©W\ONRSU]H]]EURMQHSRZVWDQLHSUROHWDULDWXSURZDG]ąFHJR]DVREąOHSV]ąF]ĊĞüFKáRSVWZDW\ONRSU]H] ]Z\FLĊVWZROXGXZZRMQLHGRPRZHMPRĪQDREDOLüLXQLHV]NRGOLZLüEXUĪXD]MĊ]GXVLüMHMRSyULVWZRU]\ü LVWRWQHSU]HVáDQNLGODXWZRU]HQLDU]ąGXURERWQLF]RFKáRSVNLHJRª  3URJUDP.353SU]HZLG\ZDá GHVWUXNFMĊV\VWHPXNDSLWDOLVW\F]QHJRL]QLV]F]HQLH5]HF]\SRVSROLWHM-HMPLHMVFH]DMąüPLDáD3ROVND 5HSXEOLND6RFMDOLVW\F]QD5DG'HOHJDWyZ5RERWQLF]\FK&KáRSVNLFKLĩRáQLHUVNLFK'RFHORZR SU]HZLG\ZDQRĪHEĊG]LHRQDVNáDGRZą=ZLą]NX6RFMDOLVW\F]Q\FK5HSXEOLNĝZLDWD)RUPąZáDG]\Z RZ\PNRQJORPHUDFLHPLDáDE\ü©G\NWDWXUDSUROHWDULDWXPLDVWLZVLªUHDOL]RZDQDSU]H]PRQRSROLVW\F]Qą SDUWLĊNRPXQLVW\F]Qą3RVWXORZDQRNRQLHF]QRĞüXSDĔVWZRZLHQLDSU]HP\VáXEDQNRZRĞFLKDQGOXL ĞURGNyZWUDQVSRUWX.RPXQLĞFLRSRZLDGDOLVLĊWHĪ]DOLNZLGDFMąZáDVQRĞFL]LHPVNLHM]DND]HPREURWX ]LHPLąSRG]LHORQąQDHWDS\QDFMRQDOL]DFMąJRVSRGDUVWZUROQ\FK3R]DZSURZDG]HQLHPEH]SáDWQHMRSLHNL OHNDUVNLHMVLHGPLRJRG]LQQHJRGQLDSUDF\]DNáDGDQRWDNĪHXWZRU]HQLHV]NyáĞZLHFNLFKL]ZDOF]DQLH ZSá\ZyZUHOLJLL=PLDQRPW\PWRZDU]\V]\üPLDáR]QLV]F]HQLHEXUĪXD]MLL]LHPLDĔVWZD 0 .U]\V]WRILĔVNLRSFLWV  :SLĞPLHQQLFWZLHSRGNUHĞORQRĪH>N@LHG\$UPLD&]HUZRQDZOLSFXUVWDQĊáDSRG:DUV]DZą.353 Z\GDáDRGH]ZĊQDZRáXMąFąGRZDONLSU]HFLZNR3ROVFH©5DGD2EURQ\3DĔVWZDZHUEXQHNRFKRWQLND QRZHSRERU\ZLHFHLREFKRG\SDWULRW\F]QHLNRNDUGNL  .ODVDURERWQLF]DVWRLQDXERF]XWHMZU]DVNOLZHM NRPHGLLNRPHGLLQLHJURĨQHMGOD]Z\FLĊVNLFKZRMVN&]HUZRQHM$UPLL  'RZDONL7RZDU]\V]Hª  &R FLHNDZHNRPXQLĞFLFKFLHOLWHĪRGHUZDüRG3ROVNLMHMQDMEDUG]LHMMHGQRURGQHHWQLF]QLHDSU]\W\PWDN V\PEROLF]QHGODSROVNLHMWUDG\FMLSDĔVWZRZHM]LHPLH*yUQ\ĝOąVNL3RPRU]H*GDĔVNLH$WDNL SURSDJDQGRZHNRPXQLVWyZQD3ROVNĊWUZDá\WDNĪHSRGRMĞFLXGRZáDG]\$GROID+LWOHUD.LHG\UR]PDLWH RGáDP\VSRáHF]HĔVWZDSROVNLHJRUR]SRF]\QDá\RUJDQL]DFMĊSLHUZV]\FKZLHFyZZREURQLHQLHSRGOHJáRĞFL RUJDQ.33©1RZ\3U]HJOąGªSLVDá©.RPXQLVW\F]QD3DUWLD3ROVNLRĞZLDGF]DREHFQLHSRODWDFKRNXSDFML SROVNLHMQD*yUQ\PĝOąVNX  ]Z\FLĊVNLSUROHWDULDWSROVNLSRREDOHQLXSDQRZDQLDNODVRZHJR LPSHULDOLVW\F]QHMEXUĪXD]MLSROVNLHMSU]HNUHĞOLZV]\VWNLHRU]HF]HQLD7UDNWDWX:HUVDOVNLHJRZVWRVXQNXGR *yUQHJRĝOąVNDLGR.RU\WDU]D3RPRUVNLHJRL]DSHZQLOXGQRĞFLSUDZRVDPRRNUHĞOHQLDDĪGRRGHUZDQLDRG 3ROVNLª1LHPDZąWSOLZRĞFLĪHUXFKNRPXQLVW\F]Q\Z3ROVFHE\áVWHURZDQ\LILQDQVRZDQ\SU]H]0RVNZĊ VWDQRZLąFW\SRZąDJHQWXUĊ=656&HOHLPHWRG\G]LDáDQLDSDUWLLNRPXQLVW\F]QHME\á\QLHPDOWRĪVDPH] W\PLMDNLHVRELHZ3ROVFHZ\]QDF]Dá\RUJDQDVRZLHFNLHJRZ\ZLDGXWDNZRMVNRZHJR *58 MDNL 1.:'-HGQLLGUXG]\UR]SUDFRZ\ZDOL:RMVNR3ROVNLHSHQHWURZDOLLQVW\WXFMHSDĔVWZRZHLRUJDQL]DFMH VSRáHF]QRSROLW\F]QH:DOF]\OLWHĪ]DSRPRFąDNWyZWHUURUXLVNU\WREyMVWZD  $SDUDWNLHURZQLF]\UXFKX NRPXQLVW\F]QHJRVNáDGDáVLĊ]]DZRGRZ\FKSáDWQ\FKIXQNFMRQDULXV]\V]NRORQ\FKLILQDQVRZDQ\FK] =656-HGHQ]RVNDUĪRQ\FKZSURFHVLHáXFNLP(XJHQLXV].XV]NRQDSLVDáSRODWDFK©  ZPRMHM G]LDáDOQRĞFLSDUW\MQHM  QDMZDĪQLHMV]\PZ\GDU]HQLHPNRQVSLUDF\MQ\PE\áXG]LDáZV]NROHZRMVNRZR SROLW\F]QHMZ0RVNZLH]QDMGXMąFHMVLĊSRGEH]SRĞUHGQLPNLHURZQLFWZHPSROVNLHMVHNFML.RPLWHWX :\NRQDZF]HJR0LĊG]\QDURGyZNL.RPXQLVW\F]QHM:V]\VWNLHSU]HGPLRW\ZRMVNRZHSU]HUDELDQHZWHM V]NROHE\á\  Z\NáDGDQHSU]H]Z\ĪV]\FKRILFHUyZ$UPLL5DG]LHFNLHM:V]\VF\VáXFKDF]HV]NRá\QRVLOL