QDND]XMąFąRGSRZLHG]LDOQHSRVWĊSRZDQLHZREHF]ZLHU]ąWDZNDĪG\PSU]\SDGNXRV]F]ĊG]DQLHLP QLHSRWU]HEQ\FKFLHUSLHĔ ]RE-àDSLĔVNL(W\F]QHSRGVWDZ\RFKURQ\]ZLHU]ąW>Z@3UDZQDRFKURQD ]ZLHU]ąWUHG00R]JDZD/XEOLQV  2SDUFLH.RQVW\WXFMLQDX]QDQLXSOXUDOL]PXĞZLDWRSRJOąGRZHJRLNXOWXURZHJRVSRáHF]HĔVWZDXSRZDĪQLDGR VWZLHUG]HQLDĪHSU]HVáDQNDPRUDOQRĞFL]DZDUWDZDUWXVW.RQVW\WXFMLSR]ZDODQDVDPRLVWQH LQJHUHQFMHSUDZQHW\ONRZREHFWDNLFKG]LDáDĔF]\]DFKRZDĔNWyUHSRZV]HFKQLHX]QDMHVLĊ]DSU]\QRV]ąFH V]NRG\VSRáHF]QH:NRQVHNZHQFMLZĞZLHWOHVWDQRZLVND3URNXUDWRUD*HQHUDOQHJR7U\EXQDáUR]ZDĪ\á F]\ZNRQVW\WXF\MQRSUDZQ\PNRQWHNĞFLHQLQLHMV]HMVSUDZ\MHVWPLHMVFHQDRGQLHVLHQLDGRPRUDOQRĞFLZ RGHUZDQLXRGDVSHNWXSRGPLRWRZHJRW]QRFKURQLHF]\MHMPRUDOQRĞFLPDVáXĪ\üRJUDQLF]HQLH NRQVW\WXF\MQHMZROQRĞFLUHOLJLL ]REWDNĪH02VVRZVND6RFMRORJLDPRUDOQRĞFLVLQ  =ZDĪ\ZV]\ĪHVSRáHF]HĔVWZRSROVNLHSU]\ZLą]XMHGXĪąZDJĊGRUHOLJLLRUD]ZROQRĞFLMHMX]HZQĊWU]QLDQLD 7U\EXQDáX]QDá]DSU]HNRQXMąF\DUJXPHQWZQLRVNRGDZF\ĪHZROQRĞüUHOLJLLMHVWQLHW\ONRJZDUDQWRZDQD NRQVW\WXF\MQLHLNRQZHQF\MQLHOHF]MHVWWDNĪHMHGQą]SRGVWDZRZ\FKZDUWRĞFLPRUDOQ\FKZSROVNLP VSRáHF]HĔVWZLH6WDQRZLVNRWRMXU\G\F]QLHZ]PDFQLDZVWĊSGR.RQVW\WXFMLNWyU\RGZRáXMHVLĊGRZDUWRĞFL ]DNRU]HQLRQ\FKZWUDG\FMLMXGHRFKU]HĞFLMDĔVNLHM=XZDJLQDSRZ\ĪV]HQLH]DVáXJXMHQDSRSDUFLH WZLHUG]HQLHĪHZVSRáHF]HĔVWZLHSROVNLPEH]Z]JOĊGQ\]DND]XERMXU\WXDOQHJRMHVWNRQLHF]Q\GRRFKURQ\ V]HURNRUR]XPLDQHMPRUDOQRĞFL1DOHĪ\UDF]HMSU]\MąüĪH]JRGQH]QRUPDPLPRUDOQ\PLSRG]LHODQ\PL SU]H]]GHF\GRZDQąZLĊNV]RĞüSROVNLHJRVSRáHF]HĔVWZDMHVWMDNQDMV]HUV]HSRV]DQRZDQLHZROQRĞFLUHOLJLL Z\]QDQLD  &]\QQRĞFLU\WXDOQHVąSRZWDU]DOQHL]WHJRSRZRGXF]ĊVWRNURüZ\GDMąVLĊREVHUZDWRURP]]HZQąWU] ]EĊGQH-HGQDNĪHWRZáDĞQLHSRZWDU]DOQRĞüW\FKF]\QQRĞFLMHVWLVWRWQ\PF]\QQLNLHPRUJDQL]RZDQLD ]DLQWHUHVRZDQHMJUXS\VSRáHF]QHM5\WXDááąF]\SU]HV]áRĞüWHUDĨQLHMV]RĞüLSU]\V]áRĞüDQXOXMHKLVWRULĊL F]DV ]RE:6REF]DN:ROQRĞüP\ĞOLVRUD]SRZRáDQąWDPOLWHUDWXUĊ 0DV]F]HJyOQH ]QDF]HQLHGODPQLHMV]RĞFLQDURGRZ\FKLHWQLF]Q\FK=WHJRSRZRGXZQLRVNRGDZFDZ]PDFQLDMąFVZRMH VWDQRZLVNRSRZRáDáDUWXVW.RQVW\WXFML3U]HSLVWHQJZDUDQWXMHRE\ZDWHORPSROVNLPQDOHĪąF\PGR PQLHMV]RĞFLQDURGRZ\FKLHWQLF]Q\FKZROQRĞü]DFKRZDQLDRE\F]DMyZLWUDG\FMLRUD]UR]ZRMXZáDVQHM NXOWXU\2EHMPXMHWRPLĊG]\LQQ\PLZSU]\SDGNXPQLHMV]RĞFLĪ\GRZVNLHMLPX]XáPDĔVNLHM GRNRQ\ZDQLHXERMXU\WXDOQHJR$UWXVW.RQVW\WXFML]ZLą]DQ\MHVW]DUW.RQVW\WXFMLNWyU\ JZDUDQWXMHZROQRĞüUHOLJLL1LHMHGQRNURWQLHZ\]QDZDQDUHOLJLDMHVWMHGQ\P]SRGVWDZRZ\FKHOHPHQWyZ XWU]\PDQLDWRĪVDPRĞFLJUXS\QDURGRZHMOXEHWQLF]QHM ]RE/*DUOLFNLNRPHQWDU]GRDUW>Z@ .RQVW\WXFMDV 7UDIQLH]DXZDĪDZQLRVNRGDZFDĪHQLHUR]HUZDOQ\]ZLą]HNWUDG\FMLNXOWXU\L REU]ĊGyZUHOLJLMQ\FKFKRFLDĪE\SU]H]SU\]PDWG]LHMyZKLVWRU\F]Q\FKGDMHVLĊ]DREVHUZRZDüZ V]F]HJyOQRĞFLZĞUyGSROVNLFKĩ\GyZLZ\]QDZFyZMXGDL]PXSUDNW\NXMąF\FKWĊUHOLJLĊZ3ROVFH =H]ZROHQLHQDXEyMU\WXDOQ\MHVWZ\]QDF]QLNLHPVWRVXQNXSDĔVWZDGRPQLHMV]RĞFLRZ\FK]ZLą]NyZ Z\]QDQLRZ\FKNWyUHZ\PDJDMąGRNRQ\ZDQLDXERMX]ZLHU]ąWZHGáXJQRUPUHOLJLMQ\FKZFHOXX]\VNDQLD