]]DSLVyZHZLGHQFMLJUXQWyZLEXG\QNyZ1DOHĪ\ZW\PPLHMVFXSRGNUHĞOLü]FDáąPRFąĪHSRZ\ĪV]H GRNXPHQW\VWDá\VLĊSRGVWDZąRU]HF]HQLDRZ\GDQLXSU]HGPLRWRZ\FKQLHUXFKRPRĞFLMHGQHM]H VSDGNRELHUF]\ĔLFKZáDĞFLFLHOL76QDSRGVWDZLHZ\URNX]DSDGáHJRZVSUDZLH,,&LZyZF]DV QLHE\áRĪDGQ\FKZąWSOLZRĞFLFRGRWHJRĪHURG]HĔVWZX.SU]\VáXJXMąXSUDZQLHQLDZáDĞFLFLHOVNLHGR SRZ\ĪV]\FKQLHUXFKRPRĞFL7DNĪHZąWSOLZRĞFL6ąGXRU]HNDMąFHJRZQLQLHMV]HMVSUDZLHQLHEXG]ą SU]HGPLRWRZHGRNXPHQW\NWyUH]UHV]WąQLHE\á\NZHVWLRQRZDQHSU]H]ĪDGQHJR]XF]HVWQLNyZ3R]DW\P QDOHĪ\ZVND]DüĪH]SU]HGáRĪRQ\FKGRDNWVSUDZ\Z\ND]yZ]PLDQJUXQWRZ\FKZ\QLNDĪHNVLĊJD ZLHF]\VWDQXPHU  REHMPXMHQLHUXFKRPRĞFL  L  D]NROHLDNWQRWDULDOQ\]GQLDVLHUSQLDU GRW\F]\QLHUXFKRPRĞFLRQXPHU]HJHRGH]\MQ\P  ĩDGHQ]XF]HVWQLNyZSRVWĊSRZDQLDQLHSU]HGáRĪ\áZ WRNXVSUDZ\GRNXPHQWXNWyU\VWDQRZLáE\LQQ\SyĨQLHMV]\F]\NRQNXUHQF\MQ\W\WXáZáDVQRĞFL REHMPXMąF\SU]HGPLRWRZHQLHUXFKRPRĞFLD]DWHPQDOHĪ\SU]\MąüĪHQLHPDLQQ\FKGRNXPHQWyZ] NWyU\FKZ\QLNDá\E\MDNLHNROZLHNLQQHQLĪZ\ĪHMRSLVDQHRNROLF]QRĞFLZVND]XMąFHQDLVWQLHQLHXSUDZQLHĔ ZáDĞFLFLHOVNLFKGRSU]HGPLRWRZ\FKQLHUXFKRPRĞFLZRSLVDQ\PZ\ĪHMRNUHVLH7\PVDP\P]DSLV\ ]DZDUWHZHZLGHQFMLJUXQWyZLEXG\QNyZZRFHQLH6ąGXQLHRG]ZLHUFLHGODMąU]HF]\ZLVWHJRVWDQX SUDZQHJR =GDQLHP6ąGXSR]RVWDáHGRNXPHQW\]HEUDQHZVSUDZLHQLHEXG]ąZąWSOLZRĞFLFRGRLFKDXWHQW\F]QRĞFLL ZLDU\JRGQRĞFLQLHE\á\RQHUyZQLHĪNZHVWLRQRZDQHSU]H]XF]HVWQLNyZ 8]DVDGQLHQLHSUDZQH 1DSRGVWDZLHWDNXVWDORQHJRVWDQXIDNW\F]QHJR6ąG]ZDĪ\áFRQDVWĊSXMH 1DE\FLHZáDVQRĞFLZGURG]H]DVLHG]HQLDX]DOHĪQLRQH]RVWDáRRGVSHáQLHQLDGZyFKSRGVWDZRZ\FK SU]HVáDQHNZáDGDQLHQLHUXFKRPRĞFLąMDNRSRVLDGDF]VDPRLVWQ\RUD]XSá\ZXVWDZRZHJRWHUPLQX ]DVLHG]HQLD'REUDOXE]áDZLDUDSRVLDGDF]DQLHVWDQRZLSU]HVáDQNLX]\VNDQLDZáDVQRĞFLDZSá\ZDMHG\QLH QDGáXJRĞüWHUPLQX]DVLHG]HQLD 3RVLDGDQLHZ]QDF]HQLXMDNLHQDGDMHWHPXSRMĊFLX.RGHNVF\ZLOQ\VWDQRZLVWDQIDNW\F]QHJRZáDG]WZD QDGU]HF]ą6NáDGDMąVLĊQDQLHGZDHOHPHQW\FRUSXVSRVVHVVLRQLV HOHPHQWIL]\F]Q\ Z\UDĪDMąF\VLĊZH ZáDGDQLXU]HF]ąRUD]DQLPXVSRVVLGHQGL HOHPHQWSV\FKLF]Q\ Z\UDĪDMąF\VLĊZSV\FKLF]Q\PQDVWDZLHQLX GRZ\NRQ\ZDQHJRZáDG]WZD ZáDGDQLHGODVLHELH (OHPHQWSV\FKLF]Q\SR]ZDODQDRGUyĪQLHQLHSRVLDGDQLD RGG]LHUĪHQLD 3RVLDGDQLHVDPRLVWQHSROHJDQDIDNW\F]Q\PZ\NRQ\ZDQLXW\FKXSUDZQLHĔNWyUHVLĊVNáDGDMąQDWUHĞü SUDZDZáDVQRĞFL3RVLDGDF]ZáDGDU]HF]ąVDPRG]LHOQLHEH]SRĞUHGQLROXESRĞUHGQLRZHZáDVQ\PLPLHQLXL ]UHJXá\ZHZáDVQ\PLQWHUHVLH6ąG1DMZ\ĪV]\ZVND]DáĪHFHFKDVDPRLVWQHJRSRVLDGDQLDZ\UDĪDVLĊZ Z\VWĊSRZDQLXSRVWURQLHSRVLDGDF]DIDNW\F]QHMPRĪOLZRĞFLZáDGDQLDU]HF]ąZVSRVyEGRMDNLHJR XSUDZQLRQ\MHVWZáDĞFLFLHO RU]HF]HQLH6ąGX1DMZ\ĪV]HJR]GQLDPDMDU,,,&51261 1USR]