:SLHUZRWQHMZHUVMLXVWDZ\RRFKURQLH]ZLHU]ąWWMZHUVML]UMHMDUWXVWGRSXV]F]Dá SRGGDZDQLH]ZLHU]ąWXERMRZLU\WXDOQHPX1DWRPLDVWUyZQROHJOHRERZLą]XMąF\DUWXVWXJĪ RNUHĞODMąFRJyOQLHXMĊWH]DGDQLHJPLQĪ\GRZVNLFKZSRVWDFLGEDQLDRXEyMU\WXDOQ\E\áGODW\FKJPLQ SRGVWDZą]OHFDQLDXSUDZQLRQ\PU]HĨQLRPSU]HSURZDG]DQLDXERMXU\WXDOQHJRRUD]NRQWUROL]JRGQRĞFLWHJR XERMX]Z\PDJDQLDPLREU]ĊGyZUHOLJLMQ\FK:UD]]XFK\OHQLHPDUWXVWXR]ZUSU]HVWDáD LVWQLHüQRUPDW\ZQDSRGVWDZDGRNRQ\ZDQLDXERMXU\WXDOQHJRZHGáXJZV]\VWNLFKREU]ĊGyZUHOLJLMQ\FK NWyUHWHJRZ\PDJDMąD]DWHPUyZQLHĪZHGáXJ]DVDGMXGDL]PX2GPLHQQDLQWHUSUHWDFMDWHJRVWDQX SUDZQHJRSR]RVWDZDáDE\ZVSU]HF]QRĞFL]DUWXVW.RQVW\WXFMLNWyU\VWDQRZLRUyZQRXSUDZQLHQLX NRĞFLRáyZRUD]LQQ\FK]ZLą]NyZZ\]QDQLRZ\FKW\PEDUG]LHMĪHRERZLą]XMąFDXVWDZDRRFKURQLH]ZLHU]ąW QLHW\ONRXVWDQDZLDEH]Z]JOĊGQ\]DND]XERMXU\WXDOQHJROHF]WDNĪH]DND]WHQZ]PDFQLDVDQNFMDPL NDUQ\PL ]REWDNĪHRSLQLĊ5]ąGRZHJR&HQWUXP/HJLVODFML]OLSFDU]QDN5&/'3ĝL, V :NRQVHNZHQFML7U\EXQDá.RQVW\WXF\MQ\VWZLHUG]LáĪHXFK\OHQLHDUWXVWXR]QLH X]DVDGQLDRGF]\W\ZDQLDGRW\FKF]DVRJyOQLHUR]XPLDQHJR]DGDQLDJPLQĪ\GRZVNLFKZSRVWDFLGEDQLDR XEyMU\WXDOQ\MDNRVNRQNUHW\]RZDQHMNRPSHWHQFMLGRMHJRGRNRQ\ZDQLD :QLQLHMV]HMVSUDZLH7U\EXQDá.RQVW\WXF\MQ\QLH]QDOD]áUyZQLHĪSRGVWDZDE\SU]HSLV\XVWDZ\RJPLQDFK Ī\GRZVNLFKMDNRWDNLHX]QDü]DOHJHVVSHFLDOHVZREHFSU]HSLVyZXVWDZ\RRFKURQLH]ZLHU]ąW7U\EXQDá VWZLHUG]LáĪHSU]HSLV\NWyUH]MHGQHMVWURQ\RNUHĞODMą]DVDG\SRVWĊSRZDQLDF]áRZLHNDZREHF]ZLHU]ąW ZW\PV]F]HJyáRZHPHWRG\XERMX]ZLHU]ąWD]GUXJLHMVWURQ\SU]HSLV\NWyUHQRUPXMąVWRVXQNLSDĔVWZD ]RNUHĞORQ\P]ZLą]NLHPZ\]QDQLRZ\PZFHOX]DJZDUDQWRZDQLDZROQRĞFLUHOLJLL]DVDGQLF]RUHJXOXMą UyĪQHREV]DU\Ī\FLDVSRáHF]QHJRLQLHSR]RVWDMąZUHODFMLOH[JHQHUDOLVOH[VSHFLDOLVFRVXJHUXMH 0DUV]DáHN6HMPX %LRUąFSRGXZDJĊSRZ\ĪV]H7U\EXQDá.RQVW\WXF\MQ\QLHPyJáSRG]LHOLüVWDQRZLVND0DUV]DáND6HMPX MDNRE\DUWXVWXJĪZRERZLą]XMąF\PVWDQLHSUDZQ\PPyJáVWDQRZLüVDPRLVWQąSRGVWDZĊ GRNRQ\ZDQLDXERMXU\WXDOQHJRZU]HĨQLSU]H]JPLQ\Ī\GRZVNLH =QDF]HQLHLWUHĞüZROQRĞFLUHOLJLL Z\]QDQLD  :ROQRĞüZ\]QDQLDRNUHĞODQDZSROVNLPSRU]ąGNXNRQVW\WXF\MQ\PZROQRĞFLąUHOLJLLMHVW IXQGDPHQWDOQą SRGVWDZRZą ZROQRĞFLąF]áRZLHND-XĪZVWĊSGR.RQVW\WXFMLSRGNUHĞOD]QDF]HQLDZLDU\ MDNRĨUyGáDSUDZG\VSUDZLHGOLZRĞFLGREUDLSLĊNQD 2ERZLą]HNSRV]DQRZDQLDZROQRĞFLUHOLJLLMHVWĞFLĞOH]ZLą]DQ\]RFKURQąSU]\URG]RQHMLQLH]E\ZDOQHM JRGQRĞFLF]áRZLHNDNWyUDVWDQRZLĨUyGáRZROQRĞFLLSUDZF]áRZLHNDLRE\ZDWHOD DUW.RQVW\WXFML  *RGQRĞüF]áRZLHNDMHVWZDUWRĞFLąWUDQVFHQGHQWQą ]REZ\URNSHáQHJRVNáDGX7.]PDUFDUV\JQ .27.=8QU$SR]F],,,SNW,9X]DVDGQLHQLD 6WDQRZLDNVMRORJLF]QąSRGVWDZĊL SU]HVáDQNĊFDáHJRSRU]ąGNXNRQVW\WXF\MQHJR ]RE/*DUOLFNLNRPHQWDU]GRDUW>Z@.RQVW\WXFMD 5]HF]\SRVSROLWHM3ROVNLHM.RPHQWDU]WUHG/*DUOLFNL:DUV]DZDV  :ROQRĞüZ\]QDQLD UHOLJLL XIRUPRZDQDQDJUXQFLHF\ZLOL]DFMLHXURSHMVNLHMMDNRMHGHQ]SRGVWDZRZ\FK