SR-']PDUá\PSDĨG]LHUQLNDUZQDE\OLQDSRGVWDZLHWHVWDPHQWX(%]GRPX'L6'SR F]ĊĞFL 3RVWDQRZLHQLHP]GQLDF]HUZFDU6ąG5HMRQRZ\RGGDOLáZQLRVHN5((%L6'R]DáRĪHQLH NVLĊJLZLHF]\VWHMGODZVND]DQHMQLHUXFKRPRĞFLLGRNRQDQLHZQLHMĪąGDQ\FKZSLVyZ:X]DVDGQLHQLX Z\MDĞQLáĪHXZ]JOĊGQLHQLHZQLRVNXSURZDG]LáRE\GRZSLVXZ]DáRĪRQHMNVLĊG]HZLHF]\VWHMW\ONRF]ĊĞFL QDVWĊSFyZSUDZQ\FKZVSyáZáDĞFLFLHONLQLHUXFKRPRĞFLZVND]DQHMZHZQLRVNXDWRR]QDF]DáRE\SRZVWDQLH QLHGRSXV]F]DOQHMZĞZLHWOHDUWXVWXNZKV\WXDFMLZNWyUHMQLHFDá\VWDQSUDZQ\QLHUXFKRPRĞFL E\áE\XMDZQLRQ\ZNVLĊG]HZLHF]\VWHM $SHODFMĊZQLRVNRGDZFyZRGWHJRRU]HF]HQLD6ąG2NUĊJRZ\RGGDOLáSRVWDQRZLHQLHP]GQLDVLHUSQLD U6ąG2NUĊJRZ\SRG]LHOLáXVWDOHQLDIDNW\F]QH6ąGX5HMRQRZHJRLGRNRQDQąSU]H]6ąG5HMRQRZ\ RFHQĊSUDZQąZQLRVNXGRGDWNRZRZVSLHUDMąFMąUR]ZDĪDQLDPLRGZRáXMąF\PLVLĊGRSU]HSLVyZ Z\NRQDZF]\FKGRW\F]ąF\FK]DNáDGDQLDNVLąJZLHF]\VW\FK :VNDUG]HNDVDF\MQHMZQLRVNRGDZF\]DU]XFLOL6ąGRZL2NUĊJRZHPXQDUXV]HQLHDUWXVWXNZKSU]H] SU]\MĊFLHĪHQLHPRJąE\üXMDZQLRQHZ]DáRĪRQHMQRZHMNVLĊG]HZLHF]\VWHMSUDZDVSDGNRELHUFyZNWyU]\ QDE\OLF]ĊĞüXG]LDáXZHZVSyáZáDVQRĞFLQLHUXFKRPRĞFLVSDGNRGDZF\XMDZQLRQHJRZGDZQHMNVLĊG]HRUD] ĪHQLHPRĪHE\üXMDZQLRQ\ZQRZHMNVLĊG]HXG]LDáVSDGNRGDZF\ZHZVSyáZáDVQRĞFLQLHUXFKRPRĞFL RGSRZLHGQLR]PQLHMV]RQ\RF]ĊĞFLQDE\WHSU]H]VSDGNRELHUFyZXMDZQLRQ\FKZQRZHMNVLĊG]H3RQDGWR ZQLRVNRGDZF\SRGQLHĞOL]DU]XWQLHXZ]JOĊGQLHQLDSU]\RFHQLH]DVDGQRĞFLZQLRVNXZ]DNUHVLHGRW\F]ąF\P SU]HQLHVLHQLDZSLVyZ]GDZQHMNVLĊJLSU]HSLVXDUWXVWXNZKSR]ZDODMąFHJRQD]DPLHV]F]HQLD RVWU]HĪHQLDRQLH]JRGQRĞFLZSLVX]U]HF]\ZLVW\PVWDQHPSUDZQ\P 8]DVDGQLHQLHSUDZQH 6ąG1DMZ\ĪV]\]ZDĪ\áFRQDVWĊSXMH -HVWSR]DVSRUHPĪHXG]LDáSU]\SDGDMąF\ZQLRVNRGDZFRP]W\WXáXG]LHG]LF]HQLDSR5]16QLH Z\F]HUSXMHFDáRĞFLXG]LDáXNWyU\MHMSU]\SDGDáZHZVSyáZáDVQRĞFLQLHUXFKRPRĞFLZVND]DQHMZHZQLRVNX JG\ĪVSDGHNSRQLHMQDE\OLWDNĪH$'-'L+'ZV]\VF\MXĪQLHĪ\MąF\&RGRG]LHG]LF]HQLDSR$' L-'WRF]ąVLĊSRVWĊSRZDQLDVSDGNRZHDFRGRVSDGNXSR+'WRFKRüQDE\FLHSRQLPVSDGNX]RVWDáR MXĪVWZLHUG]RQHSUDZRPRFQ\PSRVWDQRZLHQLHPQDU]HF]6NDUEX3DĔVWZDWRREHFQLHWRF]\VLĊ SRVWĊSRZDQLHR]PLDQĊWHJRSRVWDQRZLHQLD3R]DVSRUHPMHVWWDNĪHWRĪHSRZRáDQHMDNRSRGVWDZD ZQLRVNRZDQHJRZSLVXGRNXPHQW\ RU]HF]HQLDVąGRZH QLHRNUHĞODMąSR]RVWDá\FKSR]DZQLRVNRGDZFDPL ZVSyáZáDĞFLFLHOLQLHUXFKRPRĞFLNWyUHMGRW\F]\ZQLRVHN &]\ZWDNLHMV\WXDFMLQDOHĪ\X]QDüWDNMDNSU]\Mąá6ąG2NUĊJRZ\ZĞODG]D6ąGHP5HMRQRZ\PLZ ]JRG]LH]HVWDQRZLVNLHP]DMĊW\PSU]H]6ąG1DMZ\ĪV]\ZSRVWDQRZLHQLX]GQLDZU]HĞQLDU,, &6.ĪHQLHGRSXV]F]DOQHMHVW]DáRĪHQLHNVLĊJLZLHF]\VWHMGODQLHUXFKRPRĞFLVWDQRZLąFHM ZVSyáZáDVQRĞü]ZSLVDQLHPZQLHMZRNUHĞORQ\FKF]ĊĞFLDFKW\ONRQLHNWyU\FKZ\ND]DQ\FKZáDĞFLZ\PL