ZVSUDZLHZJUDQLFDFKVXPSU]H]QLFKZ\GDWNRZDQ\FK SNW RUD]QLHREFLąĪDMąFVWURQRERZLą]NLHP ]ZURWXZ\GDWNyZSRQLHVLRQ\FKW\PF]DVRZRSU]H]6NDUE3DĔVWZD SNW  5R]VWU]\JQLĊFLH]DSDGáRSU]\QDVWĊSXMąF\FKXVWDOHQLDFKLZQLRVNDFK 1LHUXFKRPRĞüSRáRĪRQDZ=Z.DWDVWU]HSRGSR]\FMą/SRPLDUXZPLHĞFLH=RNUĊJX6 SRZLHFLH  ]DEXGRZDQDGRPHPLSODFHPSRGQLPRV]HURNRĞFLWHJRĪGRPXLZMD]GXDGáXJRĞFL áRNFLSU]\XOLF\  QDOHĪDáDGR(']JRGQLH]]DSLVHPVSRGQXPHUXUHSHUWRULXPKLSRWHF]QHJR=  2EHFQLHF]ĊĞüWHMQLHUXFKRPRĞFLR]QDF]RQDMHVWQXPHUHPG]LDáNL  RSRZLHU]FKQLP LSRáRĪRQD MHVWSU]\XOLF\  'ODQLHUXFKRPRĞFLWHM:\G]LDá.VLąJ:LHF]\VW\FK6ąGX5HMRQRZHJRZ=GXĔVNLHM :ROLSURZDG]LNVLĊJĊZLHF]\VWąQU   3RVWDQRZLHQLHP]OXWHJRU6ąG*URG]NLZ=VWZLHUG]LáQDE\FLHZFDáRĞFLSUDZGRVSDGNXSR( ']PDUáHMVLHUSQLDUQDU]HF]MHMEUDWD,]UDHOD''   3R]DNRĔF]HQLX,,:ĝZLDWRZHMZáDĞFLFLHONDQLHUXFKRPRĞFLDQLMHMVSDGNRELHUF\QLH]DPLHV]NLZDOLZ QLHUXFKRPRĞFL=DU]ąGSU]HMąá0LHMVNL2NUĊJRZ\8U]ąG/LNZLGDFMLZàDQLHUXFKRPRĞFLąIDNW\F]QLH ZáDGDá=DU]ąG0LHMVNLZ=FRQDMPQLHMRGU,VUDHO''  ZUZ\VWąSLá]ĪąGDQLHP SU]\ZUyFHQLDPXSRVLDGDQLDQLHUXFKRPRĞFLSRáRĪRQHMZ=SU]\XOLF\  R]QDF]RQHMQUUHSHUWRULXP KLSRWHF]QHJR=8F]HVWQLNDPLSRVWĊSRZDQLDE\OL8U]ąG/LNZLGDFMLZàL=DU]ąG0LHMVNLZ=MDNR ZáDGDMąF\6ąG*URG]NLZ=SRVWDQRZLHQLHPZ\GDQ\PZVSUDZLH&R]GQLDOLVWRSDGDU RGGDOLáZQLRVHNZREHFQLHZ\ND]DQLDQDVWĊSVWZDSUDZQHJRSR('3RX]\VNDQLXSRWZLHUG]HQLDSUDZGR VSDGNXSR(',VUDHO''  SRQRZQLHZ\VWąSLáSU]HFLZNR2NUĊJRZHPX8U]ĊGRZL/LNZLGDF\MQHPXZ àL=DU]ąGRZL0LHMVNLHPXZ=RZ\GDQLHQLHUXFKRPRĞFL1DPRF\RU]HF]HQLD6ąGX*URG]NLHJRZ=] GQLDPDUFDU]DWZLHUG]RQHJRW\WXáHPZ\NRQDZF]\P6ąGX2NUĊJRZHJRZ.DOLV]X]GQLD VLHUSQLDU,VUDHORZL''  SU]\ZUyFRQRSRVLDGDQLHQLHUXFKRPRĞFLSRáRĪRQHMZ=SU]\GDZQHM XOLF\  DQRV]ąFHMQD]ZĊ'ZGDFLHZ\GDQLDRU]HF]HQLDPDMąFHMQXPHUUHSHUWRULXP KLSRWHF]QHJR3RPLPRZ\GDQLDRU]HF]HQLDSU]H]6ąG*URG]NLZ=L]DWZLHUG]HQLDJRW\WXáHP Z\NRQDZF]\P6ąGX2NUĊJRZHJRZ.DOLV]X,VUDHO''  QLHG\VSRQRZDáQLHUXFKRPRĞFLąQLH Z\HJ]HNZRZDáZ\GDQLDSRVHVMLQLH]DPLHV]NDáQDQLHMDQLWHĪZĪDGHQLQQ\VSRVyEQLąQLHG\VSRQRZDá ,VUDHO''  PLHV]NDáZ6VNąGZUZ\MHFKDáGR,]UDHOD]FDáąURG]LQą1DPRF\XFKZDá\5DG\ 3DĔVWZD1U]RVWDáSR]EDZLRQ\RE\ZDWHOVWZDSROVNLHJR6SDGNRELHUFą,VUDHOD''  ]RVWDáMHJRV\Q +' 1LHUXFKRPRĞüE\áD]DEXGRZDQDEXG\QNLHPPLHV]NDOQ\PNDPLHQLFąZNWyUHM]QDMGRZDá\VLĊORNDOH PLHV]NDOQH1DG]LDáFH]QDMGRZDá\VLĊWDNĪHWRDOHW\GODPLHV]NDĔFyZLNRPyUNLQDRSDá:áDGDMąF\Z LPLHQLX6NDUEX3DĔVWZD:\G]LDá)LQDQVRZ\3UH]\GLXP:RMHZyG]NLHM5DG\1DURGRZHMZàG]LDáDMąF\ SU]H]$GPLQLVWUDFMĊ  Z\GDZDáRGSRF]ąWNXODWW\FKSU]\G]LDá\ORNDOLPLHV]NDOQ\FKLSRELHUDáRG ORNDWRUyZF]\QV]1LJG\QDSRVHVMLQLH]MDZLáVLĊĪDGHQZáDĞFLFLHOQLHUXFKRPRĞFLLQLH]JáDV]DáĪDGQ\FK