6NDUJĊNDVDF\MQąRGSRZ\ĪV]HJRZ\URNXZQLyVá6]HI8U]ĊGXGR6SUDZ.RPEDWDQWyZL2VyE 5HSUHVMRQRZDQ\FK=DVNDUĪDMąFUR]VWU]\JQLĊFLH6ąGX,LQVWDQFMLZFDáRĞFL]DU]XFLáQDUXV]HQLH SU]HSLVyZSUDZDPDWHULDOQHJRWM D EáĊGQąZ\NáDGQLĊDUWXVWSNWOLWEXVWDZ\RNRPEDWDQWDFKSROHJDMąFąQDSU]\MĊFLXLĪRUJDQ DGPLQLVWUDFMLPRĪHSU]\]QDüXSUDZQLHQLDNRPEDWDQFNLHQDSRGVWDZLHZZSU]HSLVXRVRELHQLH SU]HE\ZDMąFHMZĪDGQ\P]PLHMVFRNUHĞORQ\FKZWUHĞFLUR]SRU]ąG]HQLD0LQLVWUD3UDF\L3ROLW\NL 6SRáHF]QHM]GQLDOLVWRSDGDUZVSUDZLHPLHMVFRGRVREQLHQLDZNWyU\FKE\á\RVDG]RQHRVRE\ QDURGRZRĞFLSROVNLHMOXERE\ZDWHOHSROVF\LQQ\FKQDURGRZRĞFL ']8]USR] MDNUyZQLHĪ QLHSU]HE\ZDMąFHMZĪDGQ\PLQQ\PPLHMVFXRGRVREQLHQLDZNWyU\P]RVWDáDE\XPLHV]F]RQDSU]H]ZáDG]H RNXSDF\MQHDQLWHĪQLHSR]RVWDZDáDZG\VSR]\FMLKLWOHURZVNLFKZáDG]EH]SLHF]HĔVWZD E DUWXVWXVWDZ\RNRPEDWDQWDFKSROHJDMąFąQDSU]\MĊFLXĪHRUJDQDGPLQLVWUDFMLPRĪHSU]\]QDü XSUDZQLHQLDNRPEDWDQFNLHQDSRGVWDZLHZZSU]HSLVXRVRELHQLHG\VSRQXMąFHMGHF\]Mą3UH]HVD,QVW\WXWX 3DPLĊFL1DURGRZHM.RPLVMLĝFLJDQLD=EURGQL3U]HFLZNR1DURGRZL3ROVNLHPXSRWZLHUG]DMąFHMWHJR URG]DMXRNROLF]QRĞü SU]HSLVyZSRVWĊSRZDQLDNWyUHWRXFK\ELHQLHPRJáRPLHüZSá\ZQDZ\QLNVSUDZ\WRMHVWDUW†SNW OLWFSSVDZ]Z]DUW†NSDRUD]DUWNSDSRSU]H]SU]\MĊFLHĪH]WUHĞFLW\FKSU]HSLVyZ Z\ZLHĞüQDOHĪ\SRZLQQRĞüRUJDQXDGPLQLVWUDFMLGRUR]ZDĪDQLDSRMĊFLDUHSUHVMLRNWyU\FKPRZDZSNW SHWLWXPVNDUJLNDVDF\MQHMPLPRĪHVWURQDSRZRáXMąFDVLĊQDRNROLF]QRĞFLRNUHĞORQHZDUWXVWSNW OLWEXVWDZ\RNRPEDWDQWDFKQLHSU]HE\ZDáDZĪDGQ\P]PLHMVFRNUHĞORQ\FKZWUHĞFLUR]SRU]ąG]HQLD 0LQLVWUD3UDF\L3ROLW\NL6SRáHF]QHM]GQLDOLVWRSDGDUZVSUDZLHPLHMVFRGRVREQLHQLDZNWyU\FK E\á\RVDG]RQHRVRE\QDURGRZRĞFLSROVNLHMOXERE\ZDWHOHSROVF\LQQ\FKQDURGRZRĞFL ']8SR]  DQLZĪDGQ\PLQQ\PPLHMVFXRGRVREQLHQLDZĪDGQ\PLQQ\PPLHMVFXRGRVREQLHQLDZNWyU\P]RVWDáDE\ XPLHV]F]RQDSU]H]ZáDG]HRNXSDF\MQHMDNUyZQLHĪQLHSR]RVWDZDáDZW\PF]DVLHZG\VSR]\FML KLWOHURZVNLFKZáDG]EH]SLHF]HĔVWZDDRVREDSRZRáXMąFDVLĊQDRNROLF]QRĞFLRNWyU\FKPRZDZDUWXVW WHMXVWDZ\QLHG\VSRQXMHGHF\]Mą3UH]HVD,QVW\WXWX3DPLĊFL1DURGRZHM.RPLVMLĝFLJDQLD=EURGQL SU]HFLZNR1DURGRZL3ROVNLHPXSRWZLHUG]DMąFąWHJRURG]DMXRNROLF]QRĞü :RSDUFLXRSRZ\ĪV]H]DU]XW\VNDUĪąF\NDVDF\MQLHRUJDQZQLyVáRXFK\OHQLH]DVNDUĪRQHJRZ\URNXZ FDáRĞFLLSU]HND]DQLHVSUDZ\GRSRQRZQHJRUR]SR]QDQLD:RMHZyG]NLHPX6ąGRZL$GPLQLVWUDF\MQHPXZ *RU]RZLH:LHONRSROVNLP]DVąG]HQLHRGVNDUĪąFHMQDU]HF]RUJDQXDGPLQLVWUDFMLNRV]WyZSRVWĊSRZDQLDZ W\PNRV]WyZ]DVWĊSVWZDSUDZQHJRZHGáXJQRUPSU]HSLVDQ\FKRUD]UR]SR]QDQLHVSUDZ\QDUR]SUDZLH :X]DVDGQLHQLXVNDUJLNDVDF\MQHZ\ĪHMZ\PLHQLRQH]DU]XW\V]HU]HMXPRW\ZRZDQR 1DSRGVWDZLHDUW]]V  XVWXVWDZ\]GQLDPDUFDURV]F]HJyOQ\FKUR]ZLą]DQLDFK]ZLą]DQ\FK ]]DSRELHJDQLHPSU]HFLZG]LDáDQLHPL]ZDOF]DQLHP&29,'LQQ\FKFKRUyE]DNDĨQ\FKRUD] Z\ZRáDQ\FKQLPLV\WXDFMLNU\]\VRZ\FK ']8]USR] GDOHMX&29,' 3U]HZRGQLF]ąFD:\G]LDáX,,,,]E\2JyOQRDGPLQLVWUDF\MQHMVSUDZĊVNLHURZDáDGRUR]SR]QDQLDQD