QLHNRQNUHW\]XMHSU]\W\PMDNLH]DVDG\ORJLNLOXEGRĞZLDGF]HQLDĪ\FLRZHJR]RVWDá\QDUXV]RQHSU]\RFHQLH NRQNUHWQ\FKGRZRGyZRJUDQLF]DMąFVLĊMHG\QLHGRZVND]DQLDĪHXVWDOHQLD6ąGXVąGRZROQHLVSU]HF]QH ]]DVDGDPLORJLNL 1LH]RVWDáRUyZQLHĪZ\MDĞQLRQHNWyUHGRZRG\6ąG2NUĊJRZ\RFHQLáZDGOLZLH =W\FK SU]\F]\QQLHPRĪQDX]QDü]DU]XWXQDUXV]HQLDDUW†NSF]DVNXWHF]Q\ 0\OLVLĊSU]HGHZV]\VWNLPSR]ZDQ\ĪH6ąG,LQVWDQFMLXVWDOLáFKDUDNWHUVSRUQHMDXG\FMLZRSDUFLXR ]H]QDQLDĞZLDGNyZ8ZDĪQDDQDOL]DWUHĞFL]DVNDUĪRQHJRZ\URNXSURZDG]LERZLHPGRMHGQR]QDF]QHM NRQNOX]MLLĪ6ąG2NUĊJRZ\X]QDáDXG\FMĊ  ]DSXEOLF\VW\F]QRVDW\U\F]QąZRSDUFLXR]DSLV DXGLRZL]XDOQ\WHMDXG\FMLGRáąF]RQ\GRDNWSRVWĊSRZDQLDQDSá\FLH'9' 6ąG$SHODF\MQ\WĊRFHQĊZSHáQL SRG]LHOD 'ODSU]HFLĊWQHJRRGELRUF\XZ]JOĊGQLDMąFZ\ZRG\6ąGX,LQVWDQFMLGRW\F]ąFHSRMĊFLDVDW\U\ QLHSRZLQQREXG]LüZąWSOLZRĞFLĪHVSRUQDDXG\FMDZNWyUHMDNWXDOQHZ\GDU]HQLDVąSU]HGVWDZLRQHZ IRUPLHSU]HU\VRZDQHMLRSDWU]RQHSLĊWQXMąF\PLOXEEXOZHUVXMąF\PLNRPHQWDU]DPLPDFKDUDNWHU VDW\U\F]Q\3R]DW\P]JRG]LüVLĊQDOHĪ\]SRZRGHPĪHVNDUĪąF\PyJáZWRNXSRVWĊSRZDQLDSU]H]6ąGHP 2NUĊJRZ\PNRU]\VWDü]LQLFMDW\Z\GRZRGRZHMLZ\ND]\ZDüLĪSU]HGPLRWRZDDXG\FMDPDLQQ\FKDUDNWHU QSLQIRUPDF\MQ\OXESRSXODUQRQDXNRZ\-HGQDNSR]ZDQ\QLHW\OHQLHXGRZRGQLáWDNLFKRNROLF]QRĞFLDOH QDZHWQLHVIRUPXáRZDáĪDGQ\FKWZLHUG]HĔQDWHMSáDV]F]\ĨQLH6WDQRZLVNRSR]ZDQHJRMHVW]DWHP QLHNRQVHNZHQWQH=MHGQHMVWURQ\]DU]XFDERZLHP6ąGRZL,LQVWDQFMLQDUXV]HQLHDUW†NSFSU]\ RFHQLHFKDUDNWHUXDXG\FMLDOH]GUXJLHMVWURQ\QLHWZLHUG]LĪHDXG\FMDWDPLDáDLQQ\FKDUDNWHU 1LH]DVDGQ\MHVWUyZQLHĪ]DU]XWĪHFKDUDNWHUZ\HPLWRZDQHMZGQLXOXWHJRUDXG\FMLPRĪHE\ü XVWDORQ\MHG\QLHQDSRGVWDZLHDQDOL]\WUHĞFLNRQFHVMLXG]LHORQHMSU]H]   :HGáXJ6ąGX$SHODF\MQHJRQLH LVWQLHMH]ZLą]HNPLĊG]\WUHĞFLąNRQFHVMLDFKDUDNWHUHPNRQNUHWQHMDXG\FMLIDNW\F]QLHZ\HPLWRZDQHM 6WDQRZLVNRSR]ZDQHJR]GDMHVLĊZ\QLNDü]FDáNRZLWHJRSRPLQLĊFLDIDNWXĪHWUHĞüNRQFHVMLZĪDGHQ VSRVyEQLHGHWHUPLQXMHWUHĞFLDFR]DW\PLG]LHFKDUDNWHUXHPLWRZDQ\FKDXG\FMLWHOHZL]\MQ\FK &DáNRZLFLHFK\ELRQHVąZLĊFZ\ZRG\DSHODFMLĪHFKDUDNWHUVSRUQHMDXG\FMLPyJáE\üRFHQLRQ\Z\áąF]QLH ZRSDUFLXRWUHĞüXG]LHORQHMSRZRGRZLNRQFHVML 1LHWUDIQ\MHVWUyZQLHĪ]DU]XWĪH6ąG2NUĊJRZ\XVWDOLáSURILODXG\FML  MHG\QLHSR]DSR]QDQLXVLĊ]MHGQą DXG\FMą]WHJRF\NOX 8V]áRERZLHPXZDG]HVNDUĪąFHJRĪHXVWDOHQLHWDNLH6ąG,LQVWDQFMLSRF]\QLáQLH W\ONRSR]DSR]QDQLXVLĊ]]DSLVHPDXGLRZL]XDOQ\PDXG\FML]GQLDOXWHJRUDOHUyZQLHĪZRSDUFLX RSU]HVáXFKDQLHĞZLDGNyZ-:L(-RUD]SU]HVáXFKDQLHZFKDUDNWHU]HVWURQ\$6SUH]HVD]DU]ąGX SRZRGRZHMVSyáNL   %H]]DVDGQ\MHVWZNRQVHNZHQFML]DU]XWQDUXV]HQLDDUWXVWLXUW6ąG$SHODF\MQ\SRG]LHOD VWDQRZLVNR6ąGX2NUĊJRZHJRĪHZDXG\FML  QLHSURSDJRZDQRG]LDáDĔVSU]HF]Q\FK]SUDZHP]SROVNą UDFMąVWDQXRUD]SRVWDZLSRJOąGyZVSU]HF]Q\FK]PRUDOQRĞFLąLGREUHPVSRáHF]Q\P $XG\FMDWDQLH ]DZLHUDáDUyZQLHĪWUHĞFLQDZRáXMąF\FKGRQLHQDZLĞFLOXEG\VNU\PLQXMąF\FK]HZ]JOĊGXQDUDVĊ QLHSHáQRVSUDZQRĞüSáHüZ\]QDQLHOXEQDURGRZRĞü:SURVWSU]HFLZQLHZDXG\FMLWHMSLĊWQRZDQR]MDZLVND QHJDW\ZQHVSRW\NDMąFHVLĊ]SRZV]HFKQ\PSRWĊSLHQLHPMDNQSSHGRILOLDNRU]\VWDQLH]XVáXJSáDWQ\FK