)HGHUDOQD1LHPLHF SRZRGRZLH=5Lĝ]VLHG]LEąZ:Z\VWąSLOL]URV]F]HQLDPLRQDUXV]HQLHGyEU RVRELVW\FKZ]ZLą]NX]QLHNWyU\PLWUHĞFLDPLSU]HGVWDZLRQ\PLZILOPLH VHULDOX SW  NWyUHJR NRSURGXFHQWDPLVąSR]ZDQL :RVWDWHF]QLHVSUHF\]RZDQ\PĪąGDQLXSR]ZXSRZRGRZLHGRPDJDOLVLĊ ]RERZLą]DQLDSR]ZDQ\FKGR]áRĪHQLDRGSRZLHGQLHJRRĞZLDGF]HQLD SU]HSURVLQ ZWHOHZL]MLSROVNLHM  SU]\F]\PWHNVWSU]HSURVLQSRZLQLHQE\üRGF]\WDQ\SU]H]OHNWRUD XSRZDĪQLHQLDSRZRGyZQDSRGVWDZLHDUW†NFGRRSXEOLNRZDQLDSU]HSURVLQZSU]\SDGNX EUDNXSXEOLNDFMLZWHUPLQLH ]RERZLą]DQLDSR]ZDQ\FKGR]áRĪHQLDRGSRZLHGQLHJRRĞZLDGF]HQLD SU]HSURVLQ ZMĊ]\NXQLHPLHFNLPQDVWURQDFKLQWHUQHWRZ\FK  L   ]RERZLą]DQLDSR]ZDQ\FKGR]áRĪHQLDRGSRZLHGQLHJRRĞZLDGF]HQLD SU]HSURVLQ ZSR]RVWDá\FKNDQDáDFKWHOHZL]\MQ\FKZNWyU\FKILOPE\áHPLWRZDQ\WMZWHOHZL]ML QLHPLHFNLHM      DXVWULDFNLHM    QRUZHVNLHM  KLV]SDĔVNLHM  LUODQG]NLHM  L KROHQGHUVNLHM  ZMĊ]\NXZáDĞFLZ\PGODGDQHJRNUDMX ]RERZLą]DQLDSR]ZDQ\FKGR]DSU]HVWDQLDSRND]\ZDQLDZVHULDOX]QDNX   RSDVND]JUDILNąVNUyWHP  ZNWyUHMZĞURGNRZHMF]ĊĞFLSR]LRPRXáRĪRQHVąEDUZ\QDURGRZH  ]RERZLą]DQLDSR]ZDQ\FKGR]DQLHFKDQLDQDUXV]DQLDGyEURVRELVW\FKSRZRGyZSU]H]XPLHV]F]HQLH RNUHĞORQ\FKQDSLVyZSRF]ąWNRZ\FKSU]HGNDĪGRUD]RZąHPLVMąILOPXSW  QLH]DOHĪQLHRGWHJRJG]LH HPLVMDWDPDPLHMVFH ]RERZLą]DQLDSR]ZDQ\FKQD]DVDG]LHRGSRZLHG]LDOQRĞFLLQVROLGXPGR]DSáDW\QDU]HF]SRZRGD=5 NZRW\]áW\WXáHP]DGRĞüXF]\QLHQLD]DQDUXV]HQLHGyEURVRELVW\FK :X]DVDGQLHQLXSR]ZXSRZRGRZLHZVND]DOLĪHVHULDOSW  NWyUHJRSURGXFHQWDPLE\OL=L8 SRSU]HGQLR7 ]RVWDáZ\HPLWRZDQ\ZWHOHZL]MLSROVNLHMDQDVWĊSQLHZLQQ\FKWHOHZL]MDFKZVND]DQ\FKZ SR]ZLH3RQDGWRVHULDOE\áGRVWĊSQ\Z,QWHUQHFLHQDVWURQLH7LMHVWGRVWĊSQ\ZVHUZLVLH<ZFDáRĞFLL IUDJPHQWDFK=GDQLHPSRZRGyZILOPXND]XMHĪRáQLHU]\  MDNRDQW\VHPLWyZQDFMRQDOLVWyZ ZVSyáSUDFXMąF\FK]1LHPFDPLZ+RORFDXĞFLHFRQDUXV]DLFKGREUDRVRELVWHWDNLHMDNSUDZRGRGXP\ QDURGRZHMSUDZRGRNXOW\ZRZDQLDWRĪVDPRĞFLQDURGRZHMSUDZRGRQLH]DNáDPDQHMKLVWRULLSUDZRGR JRGQRĞFLLGREUHJRLPLHQLDDWDNĪHSUDZRGR]QDNXV\PEROX   3U]HGZGDQLHPVLĊZVSyUSR]ZDQLSRGQLHĞOL]DU]XWEUDNXMXU\VG\NFMLNUDMRZHMVąGyZSROVNLFKZVND]XMąF ĪHMXU\VG\NFMDNUDMRZDSU]\VáXJXMHVąGRPQLHPLHFNLP3RVWDQRZLHQLHP]GQLDOLSFDU,& Z\GDQ\PQDSRGVWDZLHDUWNSF6ąGSLHUZV]HMLQVWDQFML6ąG2NUĊJRZ\Z.UDNRZLH RGGDOLá]DU]XWEUDNXMXU\VG\NFMLNUDMRZHMVąGyZSROVNLFKDSRVWDQRZLHQLHP]GQLDPDMDU,$&] 6ąGGUXJLHMLQVWDQFML6ąG$SHODF\MQ\Z.UDNRZLHRGGDOLá]DĪDOHQLHQDWRSRVWDQRZLHQLH