GHPRQVWUDFMD  SRZLQQDE\üQLHOHJDOQD8ZDĪDáĪHSROLFMDEąGĨPLDVWRSRZLQQRUR]ZLą]DüWR ]JURPDG]HQLH2EZLQLRQ\ZVND]\ZDáĪHZPLHMVFX]GDU]HQLDQLHRGE\ZDáVLĊUXFKERE\áZHHNHQGL ZWHG\RLOHGREU]HSDPLĊWD  MHVW]DEORNRZDQ\:VND]\ZDáĪHSROLFMDSRĞFLąJQLĊFLXSURWHVWXMąF\FK] XOLF\VLáąXQLHPRĪOLZLáDGDOV]HGHPRQVWURZDQLH:VND]\ZDáĪHE\OLSU]HWU]\P\ZDQLZF]\PĞZURG]DMX NODWNLVWZRU]RQHM]VDPRFKRGyZSROLF\MQ\FKLSROLFMDQWyZ1LHZLHG]LHOLZMDNLPFHOXDOHWUZDáRWRRNRáR JRG]LQ\GZyFK3ROLFMDQLHLQIRUPRZDáDLFKRQLF]\PRGV\áDáD]NDĪG\PS\WDQLHPGRU]HF]QLND SUDVRZHJR3RGáXĪV]\PF]DVLHZ\OHJLW\PRZDQRLFKLZ\SXV]F]RQR2EZLQLRQ\WZLHUG]LáĪHQLHMHVWZ VWDQLHRNUHĞOLüLOHGRNáDGQLHPLQĊáRRGĞFLąJQLĊFLDRVyE]XOLF\GRSU]HPDUV]X  2EZLQLRQ\Z\MDĞQLá ĪHDQLRQDQLLQQHRVRE\]LFKGHPRQVWUDFMLQLH]DFKRZ\ZDá\VLĊDJUHV\ZQLHZREHFSROLFML1LHRND]\ZDOL DJUHVMLZREHFSROLFMLF]\IDV]\VWRZVNLHMRUJDQL]DFML1DSHZQRXF]HVWQLF\PDUV]XV]OL]HZVSRPQLDQą IDODQJąNWyUDMHV]F]HNLONDPLHVLĊF\ZF]HĞQLHM]QDMGRZDáDVLĊZSRGUĊF]QLNXSROLF\MQ\P]HV]F]HUEFHPL KDVáHP=QDMG]LHVLĊNLMQDOHZDFNLU\MFRZMHJRSU]HNRQDQLXMHVWQDZRá\ZDQLHPGRSRSHáQLHQLD SU]HVWĊSVWZD%\á\WHĪLQQHVWDQGDUGRZHRNU]\NLQDWHJRW\SXPDUV]DFKQS$QDGU]HZDFK]DPLDVWOLĞFL EĊGąZLVLHüDQW\IDV]\ĞFL2EZLQLRQ\WZLHUG]LáĪHUXFKE\á]DEORNRZDQ\QDFDá\P  RUD]QDXO   WDPUyZQLHĪQLH]DREVHUZRZDáĪDGQ\FKVDPRFKRGyZ:LG]LDáSROLFMDQWyZDOHQLHZLHF]\RQL]DMPRZDOL VLĊEORNRZDQLHPUXFKX1LHZLG]LDáĪDGQ\FKVDPRFKRGyZRVRERZ\FK3ROLFMDQDZRá\ZDáDGRUR]HMĞFLD VLĊREZLQLRQ\VLHG]LDáZGDOV]\PFLąJXQDXOLF\=RVWDá]XOLF\Z\QLHVLRQ\2QLLQQLSURWHVWXMąF\E\OL V]F]HOQLHRWRF]HQLSU]H]3ROLFMĊMHGQDNQLNWQLHSRGHMPRZDáSUyE\ REZLQLRQ\WHJRQLHZLG]LDá DE\ Z\FKRG]LüSR]DNRUGRQSROLFML%\á\GZDDQDZHWWU]\NRUGRQ\SROLFML 2EZLQLRQD0.   N QLHSU]\]QDáDVLĊGRSRSHáQLHQLD]DU]XFDQHJRMHMF]\QXLRGPyZLáD VNáDGDQLDZ\MDĞQLHĔ2EZLQLRQHMRGF]\WDQRMHMZ\MDĞQLHQLD]áRĪRQHSU]H]QLąSRGF]DVSRVWĊSRZDQLD Z\MDĞQLDMąFHJR]NNWyU\FKWUHĞüSRWZLHUG]LáD2EZLQLRQDR]QDMPLáDLĪWUHĞü]DU]XWX]UR]XPLDáD RĞZLDGF]DMąFĪHQLHXG]LHOLRGSRZLHG]LQDS\WDQLHF]\VLĊSU]\]QDMHGRSRSHáQLHQLD]DU]XFDQHJRMHM F]\QX 2EZLQLRQ\$ĩ N QLHSU]\]QDáVLĊGRSRSHáQLHQLD]DU]XFDQHJRPXF]\QXLZ\MDĞQLáĪHZMHJR RFHQLHWRMHVWSURFHVSROLW\F]Q\NWyU\PD]DVZyMFHO]DVWUDV]DQLHOXG]LDE\QLHSURWHVWRZDOLSU]HFLZNR VNUDMQHMSUDZLF\LSU]HFLZNRIDV]\VWRP2SLVDáRQG]LDáDOQRĞüRUJDQL]DFML  ]NWyUHMSRJOąGDPLVLĊQLH ]JDG]DWZLHUG]ąFĪHJG]LHNROZLHNSRMDZLDMąVLĊIDV]\ĞFLZNWyU\PNROZLHNNUDMXZNWyU\PNROZLHN PLHĞFLHWU]HEDSU]HFLZNRQLPSURWHVWRZDüLWDNWHĪE\áRGQLDNZLHWQLDU7ZLHUG]LáĪHVLHG]LDáQD GURG]HSU]HPDUV]X  L]RVWDáZ\FLąJQLĊW\SU]H]SROLFMDQWyZRUD]]DWU]\PDQ\SU]H]SRQDGJRG]LQĊ :VND]DáĪHE\áDWRSHZQDIRUPDXZLĊ]LHQLDW\PF]DVRZHJREH]ĪDGQ\FK]DU]XWyZEH]ĪDGQHJRZ\URNXD OXG]LHNWyU]\VNDQGXMąUDVLVWRZVNLHKDVáDLILUPXMąUDVLVWRZVNąLGHRORJLĊPRJOLSU]HMĞüVSRNRMQLHXOLFDPL  1LH]DXZDĪ\áĪDGQHJRUXFKXXOLF]QHJR:MHJRRFHQLHXF]HVWQLF\PDUV]XZVSRVyEMDZQ\áDPDOL NRQVW\WXF\MQH]DSLV\LRQLZLQQLE\ü]DWU]\PDQLDQLHGHPRQVWUXMąF\NWyU]\VLĊLPVSU]HFLZLDMą 2EZLQLRQD/à   Y QLHSU]\]QDáDVLĊGRSRSHáQLHQLD]DU]XFDQHJRMHMF]\QXLZ\MDĞQLáDĪHGQLD