NDWHJRULDFKGREUDL]áD -HVWSU]\W\PRF]\ZLVWHĪHF]áRZLHNGRNRQXMąF\WDNLHMRFHQ\X]QDMąF\GDQH Z\GDU]HQLH]D]áHV]NRGOLZH]DJUDĪDMąFHZDUWRĞFLRPMHĪHOLFKFH]DFKRZDüVLĊSU]\]ZRLFLHQLH SR]RVWDQLHRERMĊWQ\LEH]F]\QQ\ 5HDNFMąSR]ZDQHJRE\áZáDĞQLHZSLVFKRüQDOHĪ\]D]QDF]\üĪHUHDNFMD QDZ\GDU]HQLHRFHQLRQHSU]H]SR]ZDQHJRMDNR]áHF]\Z\ZRáXMąFHV]NRGOLZHVNXWNLQLHPRĪHVDPDZ VRELHORNRZDüVLĊZWHMNDWHJRULLD]DWHPVDPDUHDNFMDQDZHW]HV]ODFKHWQąLQWHQFMąQLHSRZLQQDQDUXV]Dü GyEURVRELVW\FK6ąGSLHUZV]HMLQVWDQFMLZ\MDĞQLáMHGQDNĪHZWRNXSRVWĊSRZDQLDGRZRGRZHJRXVWDORQR LĪSR]ZDQ\NLONXNURWQLHZVZRLFKZ\SRZLHG]LDFKPyZLáRSDUWLLU]ąG]ąFHMMDNRG]LDáDMąFHMQDZ]yU ]RUJDQL]RZDQHMJUXS\SU]HVWĊSF]HMF]\SRVáXJXMąFHMVLĊPHWRGDPLGODQLHMFKDUDNWHU\VW\F]Q\PL =W\FK Z\SRZLHG]LZSURVWZ\QLNDáRĪHVIRUPXáRZDQLHWRQLH]RVWDáRXĪ\WHZMHJR]QDF]HQLXSUDZQRNDUQ\PF]\ QDZHWSRWRF]Q\POHF]E\áRSHZQąPHWDIRUąSU]HQRĞQLą ,WDNĪHWDRNROLF]QRĞüDZLĊFZHU\ILNDFMD LQQ\FKDQDORJLF]Q\FKZ\SRZLHG]LSR]ZDQHJRPLDáDSRPRFQLF]\FKDUDNWHUZXVWDOHQLXZáDĞFLZHJR ]QDF]HQLDXĪ\WHJRVIRUPXáRZDQLD :GDOV]HMF]ĊĞFLUR]ZDĪDĔSUDZQ\FK6ąG2NUĊJRZ\]ZUyFLáXZDJĊĪHNROHMQ\NRQWHNVWNWyU\QDOHĪDáR PLHüQDZ]JOĊG]LHGRNRQXMąFRFHQ\Z\SRZLHG]LSR]ZDQHJRWRNRQWHNVWMĊ]\NRZ\ZRGQLHVLHQLXGR MĊ]\NDXĪ\ZDQHJRDNWXDOQLHZSXEOLF]Q\FKZ\SRZLHG]LDFKJG\ĪFRMXĪSRGNUHĞORQRQDZVWĊSLHMĊ]\N XĪ\ZDQ\SRZV]HFKQLHMHVWSXQNWHPRGQLHVLHQLDZRFHQLHZ\SRZLHG]LGDMHSRGVWDZĊGRRFHQ\F]\ZHGáXJ RELHNW\ZQ\FKNU\WHULyZSU]\MPRZDQ\FKSU]H]VSRáHF]HĔVWZRZ\SRZLHGĨQLHSU]HNUDF]DGRSXV]F]DOQ\FK JUDQLF $NWXDOQHVWDQGDUG\Z\SRZLHG]LZGHEDFLHSXEOLF]QHMMXĪRGGDZQDQLHQDOHĪąGRVWRQRZDQ\FK Z\ZDĪRQ\FKF]\FHFKXMąF\FKVLĊZ\VRNLPSR]LRPHPNXOWXU\RVRELVWHMDOERNXOWXU\MĊ]\ND-Ċ]\NWHQ] URNXQDURNVWDMHVLĊFRUD]EDUG]LHMEUXWDOQ\SDGDMąZZ\SRZLHG]LDFKSXEOLF]Q\FKSROLW\NyZ G]LHQQLNDU]\F]\NRPHQWDWRUyZVáRZDREUDĨOLZHLQZHNW\Z\VáRZDG]LHOąFHOXG]LQDJUXS\OHSV]\FKL JRUV]\FKF]\QDZHWRGPDZLDMąFHLQQ\PSU]\PLRWXF]áRZLHF]HĔVWZD 7HJRURG]DMXVIRUPXáRZDQLDSDGDMą ]áDZVHMPRZ\FKSRMDZLDMąVLĊZVWXGLDFKWHOHZL]\MQ\FKF]\DXG\FMDFKUDGLRZ\FKVąUyZQLHĪ SXEOLNRZDQHZSUDVLHLLQWHUQHFLH:W\PNRQWHNĞFLHZ\SRZLHGĨSR]ZDQHJRSRUyZQXMąFDSDUWLĊ SROLW\F]Qą  GR]RUJDQL]RZDQHMJUXS\SU]HVWĊSF]HM DOHQLHFRQDOHĪ\SRGNUHĞOLüQD]\ZDMąFD ]RUJDQL]RZDQąJUXSąSU]HVWĊSF]ąZUR]XPLHQLXDUWNN MHVWZ\SRZLHG]LąRVWUąDOHMHV]F]HQDVNDOL RVWURĞFLW\FKUyĪQ\FKZ\SRZLHG]LQLHORNXMHVLĊQDMZ\ĪHM:\SRZLHGĨWDPRĪHVSRW\NDüVLĊ]GH]DSUREDWą SRZRGDFRQLHR]QDF]DMHGQDNĪHQLHPLHĞFLVLĊRQDZNDWHJRULLSUDZQLHGR]ZRORQHM :\SRZLHGĨPRĪH VLĊQLHSRGREDüZNDWHJRULDFKNXOWXU\MĊ]\NDVPDNXZUDĪOLZRĞFLRF]HNLZDQHJRZ\ĪV]HJRSR]LRPX GHEDW\SXEOLF]QHMDOHWHNDWHJRULHVąNDWHJRULDPLRGPLHQQ\PLRGRFHQ\F]\Z\SRZLHGĨMHVWSUDZQLH GR]ZRORQDLF]\SRZLQQDVSRWNDüVLĊ]VDQNFMą,WXWDM6ąG2NUĊJRZ\]ZUyFLáXZDJĊĪHNZHVWLĊ]DNUHVX RFKURQ\GyEURVRELVW\FKRVyESHáQLąF\FKIXQNFMHSXEOLF]QHPRĪQDX]QDü]DV]HURNRRPyZLRQą]DUyZQRZ QDXFHSUDZDMDNLZRU]HF]QLFWZLH-DNRLPSXOVZ\ZRáXMąF\WHQVSyUZVND]DáQDZ\URN(XURSHMVNLHJR 7U\EXQDáX3UDZ&]áRZLHNDZVSUDZLH/SU]HFLZNR$XVWULL:X]DVDGQLHQLXWHJRRU]HF]HQLD7U\EXQDá VWZLHUG]LáPLQĪHJUDQLFHDNFHSWRZDOQHMNU\W\NLVąV]HUV]HZVWRVXQNXGRSROLW\NDQLĪZVWRVXQNXGR ]Z\NáHMRVRE\SU\ZDWQHM ,QDF]HMQLĪWDRVWDWQLDSROLW\NZVSRVyEQLHXQLNQLRQ\LĞZLDGRP\Z\VWDZLDQD