E\á\Z\QDMPRZDQHQDU]HF]UyĪQ\FKSRGPLRWyZ-HGQRF]HĞQLH6NDUE3DĔVWZDZ\NRQ\ZDáF]\QQRĞFL DGPLQLVWUDF\MQHRUD]IDNW\F]QHMDNPLQ]OHFHQLHZ\NRQDQLDSLRUXQRFKURQyZUHPRQWHOHZDFMLZ\PLDQD REUyEHNEODFKDUVNLFKLLQQH 1DQLHUXFKRPRĞFLSRáRĪRQHMZ.SU]\XO  R]QDF]RQHMMDNRG]LDáNLQU  RSRZKD ]ORNDOL]RZDQHMHVW]áąF]HNDEORZHQQNY]DVLODQH]HVWDFMLSODQW\]áąF]H]RVWDáRZ\EXGRZDQHZ USURWRNRáHP]GQLDJUXGQLDUQDVWąSLáRRGHEUDQLH]áąF]DLSRGáąF]HQLHJRGRHNVSORDWDFML 3RVWDQRZLHQLHP]GQLDSDĨG]LHUQLNDUZVSUDZLH9,,,1V6ąG5HMRQRZ\Z.LHOFDFK VWZLHUG]LáĪHVSDGHNSR$YY/Y/5V\QX+Y&L+]PDUá\PZGQLXOXWHJRUZ5Z ,]UDHOXLPDMąF\PRVWDWQLHPLHMVFH]Z\NáHJRSRE\WXZ7Z]DNUHVLHXG]LDáXZQLHUXFKRPRĞFLSRáRĪRQHM Z3ROVFHQDSRGVWDZLHXVWDZ\QDE\á\G]LHFL/5V\Q%Y%Y%Y%Y%L,5V\Q%Y%Y%Y %Y%SR MHGQHMGUXJLHM F]ĊĞFLNDĪG\]QLFKVSDGHNSR&.]GRPX5FyUFH+Y&L+ ]PDUáHMZGQLXPDMDUZ,]UDHOXLPDMąFHMRVWDWQLHPLHMVFH]Z\NáHJRSRE\WXZ7QDSRGVWDZLH WHVWDPHQWXVSRU]ąG]RQHJRZGQLXVLHUSQLDUZ7RWZDUWHJRLRJáRV]RQHJRZ6ąG]LH5HMRQRZ\P Z.LHOFDFKZGQLXZU]HĞQLDUZVSUDZLH9,,,1VZ]DNUHVLHXG]LDáXZQLHUXFKRPRĞFL SRáRĪRQHMZ3ROVFHQDE\OLEUDWDQHN/5V\Q$Y$Y/Y/L%Y%Y%Y%Y%LEUDWDQHN,5 V\Q$Y$Y/Y/L%Y%Y%Y%Y%SR MHGQHMGUXJLHM F]ĊĞFLNDĪG\]QLFKVSDGHNSR5 Y55]GRPX5FyUFH+Y&L+]PDUáHMZGQLXVW\F]QLDUZ7LPDMąFHMRVWDWQLHPLHMVFH ]Z\NáHJRSRE\WXZ7QDSRGVWDZLHWHVWDPHQWXVSRU]ąG]RQHJRZGQLXVLHUSQLDUZ7RWZDUWHJR LRJáRV]RQHJRZ6ąG]LH5HMRQRZ\PZ.LHOFDFKZGQLXZU]HĞQLDUZVSUDZLH9,,,1VZ ]DNUHVLHXG]LDáXZQLHUXFKRPRĞFLSRáRĪRQHMZ3ROVFHQDE\OLEUDWDQHN/5V\Q$Y$Y/Y/L%Y %Y%Y%Y%LEUDWDQHN,5V\Q$Y$Y/Y/L%Y%Y%Y%Y%SR MHGQHMGUXJLHM F]ĊĞFLNDĪG\]QLFKVSDGHNSR/5V\QX$Y$Y/Y/L%Y%Y%Y%Y%]PDUá\PZGQLX OXWHJRUZ7LPDMąF\PRVWDWQLHPLHMVFH]Z\NáHJRSRE\WXZ7QDSRGVWDZLHWHVWDPHQWX VSRU]ąG]RQHJRZGQLXOLVWRSDGDUZ7RWZDUWHJRLRJáRV]RQHJRZ6ąG]LH5HMRQRZ\PZ .LHOFDFKZGQLXZU]HĞQLDUZVSUDZLH9,,,1VQDE\áDFyUND25FyUND<ZFDáRĞFL 3U]HGPLRWHP]DVLHG]HQLDMHVWQLHUXFKRPRĞüR]QDF]RQDZHZLGHQFMLJUXQWyZLEXG\QNyZQXPHUDPL  REU  SRáRĪRQDZ.SU]\XO  RáąF]QHMSRZLHU]FKQLKD6WDQSUDZQ\WHMQLHUXFKRPRĞFLE\á XUHJXORZDQ\ZNVLĊG]HKLSRWHF]QHMQU  JG]LHMDNRZVSyáZáDĞFLFLHOHILJXUXMą5%5&5&5& 65.5/8à1LHUXFKRPRĞüEĊGąFDSU]HGPLRWHP]DVLHG]HQLDMHVW]DEXGRZDQDEXG\QNDPL PLHV]NDOQ\PL3RZLHU]FKQLDQLHUXFKRPRĞFLMHVW]JRGQD]PDSąDUFKLZDOQą]U]DáąF]RQąGR ZQLRVNX6WDQMHM]DJRVSRGDURZDQLDQLHXOHJá]PLDQLHQDSU]HVWU]HQLODWREMĊW\FKZQLRVNLHPR]DVLHG]HQLH =QDMGXMąF\VLĊQDQLHUXFKRPRĞFLEXG\QHNPRĪQDSRG]LHOLüQDF]WHU\WU]\NRQG\JQDF\MQHF]ĊĞFLPLHV]NDOQH MHGQDRGIURQWXEĊGąFDZQDMOHSV]\PVWDQLHWHFKQLF]Q\PLRILF\Q\SRGZyFKVWURQDFKSRGZyU]DRUD]QD ZSURVWEUDP\JDUDĪRZHM:\NRQDQ\SRPLDUZWHUHQLHSRWZLHUG]LáĪHEXG\QNLSRVDGRZLRQHVąZJUDQLF\ G]LDáHNHZLGHQF\MQ\FKQU  ĝFLDQĊ]DFKRGQLąEXG\QNXSRVDGRZLRQHJRQDG]LDáFHQU  SRPLHU]RQRRG