤ WL QVVaKP ITM Uฤ LZWฤฌKQ U][QUa VI]Kbaฤ [Qฤ [IUQ ) 5QKSQM_QKb 3R ]DNRฤกF]HQLX XURF]\VWRฤณFL QD $EVROZHQWร Z L LFK JRฤณFL F]HNDฤ \ MHV]F]H LQQH DWUDNFMH t ]DZV]H QLHFLHUSOLZLH Z\F]HNLZDQD VHVMD ]GMรทFLRZD SU]HG %XG\QNLHP *ฤ ร ZQ\P RUD] EDQNLHW Z 6DOL 6HQDFNLHM EรทGรฃFHM QLHJG\ฤณ MHGQ\P ] SLHUZV]\FK NU\W\FK EDVHQร Z Z 3ROVFH 3U]\MรทFLH SU]\JRWRZDQH ]RVWDฤ R WDN VPDNRZLFLH L SLHF]Rฤ RZLFLH SU]\JRWRZDQH SU]H] HNLSรท 3Dฤก ] ']LDฤ X *RVSRGDUF]HJR L SDQLรฃ

7 6Rฤ W\VLN ล H Uร ล QRURGQRฤณรฅ VPDNRฤ \Nร Z MXล RG SURJX RF]DURZ\ZDฤ D ZFKRG]รฃF\FK JRฤณFL IHHULรฃ EDUZ L ]DSDFKร Z 2UJDQL]DFMD JDOL 3Rล HJQDQLD $EVROZHQWร Z E\ฤ D PRล OLZD G]LรทNL SRPRF\ U]HF]RZHM IXQGDWRUร Z L SDUWQHUร Z QDV]HM .DWHGU\ ZฤณUร G NWร U\FK E\OL ILUPD %3 (XURSD t 2GG]LDฤ Z 3ROVFH 2ฤณURGHN 6SRUWX L 5HNUHDFML e.ROQDr %DKOVHQ .UDNRZVND 6]NRฤ D %L]QHVX VWRZDU]\V]HQLH $G 0HULWXP D WDNล H 6HNFMD 3URPRFML QDV]HJR 8QLZHUV\WHWX %DUG]R G]LรทNXMHP\

wydarzenia

0LรทG]\QDURGRZ\FK SURI 8(. GU KDE .U]\V]WRI )LUOHM 3URG]LHNDQ :\G]LDฤ X (NRQRPLL L 6WRVXQNร Z 0LรทG]\QDURGRZ\FK SURI 8(. GU KDE .DUROLQD .OHFKD 7\OHF RUD] 3URG]LHNDQ :\G]LDฤ X (NRQRPLL L 6WRVXQNร Z 0LรทG]\QDURGRZ\FK GU KDE :RMFLHFK *L]D

3RG]LรทNRZDQLD QDOHล รฃ VLรท Uร ZQLHล ZV]\VWNLP ]DDQJDล RZDQ\P Z SU]\JRWRZDQLH QDV]HM XURF]\VWRฤณFL Vฤ Xล ERP QDV]HM XF]HOQL RUD] VWXGHQWRP ,, URNX NLHUXQNX /RJLVW\ND 0LรทG]\QDURGRZD 3DPLรทWDMรฃF R Vฤ RZDFK SRHW\ :LHG]รท PRล HP\ ]GRE\ZDรฅ RG LQQ\FK DOH PรฃGURฤณFL PXVLP\ QDXF]\รฅ VLรท VDPL $ 0LFNLHZLF] ล \F]\P\ :DP QDVL GURG]\ $EVROZHQFL E\ฤณFLH ]GRE\Wรฃ SRGF]DV VWXGLร Z QD QDV]HM 8F]HOQL ZLHG]รท SRWUDILOL PรฃGU]H Z\NRU]\VW\ZDรฅ UHDOL]XMรฃF VZH DPELFMH ]DZRGRZH 3R]QDZDMFLH ฤณZLDW GRFHQLDMFLH MHJR ZDUWRฤณรฅ L VSHฤ QLDMFLH VZRMH PDU]HQLD GU $JQLHV]ND ล DN .RRUG\QDWRU XURF]\VWRฤณFL e3Rล HJQDQLH $EVROZHQWร Z r

wydarzenia

$ QD NRQLHF RGGDMP\ Jฤ RV .DVL L $JQLHV]FH QDV]\P ZVSDQLDฤ \P $EVROZHQWNRP NWร UH WDN ZVSRPLQDMรฃ WHQ G]LHฤก 8URF]\VWRฤณรฅ 3Rล HJQDQLD $EVROZHQWร Z E\ฤ D IDQWDVW\F]Q\P ]ZLHฤกF]HQLHP SLรทFLX ODW VWXGLร Z &LHV]รท VLรท ล H WDNLH Z\GDU]HQLH MHVW FR URNX RUJDQL]RZDQH L QD SHZQR EรทGรท MH PLฤ R ZVSRPLQDรฅ =D EDUG]R LQVSLUXMรฃFH XZDล DP Z\VWรฃSLHQLH e&Kฤ RSDND ] 0LHOFDr t 0DUFLQD 3LรฃWNRZVNLHJR E\ฤ HJR VWXGHQWD .DWHGU\ =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR :\MรฃWNRZR VRELH FHQLรท Uร ZQLHล ZV]\VWNLH PLฤ H Vฤ RZD RG E\ฤ \FK MXล Z\Nฤ DGRZFร Z RUD] PRล OLZRฤณรฅ ]URELHQLD ZVSร OQ\FK SDPLรฃWNRZ\FK ]GMรทรฅ $ EDQNLHW SR VDPHM XURF]\VWRฤณFL t SLHUZV]D NODVD .DVLD .

3Rล HJQDQLH $EVROZHQWร Z E\ฤ R ZVSDQLDฤ \P SRGVXPRZDQLHP ZVSร OQ\FK ODW VWXGLร Z 7R ล H XURF]\VWRฤณรฅ RGE\ZDฤ D VLรท Z %XG\QNX *ฤ ร ZQ\P 6WDUHM $XOL FLHV]\ฤ R W\P EDUG]LHM Lล PRJOLฤณP\ SRND]Dรฅ QDV]\P EOLVNLP 8(. ] QDMSLรทNQLHMV]HM VWURQ\ 3RGF]DV Z\GDU]HQLD QLHMHGQRNURWQLH ]DNUรทFLฤ D PL VLรท Z RNX ฤ H]ND UR]U]HZQLHQLD DOH L UR]EDZLHQLD 'U ล DN ล HJQDMรฃFD QDV Z WDN FLHSฤ \ L V]F]HU\ VSRVร E F]\ SURI 7HF]NH SU]HP\FDMรฃF\ Z VZRLP Z\VWรฃSLHQLX ]QDQH W\ONR QDP ] Z\Nฤ DGร Z ล DUW\ E\ฤ \ ZLVLHQNรฃ QD WRUFLH ZLHฤกF]รฃFรฃ G]LHฤก SHฤ HQ HPRFML 7DN SRล HJQDQL ] FDฤ รฃ SHZQRฤณFLรฃ SU]H] Gฤ XJL F]DV QLH ]DSRPQLP\ WHJR V]DORQHJR RNUHVX Z QDV]\P ล \FLX MDNLP E\ฤ \ VWXGLD Z .DWHGU]H =DU]รฃG]DQLD 0LรทG]\QDURGRZHJR $JQLHV]ND .

wydarzenia

2GFKRG]LP\ DOH QLH ]DSRPQLP\ f OITI IJ[WT_MV\{_ :IKP]VSW_WฤฌKQ Q +WV\ZWTTQVO] <ZILaKRQ [\IรฐW [Qฤ bILWฤฌฤ ? XQฤ \MS KbMZ_KI ZWS] [รฐ]KPIKbM [\]LQ{_ [\IKRWVIZVaKP Q VQM[\IKRWVIZVaKP ]VQSI\W_MOW _ [SITQ SZIR] SQMZ]VS] :IKP]VSW_Wฤฌฤ Q +WV\ZWTTQVO ]ZWKbaฤฌKQM bISWฤกKbaTQ ZWS ISILMUQKSQ VI =VQ_MZ[a\MKQM -SWVWUQKbVaU _ 3ZISW_QM 7R MXล GUXJD LQLFMDW\ZD VWXGHQWร Z ,, VWRSQLD NLHUXQNX 5DFKXQNRZRฤณรฅ L &RQWUROOLQJ

ILFMDOQรฃ XURF]\VWRฤณรฅ ]DNRฤกF]HQLD VWXGLร Z SRSU]HG]Lฤ SU]HPDUV] SU]H] .DPSXV 8QLZHUV\WHWX (NRQRPLF]QHJR VWXGHQWร Z SU]HGVWDZLFLHOL :ฤ DG] RUD] SUDFRZQLNร Z QDV]HM 8F]HOQL 'XPD L UDGRฤณรฅ QD WZDU]DFK DEVROZHQWร Z NLHUXQNX 5DFKXQNRZRฤณรฅ L &RQWUROOLQJ WR SRWZLHUG]HQLH VDW\VIDNFML ] SLรทFLROHWQLHM QDXNL QD 8(. L W\P NLHUXQNX

7HJRURF]Qรฃ XURF]\VWRฤณรฅ DEVROXWRULXP RWZRU]\OL UHSUH]HQWDQFL DNDGHPLFNLHJR FKร UX 'RPLQDQWD XWZRUHP *DXGHDPXV ,JLWXU ZLWDMรฃF SU]\E\ฤ \FK QD Wรท JDOรท JRฤณFL 2EHFQRฤณFLรฃ ]DV]F]\FLOL QDV ]DUร ZQR SU]HGVWDZLFLHOH :ฤ DG] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH Z\Nฤ DGRZF\ MDN L SUDFRZQLF\ DGPLQLVWUDF\MQL : Z\GDU]HQLX W\P Z]LรทOL XG]LDฤ WDNล H NLHURZQLF\ REX NDWHGU RSLHNXMรฃF\FK VLรท NLHUXQNLHP SURI 8(. GU KDE $QGU]HM -DNL t NLHURZQLN

.DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ RUD] SURI GU KDE 'DULXV] :รทG]NL t NLHURZQLN .DWHGU\ 5DFKXQNRZRฤณFL 6]F]HJร OQLH SRGQLRVฤ D L ZDล QD GOD VWXGHQWร Z E\ฤ D EDUG]R OLF]QD REHFQRฤณรฅ LFK URG]LQ L ]QDMRP\FK NWร U]\ G]LHOLOL ] QLPL UDGRฤณรฅ ]ZLรฃ]DQรฃ ] ]DNRฤกF]HQLHP WHJR HWDSX ล \FLD 'OD F]รทฤณFL URG]LFร Z DEVROZHQWร Z E\ฤ D WR SLHUZV]D LFK ZL]\WD Z PXUDFK 8QLZHUV\WHWX (NRQRPLF]QHJR RG F]DVX NLHG\ WR RQL E\OL VWXGHQWDPL QDV]HM 8F]HOQL 3RGF]DV XURF]\VWRฤณFL JUDGXDF\MQHM UR]GDQH ]RVWDฤ \ ] UรฃN NLHURZQLNร Z REX NDWHGU G\SORP\ GOD DEVROZHQWร Z NLHUXQNX 5DFKXQNRZRฤณรฅ L &RQWUROOLQJ SRฤณZLDGF]DMรฃFH ]GRE\Wรฃ QD 8QLZHUV\WHFLH (NRQRPLF]Q\P ZLHG]รท 6SRWNDQLH XฤณZLHWQLRQH ]RVWDฤ R Uร ZQLHล XWZRUHP 5LSWLGH 9DQFHoD -R\oD Z Z\NRQDQLX DEVROZHQWNL 3DWU\FML 6DMGDN 3RGVXPRZDQLHP ]HEUDQ\FK

GRฤณZLDGF]Hฤก Z PXUDFK 8F]HOQL E\ฤ D QLH]Z\NOH LQWHUHVXMรฃFD SUH]HQWDFMD ]GMรทรฅ SRGF]DV NWร UHM DEVROZHQFL PRJOL MHV]F]H UD] SRZVSRPLQDรฅ ZVSร OQLH VSรทG]RQ\ F]DV RUD] ]DZDUWH ]QDMRPRฤณFL 3R F]รทฤณFL RILFMDOQHM Z KROX 3DZLORQX '\GDNW\F]QRt 6SRUWRZHJR SU]HZLG]LDQ\ ]RVWDฤ SRF]รทVWXQHN GOD DEVROZHQWร Z L ]DSURV]RQ\FK JRฤณFL SRGF]DV NWร UHJR RGE\ฤ R VLรท UHSUH]HQWDF\MQH NURMHQLH WRUWX

IRW $JQLHV]ND *Dฤ $EVROXWRULXP NLHUXQNX 5DFKXQNRZRฤณรฅ L &RQWUROOLQJ

1LHRGฤ รฃF]Q\P HOHPHQWHP eDPHU\NDฤกVNLHJR ]DNRฤกF]HQLD VWXGLร Zr MHVW U]XFDQLH ELUHWDPL t WDN E\ฤ R L Z W\P SU]\SDGNX (XIRULD DEVROZHQWร Z ]RVWDฤ D XFKZ\FRQD QD SDPLรฃWNRZ\FK IRWRJUDILDFK SURI QDG]Z GU KDE -DQXV] 1HVWHUDN .DWHGUD (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ PJU -RDQQD 0LHU]ZD $EVROZHQWND NLHUXQNX 5DFKXQNRZRฤณรฅ L &RQWUROOLQJ

wydarzenia

EWACE

2WZDUFLH .RQIHUHQFML

-QOP\P -]ZWXMIV ?WZS[PWX WV )XXTQML +]T\]ZIT -KWVWUQK[ 3ZIS{_ -SWVWUQI S]T\]Za RM[\ RMLVaU b VW_[baKP VQMb_aSTM KQMSI_aKP X{T JILI_KbaKP _ ZIUIKP MSWVWUQQ FLHV]รฃF\FK VLรท URVQรฃF\P ]DLQWHUHVRZDQLHP SROVNLFK L ]DJUDQLF]Q\FK QDXNRZFร Z

U =DNฤ DG ']LHG]LFWZD .XOWXURZHJR L 6WXGLร Z 0LHMVNLFK 81(6&2 NWร UHJR SUDFRZQLF\ RG ZLHOX ODW SURZDG]รฃ EDGDQLD ZSLVXMรฃFH VLรท Z WHQ QXUW UR]ZDล Dฤก HNRQRPLF]Q\FK QDZLรฃ]Dฤ NRQWDNW ] QDMZDล QLHMV]รฃ ฤณZLDWRZรฃ RUJDQL]DFMรฃ QDXNRZรฃ VNXSLDMรฃFรฃ VSHFMDOLVWร Z Z WHM G]LHG]LQLH WM $VVRFLDWLRQ IRU

&XOWXUDO (FRQRPLFV ,QWHUQDWLRQDO $&(, : HIHNFLH =DNฤ DGRZL NLHURZDQHPX SU]H] SURI GU KDE -DFND 3XUFKOรท SRZLHU]RQR ]RUJDQL]RZDQLH WHJRURF]QHM ร VPHM MXล HG\FML (XURSHDQ :RUNVKRS RQ $SSOLHG &XOWXUDO (FRQRPLFV (:$&( =Dฤ Rล HQLHP PLรทG]\QDURGRZHM NRQIHUHQFML NWร UD RGE\ฤ D VLรท QD QDV]\P 8QLZHUV\WHFLH Z GQLDFK

ZU]HฤณQLD E\ฤ R ]DLQVSLURZDQLH G\VNXVML L Z\PLDQ\ LQIRUPDFML QD WHPDW QDMQRZV]\FK LORฤณFLRZ\FK PHWRG EDGDฤก Z ]DNUHVLH HNRQRPLL NXOWXU\ ]DUร ZQR Z VNDOL PLNUR MDN L PDNUR :\GDU]HQLH WR VWDQRZLฤ R V]DQVรท VSRWNDQLD Uร ล Q\FK SRNROHฤก HNRQRPLVWร Z VSHFMDOL]XMรฃF\FK VLรท Z W]Z DSSOLHG FXOWXUDO HFRQRPLFV t DQDOL]DFK HNRQRPHWU\F]Q\FK L VWDW\VW\F]Q\FK UR]PDLW\FK

,]UDHO 1LHPF\ 3ROVND 5RVMD 6ฤ RZHQLD 7XUFMD :รทJU\ :LHOND %U\WDQLD RUD] :ฤ RFK\ :ฤณUร G QLFK ]QDOHล OL VLรท ฤณZLDWRZHM Vฤ DZ\ HNRQRPLฤณFL SUHNXUVRU]\ SHZQ\FK QXUWร Z EDGDฤก HNRQRPLF]Q\FK GRW\F]รฃF\FK NXOWXU\ WDF\ MDN SURI ,OGH 5L]]R ] 8QLZHUV\WHWX Z .DWDQLL Z ]DNUHVLH HNRQRPLL G]LHG]LFWZD NXOWXURZHJR F]\ SURI -RKQ 2p+DJDQ ] 7ULQLW\ &ROOHJH Z 'XEOLQLH Z ]DNUHVLH EDGDฤก PLJUDFML L VNXSLHฤก DUW\VWร Z RUD] NRQVXPSFML NXOWXUDOQHM

? [XW\SIVQ] WLJa_IRฤ KaU [Qฤ XWL XI\ZWVI\MU )+-1 WZIb 2MOW 5IOVQย KMVKRQ :MS\WZI =VQ_MZ[a\M\] -SWVWUQKbVMOW _bQฤ รฐW ]LbQIรฐ XWVIL W[{J b SZIR{_ PLJUDFML DUW\VWร Z GHWHUPLQDQW\ L XZDUXQNRZDQLD NRQVXPSFML NXOWXUDOQHM Z W\P VNฤ RQQRฤณรฅ GR ]DSฤ DW\ L XZDUXQNRZDQLD ILQDQVRZDQLD XVฤ XJ NXOWXUDOQ\FK PLรทG]\QDURGRZD Z\PLDQD Gร EU L XVฤ XJ NXOWXU\ RUD] HIHNW\ZQRฤณรฅ HNRQRPLF]QD LQVW\WXFML NXOWXU\ : VSRWNDQLX RGE\ZDMรฃF\P VLรท SRG SDWURQDWHP $&(, RUD] -HJR 0DJQLILFHQFML 5HNWRUD 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH Z]Lรทฤ R XG]LDฤ SRQDG RVร E ] NUDMร Z WDNLFK MDN $XVWUDOLD %HOJLD 'DQLD )UDQFMD +LV]SDQLD +RODQGLD ,UODQGLD

ล \Z\P GHEDWRP VSU]\MDฤ D IRUPXฤ D NRQIHUHQFML 3U]\JRWRZDQH ] Sร ฤ URF]Q\P Z\SU]HG]HQLHP ]DDSURERZDQH SU]H] NRPLWHW QDXNRZ\ NRQIHUHQFML SHฤ QH WHNVW\ UHIHUDWร Z SR NDล GHM SUH]HQWDFML RSDWU]RQH E\ฤ \ ZF]HฤณQLHM SU]\JRWRZDQ\P GRJฤ รทEQ\P NRPHQWDU]HP SU]\SLVDQHJR LP UHFHQ]HQWD D QDVWรทSQLH SRGGDQH V]F]HJร ฤ RZHM G\VNXVML .RQIHUHQFMรท Z LPLHQLX Zฤ DG] 8(. RWZRU]\OL SURI GU KDE -DQLQD )LOHN 3URUHNWRU GV .RPXQLNDFML L :VSร ฤ SUDF\ RUD] SURI GU KDE -DFHN 3XUFKOD .LHURZQLN .DWHGU\ +LVWRULL

*RVSRGDUF]HM L 6SRฤ HF]QHM Z UDPDFK NWร UHM IXQNFMRQXMH =DNฤ DG ']LHG]LFWZD .XOWXURZHJR 81(6&2 =H VWURQ\ $&(, Jฤ RV\ SRGF]DV LQDXJXUDFML NRQIHUHQFML ]DEUDOL SURI ,OGH 5L]]R SU]HZRGQLF]รฃFD $&(, RUD] SURI $QWRQHOOR 6FRUFX ] 8QLZHUV\WHWX Z %RORQLL t MHGHQ ] LQLFMDWRUร Z L F]ฤ RQNร Z NRPLWHWX PHU\WRU\F]QHJR F\NOX (:$&( 3R VWURQLH SROVNLHM FDฤ RฤณFLRZรฃ NRQFHSFMรท NRQIHUHQFML ZH ZVSร ฤ SUDF\ ] $&(, RSUDFRZDฤ D RUD] SU]HELHJ Z\GDU]HQLD NRRUG\QRZDฤ D SURI 8(. GU KDE 0RQLND 0XU]\Q .XSLV]

wydarzenia

NZHVWLL ]ZLรฃ]DQ\FK ] IXQNFMRQRZDQLHP VHNWRUD NXOWXU\ SURGXNFMรฃ Gร EU L XVฤ XJ NXOWXU\ RUD] NRQVXPSFMรฃ NXOWXUDOQรฃ : UDPDFK WHJRURF]QHM RGVฤ RQ\ (:$&( SRGMรทWR P LQ G\VNXVMรท QDG WDNLPL WHPDWDPL MDN HNRQRPLF]QH DVSHNW\ IXQNFMRQRZDQLD L NRQVXPSFML RUD] ZDUWRฤณFLRZDQLD XVฤ XJ WHDWUDOQ\FK RUD] PX]HDOQ\FK SRS\W QD GREUD L XVฤ XJL RIHURZDQH SU]H] VHNWRU ILOPRZ\ RUD] VHNWRU Z\GDZQLF]\ U\QHN PX]\F]Q\ U\QHN SUDF\ L XZDUXQNRZDQLD HNRQRPLF]QH

: UDPDFK SURJUDPX WRZDU]\V]รฃFHJR NRQIHUHQFML JRฤณFLH PLHOL RND]Mรท ]DSR]QDรฅ VLรท ] SUREOHPDPL ]DU]รฃG]DQLD SU]HVWU]HQLรฃ NXOWXURZรฃ ZSLVDQHJR QD OLVWรท 81(6&2 ]HVSRฤ X VWDURPLHMVNLHJR .UDNRZD ZDUV]WDW\ WHUHQRZH SRG NLHUXQNLHP 0RQLNL 0XU]\Q .XSLV] RUD] IXQNFMRQRZDQLHP MHGQHJR ] QDMFKรทWQLHM REHFQLH RGZLHG]DQ\FK SU]H] WXU\VWร Z ]DJUDQLF]Q\FK PX]Hร Z Z .UDNRZLH )DEU\FH 6FKLQGOHUD t RGG]LDฤ 0X]HXP +LVWRU\F]QHJR 0LDVWD .UDNRZD .DWHGUD +LVWRULL *RVSRGDUF]HM L 6SRฤ HF]QHM E\ฤ D WHล JRVSRGDU]HP SRSU]HG]DMรฃFHJR NRQIHUHQFMรท MHGQRGQLRZHJR VSRWNDQLD URERF]HJR SHฤ QHJR VNฤ DGX ]DU]รฃGX $&(, SURI 8(. GU KDE 0RQLND 0XU]\Q .XSLV] .DWHGUD +LVWRULL *RVSRGDUF]HM L 6SRฤ HF]QHM 8(.

2EUDG\ SRGF]DV .RQIHUHQFML

wydarzenia

:LHG]D t *RVSRGDUND t 6SRฤ HF]HฤกVWZR : GQLDFK PDMD F]HUZFD URNX Z QDV]HM 8F]HOQL RGE\ฤ D VLรท NROHMQD ,; MXล 5Qฤ LbaVIZWLW_I 3WVNMZMVKRI 6I]SW_I ?aLbQIรฐ] BIZbฤ LbIVQI

=-3 WJZIL]Rฤ KI XWL PI[รฐMU XZbM_WLVQU ?QMLbI ยง /W[XWLIZSI ยง ;XWรฐMKbMฤก[\_W

UDPDFK WHJRURF]QHM NRQIHUHQFML RGE\ฤ D VLรท Uร ZQLHล Z\MรฃWNRZD VHVMD MXELOHXV]RZD ZSLVDQD Z F\NO REFKRGร Z OHFLD :\G]LDฤ X =DU]รฃG]DQLD 7HPDW\ND NRQIHUHQFML E\ฤ D VNXSLRQD QD QDMLVWRWQLHMV]\FK SUREOHPDFK ZVSร ฤ F]HVQHJR ล \FLD JRVSRGDUF]HJR L VSRฤ HF]QHJR ]H V]F]HJร OQ\P XZ]JOรทGQLHQLHP NRQFHSFML PHWRG L QDU]รทG]L ]DU]รฃG]DQLD : WUDNFLH WHJR Z\GDU]HQLD SU]HGVWDZLRQR Z\QLNL NRQIURQWDFML WHRUHW\F]Q\FK DVSHNWร Z ZVSร ฤ F]HVQ\FK WUHQGร Z ]DU]รฃG]DQLD ] HIHNWDPL LFK ZGURล Hฤก Z Uร ล QRURGQ\FK URG]DMDFK

RUJDQL]DFML 3RQDGWR NRQIHUHQFMD ] XZDJL QD VZร M PLรทG]\QDURGRZ\ L SUDJPDW\F]Q\ FKDUDNWHU ]DSHZQLฤ D PRล OLZRฤณรฅ VNRQIURQWRZDQLD GRฤณZLDGF]Hฤก SROVNLFK ] GRฤณZLDGF]HQLDPL SU]HGVWDZLFLHOL LQQ\FK NUDMร Z Z REV]DU]H QDXNL RUD] SUDNW\NL JRVSRGDUF]HM $PELFMรฃ XF]HVWQLNร Z E\ฤ R WDNล H ]PLHU]HQLH VLรท ] Z\]ZDQLDPL Z\QLNDMรฃF\PL ] REHFQHM U]HF]\ZLVWRฤณFL JRVSRGDUF]HM ]DUร ZQR Z ]DNUHVLH SU]HZLG\ZDQLD ]DJURล Hฤก NRPSOHNVRZHM GLDJQR]\ V\WXDFML MDN Uร ZQLHล ]GHILQLRZDQLD RSW\PDOQ\FK UR]ZLรฃ]Dฤก Z VIHU]H

]DU]รฃG]DQLD IRUPXฤ RZDQLD L LPSOHPHQWDFML VWUDWHJLL RUD] DQDOL]\ X]\VNDQ\FK HIHNWร Z -HGQ\P ] SULRU\WHWร Z RUJDQL]DWRUร Z NRQIHUHQFML MHVW Uร ZQLHล VWDฤ \ UR]Zร M ZVSร ฤ SUDF\ QDXNRZHM NUDNRZVNLHJR ฤณURGRZLVND EDGDF]\ ]DMPXMรฃF\FK VLรท ]DJDGQLHQLDPL ]DU]รฃG]DQLD ] ZLRGรฃF\PL RฤณURGNDPL QDXNRZ\PL Z 3ROVFH (XURSLH L ฤฒZLHFLH -HVWHฤณP\ ]DWHP GXPQL ล H GR JURQD QDV]\FK ZLHOROHWQLFK SDUWQHUร Z L MHGQRF]HฤณQLH XF]HVWQLNร Z NRQIHUHQFML FRURF]QLH GRฤ รฃF]DMรฃ QRZL SU]HGVWDZLFLHOH ZVSLHUDMรฃF UR]Zร M QDV]HJR

*ฤ ร ZQ\PL REV]DUDPL WHPDW\F]Q\PL VSRWNDQLD E\ฤ \ โ ข

7HRUHW\F]QH L DSOLNDF\MQH SUREOHP\ ]DU]รฃG]DQLD

โ ข

=DU]รฃG]DQLH SU]HGVLรทELRUVWZHP QD U\QNX JOREDOQ\P

โ ข

=DU]รฃG]DQLH LQIRUPDFMDPL ZLHG]รฃ L NDSLWDฤ HP LQWHOHNWXDOQ\P

โ ข

6\VWHP\ LQIRUPDW\F]QH Z ]DU]รฃG]DQLX

โ ข

,QQRZDF\MQRฤณรฅ L SU]HGVLรทELRUF]Rฤณรฅ

โ ข

.RPHUFMDOL]DFMD EDGDฤก QDXNRZ\FK

โ ข

0HWRG\ L QDU]รทG]LD LORฤณFLRZH Z ]DU]รฃG]DQLX

โ ข

=DU]รฃG]DQLH ILQDQVDPL

โ ข

5DFKXQNRZRฤณรฅ Z ]DU]รฃG]DQLX RUJDQL]DFMDPL

โ ข

0DUNHWLQJRZH DVSHNW\ ]DU]รฃG]DQLD SU]HGVLรทELRUVWZHP

โ ข

=DU]รฃG]DQLH Z VHNWRU]H WXU\VW\F]Q\P L UHNUHDF\MQ\P

DGUHV\ VNฤ DGDOL QD UรทFH ']LHNDQD :\G]LDฤ X =DU]รฃG]DQLD OLF]QLH SU]\E\OL SU]HGVWDZLFLHOH SROVNLFK L ]DJUDQLF]Q\FK RฤณURGNร Z QDXNRZ\FK MDN Uร ZQLHล ZVSร ฤ SUDFXMรฃF\ ] :\G]LDฤ HP SU]HGVWDZLFLHOH SUDNW\NL JRVSRGDUF]HM 3R F]รทฤณFL RILFMDOQHM SU]HZRGQLFWZR QDG VHVMรฃ REMรฃฤ SURI GU KDE -ร ]HI 3RFLHFKD D QDVWรทSQLH PLDฤ \ PLHMVFH GZD Z\VWรฃSLHQLD SDQL SURI 8(. GU KDE 5HQDWD 6HZHU\Q SU]HGVWDZLฤ D KLVWRULรท RUD] REHFQรฃ G]LDฤ DOQRฤณรฅ L SHUVSHNW\Z\ UR]ZRMX :\G]LDฤ X =DU]รฃG]DQLD D QDVWรทSQLH SDQ SURI GU KDE -DQ :LNWRU SRG]LHOLฤ VLรท ] XF]HVWQLNDPL NRQIHUHQFML VZRLPL UHIOHNVMDPL GRW\F]รฃF\PL HGXNDFML MDNR F]รทฤณFL PLVML XQLZHUV\WHWX Z RSDUFLX R GRNRQDQรฃ DQDOL]รท SU]HPร ZLHฤก MHJR UHNWRUร Z : UDPDFK NRQIHUHQFML RGE\ฤ D VLรท MHV]F]H MHGQD VHVMD MXELOHXV]RZD SW e,QIRUPDW\ND HNRQRPLF]QD ZREHF Z\]ZDฤก ZVSร ฤ F]HVQHM JRVSRGDUNLr SRฤ รฃF]RQD ] MXELOHXV]HP OHFLD NV]WDฤ FHQLD Z ]DNUHVLH LQIRUPDW\NL HNRQRPLF]QHM QD :\G]LDOH =DU]รฃG]DQLD 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH 6]F]HJร OQ\P Z\GDU]HQLHP WHM VHVML E\ฤ R XKRQRURZDQLH RUD] ]ฤ Rล HQLH JUDWXODFML L ล \F]Hฤก SDQX SURI GU KDE 7DGHXV]RZL *UDELฤกVNLHPX RUD] SDQX SURI GU KDE 5\V]DUGRZL

7DGHXVLHZLF]RZL ] RND]ML MXELOHXV]X W\FK XURG]LQ NWร U\ SU]\SDGD Z W\P URNX 2EUDGRP VHVML SU]HZRGQLF]\ฤ SURI 8(. GU KDE 3LRWU 6RMD ] .DWHGU\ ,QIRUPDW\NL 8(.

wydarzenia

SU]HGVLรทZ]LรทFLD 8PRล OLZLD WR KROLVW\F]QH VSRMU]HQLH QD SR]\W\ZQH L QHJDW\ZQH VNXWNL MDNLH ZVSร ฤ F]HVQH SURFHV\ JRVSRGDUF]H Z\ZLHUDMรฃ QD IXQNFMRQRZDQLH SU]HGVLรทELRUVWZ L JRVSRGDUHN MDN Uร ZQLHล QD XPLHMรทWQRฤณรฅ Z\NRU]\VWDQLD LQVWUXPHQWร Z ]DU]รฃG]DQLD Z FHOX ]ZLรทNV]HQLD LFK ]GROQRฤณFL NRQNXURZDQLD QD U\QNX JOREDOQ\P

3RGF]DV NRQIHUHQFML RGE\ฤ R VLรท MXล NROHMQH ,,, .UDNRZVNLH 6HPLQDULXP 1DXNRZH QW ]DVWRVRZDฤก VWDW\VW\NL QLHSDUDPHWU\F]QHM L RGSRUQHM Z HNRQRPLL NWร UHJR FHOHP E\ฤ R VWZRU]HQLH SODWIRUP\ GOD Z\PLDQ\ P\ฤณOL SUH]HQWDFML Zฤ DVQ\FK LGHL QDZLรฃ]\ZDQLD NRQWDNWร Z L ZVSร ฤ SUDF\ SRPLรทG]\ QDXNRZFDPL ] Uร ล Q\FK RฤณURGNร Z QDXNRZ\FK LQVW\WXFML EDGDZF]\FK L SU]HGVLรทELRUVWZ ]DLQWHUHVRZDQ\FK ]DVWRVRZDQLDPL PHWRG QLHSDUDPHWU\F]Q\FK L RGSRUQ\FK Z V]HURNR UR]XPLDQHM HNRQRPLL L ILQDQVDFK HPSLU\F]Q\FK -HGQRGQLRZH VHPLQDULXP VNฤ DGDฤ R VLรท ] GZร FK VHVML QDXNRZ\FK NWร U\P SU]HZRGQLF]\OL SURI GU KDE -ร ]HI 3RFLHFKD 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH RUD] GU KDE 6ฤ DZRPLU ฤฒPLHFK 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH 3RP\Vฤ RGDZFรฃ NRRUG\QDWRUHP RUD] VHNUHWDU]HP QDXNRZ\P VHPLQDULXP E\ฤ SURI 8(. GU KDE 'DQLHO .RVLRURZVNL : UDPDFK WHJRURF]QHM NRQIHUHQFML RGE\ฤ D VLรท Uร ZQLHล NROHMQD VHVMD &HQWUXP %DGDฤก QDG 5\]\NLHP

7HJRURF]Qรฃ HG\FMรท UR]SRF]รทฤ D MXELOHXV]RZD VHVMD SRฤณZLรทFRQD OHFLX :\G]LDฤ X =DU]รฃG]DQLD ZSLVDQD Z F\NO REFKRGร Z WHJR MXELOHXV]X 6HVMรท RWZRU]\ฤ ']LHNDQ :\G]LDฤ X =DU]รฃG]DQLD SURI 8(. GU KDE %RJXV] 0LNXฤ D D QDVWรทSQLH Jฤ RV ]DEUDฤ -0 5HNWRU 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ VNฤ DGDMรฃF ล \F]HQLD :ฤ DG]RP RUD] ZV]\VWNLP 3UDFRZQLNRP L 6WXGHQWRP :\G]LDฤ X =DU]รฃG]DQLD 1DVWรทSQLH ล \F]HQLD RUD] SDPLรฃWNRZH 43

wydarzenia

)LQDQVRZ\P SRฤณZLรทFRQD SUREOHPDW\FH ]DU]รฃG]DQLD U\]\NLHP ILQDQVRZ\P D Z V]F]HJร OQRฤณFL SUREOHPRP SRPLDUX U\]\ND V]DFRZDQLD ZDUWRฤณFL ]DJURล RQHM DJUHJDFML U\]\ND SUREOHPRP VWHURZDQLD U\]\NLHP G\ZHUV\ILNDFML KHGJLQJX D WDNล H SUREOHPRP DQDOL]\ L Z\FHQ\ LQVWUXPHQWร Z ILQDQVRZ\FK RUD] SUREOHPRP ]ZLรฃ]DQ\P ]H VWDQHP L UR]ZRMHP U\QNร Z ILQDQVRZ\FK &HOHP VHVML E\ฤ R VWZRU]HQLH PRล OLZRฤณFL SUH]HQWDFML Zฤ DVQ\FK NRQFHSFML L LGHL Z\PLDQ\ RSLQLL RUD] QDZLรฃ]DQLD NRQWDNWร Z L ZVSร ฤ SUDF\ SRPLรทG]\ SU]HGVWDZLFLHODPL Uร ล Q\FK RฤณURGNร Z L LQVW\WXFML QDXNRZ\FK D WDNล H SU]HGVLรทELRUVWZ L LQVW\WXFML ]DLQWHUHVRZDQ\FK ]DVWRVRZDQLHP RNUHฤณORQ\FK PHWRG ]DU]รฃG]DQLD U\]\NLHP RUD] UR]ZRMHP U\QNร Z ILQDQVRZ\FK 6HVMรท Wรฃ SRSURZDG]Lฤ SURI 8(. GU KDE 3LRWU :ร MWRZLF] 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH : UDPDFK NRQIHUHQFML ]RUJDQL]RZDQR Uร ZQLHล VSHFMDOQรฃ VHVMรท

QDXNRZรฃ SW e,QQRZDFMH L SU]HGVLรทELRUF]Rฤณรฅ Z KDQGOXr 6HVMD WD E\ฤ D SRฤณZLรทFRQD ]DJDGQLHQLRP LQQRZDFML ZGUDล DQ\FK Z KDQGOX GHWDOLF]Q\P L KXUWRZ\P ]DUร ZQR Z ]DNUHVLH VWUXNWXU MDN L Uร ล Q\FK REV]DUร Z ]DU]รฃG]DQLD SU]HGVLรทELRUVWZHP KDQGORZ\P WDNLFK MDN PDUNHWLQJ F]\ ORJLVW\ND -HGQ\P ] LVWRWQ\FK ZรฃWNร Z E\ฤ R ]ZUร FHQLH XZDJL QD UROรท SU]HGVLรทELRUF\ Z W\P SURFHVLH 3U]HGVLรทZ]LรทFLH WR XPRล OLZLฤ R QDXNRZFRP UHSUH]HQWXMรฃF\P Uร ล QH RฤณURGNL QDXNRZH ] NUDMX L ]DJUDQLF\ SRGMรทFLH G\VNXVML L Z\PLDQรท P\ฤณOL QD WHPDW ]PLDQ L QRZ\FK NLHUXQNร Z UR]ZRMX SUDF QDXNRZR EDGDZF]\FK GRW\F]รฃF\FK WHM SUREOHPDW\NL 2EUDGRP WHM VHVML SU]HZRGQLF]\OL SURI 8(. GU KDE *UDล \QD ฤฒPLJLHOVND L GU -DURVฤ DZ 3OLFKWD 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH : WUDNFLH NRQIHUHQFML PLDฤ D PLHMVFH MHV]F]H MHGQD Z\MรฃWNRZD VHVMD QDXNRZR ZGURล HQLRZD SW e:VSร ฤ SUDFD QDXNL ] EL]QHVHP

t NRPHUFMDOL]DFMD EDGDฤก t VWDUWpXS\ SU]HP\Vฤ RZHr -HM FHOHP E\ฤ D SUH]HQWDFMD HIHNWร Z VWXGLร Z WHRUHW\F]Q\FK L Z\QLNร Z EDGDฤก HPSLU\F]Q\FK RUD] GRฤณZLDGF]Hฤก SUDNW\NL JRVSRGDUF]HM ] ]DNUHVX SUREOHPDW\NL LQQRZDF\MQRฤณFL NRPHUFMDOL]DFML EDGDฤก QDXNRZ\FK MDN Uร ZQLHล SU]HVฤ DQHN ]DVDG IXQNFMRQRZDQLD RUD] V]DQV L ]DJURล Hฤก VWDUWpXSร Z SU]HP\Vฤ RZ\FK ZH ZVSร ฤ F]HVQHM JRVSRGDUFH 6]F]HJร OQ\P Z\]QDF]QLNLHP SRWU]HE\ RUJDQL]DFML WDNLFK VHVML E\ฤ D OLF]QD REHFQRฤณรฅ SU]HGVWDZLFLHOL SUDNW\NL JRVSRGDUF]HM ]DLQWHUHVRZDQ\FK Wรฃ SUREOHPDW\Nรฃ 2EUDGRP VHVML SU]HZRGQLF]\OL GU KDE 7RPDV] .DIHO L SURI 8(. GU KDE %RJXV] 0LNXฤ D 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH 2EUDG\ NRQIHUHQF\MQH SRG]LHORQR QD QDVWรทSXMรฃFH VHVMH WHPDW\F]QH REUDG SOHQDUQ\FK L REUDG SDQHORZ\FK

*OREDO DQG 5HJLRQDO &KDOOHQJHV RI WKH

&KDOOHQJHV RI WKH VW &HQWXU\ (FRQRP\ t VHVMH REUDG SDQHORZ\FK NWร U\P SU]HZRGQLF]\OL SURI (OHQD 7NDFKHQNR 6W 3HWHUVEXUJ 6WDWH 8QLYHUVLW\ RI (FRQRPLFV RUD] SURI 5HQDWD 6HZHU\Q ] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH

0DQDJHPHQW &RQFHSWV 0HWKRGV DQG 7RROV t VHVMH REUDG SDQHORZ\FK NWร U\P SU]HZRGQLF]\OL SURI 3DZHฤ 8OPDQ 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH RUD] SURI =RUD $UVRYVNL 8QLZHUV\WHW Z .UDJXMHYFX

6HOHFWHG 3UREOHPV RI (FRQRPLFV DQG 0DQDJHPHQW t VHVMH REUDG VWXGHQFNLFK SRG SU]HZRGQLFWZHP SURI 5HQDW\ 2F]NRZVNLHM L SURI *UDล \Q\ ฤฒPLJLHOVNLHM ] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH

)RUPXฤ D WHJRURF]QHM NRQIHUHQFML SRGREQLH MDN Z URNX XELHJฤ \P ]DZLHUDฤ D Uร ZQLHล VHVMH REUDG VWXGHQFNLFK : MHM UDPDFK SUH]HQWRZDQH E\ฤ \ Z\QLNL EDGDฤก SU]\JRWRZ\ZDQ\FK Z UDPDFK Nร ฤ QDXNRZ\FK SU]H] VWXGHQWร Z UHSUH]HQWXMรฃF\FK 8QLZHUV\WHW %DQNRZRฤณFL 1DURGRZHJR %DQNX 8NUDLQ\ 8NUDLQD 8QLZHUV\WHW Z .UDJXMHYDFX 6HUELD 8QLZHUV\WHW 5]HV]RZVNL 8QLZHUV\WHW (NRQRPLF]Q\ Z 3R]QDQLX RUD] 8QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH 2EUDGRP W\FK VHVML SU]HZRGQLF]\ฤ \ SURI 5HQDWD 2F]NRZVND L SURI *UDล \QD ฤฒPLJLHOVND ] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH .RQIHUHQFMD RGE\ฤ D VLรท G]LรทNL ]DDQJDล RZDQLX V]HURNLHJR NUรทJX

RVร E 0HU\WRU\F]Q\ QDG]ร U QDG NRQFHSFMรฃ L SURJUDPHP NRQIHUHQFML VSUDZRZDฤ ']LHNDQ :\G]LDฤ X =DU]รฃG]DQLD 8(. t SURI %RJXV] 0LNXฤ D SU]\ ZVSร ฤ XG]LDOH SURI $QGU]HMD -DNL ] .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(. .RPLWHWHP RUJDQL]DF\MQ\P NRQIHUHQFML NLHURZDฤ GU 7RPDV] 5RMHN

] .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(. ]Dฤณ Z MHJR VNฤ DG ZFKRG]LOL PJU .DWDU]\QD %LHฤก .LHURZQLN ']LHNDQDWX := PJU $JQLHV]ND *XFZD =uFD NLHURZQLND ']LHNDQDWX := GU 0DUHN 0DNRZLHF .DWHGUD =DFKRZDฤก 2UJDQL]DF\MQ\FK PJU .DUROLQD 2U]Hฤ .DWHGUD +DQGOX L ,QVW\WXFML 5\QNRZ\FK GU $QQD 3LHWUXV]ND 2UW\O .DWHGUD =DFKRZDฤก 2UJDQL]DF\MQ\FK PJU .DWDU]\QD :ร MFLN .DWHGUD 6\VWHPร Z 2EOLF]HQLRZ\FK : NRQIHUHQFML Z]Lรทฤ R XG]LDฤ V]HURNLH JURQR XF]HVWQLNร Z UHSUH]HQWXMรฃF\FK ZV]\VWNLH ZLRGรฃFH NUDMRZH RฤณURGNL QDXNRZH SU]HGVWDZLFLHOH ]DJUDQLF]Q\FK RฤณURGNร Z QDXNRZ\FK ] &]HFK 1LHPLHF 5RVML 6HUELL 6ฤ RZDFML 8NUDLQ\ RUD] :ฤ RFK MDN Uร ZQLHล OLF]QL

SUDFRZQLF\ 8(. 8F]HVWQLNร Z NRQIHUHQFML SRZLWDฤ MHM JRVSRGDU] ']LHNDQ :\G]LDฤ X =DU]รฃG]DQLD 8(. SURI 8(. GU KDE %RJXV] 0LNXฤ D

wydarzenia

&RQWHPSRUDU\ (FRQRP\ t VHVMH REUDG SOHQDUQ\FK L VHVMH REUDG SDQHORZ\FK NWร U\P SU]HZRGQLF]\OL SURI /XW] 6FKPLQNH )XOGD 8QLYHUVLW\ RI $SSOLHG 6FLHQFH SURI =RUDQ .DOLQLรฅ 8QLZHUV\WHW Z .UDJXMHYDFX SURI -DQ 0LQLVWU 9k% 7HFKQLFDO 8QLYHUVLW\ RI 2VWUDYD

+RQRURZ\ SDWURQDW QDG W\P Z\MรฃWNRZ\P VSRWNDQLHP REMรทOL -HJR 0DJQLILFHQFMD 5HNWRU 8(. t

SURI 8(. GU KDE LQล $QGU]HM &KRFKร ฤ :RMHZRGD 0Dฤ RSROVNL t -ร ]HI 3LOFK 0DUV]Dฤ HN :RMHZร G]WZD 0Dฤ RSROVNLHJR t -DFHN .UXSD 3UH]\GHQW 0LDVWD .UDNRZD t SURI GU KDE -DFHN 0DMFKURZVNL RUD] 3UH]\GHQW 7DUQRZD t 5RPDQ &LHSLHOD 2EVฤ XJรท ILQDQVRZรฃ NRQIHUHQFML ]DEH]SLHF]\ฤ D )XQGDFMD 8(. D ZVSDUFLD U]HF]RZHJR L ILQDQVRZHJR XG]LHOLฤ \ :ฤ DG]H 5HNWRUVNLH 8(. RUD] 7DXURQ 6 $ 5H]XOWDWHP WHJRURF]QHM NRQIHUHQFML EรทGรฃ SXEOLNDFMH NVLรฃล NRZH NWร UH XNDล รฃ VLรท GR NRฤกFD ELHล รฃFHJR URNX SURI 8(. GU KDE $QGU]HM -DNL GU 7RPDV] 5RMHN .DWHGUD (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(.

wydarzenia

1LHGRVWRVRZDQLD LQVW\WXFMRQDOQH Q KW LITMR' 8WL[]UW_IVQM > SWVNMZMVKRQ 3I\MLZa -SWVWUQQ ;\W[W_IVMR =-3 b KaST] *RVSRGDUND 3ROVNL f

VFK\ฤ NX WU]HFLHM GHNDG\ WUDQVIRUPDFML Z JRVSRGDUFH 3ROVNL Z\F]HUSXMรฃ VLรท GRW\FKF]DVRZH ล Uร Gฤ D UR]ZRMX JRVSRGDUF]HJR NWร U\PL RG U E\ฤ \ SU]HGH ZV]\VWNLP OLEHUDOL]DFMD XPLรทG]\QDURGRZLHQLH JRVSRGDUNL ]HZQรทWU]Q\ WUDQVIHU WHFKQRORJLL L RWZDUFLH QD NDSLWDฤ ]DJUDQLF]Q\ 3RGWU]\PDQLH Z\VRNLHM MHJR G\QDPLNL Z\PDJD GRNRQDQLD QRZHM WUDQVIRUPDFML SU]HMฤณFLD

] JRVSRGDUNL ]RULHQWRZDQHM QD Z]URVW 3.% GR JRVSRGDUNL RSDUWHM QD ZLHG]\ L LQQRZDF\MQRฤณFL XNLHUXQNRZDQHM QD ]KDUPRQL]RZDQH SRGQRV]HQLH MDNRฤณFL ล \FLD ZH ZV]\VWNLFK VIHUDFK E\WX OXG]NLHJR ]DVWรฃSLHQLD ELHUQHM QDฤณODGRZF]HM VWUDWHJLL NVHURPRGHUQL]DFML RIHQV\ZQรฃ VWUDWHJLรฃ XZDOQLDQLD SRWHQFMDฤ X LQQRZDF\MQHJR VSRฤ HF]HฤกVWZD 'OD HIHNW\ZQHM UHDOL]DFML W\FK FHOร Z QLH]EรทGQH MHVW QDWRPLDVW

VWZRU]HQLH RGSRZLHGQLHJR RSU]\U]รฃGRZDQLD LQVW\WXFMRQDOQHJR NWร UH t MDN GRZRG]L ZLHOH SU]\Nฤ DGร Z ] KLVWRULL t MHVW Jฤ ร ZQ\P F]\QQLNLHP VXNFHVX NUDMร Z X]QDZDQ\FK ]D SLRQLHUร Z UR]ZRMX HNRQRPLF]QHJR VSRฤ HF]QHJR L WHFKQRORJLF]QHJR :RNร ฤ WDN VIRUPXฤ RZDQHM WH]\ WRF]\ฤ D VLรท G\VNXVMD Z WUDNFLH NRQIHUHQFML QDXNRZHM *RVSRGDUND 3ROVNL

*RฤณFLHP KRQRURZ\P NRQIHUHQFML E\ฤ SU]HGVWDZLFLHO .DQFHODULL 3UH]\GHQWD 53 SURI &H]DU\ .RFKDOVNL NWร U\ SU]\EOLล \ฤ IXQGDPHQWDOQH FHOH LQLFMDW\Z\ XVWDZRGDZF]HM 3Dฤ DFX 3UH]\GHQFNLHJR =DGEDQR Uร ZQLHล R XG]LDฤ Z GHEDFLH VWXGHQWร Z L GRNWRUDQWร Z DE\ SR]QDรฅ LFK RSLQLH QD WHPDW IXQNFMRQXMรฃF\FK UR]ZLรฃ]Dฤก Z Uร ล Q\FK G]LHG]LQDFK Z V]F]HJร OQRฤณFL Z V\VWHPLH V]NROQLFWZD NWร UHJR Vรฃ EH]SRฤณUHGQLPL XF]HVWQLNDPL 5DPRZ\ SURJUDP GHEDW\ VNRQVWUXRZDQR ZHGOH ]DVDG\ RG RJร ฤ X GR V]F]HJร ฤ X 0HU\WRU\F]Qรฃ F]รทฤณรฅ REUDG RWZRU]\ฤ UHIHUDW SURI *U]HJRU]D : .Rฤ RGNL SW ,QVW\WXFMH L LFK ]QDF]HQLH GOD UR]ZRMX SR3.%RZVNLHM JRVSRGDUNL Z NWร U\P MHM DXWRU QDฤณZLHWOLฤ QDMLVWRWQLHMV]H SU]HREUDล HQLD ]DFKRG]รฃFH DNWXDOQLH Z ฤณZLDWRZHM JRVSRGDUFH VWDQRZLรฃFH Z\]ZDQLH GOD VIHU\ UHJXODFML :DUWRฤณFLRZ\P X]XSHฤ QLHQLH WHM SUREOHPDW\NL E\ฤ R Z\VWรฃSLHQLH SURI 0 0LFKDOVNLHJR 8$0 Z 3R]QDQLX *RVSRGDUND ]DF]\QD VLรท Z URG]LQLH NRQFHQWUXMรฃFH VLรท QD LQVW\WXFMDFK QLHIRUPDOQ\FK NUHRZDQ\FK SR]D V\VWHPHP SROLW\F]Q\P SU]HGH ZV]\VWNLP Zฤ DฤณQLH Z URG]LQLH =QDNRPLW\P V]F]HJร OQLH FHQQ\P GOD OLF]QLH XF]HVWQLF]รฃF\FK Z GHEDFLH VWXGHQWร Z XSRU]รฃGNRZDQLHP SUREOHPDW\NL ]ZLรฃ]Nร Z SRPLรทG]\ LQVW\WXFMDPL D UR]ZRMHP E\ฤ UHIHUDW GU ( 6RV]\ฤกVNLHM 6SRฤ HF]QD

$NDGHPLD 1DXN ,QVW\WXFMH SROLW\ND HNRQRPLF]QD D G\QDPLND UR]ZRMX JRVSRGDUF]HJR .ROHMQH VHVMH WHPDW\F]QH ]RUJDQL]RZDQR ZRNร ฤ GLDJQR]\ VWDQX SRU]รฃGNX LQVW\WXFMRQDOQHJR L VWRMรฃF\FK SU]HG QLP Z\]ZDฤก Z\QLNDMรฃF\FK P LQ ] SRWU]HE\ UR]ZRMX NDSLWDฤ X OXG]NLHJR DNWXDOQ\FK SU]HREUDล Hฤก L NU\]\Vร Z VSRฤ HF]Q\FK PRGHUQL]DFML WHFKQRORJLF]QHM JRVSRGDUNL L EXGRZDQLD MHM SRWHQFMDฤ X LQQRZDF\MQHJR RUD] LQQ\FK Z\PLDUร Z UR]ZRMX ]LQWHJURZDQHJR :ฤณUร G UHIHUDWร Z NWร UH VSRWNDฤ \ VLรท ] V]F]HJร OQ\P ]DLQWHUHVRZDQLHP ZDUWR Z\PLHQLรฅ P LQ Z\VWรฃSLHQLH GU .DWDU]\Q\ .RVLRU :\ล V]D 6]NRฤ D (XURSHMVND LP NV - 7LVFKQHUD Z .UDNRZLH QDฤณZLHWODMรฃFH QLHGRVWRVRZDQLD LVWQLHMรฃF\FK UHJXODFML GR ]MDZLVN ]DFKRG]รฃF\FK Z HSRFH %LJ 'DWD F]\ WHล UHIHUDW SURI .U]\V]WRID %DG\G\ 3ROLWHFKQLND :DUV]DZVND NWร U\ ]DZLHUDฤ ]QDNRPLWรฃ GLDJQR]รท V\WXDFML Z SROVNLHM HQHUJHW\FH L Z\QLNDMรฃF\FK ] QLHM Z\]ZDฤก JRVSRGDUF]\FK ]DUร ZQR Z VIHU]H UHJXODFML MDN L UHDOQHM 5HSUH]HQWXMรฃF\ .DWHGUรท 5DFKXQNRZRฤณFL SURI 0LHF]\Vฤ DZ 'RELMD MDN ]Z\NOH ]DVNRF]\ฤ L ]DLQVSLURZDฤ G\VNXWDQWร Z RU\JLQDOQ\P Z\ZRGHP QD WHPDW Eฤ รทGร Z SRSHฤ QLDQ\FK Z LQWHUSUHWDFML SRGVWDZRZ\FK NDWHJRULL HNRQRPLF]Q\FK L Z\QLNDMรฃF\FK ] QLFK NRQVHNZHQFML ZLGRF]Q\FK P LQ Z SURFHVLH WZRU]HQLD UHJXODFML 'R NDWHJRULL Z\VWรฃSLHฤก ]DVNDNXMรฃF\FK PRล QD ]DOLF]\รฅ Uร ZQLHล SUH]HQWDFMรท SURI -DURVฤ DZD 0LHOFDUND :6% Z 3R]QDQLX Z NWร U\P ]LGHQW\ILNRZDฤ QLHVSRW\NDQรฃ Z SLฤณPLHQQLFWZLH EDULHUรท DNW\ZQRฤณFL LQQRZDF\MQHM SROVNLFK SU]HGVLรทELRUVWZ 6]F]HJร ฤ ร Z W\FK Z\VWรฃSLHฤก QLH ]GUDG]DP\ ]DFKรทFDMรฃF W\P VDP\P &]\WHOQLNร Z GR OHNWXU\ NZDUWDOQLND e1LHUร ZQRฤณFL VSRฤ HF]QH D Z]URVW JRVSRGDUF]\r Z NWร U\P SXEOLNRZDQH Vรฃ SHฤ QH WHNVW\ UHIHUDWร Z $UW\NXฤ \ ] WHM NRQIHUHQFML SRMDZLรฃ VLรท Z Z\GDQLX ] ,, NZDUWDฤ X U NWร UH EรทG]LH GRVWรทSQH Z NVLรทJDUQLDFK RUD] Z ZHUVML HOHNWURQLF]QHM QD VWURQLH Z\GDZF\ KWWS ZZZ XU HGX SO QDXND F]DVRSLVPD XQLZHUV\WHWX U]HV]RZVNLHJR SXQNWRZDQH SU]H] PLQLVWHUVWZR QLHURZQRVFL VSROHF]QH D Z]URVW JRVSRGDUF]\ 1D VWURQLH WHM FDฤ \ F]DV GRVWรทSQH Vรฃ ZF]HฤณQLHMV]H Z\GDQLD NZDUWDOQLND Z W\P Uร ZQLHล ]DZLHUDMรฃFH UHIHUDW\ ] SRSU]HGQLFK HG\FML NRQIHUHQFML

1DOHล \ SRGNUHฤณOLรฅ Lล SU]H] FDฤ รฃ NRQIHUHQFMรท V]F]HJร OQLH G\VNXV\MQรฃ MHM F]รทฤณรฅ SU]HZLMDฤ R VLรท ]DJDGQLHQLH UHLQVW\WXFMRQDOL]DFML V\VWHPX HGXNDFML L V]NROQLFWZD Z\ล V]HJR Z W\P Uร ZQLHล SUREOHP\ VWDQRZLรฃFH P\ฤณO SU]HZRGQLรฃ QLQLHMV]HJR Z\GDQLD e.XULHUD 8(.r : W\P NRQWHNฤณFLH ZDUW\ RGQRWRZDQLD t ]H Z]JOรทGX QD RU\JLQDOQH SRGHMฤณFLH GR SUREOHPX DOH WDNล H Z\NRU]\VWDQLH LQQRZDF\MQ\FK WHFKQLN SUH]HQWDF\MQ\FK t MHVW UHIHUDW GRNWRUDQWNL :\G]LDฤ X 7RZDUR]QDZVWZD 8(. PJU 2OJL +QDW\V]DN QD WHPDW 8F]HOQLD QRZHM JHQHUDFML t UH GHILQLFMD LQVW\WXFMRQDOQD XF]HOQL -HM Z\VWรฃSLHQLH VWDQRZLฤ R EXGXMรฃF\ SU]\Nฤ DG SR]\W\ZQHJR NRQVWUXNW\ZQHJR SRGHMฤณFLD QDMPฤ RGV]HJR SRNROHQLD QDXNRZFร Z GR ]PLDQ ]DFKRG]รฃF\FK Z LFK EH]SRฤณUHGQLP RWRF]HQLX Z W\P SU]\SDGNX LQVW\WXFMRQDOQ\P

wydarzenia

1LHGRVWRVRZDQLD LQVW\WXFMRQDOQH L FR GDOHM" 8(. F]HUZFD EU ]RUJDQL]RZDQHM SU]H] .DWHGUรท (NRQRPLL 6WRVRZDQHM 8(. RUD] .DWHGUรท 0LNURHNRQRPLL 8QLZHUV\WHWX 5]HV]RZVNLHJR %\ฤ D WR 9 HG\FMD F\NOLF]QHM GHEDW\ *RVSRGDUND 3ROVNL f +DVฤ HP SU]HZRGQLP FDฤ HJR F\NOX MHVW SUREOHPDW\ND UR]ZRMX ]LQWHJURZDQHJR :DUWR SU]\SRPQLHรฅ ล H MHVW RQ SRVWXODWHP KDUPRQLMQHM UHDOL]DFML IXQNFML FHOร Z ZV]\VWNLFK REV]DUร Z ล \FLD OXG]NLHJR NWร UH PRล QD ]REUD]RZDรฅ Z SRVWDFL PDWU\F\ Z]DMHPQLH QD VLHELH RGG]LDฤ XMรฃF\FK VIHU E\FLD L G]LDฤ DQLD OXG]NLHJR ]RE U\V 7D RU\JLQDOQD NRQFHSFMD P\ฤณOHQLD R UR]ZRMX DXWRUVWZD SURI 0LFKDฤ D *DEULHOD :Rล QLDND MHVW RG ODW SU]HGPLRWHP DQDOL] ]HVSRฤ X SUDFRZQLNร Z QDXNRZ\FK REX Z\PLHQLRQ\FK NDWHGU SURZDG]RQ\FK SRG MHJR NLHUXQNLHP QDXNRZ\P L SU]HGPLRWHP GHEDW NRQIHUHQF\MQ\FK

= GZXGQLRZ\FK REUDG NRQIHUHQF\MQ\FK Sฤ \QLH JHQHUDOQ\ ZQLRVHN Lล LQVW\WXFMH VSU]\MDMรฃFH UR]ZRMRZL ]LQWHJURZDQHPX QLH PRJรฃ PLHรฅ FKDUDNWHUX HQNODZRZHJR DOH PXV]รฃ WZRU]\รฅ ERGล FH GR UR]ZRMX ZV]\VWNLFK UHJLRQร Z JUXS VSRฤ HF]Q\FK SRMHG\QF]\FK URG]LQ L RVร E 7\ONR Z WHQ VSRVร E PRล OLZH MHVW SHฤ QH Z\NRU]\VWDQLH SRWHQFMDฤ X UR]ZRMRZHJR WNZLรฃFHJR Z SRGPLRWDFK GRW\FKF]DV Z\NOXF]RQ\FK ] SURFHVร Z PRGHUQL]DF\MQ\FK D W\P VDP\P LQWHQV\ILNDFMD SURFHVร Z NRRSHUDFML L Z\QLNDMรฃFHM ] QLFK HIHNWร Z V\QHUJLF]Q\FK 3RGVWDZรฃ LQVW\WXFMRQDOQHJR RSU]\U]รฃGRZDQLD UR]ZRMX ]LQWHJURZDQHJR PXVL E\รฅ ZLรทF RGU]XFHQLH XGDZDQHM SDUW\F\SDFML QD U]HF] UHDOQHJR XSRGPLRWRZLHQLD RVRE\ D WDNล H UR]Zร M NDSLWDฤ X OXG]NLHJR R FKDUDNWHU]H GREUD SXEOLF]QHJR :\PDJD WR MHGQDN PRGHUQL]DFML WHJR NDSLWDฤ X NWร UD Z\SRVDล \ OXG]L Z XPLHMรทWQRฤณรฅ GRVWU]HJDQLD VSU]รทล Hฤก PLรทG]\ VIHUDPL UR]ZRMX ]LQWHJURZDQHJR D WDNล H UHIOHNVML QDG ]KDUPRQL]RZDQรฃ UHDOL]DFMรฃ FHOร Z ZLHORZ\PLDURZHJR ล \FLD -Xล WHUD] ]DSUDV]DP\ GR XG]LDฤ X Z NROHMQHM RGVฤ RQLH GHEDW\ NWร UD RGEรทG]LH VLรท Z U MDN ]Z\NOH Z SLHUZV]HM GHNDG]LH F]HUZFD

GU 'DULXV] )LUV]W .DWHGUD (NRQRPLL 6WRVRZDQHM 8(. PJU -DNXE %DUWDN .DWHGUD 0LNURHNRQRPLL 85

wydarzenia

3HUVSHNW\Z\ UR]ZRMX PDUNHWLQJX PLรทG]\QDURGRZHJR >11 ;aUXWbR]U 5IZSM\QVO] 5Qฤ LbaVIZWLW_MOW 3I\MLZI 5IZSM\QVO] =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM bWZOIVQbW_IรฐI _ LVQIKP _ZbMฤฌVQI ZWS] 9,, 6\PSR]MXP 0DUNHWLQJX 0LรทG]\QDURGRZHJR SW e3HUVSHNW\Z\ UR]ZRMX PDUNHWLQJX PLรทG]\QDURGRZHJRr S\{ZM WLJaรฐW [Qฤ _ BISWXIVMU

yPSR]MXP JRฤณFLฤ R EOLVNR SROVNLFK EDGDF]\ L QDXNRZFร Z RUD] JRฤณFL ]H 6ฤ RZDFML L 8NUDLQ\ ]DMPXMรฃF\FK VLรท SUREOHPDW\Nรฃ PDUNHWLQJX PLรทG]\QDURGRZHJR 2EUDG\ WRF]\ฤ \ VLรท SRG KRQRURZ\P SDWURQDWHP 5HNWRUD 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH SURI 8(. GUD KDE LQล $QGU]HMD &KRFKRฤ D RUD] 3ROVNLHJR 1DXNRZHJR 7RZDU]\VWZD 0DUNHWLQJX 3DWURQDW PHGLDOQ\

VSUDZRZDฤ R F]DVRSLVPR QDXNRZH e0DUNHWLQJ L 5\QHNr D SDUWQHUDPL 6\PSR]MXP E\ฤ \ SU]HGVLรทELRUVWZD 7DXURQ 3ROVND (QHUJLD 6 $ RUD] 1RZ\ 6W\O *URXS : SU]HPร ZLHQLX LQDXJXUXMรฃF\P 9,, 6\PSR]MXP 0DUNHWLQJX 0LรทG]\QDURGRZHJR SURI GU KDE -DQ : :LNWRU ]ZUร FLฤ XZDJรท ล H QLH PRล QD UR]SDWU\ZDรฅ ]DJDGQLHฤก PDUNHWLQJX PLรทG]\QDURGRZHJR EH]

LQWHUQDFMRQDOL]DFML 3RGNUHฤณOLฤ RQ ล H EDUG]R ZDล QH MHVW SR]QDQLH L ]UR]XPLHQLH XZDUXQNRZDฤก NV]WDฤ WXMรฃF\FK PDUNHWLQJ PLรทG]\QDURGRZ\ D ล HE\ WR RVLรฃJQรฃรฅ QDOHล \ ZLHORSฤ DV]F]\]QRZR EDGDรฅ ฤณZLDW NWร U\ MHVW ]JOREDOL]RZDQ\ L JHRSROLW\F]Q\ 3LHUZV]\ SDQHO G\VNXV\MQ\ SRฤณZLรทFRQR WUHQGRP L SHUVSHNW\ZRP UR]ZRMX PDUNHWLQJX PLรทG]\QDURGRZHJR 8F]HVWQLF\ SDQHOX RPDZLDOL

6HVMD UHIHUDWRZD SW ,QWHUQHW D UR]Zร M PDUNHWLQJX PLรทG]\QDURGRZHJR E\ฤ D Z FDฤ RฤณFL SRฤณZLรทFRQD Z\QLNRP EDGDฤก NRQVXPHQWร Z RUD] SU]HGVLรทELRUVWZ =DSUH]HQWRZDQH ]RVWDฤ \ JOREDOQH RUD] NUDMRZH WUHQG\ Z ]DFKRZDQLDFK NRQVXPHQFNLFK RQOLQH VSRVRE\ SRV]XNLZDQLD LQIRUPDFML L GRNRQ\ZDQLD

]DNXSร Z SU]H] HXURSHMVNLFK NRQVXPHQWร Z VNฤ RQQRฤณรฅ Pฤ RG\FK NRQVXPHQWร Z GR ]DNXSร Z Z ]DJUDQLF]Q\FK VNOHSDFK LQWHUQHWRZ\FK 3U]HGVWDZLRQR UROรท ,QWHUQHWX Z LQWHUQDFMRQDOL]DFML PDฤ \FK L ฤณUHGQLFK SU]HGVLรทELRUVWZ .ROHMQD VHVMD QD WHPDW HWQRFHQWU\]PX Z ]DFKRZDQLDFK NRQVXPHQWร Z QD U\QNDFK PLรทG]\QDURGRZ\FK REHMPRZDฤ D SUH]HQWDFMH Z\QLNร Z EDGDฤก 'RPLQXMรฃFรฃ SUREOHPDW\Nรฃ SRUXV]DQรฃ Z Z\VWรฃSLHQLDFK E\ฤ \ ]DFKRZDQLD RSLQLH L SRVWDZ\ NRQVXPHQWร Z ZREHF NUDMX SRFKRG]HQLD SURGXNWX = EDGDฤก GUD *U]HJRU]D +DMGXND Z\QLND ล H 3RODF\ SRZV]HFKQLH LQWHUHVXMรฃ VLรท NUDMHP SRFKRG]HQLD QDE\ZDQ\FK SURGXNWร Z RUD] ล H Z\REUDล HQLH NRQVXPHQWร Z R MDNRฤณFL SURGXNWX MHVW Z GXล HM PLHU]H QDVWรทSVWZHP LFK Z\REUDล Hฤก R NUDMX SRFKRG]HQLD SURGXNWX 3URIHVRURZLH ] 6*+ ]EDGDOL P LQ ล H 3RODF\ SUHIHUXMรฃ PDUNL NWร UH SRVWU]HJDMรฃ MDNR URG]LPH .RQVXPHQFL Z 3ROVFH XWRล VDPLDMรฃ PDUNรท SROVNLHJR SRFKRG]HQLD SU]HGH ZV]\VWNLP ] PLHMVFHP MHM VWZRU]HQLD D Z GUXJLHM NROHMQRฤณFL ] PLHMVFHP Z\SURGXNRZDQLD .V]WDฤ WRZDQLH VWUDWHJLL SU]HGVLรทELRUVWZ QD U\QNDFK

PLรทG]\QDURGRZ\FK E\ฤ R WHPDWHP NROHMQHM VHVML 3RGF]DV Z\VWรฃSLHฤก ]DSUH]HQWRZDQR Z\QLNL EDGDฤก QD WHPDW XZDUXQNRZDฤก EXGRZDQLD UHODFML ZH ZVSร ฤ F]HVQ\P PDUNHWLQJX UROL UHODFML Z LQWHUQDFMRQDOL]DFML SU]HGVLรทELRUVWZD QDZLรฃ]\ZDQLD UHODFML EL]QHVRZ\FK ] Z\NRU]\VWDQLHP PHGLร Z VSRฤ HF]QRฤณFLRZ\FK NXOWXURZ\FK XZDUXQNRZDฤก EXGRZDQLD UHODFML % % 3Rฤ Rล RQR WHล QDFLVN QD SUREOHPDW\Nรท PDUNHWLQJX ]Uร ZQRZDล RQHJR RUD] Zฤ รฃF]DQLH NOLHQWร Z Z SURFHV ]DU]รฃG]DQLD PDUNHWLQJRZHJR

wydarzenia

]DOHล QRฤณFL SRPLรทG]\ IRUPDPL LQWHUQDFMRQDOL]DFML SU]HGVLรทELRUVWZ D LFK VWUDWHJLDPL PDUNHWLQJRZ\PL RUD] ZSฤ \Z JOREDOQ\FK WUHQGร Z Z NRQVXPSFML QD PDUNHWLQJ PLรทG]\QDURGRZ\ '\VNXWRZDQR QDG SU]\V]ฤ RฤณFLรฃ NRQFHSFML PDUNHWLQJX PLรทG]\QDURGRZHJR 3URI GU KDE 5RPDQ 1LHVWUร M ]ZUร FLฤ XZDJรท ล H ]DNUHV UR]ZDล Dฤก WHRUHW\F]Q\FK L HPSLU\F]Q\FK QDG NRQFHSFMรฃ PDUNHWLQJX PLรทG]\QDURGRZHJR PD VZRMH NRU]HQLH Z WHRULL Z\PLDQ\ t PRล H RQ E\รฅ UR]SDWU\ZDQ\ Z XMรทFLX SRGPLRWRZ\P SDUWQHU]\ Z\PLDQ\ RUD] SU]HGPLRWRZ\P SURGXNW\ L LQQH ]DVRE\ PDUNHWLQJRZH 1D NRQFHSFMรท PDUNHWLQJX PLรทG]\QDURGRZHJR SDWU]RQR ] Uร ล Q\FK SXQNWร Z ZLG]HQLD SRUXV]DQR WHล NZHVWLH HW\F]QH 3URI -DURVODY รฌDรญR ]DXZDล \ฤ ล H ]JOREDOL]RZDQLH G]LDฤ Dฤก PDUNHWLQJRZ\FK SU]H] SU]HGVLรทELRUVWZD SURZDG]L GR QRZHM IRUP\ QHRNRORQLDOL]PX

9,, 6\PSR]MXP 0DUNHWLQJX 0LรทG]\QDURGRZHJR ]DNRฤกF]\ฤ SDQHO SRฤณZLรทFRQ\ G\GDNW\FH PDUNHWLQJX PLรทG]\QDURGRZHJR : G\VNXVML ]ZUร FRQR XZDJรท QD ]QDF]HQLH LQWHUQDFMRQDOL]DFML SURFHVX G\GDNW\F]QHJR Z]ERJDFDQHJR SU]H] NRQWDNW\ PLรทG]\QDURGRZH Z\Nฤ DGRZFร Z SURZDG]HQLD ]DMรทรฅ Z LQWHUNXOWXURZ\FK JUXSDFK VWXGHQFNLFK 3RGNUHฤณORQR WHล ]QDF]HQLH NRQWDNWร Z ] EL]QHVHP SRPDJDMรฃF\FK Z F]DVLH ]DMรทรฅ ]H VWXGHQWDPL UR]ZLรฃ]\ZDรฅ U]HF]\ZLVWH SUREOHP\ U\QNRZH PDUNHWLQJX PLรทG]\QDURGRZHJR GU 3DZHฤ &KOLSDฤ D .DWHGUD 0DUNHWLQJX 8(.

wydarzenia

BISWฤกKbMVQM [Q{LUMR MLaKRQ e$NDGHPLL 7DOHQWร Zr _O :IQNNMQ[MV 8WTJIVS 3R FDฤ \P URNX ]PDJDฤก VWXGHQWร Z ] UHNUXWDFMรฃ ZDUV]WDWDPL RUD] ]DGDQLDPL SUDNW\F]Q\PL ]DNRฤกF]\ฤ D VLรท VLร GPD HG\FMD e$NDGHPLL 7DOHQWร Zr ยง _[X{TVMOW XZWOZIU] =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM WZIb

JIVS] :IQNNMQ[MV 8WTJIVS XZWRMS\] LMLaSW_IVMOW [\]LMV\WU VI[bMR =KbMTVQ

]F]HJร OQรฃ ZDUWRฤณFLรฃ e$NDGHPLL 7DOHQWร Zr MDN FR URNX E\ฤ R XPLHMรทWQH SRฤ รฃF]HQLH SU]HND]\ZDQHM ZLHG]\ WHRUHW\F]QHM ] UHDOLDPL ล \FLD JRVSRGDUF]HJR L XPLHMรทWQRฤณFLDPL SUDNW\F]Q\PL t R FR ]DGEDOL SURZDG]รฃF\ ]DMรทFLD 5ร ล QRURGQD WHPDW\ND SRV]F]HJร OQ\FK VSRWNDฤก VSUDZLฤ D ล H XF]HVWQLF]รฃF\ Z SURJUDPLH VWXGHQFL PLHOL PRล OLZRฤณรฅ KROLVW\F]QHJR VSRMU]HQLD QD ]DJDGQLHQLD ]ZLรฃ]DQH ] EDQNLHP t ] SXQNWX ZLG]HQLD MHJR NOLHQWร Z SUDFRZQLNร Z MDN Uร ZQLHล SUREOHPร Z EDQNX MDNR SU]HGVLรทELRUVWZD IXQNFMRQXMรฃFHJR Z JRVSRGDUFH &LHV]\P\ VLรท ล H e$NDGHPLD 7DOHQWร Zr ]Qร Z Z\ZRฤ Dฤ D W\OH HQWX]MD]PX L ]HEUDฤ D WDN ZLHOH SR]\W\ZQ\FK RSLQLL 'QLD F]HUZFD EU ]DNRฤกF]\ฤ D VLรท NROHMQD VLร GPD HG\FMD e$NDGHPLL 7DOHQWร Zr t ZVSร OQHJR SURJUDPX

8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH RUD] EDQNX 5DLIIHLVHQ 3ROEDQN SU]H]QDF]RQHJR GOD VWXGHQWร Z QDV]HM 8F]HOQL :DUV]WDW\ NWร UH RGE\ZDฤ \ VLรท Z UDPDFK SURJUDPX PLDฤ \ FKDUDNWHU Z\Nฤ DGร Z RUD] FDVH VWXGLHV SURZDG]RQ\FK SU]H] VSHFMDOLVWร Z EDQNX :VSร ฤ RUJDQL]DWRUHP ]H VWURQ\ 8F]HOQL E\ฤ D .DWHGUD (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ .Dล GD HG\FMD e$NDGHPLL 7DOHQWร Zr Z RGUร ล QLHQLX RG LQQ\FK LQLFMDW\Z R SRGREQ\P FKDUDNWHU]H WUZD FDฤ \ URN DNDGHPLFNL 'ODWHJR WHล SRF]รฃWHN 9,, HG\FML PLDฤ PLHMVFH Z SDล G]LHUQLNX URNX NLHG\ WR RUJDQL]DWRU]\ ZUD] ] DPEDVDGRUDPL SURJUDPX UR]SRF]รทOL DNFMรท LQIRUPDF\MQรฃ GOD VWXGHQWร Z ZV]\VWNLFK Z\G]LDฤ ร Z 8(. D QDVWรทSQLH SUDFRZQLF\ G]LDฤ X ]DVREร Z OXG]NLFK EDQNX SU]HSURZDG]LOL UHNUXWDFMรท

ZฤณUร G ZV]\VWNLFK FKรทWQ\FK VWXGHQWร Z &Kรทรฅ SU]\VWรฃSLHQLD GR SURJUDPX Z\UD]Lฤ R Z WHM HG\FML SRQDG GZXVWX NDQG\GDWร Z : WRNX UR]Pร Z NZDOLILNDF\MQ\FK ]RVWDฤ D Z\ฤ RQLRQD JUXSD VWXGHQWร Z t XF]HVWQLNร Z SURJUDPX %\ฤ D WR QDMEDUG]LHM Uร ล QRURGQD JUXSD ELRUรฃF SRG XZDJรท ZV]\VWNLH GRW\FKF]DVRZH HG\FMH SURJUDPX t SR UD] SLHUZV]\ ]QDOHล OL VLรท Z QLHM SU]HGVWDZLFLHOH ZV]\VWNLFK Z\G]LDฤ ร Z QDV]HJR XQLZHUV\WHWX 6WXGHQFL XF]HVWQLF]\OL Z F\NOX V]HฤณFLX VSRWNDฤก R QDVWรทSXMรฃFHM WHPDW\FH

6WDQGDUG 2EVฤ XJL .OLHQWD

:VSร ฤ F]HVQ\ EDQNRZLHF VSU]HGDZFD ZLQG\NDWRU F]\ DQDOLW\N"

0RMD HPHU\WXUD t F]\ MXล PXV]รท R QLHM P\ฤณOHรฅ"

&]\ NDล G\ NUHG\W WU]HED VSฤ DFLรฅ"

5HNUXWDFMD EH] WDMHPQLF

3RGVXPRZDQLH 9, HG\FML SURJUDPX t UR]GDQLH FHUW\ILNDWร Z

:DUV]WDW\ PLDฤ \ QD FHOX ]DSR]QDQLH VWXGHQWร Z ] SUREOHPDPL ZVSร ฤ F]HVQHM EDQNRZRฤณFL RUD] WDMQLNDPL V]WXNL EDQNRZHM ,FK V]F]HJร OQรฃ ZDUWRฤณFLรฃ E\ฤ R XPLHMรทWQH SRฤ รฃF]HQLH SU]HND]\ZDQHM ZLHG]\ WHRUHW\F]QHM ] UHDOLDPL ล \FLD JRVSRGDUF]HJR L XPLHMรทWQRฤณFLDPL SUDNW\F]Q\PL t R FR ]DGEDOL SURZDG]รฃF\ ]DMรทFLD 5ร ล QRURGQD WHPDW\ND SRV]F]HJร OQ\FK VSRWNDฤก VSUDZLฤ D ล H XF]HVWQLF]รฃF\ Z SURJUDPLH VWXGHQFL PLHOL PRล OLZRฤณรฅ KROLVW\F]QHJR VSRMU]HQLD QD ]DJDGQLHQLD ]ZLรฃ]DQH ] EDQNLHP t ] SXQNWX ZLG]HQLD MHJR NOLHQWร Z SUDFRZQLNร Z MDN Uร ZQLHล SUREOHPร Z EDQNX MDNR SU]HGVLรทELRUVWZD IXQNFMRQXMรฃFHJR Z JRVSRGDUFH :\VRNLH ZDORU\ DSOLNDF\MQH SU]HND]\ZDQ\FK WUHฤณFL SRGNUHฤณODฤ \ Uร ZQLHล ]DGDQLD PLรทG]\ZDUV]WDWRZH NWร UH VDPRG]LHOQLH UR]ZLรฃ]\ZDOL XF]HVWQLF\ SURJUDPX : WHQ VSRVร E PRJOL VLรท RQL ]DSR]QDรฅ Z SUDNW\FH ] FRG]LHQQRฤณFLรฃ SURZDG]RQHM G]LDฤ DOQRฤณFL EDQNRZHM t F]รทVWR QLH]QDQHM SRWHQFMDOQHPX NOLHQWRZL 'RGDWNRZR Z UDPDFK ZDUV]WDWร Z ]DLQWHUHVRZDQL VWXGHQFL ]RVWDOL ]DSURV]HQL QD WHVWRZรฃ UR]PRZรท NZDOLILNDF\MQรฃ SU]HSURZDG]RQรฃ SU]H] SUDFRZQLNร Z EDQNX ]DMPXMรฃF\FK VLรท UHNUXWDFMรฃ Z EDQNX QD FR G]LHฤก

.Dล G\ RWU]\PDฤ RGSRZLHGล ]ZURWQรฃ NWร UD XPRล OLZL SRSUDZLHQLH HZHQWXDOQ\FK Eฤ รทGร Z D WDNล H RVZRMHQLH VLรท ]H VWUHVHP SU]HG NROHMQ\PL VSRWNDQLDPL QD U\QNX SUDF\ =DNRฤกF]HQLH VLร GPHM HG\FML SURJUDPX WR PRPHQW SRGVXPRZDQLD L ZUรทF]HQLD VWRVRZQ\FK FHUW\ILNDWร Z MHJR XF]HVWQLNRP 'ODWHJR WHล F]HUZFD PLDฤ R PLHMVFH RVWDWQLH ZVSร OQH VSRWNDQLH Z NWร U\P ] XF]HVWQLNDPL SURJUDPX VSRWNDOL VLรท SURI %RJXV] 0LNXฤ D t ']LHNDQ :\G]LDฤ X =DU]รฃG]DQLD 8(. SURI $QGU]HM -DNL t .LHURZQLN .DWHGU\ (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 0LFKDฤ )DPLHOHF t '\UHNWRU 5HJLRQX %DQNRZRฤณFL 'HWDOLF]QHM 5DLIIHLVHQ %DQN 3ROVND 6 $ $JQLHV]ND .RURVW\ฤกVND t SURZDG]รฃFD e$NDGHPLรท 7DOHQWร Zr Z 5DLIIHLVHQ %DQN 3ROVND 6 $ RUD] NRRUG\QDWRU SURJUDPX e$NDGHPLD 7DOHQWร Zr ]H VWURQ\ 8(. t GU 7RPDV] 5RMHN : F]DVLH WHJR VSRWNDQLD ZUรทF]RQR VWRVRZQH FHUW\ILNDW\ ZV]\VWNLP W\P NWร U]\ GRWUZDOL GR NRฤกFD SURJUDPX : W\P PLHMVFX MHV]F]H UD] VHUGHF]QLH LP JUDWXOXMHP\ :DUWR ZVSRPQLHรฅ Lล E\OL WR VWXGHQFL Uร ล Q\FK VSHFMDOQRฤณFL QLH ]DZV]H ]ZLรฃ]DQ\FK ] EDQNRZRฤณFLรฃ FKRรฅ ล \ZR QLรฃ ]DLQWHUHVRZDQL FR SRWZLHUG]DMรฃ SURZDG]รฃF\ ]DMรทFLD &LHV]\P\ VLรท ล H e$NDGHPLD 7DOHQWร Zr ]Qร Z Z\ZRฤ Dฤ D W\OH HQWX]MD]PX L ]HEUDฤ D WDN ZLHOH SR]\W\ZQ\FK RSLQLL 1LH PRJฤ R VLรท Uร ZQLHล RE\รฅ EH] SRG]LรทNRZDฤก GOD ZV]\VWNLFK SUDFRZQLNร Z 5DLIIHLVHQ 3ROEDQN NWร U]\ EUDOL

XG]LDฤ Z UHDOL]DFML SURJUDPX L Uร ZQLHล SU]\E\OL Z GQLX MHJR ]DNRฤกF]HQLD 6]F]HJร OQH SRG]LรทNRZDQLD VNLHURZDQR GR Z\Nฤ DGRZFร Z WHJRURF]QHM HG\FML : W\P PLHMVFX FKFLHOLฤณP\ Uร ZQLHล ]ฤ Rล \รฅ Z\UD]\ ZG]LรทF]QRฤณFL L X]QDQLD DPEDVDGRURP e$NDGHPLL 7DOHQWร Zr NWร U\PL E\OL -RDQQD 0RUDMND -RDQQD 0LNRฤณ 2OHQD 'RURVKHQNR L 'DULXV] 6]F]HSDQLDN

wydarzenia

: F]DVLH VSRWNDQLD GRNRQDQR SRGVXPRZDQLD ]DNRฤกF]RQHM VLร GPHM HG\FML QDWRPLDVW VWXGHQFL SRGMรทOL Z\]ZDQLH SRSURZDG]HQLD UHPLQLVFHQFML FDฤ RฤณFL L SU]\JRWRZDOL SRND] QDJUDQHJR ZF]HฤณQLHM ILOPX EรทGรฃFHJR V\QWH]รฃ RGE\W\FK ZDUV]WDWร Z ]DZLHUDMรฃFรฃ SU]HGH ZV]\VWNLP GRZFLSQH Z\SRZLHG]L XF]HVWQLNร Z SURJUDPX RGQRV]รฃFH VLรท GR MHJR SU]HELHJX 6SRWNDQLH ]DNRฤกF]RQR G\VNXVMรฃ ZฤณUร G XF]HVWQLNร Z ZDUV]WDWร Z NWร UD PLDฤ D QD FHOX ]HEUDQLH RSLQLL GRW\F]รฃF\FK SURJUDPX 0DP\ QDG]LHMรท ล H ZV]\VWNLH ]HEUDQH Z WHQ VSRVร E Jฤ RV\ RNDล รฃ VLรท ZVSDUFLHP GOD RUJDQL]DWRUร Z Z SU]\V]ฤ RฤณFL ล \ZLP\ Uร ZQLHล QDG]LHMรท ล H SRGHMPรฃ RQL ] QLH PQLHMV]\P ]DSDฤ HP WUXG SU]\JRWRZDQLD NROHMQHM HG\FML NWร UHM UR]SRF]รทFLH MHVW SODQRZDQH Z SDล G]LHUQLNX EU =DSUDV]DP\ ]DLQWHUHVRZDQ\FK VWXGHQWร Z GR ]Jฤ DV]DQLD VLรท GR SURJUDPX 6]F]HJร ฤ \ ]QDMGXMรฃ VLรท QD VWURQLH ZZZ XHN NUDNRZ SO Z ]DNฤ DGFH e$NDGHPLH %L]QHVRZHr GU 7RPDV] 5RMHN NRRUG\QDWRU SURJUDPX .DWHGUD (NRQRPLNL L 2UJDQL]DFML 3U]HGVLรทELRUVWZ 8(.

w skrรณcie

flash

&HQWUDO (XURSHDQ -RXUQDO RI (FRQRPLF 0RGHOOLQJ DQG (FRQRPHWULFV

]DVRSLVPR &HQWUDO (XURSHDQ -RXUQDO RI (FRQRPLF 0RGHOOLQJ DQG (FRQRPHWULFV &(-(0( ZZZ FHMHPH HX REHFQH RG URNX Z :HE RI 6FLHQFH &RUH &ROOHFWLRQ MHVW RG QLHGDZQD LQGHNVRZDQH Uร ZQLHล Z ED]LH 6FRSXV

LP $OIUHGD 1REOD Z ]DNUHVLH HNRQRPLL ]D WZRU]HQLH HNRQRPHWU\F]Q\FK PRGHOL JRVSRGDUNL ]PDUฤ \ SDล G]LHUQLND URNX 2EHFQLH UDGรท QDXNRZรฃ WZRU]รฃ HXURSHMVF\ XF]HQL ฤณZLDWRZHJR IRUPDWX +HUPDQ YDQ 'LMN +HOPXW /ร WNHSRKO L 7LPR 7HUร VYLUWD

=Dฤ Rล \FLHOHP L UHGDNWRUHP QDF]HOQ\P &(-(0( MHVW SURI GU KDE -DFHN 2VLHZDOVNL NLHURZQLN .DWHGU\ (NRQRPHWULL L %DGDฤก 2SHUDF\MQ\FK 8(. t ZUD] ] SURI GU KDE $OHNVDQGUHP :HOIH NLHURZQLNLHP .DWHGU\ 0RGHOL L 3URJQR] (NRQRPHWU\F]Q\FK 8QLZHUV\WHWX ฤ ร G]NLHJR F]ฤ RQNLHP 3ROVNLHM $NDGHPLL 1DXN

&]DVRSLVPR Z\GDZDQH MHVW RG SRF]รฃWNX WM RG , NZDUWDฤ X URNX SU]H] 3$1 2GG]LDฤ Z ฤ RG]L QD PRF\ XPRZ\ ]DZDUWHM ] RERPD ]Dฤ Rล \FLHODPL &(-(0( MHVW NZDUWDOQLNLHP R ]DVLรทJX PLรทG]\QDURGRZ\P SXEOLNXMรฃF\P DUW\NXฤ \ SRฤณZLรทFRQH PRGHORP PDWHPDW\F]Q\P L VWDW\VW\F]Q\P Z HNRQRPLL L ILQDQVDFK Z NROHMQ\FK ]HV]\WDFK XND]XMรฃ VLรท ]DWHP SUDFH ] HNRQRPLL PDWHPDW\F]QHM L ]Zฤ DV]F]D HNRQRPHWULL WHRUHW\F]QHM L VWRVRZDQHM :ฤณUร G SUDF HPSLU\F]Q\FK SU]HZDล DMรฃ DUW\NXฤ \

5HGDNFMรท NUDMRZรฃ WZRU]รฃ RERN ]Dฤ Rล \FLHOL ]QDQL VSHFMDOLฤณFL ] RฤณURGNร Z DNDGHPLFNLFK 3R]QDQLD L :DUV]DZ\ :VSร ฤ SUDFXMรฃF\ UHGDNWRU]\ ]DJUDQLF]QL WR Z\ELWQL HNRQRPLฤณFL L HNRQRPHWU\F\ ] :LHONLHM %U\WDQLL 6WDQร Z =MHGQRF]RQ\FK 1LHPLHF L $XVWULL 3LHUZV]\P F]ฤ RQNLHP UDG\ QDXNRZHM &(-(0( XVWDQRZLRQHM ODW WHPX E\ฤ /DZUHQFH 5 .OHLQ XKRQRURZDQ\ Z URNX 1DJURGรฃ %DQNX 6]ZHFML

&]ฤ RQNRZLH .RPLWHWX 6WDW\VW\NL L (NRQRPHWULL 3$1 JRฤณFLOL QD 8(. 52

] PDNURHNRQRPLL L DQDOL]\ U\QNร Z ILQDQVRZ\FK FKRรฅ XND]XMรฃ VLรท WHล Z\QLNL EDGDฤก PLNURHNRQRPLF]Q\FK 3HULRG\N SRVLDGD Zฤ DVQรฃ LQWHUQHWRZรฃ SODWIRUPรท UHGDNF\MQรฃ D ZHUVMรท HOHNWURQLF]Qรฃ SRV]F]HJร OQ\FK ]HV]\Wร Z WUDNWXMH MDNR SRGVWDZRZรฃ t SU]\ ]DFKRZDQLX WUDG\F\MQHM ZHUVML GUXNRZDQHM 5HGDNFMD RWU]\PXMH WHNVW\ QDXNRZH ] FDฤ HJR ฤณZLDWD ] NWร U\FK PQLHM QLล SRฤ RZD MHVW GRSXV]F]DQD GR SXEOLNDFML 3R NLONX SLHUZV]\FK ODWDFK Z\GDZDQLD F]DVRSLVPR RGQRWRZXMH URVQรฃFรฃ ] URNX QD URN OLF]Eรท F\WRZDฤก Z PLรทG]\QDURGRZ\FK ล Uร Gฤ DFK LQGHNVRZDQ\FK SU]H] :HE RI 6FLHQFH L 6FRSXV FR ]DSHZQLฤ R &(-(0( REHFQRฤณรฅ Z W\FK GZร FK Jฤ ร ZQ\FK ED]DFK ฤณZLDWRZ\FK

QLZHUV\WHW (NRQRPLF]Q\ Z .UDNRZLH PLDฤ ]DV]F]\W JRฤณFLรฅ Z VZRLFK PXUDFK F]ฤ RQNร Z .RPLWHWX 6WDW\VW\NL L (NRQRPHWULL 3ROVNLHM $NDGHPLL 1DXN 3RVLHG]HQLH .RPLWHWX RGE\ฤ R VLรท Z 6DOL 6HQDFNLHM PDMD D ]RUJDQL]RZDฤ MH SURI GU KDE -DFHN

w skrรณcie

hsalf 3U]HZRGQLF]รฃFD 6DPRU]รฃGX 'RNWRUDQWร Z Z\EUDQD QD :LFHSU]HZRGQLF]รฃFรฃ 3'1+L6

QLD F]HUZFD URNX Z :DUV]DZLH RGE\ฤ VLรท =MD]G :\ERUF]\ 3RUR]XPLHQLD 'RNWRUDQWร Z 1DXN +XPDQLVW\F]Q\FK L 6SRฤ HF]Q\FK RJร OQRSROVNLHJR EUDQล RZHJR SRUR]XPLHQLD ]U]HV]DMรฃFHJR V]NRฤ \ Z\ล V]H RUD] LQVW\WXW\ QDXNRZH L EDGDZF]H SURZDG]รฃFH VWXGLD GRNWRUDQFNLH Z REV]DU]H QDXN KXPDQLVW\F]Q\FK L VSRฤ HF]Q\FK *RVSRGDU]HP =MD]GX E\ฤ 8QLZHUV\WHW 6:36 D RUJDQL]DWRUNรฃ Z\GDU]HQLD t PJU .DWDU]\QD :LHU]ELFND &HOHP 3RUR]XPLHQLD MHVW P LQ UHSUH]HQWRZDQLH ]U]HV]RQ\FK ฤณURGRZLVN GRNWRUDQWร Z Z\PLDQD LQIRUPDFML L GRฤณZLDGF]Hฤก F]\ UHDOL]RZDQLH ZVSร OQ\FK SU]HGVLรทZ]Lรทรฅ QDXNRZ\FK L NXOWXUDOQ\FK 3LHUZV]รฃ F]รทฤณรฅ =MD]GX VWDQRZLฤ SDQHO G\VNXV\MQ\ SW 3U]\V]ฤ Rฤณรฅ

KXPDQLVW\NL L VWXGLร Z GRNWRUDQFNLFK Z 3ROVFH Z NWร U\P SR]D GHOHJDWDPL L REVHUZDWRUDPL XF]HOQL ]U]HV]RQ\FK Z 3RUR]XPLHQLX XG]LDฤ Z]LรทOL ]DSURV]HQL JRฤณFLH GU KDE ,]DEHOD *UDERZVND SURI 8QLZHUV\WHWX 6:36 .LHURZQLN ,QWHUG\VF\SOLQDUQ\FK 6WXGLร Z 'RNWRUDQFNLFK RUD] SURI GU KDE *U]HJRU] 6รทGHN 3URUHNWRU GV 1DXNL 3R]D G\VNXVMรฃ QDG WHPDWHP SU]HZRGQLP SDQHOX SRMDZLฤ \ VLรท Uร ZQLHล Jฤ RV\ RGQRฤณQLH REHFQHJR NV]WDฤ WX VWXGLร Z GRNWRUDQFNLFK Z 3ROVFH RUD] LFK RF]HNLZDQHM ]PLDQ\ Z WZRU]RQHM 8VWDZLH 'UXJD F]รทฤณรฅ =MD]GX E\ฤ D SRG]LHORQD QD F]รทฤณรฅ VSUDZR]GDZF]รฃ SRGF]DV NWร UHM GRW\FKF]DVRZ\ =DU]รฃG 3RUR]XPLHQLD SRGVXPRZDฤ VZRMรฃ NDGHQFMรท RUD] F]รทฤณรฅ Z\ERUF]รฃ : Z\QLNX Jฤ RVRZDQLD

QRZ\ VNฤ DG =DU]รฃGX 3RUR]XPLHQLD NWร U\ VZRMรฃ NDGHQFMรท EรทG]LH SHฤ QLฤ SU]H] QDMEOLล V]\ URN SUH]HQWXMH VLรท QDVWรทSXMรฃFR 3U]HZRGQLF]รฃFD t PJU -RDQQD 7RPDV]HZVND ] 8QLZHUV\WHWX :URFฤ DZVNLHJR UHHOHNFMD :LFHSU]HZRGQLF]รฃFD t PJU 0Dฤ JRU]DWD :HVRฤ RZVND ] 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH RUD] :LFHSU]HZRGQLF]รฃF\ t PJU 3LRWU .U]\ล DฤกVNL ] 8QLZHUV\WHWX LP $GDP 0LFNLHZLF]D Z 3R]QDQLX 1D NRQLHF QRZ\ =DU]รฃG SU]HGVWDZLฤ ZL]Mรท SUDF QD VZRMรฃ NDGHQFMรท : SODQDFK MHVW P LQ ]RUJDQL]RZDQLH NRQIHUHQFML QDXNRZHM SUH]HQWXMรฃFHM Z\QLNL EDGDฤก SU]HSURZDG]RQ\FK SU]H] 3'1+L6 GRW IXQNFMRQRZDQLD VWXGLร Z GRNWRUDQFNLFK Z REV]DU]H QDXN KXPDQLVW\F]Q\FK L VSRฤ HF]Q\FK Z 3ROVFH D QDVWรทSQLH LFK RSXEOLNRZDQLH Z IRUPLH PRQRJUDILL

2VLHZDOVNL t ]DVWรทSFD SU]HZRGQLF]รฃFHJR .6L( 3$1 *RฤณFL SRZLWDฤ L REUDG\ RWZRU]\ฤ -0 5HNWRU SURI 8(. GU KDE $QGU]HM &KRFKร ฤ D ]HEUDQLH SRSURZDG]Lฤ SURI GU KDE .U]\V]WRI -DMXJD SU]HZRGQLF]รฃF\ .6L( 3$1 L GRNWRU KRQRULV FDXVD 8(. : RWZDUWHM F]รทฤณFL ]HEUDQLD SURI 8(. GU KDE $QQD 3DMRU NLHURZQLN .DWHGU\ 0DWHPDW\NL 8(. Z\Jฤ RVLฤ D UHIHUDW SW $QDOL]D SRUWIHORZD Z ZLHORZ\PLDURZ\FK PRGHODFK ]PLHQQRฤณFL =QDNRPLWH Z\VWรฃSLHQLH QDXNRZH 3DQL 3URIHVRU Z\ZRฤ Dฤ R G\VNXVMรท L VSRWNDฤ R VLรท ] X]QDQLHP SU]\E\ฤ \FK JRฤณFL 53

jednostki

8MZ[XMS\a_I ]KbMVQI [Qฤ XZbMb KIรฐM ฤตaKQM ยง 1DXND QLH PD RMF]\]Q\ ZLHG]D L ]GRE\F]H QDXNRZH REHMPXMรฃ FDฤ \ ฤณZLDW

6I_M\ _ _IZ]VSIKP WOZIVQKbMฤก [_WJ{L Q _ WSWTQKbVWฤฌKQIKP ]\Z]LVQIRฤ KaKP XZbMXรฐa_ QVNWZUIKRQ VW_I\WZ[SQM \ZMฤฌKQ Q ZWb_Qฤ bIVQI XZฤ LbMR Kba X{ฤ VQMR bVIRL]Rฤ WLb_QMZKQMLTMVQM _ ฤฌ_QILWUWฤฌKQ WLJQWZKa _Xรฐa_IRฤ VI VI[bM ฤตaKQM bI_WLW_M Q W[WJQ[\M ?QMLbI RM[\ LWJZMU VIJa\aU S\{ZMOW [\ZIKQฤ VQM [XW[{J

EVฤ XJD ORJLVW\F]QD L PHU\WRU\F]QD SURJUDPX (UDVPXV NWร U\ XPRล OLZLD QDXNรท SU]H] FDฤ \ RNUHV DNW\ZQRฤณFL QDXNRZHM L ]DZRGRZHM WR ZLHOND VDW\VIDNFMD =Zฤ DV]F]D Z V]NROH HNRQRPLF]QHM :ฤณUร G SROVNLFK PHQHGล HUร Z t Z SU]HFLZLHฤกVWZLH GR DGHSWร Z QDXN PHG\F]Q\FK LQล \QLHU\MQ\FK

F]\ FKRรฅE\ SUDZQLF]\FK t ZFLรฃล MHV]F]H QLH GR NRฤกFD ]DNRU]HQLฤ VLรท QDZ\N XF]HQLD VLรท SU]H] FDฤ H ล \FLH .DGUD PHQHGล HUVND F]รทVWR QLH ZLG]L SRWU]HE\ ZNฤ DGDQLD Z\VLฤ NX L SLHQLรทG]\ Z WUHQLQJ L QDXNรท :GUDล DQLH SURZDG]RQHJR SU]H] %LXUR 3URJUDPร Z =DJUDQLF]Q\FK SURJUDPX (UDVPXV SR]D RF]\ZLVWรฃ NRU]\ฤณFLรฃ ]ZLรฃ]DQรฃ ] QDXNรฃ

Z SDUWQHUVNLFK RฤณURGNDFK XQLZHUV\WHFNLFK XF]\ QDMOHSV]HM SUDF\ QD ฤณZLHFLH t SUDF\ QDG VDP\P VREรฃ L MDNล H SRWU]HEQHM GEDฤ RฤณFL R E\FLH eQD ELHล รฃFRr 7U]HED ERZLHP SDPLรทWDรฅ ล H NDล GD ]PLDQD Z ล \FLX ]DZRGRZ\P t EH] Z]JOรทGX QD URG]DM Z\NRQ\ZDQHM SUDF\ V]F]HJร OQLH ]Dฤณ Z ]DZRGDFK

8F]HOQLD t SRSU]H] VWZRU]HQLH PRล OLZRฤณFL Z\MD]Gร Z t XF]\ Pฤ RG\FK OXG]L SR]QDQLD SUDZG\ ล H XVWDZLF]QH XF]HQLH VLรท VWDรฅ VLรท PRล H ล Uร Gฤ HP RVRELVWHM VDW\VIDNFML RUD] ฤณFLHล Nรฃ GR SURIHVMRQDOQHJR VXNFHVX &LรฃJฤ H XF]HQLH VLรท WR QDZ\N NWร U\ FKFLDฤ RE\ RSDQRZDรฅ ZLHOX ] QDV L NWร U\ MHVW JZDUDQWHP VDW\VIDNFML %LRUรฃF SRG XZDJรท OLF]QH ]DZLURZDQLD ZVSร ฤ F]HVQHM JRVSRGDUNL QLHSU]HUZDQH SR]\VNLZDQLH XPLHMรทWQRฤณFL PD GHF\GXMรฃFH ]QDF]HQLH GOD SRGWU]\PDQLD Zฤ DVQHJR ]QDF]HQLD ]DZRGRZHJR 3R]LRP HGXNDFML L QDE\WH Z F]DVLH

VWXGLร Z XPLHMรทWQRฤณFL F]รทVWR ZLรฃล รฃ VLรท ] Z\ล V]\PL ]DURENDPL L PQLHMV]รฃ JURล Eรฃ QLHSRZRG]Hฤก ]DZRGRZ\FK

F]รทฤณFLRZH VWXGLD ]DJUDQLF]QH RUD] $NDGHPLFNLH &HQWUXP .DULHU\ VWDล H L SUDNW\NL ]DJUDQLF]QH

โ ข =HVSRฤ RZL %LXUD ]DOHล \ QD UR]EXG]HQLX Z Pฤ RG\FK OXG]LDFK ฤณZLDGRPRฤณFL Lล XF]HQLH VLรท SR]D ]ZLรฃ]DQรฃ ] QLP SU]\GDWQRฤณFLรฃ MHVW SR SURVWX SU]\MHPQH &LHV]\ QDV ล H VWXGHQW PRล H G]LรทNL QDP SR]QDรฅ MDNLฤณ QLH]QDQ\ WHPDW ]REDF]\รฅ โ ข ฤณZLDW L RGPLHQQH UHDOLD ล H QDELHUD SHZQRฤณFL Lล ]UR]XPLHQLH eQRZHJRr GDMH VDW\VIDNFMรท 8VWDZLF]QH VWDฤ H XF]HQLH VLรท QLH MHVW MHG\QLH NZHVWLรฃ GHF\]ML 0XVL VWDรฅ VLรท QDZ\NLHP -DNR WDNLH Z\PDJD ]ZUร FHQLD XZDJL QD WHQ Zฤ DฤณQLH DVSHNW VSUDZ\ SRPRF\ Z SLHUZV]\FK NURNDFK RWZDUFLD NOXF]RZ\FK PRล OLZRฤณFL UR]ZRMX

3UDFRZQLNRP G\GDNW\F]Q\P L QDXNRZ\P NWร U]\ ]QDMGรฃ ZV]\VWNLH LQIRUPDFMH QD WHPDW Z\PLDQ\ PLรทG]\QDURGRZHM Z ']LDOH :VSร ฤ SUDF\ 0LรทG]\QDURGRZHM

jednostki

]ZLรฃ]DQ\FK ] HNRQRPLรฃ t MHVW ]DZV]H ZLHONLP Z\]ZDQLHP (NRQRPLD SRGGDZDQD F]รทVW\P IOXNWXDFMRP NU\]\VRP L RNUHVRP SURVSHULW\ MDN ล DGQD LQQD QDXND QLHVLH ]D VREรฃ ]D]Z\F]DM SRF]XFLH QLHSHZQRฤณFL U\]\NR QLHSRZRG]HQLD L VWUDW\ 0ฤ RG\ HQWX]MDVWD QDXN HNRQRPLF]Q\FK PXVL XPLHรฅ SRGHMPRZDรฅ Z\]ZDQLD PXVL QDXF]\รฅ VLรท VSRVREร Z QD VSHฤ QLHQLH VZRLFK SODQร Z L VSUDZG]DQLD VDPHJR VLHELH QD QLZLH ]DZRGRZHM

3UDFRZQLNRP DGPLQLVWUDF\MQ\P NWร U]\ Z UD]LH ]DLQWHUHVRZDQLD V]NROHQLDPL L ZL]\WDPL Z V]NRฤ DFK SDUWQHUVNLFK SURV]HQL Vรฃ R NRQWDNW ] %LXUHP 3URJUDPร Z =DJUDQLF]Q\FK L ']LDฤ HP :VSร ฤ SUDF\ 0LรทG]\QDURGRZHM

-DN ]DZV]H SROHFDP\ QDV]รฃ VWURQรท LQWHUQHWRZรฃ ZZZ ES] XHN NUDNRZ SO

8F]HOQLD SRPDJD XF]\รฅ VLรท L ]GRE\ZDรฅ QRZH XPLHMรทWQRฤณFL WU]HP JUXSRP VZRMHM VSRฤ HF]QRฤณFL 6WXGHQWRP NWร U\P Vฤ Xล \ SRPRFรฃ %LXUR 3URJUDPร Z =DJUDQLF]Q\FK

T R โ O AL w P รณ P OB S nt ier y l e U S GL GE k i s o l w K a r o w. p y e โ ch E t k b n k a m R N r z a a W U LE i c c z ny p r w i n t r u. u e k . k n a + O s n tรณ Ce ier y gr rani Y AL u a e r e s mt u d i c k i w. k a a z Zag a i r CH d s E m w d l ak a d e A

s+ e stu mรณw .pl u sm iow ogra rakow a r E ฤ ล c Pr ek .k c z u ro pz.u Bi .b

jednostki

1DV]รฃ SDVMรฃ RM[\ ฤฌXQM_ 6QM UWOฤ VQSWOW VQKbMOW VI]Kbaฤ 5WOฤ \aTSW [XZI_Qฤ ฤตM bIKbVฤ UaฤฌTMฤ 6RFUDWHV

6LHG]LED FKร UX SDZLOLRQ & SRN $ H PDLO GRPLQDQWD XHN#JPDLO FRP )DFHERRN 'RPLQDQWD &KRLU ,QVWDJUDP GRPLQDQWD XHN

IRW RG OHZHM 0X]\F]QH SRล HJQDQLH VH]RQX DUW\VW\F]QHJR QD ฤ RQLH QDWXU\ 1DJUDQLD Z\EUDQ\FK PรทVNLFK GHOHJDFML NUDNRZVNLFK FKร Uร Z DNDGHPLFNLFK QD Sฤ \Wรท 0X]\F]QDรฃ+LVWRULD 8(. X

yFLH WR FLรฃJฤ \ ELHJ GR SU]RGX 1LH GD VLรท ZHMฤณรฅ GZD UD]\ GR WHM VDPHM U]HNL ]D FKZLOรท ZRGD Z QLHM VLรท ]PLHQL RGSฤ \QLH :V]\VWNR VLรท ]PLHQLD Z W\P F]ฤ RZLHN 3U]H] FDฤ H ล \FLH VLรท XF]\ 1D SU]\Nฤ DG G]LHFNR ]DF]\QD FKRG]Lรฅ Pร ZLรฅ UR]Uร ล QLDรฅ GREUH RG ]ฤ HJR XF]Hฤก GRZLDGXMH VLรท MDN ]DFKRZ\ZDรฅ VLรท Z VSRฤ HF]HฤกVWZLH ]\VNXMH ZLHG]รท NWร UD ]GHF\GRZDQLH SU]\GD VLรท Z SU]\V]ฤ RฤณFL 'RURVฤ \ F]ฤ RZLHN ] XSฤ \ZHP F]DVX ]GRE\ZD GRฤณZLDGF]HQLH VWDMH VLรท PรฃGU]HMV]\ ]PLHQLD VZRMH SRVWU]HJDQLH ฤณZLDWD

ล

1LHZรฃWSOLZLH ]DZV]H ZDUWR MHVW VLรท XF]\รฅ DOH FR WR ]QDF]\" 3U]HFLHล F]ฤ RZLHNRZL QLH Z\VWDUF]\ VDPD ZLHG]D ] Uร ล Q\FK G]LHG]LQ ER SU]HGH ZV]\VWNLP SRWU]HEXMH XPLHMรทWQRฤณFL P\ฤณOHQLD 2VRED ]GROQD P\ฤณOHรฅ SRWUDIL GRVWRVRZDรฅ

VLรท GR RWDF]DMรฃF\FK ]PLDQ ER SRUDG]L VRELH Z QRZHM GRW\FKF]DV QLH]QDQHM V\WXDFML 2SUร F] WHJR EDUG]R ZDล Qรฃ NZHVWLรฃ MHVW ]QDOH]LHQLH Uร ZQRZDJL PLรทG]\ XF]HQLHP VLรท WHJR FR MHVW QLH]EรทGQH Z ล \FLX ]DZRGRZ\P D W\P FR SU]\QRVL SUDZG]LZรฃ VDW\VIDNFMรท .RJRฤณ IDVF\QXMรฃ SRGUร ล H NRJRฤณ NVLรฃล NL GOD FKร U]\VWร Z e'RPLQDQW\r SDVMรฃ MHVW ฤณSLHZ 3R ]Dฤ DWZLHQLX ZV]\VWNLFK ZDล Q\FK VSUDZ ]DZRGRZ\FK F]\ XF]HOQLDQ\FK Z NDล G\ ZWRUHN L F]ZDUWHN VSRW\NDP\ VLรท QD SUร EDFK รคZLF]\P\ WDP QRZ\ UHSHUWXDU ล HE\ QD NROHMQ\FK NRQNXUVDFK SRND]Dรฅ MDN QDMZLรทFHM L GDรฅ ] VLHELH ZV]\VWNR &R ZDล QLHMV]H t QDV]H ]DDQJDล RZDQLH ZLHORNURWQLH MXล ]RVWDฤ R GRFHQLRQH : ]HV]ฤ \P URNX XGDฤ R QDP VLรท PLรทG]\ LQQ\PL ]GRE\รฅ SLHUZV]H PLHMVFH

Z QDV]HM NDWHJRULL QD PLรทG]\QDURGRZ\P NRQNXUVLH &UDFRYLD &DQWDQV *UDQG 3UL[ QD 7\VNLFK :LHF]RUDFK .ROรทGRZ\FK RUD] ]DNZDOLILNRZDรฅ VLรท GR SUHVWLล RZHJR NRQNXUVX RGE\ZDMรฃFHJR VLรท Z :DUQLH Z %Xฤ JDULL L WDP ]DMรฃรฅ 9 Wรฃ ORNDWรท 0DP\ DPELWQH SODQ\ QD Wรท MHVLHฤก WDN MDN L QD NDล G\ VHPHVWU &]HNDMรฃ QD QDV NROHMQH NRQNXUV\ ZDUV]WDW\ XG]LDฤ Z XURF]\VWRฤณFLDFK XF]HOQLDQ\FK t D QLH MHVW WR QDZHW SHฤ QD OLVWD ]DSODQRZDQ\FK SU]H] QDV Z\GDU]Hฤก -HฤณOL FKFHV] ]RVWDรฅ F]รทฤณFLรฃ WHJR L UD]HP ] QDPL RVLรฃJDรฅ NROHMQH VXNFHV\ ]DSUDV]DP\ QD SU]HVฤ XFKDQLD NWร UH RGEรทGรฃ VLรท QD SRF]รฃWNX SDล G]LHUQLND :V]\VWNLH QDMZDล QLHMV]H LQIRUPDFMH PRล QD ]QDOHล รฅ QD QDV]\P )DQSDJHpX QD )DFHERRNX &Kร U 8(. e'RPLQDQWDr

Słuchaj RMF MAXXX

Zrób sobie przerwę na kolorowankę!

w swoim telefonie

studenci

8ZWRMS\ X\ "

e35=('6,รถ%,25&=< 678'(17r t +aST QUXZMb XZWU]Rฤ KaKP XZbML[Qฤ JQWZKbWฤฌฤ ISILMUQKSฤ Q IS\a_VWฤฌฤ ฤฌZWLW_Q[SI ISILMUQKSQMOW ZMITQbW_IVa XZbMb 3WรฐW 6I]SW_M 1,-) 3WรฐW 6I]SW_M ยถ1,-)ยช N]VSKRWV]Rฤ KM XZba 3I\MLZbM BIKPW_Iฤก 7ZOIVQbIKaRVaKP VI =VQ_MZ[a\MKQM -SWVWUQKbVaU _ 3ZISW_QM ZMITQb]RM WL UIRI JZ XZWRMS\ X\ " 35=('6,รถ%,25&=< 678'(17 t &\NO LPSUH] SURPXMรฃF\FK SU]HGVLรทELRUF]Rฤณรฅ DNDGHPLFNรฃ L DNW\ZQRฤณรฅ ฤณURGRZLVND DNDGHPLFNLHJR

NRPHUFMDOL]DFML EDGDฤก QDXNRZ\FK L DNW\ZQRฤณFL Z ]DNUHVLH SU]HGVLรทELRUF]RฤณFL DNDGHPLFNLHM W\SX VSLQ RII RXW ]DNฤ DGDQLD L SURZDG]HQLD G]LDฤ DOQRฤณFL JRVSRGDUF]HM NRPHUFMDOL]RZDQLD LQQRZDF\MQ\FK SRP\Vฤ ร Z EL]QHVRZ\FK ]DU]รฃG]DQLD SURMHNWDPL RUD] DVSHNWร Z PLรทNNLFK ]DU]รฃG]DQLD NRPXQLNDW\ZQRฤณรฅ DVHUW\ZQRฤณรฅ ZVSร ฤ SUDFD PLรทG]\OXG]ND UR]ZLรฃ]\ZDQLH NRQIOLNWร Z QHJRFMDFMH EL]QHVRZH HW\NLHWD PHQHGล HUD LWS

(NRQRPLF]QHJR Z .UDNRZLH 0DMรฃ RQH QD FHOX P LQ SRGQLHVLHQLH ฤณZLDGRPRฤณFL QW PRล OLZRฤณFL NRPHUFMDOL]DFML WHFKQRORJLL SRZVWDฤ HM QD XF]HOQL SRSU]H] ]DNฤ DGDQLH LQQRZDF\MQ\FK RUJDQL]DFML W\SX VWDUW XS ZVSDUFLH SU]HGVLรทELRUF]RฤณFL VWXGHQFNLHM SURPRZDQLH SRVWDZ SU]HGVLรทELRUF]\FK ZฤณUร G Pฤ RG\FK OXG]L RUD] ]DFKรทFDQLH GR NRQW\QXRZDQLD GDOV]\FK EDGDฤก Z REV]DU]H SU]HGVLรทELRUF]RฤณFL LQQRZDF\MQHM L NRPHUFMDOL]DFML

D ZZ SURMHNW XGDฤ R VLรท SR]\VNDรฅ JUDQW Z UDPDFK RWZDUWHJR NRQNXUVX RIHUW QD UHDOL]DFMรท ]DGDฤก SXEOLF]Q\FK :RMHZร G]WZD 0Dฤ RSROVNLHJR Z REV]DU]H HGXNDFML Z U SQ 1DXNRZH LQVSLUDFMH t FLHNDZH L NUHDW\ZQH .Rฤ R 1DXNRZH ,'($ SR]\VNDฤ R ฤณURGNL ILQDQVRZH QD MHJR UHDOL]DFMรท MXล GUXJL UD] ] U]รทGX D SURMHNW E\ฤ MHGQ\P ] QDMOHSLHM RFHQLRQ\FK SU]H] HNVSHUWร Z ] 8U]รทGX 0DUV]Dฤ NRZVNLHJR :RMHZร G]WZD 0Dฤ RSROVNLHJR

: UDPDFK SURMHNWX SODQRZDQH MHVW ']LDฤ DQLD Z SURMHNFLH VNLHURZDQH Vรฃ GR VWXGHQWร Z L ฤณURGRZLVND QDXNRZHJR NUDNRZVNLFK XF]HOQL D V]F]HJร OQLH 8QLZHUV\WHWX 58

โ ข

3U]HSURZDG]HQLH F\NOX ZDUV]WDWร Z L V]NROHฤก GOD VWXGHQWร Z ] DVSHNWร Z GRW

โ ข

:\GDQLH SXEOLNDFML UHFHQ]RZDQHM ZLHORUR]G]LDฤ RZHM PRQRJUDILL QDXNRZHM RSXEOLNRZDQHM

โ ข

2UJDQL]DFMD LQG\ZLGXDOQHJR GRUDG]WZD EL]QHVRZHJR XNLHUXQNRZDQHJR QD SRPRF ZV]\VWNLP NWร U]\ FKFรฃ SRGMรฃรฅ VLรท ]Dฤ Rล HQLD L SURZDG]HQLD VZRMHM ILUP\ : WUDNFLH VSRWNDฤก ] GRUDGFรฃ EรทG]LH PRล QD RPร ZLรฅ NRQNUHWQ\ SRP\Vฤ EL]QHVRZ\ X]\VNDรฅ SRPRF QD HWDSLH ZHU\ILNDFML HNRQRPLF]QR ILQDQVRZHM VNRQVXOWRZDรฅ MDN SU]\JRWRZDรฅ VZร M EL]QHV SODQ Z NRฤกFX X]\VNDรฅ LQIRUPDFMรท ] MDNLFK ล Uร GHฤ REHFQLH PRล QD VILQDQVRZDรฅ NDล G\ HWDS WZRU]HQLD L SRWHP IXQNFMRQRZDQLD QRZHJR SRGPLRWX ILUP\ =RUJDQL]RZDQLH SRGVXPRZXMรฃFHM NRQIHUHQFML Z WUDNFLH NWร UHM ]RVWDQรฃ ]DSUH]HQWRZDQH Z\QLNL SURMHNWX ] QDFLVNLHP QD

6HUGHF]QLH ]DSUDV]DP\ VWXGHQWร Z GR XG]LDฤ X Z F\NOX ZDUV]WDWร Z NWร UH RGEรทGรฃ VLรท Z SDล G]LHUQLNX L OLVWRSDG]LH =DMรทFLD SURZDG]Lรฅ EรทGรฃ RSUร F] SUDFRZQLNร Z QDV]HM XF]HOQL WDNล H HNVSHUFL L WUHQHU]\ ]HZQรทWU]QL RVRE\ ] GXล \P GRฤณZLDGF]HQLHP SUDNW\F]Q\P :DUV]WDW\ SRSURZDG]L WDNล H Pฤ RG\ SU]HGVLรทELRUFD ]Dฤ Rล \FLHO EDUG]R LQQRZDF\MQHJR VWDUWXSpD t &DOO3DJH 6S ] R R NWร U\ SRG]LHOL VLรท VZRLP EDUG]R ERJDW\P GRฤณZLDGF]HQLHP SU]HGVWDZLDMรฃF KLVWRULรท SRZVWDQLD VZRMHM 6Sร ฤ NL ]DSUH]HQWXMH HWDS\ SRZVWDZDQLD L UR]ZRMX ILUP\ RUD] SUREOHP\ ] MDNLPL F]รทVWR ERU\NDMรฃ VLรท Pฤ RG]L SU]HGVLรทELRUF\ SRND]XMรฃF Uร ZQRF]HฤณQLH MDN VRELH ] QLPL UDG]Lรฅ

SUH]HQWDFMรท DUW\NXฤ ร Z RSXEOLNRZDQ\FK Z NVLรฃล FH .RQIHUHQFMD EรทG]LH PLDฤ D PLHMVFH QD WHUHQLH .DPSXVX 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH Z GQLX JUXGQLD U : WUDNFLH NRQIHUHQFML EรทGรฃ SRUXV]DQH ]DJDGQLHQLD GRW V]HURNR SRMรทWHM SU]HGVLรทELRUF]RฤณFL NRPHUFMDOL]DFML EDGDฤก QDXNRZ\FK VWDUWXSร Z WHFKQRORJLF]Q\FK RUD] ล Uร GHฤ SU]HZDJ NRQNXUHQF\MQ\FK SU]HGVLรทELRUVWZ L RUJDQL]DFML Z JRVSRGDUFH RSDUWHM QD ZLHG]\ 1D NRQIHUHQFML EรทG]LH PRล OLZRฤณรฅ SU]HGVWDZLHQLD DUW\NXฤ ร Z NWร UH SR SR]\W\ZQHM UHFHQ]ML ]RVWDQรฃ RSXEOLNRZDQH Z IRUPLH PRQRJUDILL L SU]HND]DQH ZV]\VWNLP RVRERP ELRUรฃF\P XG]LDฤ Z W\P Z\GDU]HQLX 3URMHNW WHQ MHVW NRQW\QXDFMรฃ ]RUJDQL]RZDQHM Z JUXGQLX U NRQIHUHQFML SW 6WDUWXS :HHN &RQIHUHQFH ILQDQVRZDQHM Z UDPDFK WHJR VDPHJR NRQNXUVX RUD] V]HUHJX NROHMQ\FK LQLFMDW\Z NWร UH UHDOL]XMH .Rฤ R 1DXNRZH ,'($ D XNLHUXQNRZDQ\FK QD SURSDJRZDQLH L ]DFKรทFDQLH Pฤ RG\FK RVร E GR WHJR E\ ]DNฤ DGDOL VZRMH ILUP\ ]DSHZQLDMรฃF LP RGSRZLHGQLH SU]\JRWRZDQLH PHU\WRU\F]QH RUD] ZVSDUFLH HNVSHUFLH QD NDล G\P ] HWDSร Z WHJR SURFHVX = UDFML Lล .Rฤ R 1DXNRZH ,'($ RUD] .DWHGUD

=DSUDV]DP\ WDNล H GR VNRU]\VWDQLD ] LQG\ZLGXDOQHJR GRUDG]WZD EL]QHVRZHJR XNLHUXQNRZDQHJR QD SRPRF ZV]\VWNLP W\P NWร U]\ FKFรฃ SRGMรฃรฅ VLรท ]Dฤ Rล HQLD L SURZDG]HQLD VZRMHM ILUP\ =DMรทFLD SURZDG]RQH EรทGรฃ SU]H] GRฤณZLDGF]RQHJR HNVSHUWD NWร U\ MHVW MHGQRF]HฤณQLH SUDFRZQLNLHP 8(. D Z EUDฤ XG]LDฤ Z SRZRฤ DQLX GR ล \FLD SRQDG LQQRZDF\MQ\FK SU]HGVLรทELRUVWZ L G]LDฤ DOQRฤณFL JRVSRGDUF]\FK %รทG]LH PRล OLZRฤณรฅ X]\VNDQLD LQIRUPDFML R ZV]\VWNLFK GRVWรทSQ\FK QD U\QNX IRUPDFK ZVSDUFLD ILQDQVRZHJR QRZRSRZVWDMรฃF\FK ILUP GRWDFMH PLNURSRล \F]NL SRล \F]NL NUHG\W\ %รทG]LH WHล PRล OLZRฤณรฅ ZVSร OQHJR RSUDFRZDQLD EL]QHV SODQX SU]\V]ฤ HM G]LDฤ DOQRฤณFL JRVSRGDUF]HM RUD]

=DFKRZDฤก 2UJDQL]DF\MQ\FK ZVSร ฤ SUDFXMH V]HURNR ] SU]HGVLรทELRUVWZDPL L RUJDQL]DFMDPL PRล OLZH MHVW ]DSHZQLHQLH XG]LDฤ X HNVSHUWร Z L SUDNW\Nร Z JRVSRGDUF]\FK NWร U\FK ZLHG]D L GRฤณZLDGF]HQLH EรทG]LH ฤณZLHWQ\P ZVSDUFLHP GOD RVร E EรทGรฃF\FK GRSLHUR QD SRF]รฃWNX VZRMHM GURJL EL]QHVRZHM

studenci

Z ZHUVML SDSLHURZHM RUD] e ERRND ]DZLHUDMรฃFHM WHNVW\ QDXNRZH L SRSXODUQR QDXNRZH ] DVSHNWร Z V]HURNR SRMรทWHM NRPHUFMDOL]DFML EDGDฤก QDXNRZ\FK SU]HGVLรทELRUF]RฤณFL DNDGHPLFNLHM W\SX VSLQ RII RXW ฤณURGRZLVND QDXNRZHJR LQLFMDW\Z SUR SU]HGVLรทELRUF]\FK RUD] ล Uร GHฤ SU]HZDJ NRQNXUHQF\MQ\FK SU]HGVLรทELRUVWZ L RUJDQL]DFML Z JRVSRGDUFH RSDUWHM QD ZLHG]\

0ฤ RG]L OXG]LH EDUG]R F]รทVWR QLH PDMรฃ ฤณZLDGRPRฤณFL Lล WZRU]RQH Z UDPDFK ]DMรทรฅ DNDGHPLFNLFK SURMHNW\ PRJรฃ SU]HUDG]Dรฅ VLรท Z LQQRZDF\MQH SU]HGVLรทELRUVWZD SRQLHZDล PHFKDQL]P\ ฤ รฃF]รฃFH XF]HOQLH Z\ล V]H ] EL]QHVHP QLH Vรฃ Z GDOV]\P FLรฃJX GREU]H UR]ZLQLรทWH Z 3ROVFH :VND]DQLH LP DOWHUQDW\ZQHM ฤณFLHล NL UR]ZRMX ]DZRGRZHJR L VNฤ RQLHQLH LFK GR V]XNDQLD LQIRUPDFML Z W\P ]DNUHVLH t PRล H GRSURZDG]Lรฅ GR XVSUDZQLHQLD PHFKDQL]PX WUDQVIHUX WHFKQRORJLL GR VIHU\ JRVSRGDUF]HM

GU 0DUHN 0DNRZLHF $GLXQNW .DWHGUD =DFKRZDฤก 2UJDQL]DF\MQ\FK RSLHNXQ .Rฤ D 1DXNRZHJR e,'($r :\G]LDฤ RZ\ .RRUG\QDWRU GV 7UDQVIHUX :LHG]\ .RRUG\QDWRU 3URMHNWX e35=('6,รถ%,25&=< 678'(17r

-RDQQD +R\GD VWXGHQWND 3UH]HV .Rฤ D 1DXNRZHJR e,'($r

SU]\JRWRZDQLH DQDOL]\ RSฤ DFDOQRฤณFL NRQNUHWQHJR SURMHNWX EL]QHVRZHJR :V]\VWNLH ]DSODQRZDQH LQLFMDW\Z\ Vรฃ EH]Sฤ DWQH L QLH ZLรฃล รฃ VLรท GOD XF]HVWQLNร Z ] ล DGQ\PL NRV]WDPL D SR LFK ]DNRฤกF]HQLX NDล G\ ELRUรฃF\ Z QLFK XG]LDฤ RWU]\PD SRWZLHUG]HQLH XF]HVWQLFWZD FHUW\ILNDW XG]LDฤ X =DSLV\ QD ZDUV]WDW\ L V]NROHQLD RUD] LQG\ZLGXDOQH GRUDG]WZR EL]QHVRZH QD IDQSDJH X NRฤ D IDFHERRN FRP N]RLGHD 6]F]HJร ฤ \ GRW NRQNUHWQ\FK LQLFMDW\Z RUD] SRPRF PHU\WRU\F]QD t .RRUG\QDWRU 3URMHNWX 'U 0DUHN 0DNRZLHF PDNRZLHF#XHN NUDNRZ SO

studenci &]ฤ RQNRZLH (61 8(. SR RVWDWQLP ]HEUDQLX VHNFML Z URNX DNDGHPLFNLP

3ZIS{_ [\WTQKฤ ERASMUSA ? XW[b]SQ_IVQ] PIZUWVQQ XWUQฤ Lba UMIVLZIUQ VI]SQ I bรฐWฤตWVWฤฌKQฤ ฤตaKQI [\]LMVKSQMOW _IZ\W XW[\I_Qฤ VI QLMITVa X]VS\ Z{_VW_IOQ -HM PLHUQLNLHP MHVW SU]HGH ZV]\VWNLP GRฤณZLDGF]HQLH (61 8(. PD JR MXล SUDZLH ODW

6HNFMD (61 8(. ]U]HV]D SRQDG HZL]D q6WXGHQWV +HOSLQJ &]ฤ RQNร Z NWร U]\ Z NDล G\P 6WXGHQWVr WR RG]ZLHUFLHGOHQLH LGHLL SU]\ฤณZLHFDMรฃFHM VHPHVWU]H SRND]XMรฃ F]\P MHVW SROVND JRฤณFLQQRฤณรฅ SRSU]H] RUQDMZLรทNV]HM RUJDQL]DFML VWXGHQFNLHM Z (XURSLH ]U]HV]DMรฃFHM JDQL]DFMรท Z\GDU]Hฤก R Uร ล QRUDNLHM SRQDG W\VLรทF\ ZRORQWDULXV]\ &R WHPDW\FH )DQL VSRUWX PRJรฃ OLF]\รฅ ฤ รฃF]\ W\FK ZV]\VWNLFK OXG]L" 3U]HGH QD FRW\JRGQLRZH UR]JU\ZNL QD KDOL 'OD W\FK NWร U]\ V]XNDMรฃ SU]Hล \รฅ ZV]\VWNLP RWZDUWRฤณรฅ SRP\Vฤ R]ZLรฃ]DQ\FK ] NXOWXUรฃ SU]\JRWRZXZRฤณรฅ L FKรทรฅ GR URELHQLD ZLHONLFK MHP\ UHJXODUQH Z\MฤณFLD GR WHDWUร Z U]HF]\

F]\ PX]Hร Z D QD NDล GHJR VSUDJQLRQHJR SU]\Jร G F]HNDMรฃ Z\FLHF]NL Z Uร ล QH ]DNรฃWNL 3ROVNL L (XURS\ = SRF]รฃWNLHP NDล GHJR QRZHJR URNX DNDGHPLFNLHJR .DPSXV 8QLZHUV\WHWX (NRQRPLF]QHJR VWDMH VLรท PLHMVFHP Z\PLDQ\ NXOWXU ] QDMEDUG]LHM RGOHJฤ \FK ]DNรฃWNร Z ฤณZLDWD 2G OXWHJR GR F]HUZFD ELHล รฃFHJR URNX EUDP\ QDV]HM XF]HOQL

-HGQDN G]LDฤ DOQRฤณรฅ QDV]HM RUJDQL]DFML WR QLH W\ONR GEDQLH R ]DJUDQLF]Q\FK VWXGHQWร Z .LOND UD]\ Z URNX F]ฤ RQNRZLH ZV]\VWNLFK VHNFML Z 3ROVFH VSRW\NDMรฃ VLรท QD QDMZDล QLHMV]\FK ]MD]GDFK VWDWXWRZ\FK 6WRZDU]\V]HQLD (61 3ROVND t 1DWLRQDO 3ODWIRUP L 6SRWNDQLX 'HOHJDWร Z 3RGF]DV LFK WUZDQLD XF]HVWQLF\ G\VNXWXMรฃ QDG ELHล รฃF\PL VSUDZDPL RUD] SODQXMรฃ SU]\V]ฤ Rฤณรฅ RUJDQL]DFML : W\P URNX DNDGHPLFNLP WR Zฤ DฤณQLH .UDNร Z ]RVWDQLH VWROLFรฃ (UDVPXVD JRV]F]รฃF G]LHVLรฃWNL (61RZLF]ร Z 2ED VWDWXWRZH ]MD]G\ RGEรทGรฃ VLรท Z QDV]\P PLHฤณFLH t RUJDQL]RZDQH RGSRZLHGQLR SU]H] 3ROLWHFKQLNรท .UDNRZVNรฃ RUD] 8QLZHUV\WHW -DJLHOORฤกVNL ,VWQLHMH Uร ZQLHล WU]HFL ]MD]G t 83*5$'( t VWZRU]RQ\ SR WR E\ SU]HND]Dรฅ SUDNW\F]Qรฃ ZLHG]รท Z QLHFRG]LHQQ\ VSRVร E 83*5$'( WR XQLNDWRZ\ ]MD]G V]NROHQLRZ\ (61 3ROVND NWร U\ SRZVWDฤ Z RGSRZLHG]L QD SRWU]HE\ UR]ZRMX F]ฤ RQNร Z D MHJR FHOHP MHVW QDE\FLH SU]H] QLFK UHDOQ\FK XPLHMรทWQRฤณFL L ]ZLรทNV]HQLH LFK ZLHG]\ QD WHPDW RUJDQL]DFML 3LHUZV]D MHJR HG\FMD PLDฤ D PLHMVFH ODW WHPX Z ฤ RG]L L RG WDPWHM SRU\ GZD UD]\ GR URNX MHGQD ] VHNFML SRGHMPXMH VLรท ]RUJDQL]RZDQLD WHJR Z\GDU]HQLD GOD F]ฤ RQNร Z (61 ] FDฤ HM 3ROVNL *RVSRGDU]HP MHVLHQQHM HG\FML 83*5$'( MHVW (61 8(. t MXล Z OLVWRSDG]LH EรทG]LHP\ JRฤณFLรฅ XF]HVWQLNร Z Z\GDU]HQLD QD QDV]\P NDPSXVLH 0RW\Z SU]HZRGQL ]MD]GX EรทGรฃ SU]\JRG\ +DUU\pHJR 3RWWHUD JG\ล Z WHQ VSRVร E FKFHP\ XF]FLรฅ GZXG]LHVWรฃ URF]QLFรท SRZVWDQLD SLHUZV]HM F]รทฤณFL VHULL R QDMVฤ \QQLHMV]\P F]DURG]LHMX QDV]\FK F]DVร Z 1D F]WHU\ GQL NDPSXV QDV]HM XF]HOQL ]DPLHQL VLรท Z +RJZDUW D XF]HVWQLF\ EรทGรฃ ]GRE\ZDรฅ ZLHG]รท SU]HND]\ZDQรฃ SU]H] GRฤณZLDGF]RQ\FK F]ฤ RQNร Z (61 SRGF]DV V]NROHฤก

L ZDUV]WDWร Z -HVW WR ฤณZLHWQD RND]MD QLH W\ONR GR SR]QDQLD OXG]L ] LQQ\FK PLDVW L Z\PLDQ\ GREU\FK SUDNW\N DOH WDNล H GR RGNU\FLD .UDNRZD QD QRZR L LQWHJUDFML Z P\ฤณO MHGQHM ] ZDUWRฤณFL (61 e)XQ LQ IULHQGVKLS DQG UHVSHFWr 1LH EH] SRZRGX 83*5$'( FLHV]\ VLรท URVQรฃFรฃ SRSXODUQRฤณFLรฃ t Z W\P URNX ]RVWDฤ GRFHQLRQ\ QD DUHQLH PLรทG]\QDURGRZHM MDNR QDMOHSV]\ SURMHNW V]NROHQLRZ\ Z VLHFL (UDVPXV 6WXGHQW 1HWZRUN -HGQDNล H QLH W\ONR Z QDV]\P NUDMX RUJDQL]RZDQH Vรฃ F\NOH V]NROHฤก GOD F]ฤ RQNร Z (61 1D SR]LRPLH PLรทG]\QDURGRZ\P WR (GXN VSHฤ QLD Wรท UROรท =MD]G WHQ XNLHUXQNRZDQ\ MHVW QD NV]WDฤ WRZDQLH NRPSHWHQFML PLรทNNLFK UR]Zร M RVRELVW\ L RGNU\ZDQLH Zฤ DVQ\FK XPLHMรทWQRฤณFL SRฤณUร G LQVSLUXMรฃF\FK OXG]L ] FDฤ HM (XURS\ =D]Z\F]DM SRUXV]D WHล NZHVWLH PLรทG]\QDURGRZH GRW\F]รฃFH QD SU]\Nฤ DG Uร ล QLF NXOWXURZ\FK LQWHJUDFML VSRฤ HF]QHM F]\ ]DU]รฃG]DQLD ]HVSRฤ HP ZLHORNXOWXURZ\P ,QQ\P FHOHP (GXN MHVW VWZRU]HQLH JUXS\ V]NROHQLRZFร Z Z\SRVDล RQ\FK Z RGSRZLHGQLH QDU]รทG]LD L ZLHG]รท FR ]DSHZQLD UR]Zร M V]HUV]HJR JURQD F]ฤ RQNร Z 83*5$'( ]Dฤณ MHVW SROVNLP SU]HGVLรทZ]LรทFLHP NWร UH G]LรทNL SRG]LDฤ RZL QD ฤณFLHล NL V]NROHQLRZH GRW\F]รฃFH P LQ ]DU]รฃG]DQLD SURMHNWDPL SRGVWDZ IXQGUDLVLQJX F]\OL SR]\VNLZDQLD IXQGXV]\ NRPXQLNDFML ZL]XDOQHM L ZLHOX LQQ\FK GRVWRVRZDQH MHVW GR DNWXDOQ\FK SRWU]HE XF]HVWQLNร Z =DUร ZQR 83*5$'( MDN L (GXN WR SURMHNW\ GDMรฃFH RJURPQรฃ PRW\ZDFMรท SRGNUHฤณODMรฃFH SRWU]HEรท ZVSร ฤ SUDF\ L UR]ZLMDMรฃFH NUHDW\ZQRฤณรฅ ,FK FHOHP MHVW UR]Zร M F]ฤ RQNร Z Z NRQNUHWQ\FK G]LHG]LQDFK L ]DSUH]HQWRZDQLH LP SRWรทJL HGXNDFML QLHIRUPDOQHM RUD] NRU]\ฤณFL MDNLH ]D VREรฃ QLHVLH 6WXGHQFL G]LHOรฃF VLรท GRฤณZLDGF]HQLHP XF]รฃ VLรท ZVSร ฤ SUDF\ V]DFXQNX L WROHUDQFML D ]H ]MD]GX ZUDFDMรฃ ]DLQVSLURZDQL L ]PRW\ZRZDQL GR GDOV]HJR G]LDฤ DQLD 6]NROHQLRZF\ 83*5$'(pD WR RVRE\ ] GXล \P GRฤณZLDGF]HQLHP NWร UH G]LDฤ DMรฃ OXE G]LDฤ Dฤ \ QD Uร ล Q\FK V]F]HEODFK RUJDQL]DFML L SUDJQรฃ VZรฃ ZLHG]รท SU]HND]Dรฅ LQQ\P :LHOX ] QLFK RGE\ฤ R V]NROHQLD

(GXN QD SR]LRPLH PLรทG]\QDURGRZ\P L PRล H SRFKZDOLรฅ VLรท ERJDWรฃ (61RZรฃ KLVWRULรฃ &]รทฤณรฅ ] QLFK MXล GDZQR ]DNRฤกF]\ฤ D SU]\JRGรท ] XF]HOQLรฃ D REHFQLH ]DMPXMรฃ RQL Uร ล QH VWDQRZLVND Z QDMZLรทNV]\FK ILUPDFK 'OD ZLHOX WR Zฤ DฤณQLH (61 E\ฤ WUDPSROLQรฃ GR NDULHU\ ]DZRGRZHM

studenci

FRG]LHQQLH SU]HNUDF]Dฤ R QLHPDOล H GZXVWX VWXGHQWร Z ] ]DJUDQLF\ NWร U]\ ]GHF\GRZDOL VLรท VSรทG]Lรฅ FDฤ \ VHPHVWU QD 8QLZHUV\WHFLH (NRQRPLF]Q\P Z .UDNRZLH 2G $PHU\NL SU]H] 8]EHNLVWDQ Dล SR 7XUFMรท L 1LHPF\ t ZV]\VWNLH GURJL SURZDG]Lฤ \ LFK SRG MHGHQ DGUHV t 5DNRZLFND

: KLVWRULL QDV]HM 6HNFML MHVW ZLHOH SU]\Nฤ DGร Z NWร UH SRND]XMรฃ LOH PRล QD RVLรฃJQรฃรฅ SRSU]H] ]DDQJDล RZDQLH Z Uร ล QRUDNLH SURMHNW\ 0XU\ 8QLZHUV\WHWX (NRQRPLF]QHJR Vรฃ ERZLHP NXล QLรฃ WDOHQWร Z Z QLHPDOล H NDล GHM G]LHG]LQLH &]ฤ RQNRZLH QDV]HM 6HNFML PLHOL RND]MH SHฤ QLรฅ WDNLH IXQNFMH MDN QS &]ฤ RQHN =DU]รฃGX GV .RQWDNWร Z 0LรทG]\QDURGRZ\FK &]ฤ RQHN .RPLVML 5HZL]\MQHM L 1DWLRQDO (GXFDWLRQ 2IILFHU QD SR]LRPLH NUDMRZ\P F]\ .RRUG\QDWRU ([FKDQJH$ELOLW\ QD SR]LRPLH PLรทG]\QDURGRZ\P (61 8(. WR SU]HGH ZV]\VWNLP OXG]LH NWร U]\ ZLHORNURWQLH QDJUDG]DQL E\OL ]D VZRMรฃ FLรทล Nรฃ SUDFรท 1LH VSRVร E QLH ZVSRPQLHรฅ R KLVWRULL QDV]HM VHNFML Z FLรฃJX RVWDWQLFK ODW -DNR MHG\QL Z FDฤ HM RUJDQL]DFML (UDVPXV 6WXGHQW 1HWZRUN MXล GZXNURWQLH ]RVWDOLฤณP\ Z\EUDQL QDMOHSV]รฃ VHNFMรฃ 1DJURG\ 67$5OLJKW QDJURG\ GOD QDMOHSV]HM VHNFML Z VLHFL (61 SRZรทGURZDฤ \ GR QDV]\FK SU]HGVWDZLFLHOL Z URNX SRGF]DV $QQXDO *HQHUDO 0HHWLQJ Z 0HGLRODQLH RUD] Z F]DVLH WHJRURF]QHJR $*0 Z %HUOLQLH 3ร ฤ W\VLรฃFD VHNFML (61 NUDMร Z Z VLHFL W\VLรทF\ ZRORQWDULXV]\ QD QDMZLรทNV]\FK XF]HOQLDFK Z (XURSLH D SRฤณUร G QLFK JUXSD VWXGHQWร Z 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH NWร U]\ RG ODW Z\]QDF]DMรฃ GURJรท FDฤ HJR SRNROHQLD (UDVPXV L XVWDODMรฃ QDMZ\ล V]H VWDQGDUG\ G]LDฤ DQLD 2UJDQL]DFML :LHONLH U]HF]\ ]D]Z\F]DM PDMรฃ PDฤ H SRF]รฃWNL VSUDZ E\ 7Zร M QLH SU]HV]HGฤ &L NRฤ R QRVD =DF]QLM VZRMรฃ XF]HOQLDQรฃ SU]\JRGรท ] (61 8(.

$JQLHV]ND 0DFK (61 8(.

studenci 6WXGHQFL HNRQRPLL PHQHGล HUVNLHM SRGF]DV ZDUV]WDWร Z )RW * :Dฤ รทJD

(tEL]QHV Z SUDNW\FH t LTIKbMOW VQM' 3R OHNWXUDFK QD WHPDW NU]\Z\FK Z\ERUX NRQVXPHQWD OWLbQVIKP

_a[รฐ]KPQ_IVQI W MNMSKQM UVWฤตVQSW_aU Q WKbIKP _aXI\ZbWVaKP _ WX\aUITVM _aSZM[a XZWL]SKRQ SU]\V]HGฤ F]DV VSUDZG]Lรฅ VLรท Z ERMX

D HtEL]QHVLH QLH ]QDMG]LHFLH FNOLZ\FK URPDQVร Z 6PLWKD F]\ UR]ZDล Dฤก R FLHQLDFK Z MDVNLQL 3U]\JRWXMFLH VLรท QD WZDUGH ]GHU]HQLH ] U]HF]\ZLVWRฤณFLรฃ NUHZ SRW L ฤ ]\ FRG]LHQQRฤณFL QRZRF]HVQHJR SU]HGVLรทELRUF\ -HฤณOL W\ONR SRฤณZLรทFLFLH WURFKรท VZRMHJR F]DVX L ]DPLDVW NROHMQHJR SLZD Z\ELHU]HFLH GRGDWNRZH ZDUV]WDW\ SR]QDFLH OXG]L NWร U]\ WX L WHUD] WZRU]รฃ XQLNDOQH UR]ZLรฃ]DQLD QD VNDOรท ฤณZLDWRZรฃ 1DU]รทG]LD NWร UH PRล HFLH RG UD]X

Z\NRU]\VWDรฅ Z VZRMHM REHFQHM F]\ SU]\V]ฤ HM G]LDฤ DOQRฤณFL $ PRล H ]DLQVSLUXMรฃ ZDV GR SRV]XNLZDQLD Zฤ DVQHM QRZHM ฤณFLHล NL" 'URJD GR VXNFHVX QLH ]DZV]H MHVW XVฤ DQD Uร ล DPL D MHล HOL QDZHW WR WH PRJรฃ PLHรฅ NROFH :DUWR SR]QDรฅ SXฤ DSNL F]\KDMรฃFH QD Pฤ RG\FK Ht SU]HGVLรทELRUFร Z 1D V]F]รทฤณFLH QLH WU]HED RGNU\ZDรฅ $PHU\NL L PRล QD VNRU]\VWDรฅ ] LVWQLHMรฃF\FK UR]ZLรฃ]Dฤก OXE ] GRฤณZLDGF]Hฤก VWDUV]\FK NROHJร Z 1D SLHUZV]\FK ]DMรทFLDFK

GRZLHFLH VLรท QD MDNLFK U\QNDFK PRล HFLH IXQNFMRQRZDรฅ F]\ MDND IRUPD SURZDG]HQLD EL]QHVX EรทG]LH QDMEDUG]LHM GOD ZDV RGSRZLHGQLD , RF]\ZLฤณFLH QDMZDล QLHMV]H VNรฃG Z]Lรฃรฅ QD WR ZV]\VWNR NDVรท" :EUHZ SR]RURP LVWQLHMH ZLHOH DOWHUQDW\Z GOD NUHG\Wร Z EDQNRZ\FK F]\ FKZLOร ZHN 0Rล HP\ QD SU]\Nฤ DG VSRWNDรฅ DQLRฤ D NWร U\ SRFK\OL VLรท QDG QDV]\P SU]HGVLรทZ]LรทFLHP L ZHVSU]H MH ]DUร ZQR ILQDQVRZR MDN L PHU\WRU\F]QLH -HฤณOL V]F]รทฤณFLD QDP EUDN RWZRUHP SU]HG

0DP\ SRP\Vฤ L ZLHP\ MDN JR ]UHDOL]RZDรฅ =QDP\ SU]HSLV\ D UHJXODPLQ\ ฤณZLDGF]HQLD XVฤ XJ SLV]HP\ SU]H] VHQ 1D QDV]\P NRQFLH Z LQWHUQHWRZ\P EDQNX Vรฃ QDZHW IXQGXV]H QD VSHฤ QLHQLH EL]QHVRZ\FK PDU]Hฤก &]DV DE\ GRZLHG]LDฤ VLรท R QDV ฤณZLDW 0Rล QD ]DU\]\NRZDรฅ WZLHUG]HQLH ล H H UHZROXFMD QDMEDUG]LHM ]PLHQLฤ D QLH VSRVร E G\VWU\EXFML F]\ NDQDฤ \ VSU]HGDล \ D Zฤ DฤณQLH EUDQล รท UHNODP\ L PDUNHWLQJX 2G SDUX GREU\FK ODW G]LรทNL JOREDOQ\P QDU]รทG]LRP Z NLOND VHNXQG PRล HP\ GRWU]Hรฅ GR NRQVXPHQWร Z Z 3ROVFH 6WDQDFK =MHGQRF]RQ\FK F]\f $XVWUDOLL -HGQRF]HฤณQLH , ZFDOH QLH MHVW WR WUXGQH 'RZRG\ SU]HGVWDZLฤ GXHW G]LHZF]\Q 0DJGDOHQD 3DW\QRZVND VHQLRU GLJLWDO PDUNHWLQJ PHQHGล HU ] ILUP\ 0HGLD*URXS :RUOGZLGH RUD] 6\OZLD =GURZDN GLJLWDO PDUNHWLQJ PHQHGล HU ] ILUP\ $OODQL 3LHUZV]D F]รทฤณรฅ ZDUV]WDWร Z ]RVWDฤ D SRฤณZLรทFRQD WHRUHW\F]QHPX ZVWรทSRZL GR VWUDWHJLL L G]LDฤ Dฤก ] ]DNUHVX SHUIRUPDQFH PDUNHWLQJX 'RZLHG]LHOLฤณP\ VLรท MDNLH PRล OLZRฤณFL GDMรฃ VHUZLV\ ] NWร U\FK NRU]\VWDP\ QD FR G]LHฤก *RRJOH )DFHERRN F]\ GXล H SRUWDOH MDN 2QHW F]\ :3 WR QLH W\ONR PLHMVFD GR SRFKฤ DQLDQLD WUHฤณFL F]\ SURPRFML GXล \FK JUDF]\ EL]QHVRZ\FK : SHZQ\FK SU]\SDGNDFK ]D GDUPR D Z LQQ\FK GRVฤ RZQLH ]D NLOND ]ฤ RW\FK PRล HP\ QD QLFK ]DLVWQLHรฅ ]H VZRMรฃ ILUPรฃ F]\ SURGXNWHP 3LรทNQR LQWHUQHWRZ\FK UR]ZLรฃ]Dฤก PDUNHWLQJRZ\FK SROHJD QD W\P ล H ]Z\NOH EH] RSฤ DW GRVWDMHP\ SRWรทล QH QDU]รทG]LD GR NUHRZDQLD QDV]HJR ZL]HUXQNX -HGQ\P ] QLFK MHVW V\VWHP *RRJOH $G:RUGV NWร U\ 0DJGD L 6\OZLD SU]HGVWDZLฤ \ SRGF]DV GUXJLHM SUDNW\F]QHM F]รทฤณFL ZDUV]WDWร Z 3RGF]DV NLONX JRG]LQ ]DMรทรฅ WU]HED GRGDรฅ QD Zฤ DVQ\FK ODSWRSDFK PRJOLฤณP\ ]REDF]\รฅ MDN ]DDZDQVRZDQH UR]ZLรฃ]DQLD Vรฃ RIHURZDQH SU]H] OLGHUD QD U\QNX Z\V]XNLZDUHN &KRรฅ GRWNQรทOLฤณP\

]DOHGZLH ZLHU]FKRฤ ND PRล OLZRฤณFL V\VWHPX XGDฤ R VLรท Z\NOLNDรฅ SURVWรฃ DF] FDฤ NLHP NRQNUHWQรฃ NDPSDQLรท UHNODPRZรฃ VNOHSX ] VXNQLDPL ฤณOXEQ\PL

3RSU]H] SUHF\]\MQH L GRNฤ DGQH UHNODP\ RGSRZLDGDMรฃFH Z GDQHM FKZLOL SRV]XNLZDQ\P WUHฤณFLRP F]\ SRWU]HERP Xล \WNRZQLND PRล HP\ PX SU]HGVWDZLรฅ QDV]รฃ DWUDNF\MQรฃ RIHUWรท -HM WUHฤณรฅ ]REDF]\ RQ GRSLHUR JG\ ]QDMG]LH VLรท QD ZF]HฤณQLHM ]GHILQLRZDQ\P SU]H] QDV REV]DU]H Z SREOLล X QDV]HJR Z\MรฃWNRZHJR VNOHSX F]\ RU\JLQDOQHM NDZLDUQL

8]XSHฤ QLHQLHP W\FK EDUG]R NRQNUHWQ\FK ]DMรทรฅ E\ฤ Z\Nฤ DG e7KLQN JOREDOO\ DFW ORFDOO\ F]\OL MDN ZHMฤณรฅ Z XP\Vฤ NRQVXPHQWD L SR]QDรฅ MHJR SRWU]HE\r SRSURZDG]RQ\ SU]H] 3DXOLQรท :LNWRUVNรฃ VSHFMDOLVWNรท *RRJOH $G:RUGV L *RRJOH $QDO\WLFV -HGQรฃ ] FHQQLHMV]\FK P\ฤณOL E\ฤ D WD GRW\F]รฃFD NRQVWUXRZDQLD VDPHM NDPSDQLL %XGล HW SU]H]QDF]RQ\ QD SURPRFMรท QLH MHVW QDMZDล QLHMV]\ OLF]\ VLรท SU]HGH ZV]\VWNLP SRP\Vฤ -HฤณOL QLH PRล HP\ NRQNXURZDรฅ FHQรฃ QDV]HJR SURGXNWX VSUร EXMP\ Z]EXG]Lรฅ HPRFMH QDV]\FK NOLHQWร Z 8F]XFLD WR SRWรทล QD EURฤก FR 3DXOLQD ]DSUH]HQWRZDฤ D QD SU]\Nฤ DG]LH RU\JLQDOQHM SURPRFML ILUP\ ,NHD =JRGQLH ] W\WXฤ HP SUHOHNFML SRMDZLฤ D VLรท Uร ZQLHล F]รทฤณรฅ GOD PQLHM JOREDOQ\FK D EDUG]LHM ORNDOQ\FK JUDF]\ 2EHFQLH SU]HZDล DMรฃFD F]รทฤณรฅ ]DFKRGQLHJR ฤณZLDWD Xล \ZD VPDUWS-

-HGQ\P ]H VSRVREร Z QD SU]\FLรฃJQLรทFLH NOLHQWร Z ]QDQ\P MHV]F]H ] F]DVร Z SU]HG LQWHUQHWRZ\FK Vรฃ NXSRQ\ UDEDWRZH )LUPD 3LFRGL Z NWร UHM MDNR NLHURZQLN G]LDฤ X DQDOL] SUDFXMH DEVROZHQW QDV]HM XF]HOQL 7DGHXV] 6NU]\SF]DN SU]HQLRVฤ D WHQ Z\GDZDฤ RE\ VLรท EDQDOQ\ SRP\Vฤ Z ฤณZLDW F\IURZ\ =URELฤ D WR WDN GREU]H ล H REHFQLH MHVW MHGQ\P ]H ฤณZLDWRZ\FK OLGHUร Z WHJR W\SX UR]ZLรฃ]Dฤก L G]LDฤ D QD NLONX NRQW\QHQWDFK 1D ZDUV]WDWDFK SR]D NLONRPD Vฤ RZDPL QD WHPDW Eฤ \VNRWOLZHM NDULHU\ ILUP\ PRล QD E\ฤ R XVฤ \V]Hรฅ R VSHF\ILFH SUDF\ Z WDNLP SU]HGVLรทZ]LรทFLX 1LH E\ฤ R WR EH] ]QDF]HQLD SRQLHZDล Z W\P F]DVLH ILUPD SURZDG]Lฤ D QDEร U

KRQร Z 7HQGHQFMH Vรฃ MHGQR]QDF]QH FR ZLGDรฅ WDNล H QD XOLF\ NLHG\ NWRฤณ ZSDWU]RQ\ Z HNUDQ ]GHU]D VLรท SUDZLH ] ODWDUQLรฃ :\NRU]\VWXMรฃF QRZH XVฤ XJL *RRJOHpD ]ZDELP\ SRWHQFMDOQHJR NOLHQWD QD SU]\Nฤ DG GR QDV]HJR VWDFMRQDUQHJR ORNDOX

SUDFRZQLNร Z 7DN ZLรทF MHฤณOL NWRฤณ QLH F]Xฤ VLรท MHV]F]H QD VLฤ DFK E\ SRGMรฃรฅ Z\]ZDQLH VDPRG]LHOQHJR SURZDG]HQLD EL]QHVX PLDฤ V]DQVรท QD ]GRE\FLH GRฤณZLDGF]HQLD L QDXNรท RG VWDUV]\FK NROHJร Z GRGDWNRZR ]DUDELDMรฃF SLHQLรฃG]H QD Zฤ DVQH

studenci

ZV]\VWNLPL VWRMรฃ LQNXEDWRU\ JG]LH PRล QD SU]HWHVWRZDรฅ VZร M SRP\Vฤ 0DMรฃF NRQNUHW Z UรทNX ZDUWR SRZDOF]\รฅ R JUDQW ] NWร UHJRฤณ ] OLF]Q\FK DNFHOHUDWRUร Z = JRWRZ\P DF] ZFLรฃล ฤณZLHล \P SURGXNWHP QD SHZQR SU]\FLรฃJQLHP\ XZDJรท NWร UHJRฤณ ] IXQGXV]\ YHQWXUH FDSLWDO

)RW * :Dฤ รทJD

studenci

SRP\Vฤ \ 7DGHXV] SU]HGVWDZLฤ WDNล H PRล OLZRฤณFL L SRWHQFMDOQH ]\VNL MDNLH SU]\QRVL ZVSร ฤ SUDFD ILUP ] 3LFRGL

=DVWDQDZLDMรฃF VLรท QDG G]LDฤ DOQRฤณFLรฃ Z LQWHUQHFLH RG UD]X QD P\ฤณO SU]\FKRG]L QDP VWURQD ::: NWร =DMรทFLD ] SU]HGPLRWX UD ]Z\NOH MHVW SRGVWDZรฃ HtG]LDฤ DOe( EL]QHVr UHDOL]RZDQH QRฤณFL :DUWR MHGQDN RG UD]X SRP\Vรฃ QD VSHFMDOQRฤณFL (NRQRPLD PHQHGล HUND ฤณOHรฅ R DSOLNDFML QD WHOHIRQ -DN MXล NLHUXQHN (NRQRPLD ZLHP\ U\QHN XU]รฃG]Hฤก PRELOQ\FK 6SRWNDQLD ] SUDNW\NDPL ] PLHVLรฃFD QD PLHVLรฃF G\QDPLF]QLH RGE\ZDMรฃ VLรท G]LรทNL VWDUDQLX GU *U]HJRU]D :Dฤ รทJL URฤณQLH = GUXJLHM VWURQ\ VWZRU]HQLH ] .DWHGU\ 0LNURHNRQRPLL RGSRZLHGQLHJR SURMHNWX ZFDOH QLH : URNX DNDGHPLFNLP PXVL QDGZ\Uรทล \รฅ QDV]HJR EXGล HWX G]LรทNL XSU]HMPRฤณFL 3DQD ']LHNDQD =JRGQLH ] MHGQ\P ] QDF]HOQ\FK SURI . )LUOHMD ZDUV]WDW\ KDVHฤ VLHFL F]\OL ]Uร E WR VDP MDN E\ฤ \ GRILQDQVRZDQH VLรท ]DEUDรฅ ]D WHJR W\SX SURMHNW ] GRWDFML SURMDNRฤณFLRZHM RWU]\PDQHM SU]H] :\G]LDฤ SRND]DOL 0Dฤ JRU]DWD )DMJLHU L 3LRWU (NRQRPLL L 6WRVXQNร Z ']LDGRZLF] ] ILUP\ (GLVRQGD 0LรทG]\QDURGRZ\FK =DMรทFLD SRฤณZLรทFRQH ]DJDGQLHQLRP XVHU H[SHULHQFH SRQRZQLH ]RVWDฤ \ UR]ELWH QD GZLH F]รทฤณFL WHRUHW\F]Qรฃ L SUDNW\F]Qรฃ 3RGF]DV SLHUZV]HM PRJOLฤณP\ VLรท GRZLHG]LHรฅ F]\P MHVW SURMHNWRZDQLH Xล \WHF]QRฤณFL VLHFLRZ\FK SURMHNWร Z L MDN SU]HELHJD WDNL SURFHV =DSURV]HQL JRฤณFLH )RW * :Dฤ รทJD

SRND]DOL ล H LQQRZDFMH Z ฤณZLHFLH WHFKQRORJLL QDWXUDOQLH ฤ รฃF]รฃ VLรท ] QDXNDPL SU]\URGQLF]\PL L KXPDQLVW\F]Q\PL .Dล G\ PRล H GRฤ Rล \รฅ VZRMรฃ FHJLHฤ Nรท GR UHZROXF\MQHJR SURGXNWX F]\ XVฤ XJL : F]รทฤณFL ZDUV]WDWRZHM ]Qร Z PRล QD E\ฤ R VLรท Z\ND]Dรฅ LQLFMDW\Zรฃ FKRรฅ W\P UD]HP RE\ฤ R VLรท SUDNW\F]QLH EH] XU]รฃG]Hฤก WHFKQLF]Q\FK : UXFK SRV]ฤ \ ]D WR PD]DNL SLVDNL RUD] NDUWNL SDSLHUX -DN XGRZRGQLOL VWXGHQFL HNRQRPLL PHQHGล HUVNLHM ] PDฤ รฃ SRPRFรฃ SUHOHJHQWร Z GR ]DSURMHNWRZDQLD FLHNDZHM DSOLNDFML ZFDOH QLH SRWU]HED NRPSXWHUD 3HZQ\P SRGVXPRZDQLHP ]DMรทรฅ ] HtEL]QHVX PRJฤ D E\รฅ SUH]HQWDFMD QRZRF]HVQHJR V\VWHPX &50 3ODWIRUP\ ]DU]รฃG]DQLD UHODFMDPL ] NOLHQWDPL QLH Vรฃ QLF]\P QRZ\P -HGQDNล H SR UD] NROHMQ\ Vฤ XFKDF]H PRJOL VLรท SU]HNRQDรฅ R SRP\Vฤ RZRฤณFL SROVNLFK SU]HGVLรทELRUFร Z .DUROLQD .DF]PDUF]\N RUD] %DUWRV] *RGHN XGRZRGQLOL MDNLH NRU]\ฤณFL PRล QD RGQLHฤณรฅ Xล \ZDMรฃF QDU]รทG]L GRVWDUF]RQ\FK SU]H] ILUPรท

(GURQH PH 6\VWHP SU]H]QDF]RQ\ Jฤ ร ZQLH GOD G]LDฤ DOQRฤณFL HFRPPHUFH SR]ZDOD GRNฤ DGQLH ฤณOHG]Lรฅ DNW\ZQRฤณFL NOLHQWร Z QD QDV]HM VWURQLH D WDNล H SR MHM RSXV]F]HQLX $QDOL]\ Vรฃ ZVSLHUDQH SU]H] PHFKDQL]P\ V]WXF]QHM LQWHOLJHQFML WDN E\ RVRED SURZDG]รฃFD VNOHS PRJฤ D OHSLHM L GRNฤ DGQLHM EXGRZDรฅ VZRMรฃ VWUDWHJLรท PDUNHWLQJRZรฃ :V]\VWNR Z P\ฤณO ]DVDG\ ล H WDQLHM MHVW NOLHQWD XWU]\PDรฅ QLล SR]\VNDรฅ QRZHJR =DMรทFLD ] HtEL]QHVX Z SODQLH VWXGLร Z GOD VSHFMDOQRฤณFL (NRQRPLD PHQHGล HUVND ZSLVDQH Vรฃ MDNR รฅZLF]HQLD FKRรฅ LFK IRUPD EOLล V]D MHVW NRQZHUVDWRULXP 6WXGHQFL SUDFXMรฃ VDPRG]LHOQLH Z JUXSDFK D QDVWรทSQLH G]LHOรฃ VLรท VZRMรฃ ZLHG]รฃ ] LQQ\PL 'RGDWNRZH DWUDNF\MQH ZDUV]WDW\ ] FLHNDZ\PL JRฤณรฅPL VSUDZLDMรฃ ล H ZLHG]D ] W\FK VSRWNDฤก ]RVWDQLH QD Gฤ XJR F]รทฤณFL XF]HVWQLNร Z SU]\GD VLรท Z SU]\V]ฤ RฤณFL SRGF]DV SUDF\ QDG Zฤ DVQ\PL LQWHUQHWRZ\PL SU]HGVLรทZ]LรทFLDPL 3DZHฤ )DOHQFLDN DEVROZHQW 8(.

studenci

-HVWHP QD VWXGLDFK t Q KW LITMR'

=DF]\QDMรฃF QRZ\ HWDS Z VZRLP ล \FLX ZDUWR ]URELรฅ VRELH SRGVXPRZDQLH WHJR FR MXล VLรท RVLรฃJQรทฤ R ,bQฤ SQ VQMU] _QMUa OLbQM [Qฤ

bVIRL]RMUa Q Kba IJa VI XM_VW bUQMZbIUa _ LWJZaU SQMZ]VS]

HV]F]H NLOND PLHVLรทF\ WHPX ZV]\VF\ E\OLฤณP\ ] QRVDPL Z NVLรฃล NDFK 0DWXU]\ฤณFL ]GDZDOL VZRMH HJ]DPLQ\ D VWXGHQFL VZRMH =DNXZDOLฤณP\ G]LHฤก L QRF SR WR ล HE\ QDVWรทSQHJR GQLD Sร Mฤณรฅ QD HJ]DPLQ QDSLVDรฅ JR ZUร FLรฅ GR GRPX RGHVSDรฅ WURFKรท L WDN Z Nร ฤ NR 3U]\QDMPQLHM NLOND UD]\ Dล GR RVWDWQLHJR HJ]DPLQX &Dฤ H V]F]รทฤณFLH ล H Sร ล QLHM Vรฃ ZDNDFMH LQDF]HM ZV]\VF\ E\ฤณP\ RV]DOHOL ] QDGPLDUX LQIRUPDFML 3U]HG UR]SRF]รทFLHP QRZHJR URNX DNDGHPLFNLHJR ZDUWR VRELH ]DGDรฅ S\WDQLH MDN FKFLDฤ E\P ล HE\ WHQ URN DNDGHPLFNL Z\JOรฃGDฤ " $OER F]HJR FKFLDฤ E\P VLรท QRZHJR QDXF]\รฅ" :V]\VF\ MHVWHฤณP\ ฤณZLDGRPL ล H VDPH VWXGLD QLH Z\VWDUF]รฃ ล HE\ ]QDOHล รฅ FLHNDZรฃ L GREU]H Sฤ DWQรฃ SUDFรท 3RWU]HEQH MHVW MHV]F]H GRฤณZLDGF]HQLH 7\ONR MDN MH ]GRE\รฅ" 3LHUZV]\ SRP\Vฤ NWร U\ SU]\FKRG]L QDP GR Jฤ RZ\ WR SRGMรทFLH SUDNW\NL OXE VWDล X Z MDNLHฤณ ILUPLH 6NRUR PDP\ SUDFRZDรฅ SU]H] QDVWรทSQH NLONDQDฤณFLH ODW Z ]DZRG]LH GR NWร UHJR SU]\JRWRZXMรฃ QDV VWXGLD WR ZDUWR VSUร ERZDรฅ ]REDF]\รฅ MDN Z\JOรฃGD

WR RG VWURQ\ SUDNW\F]QHM -HVW WR ฤณZLHWQH UR]ZLรฃ]DQLH GOD VWXGHQWร Z RVWDWQLFK ODW VWXGLร Z NWร U]\ SRVLDGDMรฃ Z\VWDUF]DMรฃFรฃ ZLHG]รท ล HE\ ]DF]รฃรฅ Z\NRQ\ZDรฅ Z\PDU]RQ\ ]DZร G &R MHฤณOL MHV]F]H QLH MHVWHฤณP\ JRWRZL QD SUDFรท Z ZLHONLP SU]HGVLรทELRUVWZLH D FKFLHOLE\ฤณP\ FRฤณ MHGQDN ]URELรฅ Z NLHUXQNX SRGQLHVLHQLD QDV]\FK NZDOLILNDFML ]DZRGRZ\FK" : RGSRZLHG]L SU]\FKRG]รฃ NRฤ D QDXNRZH L LQQH RUJDQL]DFMH VWXGHQFNLH NWร U\FK QD 8(.X MHVW PQร VWZR ER SRQDG 5REL ZUDล HQLH SUDZGD" 'RGDWNRZR LFK Uร ล QRURGQRฤณรฅ MHVW QD W\OH GXล D ล H NDล G\ PRล H ]QDOHล รฅ FRฤณ GOD VLHELH -DNLH NRU]\ฤณFL GDMH XF]HVWQLFWZR Z RUJDQL]DFMDFK VWXGHQFNLFK" 8F]\V] VLรท SU]HGH ZV]\VWNLP SUDFRZDรฅ Z ]HVSROH F]HJR QLH PD QD Z\Nฤ DGDFK D QD รฅZLF]HQLDFK MHVW ]D PDฤ R 0DV] V]DQVรท SRSUDFRZDรฅ QDG NRPXQLNDFMรฃ ] LQQ\PL OXGล PL RUD] ]GRE\รฅ QRZH ]QDMRPRฤณFL NWร UH SR]RVWDQรฃ QD ODWD D Z SU]\V]ฤ RฤณFL PRJรฃ ]DSURFHQWRZDรฅ ]ZLรทNV]HQLHP WZRLFK PRล OLZRฤณFL ]DZRGRZ\FK .Dล GD RUJDQL]DFMD

MDN Z\QLND ] QD]Z\ MHVW ]RUJDQL]RZDQD 7\ WHล PRล HV] QDXF]\รฅ VLรท MDN SODQRZDรฅ RUJDQL]RZDรฅ L ]DU]รฃG]Dรฅ VREรฃ D WDNล H ]HVSRฤ HP 1LH ZVSRPLQDMรฃF R ฤณZLHWQHM ]DEDZLH L VDW\VIDNFML ] Z\NRQDQHM SUDF\ :V]\VWNR WR PDV] QD Z\FLรฃJQLรทFLH UรทNL Z\VWDUF]\ ล H ]DF]QLHV] G]LDฤ Dรฅ %รทGรฃF NLHG\ฤณ QD UR]PRZLH UHNUXWDF\MQHM QLH EรทG]LHV] PLDฤ SUREOHPX ] RGSRZLHG]Lรฃ QD S\WDQLH MDNLH MHVW 7ZRMH GRฤณZLDGF]HQLH ]DZRGRZH" 3UDFD Z SURMHNFLH ฤณZLHWQLH SRNDล H ล H ZLHV] MDN Z\]QDF]\รฅ ]DSODQRZDรฅ RUD] ]UHDOL]RZDรฅ FHOH D SUDFD Z ]HVSROH ล H SRWUDILV] ZVSร ฤ SUDFRZDรฅ ] LQQ\PL DOH Uร ZQRF]HฤณQLH E\รฅ VDPRG]LHOQ\P L RGSRZLHG]LDOQ\P :VSร ฤ F]HฤณQLH WH NRPSHWHQFMH Vรฃ SRล รฃGDQH X NDQG\GDWร Z UHNUXWRZDQ\FK GR ILUP 1LF G]LZQHJR SRQLHZDล R ZLHOH WUXGQLHM MHVW VLรท QDXF]\รฅ NRPSHWHQFML VSRฤ HF]Q\FK QLล ]GRE\รฅ PHU\WRU\F]Qรฃ ZLHG]รท L NRQNUHWQH XPLHMรทWQRฤณFL NWร UH EH] SUREOHPX GRVWDUF]DMรฃ NXUV\ V]NROHQLD F]\ VWXGLD *DEULHOD /XSD .Rฤ R 1DXNRZH 5R]ZRMX 2VRELVWHJR 8(.

studenci

3DUODPHQW 6WXGHQFNL 8(. _ \ZW[KM W TMX[ba XWbQWU ML]SIKRQ [\]LMV\I +PKM[b _QMLbQMฤ _ RISQ [XW[{J UWฤตM[b _XรฐaVฤ ฤ VI XWLVQM[QMVQM RISWฤฌKQ S[b\IรฐKMVQI' ,W SWOW [Qฤ b_Z{KQฤ _ ZIbQM RISQKPSWT_QMS _ฤ \XTQ_WฤฌKQ' =REDF] MDNLH LQLFMDW\Z\ SRGHMPXMH 36 8(. RUD] F]HJR PRล HV] VLรท QDXF]\รฅ G]LDฤ DMรฃF VDPRU]รฃGRZR F]\ WHล SURMHNWRZR '2ฤ รข&= '2 1$6

DUODPHQW 6WXGHQFNL 8(. UHSUH]HQWXMH LQWHUHV\ ZV]\VWNLFK VWXGHQWร Z SU]HG :ฤ DG]DPL 8F]HOQL =DMPXMHP\ PLHMVFH Z 6HQDFLH NRPLVMDFK :\G]LDฤ RZ\FK L 6HQDFNLFK RUD] 5DGDFK :\G]LDฤ ร Z :VSLHUDP\ SUDFH ZV]\VWNLFK RUJDQL]DFML VWXGHQFNLFK ]DWZLHUG]DP\ SU]\G]LHODQLH SXQNWร Z GOD VWXGHQWร Z SU]H] NRฤ D QDXNRZH RUD] RUJDQL]DFMH VWXGHQFNLH D WDNล H ZVSร ฤ GHF\GXMHP\ R SRG]LDOH ฤณURGNร Z IXQGXV]X SRPRF\ PDWHULDOQHM QD SRV]F]HJร OQH ฤณZLDGF]HQLD

5]HF]QLN 3UDZ 6WXGHQWD RGSRZLH QD 7ZRMH S\WDQLD 3RJRWRZLH 6HV\MQH : F]DVLH VHVML ]DUร ZQR Z VHPHVWU]H ]LPRZ\P L OHWQLP PDFLH PRล OLZRฤณรฅ NRQWDNWX Z UD]LH MDNLFKNROZLHN ZรฃWSOLZRฤณFL ]ZLรฃ]DQ\FK ] SU]HELHJLHP ]DOLF]Hฤก OXE SU]HSURZDG]DQLHP HJ]DPLQร Z 6SHFMDOQLH ] WHJR SRZRGX XUXFKRPLOLฤณP\ SURMHNW 3RJRWRZLH 6HV\MQH NWร UHJR FHOHP MHVW SRPRF VWXGHQWRP H PDLO SRJRWRZLH VHV\MQH#SVXHN SO

5]HF]QLN 3UDZ 6WXGHQWD 2FHQD ]DMรทรฅ G\GDNW\F]Q\FK 'RUDG]D Z VSUDZDFK ]ZLรฃ]DQ\FK ] SU]HVWU]HJDQLHP SU]H] SUDFRZQLNร Z 8F]HOQL SUDZ VWXGHQWD ]DZDUW\FK Z 8VWDZLH VWDWXFLH 8F]HOQL UHJXODPLQLH VWXGLร Z L LQQ\FK DNWDFK SUDZQ\FK -HฤณOL PDV] SUREOHP Z ]Dฤ DWZLHQLX MDNLHMฤณ VSUDZ\ Z G]LHNDQDFLH VรฃG]LV] ล H ]RVWDฤ Hฤณ ล OH SRWUDNWRZDQ\ SU]H] Z\Nฤ DGRZFรท EรฃGล FKFLDฤ E\ฤณ VLรท GRZLHG]LHรฅ F]\ PRล QD MDNRฤณ SRPร F Z 7ZRMHM VSUDZLH ]ZLรฃ]DQHM ] XF]HOQLรฃ

3U]HG UR]SRF]รทFLHP VHVML PRล HFLH ]DPLHQLรฅ VLรท PLHMVFHP ] SURZDG]รฃF\PL L Z\VWDZLรฅ LP RFHQรท -HVW V\JQDฤ HP ]ZURWQ\P GOD Z\Nฤ DGRZF\ D V]F]HJร ฤ RZH XZDJL NWร UH ]DZU]HP\ Z DQNLHWDFK PRJรฃ Xฤ DWZLรฅ GRVNRQDOHQLH SURFHVX G\GDNW\F]QHJR

NXOWXUDOQHJR 3ROHFDP\ Z\GDU]HQLD NXOWXUDOQH SUHPLHU\ Z\VWDZ\ RUJDQL]XMHP\ L SURPXMHP\ NXOWXUรท ZฤณUร G VWXGHQWร Z 5R]GDMHP\ ELOHW\ L ]QLล NL GR ,QVW\WXFML 6]NROHQLD GOD , URNX &KFHP\ SRND]Dรฅ QRZ\P VWXGHQWRP ล H VWXGLD QLH Vรฃ WDNLH VWUDV]QH SRPร F LP EH]SUREOHPRZR ZNURF]\รฅ Z VWXGHQFNLH ล \FLH RUD] ]DSR]QDรฅ ] QDMZDล QLHMV]\PL SXQNWDPL VWDWXWX XF]HOQL =DOHล \ QDP DE\ GRZLHG]LHOL VLรท MDN Z\JOรฃGD VHVMD MDNLH VSUDZ\ PRล QD ]Dฤ DWZLรฅ Z G]LHNDQDFLH RUD] GODF]HJR ZDUWR ]DDQJDล RZDรฅ VLรท Z G]LDฤ DOQRฤณรฅ RUJDQL]DF\MQรฃ .DUWD 6WDURVW\ 3URMHNW WHQ PD QD FHOX SU]HND]Dรฅ QDMZDล QLHMV]H LQIRUPDFMH R SHฤ QLRQHM SU]H] QLFK IXQNFML ]DFKรทFLรฅ GR G]LDฤ DQLD RUD] SRPร F LP ZGURล \รฅ VLรท

']LDฤ NXOWXU\ .UHXMHP\ ล \FLH VWXGHQWร Z SRSU]H] ZVSRPDJDQLH UXFKX QDXNRZHJR

-RODQWD )UDQF]DN 3DUODPHQW 6WXGHQFNL 8(.

studenci

3QU [ฤ AIESECMZba' 6IR[S]\MKbVQMR[baU bM [XW[WJ{_ XW[bMZbIVQI _รฐI[VaKP PWZabWV\{_ _QMLba Q ฤฌ_QILWUWฤฌKQ MHVW QDXND RSLHUDMรฃFD VLรท QD ล \FLRZ\P GRฤณZLDGF]HQLX

QIRUPDFMH ]HEUDQH SRGF]DV RGNU\ZDQLD ]DNรฃWNร Z ฤณZLDWD SR]QDZDQLD RGPLHQQ\FK NXOWXU RUD] ]QDOH]LHQLD VLรท Z QLHFRG]LHQQ\FK V\WXDFMDFK ]RVWDMรฃ ]DNRGRZDQH QD Gฤ XJR D ]DFKRZDQLD UHDOL]RZDQH Vรฃ LQWXLF\MQLH 1LHVWHW\ ]Z\NOH QLH PDP\ RND]ML SRGUร ล RZDรฅ L QDZLรฃ]\ZDรฅ NRQWDNWร Z ] OXGล PL REF\FK L RGGDORQ\FK NUDMร Z JG\ล ZLรฃล H VLรท WR ] Z\VRNLPL NRV]WDPL -HVW WR WD VIHUD VDPRUHDOL]DFML QD NWร Uรฃ QDV t VWXGHQFLDNร Z t QLH VWDรฅ 1LHPQLHM MHGQDN RERN RIHUW ELXU SRGUร ล \ SRUWDOL LQWHUQHWRZ\FK PRล QD eZ\KDF]\รฅe SURSR]\FMH RUJDQL]DFML NWร UH Z\FKRG]รฃ QDSU]HFLZ RF]HNLZDQLRP Pฤ RG\FK OXG]L RUD] SUREOHPRP ZVSร ฤ F]HVQHJR ฤณZLDWD 1DMZLรทNV]รฃ L QLH]DOHล Qรฃ RUJDQL]DFMรฃ Pฤ RG]LHล RZรฃ G]LDฤ DMรฃFรฃ QD FDฤ \P ]LHPVNLP JORELH MHVW $,(6(& -HGQรฃ ] MHM LQLFMDW\Z Vรฃ ZRORQWDULDW\ PLรทG]\QDURGRZH $,(6(& ]DMPXMH VLรท Jฤ ร ZQLH NUHRZDQLHP SRVWDZ OLGHUVNLFK SRSU]H] ]GRE\ZDQLH SUDNW\F]Q\FK GRฤณZLDGF]Hฤก WDNLFK MDN RUJDQL]DFMD OXE Z\MD]G QD Z\PLDQ\ L SUDNW\NL ]DJUDQLF]QH 2UJDQL]DFMD ฤ รฃF]\ VZRMH SURMHNW\ ] UHDOL]DFMรฃ FHOร Z ]Uร ZQRZDล RQHJR UR]ZRMX 21= ZVSLHUD SRGZ\ล V]DQLH MDNRฤณFL HGXNDFML ]GRE\ZDQLH JRGQHM SUDF\ SRSU]H] RUJDQL]RZDQLH SU]\Nฤ DGRZR 'QL .DULHU\ OXE NXUVร Z Mรท]\NRZ\FK $,(6(& 81,9(56,7< 3RSU]H] XG]LDฤ Z SURMHNWDFK PRล QD UHDOQLH ZSฤ \ZDรฅ QD ]PLDQรท V\VWHPX HGXNDFML SRQLHZDล SURMHNW\ NWร UH UHDOL]XMรฃ Vรฃ Z GXล HM PLHU]H VNLHURZDQH GR SODFร ZHN HGXNDF\MQ\FK 1DV]D RUJDQL]DFMD PD QD XZDG]H GEDQLH R ฤณURGRZLVNR D ZV]HODNLH MHM G]LDฤ DQLD Gรฃล รฃ GR ]DSHZQLHQLD SRNRMX QD ฤณZLHFLH Z Z\QLNX SRGZ\ล V]DQLD LQG\ZLGXDOQHM

WROHUDQFML QD RGPLHQQH QRUP\ ]Z\F]DMRZH Z SURFHVLH SU]HQLNDQLD VLรท NXOWXU :RORQWDULDW WR QLH W\ONR QDZLรฃ]DQLH QLHVDPRZLW\FK ]QDMRPRฤณFL SU]\MDล QL F]\ RND]MD GR SRGV]OLIRZDQLD XPLHMรทWQRฤณFL Mรท]\NRZ\FK L SRNRQDQLD Zฤ DVQHM QLHฤณPLDฤ RฤณFL F]\ QLH]DUDGQRฤณFL DOH Uร ZQLHล QLHVDPRZLWD SU]\JRGD :RORQWDULXV]H F]รทVWR GHF\GXMรฃ VLรท QD NUDMH QLHW\SRZH SRGUร ล XMรฃ GR 0HNV\NX :LHWQDPX .LUJLVWDQX 7LUDQ\ 3RGF]DV VZRMHJR SRE\WX G]LDฤ DMรฃ ]D]Z\F]DM Z RUJDQL]DFMDFK FKDU\WDW\ZQ\FK t XF]รฃ G]LHFL DQJLHOVNLHJR ZVSRPDJDMรฃ XERJLH URG]LQ\ $VLD SU]HE\ZDMรฃFD Z 7DMZDQLH RSLV\ZDฤ D VZRMรฃ G]LDฤ DOQRฤณรฅ WDN 0RMD SUDFD SROHJDฤ D QD ZVSร ฤ SUDF\ ] LQQ\PL ZRORQWDULXV]DPL t ZVSร OQ\P SURMHNWRZDQLX RUD] SURZDG]HQLX ]DMรทรฅ GOD G]LHFL SRGF]DV W\JRGQLRZ\FK RER]ร Z RGE\ZDMรฃF\FK VLรท Z Uร ล Q\FK V]NRฤ DFK QD WHUHQLH FDฤ HJR 7DLQDQ /HNFMH WH SRUXV]Dฤ \ WHPDW\Nรท SUREOHPร Z ZVSร ฤ F]HVQHJR ฤณZLDWD SRGF]DV LFK WUZDQLD WZRU]\OLฤณP\ PXOWLNXOWXURZH ฤณURGRZLVNR NWร UH ]DFKรทFDฤ R G]LHFL GR รฅZLF]HQLD VZRLFK XPLHMรทWQRฤณFL Mรท]\NRZ\FK 3RQDGWR WDNL Z\MD]G WR ERPED SR]\W\ZQ\FK HPRFML -HGQD ] ZRORQWDULXV]HN t .ODXGLD QDOHล รฃFD GR ZVSDUFLD :LRVNL ']LHFLรทFHM 626 Z VWROLF\ $OEDQLL ZVSRPLQD 3RGRSLHF]QL ]DUDล DOL SR]\W\ZQรฃ HQHUJLรฃ L XฤณPLHFKHP -HฤณOL W\ONR ]GHQHUZXMH FLรท DEVROXWQD EH]WURVND L GH]RUJDQL]DFMD OXG]L 3Rฤ XGQLD Z\VWDUF]\ SR]ZROLรฅ VLรท SU]\WXOLรฅ QDMEOLล HM VWRMรฃFHPX G]LHFNX :]URVW V]F]รทฤณFLD L HQHUJLL JZDUDQWRZDQ\ 7DN ZLรทF ]DJUDQLF]Q\ Z\MD]G WR WHล SRGDURZDQLH VLHELH LQQ\P W\P NWร U]\ QDMEDUG]LHM WHJR SRWU]HEXMรฃ .DVLD

t WDNล H ]DFKZ\FD VLรท QLH]Z\Nฤ \PL FKZLODPL VSรทG]RQ\PL QD ZRORQWDULDFLH Z .RUHL 3Rฤ XGQLRZHM 0LDฤ DP RND]Mรท RGZLHG]Lรฅ VSRUR FLHNDZ\FK PLHMVF R NWร U\FK ZF]HฤณQLHM PRJฤ DP W\ONR SU]HF]\WDรฅ %\ฤ DP ]DFKZ\FRQD QRFQ\P ZLGRNLHP Z QDGPRUVNLHM PHWURSROLL %XVDQ RUD] WUDG\F\MQรฃ DUFKLWHNWXUรฃ L SU]HSLรทNQ\PL ]DE\WNDPL *\HRQJMX :RORQWDULDW\ ]DJUDQLF]QH GDMรฃ RJURPQH PRล OLZRฤณFL GOD NDล GHJR Pฤ RGHJR F]ฤ RZLHND $E\ Z\MHFKDรฅ QLH WU]HED QDZHW QDOHล Hรฅ GR RUJDQL]DFML t Z\VWDUF]\ W\ONR Z\UD]Lรฅ FKรทรฅ XF]HVWQLF]HQLD Z Z\PLDQLH F]ฤ RQNRZL $,(6(& 'ODWHJR WHล NDล G\ NWR SRVLDGD MDNLHNROZLHN ZรฃWSOLZRฤณFL QLH SRZLQLHQ ZDKDรฅ VLรท DQL FKZLOL Gฤ Xล HM 6DPD SU]\QDOHล QRฤณรฅ GR $,(6(& GDMH Uร ZQLHล PQร VWZR NRU]\ฤณFL JG\ล RUJDQL]DFMD WD G]LDฤ D QD ZLHOX Sฤ DV]F]\]QDFK -HVW WR ZLรทF LGHDOQD DOWHUQDW\ZD GOD Pฤ RG]LHล \ SUDJQรฃFHM URELรฅ FRฤณ SRQDG VWXGLD OXE SUDFรท FKFรฃFHM QDE\รฅ ]GROQRฤณFL NWร UH SU]\GDG]รฃ VLรท MHM Z ล \FLX ]DZRGRZ\P L FRG]LHQQ\P =DWHP MHฤณOL QLH XNRฤกF]\ฤ Hฤณ URNX ล \FLD L FKFHV] QDE\รฅ XPLHMรทWQRฤณFL VSU]HGDล RZH SR]QDรฅ WDMQLNL UR]Pร Z UHNUXWDF\MQ\FK RSDQRZDรฅ SURJUDP\ JUDILF]QH QDZLรฃ]Dรฅ QLHVDPRZLWH ]QDMRPRฤณFL ] Pฤ RG\PL OXGล PL ] FDฤ HJR ฤณZLDWD RUD] MXล RG WHUD] EXGRZDรฅ VLHรฅ NRQWDNWร Z ] ILUPDPL L SRWHQFMDOQ\PL SUDFRGDZFDPL GRฤ รฃF] GR $,(6(& $SOLNDFMD QD F]ฤ RQND $,(6(& RWZDUWD MHVW MXล RG SDล G]LHUQLND ZZZ DLHVHF SO

kurierek

*ฤ RGQ\ ZLHG]\" LWรฐฤ Kb LW OZWVI [\]LMV\{_ =VQ_MZ[a\M\] ,bQMKQฤ KMOW =-3 5ROรฃ 8QLZHUV\WHWX ']LHFLรทFHJR 8(. MHVW GEDQLH R UR]Zร M SRWHQFMDฤ X LQWHOHNWXDOQHJR G]LHFL RUD] UR]EXG]DQLH G]LHFLรทFHM FLHNDZRฤณFL GOD RWDF]DMรฃFHJR ฤณZLDWD LTI\MOW X]VS\MU _aRฤฌKQI LTI VI[baKP _aSรฐIL{_ [ฤ Xa\IVQI

VI S\{ZM _[X{TVQM b LbQMฤ UQ [b]SIUa WLXW_QMLbQ

RGF]DV SLHUZV]HJR VHPHVWUX VLร GPHM MXล HG\FML 8QLZHUV\WHWX ']LHFLรทFHJR QDVL QDMPฤ RGVL VWXGHQFL GRZLHG]รฃ VLรท &]\ SLHQLรทG]\ PRล H E\รฅ ]D GXล R" GU 3LRWU 6WDQHN -DN G]LDฤ D QD QDV UHNODPD" GU .DWDU]\QD 6DQDN .RVPRZVND &R WR MHVW UR]Zร M VSRฤ HF]Q\ L RG F]HJR ]DOHล \" GU LQล 0DJGDOHQD =GXQ 2 F]\P QDGDMH UDGLR QD SDWDJRฤกVNLP VWHSLH" 0DULD +DZUDQHN &]HJR GRZLDGXMHP\ VLรท ] EDGDฤก DUFKHRORJLF]Q\FK"

GU =ELJQLHZ 5REDN &]\P MHVW NRPXQLNDFMD SR]\W\ZQD" PJU /XF\QD :LOLQNLHZLF] *ร UQLDN &]\ NUHDW\ZQRฤณรฅ PRล H VLรท SU]\GDรฅ" 'RPLQLND *รทEDOD -DN Z\JOรฃGDฤ D GDZQD UHNODPD" PJU .DWDU]\QD %XU\ -DN ]DSURMHNWRZDรฅ UHNODPรท" GU 5RNVDQD *Rฤ รทELRZVND D WDNล H -DN ]RVWDรฅ Pฤ RG\P GHWHNW\ZHP" GU KDE -RODQWD :รฃV *XEDฤ D 6WXGHQFL EรทGรฃ PRJOL Z]Lรฃรฅ XG]LDฤ Z ]DMรทFLDFK ] Mรท]\ND DQJLHOVNLHJR SRGF]DV NWร U\FK EรทGรฃ WZRU]\รฅ 0DS\ PLHMVF

Z NWร U\FK PLHV]NDP\ *DUGQHU 6FKRRO RI (QJOLVFK : RIHUFLH ]QDMGรฃ VLรท WDNล H ]DMรทFLD VSRUWRZH ] WHQLVD ]LHPQHJR 6WXGLXP :\FKRZDQLD )L]\F]QHJR L 6SRUWX 8(. 7HUPLQ\ VSRWNDฤก Z VHPHVWU]H ]LPRZ\P WR SDล G]LHUQLND ,QDXJXUDFMD OLVWRSDGD L JUXGQLD RUD] L VW\F]QLD

ZZZ XG XHN NUDNRZ SO

GŁODNY WIEDZY?! Uniwersytet Dziecięcy Uniwersytetu Ekonomicznego w Krakowie zaprasza dzieci w wieku 6-12 lat na ciekawe wykłady, warsztaty i zajęcia sportowe.

NASZE CELE: Ŷ dbanie o rozwój potencjału intelektualnego dzieci Ŷ rozbudzanie dziecięcej ciekawości dla otaczającego świata Ŷ rozwój świadomości ekonomiczno-społecznej i obywatelskiej wśród dzieci Ŷ stwarzanie możliwości wartościowego spędzania wolnego czasu, poszerzania doświadczeń, nawiązywania kontaktów z rówieśnikami

OFERUJEMY: Ŷ Ŷ Ŷ Ŷ

zajęcia w salach wykładowych UEK stałą opiekę nad dziećmi podczas zajęć kadrę naukową UEK spotkania z ekspertami

$QQD .DUZLฤกVND

kurierek

:WbUW_a b 8][bSQMU

2 XF]HQLX VLรท t $OLFMD QLH SU]\MG]LH SRZLHG]LDฤ $OLFMD QLH SU] 3XV]HN ] SRQXUรฃ PLQรฃ t 0D MDNรฃฤณ NODVร ZNรท F]\ FRฤณ WDNLHJRf

VLรท =DNฤ DGND t %R MDNE\ FKFLDฤ FRฤณ QRZHJR WR L WDN PXVLV] VLรท ]QRZX XF]\รฅ t $OH $OLFMD QLH OXEL JUDรฅf

t 1R WR V]NRGD GDZQR MHM QLH ZLG]LDฤ DP $ ] F]HJR WD NODVร ZND" t :ฤ DฤณQLH t 3XV]HN VSRMU]Dฤ QD PQLH EDUG]R QLH]DGRZRORQ\ t ] +,6725,, 3R FR NRPX KLVWRULD" 3U]HFLHล WR MXล E\ฤ Rf t -D WR Z RJร OH QLH UR]XPLHP SR FR VLรท W\OH XF]\รฅ" t 'UXFLDN SRNUรทFLฤ Jฤ RZรฃ t , WR WDNLFK QLHSRWU]HEQ\FK U]HF]\f t =DUD] ]DUD] t ZWUรฃFLฤ DP VLรท V]\ENR t -DN WR QLHSRWU]HEQ\FK" +LVWRULD MHVW SU]HGH ZV]\VWNLP FLHNDZD 3R]ZDOD QD Z\FLHF]Nรท Z SU]HV]ฤ Rฤณรฅ F]DVHP EDUG]R RGOHJฤ รฃf t 1R DOH SR FR" t XSLHUDฤ VLรท 'UXFLDN t 1R FKRFLDล E\ SR WR ล HE\ UR]XPLHรฅ WR FR VLรท G]LHMH WHUD] 3U]HFLHล ZV]\VWNLH Z\GDU]HQLD PDMรฃ VZRMH SU]\F]\Q\ XNฤ DGDMรฃ VLรท Z FRฤณ Z URG]DMX ฤ DฤกFXV]NDf t 1R Zฤ DฤณQLH , WDN SRZVWDMH FDฤ \ REUD] ] SRV]F]HJร OQ\FK NDZDฤ Nร Z t GRGDฤ D =DNฤ DGND t ,QDF]HM QLH ZLGDรฅ VHQVX t 3R]D W\P ]QDMRPRฤณรฅ KLVWRULL MHVW ZDล QD ER XF]\P\ VLรท ] F]HJR PRล HP\ GXPQL D FR SRZLQQLฤณP\ QDSUDZLรฅ ]PLHQLรฅ .LHG\ฤณ VLรท QDZHW Pร ZLฤ R ]H eKLVWRULD MHVW QDXF]\FLHONรฃ ล \FLDr t 1R GREU]H ]JRG]Lฤ VLรท QLHFKรทWQLH 'UXFLDN SDWU]รฃF QD PQLH NRVR t 0Rล H PDV] WURFKรท UDFML $OH L WDN XZDล DP ล H ]D GXล R MHVW WHJR XF]HQLD VLรท , QD SHZQR QLH ZV]\VWNR MHVW SRWU]HEQH :LรทFHM UR]Pร Z ] 3XV]NLHP PRล QD ]QDOHล รฅ Z NVLรฃล FH $QQ\ .DUZLฤกVNLHM e5R]PRZ\ ] 3XV]NLHP R Z\REUDล QL SU]\MDล QL L UR]XPLHQLX LQQ\FKr Z\G :$0 .UDNร Z RUD] e3XV]HN 'UXFLDN =DNฤ DGND L LQQH ,VW\r Z\G 1&. :DUV]DZD U\V $QQD 3RGF]DV]\

t %R WR SRZLQQR E\รฅ WDN t SRZLHG]LDฤ 3XV]HN t ล H QDXF]\P\ VLรท WHJR FR QDMZDล QLHMV]H L SRWHP MXล PDP\ VSRNร M , F]DV QD LQQH SU]\MHPQLHMV]H VSUDZ\ t 1RR 1D SU]\Nฤ DG QD JU\ NRPSXWHURZH t Rล \ZLฤ VLรท 1LFLDN t 3RG ZDUXQNLHP ล H EรทG]LHV] JUDฤ Z VWDUH JU\ NWร UH MXล XPLHV] t Zฤ รฃF]\ฤ D

t $OLFMD t SRZLHG]LDฤ DP ] QDFLVNLHP SDWU]รฃF QD 'UXFLDND t EรทG]LH VLรท XF]\ฤ D Zฤ DฤณFLZLH SU]H] FDฤ H ล \FLH , FR ZLรทFHM WHUD] MXล QLH FKRG]L R WR ล HE\ VWDZDฤ D VLรท FKRG]รฃFรฃ HQF\NORSHGLรฃ SDPLรทWDMรฃFรฃ NDล G\P V]F]HJร ฤ 5DF]HM R WR ล HE\ XPLDฤ D V]XNDรฅ FLรฃJOH QRZ\FK LQIRUPDFML L XPLDฤ D MH Z\NRU]\VW\ZDรฅ ฤฒZLDW VLรท ]PLHQLD FRUD] V]\EFLHM L QDV]D ZLHG]D RNURSQLH VLรท VWDU]HMH t &K\ED QLH ]DZV]H WDN E\ฤ R" t SRZรฃWSLHZDMรฃFR VS\WDฤ 3XV]HN t $ PรทGUF\ Z VWDU\FK F]DVDFK WHล VLรท FLรฃJฤ H XF]\OL" t 5]HF]\ZLฤณFLH ZLHOH ZLHNร Z WHPX ]PLDQ\ ]DFKRG]Lฤ \ QLHFR ZROQLHM t SU]\]QDฤ DP $OH MHฤณOL SU]HVWDMHP\ VLรท XF]\รฅ WR ]DSRPLQDP\ QDZHW WR FR XPLHOLฤณP\ 1D SU]\Nฤ DG MDN XSDGฤ R VWDURล \WQH ,PSHULXP 5]\PVNLH ล \FLH Z (XURSLH RJURPQLH VLรท ]PLHQLฤ R 1D JRUV]H :\REUDล FLH VRELH ล H OXG]LH ]DSRPQLHOL MDN VLรท UREL FHUDPLNรท WNDQLQ\ QDU]รทG]LD $UFKHRORJRZLH ]DXZDล \OL ล H ]DPLDVW Xล \ZDรฅ NROD JDUQFDUVNLHJR OXG]LH QD SRF]รฃWNX ฤฒUHGQLRZLHF]D ] SRZURWHP OHSLOL JDUQNL UรทF]QLH t $OH WHUD] WR FK\ED E\ฤ RE\ QLHPRล OLZH t SRZLHG]LDฤ 3XV]HN t 3U]HFLHล ZV]\VWNR MHVW JG]LHฤณ ]DSLVDQH PRล QD ]QDOHล รฅ Z ,QWHUQHFLHf t $ MDNE\ WDN QDMHFKDOL QDV NRVPLFL ]DZRฤ Dฤ 'UXFLDN t L ZV]\VWNR ]QLV]F]\OL" ,QWHUQHW WHล 7R FR" t 7R UDF]HM PDฤ R SUDZGRSRGREQH XฤณPLHFKQรทฤ DP VLรท t $OH WR Zฤ DฤณQLH MHVW GRGDWNRZ\ DUJXPHQW ]D XF]HQLHP VLรท -HฤณOL FKFLHOLE\ฤณP\ RGEXGRZDรฅ QDV]รฃ F\ZLOL]DFMรท PXVLHOLE\ฤณP\ ZLHG]LHรฅ MDN WR ]URELรฅ t 1R L KLVWRULD E\ VLรท SU]\GDฤ D t GRU]XFLฤ D NSLรฃFR =DNฤ DGND t ZLHG]LHOLE\ฤณP\ MDN VRELH UDG]LOL Z VWDU\FK F]DVDFK

t = WHJR Z\QLND ล H ZV]\VF\ PXV]รฃ D ล H ZV]\VF\ PXV]รฃ VLรท XF]\รฅ t ]DVPXFLฤ VLรท 1LFLDN t 7R ]QDF]\ ล H QLH PD ล DGQHM ZROQRฤณFL %R MDNE\ NWRฤณ QLH FKFLDฤ WR FR PRล QD JR ]PXVLรฅ" $ FR ] SUDZHP GR Z\ERUX" t 2ERZLรฃ]NRZD MHVW QDXND QD SRGVWDZRZ\P SR]LRPLH t SRZLHG]LDฤ DP SRZDล QLH t 2F]\ZLฤณFLH SRWHP PRล QD VRELH Z\EUDรฅ F]\ FKFH VLรท GDOHM XF]\รฅ F]\ QLH $OH WR QLH MHVW WDNLH SURVWH %R MDN WDNL NWRฤณ ]QDMG]LH SUDFรท" &R EรทG]LH URELฤ " &]\OL VNRU]\VWDQLH ] WDNLHM eZROQRฤณFLr PRJฤ RE\ Z SU]\V]ฤ RฤณFL EDUG]R F]ฤ RZLHND RJUDQLF]Dรฅ $ Z GRGDWNX FRUD] F]รทฤณFLHM EรทG]LHP\ PXVLHOL ]PLHQLDรฅ ]DZRG\ 2VRED Z ZLHNX $OLFML SHZQLH ] VLHGHP DOER L G]LHVLรทรฅ UD]\ Z VZRLP ล \FLX t &Rฤณ WDNLHJR" t ]DFKZ\FLฤ VLรท 3XV]HN t $ WR FLHNDZH" 7R FR RQD EรทG]LH URELฤ D QD SU]\Nฤ DG ]D GZDG]LHฤณFLD ODW" t 7HJR QLNW MHV]F]H QLH ZLH 3RZVWDQรฃ FDฤ NLHP QRZH G]LHG]LQ\ 0Rล H EรทG]LH SURMHNWRZDรฅ FDฤ NLHP QRZH PDWHULDฤ \ R QLH]QDQ\FK G]LVLDM Zฤ DฤณFLZRฤณFLDFK PRล H EรทG]LH VWHURZDรฅ SRJRGรฃ D PRล H SU]\ SRPRF\ RJURPQHJR WUร MZ\PLDURZHJR XU]รฃG]HQLD EรทG]LH WZRU]\รฅ QRZH SU]HGPLRW\ DOER QDZHW EXGRZOH D PRล H UR]PDZLDรฅ ]H ]ZLHU]รทWDPL SU]\ SRPRF\ VSHFMDOQ\FK SU]HWZDU]DF]\f 2NDล H VLรทf NLHG\ฤณf t 1R WR VXSHU t UR]HQWX]MD]PRZDฤ VLรท 'UXFLDN t D QLH PRล QD E\ MXล G]LVLDM VLรท R W\P SRXF]\รฅ" t 3HZQLH PRล QD W\ONR WU]HED SRV]XNDรฅ LQIRUPDFML t ]DฤณPLDฤ D VLรท =DNฤ DGND

-DN P\ฤณOLV] MDNLH QRZH ]DZRG\ SRZVWDQรฃ ]D GZDG]LHฤณFLD F]\ SLรทรฅG]LHVLรฃW ODW" $ 7\ FR FKFLDฤ E\ฤณ FKFLDฤ DE\ฤณ URELรฅ Z SU]\V]ฤ RฤณFL" &R SRZLQQR ]PLHQLรฅ VLรท Z V]NROH ล HE\ G]LHFL FKรทWQLHM VLรท XF]\ฤ \" &R WR ]QDF]\ eXF]HQLH VLรท SU]H] FDฤ H ล \FLHr " 'ODF]HJR MHVW ZDล QH" &]\ XF]\P\ VLรท W\ONR Z V]NROH"

wspomnienie

5HNWRU $NDGHPL (NRQRPLF]QHM Z ODWDFK

8ZWN 2IV 5 5IðMKSQ t

3WKPIVa 8IVQM 8ZWNM[WZbM WDN QLHGDZQR Z $XOL &ROOHJLXP 0DLXV Z\JğDV]DğHP ODXGDFM÷ QD 7ZRMã F]Hĳå ] RND]ML OHFLD RGQRZLHQLD 7ZHJR 'RNWRUDWX QD 8QLZHUV\WHFLH -DJLHOORġVNLP = FKDUDNWHU\VW\F]Qã GOD &LHELH VNURPQRĳFLã L DXWRLURQLã VNDUFLğHĳ PQLH ZÐZF]DV őH ] SU]HVDGã SU]HGVWDZLDğHP 7ZRMH ]DVğXJL -DN ZL÷F PDP &L÷ G]LVLDM SRőHJQDå MDNR 7ZÐM XF]Hġ Z LPLHQLX 7ZRMHM .DWHGU\" *G\ 7ZRMD $NDGHPLD (NRQRPLF]QD SRVWDQRZLğD QDGDå &L JRGQRĳå GRNWRUD KRQRULV FDXVD t SURIHVRU +HQU\N 6DPVRQRZLF] t QDSLVDğ eSURIHVRU -DQ 0DğHFNL MHVW MHGQ\P ] QDMZ\ELWQLHMV]\FK XF]RQ\FK Z JURQLH KLVWRU\NÐZ SROVNLFK GREU]H ]DVğXőRQ\P GOD VZ\FK XF]QLÐZ GOD NROHJÐZ ]DVğXőRQ\P GOD VZHJR PLDVWD VZHJR NUDMX VZHJR ]DZRGX ']LHğR 3URIHVRUD -DQD 0DğHFNLHJR WR LPSRQXMãF\ GRUREHN QDXNRZ\ 7UXGQR MHVW G]LVLDM Z\PLHQLDå ZV]\VWNLH REV]DU\ DNW\ZQRĳFL QDXNRZHM 3URIHVRUD -HM HIHNWHP Vã ]DUÐZQR ZLHONLH V\QWH]\ SUDFH KLVWRU\F]QR SUREOHPRZH ŏUÐGğR]QDZF]H ELRJUDILF]QH ELEOLRJUDILF]QH L PHWRGRORJLF]QH OLF]QH DUW\NXğ\ UHFHQ]\MQH MDN L SUDFH SRSXODUQR QDXNRZH ']Lĳ .DWHGUD +LVWRULL *RVSRGDUF]HM L 6SRğHF]QHM ] NWÐUã 3URIHVRU E\ğ ]ZLã]DQ\ QLHRPDO SU]H] ODW MHVW VWUDőQLF]Nã WHJR GRURENX 7HQ GRUREHN LQVSLUXMH L FLãJOH QDELHUD QD VZRMHM DNWXDOQRĳFL 72

=DZV]H RWZDUW\ GOD GLDORJX L FLHNDZ\ GLDORJX ] LQQ\P SURIHVRU 0Dฤ HFNL EDUG]R ZF]HฤณQLH ]QDOD]ฤ VLรท Z JURQLH XF]HVWQLNร Z HOLWDUQ\FK VHPLQDULร Z QDXNRZ\FK RUJDQL]RZDQ\FK SU]H] SDSLHล D -DQD 3DZฤ D ,, Z &DVWHO *DQGROIR %\ฤ \ RQH P LQ ZDล Qรฃ IRUPรฃ NRQWDNWX SROVNLFK HOLW LQWHOHNWXDOQ\FK ] 3DSLHล HP L Sฤ DV]F]\]Qรฃ G\VNXVML QDG SRGVWDZRZ\PL SUREOHPDPL ZVSร ฤ F]HVQRฤณFL WDNล H Z Z\PLDU]H KLVWRULR]RILF]Q\P L SROLW\F]Q\P Z WUXGQ\P F]DVLH VWDQX ZRMHQQHJR

a ZLDGRPRฤณรฅ R ฤณPLHUFL 3URIHVRUD -DQD 0Dฤ HFNLHJR VLรทJQรฃฤ HP QD Sร ฤ Nรท SR MHJR NVLรฃล Nรท e']LHMH :LWNRZLF L *ร UNL 1DURGRZHM GDZQ\FK ZVL .DSLWXฤ \ .DWHGUDOQHM =H VWXGLร Z QDG SU]HGPLHฤณFLDPL .UDNRZDr 7R RVWDWQLD NVLรฃล ND MDNรฃ RWU]\PDฤ HP RG 1LHJR ] RVRELVWรฃ GHG\NDFMรฃ 8G]LHODฤ HP ELHU]PRZDQLD Z :LWNRZLFDFK D 3URIHVRU t MXล SRZDล QLH FKRU\ t SRIDW\JRZDฤ VLรท GR NRฤณFLRฤ D DE\ PL Mรฃ RVRELฤณFLH ZUรทF]\รฅ :VWรทS GR WHM NVLรฃล NL RGELMD GRVNRQDOH GZD ]DVDGQLF]H Z\PLDU\ GXFKRZHJR SRUWUHWX SURI 0Dฤ HFNLHJR 3URIHVRU ] FDฤ รฃ SURVWRWรฃ VWZLHUG]D QDMSLHUZ ล H NVLรฃล ND VWDQRZL SLHUZV]รฃ SRZDล Qรฃ PRQRJUDILรท

6WDQ ZRMHQQ\ E\ฤ GOD SURI -DQD 0Dฤ HFNLHJR F]DVHP V]F]HJร OQHM SUร E\ -DNR MHJR DV\VWHQW PDP G]Lฤณ RERZLรฃ]HN GDรฅ ฤณZLDGHFWZR MHJR SRVWDZ\ MDNR 5HNWRUD $NDGHPLL (NRQRPLF]QHM =QDF]HQLD NDGHQFML UHNWRUD -DQD 0Dฤ HFNLHJR t Z\EUDQHJR Z SLHUZV]\FK Z SHฤ QL GHPRNUDW\F]Q\FK Z\ERUDFK t QLH PRล QD SU]HFHQLรฅ 2EMรฃฤ IXQNFMรท UHNWRUD ZU]HฤณQLD URNX Z JRUรฃF\P F]DVLH SLHUZV]HM 6ROLGDUQRฤณFL :SURZDG]HQLH VWDQX ZRMHQQHJR SU]HVรฃG]Lฤ R R GDOV]\P SU]HELHJX FR GRSLHUR UR]SRF]รทWHM NDGHQFML -HM Jฤ ร ZQ\P FHOHP VWDรฅ VLรท PLDฤ D REURQD GRSLHUR FR X]\VNDQHM DXWRQRPLL 8F]HOQL L WURVND R EH]SLHF]HฤกVWZR SUDFRZQLNร Z L VWXGHQWร Z : WHM WUXGQHM FKZLOL SURIHVRU 0Dฤ HFNL ]QDNRPLFLH Z\ZLรฃ]Dฤ VLรท ] SRZLHU]RQHJR PX SU]H] VSRฤ HF]QRฤณรฅ DNDGHPLFNรฃ PDQGDWX ]DXIDQLD 1D SRGNUHฤณOHQLH ]DVฤ XJXMH JRGQRฤณรฅ L UR]ZDJD ] MDNรฃ SU]HSURZDG]Lฤ $NDGHPLรท SU]H] VWDQ ZRMHQQ\ 'REURWOLZ\ L RWZDUW\ QD OXG]L GDZDฤ QDP SRF]XFLH EH]SLHF]HฤกVWZD -HJR UR]ZDล QD SRVWDZD Z ]QDF]รฃF\ VSRVร E ]DGHF\GRZDฤ D R W\P Lล ล DGHQ SUDFRZQLN OXE VWXGHQW $NDGHPLL QLH ]RVWDฤ DUHV]WRZDQ\ 3URZDG]RQ\ Zร ZF]DV SU]H] 3URIHVRUD G]LHQQLN RVRELVW\ SHฤ Q\ MHVW NRPHQWDU]\ GRW\F]รฃF\FK VSRWNDฤก ]DUร ZQR ] RILFMDOQ\PL SU]HGVWDZLFLHODPL

:LWNRZLF L *ร UNL 1DURGRZHM ล H SLV]รฃF Mรฃ PXVLDฤ GRNRQDรฅ QLH]Z\NOH REV]HUQHM NZHUHQG\ DUFKLZDOQHM L ELEOLRWHF]QHM 3RWHP MHGQDN ]DUD] VWZLHUG]D ล H QLH XGDฤ R PX VLรท GRWU]Hรฅ GR ZV]\VWNLFK ล Uร GHฤ QS SU\ZDWQ\FK 8EROHZD WDNล H ล H QLH XGDฤ R PX VLรท GREU]H SR]QDรฅ RSLV\ZDQ\FK VSRฤ HF]QRฤณFL =D NUร WNR ERZLHP E\ฤ WXWHMV]\P PLHV]NDฤกFHP QLH PD ZLรทF ]D ZLHOH RVRELVW\FK ZVSRPQLHฤก RUD] ZLHOX PLHMVFRZ\FK NRQWHNVWร Z L UHDOLร Z FLรฃJOH MHV]F]H QLH UR]XPLHf :ฤ DฤณQLH WDNL E\ฤ 3URIHVRU 0Dฤ HFNL t F]ฤ RZLHN QLHSRVSROLWHM SUDFRZLWRฤณFL L SRUDล DMรฃFHM ZUรทF] ZLHG]\

UHล LPX MDN L ]H ฤณURGRZLVNDPL DNDGHPLFNLPL 5HNWRU 0Dฤ HFNL Z W\P Z\MรฃWNRZR WUXGQ\P F]DVLH EURQLฤ SRGVWDZRZ\FK ZDUWRฤณFL L ZROQRฤณFL QDXNL = WHM SUร E\ Z\V]HGฤ ]Z\FLรทVNR 7R Zฤ DฤณQLH 5HNWRURZL 0Dฤ HFNLHPX $NDGHPLD MHM SUDFRZQLF\ L VWXGHQFL ]DZG]LรทF]DMรฃ SU]HSURZDG]HQLH SHZQรฃ UรทNรฃ SU]H] UDI\ VWDQX ZRMHQQHJR ZF]HVQ\FK ODW RVLHPG]LHVLรฃW\FK 0LVMรท VZรฃ 5HNWRU 0Dฤ HFNL Z\SHฤ QLฤ QLH W\ONR ] RGZDJรฃ L SRฤณZLรทFHQLHP DOH L ZLHONรฃ ล \F]OLZRฤณFLรฃ GOD OXG]L JRWRZRฤณFLรฃ GR SRPRF\ D SU]\ W\P U]DGNR VSRW\NDQรฃ VNURPQRฤณFLรฃ

wspomnienie

&KFLDฤ E\P ]Zฤ DV]F]D SRGNUHฤณOLรฅ ]QDF]HQLH SRGMรทW\FK SU]H] 3URIHVRUD EDGDฤก QDG G]LHMDPL ล \Gร Z SROVNLFK 3XEOLNDFMH WH QLH W\ONR RG]ZLHUFLHGODMรฃ V]HUV]H ]DLQWHUHVRZDQLD 3URIHVRUD SUREOHPDW\Nรฃ ZLHORHWQLF]QRฤณFL L PQLHMV]RฤณFL DOH V\PEROL]XMรฃ IRUPDW &]ฤ RZLHND 'LDORJX 3URIHVRU QDOHล Dฤ GR JUXS\ SROVNLFK KLVWRU\Nร Z NWร U]\ MXล Z ODWDFK RVLHPG]LHVLรฃW\FK UR]SRF]รทOL GLDORJ ] KLVWRU\NDPL ] ,]UDHOD 8F]HVWQLF]\ฤ P LQ Z NRQIHUHQFML Z -HUR]ROLPLH Z URNX NWร Uรฃ X]QDรฅ WU]HED ]D MHGHQ ] SU]Hฤ RPRZ\FK PRPHQWร Z Z EXGRZDQLX PRVWร Z ZVSร ฤ SUDF\ 3RODNร Z L ล \Gร Z QDG EDGDQLDPL ZVSร OQHM KLVWRULL -DNR ]DVฤ Xล RQ\ GOD GLDORJX FKU]HฤณFLMDฤกVNR ล \GRZVNLHJR L SROVNR ล \GRZVNLHJR 3URIHVRU -DQ 0Dฤ HFNL RWU]\PDฤ SU]HG URNLHP 1DJURGรท LP .V 6WDQLVฤ DZD 0XVLDฤ D

-HJR 2VRED V\PEROL]XMH KLVWRU\F]Qรฃ ]PLDQรท QD GURG]H Z\FKRG]HQLD ZVSร OQRW\ DNDGHPLFNLHM ] WRWDOLWDU\]PX L WZRU]HQLD IXQGDPHQWร Z SRG DXWRQRPLรท V]NRฤ \ Z\ล V]HM .RFKDQ\ 3DQLH 3URIHVRU]H = RND]ML OHFLD RGQRZLHQLD 7ZHJR 'RNWRUDWX SRZWDU]Dฤ HP ]D 7DOPXGHP eV]F]รทฤณOLZ\ XF]Hฤก NWร U\ G]LรทNXMH VZHPX QDXF]\FLHORZLr ']Lฤณ PXV]รท GRGDรฅ t ล HJQDM 3U]\MDFLHOX 3U]HPร ZLHQLH Z\Jฤ RV]RQH SRGF]DV SRJU]HEX 3URI -DQD 0 0Dฤ HFNLHJR SU]H] SURI GU KDE -DFND 3XUFKOรท

RUD] Uร ZQLH SRUDล DMรฃFHM SRNRU\ :LHG]D L SRNRUD F]\QLฤ \ *R SU]\MD]Q\P ZREHF OXG]L 1LH EDฤ VLรท SRGHMPRZDรฅ WHPDW\ NWร UH QDMF]รทฤณFLHM SU]\SRPLQDMรฃ SROH ELWZ\ 3RG MHJR SLร UHP VWDZDฤ \ VLรท PRVWDPL t REV]DUDPL VSRWNDQLD L GLDORJX ']LรทNXMรท %RJX ]D WR ล H Zฤ DฤณQLH 3URIHVRU 0Dฤ HFNL VWDฤ t MDNR MHGHQ ] QLHZLHOX XF]RQ\FK t X SRF]รฃWNX :\G]LDฤ X +LVWRULL .RฤณFLRฤ D Z 3DSLHVNLHM $NDGHPLL 7HRORJLF]QHM L ล H Z\]QDF]\ฤ Z ]RERZLรฃ]XMรฃF\ VSRVร E MHJR HWKRV DES *U]HJRU] 5\ฤณ

wspomnienie

2IV 5 5IรฐMKSQ ZVSRPQLHQLD

L HNRQRPLL ฤ รฃF]\ฤ ] QLP WHPSHUDPHQW RMDZLฤ VLรท Z QDV]HM 8F]HOQL SROLW\F]Q\ FR GRSURZDG]Lฤ R JR GR Zร ZF]DV :\ล V]HM 6]NROH (NRQRPLF]QHM Z W\P VDP\P F]DVLH REMรทFLD IXQNFML SUH]\GHQWD PLDVWD .UDNRZD 2E\GZDM PLHOL MDVQH Zฤ DVFR MD L JURQR VRFMRORJร Z L ILOR]RIร Z QH ZL]MH QLH W\ONR JRVSRGDUNL DOH NWร U]\ PLHOL WZRU]\รฅ NDWHGUรท QDV]\FK FDฤ HM F\ZLOL]DFML %\OL KXPDQLVWDPL G\VF\SOLQ SRZRฤ DQรฃ Z DWPRVIHU]H SROLW\F]QHM RGZLOล \ E\ ]DNRฤกF]\รฅ SDQRZDQLH PDUNVL]PX :V]\VF\ E\OLฤณP\ =DG]LZLDMรฃF\ MHVW WHQ WHPSHUDPHQW KXPDQLVWร Z NWร U\ GRFKRG]L GR XF]QLDPL PLVWU]ร Z VZ\FK G\VF\SOLQ 5RPDQD ,QJDUGHQD 0DULL 2VVRZVNLHM Jฤ RVX JG\ SRZVWDMH QD WR SRWU]HED 1LHFK SU]\Nฤ DGHP EรทG]LH VWDUV]D L 3DZฤ D 5\ELFNLHJR 2Q VWDUV]\ RG NROHล DQND -DQD 0Dฤ HFNLHJR -DQLQD QDV R FR QDMPQLHM G]LHVLรทรฅ ODW Z\V]HGฤ ] XQLZHUV\WHFNLHJR VHPLQDULXP %LHQLDU]RZQD NWร UD JG\ SRMDZLฤ R VLรท QD WR ]DSRWU]HERZDQLH SU]\Mรทฤ D Z\ELWQHJR KLVWRU\ND :ฤ DG\Vฤ DZD .RVWDQRZLVNR SLHUZV]HM SU]HZRGQLQRSF]\ฤกVNLHJR :V]\VF\ UHSUH]HQF]รฃFHM XF]HOQLDQHM e6ROLGDUQRฤณFLr WRZDOLฤณP\ XF]HOQLDQรฃ KXPDQLVW\Nรท SURZDG]รฃF Mรฃ HQHUJLF]QLH L UR]VรฃG2SUร F] KLVWRU\Nร Z SURIHVRUร Z 6WDQLH &R ZDล QH SUDFXMรฃF QDXNRZR QLVฤ DZD +RV]RZVNLHJR L -DQLQ\ %LHL QLH SU]HVWDMรฃF Z\NRQ\ZDรฅ HNVSHUQLDU]ร ZQ\ P\ฤณOHQLH KXPDQLVW\F]QH UHSUH]HQWRZDOL Jฤ ร ZQLH GZDM SUDZQLF\ W\] Z OLF]Q\FK Zร ZF]DV SURFHVDFK EHDW\ILNDF\MQ\FK L ]QDZF\ GRNWU\Q *U]HJRU] /HRSROG 6HLGOHU L :LNWRU %RQLHFNL &]DVร Z -DQ 0 0Dฤ HFNL RGUร ล QLDฤ VLรท 0LPR 6HLGOHUD QLH SDPLรทWDP OHF] JG\ IXQNFML SXEOLF]Q\FK NWร UH SHฤ QLฤ E\ฤ MDNR ]Dฤ Rล \FLHO L UHNWRU 8QLZHUV\WHWX F]ฤ RZLHNLHP VNURPQ\P VWURQLรฃF\P 0DULL 6Nฤ RGRZVNLHM &XULH RGZLHG]Dฤ RG G\QDPLF]QHJR SU]RGRZDQLD QDV]รฃ 8F]HOQLรท XWU]\P\ZDฤ EOLVNLH 3LHUZV]รฃ VZรฃ IXQNFMรท REMรฃฤ MDNR NRQWDNW\ ] SURIHVRUHP /HV]NLHP RSLHNXQ 'RPX 6WXGHQFNLHJR .DVSU]\NLHP 7\S HXURSHMVNLHJR e)DILNr NWร Uรฃ SRWHP SU]HMรฃฤ HP LQWHOHNWXDOLVW\ XF]Hฤก /HRQD 3HWUDล \] -HJR UรฃN :NUร WFH ]RVWDฤ SURFNLHJR VWXGHQW ] :LHGQLD L 2[IRUGX UHNWRUHP 8F]HOQL : SU]HPLDQDFK *U]HJRU] /HRSROG 6HLGOHU E\ฤ RVREรฃ ZF]HVQ\FK ODW p Z\VWรทSXMH G\QDPLF]Qรฃ PRFQR ]DDQJDล RZDQรฃ Z UROL DXWRU\WHWX ZU]HฤณQLD Z ล \FLH SXEOLF]QH 3RGREQLH MDN 6HSU]HZRGQLF]\ ZDล QHPX VSRWNDLGOHU :LNWRU %RQLHFNL SRFKRG]รฃF\ ] *DOLFML ZVFKRGQLHM DEVROZHQW SUDZD QLX SUDFRZQLNร Z SRฤณZLรทFRQHPX

yฤ Z\ELWQ\P KLVWRU\NLHP R Z\MรฃWNRZ\FK ]DOHWDFK XP\Vฤ X L VHUFD F]ฤ RQNLHP F]\QQ\P 3ROVNLHM $NDGHPLL 8PLHMรทWQRฤณFL *ฤ ร ZQH MHJR SROH EDGDZF]H SU]\QDMPQLHM QD GURG]H GR VWRSQL QDXNRZ\FK VWDQRZLฤ D KLVWRULD JRVSRGDUF]D ]Zฤ DV]F]D KLVWRULD KDQGOX %DGDQLD NWร UH SURZDG]Lฤ ZSLV\ZDฤ \ VLรท Z QRZRF]HVQH QXUW\ KLVWRULRJUDILL %\ฤ Uร ZQRF]HฤณQLH MHGQ\P ] QDMEDUG]LHM ]DVฤ Xล RQ\FK MHล HOL QLH MHG\Q\P Z WHM VNDOL EDGDF]HP G]LHMร Z .UDNRZD .UDNRZLDQLQHP VLรท VWDฤ 3RNRFKDฤ WR PLDVWR FKRรฅ t MDN VDP SRZLHG]LDฤ t eQLH

PLฤ RฤณFLรฃ EH]NU\W\F]Qรฃr :VSร ฤ LQLFMRZDฤ SRZVWDQLH ZLHORWRPRZHJR RSUDFRZDQLD G]LHMร Z PLDVWD L PLDฤ Z QLP ERGDM QDMZLรทNV]\ ZNฤ DG DXWRUVNL -HJR DXWRUVWZD MHVW ]DU\VRZDQH RSUDFRZDQLH +LVWRULD .UDNRZD GOD NDล GHJR NWร UH PD G]Lฤณ WDNล H ZHUVMรท DQJORMรท]\F]Qรฃ 1LH VSRVร E SRPLQรฃรฅ MHJR Z\GDZQLFWZD ล Uร Gฤ RZHJR +DQGHO ล \GRZVNL .UDNRZD Z NRฤกFX ;9, L Z ;9,, ZLHNX D WDNล H Z]RURZHM PRQRJUDILL ']LHMH :LWNRZLF L *ร UNL 1DURGRZHM GDZQ\FK ZVL NDSLWXฤ \ NDWHGUDOQHM =H VWXGLร Z QDG SU]HGPLHฤณFLDPL .UDNRZD 7HPDW\FH NUDNRZVNLHM SRฤณZLรทFLฤ

SRZRฤ DQLX ]ZLรฃ]NX ]DZRGRZHJR e6ROLGDUQRฤณรฅr SU]\ $( -HVW WR SLHUZV]\ V\JQDฤ PDMรฃF\FK QDGHMฤณรฅ ]PLDQ PDMD ]RVWDMH SR UD] SLHUZV]\ Z\EUDQ\ QLH ]Dฤณ MDN GRW\FKF]DV PLDQRZDQ\ QD VWDQRZLVNR 5HNWRUD 3ร ฤ URNX Sร ล QLHM VWDQ ZRMHQQ\ 1DVWDMH F]DV FLรทล NLHM SUร E\ GOD :ฤ DG] 8F]HOQL 6ZRMรฃ NRQF\OLDF\MQรฃ SRVWDZรฃ SU]HSURZDG]D $( SU]H] ODWD VWDQX ZRMHQQHJR :\NRU]\VWXMรฃF DXWRU\WHW MDNLP VLรท FLHV]\ฤ 5H]\JQXMH ] NDQG\GRZDQLD QD GUXJรฃ NDGHQFMรท L SRZUDFD GR SUDF\ QDXNRZHM +LVWRU\N PLDVW XF]HVWQLF]\ Z ZLHONLP SURMHNFLH DXWRUVWZD e']LHMร Z .UDNRZDr 3R]RVWDMH Z XF]HOQL F]Rฤ RZ\P EDGDF]HP t KXPDQLVWรฃ DXWRU\WHWHP PRUDOQ\P RGGDQ\P VSUDZLH 8F]HOQL ]DZV]H JRWRZ\P Mรฃ ZVSLHUDรฅ &]ฤ RZLHN QLH]Z\NOH VNURPQ\ Z\VRFH FHQLRQ\ G]LรทNL VZHM ZLHG]\ L ล \F]OLZRฤณFL MDNรฃ OXG]LRP RND]\ZDฤ -HJR ]DVฤ XJL ]RVWDฤ \ X]QDQH SU]H] 6HQDW NWร U\ Z PDMX URNX QDGDฤ -DQRZL 0 0Dฤ HFNLHPX W\WXฤ VZHJR GRNWRUD KRQRURZHJR SURI -HU]\ 0LNXฤ RZVNL 3RPRUVNL 5HNWRU $NDGHPLL (NRQRPLF]QHM Z .UDNRZLH Z ODWDFK

ZLHOH DUW\NXฤ ร Z QDXNRZ\FK L Z\Jฤ DV]DQ\FK SU]\ URล Q\FK RND]MDFK UHIHUDWร Z 1LH GDMรฃFH VLรท SU]HFHQLรฅ ]DVฤ XJL PLDฤ MDNR QDXNRZ\ UHGDNWRU NUDNRZLDQร Z Jฤ RZQLH Z UDPDFK 7RZDU]\VWZD 0Lฤ RฤณQLNร Z +LVWRULL L =DE\WNร Z .UDNRZD 5RF]QLND .UDNRZVNLHJR VHULL Z\GDZQLF]\FK %LEOLRWHND .UDNRZVND L .UDNร Z Z ']LHMDFK 1DURGX PRQXPHQWDOQHM .URQLNL .UDNRZD L V]HฤณFLRWRPRZ\FK ']LHMร Z .UDNRZD ZVSร ฤ UHGDNWRU SURI -HU]\ :\UR]XPVNL 6HNUHWDU] *HQHUDOQ\ 3ROVNLHM $NDGHPLL 8PLHMรทWQRฤณFL

URIHVRU GU KDE -DQ 0DULDQ 0Dฤ HFNL SR]RVWDMH Z KLVWRULL NUDNRZVNLHM $NDGHPLL (NRQRPLF]QHM REHFQLH 8QLZHUV\WHWX (NRQRPLF]QHJR RUD] ZH ZVSRPQLHQLDFK ]QDMรฃF\FK *R OXG]L t Z GZX SRVWDFLDFK SLHUZV]D WR SURIHVRU ]Z\F]DMQ\ QDXN KXPDQLVW\F]Q\FK Z ]DNUHVLH KLVWRULL PDMรฃF\ W\WXฤ GRNWRUD KRQRULV FDXVD QDXN HNRQRPLF]Q\FK e]D ZLHONL ZNฤ DG Z EDGDQLD QDG KLVWRULรฃ JRVSRGDUF]รฃ RUD] Z\ELWQH ]DVฤ XJL GOD UR]ZRMX $NDGHPLL (NRQRPLF]QHM Z .UDNRZLHr ]QDNRPLW\ KLVWRU\N EDGDF] G]LHMร Z .UDNRZD GDZQHM *DOLFML L V]HU]HM

RMD ]QDMRPRฤณรฅ ] 3DQHP 3URIHVRUHP -DQHP 0Dฤ HFNLP NRQFHQWUXMH VLรท Z MHGQ\P VWRVXQNRZR NUร WNLP DOH QLH]Z\Nฤ \P RNUHVLH ODW 7R ODWD VWDQX ZRMHQQHJR 3DQ 3URIHVRU E\ฤ ZWHG\ SLHUZV]\P Z SHฤ QL GHPRNUDW\F]QLH Z\EUDQ\P SU]H] VSRฤ HF]QRฤณรฅ QDV]HM XF]HOQL 5HNWRUHP NDQG\GDWXUรท 3DQD 3URIHVRUD Z\VXQรทฤ D XF]HOQLDQD e6ROLGDUQRฤณรฅr $ MD Z W\FK ODWDFK EรทGรฃF DGLXQNWHP E\ฤ HP MHGQRF]HฤณQLH , VHNUHWDU]HP .RPLWHWX 8F]HOQLDQHJR 3=35 Z\EUDQ\P EH] MDNLHNROZLHN QDFLVNX

OLล HM SR]QDฤ HP 3URIHVRUD 0Dฤ HFNLHJR Z RNUHVLH QDV]HM ZVSร OQHM G]LDฤ DOQRฤณFL Z 6ROLGDUQRฤณFL RUD] Z RNUHVLH VSUDZRZDQLD SU]H] QLHJR IXQNFML UHNWRUD $NDGHPLL (NRQRPLF]QHM REHFQLH 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH NWร UHJR Jฤ ร ZQD F]รทฤณรฅ SU]\SDGฤ D QD ODWD VWDQX ZRMHQQHJR 6SRF]รทฤ D QD QLP Zร ZF]DV RJURPQD RGSRZLHG]LDOQRฤณรฅ ]D SU]HSURZDG]HQLH 8F]HOQL SU]H] WDPWHQ QLH]Z\NOH WUXGQ\ F]DV =DGDQLH WR 3URIHVRU 0Dฤ HFNL Z\SHฤ QLฤ ]QDNRPLFLH G]LรทNL VZRMHPX VSRNRMRZL PรฃGURฤณFL G]LDฤ DQLD L XPLHMรทWQRฤณFL ฤ DJRG]HQLD

SU]H] .DWHGUรท +LVWRULL *RVSRGDUF]HM SURMHNFLH EDGDZF]\P SRฤณZLรทFRQ\P SURFHVRP XUEDQL]DF\MQ\P Z 0Dฤ RSROVFH Z ;,; ZLHNX 3R]ZROLฤ R PL WR Sร ล QLHM XELHJDรฅ VLรท R ]DWUXGQLHQLH Z NLHURZDQHM SU]H] 1LHJR .DWHGU]H +LVWRULL *RVSRGDUF]HM %รทGรฃF SUDFRZQLNLHP .DWHGU\ ]RVWDฤ HP ]DSURV]RQ\ SU]H] 3DQD 3URIHVRUD GR GRVNRQDOHQLD PRMHJR ZDUV]WDWX G\GDNW\F]QHJR P LQ SRSU]H] XG]LDฤ Z SURZDG]RQ\FK SU]H]

1LHJR VHPLQDULDFK PDJLVWHUVNLFK 3R SU]HMฤณFLX QD HPHU\WXUรท 3DQ 3URIHVRU 0Dฤ HFNL QDGDO Vฤ Xล \ฤ PL VZRLP RJURPQ\P GRฤณZLDGF]HQLHP Z SUDF\ QDXNRZHM L ]DZV]H Z\UDล Dฤ JRWRZRฤณรฅ GR SRPRF\ 6HUGHF]Q\ XMPXMรฃF\ L ล \F]OLZ\ WDNLP SR]RVWDQLH Z PRMHM SDPLรทFL

t UR]ZRMX PLDVW D WDNล H OHWQLHM MXล KLVWRULL NV]WDฤ FHQLD KDQGORZFร Z HNRQRPLVWร Z Z .UDNRZLH 8NV]WDฤ WRZDQ\ QDXNRZR SU]H] ZLHONLFK SURIHVRUร Z 8QLZHUV\WHWX /ZRZVNLHJR )UDQFLV]ND %XMDND L 6WDQLVฤ DZD +RV]RZVNLHJR &]ฤ RQHN L SU]HZRGQLF]รฃF\ 5DG\ 1DXNRZHM %LEOLRWHNL 1DXNRZHM 3$8 L 3$1 Z .UDNRZLH

$NDGHPLL (NRQRPLF]QHM QD NDGHQFMรท Z ODWDFK 2NUHV WHQ UR]SRF]รฃฤ ]PLDQ\ XVWURMRZH QDV]HJR SDฤกVWZD E\ฤ ZLรทF SHฤ HQ NRQIOLNWร Z QDSLรทรฅ L HPRFML t SROLW\F]Q\FK VSRฤ HF]Q\FK JRVSRGDUF]\FK : SDPLรทFL ]QDMรฃF\FK 5HNWRUD 0Dฤ HFNLHJR SR]RVWDQLH -HJR VSRNร M L RSDQRZDQLH Z SRGHMฤณFLX GR Uร ล Q\FK WUXGQ\FK SUREOHPร Z XPLHMรทWQRฤณรฅ LFK UR]ZLรฃ]\ZDQLD GOD GREUD DNDGHPLFNLHM VSRฤ HF]QRฤณFL L 0LDVWD D WDNล H -HJR ล \F]OLZRฤณรฅ ZREHF OXG]L

3RVWDรฅ GUXJD WR SLHUZV]\ t SR SRSU]HGQLNDFK SRZRฤ \ZDQ\FK SU]H] PLQLVWUร Z V]NROQLFWZD Z\ล V]HJR t Z\EUDQ\ Z XF]HOQLDQ\FK VDPRU]รฃGRZ\FK Z\ERUDFK UHNWRU NUDNRZVNLHM

]H VWURQ\ Z\ล V]\FK LQVWDQFML 5HSUH]HQWRZDOLฤณP\ SU]HFLZQH ฤณURGRZLVND L SROLW\F]QH UDFMH 'RJDG\ZDQLH VLรท QLH E\ฤ R ฤ DWZH SU]HG JUXGQLD U =DXIDQLH NWร UH E\ฤ R EXGRZDQH VWRSQLRZR WHUD] ]RVWDฤ R GUDPDW\F]QLH ]DNZHVWLRQRZDQH $ QD GUXJLHM V]DOL E\ฤ D t WDN F]\ RZDN t ZVSร OQD RGSRZLHG]LDOQRฤณรฅ ]D XF]HOQLรท t MHM SUDFRZQLNร Z L VWXGHQWร Z 1D WHM Sฤ DV]F]\ล QLH SRWUDILOLฤณP\ VLรท SRUR]XPLHรฅ 8F]HOQLD G]LDฤ Dฤ D Z PLDUรท QRUPDOQLH L QLNRJR QLH GRWNQรทฤ \ ล DGQH UHSUHVMH

wspomnienie

URIHVRUD -DQD 0Dฤ HFNLHJR FHFKRZDฤ D ล \F]OLZRฤณรฅ ZREHF VWXGHQWร Z RUD] JRWRZRฤณรฅ GR SRPRF\ ZH ZV]HONLFK SUREOHPDFK ]ZLรฃ]DQ\FK ] SU]\JRWRZ\ZDQLHP SUDF G\SORPRZ\FK 8F]\ฤ NU\W\F]QHJR SRGHMฤณFLD GR ล Uร GHฤ L RELHNW\ZQRฤณFL Z LQWHUSUHWDFML IDNWร Z L ]GDU]Hฤก -HPX ]DZG]LรทF]DP Z\Eร U SUREOHPDW\NL PRMHM REHFQHM G]LDฤ DOQRฤณFL QDXNRZHM =DSURSRQRZDฤ PL XF]HVWQLFWZR Z UHDOL]RZDQ\P

SURI 8(. .U]\V]WRI %URฤกVNL 3URG]LHNDQ :\G]LDฤ X *RVSRGDUNL L $GPLQLVWUDFML 3XEOLF]QHM

SURI &]HVฤ DZD ล Xฤ DZVND

&Dฤ \ WHQ RNUHV WR GOD PQLH WUXGQH ZDล QH L SDPLรทWQH GRฤณZLDGF]HQLH $ 3DQ 5HNWRU 3URIHVRU -DQ 0Dฤ HFNL WR Z QLP FHQWUDOQD SRVWDรฅ 3R]QDฤ HP Zร ZF]DV 2VREรท PรฃGUรฃ V]ODFKHWQรฃ L SHฤ Qรฃ ZHZQรทWU]QHM VLฤ \ 7R E\ฤ D MDNล H ฤ DWZR OHNFHZDล RQD VLฤ D VSRNRMX 1D PRMHM GURG]H W\ONR MHV]F]H MHGQD SRVWDรฅ UHSUH]HQWRZDฤ D WDNรฃ PRUDOQรฃ L LQWHOHNWXDOQรฃ IRUPDFMรท t 7DGHXV] 0D]RZLHFNL SURI -HU]\ +DXVQHU

QDSLรทรฅ Z ฤณURGRZLVNX DNDGHPLFNLP ]ZLรฃ]DQ\FK ] RVWU\P NRQIOLNWHP SROLW\F]Q\P Z ร ZF]HVQHM 3ROVFH

NDWHJRU\F]QLH RGPร ZLฤ VZRMHM ]JRG\ QD SRQRZQH NDQG\GRZDQLH X]QDMรฃF VZRMรฃ PLVMรท ]D ]DNRฤกF]RQรฃ

3U]\ FDฤ \P REV]HUQ\P GRURENX QDXNRZ\P Jฤ รทERNLHM ZLHG]\ KLVWRU\F]QHM L ZLHONLP DXWRU\WHFLH Z ฤณURGRZLVNX DNDGHPLFNLP ZฤณUร G FHFK 3URIHVRUD 0Dฤ HFNLHJR QD V]F]HJร OQH SRGNUHฤณOHQLH ]DVฤ XJXMH MHJR RJURPQD VNURPQRฤณรฅ 7R GODWHJR EDUG]R WUXGQR E\ฤ R JR QDPร ZLรฅ GR ]JRG\ QD NDQG\GRZDQLH Z Z\ERUDFK UHNWRUD $NDGHPLL L WR ] WHJR SRZRGX SR ]DNRฤกF]HQLX MHGQHM NDGHQFML 3URIHVRU

3URIHVRU -DQ 0Dฤ HFNL ZQLร Vฤ WUZDฤ \ ZNฤ DG Z G]LHMH 8QLZHUV\WHWX (NRQRPLF]QHJR Z .UDNRZLH 1D SHZQR SU]H] ZLHOH ODW EรทG]LH SDPLรทWDQ\ SU]H] SUDFRZQLNร Z L DEVROZHQWร Z 8QLZHUV\WHWX MDNR Z]ร U SUDFRZLWRฤณFL U]HWHOQRฤณFL VNURPQRฤณFL RUD] RJURPQHM NXOWXU\ Z\SRZLHG]L L JRGQHJR ]DFKRZDQLD GU -DQXV] -DZRUVNL

wspomnienie

:VSRPQLHQLH R GRNWRU

5IรฐOWZbIKQM *QMLbQM t

TQXKI Z bUIZรฐI LZ 5IรฐOWZbI\I *QMLI MUMZa\W_IVa VI]KbaKQMT ISILMUQKSQ =VQ_MZ[a\M\] -SWVWUQKbVMOW _ 3ZISW_QM Q ;bSWรฐa 8ZbML[Qฤ JQWZKbWฤฌKQ Q BIZbฤ LbIVQI )SILMUQQ -SWVWUQKbVMR _ 3ZISW_QM RVRED VNURPQD SRJRGQD R GXล HM NXOWXU]H RVRELVWHM QLH]Z\NOH ล \F]OLZD QD NWร Uรฃ ]DZV]H PRล QD E\ฤ R OLF]\รฅ

rRG]Lฤ D VLรท OLVWRSDGD U Z .UDNRZLH Z URG]LQLH LQWHOLJHQFNLHM 2MFLHF 6WDQLVฤ DZ E\ฤ G]LDฤ DF]HP VSร ฤ G]LHOF]\P L VSRฤ HF]Q\P ]ZLรฃ]DQ\P ] ]LHPLรฃ OLPDQRZVNรฃ PDWND +HQU\ND ] GRPX ฤฒOL]RZVND NUDNRZLDQND PLDฤ D Z\NV]WDฤ FHQLH KDQGORZH %UDW :DFฤ DZ MHVW HPHU\WRZDQ\P QDXF]\FLHOHP DNDGHPLFNLP 8QLZHUV\WHWX 5ROQLF]HJR Z .UDNRZLH LP +XJRQD .Rฤ ฤ รฃWDMD D EUDWDQHN 5DGRVฤ DZ t DEVROZHQWHP 8QLZHUV\WHWX (NRQRPLF]QHJR L VWXGLร Z 0DVWHU RI %XVLQHVV $GPLQLVWUDWLRQ 0%$ ZH :URFฤ DZLX ']LHFLฤกVWZR VSรทG]Lฤ D Z WU]\SRNROHQLRZHM URG]LQLH QD NUDNRZVNLP .D]LPLHU]X

= Z\Uร ล QLHQLHP XNRฤกF]\ฤ D 6]NRฤ รท 3RGVWDZRZรฃ QU SU]\ XO :รฃVNLHM Z .UDNRZLH Z NWร UHM PLรทG]\ LQQ\PL EUDฤ D XG]LDฤ ]DMรทFLDFK V]NROQHJR NRฤ D WHDWUDOQHJR : URNX ]GDฤ D PDWXUรท Z 9, /LFHXP 2Jร OQRNV]WDฤ FรฃF\P LP $GDPD 0LFNLHZLF]D D Z URNX t ] Z\Uร ล QLHQLHP t REURQLฤ D SUDFรท PDJLVWHUVNรฃ SW e2GSRZLHG]LDOQRฤณรฅ ]D V]NRG\ Jร UQLF]H L JHRORJLF]QHr QD :\G]LDOH (NRQRPLNL 3URGXNFML Z .DWHGU]H 3UDZD &\ZLOQHJR L *RVSRGDUF]HJR :\ล V]HM 6]NRฤ \ (NRQRPLF]QHM Z .UDNRZLH 76

: URNX REURQLฤ D SUDFรท GRNWRUVNรฃ SW e$QDOL]D ]PLDQ Z SR]LRPLH L VWUXNWXU]H SURGXNFML UROQLF]HM Z &]HFKRVฤ RZDFML 15' L Z 3ROVFH Z ODWDFK t r 3U]HGฤ Rล RQD UR]SUDZD GRNWRUVND MDN L SU]HELHJ FDฤ HJR SU]HZRGX ]RVWDฤ \ Z\VRNR RFHQLRQH SU]H] F]ฤ RQNร Z NRPLVML GRNWRUVNLHM : NRQVHNZHQFML .ROHJLXP ,QVW\WXWX 3ODQRZDQLD L (NRQRPLNL 5HJLRQX Z\UD]Lฤ R ]JRGรท QD SRZRฤ DQLH GU 0Dฤ JRU]DW\ %LHG\ QD VWDQRZLVNR DGLXQNWD Z =DNฤ DG]LH 3ODQRZDQLD L 3ROLW\NL (NRQRPLF]QHM 1D V]F]HJร OQH SRGNUHฤณOHQLH ]DVฤ XJXMH U]HWHOQRฤณรฅ L VXPLHQQRฤณรฅ GU 0Dฤ JRU]DW\ %LHG\ Z G]LDฤ DOQRฤณFL QDXNRZR EDGDZF]HM $UW\NXฤ \ QDXNRZH SU]\JRWRZ\ZDฤ D EDUG]R VWDUDQQLH ]DUร ZQR SRG Z]JOรทGHP PHU\WRU\F]Q\P MDN L Mรท]\NRZ\P %\ฤ D ZVSร ฤ DXWRUNรฃ ZLHOX HNVSHUW\] Z\NRQDQ\FK QD ]OHFHQLH 3ROVNLHJR ,QVW\WXWX 6SUDZ 0LรทG]\QDURGRZ\FK 3,60 ] ]DNUH0LรทG]\QDURGRZ\FK 3,60 ] ]DNUHVX SRUร ZQDฤก PLรทG]\QDURGRZ\FK Z G]LHG]LQLH UROQLFWZD D WDNล H ZVSร ฤ Z G]LHG]LQLH UROQLFWZD D WDNล H ZVSร ฤ DXWRUNรฃ WHNVWX Z RSUDFRZDQLX Zรท]ฤ RDXWRUNรฃ WHNVWX Z RSUDFRZDQLX Zรท]ฤ RZ\P Z ]DNUHVLH UHJLRQDOQ\FK Z\P Z ]DNUHVLH UHJLRQDOQ\FK SURSRUFML SURGXNFML UROQHM SURSRUFML SURGXNFML UROQHM $UW\NXฤ \ QDXNRZH NWร U\FK E\ฤ D

ZVSร ฤ DXWRUHP FKDUDNWHU\]RZDฤ \ VLรท RU\JLQDOQRฤณFLรฃ L SRP\Vฤ RZRฤณFLรฃ : ]QDF]Q\P VWRSQLX UR]ZLMDฤ \ G\VF\SOLQรท NWร Uรฃ VLรท ]DMPRZDฤ D 0LDฤ \ RQH ]DUร ZQR FKDUDNWHU WHRUHW\F]Q\ MDN L SUDNW\F]Q\ 2WR Z\EUDQH SU]\Nฤ DG\ WHJR URG]DMX RSUDFRZDฤก $QDOL]D SRUร ZQDZF]D VWDQX L NLHUXQNL UR]ZRMX SURGXNFML F]WHUHFK SRGVWDZRZ\FK ]Eร ล Z ZRMHZร G]WZLH NUDNRZVNLP L U]HV]RZVNLP Z ODWDFK =PLDQ\ Z VWUXNWXU]H JDฤ รท]LRZHM SURGXNFML UROQLFWZD &656 15' L 3ROVNL Z ODWDFK t $QDOL]D ]PLDQ Z SR]LRPLH L VWUXNWXU]H SURGXNFML UROQLF]HM Z &]HFKRVฤ RZDFML 15' L 3ROVFH t 3URGXNFMD UROQD Z &]HFKRVฤ RZDFML Z ODWDFK 6WUDWHJLD UR]ZRMX VSRฤ HF]QR JRVSRGDUF]HJR (OHPHQW\ SROLW\NL HNRQRPLF]QHM 3U]\Nฤ DG\ Z\NRU]\VWDQLD PHWRG L PRGHOL ELODQVRZ\FK Z SODQRZDQLX (OHPHQW\ SROLW\NL HNRQRPLF]QHM PDWHULDฤ \ GR รฅZLF]Hฤก 3U]HVWU]HQQH ]Uร ล QLFRZDQLH SR]LRPX SURGXNFML UROQHM Z 3ROVFH :\EUDQH PHWRG\ SURJQR]RZDQLD UR]ZRMX VSRฤ HF]QR JRVSRGDUF]HJR (OHPHQW\ SROLW\NL HNRQRPLF]QHM PDWHULDฤ \ GR รฅZLF]Hฤก .ZDQW\ILNDFMD L RFHQD VWRSQLD VDPRZ\VWDUF]DOQRฤณFL NUDMร Z 5:3* Z ]Xล \FLX SURGXNWร Z UROQLF]\FK Z ]Xล \FLX SURGXNWร Z UR 3ROLW\ND SU]HNV]WDฤ FHฤก VWUXNWXUDOQ\FK 3ROLW\ND SU]HNV]WDฤ FHฤก Z JRVSRGDUFH =DU\V SROLW\NL HNRZ JRVSRGDUFH =DU\V S QRPLF]QHM 3URJUDPRZDQLH UR]ZRMX QRPLF]QHM 3URJUDPRZ UHJLRQร Z Z ZDUXQNDFK JRVSRGDUNL UHJLRQร Z Z ZDUXQNDFK U\QNRZHM VWXGLXP WHRUHW\F]QR PHWRU\QNRZHM VWXGLXP WHRU G\F]QH RUD] VWUDWHJLF]QD GLDJQR]D G\F]QH RUD] VWUDWHJLF] JRVSRGDUNL UHJLRQX WDUQRZVNLHJR JRVSRGDUNL UHJLRQX WDU :RMHZร G]WZR WDUQRZVNLH Z VWUXN:RMHZร G]WZR WDUQRZV WXU]H UHJLRQDOQHM NUDMX WXU]H UHJLRQDOQHM NUDMX 6WUDWHJLF]QD GLDJQR]D JRVSRGDUNL 6WUDWHJLF]QD GLDJQR]D UHJLRQDOQHM Z ZDUXQNDFK WUDQVIRUPDUHJLRQDOQHM Z ZDUXQND FML SURU\QNRZHM =DJUDQLF]QD SROLW\ND FML SURU\QNRZHM =DJUDQ HNRQRPLF]QD 3ROLW\ND HNRQRPLF]QD HNRQRPLF]QD 3ROLW\ND 0LรทG]\QDURGRZH VWRVXQNL JRVSRGDU0LรทG]\QDURGRZH VWRVX F]H X SURJX ;;, ZLHNX F]H X SURJX ;;, ZLHNX 'U 0Dฤ JRU]DWD %LHGD QDOHล Dฤ D GR 'U 0Dฤ JRU]DWD %LHGD Q JURQD XURG]RQ\FK G\GDNW\Nร Z JURQD XURG]RQ\FK G\G =DMรทFLD FLHV]รฃFH VLรท GXล \P ]DLQ=DMรทFLD FLHV]รฃFH VLรท G WHUHVRZDQLHP ZฤณUร G VWXGHQWร Z WHUHVRZDQLHP ZฤณUร G V L Vฤ XFKDF]\ VWXGLร Z SRG\SORPRZ\FK L Vฤ XFKDF]\ VWXGLร Z SR SURZDG]Lฤ D QD VWXGLDFK G]LHQQ\FK SURZDG]Lฤ D QD VWXGLDFK ]DRF]Q\FK L X]XSHฤ QLDMรฃF\FK PDJL]DRF]Q\FK L X]XSHฤ QLDM VWHUVNLFK RUD] SRG\SORPRZ\FK VWHUVNLFK RUD] SRG\S : URNX ]RVWDฤ D ]DWUXGQLRQD : URNX ]RVWD Z 6]NROH 3U]HGVLรทELRUF]RฤณFL Z 6]NROH 3U]HG L =DU]รฃG]DQLD $NDGHPLL L =DU]รฃG]DQLD (NRQRPLF]QHM (NRQRPLF Z .UDNRZLH Z NWร UHM Z .UDNR SUDFXMรฃF GR URNX SUDF

E\ฤ D Z\Nฤ DGRZFรฃ L RSLHNXQHP QD ZLHOX NLHUXQNDFK VWXGLร Z SRG\SORPRZ\FK t QD SU]\Nฤ DG t WDNLFK MDN JRVSRGDUND VDPRU]รฃGRZD ]DU]รฃG]DQLH PDฤ \PL L ฤณUHGQLPL ILUPDPL EDQNRZRฤณรฅ UDFKXQNRZRฤณรฅ L ILQDQVH RUD] REVฤ XJD FHOQD

wspomnienie

3R REURQLH RGE\ฤ D VWDล Z ,QVW\WXFLH 3UDZD :ฤ DVQRฤณFL ,QWHOHNWXDOQHM 8- D QDVWรทSQLH ]RVWDฤ D DV\VWHQWHP Z ,QVW\WXFLH 3ODQRZDQLD L (NRQRPLNL 5HJLRQX :6( 3R WU]HFK ODWDFK SRZRฤ DQR Mรฃ QD VWDQRZLVNR VWDUV]HJR DV\VWHQWD

'U 0Dฤ JRU]DWD %LHGD ELHJOH Zฤ DGDฤ D Mรท]\NLHP DQJLHOVNLP %UDฤ D XG]LDฤ Z SUDFDFK RUJDQL]DF\MQ\FK QDG SU]\JRWRZ\ZDQLHP t SLHUZV]\ UD] Z .UDNRZLH t SUHVWLล RZ\FK F]WHURVHPHVWUDOQ\FK VWXGLร Z SRG\SORPRZ\FK 0DVWHU RI %XVLQHVV $GPLQLVWUDWLRQ 0%$ RUD] 0DVWHU RI 3XEOLF $GPLQLVWUDWLRQ 03$ ZVSร OQLH ] EU\W\MVNLP 8QLYHUVLW\ RI 7HHVVLGH 'U 0Dฤ JRU]DWD %LHGD NRFKDฤ D Jร U\ 8SUDZLDฤ D WXU\VW\Nรท Jร UVNรฃ ]Zฤ DV]F]D Z 3LHQLQDFK L Z %HVNLG]LH :\VSRZ\P ,QQH MHM ]DLQWHUHVRZDQLD WR XOXELRQD OLWHUDWXUD t ELRJUDILF]QD L KLVWRU\F]QD t V]F]HJร OQLH G]LHMH L NROLJDFMH HXURSHMVNLFK URGร Z NUร OHZVNLFK V]WXND ILOPRZD R WHPDW\FH KLVWRU\F]QHM L ILOP\ GRNXPHQWDOQH ] Z\SUDZ Z +LPDODMH L $OS\ WHDWU PX]\ND t NODV\F]QD SU]HGH ZV]\VWNLP )U\GHU\ND &KRSLQD RUD] ILOPRZD G\VF\SOLQ\ VSRUWRZH RJOรฃGDQH Z 79 t MD]GD ILJXURZD QD ORG]LH Z\ฤณFLJL VDPRFKRGRZH Jฤ ร ZQLH )RUPXฤ \ 8OXELRQH SRVWDFL t -RKQ )LW]JHUDOG .HQQHG\ L NUร ORZD (Oล ELHWD ,, U GU 0Dฤ JRU]DWD %LHGD SU]HV]ฤ D QD ZF]HฤณQLHMV]รฃ HPHU\WXUรท 2GHV]ฤ D RG QDV RVRED SUDZD L FHQLRQD Z ฤณURGRZLVNX DNDGHPLFNLP %รทG]LH QDP -HM EUDNRZDฤ R

.U]\V]WRI %LHO SUDFRZQLN 6HNFML 3URPRFML 8(.

=ELJQLHZ 'UHVOHU HPHU\WRZDQ\ SURIHVRU 8QLZHUV\WHWX (NRQRPLF]QHJR E\ฤ \ F]ฤ RQHN 5DG\ 3URJUDPRZHM .UDNRZVNLHM 6]NRฤ \ %L]QHVX =ELJQLHZ 3DV]HN HPHU\WRZDQ\ QDXF]\FLHO DNDGHPLFNL 8QLZHUV\WHWX (NRQRPLF]QHJR G\UHNWRU L WZร UFD 6]NRฤ \ 3U]HGVLรทELRUF]RฤณFL L =DU]รฃG]DQLD $( Z .UDNRZLH 36 $XWRU]\ G]LรทNXMรฃ SURI GU KDE :DFฤ DZRZL %LHG]LH ]D XGRVWรทSQLHQLH URG]LQQ\FK ]GMรทรฅ L ZLHOX LQIRUPDFML R VZRMHM 6LRVWU]H

ZAPLANUJ Z NAMI SWÓJ SUKCES! PRAKTYKI ZAGRANICZNE DLA STUDENTÓW I ABSOLWENTÓW - REKRUTACJA (SEMESTR ZIMOWY) • •

7o0.7৳ 7oঋ b-71 ;mb; m- ; uor;fvhbl u mh ru-1 ķ vh-f ]u-m| 7o ѵƏƏ ; uoņlŊ1ĺ

4 SFERY KARIERY (MARZEC 2018) • • •

vro|h-f vb< ru-1o7- 1-lbķ ;৳ 7 b-j v hoѴ;mb-1_ b -uv |-|-1_ķ ru f7৳ m- ruॕ0m. uo lo < h -ѴbCh-1 fm.ĺ

AKADEMIA ROZWOJU (CAŁY ROK AKADEMICKI) • • •

;৳ 7 b-j v hoѴ;mb-1_ b -uv |-|-1_ hmo Ŋ_o ķ 1 vb< o7 vr;1f-Ѵbv|ॕ uॕ৵m 1_ 0u-m৵ķ o70b;u v ॕf 1;u| Ch-|ĺ

• BAZA OFERT PRACY, PRAKTYK I STAŻY • DORADZTWO ZAWODOWE • NARZĘDZIE DO BADANIA KOMPETENCJI ON-LINE 7 m;h vb<৵ॕ h-ķ rohĺ Ɛ |;Ѵĺ ƐƑ ƑƖƒ Ɣƒ ƔƑķ h-ub;u Š ;hĺhu-ho ĺrѴ ĺ=-1;0oohĺ1olņ h-7;lb1hb; ;m|u l -ub;u www.kariery.uek.krakow.pl

4 SFERY KARIERY