.XOLN/HJDOLV :HGáXJWUHĞFLDUWXVW3U=JURPUR]ZLą]DQLH]JURPDG]HQLDVSRQWDQLF]QHJRSR VWZLHUG]HQLXRNROLF]QRĞFLZ\PLHQLRQ\FKZDUWXVWQDVWĊSXMHSU]H]Z\GDQLHGHF\]MLXVWQHM SRGOHJDMąFHMQDW\FKPLDVWRZHPXZ\NRQDQLXSRSU]HG]RQHMGZXNURWQ\PRVWU]HĪHQLHPXF]HVWQLNyZ ]JURPDG]HQLDVSRQWDQLF]QHJRRPRĪOLZRĞFLMHJRUR]ZLą]DQLDDQDVWĊSQLHRJáRV]RQHMSXEOLF]QLH XF]HVWQLNRPWHJR]JURPDG]HQLD2VWU]HĪHQLHWDNLHSRZLQQR]RVWDüVNLHURZDQHZVSRVyEXPRĪOLZLDMąF\ MHJRRGHEUDQLHSU]H]XF]HVWQLNyZLGODQLFK]UR]XPLDá\'HF\]MDRUR]ZLą]DQLX]JURPDG]HQLDZ\GDZDQD MHVWZIRUPLHXVWQHMLSRGOHJDSXEOLF]QHPXRJáRV]HQLX2]QDF]DWRĪHZV]\VWNLHMHMHOHPHQW\ZW\PZ V]F]HJyOQRĞFLUR]VWU]\JQLĊFLHSRZLQQ\]RVWDüSU]HND]DQHZWHMSRVWDFL)XQNFMRQDULXV]NLHUXMąF\ G]LDáDQLDPLSROLFMLRERZLą]DQ\MHVWZLĊFSRGDüXVWQLHVZRMHVWDQRZLVNRVáXĪERZHRNUHĞOLüĪHGHF\]MD MHVWDGUHVRZDQDGRXF]HVWQLNyZRNUHĞORQHJR]JURPDG]HQLDSRGDüMHMSRGVWDZĊSUDZQąZVND]DüĪH QDND]XMHRQDUR]ZLą]DQLH]JURPDG]HQLDDZUHV]FLHX]DVDGQLüMąZ\PLHQLDMąFRNROLF]QRĞFLSRZRGXMąFH NRQLHF]QRĞüZ\GDQLDWDNLHJRUR]VWU]\JQLĊFLDRUD]SRXF]\üRSUDZLHZQLHVLHQLDRGZRáDQLDGRVąGX RNUĊJRZHJRRLOH]JURPDG]HQLHVSRQWDQLF]QHPDRUJDQL]DWRUD%LRUąFSRGXZDJĊ]UyĪQLFRZDQH RNROLF]QRĞFLQLH]DZV]HEĊG]LHPRĪOLZHZWDNLFKZDUXQNDFKXVWQHSU]HGVWDZLHQLHZV]\VWNLFKHOHPHQWyZ WHJRDNWX.DĪGRUD]RZRQLH]EĊGQHMHVWMHGQDNE\XVWQLHRJáRV]RQH]RVWDáRUR]VWU]\JQLĊFLHLDE\ IXQNFMRQDULXV]NLHUXMąF\G]LDáDQLDPL3ROLFMLXF]\QLáWRZVSRVyENWyU\QLHEXG]LZąWSOLZRĞFLFRGRWHJR ĪHGHF\]MĊZ\GDMHRVREDXSRZDĪQLRQDLĪHPRĪHRQDE\üVNXWHF]QLHRGHEUDQDSU]H]XF]HVWQLNyZ ]JURPDG]HQLD:LQQ\PSU]\SDGNXGHF\]MDMDNRQLHDNWQLHPRĪHZ\ZRá\ZDüVNXWNyZSUDZQ\FK SRU6 *DMHZVNL3UDZRR]JURPDG]HQLDFK.RPHQWDU]6*DMHZVNLZ\G/HJDOLV :SU]\SDGNX ]JURPDG]HQLDRGE\ZDMąFHJRVLĊSRXSU]HGQLHMMHJRQRW\ILNDFMLRUJDQRPJPLQ\SURFHGXUDMHJR UR]ZLą]DQLDRSLVDQD]RVWDáDZSU]HSLVLHDUWXVWDZ\3UDZRR=JURPDG]HQLDFK7XWDMUyZQLHĪNRQLHF]QH MHVWZ\GDQLHGHF\]MLXVWQHM]DZLHUDMąFHMZV]\VWNLHZZHOHPHQW\NWyUąZ\GDMHLRJáDV]DSU]HGVWDZLFLHO RUJDQXJPLQ\ 2EZLQLRQ\76MDNZ\QLND]H]JURPDG]RQHJRPDWHULDáXGRZRGRZHJRRNJRG]LQ\ZGQLX JUXGQLDU]QDMGRZDáVLĊZRNROLFDFKEUDP\Z\MD]GRZHM]WHUHQX  QDXO   ZNLHUXQNXXO   3HZQRĞüPRĪQDPLHüW\ONRZáDĞQLHFRGRSRE\WXREZLQLRQHJRZW\PPLHMVFXZW\PF]DVLHERZLHPĪDGHQ ]GRZRGyZQLHZVND]XMHMDNGáXJRREZLQLRQ\ZW\PPLHMVFXSU]HE\ZDá6DPREZLQLRQ\QLHZ\MDĞQLDáDQL ZWRNXF]\QQRĞFLZ\MDĞQLDMąF\FKDQLZSRVWĊSRZDQLXVąGRZ\PMDNGáXJRSU]HE\ZDáQDXO  SU]HG JRG]ZGQLXJUXGQLDUF]\Vá\V]DáDE\]JURPDG]HQLHVSRQWDQLF]QHWUZDMąFHSRG6HMPHP ]RVWDáRUR]ZLą]DQHLF]\]WHUHQX  FKFLDá\Z\MHĪGĪDüDXWDNWyUHE\á\EORNRZDQHSU]H]SURWHVWXMąF\FK SRGEUDPą5yZQLHĪZV]\VWNLHLQQHGRVWĊSQHGRZRG\QLHSR]ZROLá\QDXVWDOHQLHZZRNROLF]QRĞFL =H]QDQLDĞZLDGNyZ 56*25ĩ ZVND]XMąW\ONRQDSU]HELHJ]JURPDG]HQLDRGE\ZDMąFHJRVLĊZW\P F]DVLHZRNROLFDFK  ĝZLDGHN03 NY NWyU\Z\OHJLW\PRZDáREZLQLRQHJRRJRG] ZVND]\ZDáMHG\QLHQDVNXSLVNROXG]LVWRMąF\FKQDGURG]HGRMD]GRZHMGR  RGXO  ĝZLDGHNMDN ZVND]DáVá\V]DáW\ONRNRPXQLNDWVNLHURZDQ\GRVWRMąF\FKQDXOLF\GHPRQVWUDQWyZĪH]JURPDG]HQLHMHVW QLHOHJDOQH Z\JáRV]RQ\RNRáRJRG] LĪH]JURPDG]HQLZLQQLVLĊUR]HMĞü:F]HĞQLHM ĞZLDGHN