:RSDUFLXRSRZ\ĪV]HZQLyVáR]PLDQĊ]DVNDUĪRQHJRRU]HF]HQLDSRSU]H]XZ]JOĊGQLHQLHSRZyG]WZD HZHQWXDOQLHRXFK\OHQLH]DVNDUĪRQHJRRU]HF]HQLDLSU]HND]DQLHVSUDZ\GRSRQRZQHJRUR]SR]QDQLDSU]H] 6ąG,,QVWDQFMLDWDNĪHR]DVąG]HQLHNRV]WyZQLHRSáDFRQHMZĪDGQHMF]ĊĞFLSRPRF\SUDZQHMXG]LHORQHM SRZRGRZL]XU]ĊGX 3R]ZDQ\ZQLyVáRRGGDOHQLHDSHODFMLRUD]R]DVąG]HQLHQDMHJRU]HF]NRV]WyZSRVWĊSRZDQLDDSHODF\MQHJR 8]DVDGQLHQLHSUDZQH 6ąG$SHODF\MQ\SRUR]SR]QDQLXDSHODFML]ZDĪ\áFRQDVWĊSXMH %UDNSRGVWDZSUDZQ\FKGRXZ]JOĊGQLHQLDDSHODFML 6ąG2NUĊJRZ\SRF]\QLáSUDZLGáRZHXVWDOHQLDIDNW\F]QHNWyUH6ąG$SHODF\MQ\SU]\MPXMH]DVZRMH 1DZVWĊSLHZVND]DüQDOHĪ\ĪHVąGGUXJLHMLQVWDQFMLUR]SR]QDMHVSUDZĊZJUDQLFDFKDSHODFML DUW† NSF QDSRGVWDZLHPDWHULDáX]HEUDQHJRZSRVWĊSRZDQLXZSLHUZV]HMLQVWDQFMLRUD]ZSRVWĊSRZDQLX DSHODF\MQ\P DUWNSF ]W\P]DVWU]HĪHQLHPĪHSU]HGVąGHPSLHUZV]HMLQVWDQFMLSRZLQQ\E\ü SU]HGVWDZLRQHZ\F]HUSXMąFRNZHVWLHVSRUQH]JáRV]RQHIDNW\LGRZRG\DSUH]HQWDFMDPDWHULDáX GRZRGRZHJRSU]HGVąGHPGUXJLHMLQVWDQFMLPDPLHMVFHZ\MąWNRZR DUWNSF  =JRGQLH]XFKZDáąVNáDGXVĊG]LyZ ,,,&=3261&1USR] NWyUHMQDGDQRPRF ]DVDG\SUDZQHMVąGGUXJLHMLQVWDQFMLUR]SR]QDMąF\VSUDZĊQDVNXWHNDSHODFMLQLHMHVW]ZLą]DQ\ SU]HGVWDZLRQ\PLZQLHM]DU]XWDPLGRW\F]ąF\PLQDUXV]HQLDSUDZDPDWHULDOQHJRZLąĪąJRQDWRPLDVW ]DU]XW\GRW\F]ąFHQDUXV]HQLDSUDZDSURFHVRZHJR,QQ\PLVáRZ\MHĞOLDSHOXMąF\]DU]XWyZWHJRURG]DMXQLH ]JáRVL]DJDGQLHQLHQDUXV]HQLDSU]HSLVyZSURFHVRZ\FKSR]RVWDZDüPXVLSR]DVIHUą]DLQWHUHVRZDQLD6ąGX ]DZ\MąWNLHPQLHZDĪQRĞFLSRVWĊSRZDQLDLQLHUR]SR]QDQLDLVWRW\VSUDZ\FRZQLQLHMV]HMVSUDZLHQLHPLDáR PLHMVFD $SHOXMąF\]DU]XFLá]DUyZQRQDUXV]HQLHSU]HSLVyZSUDZDPDWHULDOQHJRMDNLSURFHVRZHJR]DWHPZ SLHUZV]HMNROHMQRĞFLZ\PDJDUR]ZDĪHQLD]DU]XWQDUXV]HQLDSU]HSLVyZSURFHVRZ\FKERZLHP]DU]XW QDUXV]HQLDSUDZDPDWHULDOQHJRPRĪHE\üZáDĞFLZLHRFHQLRQ\W\ONRQDWOHSUDZLGáRZRXVWDORQHJRVWDQX IDNW\F]QHJR 1LHX]DVDGQLRQ\MHVW]DU]XWQLH]DVDGQHJRRGGDOHQLDZQLRVNyZSRZRGDRGRSXV]F]HQLHGRZRGyZ]]H]QDĔ ĞZLDGNyZ 3U]HELHJUR]SUDZ\GRNáDGQLHRG]ZLHUFLHGOD]DSLVHOHNWURQLF]QHJRSURWRNRáXUR]SUDZ\NWyUHJR WUHĞüQLH]RVWDáD]DNZHVWLRQRZDQD =NROHLZQLRVNLRSU]HVáXFKDQLHSUDZQLNyZ32RUD]=.QLHGRWRF]\á\IDNWyZLVWRWQ\FKGOD UR]VWU]\JQLĊFLDVSUDZ\OHF]RFHQ\ĞZLDGNyZQDWHPDWW\FKIDNWyZ =HZ]JOĊGXQDWUHĞüSU]HGáRĪRQHJRSU]H]SRZRGDZ\GUXNXSURILOX]DáRĪRQHJRSU]H]QLH]QDQąRVREĊQD SRUWDOX  ZQLRVHNGRZRGRZ\QLHPyJá]RVWDüSU]H]6ąGXZ]JOĊGQLRQ\MDNRĪHQLHE\áRE\WRFHORZHGOD XVWDOHQLDVWDQXIDNW\F]QHJRQLQLHMV]HMVSUDZ\ DUWNSF :REHFVWDQRZLVNDSR]ZDQHJREUDNSRGVWDZ