PDWHULDOQHM3UDZG]LZRĞüGDQ\FKZQLP]DZDUW\FKSRWZLHUG]LáDZáDVQ\PSRGSLVHP3RPLPR NZHVWLRQRZDQLDXVWDOHĔGRZRGRZ\FKVWURQDQDĪDGQ\PHWDSLHSRVWĊSRZDQLDQLHSU]HGáRĪ\áDGRZRGyZ NWyUHRUJDQPyJáE\ZáąF]\üGRPDWHULDáXGRZRGRZHJRVWDQRZLąFHJRSRGVWDZĊIDNW\F]QąUR]VWU]\JQLĊFLD 0DMąFSRZ\ĪV]HQDZ]JOĊG]LHRUJDQSU]\MąáXVWDOHQLDGRZRGRZHRUJDQXSLHUZV]HMLQVWDQFMLMDNRXVWDOHQLD ZáDVQHX]QDMąFMH]DSUDZLGáRZH 1DVWĊSQLHVWZLHUG]LáĪHZVSUDZLHQLHZ\VWĊSXMHĪDGQD]SU]HVáDQHNFDáNRZLWHMQLHĞFLąJDOQRĞFL] X]DVDGQLHQLHPDQDORJLF]Q\PMDNZGHF\]ML]GQLD  U.ROHMQRSU]HDQDOL]RZDá]JURPDG]RQHGRZRG\ SRGNąWHPZ\VWĊSRZDQLDSU]HVáDQHNXPRU]HQLDZ\PLHQLRQ\FKZUR]SRU]ąG]HQLXLVWZLHUG]LáĪHUyZQLHĪ ĪDGQD]QLFKZVSUDZLHQLHZ\VWĊSXMH]X]DVDGQLHQLHPMDNZGHF\]ML]GQLD  U :VNDUG]HGR:RMHZyG]NLHJR6ąGX$GPLQLVWUDF\MQHJRZ*OLZLFDFKVWURQDZQLRVáDRXFK\OHQLH ]DVNDUĪRQHMGHF\]MLMDNLQRZ\FKW\WXáyZZ\NRQDZF]\FK]GQLDPDUFDU V]WXNL RUD] XPRU]HQLHSRVWĊSRZDQLDHJ]HNXF\MQHJRZFDáRĞFL6NDUĪRQHMGHF\]ML]DU]XFLáDQDUXV]HQLHSUDZD PDWHULDOQHJRQDGWR]áDPDQLH]DVDG\ZVSyáĪ\FLDVSRáHF]QHJRL]DVDG\NRQWUDG\NWRU\MQRĞFLLUyZQRĞFL :VND]DáDĪHVSRUQDMHVWZ\PDJDOQRĞüGRFKRG]RQ\FKNZRWSRQLHZDĪIDNW\F]QLHQLHSRGMĊáDG]LDáDOQRĞFL ]HZ]JOĊGXQDVWDQ]GURZLD=DRIHURZDáDGRVWDUF]HQLHGRNXPHQWDFMLPHG\F]QHMQDĪąGDQLH6ąGX1LH ]JRG]LáDVLĊ]SRJOąGHPZ\UDĪRQ\PZX]DVDGQLHQLXGHF\]MLĪHMHGQ\P]ZDUXQNyZXPRU]HQLDGáXJXMHVW XSDGáRĞüGáXĪQLNDOXERGPRZD6ąGXZW\P]DNUHVLH:VND]DáDĪHQLHSRVLDGDRVRERZRĞFLSUDZQHMD]H Z]JOĊGXQDEUDNĞURGNyZILQDQVRZ\FKQLHPRJáDRJáRVLüXSDGáRĞFLNRQVXPHQFNLHM6NDUĪąF\ZVND]Dá WDNĪHLĪZ\NRQ\ZDQąDNWXDOQLHSUDFĊSRGMąáSRQLHZDĪUXFKRP\F]DVSUDF\SR]ZDODQDáąF]HQLHSUDF\] OHF]HQLHP1DWRPLDVWSRPLPRXNRĔF]HQLDNXUVyZQLHPRĪHSRGMąüSUDF\]JRGQLH]QDE\W\PL NZDOLILNDFMDPLJG\ĪXQLHPRĪOLZLDPXWRVWDQ]GURZLD6NDUĪąF\SRGNUHĞOLáĪHZ\NRQXMHSUDFHELXURZHL RVLąJDQDMQLĪV]HNUDMRZHZ\QDJURG]HQLH6WZLHUG]LáWHĪĪHQLJG\QLHE\áZ]\ZDQ\GRXGRNXPHQWRZDQLD VZRMHJRVWDQX]GURZLDDSRQLHZDĪMHVWEH]GRPQ\QLHSRVLDGDáGRNXPHQWDFML]JURPDG]RQHMZMHGQ\P PLHMVFX=DDNFHQWRZDáĪH]QLNLPQLHSURZDG]LZVSyOQHJRJRVSRGDUVWZDDMHG\Q\PMHJRPDMąWNLHPMHVW WZDUG\G\VNQDNWyU\PJURPDG]LVZRMąNRUHVSRQGHQFMĊ6WZLHUG]LáĪHPD]RERZLą]DQLDZREHF SRGPLRWyZWU]HFLFKMHV]F]HZ\ĪV]HQLĪZREHF=86DOHQLHSRVLDGDGDQ\FK3RGNUHĞOLáĪH=86NRU]\VWD] SLHUZV]HĔVWZDZ]DVSRNRMHQLXDQDGWRPRĪHVRELHVSUDZG]LüZ\VRNRĞü]RERZLą]DĔZHZáDVQ\P]DNUHVLH 1LHZLG]LMXĪPRĪOLZRĞFLSURZDG]HQLDG]LDáDOQRĞFLJRVSRGDUF]HM]HZ]JOĊGXQDVWDQ]GURZLD:VND]DáĪH ]DáRĪ\áG]LDáDOQRĞüGODSR]RUXOLF]ąFQDWRĪHQDGDU]\VLĊMDNDĞRND]MDQDMHMIRUPDOQHXUXFKRPLHQLH &XGMHGQDNQLHQDVWąSLáDGáXJLSR]RVWDá\=DDNFHQWRZDáĪHSRGZDĪD]DVDGQRĞü]DOHJáRĞFLZRSáDFDQLX VNáDGHNQD=86:]DNUHVLHVNáDGHNQDXEH]SLHF]HQLHVSRáHF]QHRUD]QD)XQGXV]3UDF\L)XQGXV] *ZDUDQWRZDQ\FKĝZLDGF]HĔ3UDFRZQLF]\FKSRGNUHĞOLáĪHVLĊQLHQDOHĪąZREHF]JáRV]HQLDG]LDáDOQRĞFLGOD SR]RUXQDWRPLDVWVNáDGNDQDXEH]SLHF]HQLH]GURZRWQHZ\JDVáD]PRF\SUDZD:VND]DáĪHG]LDáDQLD ZLHU]\FLHOD]UDFMLVZRMHJRSRFKRG]HQLDRFHQLDMDNRSU]HMDZNVHQRIRELLLDQW\VHPLW\]PX :RGSRZLHG]LQDVNDUJĊSHáQRPRFQLNRUJDQXEĊGąF\UDGFąSUDZQ\PZQLyVáRMHMRGGDOHQLH: