KLWOHURZVNLPZ-/3RZRGHPDUHV]WRZDQLDE\áF]\QQ\XG]LDáURG]LFyZ-:ZUDWRZDQLXĪ\FLDĩ\GyZ 'HF\]Mą]GQLD  U1U  3UH]HV,QVW\WXWX3DPLĊFL1DURGRZHMRGPyZLáSRWZLHUG]HQLD SU]HE\ZDQLD-:EH]Z\URNXZ8U]ĊG]LH%H]SLHF]HĔVWZDZ-/RG  USU]H]RNUHVGQL]D G]LDáDOQRĞüSROLW\F]Qą]ZLą]DQą]ZDONąRVXZHUHQQRĞüLQLHSRGOHJáRĞü :]ZLą]NX]ZQLRVNLHPVNDUĪąFHJRRSRQRZQHUR]SDWU]HQLHVSUDZ\3UH]HV,QVW\WXWX3DPLĊFL1DURGRZHM XWU]\PDáZPRF\SRZ\ĪV]ąGHF\]MĊ:X]DVDGQLHQLXVWZLHUG]LáĪHSRZRG\GODNWyU\FKMDNSRGDMH VNDUĪąF\]RVWDáDUHV]WRZDQ\QLHVWDQRZLá\G]LDáDOQRĞFLSROLW\F]QHM]ZLą]DQHM]ZDONąRVXZHUHQQRĞüL QLHSRGOHJáRĞü-:ZVZRMHMNRUHVSRQGHQFMLGRáąF]RQHMGRDNWVSUDZ\Z\UD]LáEDUG]RSRFKOHEQHRSLQLHR 1DURG]LHĩ\GRZVNLPMHGQRF]HĞQLHXSDWUXMąFSU]\F]\Q\DUHV]WRZDQLDZUZMHJRRSRU]HSU]HFLZNR VWDZLDQLXJRZ]á\PĞZLHWOHSRGF]DVOHNFMLKLVWRULLZV]NROHSRGVWDZRZHM=GDQLHPRUJDQXRU]HNDMąFHJR RSLVDQDSRVWDZDVNDUĪąFHJRZREHFVSRVREXQDXF]DQLDZV]NROHSRGVWDZRZHMQLHPRJáD]RVWDüX]QDQD]D G]LDáDOQRĞüSROLW\F]Qą]ZLą]DQą]ZDONąRVXZHUHQQRĞüLQLHSRGOHJáRĞü:VND]DQHG]LDáDQLDQLHE\á\ XNLHUXQNRZDQHQDRG]\VNDQLHQLHSRGOHJáRĞFLE\áRWRQDWRPLDVWIRUPąSURWHVWXSU]HFLZNRSURSDJDQG]LHZ VWRVXQNXGR1DURGXĩ\GRZVNLHJR 3UH]HV,31QLHX]QDá]DZLDU\JRGQHLQIRUPDFMLL]H]QDĔVNDUĪąFHJRGRW\F]ąF\FKMHJRG]LDáDOQRĞFLZ SRG]LHPQHMQLHSRGOHJáRĞFLRZHMRUJDQL]DFMLPáRG]LHĪRZHM2IDNWDFKW\FKVNDUĪąF\QLHZVSRPLQDáR VZRLFKOLF]Q\FKSLVPDFKDGRSLHURZHZQLRVNXRSRQRZQHUR]SDWU]HQLHVSUDZ\1LHSRWUDILáWHĪ VNRQNUHW\]RZDüRNROLF]QRĞFL]ZLą]DQ\FK]WąRUJDQL]DFMąDHZHQWXDOQLĞZLDGNRZLHREHFQLHQLHĪ\Mą 3RQLHZDĪVNDUĪąF\MDNRSU]\F]\QĊDUHV]WRZDQLDNRQVHNZHQWQLHSRGDZDáMHJRVSU]HFLZSU]HFLZNR Z\SDF]DQLXKLVWRULLDQLHZLą]DáWHJRIDNWX]SU]\QDOHĪQRĞFLąGRRUJDQL]DFMLQLHOHJDOQHM3UH]HV,31X]QDá ĪHZáDĞQLHMHJRVWRVXQHNGRQDXF]DQLDOHNFMLUHOLJLLE\áSU]\F]\QąDUHV]WRZDQLD 1DSRGVWDZLHRĞZLDGF]HĔL]H]QDĔ-:3UH]HV,31X]QDáĪHSU]HE\ZDáRGUZDUHV]FLH8%Z-/ OHF]IDNWSRE\WXQLHZLą]DáVLĊ]G]LDáDOQRĞFLąSROLW\F]QąOXEUHOLJLMQą]ZLą]DQą]ZDONąRVXZHUHQQRĞüL QLHSRGOHJáRĞü3ROVNL 3RZ\ĪV]ąGHF\]MĊ]DVNDUĪ\á-:ZQRV]ąFRMHMXFK\OHQLH:VNDUG]HSRGQLyVáĪHZV]NROHSRGVWDZRZHM E\áF]áRZLHNLHPSRG]LHPQHMRUJDQL]DFMLPáRG]LHĪRZHMG]LDáDMąFHMZFHOXSU]\ZUyFHQLDKLVWRU\F]QHM SUDZG\RUD]RVáDELHQLDWRWDOLWDU\]PXVWDOLQRZVNLHJR'DOHMZVNDUG]HVNDUĪąF\WZLHUG]LĪHF\W0RMD G]LDáDOQRĞüSROHJDáD]SREXGHNSROLW\F]Q\FKGRPDJDMąFVLĊSU]\ZUyFHQLDQDURGRZHMSDPLĊFLERKDWHUyZ RILDU+RORFDXVWX']LDáDOQRĞüMHJRSROHJDáDUyZQLHĪQD]U\ZDQLXQDSLVyZDQW\VHPLFNLFKUR]SURZDG]DQLX XORWHNDQW\VWDOLQRZVNLFKZ]\ZDQLXGRERMNRWXREFKRGyZLXURF]\VWRĞFLVWDOLQRZVNLFKQLV]F]HQLHWU\EXQ ]NWyU\FKPLDQRSU]HPDZLDü3U]\JRWRZ\ZDQRUyZQLHĪXORWNLGODUROQLNyZQDZRáXMąFHGRQLHRGGDZDQLD NRQW\QJHQWyZ7DG]LDáDOQRĞüVSRZRGRZDáDMHJRDUHV]WRZDQLHSU]H]IXQNFMRQDULXV]\8%LRVDG]HQLHZ- /1LHXMDZQLáZF]HĞQLHMQD]ZLVNDNW\ZQ\FKF]áRQNyZWHMRUJDQL]DFMLSRQLHZDĪREHFQLHQLHĪ\MąZLĊF X]QDáWR]D]EĊGQH3R]DW\PZREHFEROHVQ\FKSU]HĪ\üZG]LHFLĔVWZLHQLHPyJáSU]\SRPQLHüVRELH V]F]HJyáRZRG]LDáDOQRĞFLRUJDQL]DFML]XZDJLQDGáXJLRNUHVF]DVX6NDUĪąF\NZHVWLRQXMHRFHQĊ3UH]HVD