QDURGRZRĞFLRZ\FKZREHFQLHRNUHĞORQHMJUXS\ĩ%H]SRGVWDZQ\MHVWWDNĪH]DU]XWĞFLĞOH]ZLą]DQ\]Z\ĪHM ZVND]DQ\PDVXJHUXMąF\LĪ6ąG5HMRQRZ\ZX]DVDGQLHQLXZ\URNXQLHRGQLyVáVLĊGR]QDPLRQDVWURQ\ SRGPLRWRZHMSU]HVWĊSVWZD]DUW†NN :EUHZWDNVIRUPXáRZDQ\P]DU]XWRPQDOHĪ\ZVND]DüLĪ6ąG,LQVWDQFMLGRNRQXMąFQLHEXG]ąF\FK ZąWSOLZRĞFLXVWDOHĔIDNW\F]Q\FKZVSRVyEWUDIQ\SU]\MąáLĪRVNDUĪRQ\SRSU]H]SXEOLF]QHVSDOHQLH  SU]HGVWDZLDMąFHMZL]HUXQHNRVRE\QDURGRZRĞFL  Z\F]HUSDá]QDPLRQDRNUHĞODMąFHF]\QQRĞüVSUDZF]ą SU]\SLVDQHJRPXSU]HVWĊSVWZDZSRVWDFLQDZRá\ZDQLDGRQLHQDZLĞFLZREHFRVyENWyUHWDNXNáD V\PEROL]RZDáD=JRGQLHERZLHPSU]\MPXMHVLĊZOLWHUDWXU]HLĪQDZRá\ZDQLHPRĪHSU]\ELHUDüSRVWDü VáRZQąSLVHPQąF]\]DSRPRFąJHVWyZ WDNPLQ56WHIDĔVNL UHG .RGHNVNDUQ\NRPHQWDU]/HJDOLV $:ąVHN5=DZáRFNL.RGHNVNDUQ\&]ĊĞüV]F]HJyOQD7RP,,.RPHQWDU]GRDUW\NXáyZ /HJDOLV D]DWHPPRĪHSU]\EUDüSRVWDüQLHZHUEDOQą 1DOHĪ\]DXZDĪ\üĪHVNDUĪąF\SRGNUHĞODMąFLĪWRDQDOL]DRNROLF]QRĞFLGDQHJR]GDU]HQLDSRZLQQD GHF\GRZDüRXVWDOHQLXF]\]DFKRZDQLHVSUDZF\VWDQRZLQDZRá\ZDQLHGRQLHQDZLĞFLQDWOHUyĪQLF QDURGRZRĞFLRZ\FKOXEZ\]QDQLRZ\FKVDPSUyEXMąFQHJRZDüDUJXPHQWDFMĊ6DGX5HMRQRZHJRRJUDQLF]D VZRMHUR]ZDĪDQLDGRMHGQHJRZ\SRZLHG]LDQHJRSU]H]RVNDUĪRQHJR]GDQLDLQDW\PW\ONRZ\FLQNX ]GDU]HQLDEXGXMHWH]ĊREUDNX]DPLDUXQLH]EĊGQHJRGR]DLVWQLHQLDF]\QX]DUW†NN 7\PF]DVHP]DFKRZDQLD35NWyUHILQDOQLHVSURZDG]LáRVLĊGRSRGSDOHQLD  QLHPRĪQDRFHQLDüW\ONRZ NRQWHNĞFLHMHJRZ\SRZLHG]LDOHQDOHĪ\MHRGQLHĞüWDNĪHGRZ\VWąSLHĔLQQ\FKRVyESRGF]DV]DMĞFLDZGQLX OLVWRSDGDU3U]HFLHĪGRSRGSDOHQLD  QLHGRV]áREH]SRĞUHGQLRSRSU]HPyZLHQLXNWyUHZ\JáRVLá RVNDUĪRQ\OHF]VWDQRZLáRRQRQLHMDNRSRVXPRZDQLHPDQLIHVWDFMLLZ\JáRV]RQ\FKSU]H]Z\VWĊSXMąFHQD  RVRE\SRJOąGyZ 1LHVSRVyE]JRG]LüVLĊ]DSHOXMąF\PLĪWUHĞüZ\VWąSLHĔSRV]F]HJyOQ\FKRVyESRGF]DVWHJR]JURPDG]HQLD RJUDQLF]DáDVLĊMHG\QLHGR]ZUyFHQLDXZDJLQDNZHVWLĊQDSá\ZXLPLJUDQWyZGR(XURS\JG\ĪMXĪQDZHW SRELHĪQDDQDOL]DZ\JáRV]RQ\FKSU]H]-+-%F]\RVNDUĪRQHJRSU]HPyZLHĔZVND]XMHQDLFKZ\UDĨQ\ Z\GĨZLĊNQDFMRQDOLVW\F]Q\LSRGNUHĞODQLHQHJDW\ZQHJRQDVWDZLHQLDGRZ\]QDZFyZLVODPX1LHPRĪQD ERZLHPZLQQ\VSRVyEUR]XPLHüVIRUPXáRZDĔW\SXG]LF]  F]\LGHQW\ILNRZDQLDZV]\VWNLFK Z\]QDZFyZWHMUHOLJLL]WHUURU\VWDPLJZDáFLFLHODPLLPRUGHUFDPL 2F]\ZLĞFLHWHQDVSHNWZ\SRZLHG]LRVNDUĪRQHJRQLH]RVWDáREMĊW\VWDZLDQ\PPX]DU]XWHPDOHMHJR ]DDNFHQWRZDQLHMHVWQLH]EĊGQHGODSU]HFLZVWDZLHQLDVLĊREUD]RZLPDQLIHVWDFMLQDNUHĞORQHPXSU]H]DXWRUD DSHODFML &RLVWRWQHWUHĞüSU]HPyZLHĔRGQRVLáDVLĊWDNĪHGRRVyELQQHJRZ\]QDQLDF]\QDURGRZRĞFL1DMGRELWQLHM Z\UD]LáWR-%ZVND]XMąFRVREĊQDURGRZRĞFL  *6MDNRLQVSLUDWRUDLILQDQVLVWĊSRZLą]DQHJR],MDN LSRGNUHĞODMąFQHJDW\ZQ\VWRVXQHNUyZQLHĪGRLQQ\FKRVyEWHJRZ\]QDQLDRNUHĞODMąFLFKPLDQHP DQW\SRODNyZLZ]\ZDMąFGRXVXZDQLD]NUDMX-HJRVáRZDZ\ZRáDá\MHGQR]QDF]Q\RGGĨZLĊNZĞUyG ]JURPDG]RQ\FK