3RODNLHPLQLH]JDG]DVLĊQDWRDE\E\ü]DWDNLHJRXZDĪDQ\P 3U]\WDN]DNUHĞORQ\FKSRGVWDZDFK IDNW\F]Q\FKQDUXV]HQLDGREUDRVRELVWHJRSRZRGDLPLHQLDLQD]ZLVND6ąG$SHODF\MQ\QLHGRSDWU]\áVLĊ QDUXV]HQLDSUDZQLHFKURQLRQHJRWHJRZáDĞQLHGREUD SRPLMDMąFSRZ\ĪV]HFRGRIXQNFMLLPLHQLDLQD]ZLVND VNRURVDPSRZyGGZXNURWQLH]PLHQLDMąFVZRMHLPLRQD ZRGVWĊSDFKPQLHMZLĊFHMURNXEH]]PLDQ\ Z\UDĨQLHSROVNREU]PLąFHJRQD]ZLVND]NRĔFyZNąVNL ]PLHQLáMHGQR]QLFKQDEU]PLąFHZ\UDĨQLHSR SROVNXNWyUHUyZQLHĪMHVW]DNRU]HQLRQHZKLVWRULL3ROVNLMDNRSLHUZV]HJRQLHNRURQRZDQHJRZáDGF\ SROVNLHJR$EVROXWQLHQLH]UR]XPLDáHSR]RVWDMHZNRQWHNĞFLHĪąGDĔSR]ZX SU]HSURV]HQLDL]DSáDW\ ]DGRĞüXF]\QLHQLD F]\QLHQLH]DU]XWXQLHXĪ\ZDQLDZNRUHVSRQGHQFMLSR]ZDQHJRNLHURZDQHMGRSRZRGD SLHUZV]HJR]LPLRQVWZLHUG]HQLHSRZRGDĪHJRG]LWRZWRĪVDPRĞüĞZLĊWHMRVRE\ :UHV]FLH]JRG]Lü QDOHĪ\VLĊ]VąGHPSLHUZV]HMLQVWDQFMLĪHEUDNXĪ\FLDZNRUHVSRQGHQFMLSR]ZDQHJRNLHURZDQHMGRSRZRGD MHGQHJR]LPLRQSRZRGDQLHVWDQRZLáRZRJyOHQDUXV]HQLDGREUDRVRELVWHJRSRZRGD 2LOHSUDZRSROVNLH DQDGHZV]\VWNRXVWDZD]GQLDZU]HĞQLDU3UDZRRDNWDFKVWDQXF\ZLOQHJR']8]UQU SR]RUD]]USR]LXVWDZDR]PLDQLHLPLRQLQD]ZLVND']8]GQLDJUXGQLD USR] GRSXV]F]DXĪ\ZDQLHGZyFKLPLRQWRZĪDGQ\PUD]LHQLHREOLJXMHGRLFK MHGQRF]HVQHJRXĪ\ZDQLDZNDĪGHMNRUHVSRQGHQFMLDZNDĪG\PUD]LHZV\WXDFMDFKJG\XĪ\FLHMHGQHJR] GZyFKLPLRQWDNMDNZV\WXDFMLSRZRGD>SR]ZROLáRQDLGHQW\ILNDFMĊRVRE\GRNWyUHMSU]\QDOHĪQHVą GDQHZSHáQ\PEU]PLHQLXWMRVRE\SRVLDGDMąFHMGZDLPLRQDLQD]ZLVNR2F]\ZLĞFLHSU]HZLG]LDQD RFKURQDGREUDRVRELVWHJRMDNLPLVąLPLĊLQD]ZLVNRQLHRJUDQLF]DVLĊW\ONRGR]DND]XQDUXV]DQLDWHJR GREUDDOHLSR]\W\ZQHJRRERZLą]NXXĪ\ZDQLDSHáQ\FKGDQ\FKRVRERZ\FKLGHQW\ILNXMąF\FKGDQąRVREĊ MHGQDNSRQDGZV]HONąZąWSOLZRĞüWRQDGHZV]\VWNRQD]ZLVNRRNUHĞODWRĪVDPRĞüGDQHMRVRE\ 3RZyGQLH W\ONRĪHQLHGRZLyGáDOHQDZHWQLHZVND]DáMDNLHVNXWNLPLDáRVSRZRGRZDüXĪ\ZDQLHSU]H]SR]ZDQHJR MHGQHJRPLDVWGZyFKLPLRQSRZRGD :SRVWĊSRZDQLDFKMDNSU]HGPLRWRZHLVWRWQ\PERZLHPMHVW5R]UyĪQLHQLHGREUDRVRELVWHJRRGURG]DMXL G]LHG]LQ\VNXWNyZMDNLHMHJRQDUXV]HQLHPRĪHF]\PRJáRZ\ZRáDü1DGHZV]\VWNRMDNZNDĪG\P SRVWĊSRZDQLXVąGRZ\PV]XNDQLHSRGVWDZRFKURQ\SUDZQHMPXVLMHGQDNĪHRVLąJQąüSHZLHQVWRSLHĔ SRZDJLLPXVLZVND]\ZDüQD]DJURĪHQLHGODZ\NRQ\ZDQLDSUDZDSRV]DQRZDQLDĪ\FLDSU\ZDWQHJRSU]H] GDQąRVREĊDGRF]HJRRGQRVLVLĊWDNĪHDUW.RQZHQFMLSUDZF]áRZLHND WDNWHĪGHF\]MD(73&]]GQLD PDUFDU-HOVHYHUL,QQFRQWUD6áRZHQLD  7DNRZHMSROHNWXU]HSR]ZXWUXGQRVLĊGRSDWU]Hü =DDEVROXWQLH]DVDGQHQDOHĪDáR]DWHPX]QDüWDNĪH VWZLHUG]HQLHVąGXSLHUZV]HMLQVWDQFMLĪHSRZyGWZRU]\NRUHVSRQGHQFMĊZWDNLHMV]DFLHJUDILF]QHMĪH EDUG]RWUXGQRMHVWWUDNWRZDüMą]QDOHĪ\WąSRZDJą :NRQWHNĞFLHSRZ\ĪV]HJRLPDMąFQDXZDG]HDNFHSWRZDQHXVWDOHQLDLZQLRVNLVąGXSLHUZV]HMLQVWDQFMLR F]\PMXĪZ\ĪHMMHG\QLHGODSRU]ąGNXRGQRV]ąFVLĊGR]DU]XWyZDSHODFML6ąG$SHODF\MQ\QLH]QDOD]á SRGVWDZGRXZ]JOĊGQLHQLDNWyUHJRNROZLHN]QLFK 5DFMĊPLDáVąGSLHUZV]HMLQVWDQFMLNLHG\ZVZRLFK XVWDOHQLDFKLUR]ZDĪDQLDFKRGQLyVáVLĊGRLQQ\FKSRVWĊSRZDĔZV]F]ĊW\FKSU]H]SRZRGDRRFKURQĊWHJR