SXEOLF]Q\FK:VND]DáĪHLVWRWQąRNROLF]QRĞFLąMHVWRGNU\FLHĪHEXGRZODPLDáDE\E\üSRVDGRZLRQDQD JUXQFLHJG]LH]QDMGXMHVLĊFPHQWDU]Ī\GRZVNLLQDF]HOQ\UDELQSROVNLVSU]HFLZLDVLĊWHPXZVND]XMąFQD Z]JOĊG\UHOLJLMQH :VND]DQ\DUW\NXáEU]PL $UW :UD]LH]DLVWQLHQLDLVWRWQHM]PLDQ\RNROLF]QRĞFLSRZRGXMąFHMĪHZ\NRQDQLHXPRZ\QLHOHĪ\ZLQWHUHVLH SXEOLF]Q\PF]HJRQLHPRĪQDE\áRSU]HZLG]LHüZFKZLOL]DZDUFLDXPRZ\]DPDZLDMąF\PRĪHRGVWąSLüRG XPRZ\ZWHUPLQLHGQLRGSRZ]LĊFLDZLDGRPRĞFLRW\FKRNROLF]QRĞFLDFK :SU]\SDGNXRNWyU\PPRZDZXVWZ\NRQDZFDPRĪHĪąGDüZ\áąF]QLHZ\QDJURG]HQLDQDOHĪQHJR] W\WXáXZ\NRQDQLDF]ĊĞFLXPRZ\ 'RNRQXMąFDQDOL]\WHJRSU]HSLVXQDOHĪ\ZVND]DüĪHXVWDZRGDZFDZVND]XMHĪHPRĪQDRGVWąSLüRGXPRZ\ W\ONRZV\WXDFMLNLHG\GRMG]LHGRLVWRWQHM]PLDQ\RNROLF]QRĞFL 1LHPRĪHWRE\üEáDKDRNROLF]QRĞüW\ONR PXVLWRE\üZDĪQDRNROLF]QRĞü 2FHQ\VNDOLZDĪQRĞFLGRNRQXMHP\]RELHNW\ZQHJRSXQNWXZLG]HQLD 2F]\ZLĞFLHPRJąWRE\üRNROLF]QRĞFL]ZLą]DQH]]DPDZLDMąF\POXEZ\NRQDZFąDOH]RELHNW\ZQHJR SXQNWXZLG]HQLDPXVLP\MHRFHQLDüMDNRGRQLRVáH 3RQDGWRWDRNROLF]QRĞüPXVLPLHüZSá\ZQDLQWHUHV SXEOLF]Q\7HQZSá\ZPXVLE\üWDNLĪHUHDOL]DFMDLQZHVW\FMLQLHEĊG]LHMXĪOHĪDáDZLQWHUHVLHSXEOLF]Q\P &RZLĊFHM]PLDQ\WHMRNROLF]QRĞFLQLHPRĪQDE\áRSU]HZLG]LHüZFKZLOL]DZDUFLDXPRZ\ 8VWDZRGDZFD Z\]QDF]\áUyZQLHĪWHUPLQQDRGVWąSLHQLHRGXPRZ\GQLRGGQLDSRZ]LĊFLDZLDGRPRĞFLRW\FK RNROLF]QRĞFLDFK 2GNU\FLHFPHQWDU]DQDPLHMVFXSURMHNWRZDQHMEXGRZOLPRĪQDX]QDü]DLVWRWQą]PLDQĊRNROLF]QRĞFL: RFHQLHVąGXPRĪQDUyZQLHĪX]QDüĪHVSRZRGRZDáRWRLĪUHDOL]DFMDEXGRZOLQLHEĊG]LHMXĪOHĪDáDZ LQWHUHVLHSXEOLF]Q\P .RQVW\WXFMDZDUW]DSHZQLDZROQRĞüUHOLJLL:ROQRĞüUHOLJLLREHMPXMHSRVLDGDQLH PLHMVFNXOWXZROQRĞüUHOLJLLWRWDNĪHPRĪOLZRĞüXSUDZLDQLDNXOWXZW\PNXOWXRVyE]PDUá\FK -DNZ\QLND ]XVWDORQHJRVWDQXIDNW\F]QHJRZJWUDG\FMLUHOLJLLĪ\GRZVNLHMQLHMHVWGRSXV]F]DOQHSU]HQRV]HQLH FPHQWDU]D 0RĪQDWRXF]\QLüMHG\QLHZ\MąWNRZR1DF]HOQ\UDELQSROVNLX]QDZDáĪHZW\PNRQNUHWQ\P SU]\SDGNXQLH]DFKRG]ąSRGVWDZ\GRSU]HQLHVLHQLDFPHQWDU]D 3RZLDWNLHUXMąFVLĊSRV]DQRZDQLHPUHOLJLL Ī\GRZVNLHMPyJáX]QDüĪHUHDOL]DFMDEXGRZ\QLHOHĪ\MXĪZLQWHUHVLHSXEOLF]Q\PLGODWHJRVąGQLH NZHVWLRQXMHWHJR 3U]HVáDQNĊEUDNXPRĪOLZRĞFLSU]HZLG]HQLDQDOHĪ\LQWHUSUHWRZDüZWHQVSRVyEĪHSU]HGRJáRV]HQLHP ]DPyZLHQLDQDOHĪ\GRSHáQLüZV]HONLPDNWyZVWDUDQQRĞFL1DOHĪ\GRáRĪ\üVWDUDQQRĞFLSU]\MPXMąFPRGHO G]LDáDQLDSU]\XZ]JOĊGQLHQLX]DZRGRZHJRFKDUDNWHUX1DOHĪ\GRNRQDüDQDOL]\MDNPDZ\JOąGDüUHDOL]DFMD LQZHVW\FMLLVWDUDüVLĊSU]HZLG]LHüFRPRĪHVLĊZ\GDU]\ü %UDNQDOHĪ\WHMVWDUDQQRĞFLSU]\SU]\JRWRZDQLX LQZHVW\FMLEUDNGRNRQDQLDDQDOL]WHJRFRVLĊPRĪHZ\GDU]\üSU]HGRJáRV]HQLHP]DPyZLHQLDQLHVWDQRZL UHDOL]DFMLSU]HVáDQNLEUDNXPRĪOLZRĞFLSU]HZLG]HQLD,QQ\PLVáRZ\MHĪHOL]DPDZLDMąF\QLHVSUDZG]Lá GRNXPHQWDFML]DQLHGEDáQDOHĪ\WHJRSU]\JRWRZDQLDLQZHVW\FMLWRSRWHPQLHPRĪHSRZRá\ZDüVLĊQDWRĪH