6ąG5HMRQRZ\SRG]LHODMąFZSHáQL]DSUH]HQWRZDQ\LXJUXQWRZDQ\GRUREHNGRNWU\Q\LMXG\NDWXU\X]QDáĪH ]DZLHV]HQLHQLQLHMV]HJRSRVWĊSRZDQLDQLHMHVWFHORZH6DPIDNWĪHZ3URNXUDWXU]H2NUĊJRZHMZàRG]L SURZDG]RQHMHVWSRVWĊSRZDQLDSU]\JRWRZDZF]HZNWyU\PMHGQ\P]ZąWNyZĞOHGF]\FKSR]RVWDMHNZHVWLD DXWHQW\F]QRĞFLWHVWDPHQWX3&  MHVWQLHZ\VWDUF]DMąF\3U]HGHZV]\VWNLPSRVWĊSRZDQLHWRSURZDG]RQH MHVWZVSUDZLH LQUHP DUHDOL]RZDQHQDSU]HVWU]HQLNLONXODWF]\QQRĞFLGRZRGRZHZ]DNUHVLHSRPRF\ VąGRZHMQLHGRVWDUF]DMąLVWRWQ\FKGDQ\FKOXESR]RVWDMąRGGáXĪV]HJRF]DVXEH]RGSRZLHG]L%UDNMHVW MDNLFKNROZLHNSU]HVáDQHNGRVWZLHUG]HQLDF]\ZRJyOHGRMG]LHGRMHJRSU]HNV]WDáFHQLDZSRVWĊSRZDQLH SU]HFLZNRRVRELH LQSHUVRQDP FRPXVLDáRE\]RVWDüSRSU]HG]RQHSU]HGVWDZLHQLHPVWRVRZQ\FK]DU]XWyZ RVRELHSRGHMU]DQHMQLHZVSRPLQDMąFRVNLHURZDQLXGR6ąGXDNWXRVNDUĪHQLDLZ\GDQLXHZHQWXDOQHJR Z\URNXVND]XMąFHJRNWyU\]XZDJLQDWUHĞüDUWNSFZLą]DáE\6ąGZSRVWĊSRZDQLXF\ZLOQ\P:WDN XNV]WDáWRZDQ\FKUHDOLDFKSU]\PDWHULDOHGRZRGRZ\PSR]ZDODMąF\PQDZ\GDQLHPHU\WRU\F]QHJR UR]VWU]\JQLĊFLDZVSUDZLH]DZLHV]HQLHWRF]ąFHJRVLĊSRVWĊSRZDQLD]EOLĪHMQLHRNUHĞORQą]DSHZQH GáXJROHWQLąSHUVSHNW\Zą ZNRQWHNĞFLHGRW\FKF]DVSRGMĊW\FKSU]H]RUJDQ\ĞOHGF]HF]\QQRĞFLLLFKHIHNWyZ SURFHVRZ\FK MHJRQLHSRGMĊFLDLQLHZ\GDQLDSRVWDQRZLHQLDZSU]HGPLRFLHVWZLHUG]HQLDQDE\FLDVSDGNXSR 3&  ]GRPX.QLHPRJáR]QDOHĨüDNFHSWDFML]HVWURQ\6ąGXZQLQLHMV]\PVNáDG]LH0DUJLQDOQLHQDOHĪ\ ZVND]DüQDWUHĞüDUW†SNWNSFNWyU\VWZDU]DSRGVWDZĊGRZ]QRZLHQLDSRVWĊSRZDQLDZ SU]\SDGNXJG\RU]HF]HQLH]RVWDáRRSDUWHQDGRNXPHQFLHSRGURELRQ\POXESU]HURELRQ\P7\PVDP\P HZHQWXDOQHU\]\NRSU]HVąG]HQLDEUDNXDXWHQW\F]QRĞFLWHVWDPHQWX]áRĪRQHJRGRDNWQLQLHMV]HMVSUDZ\Z EOLĪHMQLHRNUHĞORQHMSU]\V]áRĞFLQLHSR]EDZL]DLQWHUHVRZDQ\FK ZW\PSU]\SDGNX6NDUEX3DĔVWZD 3UH]\GHQWD0LDVWDà PRĪOLZRĞFLGRFKRG]HQLDVZ\FKSUDZ ]ZLą]DQ\FK]SUDZHPZáDVQRĞFL QLHUXFKRPRĞFLSRáRĪRQHMZàSU]\XOLF\  QDGURG]HSRVWĊSRZDQLDVąGRZHJR 3U]HGPLRWHPQLQLHMV]HJRSRVWĊSRZDQLDSR]RVWDZDáRVWZLHUG]HQLHQDE\FLDVSDGNXSR3&  ]GRPX. SU]\F]\PZV]HONLHUR]ZDĪDQLD]ZLą]DQH]SUREOHPDW\Ną]DVWRVRZDQLDSUDZDZáDĞFLZHJRF]\WHĪ XVWDOHQLDSRU]ąGNXG]LHG]LF]HQLDPXVLDá\]RVWDüSRSU]HG]RQHUR]VWU]\JQLĊFLHP]DLVWQLDáHJRPLĊG]\ VWURQDPLVSRUXFRGRWRĪVDPRĞFLRVRE\]PDUáHMZV]F]HJyOQRĞFLZ\MDĞQLHQLDF]\3&  ]GRPX.WRWD VDPDRVREDFR3&  DZLĊFDXWRUNDWHVWDPHQWXGDWRZDQHJRQDG]LHĔVLHUSQLDU 6ąG,LQVWDQFMLXVWDOLáĪHSR]DZV]HONLPVSRUHPSR]RVWDMHIDNWĪH3.XURG]LáDVLĊZGQLX  ZàMDNR FyUND'.  L&(.  ]GRPX. RGSLV]XSHáQ\DNWXXURG]HQLDNRGSLVVNUyFRQ\DNWX XURG]HQLDNDNWVSUDZ\,1V :REHFWUHĞFL]XSHáQHJRRGSLVXDNWXVWDQXF\ZLOQHJRQLHPRĪQD QDGDZDüZLĊNV]HJR]QDF]HQLDZUR]ELHĪQRĞFLPLĊG]\LPLRQDPLWM  L  VNRURZGRNXPHQFLHW\P ZSURVW]D]QDF]RQR]PLDQĊLPLHQLD]  QD  MDNDPLDáDPLHMVFHZGQLXOXWHJRUQDPRF\ GHF\]ML.0LOLFML2E\ZDWHOVNLHMZà GRNRQDQRUyZQLHĪ]PLDQ\LPLRQPDWNL]  QD  -DNZ\QLND] NVLĊJLOXGQRĞFLVWDáHM GRNXPHQWSRFKRG]ąF\]$UFKLZXP3DĔVWZRZHJRZàNDNWVSUDZ\,1V  '.  &(.  3. XURG]RQDZGQLX  Zà -XQWD5.(.  L.. ]DPLHV]NLZDOLQDWHUHQLH0LDVWDàZJUXGQLXU=DáąF]RQHGRDNWVSUDZ\GRNXPHQW\SRWZLHUG]DMą UyZQLHĪIDNWĪH3.SU]HĪ\áD,,:RMQĊĝZLDWRZą:SU]HFLZQ\PUD]LHQLHPRJáDE\]áRĪ\üVNXWHF]QLH