SRVWĊSRZDQLXSU]HGVąGDPLDGPLQLVWUDF\MQ\PL WHNVWMHGQ']8]USR]]SyĨQ]P]ZDQHM GDOHMSSVD 6ąGPDWHĪRERZLą]HNVWZLHUG]LüQLHZDĪQRĞüGHF\]MLOXESRVWDQRZLHQLDMHĞOLDNWWDNLMHVW GRWNQLĊW\NWyUąNROZLHN]ZDGRNUHĞORQ\FKZDUWNSD 1DWRPLDVWZSU]\SDGNXQLHVWZLHUG]HQLDZVND]DQ\FKSRVWDFLQDUXV]HQLDSUDZDSU]H]RUJDQDGPLQLVWUDFML VNDUJDSRGOHJDRGGDOHQLX,QDF]HMPyZLąFMHĞOL]DVNDUĪRQDGHF\]MDMHVW]JRGQD]SUDZHPXFK\OHQLHMHM SU]H]VąGMHVWQLHGRSXV]F]DOQH -HGQRF]HĞQLHVWRVRZQLHGRWUHĞFLDUW†SSVDVąGDGPLQLVWUDF\MQ\UR]VWU]\JDZJUDQLFDFKGDQHM VSUDZ\QLHEĊGąFMHGQDN]ZLą]DQ\P]DU]XWDPLLZQLRVNDPLVNDUJLDQLSRZRáDQąSRGVWDZąSUDZQą 3RZQLNOLZ\P]EDGDQLXRNROLF]QRĞFLVSUDZ\]DUyZQRIDNWyZQDNWyUHSRZRáXMHVLĊVNDUĪąF\MDNL SU]HSLVyZPDMąF\FK]DVWRVRZDQLH6ąGX]QDáĪHQLHPDSRGVWDZGRVWZLHUG]HQLDĪH]DVNDUĪRQDGHF\]MD 0LQLVWUD.XOWXU\L']LHG]LFWZD1DURGRZHJRMHVWQLH]JRGQD]SUDZHP6ąGPLDá]DWHPRERZLą]HNRGGDOLü VNDUJĊERZLHPDUJXPHQW\SU]HGVWDZLRQHZVNDUG]HQDOHĪDáRX]QDü]DQLHWUDIQH 3U]HGHZV]\VWNLPQDOHĪ\X]QDüĪHRUJDQGUXJLHMLQVWDQFMLG]LDáDáZUDPDFKSU]\]QDQ\FKPX NRPSHWHQFMLL]JRGQLH]SRWZLHUG]DQ\PLSU]H]VąG\DGPLQLVWUDF\MQH]DVDGDPLVWRVRZDQLDZáDĞFLZ\FK SU]HSLVyZ3R]ZROHQLDQDSRG]LDáQLHUXFKRPRĞFLZSLVDQHJRGRUHMHVWUX]DE\WNyZXG]LHODVLĊQDSRGVWDZLH DUWXVWSNWRUD]DUWXVWXVWDZ\]GQLDOLSFDURRFKURQLH]DE\WNyZLRSLHFHQDG ]DE\WNDPL REHFQ\WHNVWMHGQ']8]USR]GDOHMQDGDOXVWDZDRRFKURQLH]DE\WNyZ : UR]SDWU\ZDQHMVSUDZLHNOXF]RZH]QDF]HQLHPDSU]\W\PGUXJL]SRZRáDQ\FKSU]HSLVyZ6WDQRZLRQĪH >S@R]ZROHQLDRNWyU\FKPRZDZXVWLD DUWXVWDZ\ Z\GDMHVLĊQDZQLRVHNRVRE\IL]\F]QHMOXE MHGQRVWNLRUJDQL]DF\MQHMSRVLDGDMąFHMW\WXáSUDZQ\GRNRU]\VWDQLD]]DE\WNXZSLVDQHJRQD/LVWĊ  DOER GRUHMHVWUXZ\QLNDMąF\]SUDZDZáDVQRĞFLXĪ\WNRZDQLDZLHF]\VWHJRWUZDáHJR]DU]ąGXDOERRJUDQLF]RQHJR SUDZDU]HF]RZHJROXEVWRVXQNX]RERZLą]DQLRZHJR2]QDF]DWRĪHSU]HSLVXVWDZ\V]F]HJyáRZRRNUHĞOD OLVWĊRVyENWyUHPRJąZ\VWąSLü]ZQLRVNLHPRSRG]LDáQLHUXFKRPRĞFLZSLVDQHMGRUHMHVWUX]DE\WNyZ 2GQRV]ąFSRZRáDQ\SU]HSLVGRRNROLF]QRĞFLIDNW\F]Q\FKUR]SDWU\ZDQHMVSUDZ\QDOHĪ\VWZLHUG]LüĪH VNDUĪąF\X]DVDGQLDMąFVZRMHĪąGDQLHSRG]LDáXQLHUXFKRPRĞFLPXVLDáE\Z\ND]DüĪHG\VSRQXMHMHGQ\P] F]WHUHFKURG]DMyZSUDZSRGPLRWRZ\FKZ\PLHQLRQ\FKZDUWXVWXVWDZ\RRFKURQLH]DE\WNyZ=DNW VSUDZ\Z\QLNDMHGQDNĪHVNDUĪąF\QLHMHVWZáDĞFLFLHOHPG]LDáNLRQUHZLG  ]REUĊEX  :áDĞFLFLHOHP MHVW  FRZ\QLND]RGSLVX]NVLĊJLZLHF]\VWHM1U   NDNWDGPLQ 6NDUĪąF\MHVWQDWRPLDVW ZáDĞFLFLHOHPG]LDáNLRQXPHU]HHZLG  REUĊE  RSRZLHU]FKQLP  NWyUDVąVLDGXMH]G]LDáNąQU HZLG  :VND]DQHZDUWXVWXVWDZ\RRFKURQLH]DE\WNyZSUDZRSRGPLRWRZHPXVLSU]\VáXJLZDü ZQLRVNRGDZF\GRQLHUXFKRPRĞFLNWyUDPLDáDE\E\üSU]HGPLRWHPSRG]LDáX 'RGDWNRZRGRNXPHQW\]JURPDG]RQHZDNWDFKZVND]XMąĪHG]LDáNDQUHZLG  E\áDSU]HGPLRWHP EH]XPRZQHJRNRU]\VWDQLDSU]\QDMPQLHMWDNLVWDQPLDáPLHMVFHZODWDFK8U]ąG0LDVWD  NLHURZDáERZLHPGRRVyEZ\NRU]\VWXMąF\FKSRV]F]HJyOQHF]ĊĞFLG]LDáNLQUHZLG  SLVPD]DZLHUDMąFH Z\OLF]HQLHRSáDW\]W\WXáXEH]XPRZQHJRNRU]\VWDQLD]F]ĊĞFLQLHUXFKRPRĞFL SDWU]NDNWDGPLQZ