1DUR]SUDZLHVW\F]QLDUSHáQRPRFQLNVNDUĪąFHM*PLQ\]áRĪ\áGRDNWSLVPRNLHURZDQHGRRUJDQX] OLVWRSDGDUSRGQRV]ąFĪHGRV]áRGRPLOF]ąFHJRX]JRGQLHQLD]HVWURQ\ĝ:.=SURMHNWXGHF\]MLR XVWDOHQLXORNDOL]DFMLLQZHVW\FMLFHOXSXEOLF]QHJRSROHJDMąFHJRQDEXGRZLHJDUDĪXQDG]LDáFHQU   'RGDWNRZR]áRĪ\áRSUDFRZDQLHGULQĪ0']F]HUZFDURSLVXMąFHUH]XOWDW\VNDQRZDQLDG]LDáHNQU  L  ZFHOXZ\NU\FLDVLHFLSRG]LHPQ\FK3RGF]DVEDGDĔQLHZ\NU\WRPXUXD]DWHPMHĞOLPXUVLĊ ]DFKRZDáWRPRĪHSU]HELHJDüZSU]HUZLHPLĊG]\VNDQDPL PLHG]\]HVNDQRZDQ\PLSRODPLZF]ĊĞFL SRáXGQLRZHM 3HáQRPRFQLNRĞZLDGF]\áĪH*PLQDG\VSRQXMHRVWDWHF]Q\PSR]ZROHQLHPQDEXGRZĊJDUDĪ\ 3HáQRPRFQLNĝ:.=RĞZLDGF]\áĪHPLOF]ąFD]JRGDZVSUDZLHGHF\]MLRXVWDOHQLXORNDOL]DFMLLQZHVW\FML FHOXSXEOLF]QHJR]RVWDáDXG]LHORQDQDSRGVWDZLHEáĊGQLHVSRU]ąG]RQHMJPLQQHMNDUW\]DE\WNX]U 8]DVDGQLHQLHSUDZQH :RMHZyG]NL6ąG$GPLQLVWUDF\MQ\]ZDĪ\áFRQDVWĊSXMH 6NDUJD]DVáXJXMHQDXZ]JOĊGQLHQLH =JRGQLH]DUWDUWLDUWXVWDZ\]GQLDVLHUSQLDU3UDZRRSRVWĊSRZDQLXSU]HGVąGDPL DGPLQLVWUDF\MQ\PL ']8]USR]]SyĨQ]P GDOHMSSVDZRMHZyG]NLHVąG\ DGPLQLVWUDF\MQHVSUDZXMąNRQWUROĊG]LDáDOQRĞFLDGPLQLVWUDFMLSXEOLF]QHMSRGZ]JOĊGHP]JRGQRĞFL] SUDZHPFRR]QDF]DĪHZ]DNUHVLHGRNRQ\ZDQHMNRQWUROL6ąG]RERZLą]DQ\MHVW]EDGDüF]\RUJDQ\ DGPLQLVWUDFMLZWRNXSRVWĊSRZDQLDQLHQDUXV]\á\SU]HSLVyZSUDZDPDWHULDOQHJRLSU]HSLVyZSRVWĊSRZDQLD MHĪHOLPLDáROXEPRJáRRQRPLHüLVWRWQ\ZSá\ZQDZ\QLNVSUDZ\6ąGQLHMHVWSU]\W\P]ZLą]DQ\]DU]XWDPL LZQLRVNDPLVNDUJLRUD]SRZRáDQąSRGVWDZąSUDZQą DUW†SSVD  3U]HGPLRWHP]DVNDUĪHQLDZQLQLHMV]HMVSUDZLH*6XF]\QLáDSLVHPQH]DZLDGRPLHQLHĝ:.=]VLHUSQLD URVSRU]ąG]HQLXQRZHMNDUW\]DE\WNXQLHUXFKRPHJRLZáąF]HQLXMHMGRZRMHZyG]NLHMHZLGHQFML ]DE\WNyZQLHUXFKRP\FKZRMHZyG]WZDĞZLĊWRNU]\VNLHJRQDSRGVWDZLHDUWSNWXVWDZ\]GQLDOLSFD URRFKURQLH]DE\WNyZLRSLHFHQDG]DE\WNDPL ']8]USR]]SyĨQ]P RUD]†DSNW Z]Z]†UR]SRU]ąG]HQLD0LQLVWUD.XOWXU\L']LHG]LFWZD1DURGRZHJR]GQLDPDMDUZ VSUDZLHSURZDG]HQLDUHMHVWUX]DE\WNyZNUDMRZHMZRMHZyG]NLHMLJPLQQHMHZLGHQFML]DE\WNyZRUD] NUDMRZHJRZ\ND]X]DE\WNyZVNUDG]LRQ\FKOXEZ\ZLH]LRQ\FK]DJUDQLFĊQLH]JRGQLH]SUDZHP ']8] USR] GDOHMUR]SRU]ąG]HQLH:RU]HF]QLFWZLHSU]\MPXMHVLĊĪHZáąF]HQLHNDUW\HZLGHQF\MQHM ]DE\WNXGRZRMHZyG]NLHMHZLGHQFML]DE\WNyZQDSRGVWDZLHDUWXVWXR]MHVWF]\QQRĞFLąRUJDQX DGPLQLVWUDFMLRNWyUHMPRZDZDUW†SNWSSVD SRUSRVWDQRZLHQLH16$]PDMDUV\JQ,, 2= 7\PVDP\P]DVNDUĪRQDZQLQLHMV]HMVSUDZLHF]\QQRĞüĝ:.=]VLHUSQLDUSRGOHJD NRQWUROLVąGRZHMZWU\ELHLQD]DVDGDFKRNUHĞORQ\FKZSSVD =JRGQLH]†XVWUR]SRU]ąG]HQLDZRMHZyG]NLNRQVHUZDWRU]DE\WNyZZáąF]DNDUWĊHZLGHQF\MQą ]DE\WNXGRZRMHZyG]NLHMHZLGHQFML]DE\WNyZSRVSUDZG]HQLXF]\GDQH]DZDUWHZNDUFLHHZLGHQF\MQHM ]DE\WNXVąZ\F]HUSXMąFHL]JRGQH]HVWDQHPIDNW\F]Q\PDWDNĪHF]\GRNXPHQWDFMDIRWRJUDILF]QD]DE\WNX