NWyU\PRĪHVWDQRZLü SRGVWDZĊXVWDOHĔIDNW\F]Q\FKLZ\URNRZDQLDJG\ĪMHVWRQĨUyGáHPLQIRUPDFMLRIDNWDFK 2PDWHULDOQHM PRF\GRZRGRZHMGRNXPHQWXSU\ZDWQHJRUR]VWU]\JDVąGZHGáXJRJyOQ\FK]DVDGRFHQ\GRZRGyZ Z\URN 61],9&./HJDOLV :W\PVDP\PRU]HF]HQLX6ąG1DMZ\ĪV]\VWZLHUG]LáĪHSRPLPR LĪGRNXPHQWSU\ZDWQ\QLHNRU]\VWD]GRPQLHPDQLD]JRGQRĞFL]SUDZGąRĞZLDGF]HĔZQLP]DZDUW\FKQLH R]QDF]DWRĪHQLHPRĪHRQVWDQRZLüGRZRGXQDWRĪHSRGDQHZQLPRNROLF]QRĞFLVą]JRGQH] U]HF]\ZLVWRĞFLą 8SRGVWDZWHMWH]\OHĪ\EáĊGQHXWRĪVDPLDQLHEUDNXGRPQLHPDQLD]JRGQRĞFL]SUDZGą RĞZLDGF]HĔ]DZDUW\FKZGRNXPHQFLHSU\ZDWQ\P]EUDNLHPMHJR]QDF]HQLDGRZRGRZHJR 5yZQLHĪZ OLWHUDWXU]HSU]HGPLRWXSRGQRVLVLĊLĪNRGHNVRZHVIRUPXáRZDQLHRDXWHQW\F]QRĞFLGRNXPHQWXSU\ZDWQHJR VWDQRZLW\ONRXVWDZRZHPLQLPXPPRF\GRZRGRZHMWHJRGRNXPHQWX 'RNXPHQWSU\ZDWQ\PDWDNĪH PDWHULDOQąPRFGRZRGRZą -HJRJáyZQDURODWNZLZáDĞQLHZMHJRWUHĞFLPHU\WRU\F]QHM .U]\V]WRI .QRSSHN'RNXPHQWZSURFHVLHF\ZLOQ\P3R]QDĔVWU  6NRUR6ąGPRĪHRSU]HüUR]VWU]\JQLĊFLH VSUDZ\QD]H]QDQLDFKĞZLDGNyZSRPLPREUDNXMDNLFKNROZLHNGRPQLHPDĔSUDZQ\FK]QLPL]ZLą]DQ\FKL SRPLPRSRZV]HFKQHJRSU]HNRQDQLDRQLVNLHMZDUWRĞFLWHJRGRZRGXWR6ąGPRĪHZ\URNRZDüWDNĪHZ RSDUFLXRWUHĞüGRNXPHQWyZSU\ZDWQ\FK%ĊGąRQHVWDQRZLá\PRFQ\GRZyGSU]HFLZNRWHMVWURQLHRG NWyUHMSRFKRG]ąQDWRPLDVWGRZyGWHQEĊG]LHVáDEV]\MHĪHOLPLDáE\SU]HPDZLDüQDU]HF]WHMVWURQ\NWyUD JRVSRU]ąG]LáD-HĪHOLGRNXPHQWSRFKRG]LRGRVRE\WU]HFLHMQLH]DOHĪQHMRGVWURQWRVąGSRZLQLHQ]DNáDGDü ĪHLQWHQFMąZ\VWDZF\GRNXPHQWXQLHE\áRZ]PRFQLHQLHOXERVáDELHQLHSR]\FMLNWyUHMNROZLHN]HVWURQ . .QRSSHN'RNXPHQWZSURFHVLHF\ZLOQ\PVWU  2SLQLDELHJáHJR:.RSDUWD]RVWDáDQDSRGVWDZLHDQDOL]\GRNXPHQWDFMLSURMHNWRZHMLV]F]HJyáRZ\FK RJOĊG]LQZ\EXGRZDQ\FKRELHNWyZEDGDQLDWHFKQRORJLLLFKZ\NRQDQLDRUD]]DNUHVXLMDNRĞFLZ\NRQDQ\FK UREyW2SLQLLELHJáHJRQLHG\VNZDOLILNXMHZRFHQLH6ąGXIDNWSRVáXĪHQLDVLĊL]DáąF]HQLDGRRSLQLL NRV]WRU\VXVSRU]ąG]RQHJRSU]H]VSHFMDOLVWĊGRVSUDZNRV]WRU\VRZDQLDJG\ĪNRV]WRU\VWHQ]RVWDá VSRU]ąG]RQ\QDSRGVWDZLHZVND]DQ\FKZXPRZLHV]W\ZQ\FKZVNDĨQLNyZFHQRWZyUF]\FKFHQ\URERFL]Q\ RUD]QDU]XWyZ NRV]WyZ]DNXSXNRV]WyZSRĞUHGQLFKL]\VNX %LHJá\VSUDZG]LáWHQNRV]WRU\V]áRĪ\áQD QLPVZyMSRGSLVSRG]LHODMąFZLGQLHMąFHQDQLPZ\OLF]HQLDLSU]\MPXMąFMH]DZáDVQHFRF]\QLáR QLHFHORZ\PSROHFHQLHELHJáHPXSRZWyU]HQLDREOLF]HĔ3RQDGWRVWURQDSRZRGRZDQLH]DNZHVWLRQRZDáD ZVND]DQHMZW\PNRV]WRU\VLHRJyOQHMZDUWRĞFLUREyWRNUHĞORQ\FKQD]áZSU]\SDGNXEXG\QNX  L]áZSU]\SDGNXEXG\QNX   áąF]QLH]á 3RZyGNDZQLRVáDRGRSXV]F]HQLH GRZRGX]RSLQLLX]XSHáQLDMąFHMZFHOXXVWDOHQLDMDNąPHWRGąSRVáXĪ\áVLĊELHJá\SU]\VSRU]ąG]DQLXRSLQLL F]\ELHJá\Z]LąáSRGXZDJĊIDNWZ\EXGRZDQLDEXG\QNyZSU]\Z\NRU]\VWDQLXWHFKQRORJLL<721*QD MDNLHMSRGVWDZLHELHJá\X]QDáĪHPDWHULDá\EXGRZODQHGRZ\NRQDQLDNRQVWUXNFMLZLĊĨE\GDFKRZHME\á\ ]áHMMDNRĞFL ĨOHZ\VXV]RQHGUHZQR LF]\RGVWĊSVWZDRGXPRZ\Vą]GDQLHPELHJáHJRLVWRWQH:RSDUFLXR ]DU]XW\SRZyGNLSRVWDQRZLHQLHP]GQLDZU]HĞQLDU6ąGGRSXĞFLáGRZyG]SLVHPQHMRSLQLL X]XSHáQLDMąFHMFHOHPXG]LHOHQLDRGSRZLHG]LQDS\WDQLDSRZyGNL]RERZLą]XMąFELHJáHJRUyZQLHĪ]JRGQLH ]ZQLRVNLHPSRZyGNLGRSU]HGVWDZLHQLDGRNXPHQWDFMLIRWRJUDILF]QHMVSRU]ąG]RQHMSU]H]ELHJáHJR