RVyEQDURGRZRĞFLĪ\GRZVNLHM3RGQLHVLHQLHUR]SR]QDZDQHJR]DU]XWXSU]H]REURĔFĊRVNDUĪRQHJRMHVW QDWRPLDVWFDáNRZLFLHQLH]UR]XPLDáHMHĪHOLZHĨPLHVLĊSRGXZDJĊZVND]DQ\Z\ĪHMIDNWĪH]GDQLHP ELHJá\FKVáRZDLVIRUPXáRZDQLDNWyU\PLSRVáXĪ\áVLĊZVZRLFKSXEOLNDFMDFK(GZDUG6PDMąFKDUDNWHU REUDĨOLZ\LVąVSU]HF]QH]HW\NąG]LHQQLNDUVNą 2GQRV]ąFVLĊQDWRPLDVWGRSR]RVWDá\FKDUJXPHQWyZSU]HGVWDZLRQ\FKZDSHODFMLZQLHVLRQHMSU]H]WHJR VNDUĪąFHJRZVND]DüQDOHĪ\ĪH6ąG2NUĊJRZ\GRV]HGáGRSU]HNRQDQLDĪHRVNDUĪRQ\XĪ\ZDMąFSRG DGUHVHPyZF]HVQHJR3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHM/HFKD.DF]\ĔVNLHJRVáyZLGLRWDLSDODQW GRSXĞFLáVLĊMHJR]QLHZDĪHQLDNWyUHWRSU]HVWĊSVWZRMHVWVSHQDOL]RZDQHZDUW†NN=GDQLHP6ąGX $SHODF\MQHJRRFHQDWD]DVáXJXMHQDSHáQąDSUREDWĊLQLHVąMHMZVWDQLH]PLHQLüDUJXPHQW\SRGQLHVLRQH SU]H]REURĔFĊRVNDUĪRQHJRVSURZDG]DMąFHVLĊ]DVDGQLF]RGRWZLHUG]HQLDĪHRVNDUĪRQ\MDNRG]LHQQLNDU] PLDáSUDZRXĪ\üZVSRPQLDQ\FKVáyZZJD]HFLHDGUHVRZDQHMGRVWRVXQNRZRSURVW\FKOXG]LEH]DVSLUDFML SROLW\F]Q\FKE\Z\UD]LüVZRMąNU\W\F]QąRSLQLĊQDWHPDW]DFKRZDQLD3UH]\GHQWD/HFKD.DF]\ĔVNLHJR SRGF]DVZL]\W\Z*UX]ML =DXZDĪ\üWU]HEDĪHLVWRWDSUREOHPXZQLQLHMV]HMVSUDZLH]DVDG]DVLĊQDRNUHĞOHQLXJUDQLFSRPLĊG]\ ZROQRĞFLąVáRZDLSUDZHPVSRáHF]HĔVWZDGRLQIRUPDFMLDSUDZHPMHGQRVWNLGRRFKURQ\MHMGyEU RVRELVW\FK 1DNRQW\QHQFLHHXURSHMVNLPSRGVWDZRZH]QDF]HQLHGODZROQRĞFLZ\SRZLHG]LSUDVRZHMPD.RQZHQFMD 5DG\(XURS\RRFKURQLHSUDZF]áRZLHNDLSRGVWDZRZ\FKZROQRĞFLSRGSLVDQDZ5]\PLHZGQLX OLVWRSDGDU ']8]U1USR]]SyĨQ]P ]ZDQDZGDOV]HMF]ĊĞFLX]DVDGQLHQLD .RQZHQFMąDZV]F]HJyOQRĞFLMHMDUWZSURZDG]DMąF\JZDUDQFMH DOHWDNĪHLRJUDQLF]HQLD Z]DNUHVLH ZROQRĞFLZ\SRZLHG]L=JRGQLH]XVWWHJRDUW\NXáXNDĪG\PDSUDZRGRZROQRĞFLZ\UDĪDQLDRSLQLLFKRü ZOLWHUDWXU]HSUDZQLF]HM]ZUyFRQRXZDJĊĪHRILFMDOQHWáXPDF]HQLHWHNVWX.RQZHQFML]DZLHUDEáĊG\ZW\P EáąGGRW\F]ąF\ZVND]DQHJRVIRUPXáRZDQLDJG\ĪRPDZLDQ\SU]HSLVFKURQLVZRERGĊZ\SRZLHG]L SRU (1RZLĔVND:ROQRĞüZ\SRZLHG]LSUDVRZHM2ILF\QD6\VWHP,QIRUPDFML3UDZQHM/(;UR]G]LDá , 3UDZRWRREHMPXMHZROQRĞüSRVLDGDQLDSRJOąGyZRUD]RWU]\P\ZDQLDLSU]HND]\ZDQLDLQIRUPDFMLLLGHL EH]LQJHUHQFMLZáDG]SXEOLF]Q\FKLEH]Z]JOĊGXQDJUDQLFHSDĔVWZRZH DUWXVW]GL.RQZHQFML  5yZQLHĪ.RQVW\WXFMD5]HF]\SRVSROLWHM3ROVNLHMJZDUDQWXMHZDUWZROQRĞüSUDV\LLQQ\FKĞURGNyZ VSRáHF]QHJRSU]HND]X:ROQRĞüWDZ]ZLą]NX]XPLHV]F]HQLHPMHMZUR]G]LDOHXVWDZ\]DVDGQLF]HMPD UDQJĊ]DVDG\XVWURMRZHMDMHGQRF]HĞQLHMHVWZROQRĞFLąF]áRZLHNDLRE\ZDWHOD]SHáQ\PNDWDORJLHP JZDUDQFMLSU]HZLG]LDQ\FKZ.RQVW\WXFMLUDW\ILNRZDQ\FKXPRZDFKPLĊG]\QDURGRZ\FKLXVWDZDFKGOD ZROQRĞFLLSUDZMHGQRVWNLàąF]\VLĊRQDĞFLĞOH]SU]HZLG]LDQąZDUWXVW.RQVW\WXFMLZROQRĞFLą Z\UDĪDQLDSRJOąGyZRUD]SR]\VNLZDQLDLUR]SRZV]HFKQLDQLDLQIRUPDFML:ROQRĞüZ\UDĪDQLDSRJOąGyZ QDOHĪ\UR]XPLHüMDNRSHZLHQRVąGZáDVQ\Z\SRZLDGDMąFHJRVLĊSU]\F]\PZ.RQVW\WXFMLZĪDGHQVSRVyE QLHRJUDQLF]RQRWUHĞFLZ\UDĪDQ\FKSRJOąGyZ-HVWRQDMHGQ\P]IXQGDPHQWyZSUDZF]áRZLHNDL HOHPHQWHPZROQRĞFLZ\SRZLHG]LZW\PZROQRĞFLZ\SRZLHG]LSUDVRZHMNWyUD]NROHLMHVWWDNĞFLĞOH