NDUQH,QQ\PLVáRZ\RZDZ\SRZLHGĨVSURZDG]DáDVLĊGRZVND]DQLDĪHSROLW\N NXPXOXMHG]LDáDQLDNWyUHPRJąZSU]\V]áRĞFLQDUD]LüJRQDUHWRUVMH SRUyZQ\ZDOQH] XGHU]HQLHPZWZDU]VSROLF]NRZDQLHP  2LOHWDNLHWUHĞFLZHUEDOQHPRJąSRWHQFMDOQLHZVSU]\MDMąF\FKRNROLF]QRĞFLDFKXáDWZLü NRPXĞGHF\]MĊRWDNLPG]LDáDQLXQLHVWDQRZLąMHJRSRFKZDá\DZLĊFDSUREDW\F]\ SR]\W\ZQHMRFHQ\DOHUDF]HMURG]DMSU]HVWURJLĪHGRSLHURGDOV]HWHJRURG]DMXSRVWDZ\ PRJąZSU]\V]áRĞFLZ\ZRáDüWDNąUHDNFMĊ 'RNRQXMąFNDUQRSUDZQHMRFHQ\]DFKRZDQLDRVNDUĪRQHJRZ]DNUHVLHF]\QX]DU]XFDQHJR MHPXZSXQNFLHSDPLĊWDüQDOHĪ\ĪHSU]HVWĊSVWZR]GHILQLRZDQHZDUW†NN PXVLE\üSRSHáQLRQHXP\ĞOQLH]]DPLDUHPEH]SRĞUHGQLPVWDQRZLąFRGG]LDá\ZDQLHQD SV\FKLNĊLQQ\FKRVyEFHOHP]DFKĊW\GRSU]HVWĊSF]HJRG]LDáDQLDSU]\F]\PQLHPXVLWR E\üRGG]LDá\ZDQLHVNXWHF]QH,QFRQFUHWREUDNMHVWSRGVWDZDE\WDNLHLQWHQFMRQDOQH G]LDáDQLHSU]\SLVDüRVNDUĪRQHPXERZLHPE\áDE\WR]E\WGDOHNRLGąFDLQWHUSUHWDFMDJG\ W\PF]DVHPZ\SHáQLHQLD]QDPLRQZáDĞFLZ\FKGDQHMQRUPLHNDUQHMQLHPRĪQD GRPQLHP\ZDüF]\GRP\ĞODüVLĊFRGRW\F]\UyZQLHĪSRGPLRWRZHMVWURQ\F]\QX ]DEURQLRQHJRNWyUHMHOHPHQWHPSR]RVWDMH]DPLDU:W\PZ\SDGNXDEVWUDKXMąFRG RUG\QDUQHMIRUP\NRPHQWDU]DVWZLHUG]LüQDOHĪ\ĪH]PLHU]DáRQGR]DDNFHQWRZDQLD QLH]JRG\QDSU]HMDZG]LDáDOQRĞFLSXEOLF]QHMSROLW\NDZWHPDW\FHSR]RVWDMąFHMZ Ī\ZRWQ\P]DLQWHUHVRZDQLXRVNDUĪRQHJRDQLHZ\UD]HPX]QDQLDGODSU]HVWĊSVWZD QDUXV]HQLDMHJRFLHOHVQHMQLHW\NDOQRĞFL1LH]DOHĪQLHRGGHVWUXNW\ZQHJRLQDFHFKRZDQHJR DJUHVMąFKDUDNWHUXSU]HGPLRWRZHMZ\SRZLHG]LQDOHĪ\PLHüQDXZDG]HĪHRGQRVLáDVLĊ RQDGRG]LDáDOQRĞFLDNW\ZQHJRZSU]HVWU]HQLSXEOLF]QHMSROLW\NDZREHFNWyUHJR GRSXV]F]DOQHUDP\Z\UD]XGH]DSUREDW\PXV]ąE\üV]HUV]HQLĪZREHFRVyESU\ZDWQ\FK 'DOHMLGąFDZWDNLFKZ\SDGNDFKPXVLE\üUyZQLHĪWROHUDQFMDGODIRUP\SRSXOLVW\F]QHM GHPDJRJLLRSRQHQWD3ROLW\F\]LVWRW\VZRMHMG]LDáDOQRĞFLĞZLDGRPLHZ\VWDZLDMąVLĊQD VSRáHF]QąNRQWUROĊPXV]ąFOLF]\üVLĊ]PRĪOLZRĞFLąZ\ZRáDQLDEXU]OLZ\FKZW\PQDZHW QLHUHVSHNWXMąF\FK]DVDGNXOWXU\UHDNFMLDRVWU\Z\UD]GH]DSUREDW\QLH]DZV]HVWDQRZL SU]HVWĊSVWZR :SU]\SDGNXZ\VWĊSNX]DUW†NNNRQLHF]QHMHVWSU]HGHZV]\VWNLPXVWDOHQLH UHDOL]DFMLZV]\VWNLFKMHJR]QDPLRQ:GRNWU\QLHSUDZDNDUQHJRSRGNUHĞODVLĊĪH SRFKZDODQLHSU]HVWĊSVWZD WDNVDPRQDZRá\ZDQLHGRQLHJR PXVLZSUDNW\FHSU]HMDZLDü VLĊMHGQR]QDF]Q\PL]DFKRZDQLDPLVSUDZF\FRVSUDZLDĪHSRFKZDáDPXVLVWDQRZLü HZLGHQWQHZ\UDĪHQLHDSUREDW\GODSU]HVWĊSVWZDJG]LHZV]HONLHZąWSOLZRĞFLRGQRĞQLH U]HF]\ZLVWHMLQWHQFMLVSUDZF\QDOHĪ\UR]VWU]\JDüQDMHJRNRU]\Ğü SRU$0LFKDOVND :DULDV.RGHNVNDUQ\&]ĊĞüV]F]HJyOQDW,,V