KLVWRU\F]QHJRDOHáąF]\á\VLĊ]LQG\ZLGXDOQ\PLOXE]ELRURZ\PL]DEyMVWZDPLLHJ]HNXFMDPLĞPLHUFLąZ RER]DFKNRQFHQWUDF\MQ\FKJáRGHPGHSRUWDFMDPLWRUWXUDPLQLHZROQLF]ąSUDFąLLQQ\PLIRUPDPL PDVRZHJRWHUURUXIL]\F]QHJRSU]HĞODGRZDQLHPQDWOHHWQLF]Q\PLUHOLJLMQ\PQDUXV]HQLHPZROQRĞFL VXPLHQLDSU]HNRQDĔLZ\SRZLHG]LZROQRĞFLSUDV\LEUDNLHPSOXUDOL]PXSROLW\F]QHJR SNW ª  3DUODPHQW(XURSHMVNLSU]\MąáNZLHWQLDUUH]ROXFMĊZVSUDZLHĞZLDGRPRĞFLHXURSHMVNLHML WRWDOLWDU\]PX=JRGQLH]WUHĞFLąWHMUH]ROXFML3DUODPHQW(XURSHMVNL  ©Z\UDĪDXEROHZDQLHĪHODWSR XSDGNXG\NWDWXUNRPXQLVW\F]Q\FKZ(XURSLHĝURGNRZHML:VFKRGQLHMZQLHNWyU\FKSDĔVWZDFK F]áRQNRZVNLFKZFLąĪQLHVáXV]QLHRJUDQLF]RQ\MHVWGRVWĊSGRGRNXPHQWyZLVWRWQ\FKGODSRV]F]HJyOQ\FK RVyEOXESRWU]HEQ\FKGREDGDĔQDXNRZ\FKZ]\ZDE\ZHZV]\VWNLFKSDĔVWZDFKF]áRQNRZVNLFK IDNW\F]QLHGąĪ\üGRRWZDUFLDDUFKLZyZZW\PDUFKLZyZE\á\FKZHZQĊWU]Q\FKVáXĪEEH]SLHF]HĔVWZD WDMQHMSROLFMLLDJHQFMLZ\ZLDGRZF]\FKFKRüNRQLHF]QHMHVWSRGMĊFLHNURNyZ]DSRELHJDMąF\FKQDGXĪ\FLRP LZ\NRU]\VW\ZDQLXGRFHOyZSROLW\F]Q\FKª  =JURPDG]HQLH3DUODPHQWDUQH2UJDQL]DFML%H]SLHF]HĔVWZDL:VSyáSUDF\Z(XURSLH GDOHM2%:( SU]\MĊáROLSFDUZ:LOQLHUH]ROXFMĊ©(XURSDSRQRZQLH]MHGQRF]RQDSURPRZDQLHSUDZF]áRZLHNDL ZROQRĞFLRVRELVW\FKZ;;,ZLHNXªVWDQRZLąFąF]ĊĞüSU]\MĊWHMWDPGHNODUDFMLZLOHĔVNLHM ©8Z]JOĊGQLDMąFĪHZGZXG]LHVWRZLHF]QHM(XURSLHSDĔVWZDGRĞZLDGF]\á\GZyFKWRWDOLWDUQ\FKUHĪLPyZ QD]LVWRZVNLHJRRUD]VWDOLQRZVNLHJRNWyUHSU]\QLRVá\]HVREąOXGREyMVWZRSRJZDáFHQLDSUDZF]áRZLHNDL ZROQRĞFLRVRELVW\FK]EURGQLHZRMHQQHRUD]]EURGQLHSU]HFLZNROXG]NRĞFL  %ĊGąFĞZLDGRPHĪHWUDQVIRUPDFMDRGG\NWDWXUNRPXQLVW\F]Q\FKGRGHPRNUDFMLQLHPRĪHGRNRQDüVLĊ MHGQHJRGQLDLĪHPXVLRQDXZ]JOĊGQLDüWáRKLVWRU\F]QHLNXOWXURZHSDĔVWZ]DDQJDĪRZDQ\FKZWHQSURFHV  ª  3U]\WRF]RQHXFKZDá\6HMPXRUD]]JURPDG]HĔSDUODPHQWDUQ\FK5DG\(XURS\L2%:(RUD]3DUODPHQWX (XURSHMVNLHJR]SRSU]HGQLHMLREHFQHMGHNDG\ZVND]XMąQDJHQH]ĊXVWURMXNRPXQLVW\F]QHJRSRGVWDZRZH MHJR]DVDG\]DVDGQLF]HQHJDW\ZQHQDVWĊSVWZDF\ZLOL]DF\MQHRUD]QDSRWU]HEĊLFKVWRSQLRZHJRLWUZDáHJR SU]H]Z\FLĊĪHQLDZUDPDFK]DVDGSDĔVWZDSUDZQHJR7U\EXQDá.RQVW\WXF\MQ\SRG]LHODZ\UDĪRQHWDP RFHQ\ X]DVDGQLHQLHZ\URNX7.RV\JQ.  :SHáQLDSUREXMąFZF]HĞQLHMV]HRU]HF]QLFWZR7U\EXQDáSRGNUHĞOLáĪH  ZGRW\FKF]DVRZ\PRU]HF]QLFWZLH7U\EXQDáX.RQVW\WXF\MQHJRVáRZRNRPXQL]PVáXĪ\RNUHĞOHQLX PLQXVWURMX]DOHĪQHMRG=655NRPXQLVW\F]QHMG\NWDWXU\QD]LHPLDFKSROVNLFKZODWDFK  ZRU]HF]QLFWZLH7.SU]\MĊWRĪHEH]VSRUQLHNRPXQL]PVWRVRZDáZW\PRNUHVLHWRWDOLWDUQHZW\P ]EURGQLF]HPHWRG\LSUDNW\NLZREHFOXGQRĞFLSROVNLHMDLFKSRZV]HFKQRĞüVNXWNRZDáD]DVDGQRĞFLąLFK SRWĊSLHQLDZXFKZDáDFK6HMPXLRUJDQL]DFMLPLĊG]\QDURGRZ\FKRUD]DILUPDW\ZQ\PSU]\WRF]HQLHP ]DZDUW\FKZQLFKRFHQSU]H]7U\EXQDá.RQVW\WXF\MQ\ $UWXVW.RQVW\WXFMLVWDQRZL5]HF]SRVSROLWD3ROVND]DSHZQLDZROQRĞüWZRU]HQLDLG]LDáDQLD