MHG\QLHEXG\QHNQDURĪQ\SU]H]QDF]RQ\GRUXFKXWXU\VW\F]QHJR]DJUDQLF]QHJRZV\WXDFMLQLHUXFKRPRĞü SRGOHJDMąFDZ\ZáDV]F]HQLXREHMPRZDáDWDNĪHJUXQWQLHUXFKRPRĞFLQLH]DJRVSRGDURZDQHMSRáRĪRQHMZ F]ĊĞFLSRáXGQLRZRZVFKRGQLHMDWDNĪHEXG\QHNJRVSRGDUF]\]ORNDOL]RZDQ\ZF]ĊĞFLSyáQRFQR ZVFKRGQLHM RNP  QLHZ\NRU]\VW\ZDQHQDFHOHG]LDáDOQRĞFLREVáXJLUXFKXWXU\VW\F]QHJRDQLQLH PDMąFHFKDUDNWHUXWRZDU]\V]ąFHJRZ\ZáDV]F]HQLXZVND]DüQDOHĪ\ĪH]DU]XWWHQZREHFZ\UDĪRQHJR SRZ\ĪHMSRJOąGXQLHPRĪHPLHü]QDF]HQLDZVSUDZLH6NRURERZLHPZGQLXQDE\FLDQLHUXFKRPRĞFLFHO QDE\FLDE\á]UHDOL]RZDQ\WRXPRZD]  ZU]HĞQLDU]RVWDáD]DZDUWDQLHZFHOXEXGRZ\KRWHOXDOH ZFHOXXUHJXORZDQLDVWDQXSUDZQHJRQLHUXFKRPRĞFLMDNSUDZLGáRZRSU]\MąáWR6ąGSLHUZV]HMLQVWDQFML 8UHJXORZDQLHVWRVXQNyZZáDVQRĞFLRZ\FKSU]HGPLRWRZHMQLHUXFKRPRĞFLGRW\F]\áR]DWHPFDáHMQDE\ZDQHM QLHUXFKRPRĞFLáąF]QLH]LQIUDVWUXNWXUąJRVSRGDUF]ąNWyUDVLĊQDQLHM]QDMGRZDáDZHGáXJVWDQXIDNW\F]QHJR LVWQLHMąF\PZFKZLOL]DZDUFLDXPRZ\3RQDGWRSU]HGPLRWHPQLQLHMV]HMVSUDZ\R]ZURWQLHUXFKRPRĞFLMHVW QLHUXFKRPRĞüSRáRĪRQDZ  R]QDF]RQDQUHZLGHQF\MQ\P  REU  NWyUDSRZVWDáD]SDUFHOL,NDW  L,NDW  LNWyUDMHVW]DEXGRZDQDEXG\QNLHPKRWHOX 3U]HFKRG]ąFGRRFHQ\]DU]XWXQDUXV]HQLDSU]H]6ąG,LQVWDQFMLDUW†SSVDSU]\SRPQLHüQDOHĪ\ĪH VWRVRZQLHGRWHJRSU]HSLVXX]DVDGQLHQLHZ\URNXSRZLQQR]DZLHUDü]ZLĊ]áHSU]HGVWDZLHQLHVWDQXVSUDZ\ ]DU]XWyZSRGQLHVLRQ\FKZVNDUG]HVWDQRZLVNSR]RVWDá\FKVWURQSRGVWDZĊSUDZQąUR]VWU]\JQLĊFLDRUD]MHM Z\MDĞQLHQLHDSRQDGWRMHĪHOLZZ\QLNXXZ]JOĊGQLHQLDVNDUJLVSUDZDPDE\üSRQRZQLHUR]SDWU]RQDSU]H] RUJDQDGPLQLVWUDFMLZVND]DQLDFRGRGDOV]HJRSRVWĊSRZDQLD7UHĞüSU]\WRF]RQHJRSU]HSLVXUHJXOXMH LQVW\WXFMĊRSRU]ąGNRZ\PFKDUDNWHU]H&]\QQRĞüSURFHVRZDVSRU]ąG]HQLDSLVHPQHJRX]DVDGQLHQLD GRNRQ\ZDQDMXĪSRUR]VWU]\JQLĊFLXVSUDZ\PDERZLHPVSUDZR]GDZF]\FKDUDNWHUVWUHV]F]DSU]HELHJ SU]HSURZDG]RQHJRSU]HGVąGHPDGPLQLVWUDF\MQ\PSRVWĊSRZDQLDLSUH]HQWXMHVWDQRZLVNRVąGXMDNLHWHQ ]DMąáZVSRU]H]DLVWQLDá\PPLĊG]\VWURQDPL0DMąFQDXZDG]HFKDUDNWHUWHMF]\QQRĞFLSURFHVRZHM VWZLHUG]LüQDOHĪ\ĪH]DU]XWQDUXV]HQLDDUW†SSVDEĊG]LHVNXWHF]Q\ZWHG\JG\ZDGOLZRĞü X]DVDGQLHQLD]DVNDUĪRQHJRRU]HF]HQLDMHVWWHJRURG]DMXĪHQLHSR]ZDODQDNRQWUROĊNDVDF\MQąWHJR RU]HF]HQLD:QLQLHMV]HMVSUDZLH]WDNąV\WXDFMąQLHPDP\GRF]\QLHQLD8]DVDGQLHQLH]DVNDUĪRQHJR Z\URNXVSHáQLDZ\PDJDQLDRNUHĞORQHZSRZRáDQ\PSU]HSLVLHDZ\UDĪRQDZQLPRFHQDSUDZQDMHVW F]\WHOQDLQLHEXG]LZąWSOLZRĞFLLQWHUSUHWDF\MQ\FK:V]F]HJyOQRĞFL6ąGSU]HGVWDZLáVWDQIDNW\F]Q\ VSUDZ\]DU]XW\VNDUJLVWDQRZLVNDVWURQSRGVWDZĊSUDZQąUR]VWU]\JQLĊFLDLMHMZ\MDĞQLHQLH= X]DVDGQLHQLDZ\URNXMDVQRZ\QLNDF]\PNLHURZDáVLĊ6ąGRGGDODMąFVNDUJL 3U]HFKRG]ąFGRNROHMQHJR]DU]XWXVNDUJLNDVDF\MQHMQDUXV]HQLDDUW†SSVDZVND]DüQDOHĪ\ĪHMHVW RQUyZQLHĪQLH]DVDGQ\=JRGQLH]W\PSU]HSLVHPVąGZ\GDMHZ\URNSR]DPNQLĊFLXUR]SUDZ\QDSRGVWDZLH DNWVSUDZ\2ERZLą]HNZ\GDQLDZ\URNXQDSRGVWDZLHDNWVSUDZ\R]QDF]DMHG\QLH]DND]Z\MĞFLDSR]D PDWHULDá]QDMGXMąF\VLĊZW\FKDNWDFK'RQDUXV]HQLDWHJRSU]HSLVXGRV]áRE\UyZQLHĪZyZF]DVJG\E\6ąG SLHUZV]HMLQVWDQFMLRSDUáVZRMHUR]VWU]\JQLĊFLHQDPDWHULDOHLQQ\PQLĪWHQNWyU\MHVW]DZDUW\ZDNWDFK VSUDZ\3RGVWDZĊRU]HNDQLD6ąGXSLHUZV]HMLQVWDQFMLVWDQRZLáPDWHULDá]JURPDG]RQ\SU]H]RUJDQ\REX LQVWDQFMLZWRNXFDáHJRSRVWĊSRZDQLD1DWRPLDVWVNDUĪąF\VWDZLDMąF]DU]XWQDUXV]HQLDWHJRSU]HSLVX