GRW\F]\XERMXZZDUXQNDFKQLHSU]HP\VáRZ\FK  $EVWUDKXMąFRGRFHQZNDWHJRULDFKZDUWRĞFL>PRUDOQ\FK@QDOHĪ\VWZLHUG]LüĪHSU]HFLĊFLHV]\LEH] RJáXV]HQLDVWZDU]DQDMZLĊNV]HU\]\NRGODGREURVWDQX]ZLHU]ąWSRQLHZDĪURG]LNRQLHF]QRĞü XQLHUXFKRPLHQLD]ZLHU]ĊFLDQDSRWU]HE\FLĊFLDLZ\NUZDZLHQLDDZLĊFZ\NRQ\ZDQLHSRQDGVWDQGDUGRZ\FK F]\QQRĞFLZREHF]ZLHU]ĊFLD>ZSRUyZQDQLXGRXERMX]Z\NáHJR@'RGDWNRZREDUG]RSUDZGRSRGREQ\>Z Z\SDGNXXERMXEH]RJáXV]HQLD@MHVWEyOFLHUSLHQLHLXFLVNSRGF]DVFLĊFLDLZ\NUZDZLDQLDVLĊ7HQRVWDWQL VNXWHNPRĪHE\üF]ĊĞFLRZRRJUDQLF]DQ\ZV\WXDFMLJG\]DVWRVRZDQHMHVWRJáXV]HQLH]ZLHU]ĊFLDSR SU]HFLĊFLXMHJRV]\LSURFHGXUDWD]SXQNWXZLG]HQLDGREURVWDQX]ZLHU]ąWMHVWREFLąĪRQDĞUHGQLP U\]\NLHP&KRFLDĪUyĪQHPHWRG\RJáXV]DQLDPRJąSRZRGRZDü]DJURĪHQLDGODGREURVWDQX]ZLHU]ąWNWyUH PXV]ąE\üNRQWURORZDQHRJáXV]HQLH]ZLHU]ĊFLDSU]HGSRGFLĊFLHPPXV]\LMHVWQDMPQLHMU\]\NRZQHL VWDQRZLUR]ZLą]DQLHNRPSURPLVRZH]SXQNWXZLG]HQLDRJyOQHJRGREURVWDQX]ZLHU]ąW UDSRUW ZHWHU\QDU\MQ\',$/5(/V  3RZ\ĪV]HWH]\Z\GDMąPLVLĊZ]DVDGQLF]\FKSXQNWDFK]ELHĪQH-HVWGODPQLHRF]\ZLVWHĪHSUDZLGáRZR Z\NRQ\ZDQ\XEyMU\WXDOQ\MHVWGOD]ZLHU]ąWEDUG]LHMRNUXWQ\QLĪSUDZLGáRZRZ\NRQDQ\XEyM VWDQGDUGRZ\PLPHWRGDPL ]NWyU\FK]DVWRVXQNRZRQDMáDJRGQLHMV]ąPHWRGĊXZDĪDPDNWXDOQLHSRGREQLH MDNREHFQ\QDUR]SUDZLHSU]HGVWDZLFLHO05L5:XEyMSRSU]HG]RQ\SR]EDZLHQLHP]ZLHU]ĊFLD ĞZLDGRPRĞFLPHWRGąJD]RZą]XĪ\FLHPJD]yZRERMĊWQ\FK :\QLNDWR]WHMSURVWHMSU]\F]\Q\ĪHZXERMX U\WXDOQ\PF]\QQRĞFL]PLHU]DMąFHEH]SRĞUHGQLRGR]DELFLD]ZLHU]ĊWD SRGFLĊFLHPXJDUGáD PXV]ą] SRZRGyZGRNWU\QDOQ\FKRGE\ZDüVLĊQDHWDSLHJG\]ZLHU]ĊMHVWMHV]F]HFDáNRZLFLHSU]\WRPQHL]GROQHGR RGF]XZDQLDEyOXDSRGF]DV]Z\NáHJRXERMXNROHMQRĞüW\FKF]\QQRĞFLMHVWRGZURWQD W]Q]DELMDQHMHVW ]ZLHU]ĊSR]EDZLRQHĞZLDGRPRĞFL :Z\SDGNXXERMXU\WXDOQHJR2ILDU\QLHWUDFąĞZLDGRPRĞFL]DUD]SR SRGFLĊFLXV]\LLGR]QDMąVNUDMQHJRFLHUSLHQLDVSRZRGRZDQHJREyOHPUDQ\JZDáWRZQ\PVSDGNLHP FLĞQLHQLDNUZLLZZLHOXZ\SDGNDFKGXV]HQLHPVLĊNUZLą F]ĊVWRSRPLHV]DQą]]DZDUWRĞFLąĪRáąGNDNWyUD GRVWDáDVLĊGRSU]HFLĊWHMWFKDZLF\LSáXF 7UXGQRQDW\PHWDSLHPLHU]\üWRFLHUSLHQLHSRQLHZDĪRILDUDMHVW XQLHUXFKRPLRQDLQLHPRĪHZRNDOL]RZDü U\F]HüEHF]Hü ERPDSU]HFLĊWąWFKDZLFĊ $(OĪDQRZVNL 5HOLJLMQHRNUXFLHĔVWZR5]HF]SRVSROLWD]PDMDUKWWSZZZUSSODUW\NXOKWPOSRU WDNĪHV]F]HJyáRZHGDQHQDWHPDWVWUDFKXEyOXLVWUHVX]ZLHU]ąWSRGF]DVUyĪQ\FKPHWRGXERMXZUHSRUFLH ZHWHU\QDU\MQ\P',$5(5 7ĊSRGVWDZRZąUyĪQLFĊPLĊG]\XERMHPU\WXDOQ\PL]Z\Ná\PSU]\]QDMH Z\UDĨQLHQDZHWSURI7*UDQGLQQDNWyUHMEDGDQLDQDXNRZHSRZRáXMHVLĊZQLRVNRGDZFD SRUZ\ĪHM  &]DVPLĊG]\SRGFLĊFLHP]ZLHU]ĊFLXJDUGáDLXWUDWąSU]H]QLHJRĞZLDGRPRĞFLZZ\SDGNXXERMXU\WXDOQHJR PRĪHRF]\ZLĞFLHLSRZLQLHQE\üPLQLPDOL]RZDQ\G]LĊNLXPLHMĊWQRĞFLRPV]RFKHWDLRGSRZLHGQLHMMDNRĞFL XĪ\ZDQHJRSU]H]QLHJRQRĪD SRU]DOHFHQLD]DZDUWHZHZV]\VWNLFKSRZRáDQ\FKZ\ĪHMRSUDFRZDQLDFK  QLHPQLHMZZ\SDGNXXERMXU\WXDOQHJRWDNLHWDSZRJyOHQLHZ\VWĊSXMH =ZUDFDPSU]\W\PXZDJĊĪHZQLRVNLFRGRSRV]DQRZDQLDGREURVWDQX]ZLHU]ąWSRGF]DVXERMXQDOHĪ\ Z\FLąJDüSRUyZQXMąFW\SRZ\SU]HELHJXERMX]Z\NáHJRLU\WXDOQHJRPLHV]F]ąF\VLĊZSU]\MĊW\FKGODQLFK