VSRZRGXMHXPLHV]F]HQLHQDQLPRNUHĞORQ\FKRĞZLDGF]HĔZW\PRVSURVWRZDQLXLSU]HSURV]HQLX3RGREQLH WUXGQRRF]HNLZDüĪHEĊG]LHRQDZVWDQLH]DSHZQLüQLHUR]SRZV]HFKQLDQLHLQIRUPDFMLQDW\PSURILOX1LH PRJąFVWZLHUG]LüF]\IXQGDFMDPDWDNLHPRĪOLZRĞFLRGG]LDá\ZDQLDZW\PPRĪOLZRĞüDGPLQLVWURZDQLD SURILOHP6ąG2NUĊJRZ\QLHPyJáRU]HNDüRQDND]\ZDQLXMHMSRGMĊFLDRNUHĞORQ\FKG]LDáDĔ]ZLą]DQ\FK]Wą VWURQą 6ąG,LQVWDQFMLSRGNUHĞOLáĪHSU]HGPLRWHPQLQLHMV]HJRSRVWĊSRZDQLDQLHE\áDRFKURQDGyEURVRELVW\FK ZQLRVNRGDZF\W\ONR]DSHZQLHQLHSUDZLGáRZHJRSU]HELHJXNDPSDQLLZW\P]DSRELHĪHQLHQLHXF]FLZHM DJLWDFML6WąGNRQLHF]QHE\áRXVWDOHQLHNWRGRSXĞFLáVLĊW\FKIRUPDJLWDFMLNWyU\FKGRW\F]\ZQLRVHN 3U]\MĊFLHĪHXF]\QLáDWRRVREDSUDZQDZSRVWDFLIXQGDFMLZ\PDJDáRE\VWZLHUG]HQLDĪHMHMRUJDQ\F]\OL SUH]HVPLDá\ZSá\ZQD]DPLHV]F]HQLHSU]HGPLRWRZ\FKZSLVyZ6DPRW\ONRSRWZLHUG]HQLHĪHIXQGDFMD PRJáDZFHOXRFKURQ\VZRMHJRGREUHJRLPLHQLDSRGMąüHZHQWXDOQHNURNLDE\]DSRELHFDJLWDFML SURZDG]RQHMQDSU]HGPLRWRZ\PSURILOXQLHF]\QLMąE\QDMPQLHMSRGPLRWHPNWyU\WĊDJLWDFMĊSURZDG]LáL QLHSR]ZDODQDX]QDQLH]DELHUQLHOHJLW\PRZDQąZQLQLHMV]\PSRVWĊSRZDQLX 6ąG2NUĊJRZ\]ZUyFLáQDGWRXZDJĊQDWRĪHSRVWĊSRZDQLHWRF]\áRVLĊZV]F]HJyOQ\PWU\ELH2JUDQLF]D RQZVSRVyEGUDVW\F]Q\PRĪOLZRĞüSURZDG]HQLDSRVWĊSRZDQLDGRZRGRZHJRREOLJXMąF6ąGGRRU]HNDQLD QDSRGVWDZLHGRZRGyZGRVWDUF]RQ\FKPXQDMSyĨQLHMQDSLHUZV]HMUR]SUDZLH3R]EDZLDPRĪOLZRĞFLLFK GDOV]HMZHU\ILNDFML7\PEDUG]LHMVWURQ\DZV]F]HJyOQRĞFLZQLRVNRGDZFDSRZLQQLSRGMąüZV]\VWNLH PRĪOLZHVWDUDQLDDE\GRVWDUF]\üGDQHGRW\F]ąFHZV]\VWNLFKSU]HVáDQHNRGSRZLHG]LDOQRĞFLXF]HVWQLND: WRNXSU]HGPLRWRZHJRSRVWĊSRZDQLDQLHVąZ\áąF]RQHQRUP\DUWNFLNSF]NWyU\FKZQLNDĪH RERZLą]HNGRZRG]HQLDREFLąĪDWHJRNWyU\]DPLHU]DZ\ZRG]LüRNUHĞORQHVNXWNLSUDZQH]SU]HGVWDZLDQ\FK WZLHUG]HĔ6NRURZLĊFZQLRVNRGDZFDWZLHUG]LáĪHWRXF]HVWQLNSURZDG]LáQLHU]HWHOQąDJLWDFMĊQDMHJR WHPDW]RERZLą]DQ\E\áSRWZLHUG]LüWHQ]DU]XW7\PF]DVHPRVWDWHF]QLHED]RZDáRQQDQLHNWyU\FK]DSLVDFK ]QDMGXMąF\FKVLĊQDSU]HGPLRWRZ\PSURILOXF]\QLąFWRSU]\W\PZVSRVyEUDF]HMZ\ELyUF]\1LH]ZUyFLá XZDJLĪHSURILO]DáRĪRQ\]RVWDáSU]HGSRZVWDQLHPIXQGDFML1LHZVND]DáGDW\ZHU\ILNDFMLSURILOX1LH SU]HGVWDZLáGDQ\FKĨUyGáRZ\FKZVND]XMąF\FK]DVDG\UHMHVWURZDQLDLDGPLQLVWURZDQLDWHJRURG]DMX VWURQDPLQDSRUWDOX)1LH]DZQLRVNRZDáWHĪĪDGQ\FKLQQ\FKGRZRGyZPRJąF\FKZVND]\ZDüĪHZLQQ\FK SU]\SDGNDFKWRIXQGDFMDVWDáD]DXPLHV]F]HQLHPRNUHĞORQ\FKSXEOLNDFMLQDZVND]DQ\PSURILOX6ąG 2NUĊJRZ\X]QDáZLĊFĪHQLHPRĪQDX]QDü]DZ\ND]DQHĪHWRXF]HVWQLNSURZDG]LáDJLWDFMĊZVSRVyE RSLVDQ\ZHZQLRVNX1LHMHGQR]QDF]QRĞüPDWHULDáXGRZRGRZHJR]GDQLHPWHJR6ąGXQLHSR]ZDODáD UyZQLHĪQDF]\QLHQLHXVWDOHĔZW\P]DNUHVLHQDSRGVWDZLHGRPQLHPDĔIDNW\F]Q\FKRSDUW\FK]D]ELHĪQRĞFL QD]Z\IXQGDFMLLSURILOX 0DUJLQDOQLH6ąG2NUĊJRZ\VWZLHUG]LáLĪJG\E\WRXF]HVWQLNE\áSRGPLRWHPNWyU\GRSXĞFLáVLĊRSLVDQ\FK ZHZQLRVNXIRUPDJLWDFMLWRZQLRVNRGDZF\SU]\VáXJLZDáRE\VNXWHF]QHSUDZRGRGRFKRG]HQLDZV]\VWNLFK ZVND]DQ\FKZHZQLRVNXURV]F]HĔ]HZ\MąWNLHPĪąGDQLDSU]\SLĊFLDZSLVXZJyUQHMF]ĊĞFLRVLF]DVXSURILOX XF]HVWQLNDMDNRQLHDGHNZDWQHJRGRVSRVREXSXEOLNDFMLLQIRUPDFMLQLHSUDZG]LZHM