©ZURJRĞFLª GRRNUHĞORQHMQDURGRZRĞFLJUXS\HWQLF]QHMF]\UDV\1LHFKRG]LWXZĪDGQ\PUD]LHR Z\ZRá\ZDQLHXF]XüGH]DSUREDW\DQW\SDWLLXSU]HG]HQLDQLHFKĊFL3RG]LHODMąFWHQSXQNWZLG]HQLD6ąG 1DMZ\ĪV]\GRGDWNRZRGRVWU]HJáSRWU]HEĊ]ZUyFHQLDXZDJLQDEUDNUHDOQHJRU\]\NDZSURZDG]HQLDZNUDMX WRWDOLWDUQHMG\NWDWXU\RUD]QDGZLHUHJXá\RFKDUDNWHU]HJZDUDQF\MQ\PNWyUHQDOHĪ\XZ]JOĊGQLDüSU]\ RGF]\W\ZDQLXVHQVXSU]HSLVyZSUDZDNDUQHJR]ZáDV]F]DPDWHULDOQHJRSRSLHUZV]HQLHZROQRVWRVRZDü Z\NáDGQLUR]V]HU]DMąFHMSU]HSLVyZSUDZDNDUQHJRMHĪHOLZ\NáDGQLDWDNDPLDáDE\SURZDG]LüGR UR]V]HU]HQLDRGSRZLHG]LDOQRĞFLNDUQHMRVNDUĪRQHJR WR]HZ]JOĊGXQD]DVDGĊQXOOXPFULPHQQXOODSRHQD VLQHOHJH SRGUXJLH]ZURWRPSUDZQ\PQLHQDOHĪ\QDGDZDü]QDF]HQLDRGPLHQQHJRRGSRWRF]QHJRFK\ED ĪHSU]HPDZLDMą]DW\PZDĪQHUDFMH 6ąG1DMZ\ĪV]\Z\SUDFRZXMH]DWHPGRSLHURUR]XPLHQLH]ZURWXQDZRáXMHGRQLHQDZLĞFLXĪ\WHJRZ DUW†NN:SRVWDQRZLHQLXRV\JQDNW,9..6ąG1DMZ\ĪV]\SU]HGVWDZLáV]HUV]HD]DWHP EDUG]LHMUHVWU\NF\MQH]SXQNWXZLG]HQLDZROQRĞFLVáRZDUR]XPLHQLH]ZURWXQDZRáXMHGRQLHQDZLĞFLL X]QDáĪHRNUHĞORQDZWHQVSRVyEF]\QQRĞüVSUDZF]DR]QDF]DZ\SRZLHG]LNWyUHZ]EXG]DMąXF]XFLDVLOQHM QLHFKĊFL]áRĞFLEUDNXDNFHSWDFMLZUĊF]ZURJRĞFLGRSRV]F]HJyOQ\FKRVyEOXEFDá\FKJUXSVSRáHF]Q\FK F]\Z\]QDQLRZ\FKEąGĨWHĪ]XZDJLQDIRUPĊZ\SRZLHG]LSRGWU]\PXMąLQDVLODMąWDNLHQHJDW\ZQH QDVWDZLHQLDLSRGNUHĞODMąW\PVDP\PXSU]\ZLOHMRZDQLHZ\ĪV]RĞüRNUHĞORQHJRQDURGXJUXS\HWQLF]QHM UDV\OXEZ\]QDQLD:SRVWDQRZLHQLXRV\JQDNW9..61RJUDQLF]\áPRĪOLZRĞüĞFLJDQLDNDUQHJR SU]H]VWZLHUG]HQLHĪHQDZRá\ZDQLHGRQLHQDZLĞFLZLąĪHVLĊ]FKĊFLąZ]EXG]HQLDXRVyEWU]HFLFK QDMVLOQLHMV]HMQHJDW\ZQHMHPRFML ]EOLĪRQHMGR©ZURJRĞFLª GRRNUHĞORQHMQDURGRZRĞFLJUXS\HWQLF]QHMF]\ UDV\1LHFKRG]LWXZĪDGQ\PUD]LHRZ\ZRá\ZDQLHXF]XüGH]DSUREDW\DQW\SDWLLXSU]HG]HQLDQLHFKĊFL 'RGDWNRZR61SRGNUHĞOLáĪHLQWHUSUHWXMąF]ZURWQDZRáXMHGRQLHQDZLĞFLQDOHĪ\XZ]JOĊGQLDü ]DND] Z\NáDGQLSU]HSLVyZSUDZDNDUQHJRUR]V]HU]DMąFHMRGSRZLHG]LDOQRĞüNDUQąRVNDUĪRQHJRRUD] ]QDF]HQLH VáyZZRJyOQ\P SRZV]HFKQ\P MĊ]\NXSROVNLP2GQRWRZDáWHĪEUDNUHDOQHJRU\]\NDZSURZDG]HQLDZ 3ROVFHG\NWDWXU\3RGHMĞFLHSU]\MĊWHZVSUDZLHRV\JQDNW9..MHVWEOLĪV]H]DVDGRP NRQVW\WXF\MQ\PRUD]SUDZQRPLĊG]\QDURGRZ\P .ZHVWLD]JRGQRĞFL]DVNDUĪRQHJRSU]HSLVXZF]ĊĞFLREHMPXMąFHM]ZURWQDZRáXMHGRQLHQDZLĞFL]DUW XVWLDUW.RQVW\WXFML 7U\EXQDáVWZLHUG]DĪH]ZURWQDZRáXMHGRQLHQDZLĞFLMHVWZSHZQ\PVWRSQLXQLHGRRNUHĞORQ\L QLHRVWU\-HGQRF]HĞQLHQDOHĪ\SRGNUHĞOLüĪHQLHGDVLĊXQLNQąü]ZURWyZQLHGRRNUHĞORQ\FKLQLHRVWU\FKZ SU]HSLVDFKSUDZDSRQLHZDĪVąRQHWZRU]RQHSU]\XĪ\FLXVáyZRJyOQHJR SRZV]HFKQHJR MĊ]\NDSROVNLHJR NWyUHQDRJyáQLHVąDQLMHGQR]QDF]QHDQLZ\VWDUF]DMąFRGRRNUHĞORQHLRVWUH2LOHSUDZRGDZFDSRZLQLHQZ NDĪG\PZ\SDGNXGąĪ\üGRXMHGQR]QDF]QLHQLDXĪ\ZDQ\FKVáyZRW\OHZ\VWĊSRZDQLHVáyZF]\]ZURWyZ QLHGRRNUHĞORQ\FKLQLHRVWU\FKPRĪHE\üZUĊF]ZVND]DQHGOD]DSHZQLHQLDQLH]EĊGQHMHODVW\F]QRĞFL SU]HSLVRPSUDZQ\PWDNE\QDLFKSRGVWDZLHPRĪQDE\áRZVSRVyEDGHNZDWQ\NZDOLILNRZDüLQG\ZLGXDOQH FHFK\NRQNUHWQ\FK]GDU]HĔ ]RE0=LHOLĔVNLRSFLWV