VáRZDFKDFKá\LNDEDQ\WUDNWXMHRQMDNRREUDĨOLZHV\QRQLP\VáRZD  QLH]DĞRNUHĞOHQLDF]ĊĞFL QDURGXXNUDLĔVNLHJR GRZRGyZZSRVWDFLPDWHULDáyZQDXNRZ\FKLSRSXODUQRQDXNRZ\FK]NWyU\FKZ\QLNDĪHILJXU\V]F]XUDL ZV]\QLHVąV\PERODPLFKFLZRĞFLQDWRPLDVWVąNRQRWRZDQH]RGUD]ąLSRVáXJLZDQLHVLĊQLPLZSURFHVLH NRPXQLNDFMLVáXĪ\Z\UDĪHQLXSRJDUG\SRQDGWR]DĞV\PEROHWHVąSRZV]HFKQLHNRMDU]RQHMDNRQDU]ĊG]LD W]ZDQW\W\IXVRZHMSURSDJDQG\,,,  ]DVDGQ\  F]ĊĞFLRZR]DVDGQ\  QLH]DVDGQ\5]HV]\1LHPLHFNLHMVNLHURZDQHMSU]HFLZNRFDáRĞFLOXGQRĞFLĪ\GRZVNLHM GRZRGyZZSRVWDFLPDWHULDáyZQDXNRZ\FKLSRSXODUQRQDXNRZ\FK]NWyU\FKZ\QLNDĪHXĪ\W\SU]H] RVNDUĪRQHJRHWQRQLPFKD]DUVNLMHVWSHMRUDW\ZQLH]DEDUZLRQ\PV\QRQLPHPQD]ZXNUDLĔVNLOXE Ī\GRZVNLLMHVWXĪ\ZDQ\]HZ]JOĊGXQDU]HNRPHSRFKRG]HQLHW\FKJUXSQDURGRZ\FK REUD]ĊDUWNSNSRSU]H]GRNRQDQLHRFHQ\SU]HSURZDG]RQ\FKGRZRGyZQLH]JRGQLH]]DVDGDPL SUDZLGáRZHJRUR]XPRZDQLDRUD]ZVND]DQLDPLZLHG]\LGRĞZLDGF]HQLDĪ\FLRZHJRZV]F]HJyOQRĞFL EáĊGQąRFHQĊZ\MDĞQLHĔRVNDUĪRQHJR'&  Z\QLNDMąFą]QLHXZ]JOĊGQLHQLDVSU]HF]QRĞFLSRPLĊG]\ WUHĞFLąW\FKZ\MDĞQLHĔDSRZV]HFKQ\PX]XVHPMĊ]\NRZ\PRUD]WUHĞFLąLQQ\FKZ\SRZLHG]LRVNDUĪRQHJR VIRUPXáRZDQ\FKLRSXEOLNRZDQ\FKEH]]ZLą]NX]WRF]ąF\PVLĊSRVWĊSRZDQLHPNDUQ\PRSDUFLHXVWDOHĔ IDNW\F]Q\FKQDQLHSHáQHMQLHMDVQHMLQLHVSyMQHMRSLQLLELHJáHM]G]LHG]LQ\MĊ]\NR]QDZVWZDGU-3  SU]\ MHGQRF]HVQ\P]G\VNZDOLILNRZDQLXGRW\F]ąF\FKWHMVDPHMPDWHULLMDVQ\FKLVSyMQ\FKRSLQLLELHJá\FKSURI GUKDE$.LGU$2  WRQDUXV]HQLDSU]HSLVyZSRVWĊSRZDQLDVNXWNRZDá\EáĊGQ\PXVWDOHQLHPĪH XĪ\WHSU]H]RVNDUĪRQHJRRNUHĞOHQLDFKDFKá\NDEDQ\LSOHPLĊĪPLMRZHQLHPDMą]QLHZDĪDMąFHJR FKDUDNWHUXDWDNĪHGRZROQ\PSU]\MĊFLHPĪHQLH]RVWDá\XĪ\WH]SRZRGXSU]\QDOHĪQRĞFLQDURGRZHM REUDĪRQ\FK]ELRURZRĞFLOHF]RGQRVLá\VLĊMHG\QLHGRW\FKSU]HGVWDZLFLHOLJUXSOXGQRĞFLQDURGRZRĞFL XNUDLĔVNLHMLĪ\GRZVNLHMRUD]Z\]QDZFyZMXGDL]PXNWyU\PPRĪQDSU]\SLVDüFKFLZRĞüEąGĨ QDFMRQDOLVW\F]QHSRJOąG\LSRVWDZĊ=ZLĊĨOHRSRZRGDFKX]QDQLD]DU]XWX]D]DVDGQ\F]ĊĞFLRZR]DVDGQ\ DOERQLH]DVDGQ\$G =D]DVDGQHQDOHĪ\X]QDüVWDQRZLVNR6ąGX5HMRQRZHJRRGGDODMąFHZQLRVHNGRZRGRZ\]DZLHUDMąF\ PDWHULDá\GRW\F]ąFH]QDF]HQLDLIXQNFMLMĊ]\NRZHMVáyZFKRFKRáFKDFKHáFKDFKá\DOERZLHPEH] ]QDF]HQLDGODUR]VWU]\JQLĊFLDPLDáR]QDF]HQLDZZVáyZZMĊ]\NXURV\MVNLPLXNUDLĔVNLPSRQLHZDĪ GHNRGRZDQLHZZVáyZPRĪHE\ü]XSHáQLHRGPLHQQHZLQQ\FKMĊ]\NDFKZQLQLHMV]HMVSDZLHEDGDQLX SRGOHJDáRRZHVáRZRMHG\QLHSRGNąWHPMHJRIXQNFMRQRZDQLDL]QDF]HQLDZMĊ]\NXSROVNLP $G =DQLH]DVDGQ\QDOHĪ\X]QDü]DU]XWREUD]\DUWNSNWHJRURG]DMX]DU]XWPRĪHE\üVNXWHF]QLH SRGQLHVLRQ\Z\áąF]QLHZV\WXDFMLJG\6ąGRSDUáVZRMHXVWDOHQLDIDNW\F]QHQDGRZRGDFKNWyUHIRUPDOQLH