G]LHQQ\FKSU]\MPXMąFZ\VRNRĞüWHMVWDZNLQDNZRWĊ]áRW\FKQLHQRVLFHFKUDĪąFHMQLHZVSyáPLHUQRĞFLZ UR]XPLHQLXDUWSNWNSN 3RGNUHĞOLüERZLHPQDOHĪ\LĪQLHNDĪGDUyĪQLFDZRFHQLHZ\PLDUXNDU\PRĪHX]DVDGQLDü]DU]XWUDĪąFHMMHM QLHZVSyáPLHUQRĞFLDOHW\ONRWDNDNWyUDMHVWQDWXU\]DVDGQLF]HMWR]QDF]\MHVWQLHZVSyáPLHUQDZVWRSQLX QLHGDMąF\PVLĊ]DDNFHSWRZD��1LHZVSyáPLHUQRĞüUDĪąFDWR]QDF]QDELMąFDZRF]\UyĪQLFDPLĊG]\NDUą Z\PLHU]RQąDNDUąVSUDZLHGOLZą]DVáXĪRQą SRUZ\URN6ąGX$SHODF\MQHJRZH:URFáDZLX]GQLDPDMD U,,$.D26$/(; 1LHPRĪHE\ü]DWHPZUDPDFKWHMSU]\F]\Q\ RGZRáDZF]HMGRNRQ\ZDQDNRUHNWDZNDĪGHMV\WXDFMLZNWyUHMVąGRGZRáDZF]\GRFKRG]LGRZQLRVNXĪH NDUĊQDOHĪDáRE\XNV]WDáWRZDüQLHFRRGPLHQQLHWMĪHNDUDMHVWSRSURVWX]E\WVXURZDOXE]E\WáDJRGQD &KRG]LMHG\QLHRUyĪQLFĊRFHQR]DVDGQLF]\PFKDUDNWHU]HVSURZDG]DMąFąVLĊGR]QDF]QHMG\VSURSRUFML: RU]HF]QLFWZLHSRGQRVLVLĊUyZQLHĪLĪ]DU]XWUDĪąFHMQLHZVSyáPLHUQRĞFLNDU\MDNR]DU]XW]NDWHJRULLRFHQ PRĪQDSRGQRVLüMHG\QLHZyZF]DVJG\NDUDMDNNROZLHNPLHĞFLVLĊZJUDQLFDFKXVWDZRZHJR]DJURĪHQLDQLH XZ]JOĊGQLDZVSRVyEZáDĞFLZ\RNROLF]QRĞFLSRSHáQLRQHJRSU]HVWĊSVWZDMDNLRVRERZRĞFLVSUDZF\LQQ\PL VáRZ\JG\ZVSRáHF]Q\PRGF]XFLXMHVWNDUąQLHVSUDZLHGOLZą SRUPLQZ\URN6ąGX1DMZ\ĪV]HJR] NZLHWQLDU RV\JQ9.51261.:SR]/(;  :SLHUZV]\PU]ĊG]LHVWZLHUG]LüQDOHĪ\LĪZSLVHPQ\FKPRW\ZDFK]DVNDUĪRQHJRZ\URNX6ąG5HMRQRZ\Z VSRVyEV]F]HJyáRZ\LZ\F]HUSXMąF\XVWRVXQNRZDáVLĊGRZV]\VWNLFKRNROLF]QRĞFLNWyUHVWRVRZQLHGRDUW NNVNáDGDMąVLĊQDG\UHNW\Z\VąGRZHJRZ\PLDUXNDU\:V]F]HJyOQRĞFL6ąG,LQVWDQFML]DVDGQLH ]DDNFHQWRZDá]QDF]Q\VWRSLHĔVSRáHF]QHMV]NRGOLZRĞFLF]\QXNWyU\]RVWDáZVSyáRNUHĞODQ\QLHW\ONRSU]H] ZDJĊQDUXV]RQHJRGREUDDOHVSRVyELRNROLF]QRĞFLF]\QX=JRG]LüVLĊQDOHĪ\]6ąGHP,LQVWDQFMLLĪ SU]HVWĊSF]HG]LDáDQLDRVNDUĪRQ\FKZW\PL.3QLHPLDá\ĪDGQ\FKUDFMRQDOQ\FKSRGVWDZL]PLHU]Dá\GR SRQLĪHQLDRVyELQQHMQDURGRZRĞFL7\PVDP\PWHJRURG]DMXSU]HVWĊSF]H]DFKRZDQLDSRZLQQ\VSRWNDüVLĊ ]ZáDĞFLZąUHDNFMąNDUQą :RFHQLH6ąGX2NUĊJRZHJRZ\PLHU]RQHRVNDUĪRQHPX.3NDUDSUREDF\MQDMHVWDGHNZDWQDGRVWRSQLD ZLQ\RUD]VWRSQLDVSRáHF]QHMV]NRGOLZRĞFLF]\QXSU]\SLVDQHPXWHPXRVNDUĪRQHPX:ZNDUDXZ]JOĊGQLD ZV]\VWNLHRNROLF]QRĞFLLVWRWQH]SXQNWXZLG]HQLDMHMZ\PLDUXZW\PPLQVWRSLHĔZLQ\RVNDUĪRQHJR VSRáHF]QHMV]NRGOLZRĞFLSU]\SLVDQHJRPXF]\QXFHOHZ\FKRZDZF]HL]DSRELHJDZF]H]ZáDV]F]DZRNUHVLH HVNDODFMLWHJRURG]DMX]DFKRZDĔQDWHUHQLHNUDMX:DUWRZW\PPLHMVFXZVND]DüĪHZLHOHLQF\GHQWyZQD WOHQDURGRZRĞFLRZ\PPLDáRPLHMVFHZRVWDWQLFKODWDFKQDWHUHQLHZRMHZyG]WZDSRGODVNLHJRQS ]GHPRORZDQLHLSRGSDOHQLH&.0%Z\PDORZDQLHDQW\VHPLFNLFKLIDV]\VWRZVNLFKKDVHáLV\PEROLQD V\QDJRJDFKZ2L.SRGSDOHQLHGU]ZLPLHV]NDQLDPLHV]DQHJRSROVNRDUDEVNLHJRPDáĪHĔVWZDZ   ]GHZDVWRZDQLHL]EH]F]HV]F]HQLHSRPQLNDXSDPLĊWQLDMąFHJRĩ\GyZ]DPRUGRZDQ\FKZ-]GHZDVWRZDQLH PLHMVFDXSDPLĊWQLHQLDGDZQHJRFPHQWDU]DĪ\GRZVNLHJRZ% 5HDVXPXMąFZ\PLHU]RQDNDU\ZVWRVXQNXGR.3QLHQRVLFHFKUDĪąFHMQLHZVSyáPLHUQRĞFLLMHVW