=JRGQLH]WUHĞFLąĞZLDGHFWZD]ZROQLHQLDZGQLXJUXGQLDU05 5 ]RVWDáSU]HGWHUPLQRZR ZDUXQNRZR]ZROQLRQ\]DUHV]WXSRRGE\FLXF]ĊĞFLRU]HF]RQHMSU]H]VąGNDU\SR]EDZLHQLDZROQRĞFL 6ND]DQ\%=]RVWDá]ZROQLRQ\]=DNáDGX.DUQHJRZ:ZGQLXVW\F]QLDUSRRGE\FLXZFDáRĞFL Z\PLHU]RQHMPXNDU\ :GQLXOLVWRSDGDU3URNXUDWRU*HQHUDOQ\ZQLyVáNDVDFMĊV\JQDNW6.9  RGZ\URNX6ąGX :RMHZyG]NLHJRZ:]GQLDOLVWRSDGDUV\JQ9,.5  QDNRU]\ĞüRVNDUĪRQ\FK%=L05 :Z\ZLHG]LRQHMNDVDFML3URNXUDWRU*HQHUDOQ\]DU]XFLá]DVNDUĪRQHPXUR]VWU]\JQLĊFLXUDĪąFąREUD]ĊDUW NN]UZ\QLNáąQDVNXWHNEH]SRGVWDZQHJRX]QDQLDĪHZLDGRPRĞFL]DZDUWHZVSRU]ąG]RQ\FKL UR]SRZV]HFKQLDQ\FKXORWNDFKE\á\IDáV]\ZHRUD]PRJá\Z\ZRáDüQLHSRNyMSXEOLF]Q\ N $QDOL]D X]DVDGQLHQLDNDVDFMLLZ\ZRáDQHJRNDVDFMąZ\URNX6ąGX1DMZ\ĪV]HJRZVND]XMHLĪ6ąG1DMZ\ĪV]\ UR]SR]QDMąF\NDVDFMĊRUD]3URNXUDWRU*HQHUDOQ\NWyU\MąVSRU]ąG]LáQLHG\VSRQRZDOLXORWNąDMHMWUHĞü Z\LQWHUSUHWRZDQR]]DZDUWRĞFLF]ĊĞFLRZRRGWZRU]RQ\FKSU]H]6ąG2NUĊJRZ\Z:DNWDVSUDZ\,,NS  6ąGX3RZLDWRZHJRZ:RUD]NLHUXMąFVLĊZVND]DQLDPLZLHG]\KLVWRU\F]QHM]]DNUHVXKLVWRULL QDMQRZV]HM35/ 3RUR]SR]QDQLXZ\ĪHMZ\PLHQLRQHMNDVDFML6ąG1DMZ\ĪV]\Z\URNLHP]GQLDVW\F]QLDUV\JQ9 ..1XFK\OLá]DVNDUĪRQ\Z\URNRUD]XWU]\PDQ\QLPZPRF\Z\URN6ąGX3RZLDWRZHJRZ:L XQLHZLQQLá%=L05 REHFQLH5 RGSRSHáQLHQLD]DU]XFDQHJRLPF]\QX :X]DVDGQLHQLXVZRMHJRUR]VWU]\JQLĊFLD6ąG1DMZ\ĪV]\ZVND]DáZyZF]DVLĪDQDOL]DSLVHPQ\FK PRW\ZyZZ\URNyZVąGyZREXLQVWDQFMLXSRZDĪQLDGRVWZLHUG]HQLDĪHWUHĞüNZHVWLRQRZDQHMXORWNLR QD]ZLH%DOODGD  ]DZLHUDáDZLVWRFLHSR]DHSLWHWDPLLZ\]ZLVNDPLNU\W\F]QąRFHQĊVWRVXQNyZ VSRáHF]QRSROLW\F]Q\FKSDQXMąF\FKZ3ROVNLHM5]HF]\SRVSROLWHM/XGRZHMSRGNRQLHFODWV]HĞüG]LHVLąW\FK 8ORWNDWDSRVLDGDáDFKDUDNWHUSDPIOHWXSU]HGVWDZLDMąFHJRZVSRVyEVDW\U\F]Q\Z\SDF]HQLDXVWURMRZHRUD] QLHSUDZLGáRZRĞFLZ\VWĊSXMąFHZĪ\FLXSXEOLF]Q\P7\PF]DVHP]DUyZQR6ąG3RZLDWRZ\MDNLQDVWĊSQLH 6ąG:RMHZyG]NLSU]\MPRZDá\EáĊGQH]DáRĪHQLHLĪMDNDNROZLHNRFHQDyZF]HVQ\FKVWRVXQNyZVSRáHF]QR SROLW\F]Q\FKRGPLHQQDRGRFHQ\SUH]HQWRZDQHMRILFMDOQLHSU]H]]QDMGXMąFąVLĊXZáDG]\RSFMĊSROLW\F]Qą MHVWRFHQąIDáV]\Zą 3RZ\ĪV]\VWDQIDNW\F]Q\6ąG1DMZ\ĪV]\XVWDOLáQDSRGVWDZLH VNDQXZLHUV]D]U]QDMGXMąFHJRVLĊSRGQXPHUHPNDWDORJX'ĩ6QU  %LEOLRWHNL2Z:N  VNDQXXORWNLZIRUPLHPDV]\QRSLVXSRZLHODQHJR]QDMGXMąFHJRVLĊZ]DVREDFK%LEOLRWHNL2Z:N NRSLLRGWZRU]RQ\FKF]ĊĞFLRZRDNWVSUDZ\,,NS  6ąGX3RZLDWRZHJRZ: :\G]LDá,,.DUQ\]DZLHUDMąF\FKZQLRVHNREURĔF\05RRGWZRU]HQLHDNWSLVPR]0LQLVWHUVWZD 6SUDZLHGOLZRĞFLLQIRUPXMąFHR]QLV]F]HQLXDNW,,NS  6ąGX3RZLDWRZHJRZ:ZVND]XMąFHQD PRĪOLZRĞüLFKRGWZRU]HQLDZWU\ELHRNUHĞORQ\PZNSNSLVPR6ąGX5HMRQRZHJRZ:]GQLDOXWHJR