XFKZDORQąSU]H]VLHELHXVWDZĊ:REHFSRZ\ĪV]HJR3URNXUDWRU*HQHUDOQ\X]QDáĪHXWU]\PDQLHSU]HSLVyZ NUDMRZ\FKNWyUHVáXĪą]DSHZQLHQLXGDOHMLGąFHMRFKURQ\]ZLHU]ąWSRGF]DVLFKXĞPLHUFDQLDDNWyUH RERZLą]\ZDá\ZPRPHQFLHZSURZDG]DQLDZĪ\FLHUR]SRU]ąG]HQLD5DG\QUQLHZ\PDJDáR SRQRZQHJRSU]\MPRZDQLDSU]H]SDUODPHQWRERZLą]XMąF\FKMXĪUHJXODFMLXVWDZRZ\FK 3RGVXPRZXMąFSRZ\ĪV]HUR]ZDĪDQLD3URNXUDWRU*HQHUDOQ\VWZLHUG]LáĪHZREHFQ\PVWDQLHSUDZQ\P REHMPXMąF\P]DUyZQRSU]HSLV\NUDMRZHMDNLQRUP\SUDZDPLĊG]\QDURGRZHJRQLHMHVWZ3ROVFH GRSXV]F]DOQHGRNRQ\ZDQLHXERMX]ZLHU]ąWZHGáXJV]F]HJyOQ\FKPHWRGZ\PDJDQ\FKSU]H]REU]ĊG\ UHOLJLMQLH 3URNXUDWRU*HQHUDOQ\Z\MDĞQLáĪHSU]H]SRMĊFLHXERMXU\WXDOQHJRUR]XPLHVLĊXĞPLHUFDQLH]ZLHU]ąW GRNRQ\ZDQH]JRGQLH]RE\F]DMDPLQLHNWyU\FKZ\]QDĔSU]HGHZV]\VWNLPMXGDL]PXLLVODPX0LĊVR SRFKRG]ąFH]WDNLHJRXERMXRNUHĞODQHMHVWMDNRPLĊVRNRV]HUQHOXENRV]HUQHJODWW ZRGQLHVLHQLXGRXERMX ]JRGQHJR]]DVDGDPLMXGDL]PX EąGĨMDNRPLĊVRKDODO ZRGQLHVLHQLXGRXERMX]JRGQHJR]]DVDGDPL LVODPX 0LĊVRSRFKRG]ąFH]XERMXU\WXDOQHJRQDGDMHVLĊGRVSRĪ\FLD]JRGQLH]Z\PRJDPLUHOLJLMQ\PL 3URNXUDWRU*HQHUDOQ\ZVND]DáĪHSU]HGGHURJRZDQLHPSU]H]7U\EXQDá.RQVW\WXF\MQ\†XVW UR]SRU]ąG]HQLD0LQLVWUD5ROQLFWZDL5R]ZRMX:VL]GQLDZU]HĞQLDUZVSUDZLHNZDOLILNDFMLRVyE XSUDZQLRQ\FKGR]DZRGRZHJRXERMXRUD]ZDUXQNyZLPHWRGXERMXLXĞPLHUFDQLD]ZLHU]ąW ']81U SR]]H]PGDOHMUR]SRU]ąG]HQLH0LQLVWUD5ROQLFWZD]U XERMRZLU\WXDOQHPXSRGGDZDQR ]ZLHU]ĊWDZFHOXSR]\VNDQLDPLĊVDSU]H]QDF]RQHJR]DUyZQRGOD]DVSRNRMHQLDSRWU]HEJUXSUHOLJLMQ\FK IXQNFMRQXMąF\FKZ3ROVFHMDNLZUDPDFKG]LDáDOQRĞFLJRVSRGDUF]HMRFKDUDNWHU]HHNVSRUWRZ\P7\P VDP\P]GDQLHP3URNXUDWRUD*HQHUDOQHJRZ\MąWHNPRW\ZRZDQ\FHODPLNXOWXRND]DáVLĊIXUWNąGOD SU]HGVLĊELRUFyZWUXGQLąF\FKVLĊXERMHPU\WXDOQ\PQDSU]HP\VáRZąVNDOĊZW\PPDVRZRHNVSRUWXMąF\FK X]\VNDQHZWHQVSRVyEPLĊVRQD%OLVNL:VFKyG 3URNXUDWRU*HQHUDOQ\X]QDáĪHRGG]LHOQHMDQDOL]\Z\PDJDSR]\VNLZDQLHPLĊVDNRV]HUQHJRRUD]PLĊVD KDODOQDSRWU]HE\JUXSUHOLJLMQ\FKIXQNFMRQXMąF\FKZ3ROVFHRUD]SR]DMHMJUDQLFDPL=GDQLHP3URNXUDWRUD *HQHUDOQHJRDUWXVW.RQVW\WXFMLGHNUHWXMHZROQRĞüVXPLHQLDLZ\]QDQLDNDĪGHJRNWR]DPLHV]NXMH OXESU]HE\ZDQDWHU\WRULXP3ROVNLDQLHZLQQ\FKSDĔVWZDFK$UWXVW.RQVW\WXFMLJZDUDQWXMH RNUHĞORQHZQLPSUDZDMHG\QLHRE\ZDWHORPSROVNLPQDOHĪąF\PGRPQLHMV]RĞFLQDURGRZ\FKLHWQLF]Q\FK $QDORJLF]QLHV\WXDFMDZ\JOąGDZSU]\SDGNXDUW.RQZHQFMLDOERZLHP3ROVND]RERZLą]DQDMHVW ]DJZDUDQWRZDüZROQRĞüZ\]QDQLDZ\áąF]QLHRVRERPSRGOHJDMąF\PNUDMRZHMMXU\VG\NFML :]ZLą]NX]SRZ\ĪV]\P3URNXUDWRU*HQHUDOQ\VWZLHUG]LáĪHQLHZ\GDMHVLĊDE\SRZRáDQHSU]H] ZQLRVNRGDZFĊZ]RUFHNRQWUROLE\á\DGHNZDWQHGRRFHQ\UHJXODFMLQRUPXMąF\FKGRNRQ\ZDQLHZ3ROVFH XERMXU\WXDOQHJRZ]DNUHVLHZMDNLPQDVWĊSXMHWRZFHOXX]\VNDQLDFHUW\ILNRZDQHJRPLĊVD SU]H]QDF]RQHJRQDHNVSRUW=GDQLHP3URNXUDWRUD*HQHUDOQHJRSUREOHPDW\NDWDQDOHĪ\GRVIHU\ZROQRĞFL G]LDáDOQRĞFLJRVSRGDUF]HM DUWLDUW.RQVW\WXFML DQLHVIHU\ZROQRĞFLUHOLJLLOXEVIHU\ZROQRĞFL PQLHMV]RĞFLQDURGRZ\FKLHWQLF]Q\FKZ3ROVFH3RZRáXMąFVLĊQDGRNWU\QĊ3URNXUDWRU*HQHUDOQ\GRGDáĪH