2EZLQLRQ\.' NY QLHSU]\]QDáVLĊGRSRSHáQLHQLD]DU]XFDQHJRPXF]\QXLZ\MDĞQLDáĪHGQLX NZLHWQLDU]QDMGRZDáVLĊQDVNU]\ĪRZDQLX  L  SHáQLąFRERZLą]NLVáXĪERZHERZLHPMHVW SUH]HVHP2ĞURGND  =QDMGRZDáVLĊQDPLHMVFXGHPRQVWUDFMLSRWRĪHE\IRWRJUDIRZDüLGRNXPHQWRZDü SU]HELHJGHPRQVWUDFML  ]HZ]JOĊGXQDSRSU]HGQLHQDZRá\ZDQLDGRQLHQDZLĞFLQDWOHHWQLF]Q\P Z\]QDQLRZ\P:WUDNFLHW\FKF]\QQRĞFL]RVWDá]HSFKQLĊW\QDFKRGQLNSU]H]3ROLFMĊLSU]HWU]\P\ZDQ\ SU]H]GZLHJRG]LQ\EH]SRGDQLDSU]\F]\Q\3ROLFMDQFLVWZLHUG]LOLĪHREZLQLRQ\QLH]RVWDá]DWU]\PDQ\DOH QLHPRĪHRSXĞFLüWHJRPLHMVFD2EZLQLRQ\ZVND]DáĪHLGHQW\ILNRZDáVLĊ]XF]HVWQLNDPLGHPRQVWUDFMLDQW\   1LHSODQRZDáXWUXGQLDQLDSU]HPDUV]XE\áWDPMHG\QLHFHOHPVSRU]ąG]HQLDGRNXPHQWDFML1LHE\á R]QDNRZDQ\QLHPLDáOHJLW\PDFML1DWRPLDVWPyZLáSROLFMDQWRPZMDNLPFKDUDNWHU]HWDPVLĊ]QDOD]á :VND]\ZDáĪH]DQLPSRFKyG  GRWDUáGRVNU]\ĪRZDQLDZV]\VF\GHPRQVWUDQFLDQW\IDV]\VWRZVF\]RVWDOL XVXQLĊFLSU]H]SROLFMĊ&]ĊĞü]QLFK]RVWDáDZ\QLHVLRQDF]ĊĞü]HSFKQLĊWDQDFKRGQLN=WHJRFRPX ZLDGRPRUDF]HMQLHZLG]LDáDE\GHPRQVWUDFMDSU]HFLZNRNWyUHMSURWHVWRZDQR]DWU]\P\ZDáDVLĊZ ]ZLą]NX]W\PSURWHVWHP3U]HV]OLRERNZ]QRV]ąFRNU]\NL1DGU]HZDFK]DPLDVWOLĞFLEĊGąZLVLHü NRPXQLĞFL5D]VLHUSHPUD]PáRWHPF]HUZRQąKRáRWĊ%\á\WRRNU]\NLSU]HFLZNRGHPRQVWUDQWRP Z]\ZDMąFHGRSU]HVWĊSVWZD2EZLQLRQ\ZVND]DáĪHQLHRGE\ZDáVLĊUXFKNRáRZ\QDXO  LQD   0LĊG]\]HSFKQLĊFLHPNRQWUPDQLIHVWXMąF\FKDSU]HMĞFLHP  PLQĊáRNLONDQDĞFLHPLQXW2EZLQLRQ\ WZLHUG]LáĪHRVRE\]HSFKQLĊWHSU]H]SROLFMĊQLH]DFKRZ\ZDá\VLĊZVSRVyEDJUHV\ZQ\-HJR]GDQLHPLFK ]DFKRZDQLHQLHPRJáRĞZLDGF]\üĪHGąĪąGRVLáRZHMNRQIURQWDFML]SROLFMą2EZLQLRQ\R]QDMPLáĪH Z\GDMHPXVLĊĪHVá\V]DáZH]ZDQLDSROLFMLGRUR]HMĞFLDVLĊ3DPLĊWDĪHWHQNRPXQLNDWSDGáZPRPHQFLH NLHG\SROLFMDVS\FKDáDSURWHVWXMąF\FK]GZyFKVWURQXQLHPRĪOLZLDMąFLPUR]HMĞFLHVLĊ*G\SDGDáR ZH]ZDQLHGRUR]HMĞFLDVLĊNRUGRQSROLFML]GZyFKVWURQXQLHPRĪOLZLDáWR1LHOLF]\áLOHUD]\E\áR NLHURZDQHWDNLHZH]ZDQLHZLĊFHMQLĪUD]1DNLHURZDQHZH]ZDQLHQLHE\áRUHDNFMLERQLHPRJáRE\üER SROLFMDXQLHPRĪOLZLDáDSU]HVXQLĊFLHVLĊ 2EZLQLRQD..   N QLHSU]\]QDáDVLĊGRSRSHáQLHQLD]DU]XFDQHJRMHMF]\QXLZ\MDĞQLáDĪHGQLD NZLHWQLDUSU]\V]áDSRGZVND]\ZDQ\DGUHVFHOHP]DGHPRQVWURZDQLDMHMQLH]JRG\QDSU]HPDUV]   NWyU\MHVWRUJDQL]DFMąIDV]\VWRZVNąJáRV]ąFąKDVáDIDV]\VWRZVNLH2EZLQLRQDXZDĪDáDĪHPDSUDZR GHPRQVWURZDüVZRMHSRJOąG\SRZRáXMąFVLĊZW\P]DNUHVLHQD.RQZHQFMĊR3UDZDFK&]áRZLHNDL 3RGVWDZRZ\FK:ROQRĞFL]OLVWRSDGDURUD]0LĊG]\QDURGRZ\3DNW3UDZ2E\ZDWHOVNLFKL 3ROLW\F]Q\FK]U3UDZRWRREHMPXMHVZRERGĊZ\UDĪDQLDQLH]DOHĪQ\FKRSLQLLSRV]XNLZDQLDRSLQLL RWU]\P\ZDQLDLUR]SRZV]HFKQLDQLD2EZLQLRQDZVND]\ZDáDĪHSU]\V]áDWDPZNRQNUHWQ\PFHOXLQLH SRF]XZDVLĊGRZLQ\2EZLQLRQDZ\MDĞQLáDĪHZUD]LQQ\PLSURWHVWXMąF\PLVLHG]LDáDWDPPLQLPXP PLQXW]DQLP]DF]ĊWRLFKZ\QRVLü7ZLHUG]LáDĪHNLHG\GHPRQVWUDQFLZ\ELHJOLQDVNU]\ĪRZDQLHUXFKXQLH E\áR1LHE\áRWHĪZLGDüPDUV]X0DUV]QDGV]HGáSRMDNLFKĞPLQXWDFKNLHG\]DF]ĊWR]HEUDQ\FK Z\QRVLü 2EZLQLRQ\03   NY QLHSU]\]QDáVLĊGRSRSHáQLHQLD]DU]XFDQHJRPXF]\QXLZ\MDĞQLDáĪH SU]\V]HGáQDVNU]\ĪRZDQLH  L  ZFHOX]DEORNRZDQLDSU]HPDUV]X  7ZLHUG]LáĪHZMHJRRFHQLH