ZSá\ZQDMHJRWUHĞüDSROHJDMąF\QDEáĊGQ\PSU]\MĊFLXSU]H]6ąG,LQVWDQFMLĪHPDWHULDáGRZRGRZ\ ]JURPDG]RQ\ZWRNXSRVWĊSRZDQLDSU]\JRWRZDZF]HJRSU]H]SURNXUDWRUD,31QLHGDMHSRGVWDZGR ]H]ZROHQLDQDSRFLąJQLĊFLHGRRGSRZLHG]LDOQRĞFLNDUQHMVĊG]LHJR6ąGX2NUĊJRZHJRZ:ZVWDQLH VSRF]\QNX-'NWyU\E\áF]áRQNLHPVNáDGXRGZRáDZF]HJRZ,,LQVWDQFMLXWU]\PXMąF\PZPRF\Z\URN 6ąGX3RZLDWRZHJRZ:]F]HUZFDUV\JQDNWNS  QDPRF\NWyUHJR%=L05]RVWDOL VND]DQL]DF]\Q]DUWNN]UQDPLHVLĊF\DUHV]WX 6NDUĪąF\ZQLyVáRXFK\OHQLH]DVNDUĪRQHMXFKZDá\ZFDáRĞFLLSU]HND]DQLHVSUDZ\6ąGRZL1DMZ\ĪV]HPXGR SRQRZQHJRUR]SR]QDQLD :SLĞPLH]GQLDF]HUZFDUVWDQRZLąF\PRGSRZLHGĨQD]DĪDOHQLHSURNXUDWRUD-'ZVND]DáĪH QLH]áRĪHQLHSU]H]QLHJR]GDQLDRGUĊEQHJRRGZ\URNXQLHPRĪHMHV]F]HĞZLDGF]\üĪHZSHáQL]JDG]DáVLĊ] WUHĞFLąWHJRZ\URNX1DGPLHQLáĪHE\áZWDPW\PF]DVLHQDMPáRGV]\P]F]áRQNyZVNáDGXRU]HNDMąFHJRD Z\URNZ\GDZDQ\E\áSRQLHVSHáQDURNXRGX]\VNDQLDSU]H]QLHJRQRPLQDFMLGR6ąGX:RMHZyG]NLHJR :WRNXSRVWĊSRZDQLDPLĊG]\LQVWDQF\MQHJRSURNXUDWRUX]XSHáQLáPDWHULDáGRZRGRZ\PLĊG]\LQQ\PL SU]HGVWDZLDMąFXORWNĊVSRU]ąG]RQąSU]H]05L%= :Z\QLNXUR]SR]QDQLD]DĪDOHQLDXFKZDáą]GQLDOLVWRSDGDU6ąG1DMZ\ĪV]\XFK\OLá]DVNDUĪRQą XFKZDáĊLSU]HND]DáVSUDZĊGRSRQRZQHJRUR]SR]QDQLD6ąGRZL1DMZ\ĪV]HPXZ,]ELH'\VF\SOLQDUQHMZ :\G]LDOH, :X]DVDGQLHQLXXFKZDá\SRGNUHĞOLáĪH6ąG1DMZ\ĪV]\Z\GDMąFXFKZDáĊ]NZLHWQLDUQLH UR]SR]QDáPHU\WRU\F]QLHZQLRVNXSURNXUDWRUDR]H]ZROHQLHQDSRFLąJQLĊFLHVĊG]LHJRZVWDQLHVSRF]\QNX GRRGSRZLHG]LDOQRĞFLNDUQHM]XZDJLQDEUDNRNUHĞORQ\FKGRNXPHQWyZZPDWHULDOHGRZRGRZ\P SU]HGVWDZLRQ\PZUD]]ZQLRVNLHP7\PVDP\PQLHUR]SR]QDáLVWRW\ZQLHVLRQHMVSUDZ\DMHJRRU]HF]HQLH PDFKDUDNWHU]GHF\GRZDQLHIRUPDOQ\7\PF]DVHPSURNXUDWRUZQLRVNRGDZFDZSRVWĊSRZDQLX PLĊG]\LQVWDQF\MQ\PSU]HGVWDZLáWUHĞüEUDNXMąFHMXORWNLRUD]Z]QDF]QHMPLHU]HLQQHLQIRUPDFMH]EUDNX NWyU\FKQLHGRV]áRGRPHU\WRU\F]QHJRUR]SR]QDQLDZQLRVNXR]H]ZROHQLHQDSRFLąJQLĊFLHVĊG]LHJRGR RGSRZLHG]LDOQRĞFLNDUQHMSU]H]6ąG1DMZ\ĪV]\ZSLHUZV]HMLQVWDQFML6ąG1DMZ\ĪV]\VWZLHUG]LáĪHZ DNWDFKVSUDZ\]QDMGXMHVLĊWHĪZ\URN6ąGX:RMHZyG]NLHJRZ:]GQLDOLVWRSDGDUV\JQDNW9, .5  ZUD]]X]DVDGQLHQLHPNWyUHJRWUHĞüRGGDMHFRQDMPQLHMZ]QDF]Q\PVWRSQLXWUHĞüUHZL]ML REURĔFyZRVNDUĪRQ\FK :SLĞPLH]GQLDOXWHJRU N VĊG]LD-'ZQLyVáRQLHXZ]JOĊGQLHQLHZQLRVNX3RGWU]\PDá DUJXPHQW\IRUPXáRZDQHZHZF]HĞQLHMV]\FKSLVPDFK 6ąG1DMZ\ĪV]\ZUDPDFKSRVWĊSRZDQLDGHOLEDF\MQHJRXVWDOLáQDVWĊSXMąFHRNROLF]QRĞFLVWDQX IDNW\F]QHJR 6ĊG]LD-'XURG]LáVLĊ  UZ6:U]áRĪ\áHJ]DPLQZVWĊSQ\QD3ROLWHFKQLNĊ  LZW\P VDP\PURNXUR]SRF]ąáVWXGLD'ZDPLHVLąFHSyĨQLHM]XZDJLQDVWDQ]GURZLD]PLHQLáNLHUXQHNVWXGLyZQD SUDZQLF]H6WXGLDRGE\ZDáQD8QLZHUV\WHFLH  2GSLHUZV]HJRURNXVWXGLyZQDOHĪDáGR=ZLą]NX