SR]ZDQHM)XQGDFML H DUW†NSFSRSU]H]GRZROQHSU]\MĊFLHĪHSR]ZDQDQLHXVXQĊáD]SURILOXSU]HGPLRWRZHJRSRVWD SRZH]ZDQLXSU]H]SRZyGNĊZV\WXDFMLEUDNXMDNLFKNROZLHNGRZRGyZZVND]XMąF\FKQDSRZ\ĪV]HD WDNĪHZV\WXDFMLJG\VSRUQ\ZSLVZFKZLOLSRZ]LĊFLDSU]H]SR]ZDQą)XQGDFMĊLQIRUPDFMLRPRĪOLZ\P QDUXV]HQLXGyEURVRELVW\FKSRZyGNLMXĪQLHLVWQLDá I DUW†NSFSRSU]H]GRZROQHSU]\MĊFLHĪHZ\SRZLHGĨSRZyGNL]RVWDáD]DF\WRZDQDZFHOX Z\ZRáDQLDSRQLĪDMąF\FKMąNRPHQWDU]\SRGF]DVJG\VWZLHUG]HQLHSRZyGNL]RVWDáRRSXEOLNRZDQHZFHOX ]ZUyFHQLDXZDJLVSRáHF]HĔVWZDQDSUREOHPQHJDFMRQL]PX+RORFDXVWXDWDNĪHZFHOXSRGGDQLD Z\SRZLHG]LNU\W\FHLSROHPLFH :RSDUFLXRSU]HGVWDZLRQH]DU]XW\DSHOXMąFDZQLRVáDR]PLDQĊZ\URNX6ąGX2NUĊJRZHJRZ:DUV]DZLHL RGGDOHQLHSRZyG]WZD$6ZFDáRĞFLRUD]]DVąG]HQLHRGSRZyGNLQDU]HF]2ĞURGND  NRV]WyZ SRVWĊSRZDQLDZW\PNRV]WyZ]DVWĊSVWZDDGZRNDFNLHJRZHGáXJQRUPSU]HSLVDQ\FK 3RZyGNDZRGSRZLHG]LQDDSHODFMĊZQLRVáDRMHMRGGDOHQLHL]DVąG]HQLHQDMHMU]HF]NRV]WyZSRVWĊSRZDQLD DSHODF\MQHJR 8]DVDGQLHQLHSUDZQH 6ąG$SHODF\MQ\]ZDĪ\áFRQDVWĊSXMĊ $SHODFMDMHVWF]ĊĞFLRZRX]DVDGQLRQD6ąG$SHODF\MQ\SRG]LHODLSU]\MPXMH]DZáDVQHXVWDOHQLDIDNW\F]QH GRNRQDQHSU]H]VąG,LQVWDQFMLF]\QLąFMHSRGVWDZąRU]HF]HQLDVąGX,,LQVWDQFML]DZ\MąWNLHPW\FKNWyUH GRSURZDG]Lá\6ąG2NUĊJRZ\GRXZ]JOĊGQLHQLDURV]F]HQLDQLHPDMąWNRZHJRSRZyGNL]ZLą]DQHJR] QDUXV]HQLHPMHMGREUHJRLPLHQLDRUD]URV]F]HQLDPDMąWNRZHJR:W\P]DNUHVLHVáXV]Q\RND]DáVLĊ]DU]XW QDUXV]HQLDDUW†NSFDWDNĪHDUW†NFZ]ZLą]NX]DUWNF :SLHUZV]HMNROHMQRĞFLZVND]DüWU]HEDĪHVWRVRZQLHGRDUW†NSFZLąĪąFDZVSUDZLHMHVWRFHQD SUDZQDZ\UDĪRQDZX]DVDGQLHQLXZ\URNX6ąGX$SHODF\MQHJRZ:DUV]DZLH]GQLDZU]HĞQLDU 9, $&D XFK\ODMąFHJRZ\URN6ąGX2NUĊJRZHJRZ:DUV]DZLH]GQLDVW\F]QLDU ;;9&  LSU]HND]XMąFHJRVSUDZĊGRSRQRZQHJRUR]SR]QDQLD 6ąG$SHODF\MQ\SRGNUHĞOLáĪHREUDĨOLZH SRVW\SU]\WRF]RQHZSR]ZLHNWyUH]QDOD]á\VLĊSRGSXEOLNDFMąQD   RZ\PSURILOXSR]ZDQHMQDOHĪ\ UR]SDWU\ZDüMDNRRGUĊEQ\SRGPLRWHZHQWXDOQHJRQDUXV]HQLD3U]HVąG]LáWDNĪHOHJLW\PDFMĊELHUQą SR]ZDQHMZVND]XMąFĪHWD]DáRĪ\áDSU]HGPLRWRZ\SURILOQD  PLHV]F]ąF\VLĊSRGZVND]DQ\PDGUHVHP LQWHUQHWRZ\PLSRVLDGDXSUDZQLHQLDGRDGPLQLVWURZDQLDW\PSURILOHP :NRQVHNZHQFMLSR]ZDQDPRĪH RGSRZLDGDü]DNRPHQWDU]HMHĞOLQDUXV]DMąGREUDRVRELVWHSRZyGNL DUW†NFLDUWNF RUD]MHĞOL QLHZ\NDĪHRNROLF]QRĞFL]ZDOQLDMąF\FK]RGSRZLHG]LDOQRĞFLZW\PW\FK]DUWXVWDZ\]OLSFDU RĞZLDGF]HQLXXVáXJGURJĊHOHNWURQLF]Qą 3RZyGNDZ\ZRG]LURV]F]HQLHRRFKURQĊGREUDRVRELVWHJRZSRVWDFLGREUHJRLPLHQLDJRGQRĞFLRVRELVWHML SUDZDGRZL]HUXQNX]IDNWXXPLHV]F]HQLDSU]H]SR]ZDQąQDSRUWDOX  GZyFKIRWRJUDILL NLN