XOHJQąSRGW\PZ]JOĊGHPSRSUDZLHJG\ZáDG]DURG]LFLHOVNDSRZLHU]RQDEĊG]LHSR]ZDQHM3U]HGH ZV]\VWNLPERZLHPQDOHĪ\SRGNUHĞOLüĪHG]LHFNRPLHV]NDüEĊG]LHUD]HP]PDWNąDQDGWRĪHLJRG]LQ\ SUDF\]DZRGRZHMSR]ZDQHM PQLHMZLĊFHMRGGRHMLRGHM XPRĪOLZLąMHMĞFLĞOHMV]\RVRELVW\ NRQWDNW]G]LHFNLHPDQLĪHOLWRPDPLHMVFHZXNáDG]LHMHJRVWRVXQNyZ]SRZRGHP,QDW\PZLĊF RGFLQNXGREURG]LHFNDZ\PDJDSRZLHU]HQLDZáDG]\URG]LFLHOVNLHMQDGQLPPDWFH 3R]RVWDMH]DWHPUR]ZDĪHQLHMHV]F]HMHGQHJRLRVWDWQLHJRDUJXPHQWXSRZRáDQHJRZ]DVNDUĪRQ\P Z\URNXLSU]HPDZLDMąFHJR]GDQLHP6ąGX:RMHZyG]NLHJR]DSR]RVWDZLHQLHPG]LHFNDXRMFD6ąG :RMHZyG]NLSRGQRVLPLDQRZLFLHĪHG]LHFNRSU]\]Z\F]DLáRVLĊGRPDWNLSRZRGDPDGREUHZDUXQNL PLHV]NDQLRZHLWURVNOLZąRSLHNĊRMFDNWyU\VSĊG]D]QLPF]DVZROQ\RGSUDF\=PLDQDW\FKZDUXQNyZ GODG]LHFNDQLHMHVWZVND]DQD2VSURZDG]HQLXSLHF]\EDENLQDG]LHFNLHPGRZáDĞFLZ\FKJUDQLFR ZDUXQNDFKPLHV]NDQLRZ\FKLRSLHFHRMFDE\áDMXĪPRZD1DOHĪ\ZLĊFUR]ZDĪ\üMHV]F]HF]\Z\GDQLH G]LHFNDPDWFHL]ZLą]DQD]W\P]PLDQDRWRF]HQLDQLHRGELMHVLĊQLHNRU]\VWQLHQDG]LHFNXLQLHZ\ZRáD ZQLPZVWU]ąVXSV\FKLF]QHJR7DNERZLHPQDOHĪ\]DSHZQHUR]XPLHüVIRUPXáRZDQLH]DVNDUĪRQHJR Z\URNXĪH]PLDQDZDUXQNyZMHVWQLHZVND]DQD2EDZD6ąGX:RMHZyG]NLHJRSá\QąFD]WURVNLRGREUR G]LHFNDQLHXZ]JOĊGQLDMHGQDNZHZáDĞFLZ\PVWRSQLXSV\FKLNLSLĊFLROHWQLHJRG]LHFND1LHZąWSOLZLH ]PLDQDRWRF]HQLDPRĪHZ\ZRáDüGRĞüVLOQHZUDĪHQLHQDG]LHFNX*G\MHGQDNQRZHRWRF]HQLHGDU]\ü EĊG]LHG]LHFNRPLáRĞFLąDZV]\VWNRSU]HPDZLD]DW\PĪHWRQDVWąSLG]LHFNREDUG]RV]\ENR SU]\]Z\F]DLVLĊGRQRZ\FKZDUXQNyZĪ\FLD5]HF]MDVQDĪHSU]HĪ\FLDG]LHFNDEĊGąRW\OHVáDEV]HRLOH ]DSHZQLPXVLĊWDNĪHNRQWDNW]RMFHPRF]\PEĊG]LHMHV]F]HPRZD1LHPRĪQDZ\NOXF]\üĪHSRJOąG 6ąGX:RMHZyG]NLHJRRHZHQWXDOQ\FKSU]HĪ\FLDFKG]LHFND]ZLą]DQ\FK]Z\GDQLHPJRPDWFHPDVZH ĨUyGáRZREDZLHSU]HGJURĪąF\PG]LHFNXSU]\PXVRZ\PZ\NRQDQLHPRGQRĞQHMGHF\]MLVąGX7DND REDZDPXVLDáDE\SU]\MąüMDNR]DáRĪHQLHĪHSRZyGZVSRVyEUDĪąFRQLH]JRGQ\]]DVDGDPLZVSyáĪ\FLD VSRáHF]QHJRLRERZLą]NDPLZREHFG]LHFNDXFK\OLVLĊRGGREURZROQHJRZ\NRQDQLDRU]HF]HQLDVąGX =DáRĪHQLHSRZ\ĪV]HQLHPRJáRE\MHGQDNZFKRG]LüZJUĊMHJRSU]\MĊFLHERZLHPR]QDF]DáRE\ VNUĊSRZDQLHZZ\GDQLXRU]HF]HQLDQDMEDUG]LHM]GDQLHP6ąGX]JRGQHJR]GREUHPG]LHFND=XZDJLQD Z\MąWNRZąV\WXDFMĊMDNDVLĊZ\WZRU]\áDZVWRVXQNDFKVWURQGRLFKG]LHFND6ąG:RMHZyG]NLQLH EĊG]LHPyJáSRZLHU]DMąFZáDG]ĊURG]LFLHOVNąSR]ZDQHMRJUDQLF]\üVLĊGRVWZLHUG]HQLDZZ\URNXĪH SRZRGRZLEĊG]LHVáXĪ\áRSUDZRQDG]RUXQDGZ\FKRZDQLHPLZ\NV]WDáFHQLHPG]LHFNDRUD]SUDZR XWU]\P\ZDQLD]QLPVWRVXQNyZRVRELVW\FK8SUDZQLHQLDWHSRZLQQ\E\üEOLĪHMZZ\URNX VSUHF\]RZDQH=DV]F]HJyOQLHFHORZHXZDĪD6ąG1DMZ\ĪV]\EOLĪV]HVSUHF\]RZDQLHF]ĊVWRWOLZRĞFL ZLG\ZDQLDVLĊSRZRGD]G]LHFNLHP:]DVDG]LHSRZLQQDRQDE\üWDNDE\]DSHZQLDáDG]LHFNX XWU]\PDQLHPRĪOLZLHĞFLVáHJRNRQWDNWX]RMFHP2UR]VWU]\JQLĊFLXMHGQDNZW\PSU]HGPLRFLH ]DGHF\GXMHSU]HNRQDQLH6ąGX:RMHZyG]NLHJRĪHSRZyGSRGZSá\ZHPVSUDZ\QLQLHMV]HM]UR]XPLDá QLHZáDĞFLZRĞüVZHJRSRVWĊSRZDQLD]PLHU]DMąFHJRGRRGHUZDQLDG]LHFNDRGPDWNL3U]\RFHQLHWHM RNROLF]QRĞFLQDOHĪ\PLHüQDXZDG]HRNUHVF]DVXPLĊG]\UR]SUDZąZ6ąG]LH1DMZ\ĪV]\PDGDWą SRZWyUQHJRZ\URNRZDQLDSU]H]6ąG:RMHZyG]NL3U]HFKRG]ąFGR]DJDGQLHQLDNRV]WyZXWU]\PDQLD