ZHZQĊWU]QHVSU]HF]QRĞFLQDJOHVLĊ]DRVWU]ąGRMG]LHGRLFKJZDáWRZQHJRSRZLĊNV]HQLDFRGRSURZDG]LGR GUDPDW\F]QHMV\WXDFMLJG\SRVWXODW\UHZROXF\MQHM]PLDQ\VSRáHF]QHMQLHEĊGąMXĪRGELHUDQHMDNRSRVWXODW\ UDG\NDOQH HNVWUHPLVW\F]QH 0RĪHWRSU]\EUDüIRUPĊGXĪHJRNRQIOLNWX]EURMQHJRGHVWDELOL]DFML ZHZQĊWU]QHMV\WXDFMLNUDMyZOXEGZyFKW\FKU]HF]\MHGQRF]HĞQLH.OXF]RZHMHVWDE\ĞP\P\DOHWDNĪH FDá\UXFKNRPXQLVW\F]Q\LURERWQLF]\E\OLGREU]HSU]\JRWRZDQLQDWHQPRPHQWWDNDE\E\üZVWDQLH ]DG]LDáDüV]\ENRLSRSUDZQLH  3%LHááR%LWZDRSU]HV]áRĞüZDONDRSU]\V]áRĞü %U]DVNQUV   =:LNWRU-DUX]HOVNLZH:URFáDZLX2FHQDV\OZHWNLLGHRZRSROLW\F]QHMZ;;OHFLH2NUąJáHJR6WRáX %U]DVNQUV ZNWyUHMQDSLVDQR=DVSUDZąRGURG]HQLDVLĊZ.3=5L=655 UHZL]MRQL]PX V]F]HJyOQLHSRĞPLHUFL-6WDOLQDZU LRSRUWXQL]PXRUD]XPDFQLDQLDVLĊZDUVWZ\ Z\NRQDZF]R]DU]ąG]DMąFHMNWyUDNURNSRNURNX]GUDG]DáDVRFMDOL]PLSU]HFKRG]LáDQDSR]\FMH NDSLWDOL]PXDMHMXRVRELHQLHPZVFK\áNRZ\PRNUHVLH=655E\á0*RUEDF]RZ7DNĪHZNRĔFRZ\P RNUHVLH3ROVNL/XGRZHMSRJáĊELá\VLĊWH©WHQGHQFMHNWyUHRVWDWHF]QLHGRSURZDG]Lá\GRVSU]HQLHZLHU]HQLD VLĊVRFMDOL]PRZLNDSLWXODFMLLGRZVSyáXG]LDáXSRGREQHMSROVNLHMZDUVWZ\ZXSDGNXVRFMDOL]PXLZáDG]\ OXGRZHM =DSUH]HQWRZDQ\IUDJPHQWG]LDáDOQRĞFLSURJUDPRZHM.33X]P\VáDZLDWRĪHV]F]\WHPEXGRZ\NRPXQL]PX QD]LHPLDFKSROVNLFKE\á]SHUVSHNW\Z\MHMF]áRQNyZLNLHURZQLFWZDRNUHV=PLDQ\QDVWĊSXMąFH ZSDĨG]LHUQLNXULZF]DVLHUHZROXFML6ROLGDUQRĞFLVąNU\W\NRZDQHLSU]HFLZVWDZLDQHZL]MLSDĔVWZD SRĪąGDQHJRSU]H].33=DFKRG]LWXWDMHZLGHQWQDVSU]HF]QRĞüZREHFWZLHUG]HQLD.RPLWHWX :\NRQDZF]HJR.33]DSUH]HQWRZDQHJRZRGSRZLHG]LQDZQLRVHNUR]SR]QDQ\QLQLHMV]\PZ\URNLHP .33WZLHUG]LERZLHPĪH>N@RPXQL]P  MHVWWRZL]MDXVWURMRZDVSRáHF]HĔVWZDVSUDZLHGOLZRĞFL VSRáHF]QHMZROQHJRRGZ\]\VNXRSDUWHJRQDZVSyOQRFLHJRVSRGDURZDQLDJG]LHUR]ZyMNDĪGHMMHGQRVWNL MHVWZDUXQNLHPUR]ZRMXRJyáXVSRáHF]HĔVWZD-HĞOLMHJRQDMSHáQLHMV]ąIRUPąPLDáE\E\üRNUHVVWDOLQL]PX Z3ROVFHWRWUXGQRWUDNWRZDüWHVáRZDSRZDĪQLH1LHZąWSOLZLHQDWRPLDVW]DSUH]HQWRZDQDF]ĊĞü G]LDáDOQRĞFLSURJUDPRZHM.33VWDQRZLRGZRáDQLHGR]EURGQLF]\FKPHWRGLSUDNW\NNRPXQL]PXNWyUH MHGQRF]HĞQLHVWDQRZLąWRWDOLWDUQHPHWRG\LSUDNW\NLG]LDáDQLDWHJRUXFKXSROLW\F]QHJR 3RFKZDáDUHZROXFMLSDĨG]LHUQLNRZHMZG]LDáDOQRĞFLSURJUDPRZHM.33 3R]\W\ZQDRFHQDUHZROXFMLSDĨG]LHUQLNRZHM]RVWDáDZ\UDĪRQDZZLHOXDUW\NXáDFKRSXEOLNRZDQ\FKZ F]DVRSLĞPLH%U]DVN  0$GDP0RQVWUXPDQW\NRPXQL]PXLMHJRQLHZLG]LDOQLZURJRZLH %U]DVNQUV   :LHOND6RFMDOLVW\F]QD5HZROXFMD3DĨG]LHUQLNRZD VWURQDLQWHUQHWRZD.RPXQLVW\F]QHM3DUWLL3ROVNL DNWDVSUDZ\RV\JQ>@N NWyU\ZRU\JLQDOHXND]DáVLĊMDNRF]ĊĞüSXEOLNDFML05R]HQWDO3 -XGLQ.UyWNLVáRZQLNILOR]RILF]Q\ :DUV]DZDV $XWRU]\WZLHUG]ąĪH>E@\áDWRSLHUZV]D ]Z\FLĊVNDUHZROXFMDSUROHWDULDFND6SRZRGRZDáD]DVDGQLF]\]ZURWZG]LHMDFKFDáHMOXG]NRĞFL]ZURWRG VWDUHJRNDSLWDOLVW\F]QHJRĞZLDWDGRĞZLDWDQRZHJRVRFMDOLVW\F]QHJR5HZROXFMD3DĨG]LHUQLNRZDSRUD]