DUWXVWRUD]DUW.RQVW\WXFMLWRQLHRNUHĞOLáZMDNLVSRVyE]RVWDáQDUXV]RQ\DUWXVW .RQVW\WXFMLZVND]DQ\ZSHWLWXPVNDUJLMDNRZ]RU]HF]ZLą]NRZ\:V]F]HJyOQRĞFLQLHVSHáQLDZDUXQNX RNUHĞOHQLDVSRVREXQDUXV]HQLDNRQVW\WXF\MQ\FKZROQRĞFLLSUDZSU]\WRF]HQLHW\ONRWUHĞFLSU]HSLVX NRQVW\WXF\MQHJRWDNMDNWR]URELáVNDUĪąF\ ]REVVNDUJL =WHMUDFML7U\EXQDáSRVWDQDZLDQDSRGVWDZLH DUWXVWSNWXVWDZ\R7.XPRU]\üSRVWĊSRZDQLHZ]DNUHVLHNRQWUROL]DVNDUĪRQHJRSU]HSLVX]DUW XVW.RQVW\WXFMLMDNR]ZLą]NRZ\PZ]RUFHPNRQWUROL]DUWXVW.RQVW\WXFML]HZ]JOĊGXQD QLHGRSXV]F]DOQRĞüZ\GDQLDZ\URNX DUWXVW.RQVW\WXFMLZ]ZLą]NX]DUWXVWSNWXVWDZ\R 7.  3RGREQLHZRGQLHVLHQLXGRGUXJLHMJUXS\ZVND]DQ\FKZSHWLWXPVNDUJLZ]RUFyZVNDUĪąF\Z\MDĞQLá VSRVyEQDUXV]HQLDDUWXVWZ]ZLą]NX]DUWXVW.RQVW\WXFMLDOHQLHXF]\QLáWHJRFRGRDUWZ ]ZLą]NX]DUWXVW.RQVW\WXFMLRUD]DUW.RQVW\WXFMLSRZRáDQHJRMDNR]ZLą]NRZ\]DUyZQR]DUW XVW.RQVW\WXFMLMDNLDUW.RQVW\WXFML1LHVSHáQLDZ\PRJXSU]HGVWDZLHQLDVSRVREXQDUXV]HQLDDUW Z]ZLą]NX]DUWXVW.RQVW\WXFMLODNRQLF]QH]GDQLHQDNRĔFXVNDUJLĪH3RZ\ĪV]HUR]ZDĪDQLDQDOHĪ\ RGQLHĞüUyZQLHĪGRDUW.RQVW\WXFML6NDUĪąF\QLHZ\MDĞQLáQDGWRVSRVREXQDUXV]HQLDDUW .RQVW\WXFMLRJUDQLF]DMąFVLĊGRSRGNUHĞOHQLDĪHZROQRĞüVáRZDMHVWZDUWRĞFLąIXQGDPHQWDOQąZSDĔVWZLH GHPRNUDW\F]Q\P ]REVLVNDUJL =W\FKSU]\F]\Q7U\EXQDáSRVWDQDZLDQDSRGVWDZLHDUW XVWSNWXVWDZ\R7.XPRU]\üSRVWĊSRZDQLHZ]DNUHVLHNRQWUROL]DVNDUĪRQHJRSU]HSLVX]DUWZ ]ZLą]NX]DUWXVW.RQVW\WXFMLRUD]DUW.RQVW\WXFMLMDNR]ZLą]NRZ\PZ]RUFHP]DUyZQR]DUW XVW.RQVW\WXFMLMDNLDUW.RQVW\WXFML]HZ]JOĊGXQDQLHGRSXV]F]DOQRĞüZ\GDQLDZ\URNX DUWXVW .RQVW\WXFMLZ]ZLą]NX]DUWXVWSNWXVWDZ\R7.  .RQNOXGXMąF7U\EXQDáVWZLHUG]DĪHZ]RUFDPLNRQWUROLNRQVW\WXF\MQRĞFLDUW†NNZF]ĊĞFL REHMPXMąFHM]ZURWQDZRáXMHGRQLHQDZLĞFLVąZQLQLHMV]\PSRVWĊSRZDQLXDUWXVWLDUW .RQVW\WXFMLRUD]DUWXVWZ]ZLą]NX]DUWXVW.RQVW\WXFML =DVDGDRNUHĞORQRĞFLSU]HSLVyZSUDZDNDUQHJRZRU]HF]QLFWZLH7U\EXQDáX.RQVW\WXF\MQHJR :]ZLą]NX]W\PĪHLVWRWDSUREOHPXNRQVW\WXF\MQHJRZQLQLHMV]HMVSUDZLHGRW\F]\VWZLHUG]HQLDF]\ XVWDZRGDZFDPyJáXĪ\üZDUW†NN]ZURWXQLHGRRNUHĞORQHJRLMHGQRF]HĞQLHQLHRVWUHJRMDNLPMHVW ]QDPLĊQDZRáXMHGRQLHQDZLĞFL7U\EXQDáX]QDMH]DZáDĞFLZHSU]\SRPQLHQLHVWDQGDUGyZ NRQVW\WXF\MQ\FKZ\QLNDMąF\FK]]DVDG\RNUHĞORQRĞFLSU]HSLVyZSUDZDNDUQHJRRGNRGRZDQ\FK]DUWL DUWXVW.RQVW\WXFMLZVZRLPRU]HF]QLFWZLH =JRGQLH]XWUZDORQ\PRU]HF]QLFWZHP7U\EXQDáX]NRQVW\WXF\MQHM]DVDG\SDĔVWZDSUDZQHJR DUW .RQVW\WXFML Z\QLNDQDND]SU]HVWU]HJDQLDSU]H]XVWDZRGDZFĊ]DVDGSRSUDZQHMOHJLVODFML1DND]WHQMHVW IXQNFMRQDOQLH]ZLą]DQ\]]DVDGDPLSHZQRĞFLLEH]SLHF]HĔVWZDSUDZQHJRRUD]RFKURQą]DXIDQLDGR SDĔVWZDLSUDZD1DUXV]HQLHPZ\PDJDĔNRQVW\WXF\MQ\FKGRW\F]ąF\FKSRSUDZQHMOHJLVODFMLMHVWZ V]F]HJyOQRĞFLQLHMDVQ\LQLHSUHF\]\MQ\WHNVWSU]HSLVX ]REZ\URNL7.]SDĨG]LHUQLNDUV\JQ. 27.=8QUSR]PDMDUV\JQ.27.=8QU$SR]