1LHPRĪQDWDNĪH]JRG]LüVLĊ]REURĔFąRVNDUĪRQHJR./JG\SRGQRVLĪHUHODFMD..  FRGRWHJR RVNDUĪRQHJRMHVWODNRQLF]QDSR]EDZLRQDMDNLFKNROZLHNV]F]HJyáyZĞZLDGHNQLHSUHF\]XMHUROLWHJR RVNDUĪRQHJR&KRüU]HF]\ZLĞFLH]H]QDQLD..  FRGR./QLHVąUR]EXGRZDQHWRMHGQDN NRQVHNZHQWQLHLGHQW\ILNRZDáJRMDNRRVREĊRGSRZLHG]LDOQąGRZRG]ąFąUHJLRQHP   QSN  ĝZLDGHNQLHZ\UDĪDáZW\P]DNUHVLHĪDGQ\FKZąWSOLZRĞFLRVNDUĪRQHJRUR]SR]QDáQDWDEOLF\SRJOąGRZHM VSyMQLH]H]QDZDáRQDSDG]LH]MHJRXG]LDáHPQDPĊĪF]\]QĊRFLHPQHMNDUQDFML=UHODFMRQRZDQHSU]H] ĞZLDGNDRNROLF]QRĞFLVWDQRZLąRG]ZLHUFLHGOHQLHMHJRSHZQHMZLHG]\FRGRG]LDáDOQRĞFLRVNDUĪRQHJR./ LF]\QLHQLHĞZLDGNRZL]DU]XWXĪHZLĊNV]ąZLHG]ąZW\P]DNUHVLHQLHG\VSRQXMHZV]F]HJyOQRĞFLQLH REFLąĪDRVNDUĪRQHJRXG]LDáHPWDNĪHZLQQ\FKSU]HVWĊSVWZDFKWUXGQRX]QDü]DDUJXPHQWSRGGDMąF\Z ZąWSOLZRĞüZDUWRĞüGRZRGRZą]H]QDĔ2GQRV]ąFVLĊGRVWDQRZLVNDREURĔF\RVNDUĪRQHJRĪHVąG Z\FLąJQąáEáĊGQHZQLRVNL]Z\QLNyZSU]HV]XNDQLDPLHV]NDQLDRVNDUĪRQHJRWRWDNĪH]WąRFHQąQLHPRĪQD VLĊ]JRG]Lü2VNDUĪRQ\./QLH]RVWDáVND]DQ\]DSU]HVWĊSVWZRDUWNNMHGQDNFKDUDNWHU ]DEH]SLHF]RQ\FKXQLHJRSU]HGPLRWyZFKRüSRĞUHGQLRWRMHGQDNZVSLHUDXVWDOHQLDZ]DNUHVLHSU]\SLVDQLD PXSU]HVWĊSVWZD]DUW†NN2EURĔFDDNFHQWXMąF]DEH]SLHF]HQLHZPLHV]NDQLXRVNDUĪRQHJRSLVPD  SRPLMDĪH]QDOH]LRQRWDPWDNĪH]GMĊFLH+L]QDF]HN0 N 7DNLHZ\QLNLF]\QQRĞFL SU]HV]XNDQLDQLHW\ONRĪHQLHSRGZDĪDMą]DVDGQRĞFL]DU]XFHQLDPXSU]HVWĊSVWZD]DUW†NNWRFKRü QLHZSURVW]DU]XWWHQZVSLHUDMą 2GQRV]ąFVLĊGR]H]QDĔ..  GRW\F]ąF\FKSRGSDOHQLDZàGRPXQDOHĪąFHJRGRRVNDUĪ\FLHONL SRVLáNRZHM0%DZV]F]HJyOQRĞFLXG]LDáXZW\PSU]HVWĊSVWZLHRVNDUĪRQHJRà5VąGRNUĊJRZ\ZW\P MHG\QLH]DNUHVLHQLHXZ]JOĊGQLá]H]QDĔĞZLDGND8SRGVWDZWDNLHMRFHQ\QLHOHJáRMHGQDNFRVXJHUXMą REURĔF\XVWDOHQLHĪHĞZLDGHN]H]QDáQLHSUDZGĊDMHJRZąWSOLZRĞFLZW\P]DNUHVLHZ\UDĪDQHSU]HGH ZV]\VWNLPQDUR]SUDZLH NX]DVDGQLHQLD 3RZ\ĪV]HZSRZLą]DQLX]WUHĞFLą]H]QDĔĞZLDGNyZ0 .L(%XSUDZQLDáRVąGGR]DVWRVRZDQLDUHJXá\]DUW†NSN6ąGDSHODF\MQ\QLHSRG]LHOLáW\P VDP\P]DU]XWXDSHODFMLSURNXUDWRUDZNRQVHNZHQFMLDUJXPHQWyZSU]\ZRáDQ\FKQDMHJRSRSDUFLH&KRü ]H]QDQLD..  MDNWUDIQLHZ\ZRG]LSURNXUDWRUZRNUHĞORQ\P]DNUHVLH]QDOD]á\SRWZLHUG]HQLHZ LQQ\FKGRZRGDFKWRWDPJG]LHVąGSU]\MąáMH]DSRGVWDZĊXVWDOHĔIDNW\F]Q\FKPLDá\FKDUDNWHUSHZQ\ VWDQRZF]\NRQVHNZHQWQ\7DNLHMRFHQ\QLHPRĪQDQDWRPLDVW]DVWRVRZDüGRWHMMHJRUHODFMLNWyUDGRW\F]\ XG]LDáXà5ZSRGSDOHQLXGRPXZà ..  ZWRNXSRVWĊSRZDQLDZV]F]HJyOQRĞFLZĞOHG]WZLHE\áZLHORNURWQLHSU]HVáXFKLZDQ\QD RNROLF]QRĞüSRGSDOHQLDGRPXZà 3RGF]DVSLHUZV]HJRSU]HVáXFKDQLDNWyUHPLDáRPLHMVFHZGQLXJUXGQLDUĞZLDGHNMDNR XF]HVWQLNyZSRGSDOHQLDSR]DVREąLRVNDUĪRQ\P03ZVND]DáRVyEZW\Pà5SR]RVWDá\FKQLH]QDá NXMDZQLRQHN .LONDGQLSyĨQLHMSRGF]DVSU]HVáXFKDQLDZGQLXJUXGQLDU N XMDZQLRQHN ..  SRGDáĪHZSRGSDOHQLXSR]DQLPLRVNDUĪRQ\P03EUDáRXG]LDáVLHGPLX QLH]QDQ\FKPXPĊĪF]\]QNWyU\FKRVNDUĪRQ\3SU]HGVWDZLáPXMDNRPáRG\FK]QHRQD]LVWRZVNLHMERMyZNL