NDUW\MHVWSUDZLGáRZDSRGF]DVJG\NDUWDFPHQWDU]DZ6QLHMHVWNDUWąHZLGHQF\MQą]DE\WNXQLHUXFKRPHJR QLHZSLVDQHJRGRUHMHVWUXZUR]XPLHQLX†XVWLUR]SRU]ąG]HQLD]PDMDUMDNRĪHQLH Z\SHáQLDSU]HVáDQHNNDUW\]DE\WNXZ\QLNDMąF\FK]WHJRSU]HSLVXDWDNĪHĪHQLHPRĪQD]DáRĪ\üGRQLHM ]DáąF]QLNDSU]H]FRQLHPRĪH]RVWDüZáąF]RQDGRZRMHZyG]NLHMHZLGHQFML]DE\WNyZ :RSDUFLXRZVND]DQH]DU]XW\ZVNDUG]HNDVDF\MQHMZQLHVLRQRRXFK\OHQLH]DVNDUĪRQHJRZ\URNXZ FDáRĞFLRUD]SU]HND]DQLHVSUDZ\GRSRQRZQHJRUR]SR]QDQLD:RMHZyG]NLHPX6ąGRZL$GPLQLVWUDF\MQHPX Z3R]QDQLXRUD]]DVąG]HQLH]ZURWXNRV]WyZSRVWĊSRZDQLDZUD]]NRV]WDPL]DVWĊSVWZDSURFHVRZHJR ZHGáXJQRUPSUDZHPSU]HSLVDQ\FK :RGSRZLHG]LQDVNDUJĊNDVDF\MQą:LHONRSROVNL:RMHZyG]NL.RQVHUZDWRU=DE\WNyZZQLyVáRMHM RGGDOHQLHL]DVąG]HQLH]ZURWXNRV]WyZSRVWĊSRZDQLD 3LVPHP]SDĨG]LHUQLNDUVNDUĪąF\SRGWU]\PDáVWDQRZLVNRZVSUDZLHLZQLyVáR SU]HSURZDG]HQLHX]XSHáQLDMąFHJRSRVWĊSRZDQLDGRZRGRZHJR]GRNXPHQWyZ]DáąF]RQ\FKGRZZSLVPD 3LVPHP]JUXGQLDU:LHONRSROVNL:RMHZyG]NL.RQVHUZDWRU=DE\WNyZZQLyVáRRGGDOHQLHZZ ZQLRVNyZGRZRGRZ\FKVNDUĪąFHJR 3RVWDQRZLHQLHP]JUXGQLDUV\JQDNW,,26.1DF]HOQ\6ąG$GPLQLVWUDF\MQ\]ZUyFLá VLĊGR7U\EXQDáX.RQVW\WXF\MQHJR]S\WDQLHPSUDZQ\P&]\DUWXVWXVWDZ\]GQLDOLSFDU RRFKURQLH]DE\WNyZLRSLHFHQDG]DE\WNDPL ']8]USR]]SyĨQ]P Z]ZLą]NX]†L† UR]SRU]ąG]HQLD0LQLVWUD.XOWXU\L']LHG]LFWZD1DURGRZHJR]GQLDPDMDUZVSUDZLH SURZDG]HQLDUHMHVWUX]DE\WNyZNUDMRZHMZRMHZyG]NLHMLJPLQQHMHZLGHQFML]DE\WNyZRUD]NUDMRZHJR Z\ND]X]DE\WNyZVNUDG]LRQ\FKOXEZ\ZLH]LRQ\FK]DJUDQLFĊQLH]JRGQLH]SUDZHP ']81USR]  ZZHUVMLZZSU]HSLVyZUR]SRU]ąG]HQLDRERZLą]XMąFHMGRGQLDSDĨG]LHUQLNDUZ]DNUHVLHZ MDNLPRJUDQLF]DSUDZRZáDVQRĞFLQLHUXFKRPRĞFLSRSU]H]GRSXV]F]HQLHXMĊFLDQLHUXFKRPRĞFLMDNR]DE\WNX QLHUXFKRPHJRZZRMHZyG]NLHMHZLGHQFML]DE\WNyZEH]]DSHZQLHQLDZáDĞFLFLHORZLJZDUDQFMLRFKURQ\ SUDZQHMSU]HGGRNRQDQLHPWDNLHJRRJUDQLF]HQLDMHVW]JRGQ\]DUWXVWLXVWZ]ZLą]NX]DUW XVW.RQVW\WXFML5]HF]\SRVSROLWHM3ROVNLHM]GQLDNZLHWQLDURUD]]DUW3URWRNRáXQUGR .RQZHQFMLRRFKURQLHSUDZF]áRZLHNDLSRGVWDZRZ\FKZROQRĞFL]GQLDPDUFDU ']8]U 1USR]]SyĨQ]P L]DZLHVLáSRVWĊSRZDQLHNDVDF\MQHZVSUDZLH 3RVWDQRZLHQLHP]PDUFDUV\JQDNW,,26.1DF]HOQ\6ąG$GPLQLVWUDF\MQ\Z\FRIDá S\WDQLHSUDZQHSU]HGVWDZLRQH7U\EXQDáRZL.RQVW\WXF\MQHPXX]QDMąFLĪMHJRUR]SR]QDQLHMHVW]EĊGQH ZREHFZ\GDQLDSU]H]7.Z\URNX]PDMDUZVSUDZLHRV\JQDNW3 3RVWDQRZLHQLHP]VW\F]QLDUV\JQDNW37U\EXQDá.RQVW\WXF\MQ\XPRU]\áSRVWĊSRZDQLH 3RVWDQRZLHQLHP]PDMDUV\JQDNW,,26.1DF]HOQ\6ąG$GPLQLVWUDF\MQ\SRGMąá SRVWĊSRZDQLHZQLQLHMV]HMVSUDZLH 8]DVDGQLHQLHSUDZQH