Ochrona przyrody w systemach prawnych ochrony środowiska Polski, Czech i Słowacji

&RS\ULJKW‹'LILQ6$ :DUV]DZD   :V]HONLHSUDZD]DVWU]HĪRQH .RSLRZDQLHSU]HGUXNRZ\ZDQLHLUR]SRZV]HFKQLDQLHFDáRĞFL OXEIUDJPHQWyZQLQLHMV]HMSUDF\EH]]JRG\Z\GDZF\]DEURQLRQH  .VLąĪNDWDMHVWG]LHáHPWZyUF\LZ\GDZF\ 3URVLP\DE\ĞSU]HVWU]HJDáSUDZMDNLHLPSU]\VáXJXMą -HM]DZDUWRĞüPRĪHV]XGRVWĊSQLüQLHRGSáDWQLHRVRERPEOLVNLP OXERVRELĞFLH]QDQ\PDOHQLHSXEOLNXMMHMZLQWHUQHFLH -HĞOLF\WXMHV]MHMIUDJPHQW\QLH]PLHQLDMLFKWUHĞFLLNRQLHF]QLH ]D]QDF]F]\MHWRG]LHáR$NRSLXMąFMHMF]ĊĞüUyEWRMHG\QLH QDXĪ\WHNRVRELVW\6]DQXMP\FXG]ąZáDVQRĞüLSUDZR  3XEOLNDFMD]RVWDáDVILQDQVRZDQD]HĞURGNyZ1DURGRZHJR&HQWUXP1DXNL SU]\]QDQ\FKQDSRGVWDZLHGHF\]MLQXPHUÄ802%+6´  5HFHQ]HQFL GUKDE%DUEDUD,ZDĔVNDSURI8QLZHUV\WHWX-DJLHOORĔVNLHJR GUKDE*U]HJRU]'REURZROVNLSURI8QLZHUV\WHWXĝOąVNLHJR   5HGDNWRUSURZDG]ąFD 0DULD$GDPVND   .RUHNWD 0DáJRU]DWD:áRGDUF]\N   3URMHNWRNáDGNL 0LNRáDM0LRGRZVNL    ,6%1   'LILQ6$ :DUV]DZD XO).RVWU]HZVNLHJR:DUV]DZD WHO IDNV .VLĊJDUQLHLQWHUQHWRZH'LILQ ZZZNVLHJDUQLDGLILQSOZZZNVLHJDUQLDVJKSO 6NáDGLáDPDQLH3ROLJUDILDWHO :\GUXNRZDQRZ3ROVFH

^W/^dZ_/

KďũĂƑŶŝĞŶŝĞǁĂǏŶŝĞũƐnjLJĐŚƐŬƌſƚſǁ  tƐƚħƉ  ZŽnjĚnjŝĂųϭ hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂ     :SURZDG]HQLHKLVWRU\F]QH   3ROVNDXVWDZDRRFKURQLHSU]\URG\]URNX   0LĊG]\ZRMHQQD&]HFKRVáRZDFMD   3ROVNDXVWDZDRRFKURQLHSU]\URG\]URNX   6áRZDFNDLF]HVNDXVWDZ\RRFKURQLHSU]\URG\]ODW±   3ROVNDXVWDZDRRFKURQLHGyEUNXOWXU\   3RGVXPRZDQLHNRPSDUDW\VW\F]QH  ZŽnjĚnjŝĂųϮ <ŽŶĐĞƉĐũĂŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂ     5DSRUW87KDQWDL.RQIHUHQFMD6]WRNKROPVND   3ROVNDZGUXJLHMSRáRZLHODWLZODWDFK;;ZLHNX   &]HFKRVáRZDFMDZODWDFKL;;ZLHNX   3RGVXPRZDQLHNRPSDUDW\VW\F]QH      

ϲͮ^ƉŝƐƚƌĞƑĐŝ ZŽnjĚnjŝĂųϯ WŽůƐŬĂƵƐƚĂǁĂŽŽĐŚƌŽŶŝĞŝŬƐnjƚĂųƚŽǁĂŶŝƵƑƌŽĚŽǁŝƐŬĂnjϭϵϴϬƌŽŬƵ     1DGURG]HGRXVWDZ\   .RQFHSFMDXVWDZ\   2FKURQDSU]\URG\ZĞZLHWOHXVWDZ\RRFKURQLHLNV]WDáWRZDQLXĞURGRZLVND   6SyURPLHMVFHRFKURQ\SU]\URG\ZV\VWHPLHSUDZQ\PRFKURQ\ĞURGRZLVND Z3ROVFH  ZŽnjĚnjŝĂųϰ njĞĐŚŽƐųŽǁĂĐŬĂƵƐƚĂǁĂŽƑƌŽĚŽǁŝƐŬƵnjϭϵϵϭƌŽŬƵ     1DGURG]HGRXVWDZ\   .DUWD3RGVWDZRZ\FK3UDZL:ROQRĞFL&]HFKRVáRZDFML   .RQFHSFMDXVWDZ\RĞURGRZLVNX   .RQVW\WXFMHUHSXEOLN&]HVNLHML6áRZDFNLHM   .DUWDNRQVW\WXFMHLXVWDZDRĞURGRZLVNX   3RGVXPRZDQLHNRPSDUDW\VW\F]QH  ZŽnjĚnjŝĂųϱ WƌnjĞũƑĐŝŽǁĞƵƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJ     3ROVNDXVWDZDRRFKURQLHSU]\URG\]URNX   1DGURG]HGRXVWDZ\   8VWDZD]SDĨG]LHUQLNDUZEU]PLHQLXSLHUZRWQ\P   8VWDZD]SDĨG]LHUQLNDUSRQRZHOL]DFMDFK]ODWL   6áRZDFNDXVWDZDRRFKURQLHSU]\URG\LNUDMREUD]X]URNX   3RGVXPRZDQLHNRPSDUDW\VW\F]QH  ZŽnjĚnjŝĂųϲ WŽůƐŬĂƵƐƚĂǁĂʹWƌĂǁŽŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂnjϮϬϬϭƌŽŬƵ     1DGURG]HGRXVWDZ\   .RQVW\WXFMD5]HF]\SRVSROLWHM3ROVNLHM   .RQFHSFMDXVWDZ\   2FKURQDSU]\URG\ZĞZLHWOHXVWDZ\±3UDZRRFKURQ\ĞURGRZLVND  ZŽnjĚnjŝĂųϳ KďŽǁŝČnjƵũČĐĞƵƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJ     &]HVNDXVWDZDRRFKURQLHSU]\URG\LNUDMREUD]X]URNX   6WUXNWXUDXVWDZ\   3RMĊFLHRFKURQ\SU]\URG\LNUDMREUD]X 

^ƉŝƐƚƌĞƑĐŝͮϳ  3RZV]HFKQDRFKURQDSU]\URG\LNUDMREUD]X   6\VWHPVWDELOQRĞFLHNRORJLF]QHM   2FKURQDNUDMREUD]X   2FKURQDURĞOLQGU]HZLDVW\FK   6]F]HJyOQDRFKURQDSU]\URG\LNUDMREUD]X   2FKURQDREV]DURZD   2FKURQDJDWXQNRZD   2UJDQ\RFKURQ\SU]\URG\   2GSRZLHG]LDOQRĞüSUDZQD   6áRZDFNDXVWDZDRRFKURQLHSU]\URG\LNUDMREUD]X]URNX   6WUXNWXUDXVWDZ\   3RMĊFLHRFKURQ\SU]\URG\LNUDMREUD]X   3RZV]HFKQDRFKURQDSU]\URG\LNUDMREUD]X   6WRSQLRZDQLHRFKURQ\   6]F]HJyOQDRFKURQDSU]\URG\LNUDMREUD]X   2FKURQDREV]DURZD   2FKURQDJDWXQNRZD   2FKURQDURĞOLQGU]HZLDVW\FK   2UJDQ\RFKURQ\SU]\URG\   2GSRZLHG]LDOQRĞüSUDZQD   3ROVNDXVWDZDRRFKURQLHSU]\URG\]URNX   6WUXNWXUDXVWDZ\   3RMĊFLHRFKURQ\SU]\URG\LNUDMREUD]X   3RZV]HFKQDRFKURQDSU]\URG\LNUDMREUD]X   6]F]HJyOQDRFKURQDSU]\URG\LNUDMREUD]X   2FKURQDREV]DURZD   2FKURQDJDWXQNRZD   2UJDQ\RFKURQ\SU]\URG\   2GSRZLHG]LDOQRĞüSUDZQD  ZŽnjĚnjŝĂųϴ ^LJŶƚĞƚLJnjƵũČĐĞƵũħĐŝĂŶĂƵŬŽǁĞ     &]HVNLHV\QWH]\SUDZDĞURGRZLVND   6áRZDFNLHV\QWH]\SUDZDĞURGRZLVND   3ROVNLHV\QWH]\SUDZDRFKURQ\ĞURGRZLVND  ZŽnjĚnjŝĂųϵ tLJďƌĂŶĞnjĂŐĂĚŶŝĞŶŝĂƚĞŽƌĞƚLJĐnjŶĞ     3UDZRĞURGRZLVNDF]\SUDZRRFKURQ\ĞURGRZLVND   .RU]\VWDQLH]]DVREyZSU]\URG\   2FKURQDĞURGRZLVNDDRFKURQDSUDF\ 

ϴͮ^ƉŝƐƚƌĞƑĐŝ  2FKURQDĞURGRZLVNDDRFKURQD]GURZLDSXEOLF]QHJR   2FKURQDĞURGRZLVNDDRFKURQD]DE\WNyZ   2FKURQDNUDMREUD]X   *DáąĨG]LDáF]\G]LHG]LQDSUDZD  ZŽnjĚnjŝĂųϭϬ DŝĞũƐĐĞƉƌĂǁŶĞũŽĐŚƌŽŶLJƉƌnjLJƌŽĚLJǁƐLJƐƚĞŵĂĐŚƉƌĂǁŶLJĐŚŽĐŚƌŽŶLJ ƑƌŽĚŽǁŝƐŬĂǁWŽůƐĐĞ͕njĞĐŚĂĐŚŝŶĂ^ųŽǁĂĐũŝʹƉŽĚƐƵŵŽǁĂŶŝĞ  ŝďůŝŽŐƌĂĨŝĂ        

K:_E/E/t‚E/:^z,^<ZMdMt

/͘ŬƚLJƉƌĂǁŶĞ ϭ͘<ŽŶƐƚLJƚƵĐũĞŝƵƐƚĂǁLJŬŽŶƐƚLJƚƵĐLJũŶĞ .RQVW\WXFMDý5  .RQVW\WXFMD5HSXEOLNL&]HVNLHM]JUXGQLDU ÒVWDYQt]iNRQþ6E±ÒVWDYDýHVNpUHSXEOLN\_ .RQVW\WXFMD53  .RQVW\WXFMD5]HF]\SRVSROLWHM3ROVNLHM]NZLHWQLDU ']81USR] .RQVW\WXFMD65  .RQVW\WXFMD5HSXEOLNL6áRZDFNLHM]ZU]HĞQLDU ÒVWDYD6ORYHQVNHMUHSXEOLN\þ=E_ /=36  &]HFKRVáRZDFND.DUWD3RGVWDZRZ\FK3UDZL:ROQRĞFL ]VW\F]QLDUÒVWDYQL]iNRQþ6E ZZHUVMLF]HVNLHM±/LVWLQD]iNODGQtFKSUiYDVYRERG ZZHUVMLVáRZDFNLHM±/LVWLQD]iNODGQêFKSUiYDVORE{G 



_{:MĊ]\NDFKF]HVNLPLVáRZDFNLP~VWDYDWRÄNRQVW\WXFMD´]iNRQWRÄXVWDZD´D~VWDYQt]DNRQ} WRÄXVWDZDNRQVW\WXF\MQD´&]HVNLHDNW\SUDZQHSRZRáXMHVLĊZWHQVSRVyEĪHSROLWHU]HÄþ´þLVOR WMQXPHUQDVWĊSXMHSR]\FMDSRGNWyUąDNWSUDZQ\]RVWDáRSXEOLNRZDQ\ZRILFMDOQ\P]ELRU]HDNWyZ SUDZQ\FK]ZDQ\P6EtUND]iNRQĤáDPDQDSU]H]URNSLHUZV]HMSXEOLNDFMLQLH]DOHĪQLHRGHZHQWXDO Q\FKWHNVWyZMHGQROLW\FKL]DNRĔF]RQDOLWHUDPL6EWMVNUyWRZFHPRZHJRRILFMDOQHJR]ELRUX _{6áRZDFNLHDNW\SUDZQHSRZRáXMHVLĊZWHQVSRVyEĪHSROLWHU]HÄþ´þLVORWMQXPHUQDVWĊSXMH} SR]\FMDSRGNWyUąDNWSUDZQ\]RVWDáRSXEOLNRZDQ\ZRILFMDOQ\P]ELRU]HDNWyZSUDZQ\FK]ZDQ\P =ELHUND]iNRQRYáDPDQDSU]H]URNSLHUZV]HMSXEOLNDFMLQLH]DOHĪQLHRGHZHQWXDOQ\FKWHNVWyZMHG QROLW\FKL]DNRĔF]RQDOLWHUDPL=EWMVNUyWRZFHPRZHJRRILFMDOQHJR]ELRUXZRNUHVLHF]HFKRVáR ZDFNLPDOLWHUDPL=]R]QDF]DMąF\PLWHQVDPVNUyWRZLHFZVDPRG]LHOQHM5HSXEOLFH6áRZDFNLHM $NW\Z\GDZDQHZRNUHVLHF]HFKRVáRZDFNLPSU]H]6áRZDFNą5DGĊ1DURGRZą6ORYHQVNiQiURGQi UDGDSRZRáXMHVLĊZWHQVSRVyEĪHSRZ\UD]LH]iNRQQDVWĊSXMHVNUyWRZLHF615LSRQLPSR]\FMD RILFMDOQHJR]ELRUXDNWyZSUDZQ\FKáDPDQDSU]H]URNSXEOLNDFMLL]DNRĔF]RQDOLWHUDPL=E615

ϭϬͮKďũĂƑŶŝĞŶŝĞǁĂǏŶŝĞũƐnjLJĐŚƐŬƌſƚſǁ Ϯ͘hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJŝƑƌŽĚŽǁŝƐŬĂ SRĞ SROVNDXVWDZD]NZLHWQLDU±3UDZRRFKURQ\ĞURGRZLVND']8 ]USR] XRS SROVNDXVWDZD]NZLHWQLDURRFKURQLHSU]\URG\']8]USR] =23. Z]DOHĪQRĞFLRGNRQWHNVWX F]HVNDXVWDZD]OXWHJRURRFKURQLHSU]\URG\LNUDMREUD]X=iNRQþ 6ERRFKUDQČSĜtURG\DNUDMLQ\OXE VáRZDFNDXVWDZD]F]HUZFDURRFKURQLHSU]\URG\LNUDMREUD]X=iNRQ þ=]RRFKUDQHSUtURG\DNUDMLQ\ =Rä3  F]HFKRVáRZDFNDXVWDZD]JUXGQLDURĞURGRZLVNXQDGDORERZLą]XMąFD Z&]HFKDFK±]iNRQþ6ERåLYRWQtPSURVWĜHGt QD6áRZDFML±]DNRQþ=ERåLYRWQRPSURVWUHGt //͘KƌŐĂŶLJŝŝŶƐƚLJƚƵĐũĞ $23.  F]HVND$JHQWXUDRFKUDQ\SĜtURG\DNUDMLQ\ ý15  ýHVNiQiURGQtUDGD *'2ĝ  SROVNL*HQHUDOQ\'\UHNWRU2FKURQ\ĝURGRZLVND 0ĝ  SROVNL0LQLVWHUĝURGRZLVND 0ä3  Z]DOHĪQRĞFLRGNRQWHNVWX F]HVNLH0LQLVWHUVWYRåLYRWQtKRSURVWĜHGtOXE VáRZDFNLH0LQLVWHUVWYRåLYRWQpKRSURVWUHGLD 16$  SROVNL1DF]HOQ\6ąG$GPLQLVWUDF\MQ\ 5'2ĝ  SROVNL5HJLRQDOQ\'\UHNWRU2FKURQ\ĝURGRZLVND 61  SROVNL6ąG1DMZ\ĪV]\ 615  6ORYHQVNiQiURGQDUDGD â23  VáRZDFNDâWiWQDRFKUDQDSUtURG\ 7.  SROVNL7U\EXQDá.RQVW\WXF\MQ\ :6$  SROVNL:RMHZyG]NL6ąG$GPLQLVWUDF\MQ\ ///͘njĂƐŽƉŝƐŵĂŝnjďŝŽƌLJŽƌnjĞĐnjĞŷ $8%  $FWD8QLYHUVLWDWLV%UXQHQVLV $8&  $FWD8QLYHUVLWDWLV&DUROLQDH &%26$  &HQWUDOQD%D]D2U]HF]HĔ6ąGyZ$GPLQLVWUDF\MQ\FK &K32  &KURĔP\3U]\URGĊ2MF]\VWą ý3ä3  ýHVNpSUiYRåLYRWQtKRSURVWĜHGt 216$  2U]HF]QLFWZR1DF]HOQHJR6ąGX$GPLQLVWUDF\MQHJR 23  2FKURQD3U]\URG\ 263  2U]HF]QLFWZR6ąGyZ3ROVNLFK 3L3  3DĔVWZRL3UDZR 3Lĝ  3UDZRLĝURGRZLVNR 32  3UiYQ\RE]RU 3âW_  3UiYQLFNpãWXGLH

t^d%W

.LHG\ZPDMXU]RVWDáRJáRV]RQ\Vá\QQ\UDSRUWJUXS\QDXNRZFyZ]ZDQ\ ±RGQD]ZLVNDyZF]HVQHJR6HNUHWDU]D*HQHUDOQHJR21=±5DSRUWHP87KDQWD ]ZUDFDMąF\XZDJĊQDNU\]\VZUHODFMDFKPLĊG]\F]áRZLHNLHPDMHJRRWRF]HQLHP SU]HGHZV]\VWNLPSU]\URGQLF]\PZRELHJXSRWRF]Q\PQDVWĊSQLHSUDZQLF]\P LSUDZQ\PSRMDZLáRVLĊSRMĊFLHRFKURQ\ĞURGRZLVNDRGGDZDQHZOLF]Q\FKMĊ]\ NDFKĞZLDWDSURWHFWLRQRIWKHHQYLURQPHQW±ZMĊ]\NXDQJLHOVNLPSURWHFWLRQGH O¶HQYLURQQHPHQW±ZMĊ]\NXIUDQFXVNLP8PZHOWVFKXW]±ZMĊ]\NXQLHPLHFNLP N|UQ\H]HWYpGHOHP±ZMĊ]\NXZĊJLHUVNLPQLHNLHG\]GRGDWNLHPĪHFKRG]LRĞUR GRZLVNRRWDF]DMąFHSURWHFWLDPHGLXOXLРQFRQMXUăWRU±ZMĊ]\NXUXPXĔVNLPRWD F]DMąFHDOHSU]\URGQLF]HRFKUDQDRNUXĪDMXV]F]HMSULURGQRMVULHG\±ZMĊ]\NX URV\MVNLP]DNFHQWHPQDHOHPHQW\SU]\URGQLF]HRFKURQDĞURGRZLVNDQDWXUDO QHJR±ZMĊ]\NXSROVNLP]]D]QDF]HQLHPĪHFKRG]LRĞURGRZLVNRĪ\FLDRFKUDQD åLYRWQtKRSURVWĜHGt±MĊ]\NXF]HVNLPRFKUDQDåLYRWQpKRSURVWUHGLD±ZMĊ]\NX VáRZDFNLP -HGQDNĪHZRELHJXSRZV]HFKQ\PSR]RVWDZDáRSRMĊFLHRFKURQ\SU]\URG\VWDU V]H±MHĞOLFKRG]LRRFKURQĊ]HZ]JOĊGyZLGHDOQ\FK±RFRQDMPQLHMVWRODW3RMD ZLáR VLĊ ZWHG\ S\WDQLH MDNLH Vą UHODFMH PLĊG]\ WUDG\F\MQą RFKURQą SU]\URG\ DQRZRF]HVQąRFKURQąĞURGRZLVND3RGHMPXMHP\SUyEĊ]EDGDQLDW\FKUHODFMLQD WOHV\VWHPyZSUDZQ\FKSDĔVWZEOLVNLFKVRELHSRGZ]JOĊGHPJHRJUDILF]Q\PKL VWRU\F]Q\P NXOWXURZ\P MĊ]\NRZ\P L SUDZQ\P &]HFKRVáRZDFML QDVWĊSQLH &]HFKL6áRZDFMLL3ROVNL:RGQLHVLHQLXGRW\FKUHODFMLZGRNWU\QLHSUDZQLF]HM EDGDQ\FKSDĔVWZPRĪQDZVND]DüQDSLĊü]DVDGQLF]\FKVWDQRZLVN

ϭϮͮtƐƚħƉ 6WDQRZLVNRSLHUZV]H]PLHU]DGRSHáQHJRRGVHSDURZDQLDRFKURQ\SU]\URG\RG RFKURQ\ĞURGRZLVNDFR]QDMGXMHZ\UD]ZSU]HNRQDQLXĪHRFKURQDWZRUyZSU]\URG\ MDNRRFKURQDSU]\URG\ZMHMF]\VWHMSRVWDFLMHVWRGUĊEQ\PRGRFKURQ\ĞURGRZLVND ]DJDGQLHQLHPSUDZQ\P_ 'UXJLHVNUDMQLHSU]HFLZVWDZQHVWDQRZLVNR]PLHU]DGRSHáQHJRÄUR]WRSLHQLD´ RFKURQ\SU]\URG\ZRFKURQLHĞURGRZLVNDF]HJRV]F]HJyOQLHZ\UD]LVW\PSU]\ NáDGHPMHVWRSHURZDQLHNRQVWUXNFMąÄ]DFKRZDZF]HMRFKURQ\ĞURGRZLVND´]]D ]QDF]HQLHPĪHQLHJG\ĞE\áDRQDQD]\ZDQDRFKURQąSU]\URG\_ 7U]HFLHVWDQRZLVNR±QDMF]ĊĞFLHMVSRW\NDQH±WRWUDNWRZDQLHRFKURQ\SU]\URG\ MDNRMHGQHJR]NLHUXQNyZRFKURQ\ĞURGRZLVNDDZNRQVHNZHQFMLX]QDZDQLHXVWDZ\ RRFKURQLHSU]\URG\]DÄXVWDZĊG]LDáRZą´ZOLWHUDWXU]HSROVNLHM_{L]DVORåNRYê} ]iNRQZOLWHUDWXU]HF]HVNLHM_ &]ZDUWHVWDQRZLVNRMHVW]EOLĪRQHGRWU]HFLHJRDOHQLHFREDUG]LHM]QLXDQVR ZDQH-HJR]ZROHQQLF\QLHSU]HF]ąĪHRFKURQDSU]\URG\MHVWMHGQ\P]NLHUXQNyZ RFKURQ\ĞURGRZLVNDDOHXVWDZDRRFKURQLHSU]\URG\]DMPXMHZNRQFHSFMLDXWRUNL VáRZDFNLHMPLHMVFHV]F]HJyOQHLV\WXXMHVLĊQDSRJUDQLF]XQDUR]KUDQLHPLĊG]\ SU]HNURMRZ\PLSULHUH]RYêPLUHJXODFMDPLRFKURQ\ĞURGRZLVNDDSU]HSLVDPLG]LD áRZ\PL]ORåNRYêPL_{:HGáXJDXWRUDSROVNLHJRQDWRPLDVWSUDZRRFKURQ\SU]\URG\} QLHPRĪHE\üVSURZDG]RQHW\ONRGRMHGQHJR]OLF]Q\FKNLHUXQNyZSUDZQHMRFKURQ\ ĞURGRZLVNDOHF]Z]JOĊGQLHZ\RGUĊEQLDVLĊZUDPDFKSUDZDRFKURQ\ĞURGRZLVND_ 2GQRWRZDüMHV]F]HQDOHĪ\FK\EDMXĪ]DSRPQLDQHVWDQRZLVNRSLąWHĪHWRZFDOH QLHMHVWWDNĪHSUDZRRFKURQ\SU]\URG\MHVWF]ĊĞFLąVNáDGRZąSUDZDRFKURQ\ĞUR GRZLVNDDOHRGZURWQLHSUDZRRFKURQ\ĞURGRZLVNDSRZLQQRE\üX]QDQH]DF]ĊĞü VNáDGRZąSUDZDRFKURQ\SU]\URG\_ 1LH]DOHĪQLHRGWHJRF]\LNWyU\]SU]\ZRáDQ\FKSRJOąGyZPRĪQDOXEWU]HED ]DDNFHSWRZDüMHGQRZ\GDMHVLĊSR]DG\VNXVMąPLDQRZLFLHRFKURQDSU]\URG\MHVW G]LHG]LQąV]F]HJyOQLHZUDĪOLZąDEáĊG\ZQLHMSRSHáQLRQHPRJąRND]DüVLĊQLH GR QDSUDZLHQLD =GHJUDGRZDQ\ ]ELRUQLN ZRGQ\ PRĪQD SU]\ZUyFLü GR Ī\FLD



_{/-DVWU]ĊEVNL2FKURQDSU]\URG\LĞURGRZLVNDZ35/=DJDGQLHQLDDGPLQLVWUDF\MQH :DU} V]DZDV _{53DF]XVNL3UDZRRFKURQ\ĞURGRZLVND%\GJRV]F]VLQ} _{7DNQS-&LHFKDQRZLF]0F/HDQ=ZLą]NLQRUPDW\ZQHSU]\URG\LĞURGRZLVNDZSUDZLHSRO} VNLP3LĝQUV _{7DNQS96WHMVNDO=iNRQRRFKUDQČSĜtURG\DNUDMLQ\.RPHQWiĜ3UDKDV;;;,&]H} VNLZ\UD]VORåNDMHJRRGSRZLHGQLNLHPMHVWVáRZDFND]ORåNDWRW\OHFRÄVNáDGQLNF]ĊĞüVNáDGRZD HOHPHQWVWURQD´

_{6 .RãLþLDURYi >Z@ 6 .RãLþLDURYi D NROHNWLY 3UiYR åLYRWQpJRSURVWUHGLD 2VRELWQi þDVW¶}

âDPRULQV

_{:5DGHFNL8VWDZDRRFKURQLHSU]\URG\.RPHQWDU]:DUV]DZDV}

_{-+RPSOHZLF]2QDOHĪ\W\]DVLĊJGODZVSyáF]HVQHJRSUDZDRFKURQ\SU]\URG\&K32}

tƐƚħƉͮϭϯ

Z\PDUáHJRJDWXQNX±QLH3RZVWDMHS\WDQLHRNDSLWDOQ\P]QDF]HQLXSUDNW\F]Q\P F]\G\OHPDW\SUDZQHRFKURQ\SU]\URG\QDOHĪ\UR]ZLą]\ZDüZUDPDFKSUDZDĞUR GRZLVNDF]\RERNQLHJR"1DWRS\WDQLHSRV]XNXMHP\RGSRZLHG]LZWHMPRQRJUDILL

=DMĊFLHX]DVDGQLRQHJRVWDQRZLVNDZSU]HGPLRFLHUHODFMLPLĊG]\RFKURQąĞUR GRZLVND D RFKURQą SU]\URG\ Z\PDJD SU]HSURZDG]HQLD EDGDĔ XZ]JOĊGQLDMąF\FK WDNĪHKLVWRULĊUHJXODFMLERSU]HFLHĪRERZLą]XMąFHSU]HSLV\QLHSRZVWDZDá\ZSX VWFHSUDZQHMOHF]VLĊJDá\GRGRĞZLDGF]HĔ]SU]HV]áRĞFL]DUyZQRSR]\W\ZQ\FKMDN LQHJDW\ZQ\FK:\PDJDWDNĪHUR]VWU]\JQLĊFLDNLONXVNRPSOLNRZDQ\FKSUREOHPyZ WHRUHW\F]Q\FKGRW\F]ąF\FKVDPHJRSUDZDRFKURQ\ĞURGRZLVNDDPRĪHOHSLHM ±SUDZDĞURGRZLVNDMHJRVWUXNWXU\LPLHMVFDZV\VWHPLHSUDZDMHJRRGQLHVLHĔGR SUDZDRFKURQ\]GURZLDSXEOLF]QHJRSUDZDSUDF\F]\SUDZDRRFKURQLH]DE\WNyZ 3HáQDSUH]HQWDFMDUR]ZLą]DĔQRUPDW\ZQ\FKRFKURQ\ĞURGRZLVNDLRFKURQ\ SU]\URG\MHVW]HZ]JOĊGXQD]DáRĪRQHUDP\PRQRJUDILLRF]\ZLĞFLHQLHPRĪOLZD 3RPLMDP\SU]HWROLF]QH]DJDGQLHQLD]ZLą]DQH]SUREOHPDW\NąSURFHGXUDOQąUH JXODFMDPLZáDVQRĞFLRZ\PLRGV]NRGRZDZF]\PLLWSNRQFHQWUXMąFVLĊQD]DJDG QLHQLDFKSRGVWDZRZ\FKU]XWXMąF\FKQDUR]ZLą]DQLHUHODFMLPLĊG]\RFKURQąSU]\ URG\DRFKURQąĞURGRZLVNDGRNWyU\FK]DOLF]DP\  SRMĊFLDRFKURQ\ĞURGRZLVNDLRFKURQ\SU]\URG\  RFKURQĊNUDMREUD]XMDNRáąF]QLNDPLĊG]\UyĪQ\PL]DJDGQLHQLDPLRFKURQ\ ĞURGRZLVNDLRFKURQ\SU]\URG\  RFKURQĊGU]HZLNU]HZyZSR]DODVDPL  RGSRZLHG]LDOQRĞüSUDZQąNWyUDPXVLWRZDU]\V]\üSU]HSLVRPRFKURQQ\P DE\QLHVWDá\VLĊRQHMHG\QLHZ\UD]HPĪ\F]HĔ 0RQRJUDILĊXWU]\PXMHP\ZU\]DFKNRPSDUDW\VW\NLSUDZQLF]HMZHZáDĞFLZ\P WHJRVáRZD]QDF]HQLXQLHZ\UyĪQLDMąFSUDZDZáDVQHJRDOHWUDNWXMąFUyZQRU]ĊG QLHSUDZRSROVNLHF]HFKRVáRZDFNLHF]HVNLHLVáRZDFNLH %DGDQLDSUDZQRSRUyZQDZF]HPDMą]QDF]HQLHSU]HGHZV]\VWNLPSR]QDZF]H SRND]XMąUyĪQHVSRVRE\UR]ZLą]\ZDQLDW\FKVDP\FK]DJDGQLHĔ6HQVLX]DVDG QLHQLHZáDVQ\FKNUDMRZ\FKUR]ZLą]DĔSUDZQ\FKZDUWRVNRQIURQWRZDü]PRGH OHPSU]\MĊW\PSU]H]REFHJRXVWDZRGDZFĊWDNĪHGODWHJRĪHSR]ZDODWRZ\UDĨQLHM GRVWU]HFPRFQLHMV]HLVáDEV]HVWURQ\SUDZDNUDMRZHJR3U]HNáDGDVLHWRQDSUDN W\NĊXPRĪOLZLDERZLHPVNRU]\VWDQLHZSU]\V]á\FKSUDFDFKOHJLVODF\MQ\FK]FR EDUG]LHMXGDQ\FKUR]ZLą]DĔREF\FK

,GHD NRG\ILNDFML SROVNLHJR SUDZD ĞURGRZLVND V]F]HJyOQLH Ī\ZD ZH ZF]H VQ\FKODWDFKXELHJáHJRVWXOHFLDQLH]RVWDáD]DU]XFRQDOHF]±ZFRZLHU]\P\ ±MHG\QLHRGVXQLĊWDZF]DVLH.LHG\GRMG]LHGRMHMUHDOL]DFMLWU]HEDEĊG]LHSRGMąü MHGQą]NOXF]RZ\FKGHF\]MLOHJLVODF\MQ\FKF]\NRGHNVRFKURQ\ĞURGRZLVNDEąGĨ NRGHNVĞURGRZLVNDPDREMąüRFKURQĊSU]\URG\F]\WHĪPDRQDSR]RVWDüZRG UĊEQHMXVWDZLH*G\E\QDV]HUR]ZDĪDQLDE\á\SRPRFQHSU]\SRGHMPRZDQLXWDNLHM GHF\]MLE\áRE\WRGODQDVSRZRGHPV]F]HJyOQHMVDW\VIDNFML

ϭϰͮtƐƚħƉ

1LQLHMV]HRSUDFRZDQLHSU]\JRWRZDQRZ]ZLą]NX]UHDOL]DFMąSURMHNWXEDGDZ F]HJRILQDQVRZDQHJRSU]H]1DURGRZH&HQWUXP1DXNL]DW\WXáRZDQHJRÄ2EV]DU\ 1DWXUD  Z SUDZLH SROVNLP F]HVNLP L VáRZDFNLP $QDOL]D SRUyZQDZF]D´ QU802%+6  $GDP+DEXGDL:RMFLHFK5DGHFNL    

ZŽnjĚnjŝĂųϭ

h^dtzKK,ZKE/WZzZKz

WZ<KEW:K,ZKEz

_ZKKt/^<

ϭ͘ϭ͘tƉƌŽǁĂĚnjĞŶŝĞŚŝƐƚŽƌLJĐnjŶĞ

:SUDZG]LH]DOąĪNyZSUDZQHMRFKURQ\SU]\URG\PRĪQDV]XNDüMXĪZJáĊER NLPĝUHGQLRZLHF]XZSRVWDFLUHJDOLyZSDQXMąFHJR]ZáDV]F]DZUHJDOHáRZLHF NLPLUHJDOHU\EDFNLPRJUDQLF]DMąF\FKSUDZRSRORZDQLDLU\ERáyZVWZDGRRVRE\ SDQXMąFHJROXERVyEREGDU]RQ\FKSU]H]QLHJRVSHFMDOQ\PSU]\ZLOHMHPDWDNĪH ZĞUHGQLRZLHF]Q\FKXVWDZDFKOHĞQ\FKE\á\WRMHGQDNLQVWUXPHQW\VáXĪąFHSU]HGH ZV]\VWNLPRFKURQLHPLHQLD2FKURQDSU]\URG\]HZ]JOĊGyZLGHDOQ\FKMHVWSRP\ VáHPGUXJLHMSRáRZ\;,;ZLHNXDZ\UDĨQHIRUP\SUDZQHSU]\MĊáDZEDGDQ\FK SDĔVWZDFKGRSLHURZ;;ZLHNXNLHG\SRSLHUZV]HMZRMQLHĞZLDWRZHMRGURG]LáD VLĊ3ROVNDZSRVWDFL,,5]HF]\SRVSROLWHMLSRZVWDáDSLHUZV]D&]HFKRVáRZDFMD 1LH]QDF]\WRĪHGRSLHURZWHG\PRĪQDPyZLüRRFKURQLHSU]\URG\]HZ]JOĊ GyZLGHDOQ\FK2QDURG]LáDVLĊ]QDF]QLHZF]HĞQLHMZSRVWDFLSU\ZDWQ\FKUH]HU ZDWyZSU]\URG\NWyU\FKSU]\NáDGHPVąQD]LHPLDFKF]HVNLFKUH]HUZDW\äRILQVNê SUDOHVL+RMQi9RGDNWyUHXWZRU]\á-LĜt$XJXVWLQ/DQJXHYDO%XTXR\ZU_

QD ]LHPLDFK VáRZDFNLFK ± UH]HUZDW\ OHĞQH 3ULERM SUL âDONRYHM L 3RQLFNi +XWD



ϭϲͮZŽnjĚnjŝĂųϭ XWZRU]RQHZU_{DQD]LHPLDFKSROVNLFK±3DPLąWND3LHQLDFNDUH]HUZDW} OHĞQ\XWZRU]RQ\ZODWDFK;,;ZLHNX_{7DNĪH]ZLHNX;,;SRFKRG]ąSLHUZ} V]HDNW\XVWDZRGDZF]HWDNLHMDNXVWDZ\6HMPX*DOLF\MVNLHJR]SDĨG]LHUQLND UZ]JOĊGHP]DND]XáDSDQLDZ\WĊSLDQLDLVSU]HGDZDQLD]ZLHU]ąWDOSHMVNLFK ZáDĞFLZ\FK7DWURPĞZLVWDNDLG]LNLFKNy]_{RUD]Z]JOĊGHP]DND]XáDSDQLDLVSU]H} GDZDQLDSWDNyZĞSLHZDMąF\FKLRZDGRĪHUQ\FKNWyUDSRG]PLHQLRQ\PW\WXáHP MDNRXVWDZDRRFKURQLHQLHNWyU\FK]ZLHU]ąWGODXSUDZ\]LHPLSRĪ\WHF]Q\FKZH V]áDZĪ\FLHZU_{RUD]F]HVNDXVWDZD]URRFKURQLHSWDNyZSRĪ\} WHF]Q\FKGODUROQLFWZD_{7\PLSLHUZV]\PLDNWDPLQLHEĊG]LHP\VLĊMHGQDNGDOHM} ]DMPRZDüLSU]HMG]LHP\RGUD]XGRZáDĞFLZ\FKDNWyZXVWDZRGDZF]\FKNWyU\FK SURMHNW\SRMDZLá\VLĊMXĪSRSLHUZV]HMZRMQLHĞZLDWRZHMDOHNWyU\FKORV\Z3RO VFHL&]HFKRVáRZDFMLSRWRF]\á\VLĊRGPLHQQLH

ϭ͘Ϯ͘WŽůƐŬĂƵƐƚĂǁĂŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJnjϭϵϯϰƌŽŬƵ

7\ONR 3ROVFH XGDáR VLĊ Z PLĊG]\ZRMQLX SU]\Mąü  PDUFD  U XVWDZĊ RRFKURQLHSU]\URG\_{+LVWRULDMHMXFKZDODQLDOLF]\ODW3RGNáDGWHRUHW\F]Q\} SRMDZLáVLĊSU]HGSLHUZV]ąZRMQąĞZLDWRZą2GQRWRZDüWU]HEDSLHUZV]ąZOLWHUD WXU]HSROVNLHMNRQFHSFMĊ]DE\WNXSU]\URG\VIRUPXáRZDQąSU]H]0DULDQD5DFLERU VNLHJR=DE\WNDPLSU]\URG\QD]ZDáRQWHSU]HGPLRW\QDWXU\PDUWZHMOXEĪ\ZHM NWyUHEXG]ąFLHNDZRĞüU]DGNRĞFLąSRMDZLDQLDVLĊD]DUD]HPSRZDĪQHZLHNLHPVą ĞZLDGNDPLF]DVyZXELHJá\FKVWRVXQNyZQLHNLHG\]JRáDNOLPDWyZPLQLRQ\FKLMDNR FHQQHRND]\GHPRQVWUDF\MQH]DVáXJXMąQDXZDJĊLRSLHNĊ=DOLF]DP\GRQLFK ]Z\NOHPLHMVFDSLĊNQRĞFLąSRáRĪHQLDQLH]Z\NáH0RJąWRE\üVNDá\ZRGRVSDG\ U]DGNLH]ZLHU]ĊWDROEU]\PLHOXEU]DGNLHGU]HZDOXEQDZHWVNXSLHQLDRGLQQ\FK RGPLHQQHURĞOLQMDNUHV]WNLVWHSyZKDODZOHMNLJLSVRZHWRUIRZLVND_3U]HGH ZV]\VWNLPZV]DNĪHQDOHĪ\ZVND]DüQDSáRPLHQQ\PDQLIHVWDXWRUVWZD-DQD*ZDO EHUWD3DZOLNRZVNLHJR_



_{-+DODM9êFKRYDNRFKUDQHSUtURG\%UDWLVODYDV} _{:6]DIHUÄ3DPLąWND´SLHQLDFND2UH]HUZDFLHOHĞQ\PZ3LHQLDNDFKRGELWND]Ä6\OZDQD´} _{']LHQQLNXVWDZLUR]SRU]ąG]HĔNUDMRZ\FKGOD.UyOHVWZD*DOLFMLL/RGRPHULL]:LHONLP.VLĊ} VWZHP.UDNRZVNLPF];,QU _{']LHQQLNXVWDZLUR]SRU]ąG]HĔNUDMRZ\FK«F],,,QU} _{=iNRQ]HPVNêSURNUiORVWYLýHVNpGDQ\RRFKUDQČQČNROLNDGUXKĤ]YLĜDW]HPČY]GČODQtXåLWHþQêFK} 1D0RUDZDFKXVWDZDWDRERZLą]\ZDáDRGUQDĝOąVNXRGU3RZRáXMHP\]D96WHMVND OHPÒYRGGRSUiYQt~SUDY\RFKUDQ\SĜtURG\DSpþHRELRORJLFNRXUR]PDQLWRVW3UDKDV _{8VWDZD]PDUFDURRFKURQLHSU]\URG\']81USR]} _{05DFLERUVNL=DE\WNLSU]\URG\Ä$WHQHXP3ROVNLH´WRP,/ZyZV} _{-*3DZOLNRZVNL.XOWXUDDQDWXUD2VREQHRGELFLH]/DPXVD,9Z\GDQHVWDUDQLHP6HNFML} 2FKURQ\7DWU7RZDU]\VWZD7DWU]DĔVNLHJR/ZyZ:DUV]DZD

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϭϳ

3LHUZV]\ SURMHNW XVWDZ\ RFKURQQHM SRZVWDá Z PDMX  U Z yZF]HVQ\P 0LQLVWHUVWZLH:\]QDĔ5HOLJLMQ\FKL2ĞZLHFHQLD3XEOLF]QHJR0:5L23=RVWDá RQUR]HVáDQ\GR]DLQWHUHVRZDQ\FKLQVW\WXFMLLRVyEDOHVSRWNDáVLĊ]NU\W\Ną]D U]XFDMąFąĪHVSUDZ\RFKURQ\SU]\URG\WUDNWXMH]E\WZąVNRMDNRW\ONRRFKURQĊ ]DE\WNyZSU]\URG\F]\OLUDF]HMRVREOLZRĞFLEąGĨUHOLNWyZ:HZU]HĞQLXU 0LQLVWHUVWZR6]WXNLL.XOWXU\06L.X]QDáR]DNRQLHF]QHSU]\JRWRZDQLHSUR MHNWXRGUĊEQHMXVWDZ\RRFKURQLHNUDMREUD]X2VWDWHF]QLHSU]HURELRQRSURMHNWPD MRZ\LGODMHJRRPyZLHQLD]ZRáDQRJUXGQLDUZ:DUV]DZLHVSRWNDQLH G]LDáDF]\RFKURQ\SU]\URG\7XMHGQDNVSUDZ\SU]\MĊá\LQQ\REUyW3RVWDQRZLRQR QDUD]LH]DQLHFKDüSUyEXFKZDOHQLDXVWDZ\]HEUDüGRĞZLDGF]HQLDLQQ\FKSDĔVWZ SRZRáDüRUJDQL]DFMĊRFKURQQą±7\PF]DVRZą3DĔVWZRZą.RPLVMĊ2FKURQ\3U]\ URG\ SU]HNV]WDáFRQą Z U Z3DĔVWZRZą 5DGĊ 2FKURQ\ 3U]\URG\ 3523 ±DGRSRP\VáXXVWDZ\SRZUyFLüSyĨQLHM_ 7DNWHĪVLĊVWDáRPDWHULDá\LQQ\FKSDĔVWZE\á\ZSU]HNáDGDFKQDMĊ]\NSROVNL SXEOLNRZDQHZNROHMQ\FKURF]QLNDFKÄ2FKURQ\3U]\URG\´]HEUDQHZRVREQ\P Z\GDZQLFWZLH_{DĪZUHV]FLHZOLSFXUSRMDZLáDVLĊP\ĞODE\Z\SUDFRZD} QLHXVWDZ\SRZLHU]\ü3DĔVWZRZHM.RPLVML.RG\ILNDF\MQHMNWyUDZ\VWRVRZDQH GRQLHM]DSURV]HQLHSU]\MĊáDLQDUHIHUHQWDZ\]QDF]\áD)U\GHU\ND=ROOD3URMHNW ]RVWDáSU]\JRWRZDQ\Z3RGNRPLVML3UDZD5]HF]RZHJRLSRSU]HG\VNXWRZDQLX ]SU]HGVWDZLFLHODPLU]ąGXL3523VNLHURZDQRJRGR6HMPXZUDOHF]ĊVWH ]PLDQ\U]ąGXNWyU\SRQRZQLHPXVLDá]DSR]QDZDüVLĊ]SURMHNWHPVSRZRGRZDá\ ĪHSUDFHSU]HFLąJQĊá\VLĊGRU_ -XĪZWUDNFLHSUDFQDGSURMHNWHP]DU\VRZDáDVLĊGRĞüLVWRWQDUyĪQLFD]GDĔPLĊG]\ GZLHPDJáyZQ\PLSRVWDFLDPL)U\GHU\NLHP=ROOHPD-DQHP*ZDOEHUWHP3DZOL NRZVNLP&KRG]LáRRWRF]\XVWDZDSRZLQQDREMąü]DJDGQLHQLDRFKURQ\SRPQL NyZV]WXNLLNXOWXU\-DNLQIRUPXMąKLVWRU\F\SLHUZV]\]QLFKE\á]ZROHQQLNLHP WDNLHJRUR]ZLą]DQLD_{F]HPX]GHF\GRZDQLHVSU]HFLZLDáVLĊGUXJLDUJXPHQWXMąF} ĪHRUJDQL]DFMDZ\PDJDRGUĊEQ\FKNZDOLILNDFMLDLQQHSU]HSLV\SU]\VWRVRZDQHVą ]UHJXá\GRRFKURQ\]DE\WNyZV]WXNLLNXOWXU\MDNRG]LDáXPDMąFHJRGáXĪV]ąWUD G\FMĊZREHFF]HJRSU]HSLV\RRFKURQLHSU]\URG\WDPJG]LHQLHPRJąE\üLGHQ W\F]QHWUDNWRZDQHVąZIRUPLHGRGDWNyZRGPLDQLZ\MąWNyZFRFDáąEXGRZĊWDNLHM áąF]QHMXVWDZ\F]\QLQLHMDVQąLEDáDPXWQą_



_{-*3DZOLNRZVNL5R]EXGRZDSUDZQ\FKSRGVWDZRFKURQ\SU]\URG\235RF]QLN.UDNyZ} V _{-*3DZOLNRZVNL3UDZRRFKURQ\SU]\URG\.UDNyZ±$QHNV} _{-*3DZOLNRZVNL5R]EXGRZD«G]F\WV}

_{/ *yUQLFNL 3UDZR F\ZLOQH Z SUDFDFK .RPLVML .RG\ILNDF\MQHM 5]HF]\SRVSROLWHM 3ROVNLHM}

ZODWDFK±:URFáDZV

ϭϴͮZŽnjĚnjŝĂųϭ

:DUWRZW\PPLHMVFXGRGDüĪHZLHONLDXWRU\WHWZG]LHG]LQLHRFKURQ\SU]\ URG\MDNLPEH]VSRUQLHE\á$GDP:RG]LF]NRSLVDáĪHRFKURQDSU]\URG\UR]ZLMD VLĊMDNRQRZDJDáą]NDQDVWDU\PSQLXRFKURQ\QDGSRPQLNDPLZRJyOH_PDMąF

QDP\ĞOLQLHZąWSOLZLH]DE\WNL

-HV]F]H SU]HG XFKZDOHQLHP XVWDZ\ -DQ *ZDOEHUW 3DZOLNRZVNL SU]HGVWDZLá VZRMąNRQFHSFMĊSUDZDRFKURQ\SU]\URG\Z\ZRG]ąFĪHSUDZRRFKURQ\SU]\URG\ QLH MHVW X]DOHĪQLRQH RG VSHFMDOQHM XVWDZ\ WDN ]DW\WXáRZDQHM 3U]HSLV\ RFKURQQH PRJąERZLHPZHMĞüGRXVWDZUR]PDLWHJRURG]DMXWDNĪHRSUDZLHRFKURQ\SU]\ URG\PRĪQDE\WXPyZLüQLHW\ONRMDNRRRVREQ\P]DPNQLĊW\PG]LDOHSUDZD DOHMDNRRNRPSOHNVLHSRVWDQRZLHĔZUyĪQ\FKG]LDáDFKSUDZD]DZDUW\FKRLOHLFK PRW\ZHPMHVWRFKURQDSU]\URG\2V\VWHPLHSUDZDRFKURQ\SU]\URG\DW\PEDU G]LHMRMDNLPĞRGUĊEQ\PG]LDOHXVWDZRGDZVWZDNWyU\E\FDáRĞüRFKURQ\SU]\ URG\ZVRELH]DZLHUDáPyZLüQLHPRĪQD,GHDRFKURQ\SU]\URG\MHVWERZLHP QLHMDNR VROą NWyUD ZV]\VWNLH G]LDá\ XVWDZRGDZVWZD MDN L FDáą DGPLQLVWUDFMĊ SDĔVWZRZą]DSUDZLDüSRZLQQDMHVW]DVDGąPRUDOQąPRW\ZHPUR]PDLW\FKSUDZ Q\FKSRVWDQRZLHĔLZáDĞQLHGODWHJRQLHPRĪHE\üZ\áąF]QLHSU]HGPLRWHPRGUĊE QHJRG]LDáXXVWDZRGDZVWZDDQLRGUĊEQHMJDáĊ]LDGPLQLVWUDFML1LJG\QLHEĊG]LH PRĪQDZV]\VWNLFKVSUDZRFKURQ\SU]\URG\]DPNQąüZMHGQ\PRGUĊEQ\PNRGHN VLH F]\ Z MHGQHM XVWDZLH_{ 5R]ZLMDMąFWĊ P\ĞO GRSDWU\ZDá VLĊ -DQ *ZDOEHUW}

3DZOLNRZVNLUHJXODFMLRFKURQQ\FKZSUDZLHGRW\F]ąF\P]DE\WNyZNXOWXU\LV]WXNL DJUDUQ\P GURJRZ\P ZRGQ\PJyUQLF]\P EXGRZODQ\PVDQLWDUQ\P OHĞQ\P áRZLHFNLPU\EDFNLPVNDUERZ\P_

8VWDZD]PDUFDURRFKURQLHSU]\URG\E\áDNUyWNLPDNWHPSUDZQ\P OLF]ąF\P]DOHGZLHDUW\NXá\ZVWUXNWXU]HQDVWĊSXMąFHM

5R]G]LDá , 3U]HGPLRW\ L WUHĞü RFKURQ\ SDUNL QDURGRZH ZáDG]H L )XQGXV] 2FKURQ\3U]\URG\DUW± 5R]G]LDá ,, 5RV]F]HQLD R RGV]NRGRZDQLH Z\ZáDV]F]HQLHSUDZR Z\NXSX DUW± 5R]G]LDá,,,3U]HSLV\NDUQHDUW± 5R]G]LDá,93U]HSLV\SU]HMĞFLRZHLNRĔFRZHDUW± ,GHĊXVWDZ\]URRFKURQLHSU]\URG\Z\UDĪDáZSHáQLMHMDUWZHGáXJ NWyUHJRRFKURQLHSRGOHJDá\WZRU\SU]\URG\MDNRWR]LHPLDMHMXNV]WDáWRZDQLH LIRUPDFMHMDVNLQLHZRG\VWRMąFHLSá\QąFHZRGRVSDG\EU]HJLW\FKZyG]ZLH U]ĊWDURĞOLQ\PLQHUDá\VNDPLHQLDáRĞFL±WDNJDWXQNLMDN]ELRURZLVNDLSRV]F]H JyOQHRND]\NWyU\FK]DFKRZDQLHOHĪDáRZLQWHUHVLHSXEOLF]Q\P]HZ]JOĊGyZ



_{$:RG]LF]NR2FKURQDSU]\URG\QRZąJDáĊ]LąZLHG]\235RF]QLN.UDNyZV} _{-*3DZOLNRZVNL3UDZRRFKURQ\SU]\URG\.UDNyZV±}

_{-* 3DZOLNRZVNL 3UDZRGDZVWZR RFKURQQH >Z@ 6NDUE\ SU]\URG\ L LFK RFKURQD UHG}

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϭϵ

QDXNRZ\FKHVWHW\F]Q\FKKLVWRU\F]Q\FKSDPLąWNRZ\FKDOERWHĪ]HZ]JOĊGXQD VZRLVWHFHFK\NUDMREUD]XLNWyUHZáDG]DSDĔVWZRZDX]QDáD]DSRGOHJDMąFHRFKUR QLH'ZDHOHPHQW\WHJRZ\]QDF]HQLD]DNUHVXRFKURQ\]DVáXJXMąQDSRGNUHĞOHQLH

 SRSLHUZV]HFHOHPRFKURQ\E\áR]DFKRZDQLHSHZQ\FKWZRUyZSU]\URG\ ]H Z]JOĊGX QD LQWHUHV SXEOLF]Q\ FR SR]ZDODáR QD XPLHV]F]HQLH XVWDZ\ ]UZQXUFLHRFKURQ\NRQVHUZDWRUVNLHM

 SRGUXJLHRZHWZRU\QDOHĪDáR]DFKRZDüMHĪHOLZáDG]DSDĔVWZRZDX]QDáD MH]DSRGOHJDMąFHRFKURQLHFRSR]ZDODáRQDRNUHĞOHQLHWHMRFKURQ\PLDQHP ÄSDĔVWZRZHM´

.RQFHSFMD SU]\MĊWD SU]H] XVWDZRGDZFĊ SROVNLHJR ZPLĊG]\ZRMQLX RSLHUDáD VLĊQDSLHUZV]HMSROVNLHMPRQRJUDILLSRĞZLĊFRQHMSUDZQHMRFKURQLHSU]\URG\NWy UHMDXWRUUHSUH]HQWRZDáSRJOąGĪHRFKURQDSU]\URG\ZHZáDĞFLZ\P ]QDF]HQLX MHVWZ\WZRUHPQRZRĪ\WQ\PDUR]XPLHVLĊSU]H]WRFKURQLHQLHSU]\URG\GODQLHM VDPHMEH]Z]JOĊGXQDMHMZDUWRĞFLJRVSRGDUF]HLXĪ\WNRZHPRW\Z\WHMRFKURQ\ VąQDWXU\LGHDOQHMDVDPDRFKURQDSU]\URG\]DF]\QDVLĊWDPJG]LHFKRG]LRXPRĪOL ZLHQLHRFKURQ\WHUHQyZLRELHNWyZSU]\URGQLF]\FKQLH]DOHĪQLHRGZROLZáDĞFL FLHODXĪ\WNRZQLNDDQDZHWZEUHZMHJRZROL_ 2FKURQDPLDáDSROHJDüQD]DND]DFKRJUDQLF]HQLDFKLG]LDáDQLDFKZVND]DQ\FK UDPRZRZDUW7HQSU]HSLVZ\PDJDSU]\WRF]HQLDLQH[WHQVR  $UW6WRVRZQLHGRURG]DMXSU]HGPLRWyZLFHOXRFKURQ\RFKURQDSROHJDüPRĪH  QDF]DVRZ\FKOXEQLHRJUDQLF]RQ\FKZF]DVLH]DND]DFKGRNRQ\ZDQLDEH]]H]ZR OHQLDZáDG]\SDĔVWZRZHMZV]HONLFKOXELVWRWQ\FK]PLDQZSU]HGPLRFLHOXEMHJR RWRF]HQLX  QD]DND]DFKXĪ\ZDQLDLXĪ\WNRZDQLDSU]HGPLRWXSRORZDQLDU\ERáyZVWZDĞFLQD QLDGU]HZQLV]F]HQLDURĞOLQ]DQLHF]\V]F]DQLDZRG\]PLDQ\MHMELHJXZ\GRE\ ZDQLD]LHPLVNDáLPLQHUDáyZ

 QD ]DND]DFK ]E\ZDQLD QDE\ZDQLD L SU]HZRĪHQLD RUD] Z\ZRĪHQLD ]D JUDQLFĊ SU]HGPLRWyZREMĊW\FKRFKURQą

 QD ]DND]DFK XPLHV]F]DQLD QD GDQ\FK SU]HGPLRWDFK OXE GDQ\P REV]DU]H WDEOLF QDSLVyZRJáRV]HĔUHNODPRZ\FKLLQQ\FK  ]D]DND]DFKZ]QRV]HQLDEXGRZOLZRJyOHOXERSHZQHMZ\VRNRĞFLDOERMDNRĞFL XU]ąG]DQLD]DNáDGyZSU]HP\VáRZ\FKKDQGORZ\FKLWS  QDRJUDQLF]HQLXGRVWĊSXGRGDQHJRREV]DUXZ\MąZV]\MHJRZáDĞFLFLHODXĪ\WNRZ QLNDLSRVLDGDF]DLFKVáXĪE\LSUDFRZQLNyZ  QDZ\NRQDQLXSU]H]ZáDG]HSDĔVWZRZHSUDFLXU]ąG]HĔRFKURQQ\FKMDNRWRQD Z\EXGRZDQLXZDáyZXUHJXORZDQLXVSDGNXZyG]DOHVLHQLXREV]DUX]DVDG]HQLX OXE]DVLDQLXURĞOLQQDXPLHV]F]DQLXRJURG]HĔRJáRV]HĔGRW\F]ąF\FKRFKURQ\LWS



_{-*3DZOLNRZVNL3UDZRRFKURQ\SU]\URG\.UDNyZVLQ}

ϮϬͮZŽnjĚnjŝĂųϭ =DXZDĪP\ĪHSNW]DZLHUDáRWZDUW\Z\ND]DNW\ZQ\FKG]LDáDĔNWyUHPLDá\ SRGHMPRZDüZáDG]HSDĔVWZRZHD]DND]\SNW±W\ONRSR]RUQLHE\á\]DPNQLĊWH VNRURZSNWXVWDZRGDZFDXĪ\áRNUHĞOHĔQLHGRRNUHĞORQ\FK]PLDQ\ZV]HONLHOXE LVWRWQHZSNWPDP\ZVND]DQLDQDÄLQQH´DZQDMZDĪQLHMV]\PSNW]QDMGX MHP\VNUyWÄLWS´ 'RRNUHĞODQLDSU]HGPLRWyZLWUHĞFLRFKURQ\]RVWDáXSRZDĪQLRQ\ZRMHZRGD NWyU\Z\GDZDáVWRVRZQH]DU]ąG]HQLD1DWHUHQDFKSR]RVWDMąF\FKSRG]DU]ąGHP DGPLQLVWUDFMLOHĞQHMZRMHZRGDG]LDáDáZSRUR]XPLHQLX]RUJDQHPDGPLQLVWUDFML ODVyZSDĔVWZRZ\FKDUW8VWDZDQLHSRVáXJLZDáDVLĊSRMĊFLDPLDQLUH]HUZDWX SU]\URG\ DQL SRPQLND SU]\URG\ D SU]HZLG]LDQH SU]H] QLą V]F]HJyOQH IRUP\ RFKURQ\SU]\URG\WR

 ZSURZDG]DQDUR]SRU]ąG]HQLHP0LQLVWUD:\]QDĔ5HOLJLMQ\FKL2ĞZLHFHQLD 3XEOLF]QHJR0:5L23G]LDáDMąFHJRZSRUR]XPLHQLX]0LQLVWUHP5ROQLF WZDL5HIRUP5ROQ\FK05L55SRZ\VáXFKDQLX3DĔVWZRZHM5DG\2FKURQ\ 3U]\URG\ 3523 RFKURQD SRV]F]HJyOQ\FK JDWXQNyZ ]ZLHU]ąW L URĞOLQ DUW

 WZRU]RQH UR]SRU]ąG]HQLDPL 5DG\ 0LQLVWUyZ Z\GDZDQ\PL QD ZQLRVHN 0:5L23ZSRUR]XPLHQLX]05L55SR]DVLĊJQLĊFLXRSLQLL3523SDUNL QDURGRZHZRNROLFDFKRNUDMREUD]LHV]F]HJyOQLHSLĊNQ\PLERJDW\PZRVR EOLZRĞFLSU]\URG\JG]LHRFKURQDSU]\URG\QLHPRĪHRJUDQLF]DüVLĊGRSR V]F]HJyOQ\FKSU]HGPLRWyZOHF]SRZLQQDMHGQROLFLHGRW\F]\üLFKVNXSLHĔ QDREV]DU]HFRQDMPQLHMKDDUW :NZHVWLDFKRUJDQL]DF\MQ\FKNLHURZQLFWZRL]ZLHU]FKQLQDG]yUQDGZ\NRQ\ ZDQLHPRFKURQ\SU]\URG\]RVWDá\SRZLHU]RQH0:5L23DUW†DRUJDQDPL IDFKRZ\PLZáDG]DGPLQLVWUDFMLRJyOQHME\OLXVWDQDZLDQLSU]H]0:5L23ZSR UR]XPLHQLX]05L55NRQVHUZDWRURZLHSU]\URG\DUW†QDOHĪąF\GRVNáDGX RVRERZHJRXU]ĊGXZRMHZyG]NLHJRDUW†&HOHPSRSLHUDQLDRFKURQ\SU]\ URG\0:5L23SRZRá\ZDá3523DUW†LE\áMHMSU]HZRGQLF]ąF\PSU]\ F]\PWHF]\QQRĞFLPyJáVSUDZRZDüSU]H]VZHJRGHOHJDWDDUW†0LQLVWHU PyJáGODSHZQ\FKREV]DUyZSRZRá\ZDüNRPLWHW\RFKURQ\SU]\URG\DUW† SU]\F]\P]DGDQLDNRPLWHWyZPRJá\E\üSRZLHU]RQHLVWQLHMąF\PRUJDQL]DFMRP VSRáHF]Q\PNWyUHPLDá\QDFHOXRFKURQĊSU]\URG\DUW† 'ODFHOyZRFKURQ\SU]\URG\PLDQRXWZRU]\üRVREQ\)XQGXV]2FKURQ\3U]\ URG\DUWNWyU\ZV]DNĪHQLJG\IDNW\F]QLHQLHSRZVWDá 0LQLVWHU6SUDZ:HZQĊWU]Q\FK]RVWDáXSRZDĪQLRQ\GRSRZRáDQLD±ZSRUR]X PLHQLX ] 0:5L23 L 05L55 ± VSHFMDOQ\FK VWUDĪ\ RFKURQ\ SU]\URG\ DUW NWyUHMHGQDNZPLĊG]\ZRMQLXQLHSRZVWDá\

:SROVNLHMXVWDZLHSU]HGZRMHQQHM]RVWDáDZ\SUDFRZDQDNRQFHSFMDSU]HSLVyZ NDUQ\FKNWyUDPLPROLF]Q\FK]PLDQZVZ\P]UĊELHXWU]\PDáDVLĊGRG]LĞ2WyĪ XP\ĞOQHZ\NURF]HQLHSU]HFLZNR]DND]RPOXEQDND]RPZ\GDQ\PQDSRGVWDZLH

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϮϭ XVWDZ\E\áR]DJURĪRQHNDUąDUHV]WXGRW\JRGQLLJU]\ZQ\GR]áDOERMHGQą ]W\FKNDUDUW3U]HZLG]LDQRNDUDOQRĞü]DSDVHUVWZRSU]HGPLRWDPLSRFKR G]ąF\PL]WDNLHJRZ\NURF]HQLDDUWDRGUĊEQHZ\NURF]HQLHSRSHáQLDáWHQ NWRSU]H]]DQLHGEDQLHGR]RUXQDRVREąSR]RVWDMąFąSRGMHJRSLHF]ąSUDZQąGR SXV]F]DáGRSRSHáQLHQLDZ\NURF]HQLDDUW2ERNNDU\DUHV]WXOXEJU]\ZQ\ ]DZV]HQDOHĪDáRRU]HFSU]HSDGHNQDU]HF])XQGXV]X2FKURQ\3U]\URG\QDU]ĊG]L VáXĪąF\FKGRSRSHáQLHQLDZ\NURF]HQLDRUD]SU]HGPLRWyZ]QLHJRSRFKRG]ąF\FK DUW2U]HF]QLFWZRSRZLHU]RQRSRZLDWRZ\PZáDG]RPDGPLQLVWUDFMLRJyOQHM DUW1DGHULQWHUHVXMąFHUR]ZLą]DQLHSU]HZLG\ZDáDUW=JRGQLH]MHJRWUH ĞFLąVSUDZFDZ\NURF]HQLD]DUWOXEDOERWHQQDF]\MąNRU]\Ğü]RVWDáR RQRSRSHáQLRQHE\á]RERZLą]DQ\GRSU]\ZUyFHQLDVWDQXSLHUZRWQHJRDOERGRSR QLHVLHQLDNRV]WyZWDNLHJRSU]\ZUyFHQLDSU]H]ZáDG]HSDĔVWZRZH-HĪHOLMHGQDN WDNLHSU]\ZUyFHQLHQLHE\áRE\PRĪOLZHE\áRQ]RERZLą]DQ\GR]DSáDFHQLDRGSR ZLHGQLHMVXP\QDU]HF])XQGXV]X2FKURQ\3U]\URG\W\WXáHPXF]\QLHQLD]DGRĞü ]DNU]\ZGĊZ\U]ąG]RQąLQWHUHVRZLSXEOLF]QHPX2W\FKURV]F]HQLDFKRU]HNDá\ ZáDG]HDGPLQLVWUDF\MQHZSRVWĊSRZDQLXNDUQRDGPLQLVWUDF\MQ\PFRQLHXFK\ODáR RERZLą]NXRGV]NRGRZDZF]HJRSU]HZLG]LDQHJRZSU]HSLVDFKSUDZDF\ZLOQHJR 7RURV]F]HQLHQD]ZDQHZWHG\]DGRĞüXF]\QLHQLHPDZQDVWĊSQ\FKXVWDZDFK RFKURQQ\FK±QDZLą]Ną RND]DáR VLĊ ]GRE\F]ą WUZDáą LMHVW VWRVRZDQHUyZQLHĪ G]LĞMDNRVXURJDWQLHZ\NRQDOQHJRRERZLą]NXSU]\ZUyFHQLDVWDQXSRSU]HGQLHJR 8VWDZD ]  U Z ĪDGQ\P SU]HSLVLH QLH RGQLRVáD VLĊ GR RERZLą]XMąFHJR ZGDFLHMHMZ\GDQLDUR]SRU]ąG]HQLDRRSLHFHQDG]DE\WNDPL_{:HGáXJDUWWHJR} UR]SRU]ąG]HQLD]DE\WNLHPE\áNDĪG\SU]HGPLRW]DUyZQRQLHUXFKRP\MDNLUX FKRP\FKDUDNWHU\VW\F]Q\GODSHZQHMHSRNLSRVLDGDMąF\ZDUWRĞüDUW\VW\F]Qą NXOWXUDOQąKLVWRU\F]QąDUFKHRORJLF]QąOXESDOHRQWRORJLF]QąVWZLHUG]RQąRU]H F]HQLHPZáDG]\SDĔVWZRZHML]DVáXJXMąF\ZVNXWHNWHJRQD]DFKRZDQLH:Z\ OLF]HQLXSU]HGPLRWyZNWyUHPRJá\]RVWDüX]QDQH]D]DE\WNLDUWUR]SRU]ąG]H QLDZVND]\ZDáZSNWQDPLQMDVNLQLHLJáD]\DZSNWQDRJURG\R]GREQHRUD] DOHMHFPHQWDUQHLSU]\GURĪQHGU]HZDVĊG]LZHLRND]DáHLWS :U:áDG\VáDZ6]DIHULQIRUPRZDáĪHMHĞOLFKRG]LR]DE\WNLSU]\URG\ WRZLQZHQWDU]X%LXUD3523]DUHMHVWURZDQR  ZJUXSLH]DE\WNyZSU]\URG\Ī\ZHM D SDUNyZVSRĞUyGNWyU\FKQDSRGVWDZLHUR]SRU]ąG]HQLDRRSLHFHQDG ]DE\WNDPLREMĊWRRFKURQą

E  DOHL L JUXS GU]HZ VSRĞUyG NWyU\FK QD SRGVWDZLH UR]SRU]ąG]HQLD RRSLHFHQDG]DE\WNDPLREMĊWRRFKURQą

F GU]HZVSRĞUyGNWyU\FKQDSRGVWDZLHUR]SRU]ąG]HQLDRRSLHFHQDG ]DE\WNDPLREMĊWRRFKURQą



_{5R]SRU]ąG]HQLH 3UH]\GHQWD 5]HF]\SRVSROLWHM ]  PDUFD  U R RSLHFH QDG ]DE\WNDPL}

ϮϮͮZŽnjĚnjŝĂųϭ  ZJUXSLH]DE\WNyZSU]\URG\QLHRĪ\ZLRQHM D JáD]yZQDU]XWRZ\FKVSRĞUyGNWyU\FKQDSRGVWDZLHUR]SRU]ąG]HQLD RRSLHFHQDG]DE\WNDPLREMĊWRRFKURQą E VNDáVSRĞUyGNWyU\FKQDSRGVWDZLHUR]SRU]ąG]HQLDRRSLHFHQDG]D E\WNDPLREMĊWRRFKURQą F ĨUyGHá G ZRGRVSDGyZ MHĞOLFKRG]LRĨUyGáDLZRGRVSDG\WRĪDGQHJR]QLFKQLHREMĊWRRFKURQąQDSRG VWDZLHWHJRUR]SRU]ąG]HQLD_ .RPHQWXMąFWHGDQH:áDG\VáDZ6]DIHUSLVDáĪHG\VSURSRUFMDPLĊG]\LORĞFLą ]DUHMHVWURZDQ\FK]DE\WNyZSU]\URG\DLORĞFLą]DE\WNyZFKURQLRQ\FKZ\QLNDVWąG ĪHQLHPLHOLĞP\GRW\FKF]DVWMSU]HGZHMĞFLHPZĪ\FLHXVWDZ\RRFKURQLHSU]\ URG\PRĪQRĞFLLQQHMLFKRFKURQ\MDNW\ONRQDSRGVWDZLHUR]SRU]ąG]HQLDRRSLHFH QDG]DE\WNDPLDNRQVHUZDWRURZLHZRMHZyG]F\FKRüV]OLQDPZQDMZ\ĪV]\PVWRS QLXQDUĊNĊQLHPRJOLZV]DNĪHZ\MĞüSR]DUDP\VZRLFKSU]HSLVyZSUDZQ\FK_ 1LH]Z\NOHLQWHUHVXMąFDE\áDZ]PLDQNDRW\PĪHVSHFMDOQąNDWHJRULĊ]DE\WNyZ SU]\URG\VWDQRZLRWRF]HQLH]DE\WNyZV]WXNL.RQVHUZDWRU]\SU]\XU]ĊGDFKZR MHZyG]NLFKSRGGDOLSUDZQHMRFKURQLHQDSRGVWDZLHUR]SRU]ąG]HQLDRRSLHFHQDG ]DE\WNDPLWDNLFK]DE\WNyZV]WXNLNWyUHZVZ\PRWRF]HQLXSRVLDGDMąRVREOL ZRĞFLQDWXU\WDNLHMDN]DE\WNRZHGU]HZDSLĊNQ\ODVVNDá\LWS6ąWRMDNJG\E\ UH]HUZDW\RFKDUDNWHU]HPLHV]DQ\P±PDMąFHSU]H]WRMHV]F]HZLĊNV]ąZDUWRĞü NXOWXUDOQą_ 7DNRWRMXĪZ3ROVFHZRNUHVLHPLĊG]\ZRMHQQ\PGRFKRG]LáRGRLVWRWQHJR ]ZLą]NXPLĊG]\RFKURQąSU]\URG\DRFKURQą]DE\WNyZNXOWXU\LV]WXNL

ϭ͘ϯ͘DŝħĚnjLJǁŽũĞŶŶĂnjĞĐŚŽƐųŽǁĂĐũĂ

: &]HFKRVáRZDFML SRMDZLáR VLĊ Z PLĊG]\ZRMQLX NLOND SURMHNWyZ XVWDZ\ RRFKURQLHSU]\URG\DOHĪDGHQ]QLFKQLH]RVWDáXFKZDORQ\:LHOF\ZáDĞFLFLHOH ]LHPVF\REDZLDOLVLĊRJUDQLF]HĔLFKSUDZJG\E\WDNDXVWDZD]RVWDáDSU]\MĊWD DSU]HGVWDZLFLHOHSDUWLLSROLW\F]Q\FKZyZF]HVQ\PSDUODPHQFLHF]HFKRVáRZDF NLPQLHZLG]LHOLVZHJRLQWHUHVXZXFKZDOHQLXWDNLHMXVWDZ\_



_{:6]DIHU5]XWRNDQDVWDQREHFQ\RFKURQ\SU]\URG\Z3ROVFHQDWOHOHWQLHMG]LDáDOQRĞFL} 3DĔVWZRZHM5DG\2FKURQ\3U]\URG\.UDNyZV _{7DPĪHV} _{7DPĪHV} _{96WHMVNDO>Z@0'DPRKRUVNêDNROHNWLY3UiYRåLYRWQtKRSURVWĜHGt3UDKDV}

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϮϯ 1LHR]QDF]DWRĪHZPLĊG]\ZRMHQQHM&]HFKRVáRZDFMLQLHE\áRSUDZQHMRFKURQ\ SU]\URG\%\áDRQDUHDOL]RZDQDXVWDZDPLRUHIRUPLHUROQHMZODWDFK;;ZLHNX_ NWyUHSU]\EUDNXXVWDZRZHMUHJXODFMLRFKURQQHMXPRĪOLZLDá\MHGQDNREHMPRZDQLH RFKURQąZLĊNV]\FKREV]DUyZ6]F]HJyOQLHLVWRWQH]QDF]HQLHPLDá6LOYHVWURYVNê YêQRV_{NWyU\SU]HGVWDZLDáOLVWĊGRW\FKF]DVXVWDQRZLRQ\FKREV]DUyZFKURQLR} Q\FK]ZDQ\FKZWHG\UH]HUZDWDPL:SUDZG]LHE\áRQW\ONRVSLVHPMXĪLVWQLHMą F\FKREV]DUyZFKURQLRQ\FKDOHMHJRZNáDGZRFKURQĊSU]\URG\E\á]QDF]Q\ 6LOYHVWURYVNêYêQRVREHMPRZDáREV]DUyZFKURQLRQ\FK:RNUHVLHSLHUZV]HM 5HSXEOLNL&]HFKRVáRZDFNLHMSRZVWDáRRNRáRREV]DUyZFKURQLRQ\FKUH]HU ZDWyZSU]HZDĪQLHPDáRREV]DURZ\FK_

ϭ͘ϰ͘WŽůƐŬĂƵƐƚĂǁĂŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJnjϭϵϰϵƌŽŬƵ

3R,,ZRMQLHĞZLDWRZHM±NZLHWQLDU±]RVWDáDXFKZDORQDQRZDSROVND XVWDZDRRFKURQLHSU]\URG\_{NWyUD]DVWąSLáDVZąSRSU]HGQLF]NĊ]U%\áWR} DNWSUDZQ\OLF]ąF\DUW\NXáyZZVWUXNWXU]HQDVWĊSXMąFHM 5R]G]LDá3U]HGPLRWL]DNUHVRFKURQ\SU]\URG\DUW 5R]G]LDá:áDG]HLRUJDQ\RFKURQ\SU]\URG\DUW± 5R]G]LDá2FKURQD]DVREyZSU]\URG\DUWL 5R]G]LDá3RGGDQLHSRGRFKURQĊWZRUyZSU]\URG\DUW± 5R]G]LDá:\NRQ\ZDQLHRFKURQ\DUW± 5R]G]LDá6NXWNLSUDZQHSRGGDQLDSRGRFKURQĊDUW± 5R]G]LDá3U]HSLV\NDUQHDUW± 5R]G]LDá3U]HSLV\SU]HMĞFLRZHLNRĔFRZHDUW± 8VWDZRGDZFDSU]\MąáLQQąQLĪZPLĊG]\ZRMQLXNRQFHSFMĊRFKURQ\SU]\URG\ =JRGQLH]DUWXVWDZ\]URFKURQDSU]\URG\R]QDF]DáD]DFKRZDQLHUHVW\ WXRZDQLHLZáDĞFLZHXĪ\WNRZDQLH  ]DVREyZSU]\URG\  WZRUyZSU]\URG\Ī\ZHMLQLHRĪ\ZLRQHM]DUyZQRSRV]F]HJyOQ\FKRND]yZ LLFKVNXSLHĔMDNL]ELRURZLVNQDRNUHĞORQ\FKREV]DUDFKRUD]JDWXQNyZ URĞOLQL]ZLHU]ąWNWyU\FKRFKURQDOHĪDáDZLQWHUHVLHSXEOLF]Q\P]HZ]JOĊGyZ



_{0 )UDQNRYi 3UiYQt ~SUDYD FKUiQČQêFK ~]HPt QD RFKUDQX SĜtURG\ GR URNX  ý3ä3}

þVLQ

_{9êQRV0LQLVWHUVWYDãNROVWYLDQiURGQLRVYČW\]HGQHþM9RRFKUDQČ}

SĜtURGQtFKSDPiWHN

_{0)UDQNRYi3UiYQt~SUDYD«G]F\WV±}

ϮϰͮZŽnjĚnjŝĂųϭ

QDXNRZ\FKHVWHW\F]Q\FKKLVWRU\F]QRSDPLąWNRZ\FK]GURZRWQ\FKLVSR áHF]Q\FKRUD]]HZ]JOĊGXQDVZRLVWHFHFK\NUDMREUD]X

2GUD]XSRMDZLáDVLĊRFHQDĪHXVWDZD]PDUFDUQLHE\áDZDGOLZDDQL SU]HVWDU]DáDSRGZ]JOĊGHPVIRUPXáRZDĔSUDZQ\FK*áyZQ\PPRW\ZHPUHIRUP\ E\áD ]PLDQD UR]V]HU]HQLH VDPHJR SRMĊFLD RFKURQ\ SU]\URG\ FR ZLą]DáR VLĊ ]ZLHONLPL]PLDQDPLZXVWURMXSROLW\F]Q\PVSRáHF]Q\PLJRVSRGDUF]\PSDĔVWZD 1DMLVWRWQLHMV]HE\áRZ\VXQLĊFLHVSUDZRFKURQ\]DVREyZSU]\URG\SU]HGVSUDZ\ NRQVHUZDFMLWZRUyZSU]\URG\FR±ZUD]]H]PLDQDPLRUJDQL]DF\MQ\PL±R]QD F]DáRSU]HVXQLĊFLHSXQNWXFLĊĪNRĞFL]DJDGQLHĔRFKURQ\SU]\URG\]]DLQWHUHVRZDĔ QDXNRZ\FKQD]DLQWHUHVRZDQLDJRVSRGDUF]H_{1LHZąWSOLZLHXVWDZD]UZ\} NURF]\áDSR]DSU]HGZRMHQQąLGHĊNRQVHUZDWRUVNLHMRFKURQ\SU]\URG\DZ\VXQLĊ FLHQDSODQSLHUZV]\]DVREyZSU]\URG\SR]ZDODáRGRVWU]HFZQLHM]DOąĪHNSU]\ V]áHMNRQFHSFMLRFKURQ\ĞURGRZLVND 2UJDQL]DFMĊRFKURQ\SU]\URG\]EXGRZDQRQDQDVWĊSXMąF\FK]DáRĪHQLDFK 1DGFDáRĞFLąRFKURQ\SU]\URG\F]XZDá0LQLVWHU/HĞQLFWZD0/NWyU\E\á ZáDG]ąQDF]HOQąZVSUDZDFKWZRUyZSU]\URG\DUWXVW'R0LQLVWUD2ĞZLDW\ 02ĞQDOHĪDá\VSUDZ\NU]HZLHQLD]DVDGRFKURQ\SU]\URG\QDZV]\VWNLFKV]F]H EODFK V]NROQLFWZD L RĞZLDW\ GRURVá\FK RUD] V]HU]HQLH LGHL RFKURQ\ SU]\URG\ ZVSRáHF]HĔVWZLHDUWXVW'RLQQ\FKPLQLVWUyZQDOHĪDá\VSUDZ\]]DNUHVX RFKURQ\SU]\URG\SU]HND]DQHLPRVREQ\PLSU]HSLVDPLDUWXVW8WU]\PDQR 3DĔVWZRZą5DGĊ2FKURQ\3U]\URG\3523MDNRRUJDQGRUDGF]\LRSLQLRGDZF]\ ZáDG]SDĔVWZRZ\FKZVSUDZDFKRFKURQ\SU]\URG\DUWXVW3U]HZRGQLF]ą F\P3523E\á0/NWyU\VSRĞUyGMHMF]áRQNyZPyJáSRZRáDü]DVWĊSFĊ±'HOH JDWD0/GRVSUDZ2FKURQ\3U]\URG\DUWXVW2UJDQHPIDFKRZ\P0/E\á PLDQRZDQ\SU]H]QLHJR1DF]HOQ\.RQVHUZDWRU3U]\URG\DUWXVW1DV]F]H EOXWHUHQRZ\PDUWXVWLXVWDZRGDZFDRSHURZDáSRMĊFLHPZáDG]RFKURQ\ SU]\URG\]DOLF]DMąFGRQLFK  Z,LQVWDQFML±VWDURVWĊG]LDáDMąFHJRSU]H]ZáDĞFLZHJRWHUHQRZRQDGOHĞQL F]HJRSDĔVWZRZHJRDOERG\UHNWRUDNLHURZQLNDSDUNXQDURGRZHJR  Z,,LQVWDQFML±ZRMHZRGĊNWyUHJRRUJDQHPIDFKRZ\PE\áNRQVHUZDWRU SU]\URG\ 'ODSRU]ąGNXGRGDP\ĪHWDRUJDQL]DFMDXWU]\PDáDVLĊ]DOHGZLHSU]H]URNGR ZHMĞFLDZĪ\FLHXVWDZ\ZSURZDG]DMąFHMV\VWHPUDGQDURGRZ\FKLLFKRUJDQyZ Z\NRQDZF]\FK_{8VWDZDWD]QLRVáDVWDQRZLVNDZRMHZRGyZLVWDURVWyZDNRQ} VHUZDWRU]\SU]\URG\VWDOLVLĊ]Z\Ná\PLXU]ĊGQLNDPLZSUH]\GLDFKZRMHZyG]NLFK UDGQDURGRZ\FK



_{:%U]H]LĔVNL1RZDSROVNDXVWDZDRRFKURQLHSU]\URG\&K32]±V±} _{8VWDZD ]  PDUFD  U R WHUHQRZ\FK RUJDQDFK MHGQROLWHM ZáDG]\ SDĔVWZRZHM ']8}

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϮϱ 1DSRGVWDZLHDUWXVWDZ\RRFKURQLHSU]\URG\0/]RVWDá]RERZLą]DQ\GR SRZRáDQLDZRMHZyG]NLFKNRPLWHWyZRFKURQ\SU]\URG\MDNRRUJDQyZGRUDGF]\FK LRSLQLRGDZF]\FKZáDG],,LQVWDQFML=JRGQLH]DUWEH]SRĞUHGQLQDG]yUQDGSU]H VWU]HJDQLHPSU]HSLVyZRSRGGDQLXSRGRFKURQĊSU]HGPLRWyZVSUDZRZDá\RERN ZáDĞFLZ\FKZáDG]RUJDQ\DGPLQLVWUDFMLODVyZSDĔVWZRZ\FK1DSRGVWDZLHDUW 0/PyJáSRZRáDüVSHFMDOQHVWUDĪHRFKURQ\SU]\URG\

6]F]HJyOQLH GRQLRVáHGOD RFKURQ\ SU]\URG\ ]QDF]HQLH PRJá\ PLHüSU]HSLV\ DUWXVWLXVWDZ\NWyUH]RERZLą]\ZDá\ZáDG]HSDĔVWZRZHGR]DVLĊJDQLD RSLQLL3523ZVSUDZDFK]DPLHU]HĔPRJąF\FKZSá\QąüZVSRVyELVWRWQ\QDUyZ QRZDJĊVLáSU]\URG\RUD]SRZLDGDPLDQLD0/RVWDQRZLVNX]DMĊW\PZVWRVXQNX GRXG]LHORQHMRSLQLL:VSUDZDFKW\FK3523PRJáDUyZQLHĪZ\SRZLDGDüRSLQLĊ ]ZáDVQHMLQLFMDW\Z\0/E\áXSUDZQLRQ\GRSU]HGVWDZLDQLD5DG]LH0LQLVWUyZ VSUDZZNWyU\FKZáDG]HSDĔVWZRZHQLH]DVLĊJDá\RSLQLL3523OXEWHĪQLH]DVWR VRZDá\VLĊGRZ\SRZLHG]LDQHMSU]H]QLąRSLQLL5R]ZLą]DQLDWHX]QDMHVLĊQLH NLHG\]DIXQNFMRQDOQ\HNZLZDOHQWSURFHGXU\RFHQ\RGG]LDá\ZDQLDQDĞURGRZLVNR LSRUyZQXMHVLĊMH]HVá\QQąDPHU\NDĔVNąXVWDZą]URQDURGRZHMSROLW\FH RFKURQ\ĞURGRZLVNDNWyUDZSURZDG]LáDRFHQ\RGG]LDá\ZDQLDQDĞURGRZLVNRMDNR QDMZDĪQLHMV]\LQVWUXPHQWSUHZHQF\MQHMRFKURQ\ĞURGRZLVND_{SU]\MĊW\SyĨQLHM} ZZLĊNV]RĞFLSDĔVWZWUDNWXMąF\FKSRZDĪQLHRFKURQĊĞURGRZLVND3U]HSLV\DUW XVWLMHG\QLHPRJá\PLHüV]F]HJyOQLHGRQLRVáH]QDF]HQLHIDNW\F]QLHJRQLH PLDá\SRQLHZDĪQLJG\QLHE\á\VWRVRZDQH 1DMHV]F]HMHGHQSU]HSLVSROVNLHMXVWDZ\]URRFKURQLHSU]\URG\ZDUWR MXĪZW\PPLHMVFX]ZUyFLüXZDJĊPLDQRZLFLHQDDUW3U]HZLG\ZDáRQ]ZLĊN V]DQLHREV]DUXODVyZ]DGU]HZLHĔL]DNU]HZLHĔRUD]]RERZLą]\ZDá0/GRXVWD OHQLDUR]SRU]ąG]HQLHPZ\GDQ\PZSRUR]XPLHQLX]LQQ\PLPLQLVWUDPL  ]DVDGRUD]ZáDĞFLZRĞFLZáDG]LWU\EXSRVWĊSRZDQLDZW\FKVSUDZDFK  SU]HSLVyZRRFKURQLH]DGU]HZLHĔRUD]R]DNáDGDQLXLXWU]\P\ZDQLXXU]ą G]HĔOĊJRZ\FKGODSWDFWZD 5R]SRU]ąG]HQLHWRPRJáRX]DOHĪQLüXVXZDQLHGU]HZLNU]HZyZRGSR]ZROHQLD ZáDG]\OXERGSRQRZQHJR]DGU]HZLHQLDOXE]DNU]HZLHQLD 3U]HZLG]LDQHZDUWUR]SRU]ąG]HQLHQLH]RVWDáRQLJG\Z\GDQHDUHJXODFMH PDMąFH VLĊ Z QLP]QDOHĨü ]RVWDá\ Z ]PRG\ILNRZDQHM IRUPLH ZSURZDG]RQH SR WU]\G]LHVWXODWDFKGRXVWDZ\]URRFKURQLHLNV]WDáWRZDQLXĞURGRZLVND

3ROVNDXVWDZD]URRFKURQLHSU]\URG\IXQNFMRQRZDáDMHG\QLHZVIHU]HNRQ VHUZDWRUVNLHM6WRVRZQLHGRMHMDUWSRGGDQLHSRGRFKURQĊQDVWĊSRZDáRSU]H]

 X]QDQLH ]D SRPQLNL SU]\URG\ SRV]F]HJyOQ\FK WZRUyZ SU]\URG\ OXE LFK VNXSLHĔ F]\QLá\ WR ZáDG]H RFKURQ\ SU]\URG\ ,, LQVWDQFML IRUPą SUDZQą RU]HF]HQLD±DUW



_{--HQGURĞND2FHQDRGG]LDá\ZDQLDQDĞURGRZLVNR22ĝ)DFKRZDHNVSHUW\]DF]\SURFHGXUD}

ϮϲͮZŽnjĚnjŝĂųϭ  X]QDQLH]DUH]HUZDW\SU]\URG\RNUHĞORQ\FKREV]DUyZQDNWyU\FKSRGOH JDáDRFKURQLHFDáRĞüSU]\URG\QLHNWyUHMHMVNáDGQLNLOXEHVWHW\F]QHFHFK\ NUDMREUD]XF]\QLáWR0/IRUPąSUDZQą]DU]ąG]HQLD±DUW  XWZRU]HQLHSDUNyZQDURGRZ\FKQDRNUHĞORQ\FKREV]DUDFKQDSRZLHU]FKQL QLHPQLHMV]HMRGKDRV]F]HJyOQ\FKZDUWRĞFLDFKGODLQWHUHVXSXEOLF] QHJRZ\PLHQLRQ\FKZDUWSNWWRE\áDNRPSHWHQFMD5DG\0LQLVWUyZ DIRUPąSUDZQąE\áRUR]SRU]ąG]HQLH±DUW  ZSURZDG]HQLHRFKURQ\SRV]F]HJyOQ\FKJDWXQNyZURĞOLQL]ZLHU]ąW]DJUR ĪRQ\FKZVZ\PE\FLHOXELORĞFLRZ\PZ\VWĊSRZDQLXWRE\áDNRPSHWHQFMD 0/G]LDáDMąFHJRZSRUR]XPLHQLX]05L55DZVWRVXQNXGRURĞOLQOHF]QL F]\FKWDNĪH]0LQLVWUHP=GURZLD±DUW 8VWDZRGDZFDXWU]\PDáZ\SUDFRZDQąZPLĊG]\ZRMQLXNRQFHSFMĊRFKURQ\SR SU]H]]DND]\LRJUDQLF]HQLDQDGDMąFLPZDUWSRVWDüQDVWĊSXMąFą  Ä$UW:SU]\SDGNDFKSU]HZLG]LDQ\FKZDUW±RJUDQLF]HQLDRGSRZLHGQLR GRSU]HGPLRWyZL]DGDĔRFKURQ\SU]\URG\PRJąSROHJDüQD

 F]DVRZ\P OXE QLHRJUDQLF]RQ\P Z F]DVLH ]DND]LH GRNRQ\ZDQLD ZV]HONLFK OXE LVWRWQ\FK]PLDQSU]HGPLRWyZ  ]DND]LHXĪ\ZDQLDXĪ\WNRZDQLDXV]NDG]DQLDL]DQLHF]\V]F]DQLDSU]HGPLRWyZOXE WHUHQyZ  ]DND]LHSRORZDQLDU\ERáyZVWZDFKZ\WDQLDL]DELMDQLDG]LNRĪ\MąF\FK]ZLHU]ąW ]ELRUX]G]LNLHJRVWDQXQLHNWyU\FKURĞOLQOHF]QLF]\FKOXELFKF]ĊĞFLRUD]QLV]F]H QLD OXEXV]NDG]DQLDGU]HZLLQQ\FKURĞOLQ]DQLHF]\V]F]DQLDZRG\L]PLDQ\MHM ELHJXQLV]F]HQLDJOHE\Z\GRE\ZDQLDVNDáLPLQHUDáyZRUD]Z]QLHFDQLDRJQLD  ]DND]LH]E\ZDQLDQDE\ZDQLDSU]HZRĪHQLDOXEZ\ZRĪHQLD]DJUDQLFĊSU]HGPLR WyZ  ]DND]LHXPLHV]F]DQLDQDRNUHĞORQ\FKWHUHQDFKWDEOLFQDSLVyZRJáRV]HĔUHNODPR Z\FKLLQQ\FK]QDNyZRUD]]DNáyFDQLDFLV]\  ]DND]LHZ]QRV]HQLDEXGRZOLZRJyOHOXEZRNUHĞORQ\PUR]PLDU]HFKDUDNWHU]H LVSRVRELHXĪ\WNRZDQLDMDNUyZQLHĪZ]QRV]HQLDLSURZDG]HQLD]DNáDGyZSU]HP\ VáRZ\FKOXEKDQGORZ\FKRUD]XU]ąG]HĔNRPXQLNDF\MQ\FKLLQQ\FKXU]ąG]HĔWHFK QLF]Q\FK

 UHJXORZDQLXGRVWĊSXGRRNUHĞORQ\FKSU]HGPLRWyZOXE RNUHĞORQ\FK WHUHQyZ Z\MąZV]\LFKZáDĞFLFLHOLXĪ\WNRZQLNyZLSRVLDGDF]\RUD]LFKGRPRZQLNyZLQD MHPQ\FKSUDFRZQLNyZ´  7HQZ\ND]E\áQLHPDOLGHQW\F]Q\MDNSU]HZLG]LDQ\ZDUWXVWDZ\]U 3R]\W\ZQHRERZLą]NLRUJDQyZRFKURQ\SU]\URG\]RVWDá\XUHJXORZDQHZDUW XVWDZ\]U,VWRWQH]QDF]HQLHPLDáDUW]JRGQLH]NWyU\PRNUHĞOHQLHRE V]DUyZSRGGDZDQ\FKRFKURQLHLVSRVREXXĪ\FLDW\FKREV]DUyZRUD]ZSURZDG]DQLH

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϮϳ

RJUDQLF]HĔZSá\ZDMąF\FKQDVSRVyEXĪ\FLDWHUHQyZPLDáRQDVWĊSRZDüVWRVRZQLH GRSODQyZ]DJRVSRGDURZDQLDSU]HVWU]HQQHJRDZUD]LHLFKEUDNX±SRX]JRGQLH QLX]DPLHU]HĔ]ZáDG]DPLSODQRZDQLDSU]HVWU]HQQHJR

.RQFHSFMDSU]HSLVyZNDUQ\FKZUR]G]LDOHE\áDQLHPDOLGHQW\F]QD]SU]\MĊWą Z  U 8WU]\PDQR FKDUDNWHU\VW\F]Qą LQVW\WXFMĊ ]DGRĞüXF]\QLHQLD Z DUW XVWDZ\]U]W\PW\ONRĪHRU]HNDQRMHQDU]HF]6NDUEX3DĔVWZDSRQLHZDĪ XVWDZDQLHSU]HZLG\ZDáDMXĪ)XQGXV]X2FKURQ\3U]\URG\ =DXZDĪ\üWU]HEDĪHXVWDZRGDZFDSRWUDNWRZDáQDUXV]HQLD]DND]yZSU]HZL G]LDQ\FKZDUWEDUG]RSRZDĪQLHVNRURX]QDáMH]DZ\NURF]HQLD]DUW]D JURĪRQHNXPXODW\ZQLHNDUąDUHV]WXGRPLHVLĊF\LJU]\ZQ\DF]NROZLHN]PRĪ OLZRĞFLąZ\PLHU]HQLDW\ONRMHGQHM]W\FKNDU-HGQDNĪHZUD]]ZHMĞFLHPZĪ\FLH ]GQLHPVW\F]QLDU.RGHNVXZ\NURF]HĔ_{NDUDDUHV]WX]RVWDáD]DUWXVWDZ\} RRFKURQLHSU]\URG\Z\NUHĞORQDLRGQRĞQHZ\NURF]HQLDE\á\]DJURĪRQHMXĪW\ONR NDUąJU]\ZQ\'ODF]HJRRFHQDVLĊ]PLHQLáD±WUXGQRGRFLHF]DSHZQHQDIDOLRJyO QLHMV]HMWHQGHQFMLGRRJUDQLF]DQLDNDU\DUHV]WXZVSUDZDFKRZ\NURF]HQLD 8VWDZD]URRFKURQLHSU]\URG\ZSU]HSLVDFKSU]HMĞFLRZ\FKLNRĔFR Z\FKRGQLRVáDVLĊGRNZHVWLLRFKURQ\]DE\WNyZZGZyFKDUW\NXáDFK,WDNVWR VRZQLHGRDUWXVWDZDRRFKURQLHSU]\URG\QLHQDUXV]DáDZáDĞFLZRĞFL0LQLVWUD .XOWXU\ L6]WXNL Z\QLNDMąFHM ]UR]SRU]ąG]HQLD 3UH]\GHQWD5]HF]\SRVSROLWHM ]  PDUFD  U R RSLHFH QDG ]DE\WNDPL .ROHMQ\ DUWXVWDZ\ R RFKURQLH SU]\URG\ ]QRZHOL]RZDá DUWSNW  UR]SRU]ąG]HQLD ]  U Z WHQ VSRVyE ĪH ZPLHMVFHPRJąF\FK]RVWDüX]QDQH]D]DE\WNLÄRJURGyZR]GREQ\FKRUD]DOHLFPHQ WDUQ\FKLSU]\GURĪQ\FKGU]HZVĊG]LZ\FKLRND]Dá\FKLWS´ZSURZDG]LáÄRJURG\ R]GREQHSDUNL]DE\WNRZHRUD]RWRF]HQLH]DE\WNRZ\FKEXGRZOLLLFK]HVSRáyZ´ 7D]PLDQDSR]ZDODáDX]QDü]D]DE\WHNRWRF]HQLH]DE\WNRZ\FKEXGRZOLFRE\áR XVDQNFMRQRZDQLHPSUDNW\NLUR]ZLMDMąFHMVLĊMXĪZPLĊG]\ZRMQLX

ϭ͘ϱ͘^ųŽǁĂĐŬĂŝĐnjĞƐŬĂƵƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJ

njůĂƚϭϵϱϱʹϭϵϱϲ

'R Z\GDQLD XVWDZ R RFKURQLH SU]\URG\ Z &]HFKRVáRZDFML GRV]áR GRSLHUR ZSRáRZLHODW;;ZLHNX1DOHĪ\MHGQDNRGQRWRZDüXWZRU]HQLHQD]LHPLDFK VáRZDFNLFKZU7DWU]DĔVNLHJR3DUNX1DURGRZHJR3RQLHZDĪQLHE\áRZWHG\ ĪDGQ\FKSU]HSLVyZRRFKURQLHSU]\URG\WU]HEDE\áRSRVáXĪ\üVLĊRGUĊEQąXVWDZą



_{8VWDZD]PDMDU±.RGHNVZ\NURF]HĔ']81USR]QDGDORERZLą]XMąF\} ZEU]PLHQLXWHNVWXMHGQROLWHJR']8]USR]]H]P

ϮϴͮZŽnjĚnjŝĂųϭ

RXWZRU]HQLXWHJRSDUNX_{GRNWyUHMSRNLONXODWDFK]RVWDáRZ\GDQHUR]SRU]ąG]H}

QLHZ\NRQDZF]H_

8VWDZ\RSDĔVWZRZHMRFKURQLHSU]\URG\]RVWDá\Z\GDQHQDMSLHUZ±SDĨ G]LHUQLNDU±GODF]ĊĞFLVáRZDFNLHM_{SRWHP±VLHUSQLDU±GODF]ĊĞFL}

F]HVNLHM_{ 'ODWHJR GZLH ER yZF]HVQD .RQVW\WXFMD &]HFKRVáRZDFML ]  PDMD}

USU]HND]\ZDáDVSUDZ\NXOWXU\ZQLFKPLHĞFLáDVLĊWDNĪHRFKURQDSU]\ URG\GRNRPSHWHQFML6áRZDFNLHM5DG\1DURGRZHMMDNRVSHFMDOQHJRRUJDQXXVWD ZRGDZF]HJRGODF]ĊĞFLVáRZDFNLHMMHGQROLWHJRMHV]F]HSDĔVWZD&]HFKRVáRZDFMD VWDáDVLĊSDĔVWZHPIHGHUDOQ\PGRSLHURZU%\á\WREDUG]RNUyWNLHXVWDZ\ VáRZDFNDOLF]\áD]ZLĊ]áHSDUDJUDI\F]HVND±UyZQLH]ZLĊ]á\FKSDUDJUD IyZEOLĨQLDF]R SRGREQHFR QLH G]LZL JG\Ī XVWDZRGDZFD VáRZDFNL NRU]\VWDá ]JRWRZHJRMXĪSURMHNWXXVWDZ\F]HVNLHM_ 6SyMU]P\QDMSLHUZQDZVWĊSQHSU]HSLV\REXW\FKXVWDZ~YRGQHXVWDQRYHQLH ZMĊ]\NXVáRZDFNLPVOL~YRGQtXVWDQRYHQtZMĊ]\NXF]HVNLPþ2WRLFKWUHĞü 8VWDZDVáRZDFND Ć3U]\URGĊMDNRĞURGRZLVNRĪ\FLDSUDFXMąF\FKDNRåLYRWQpSURVWUHGLHSUD FXMLFLFKMHMERJDFWZRLHVWHW\F]Q\Z\JOąGNUDMREUD]XQDV]OXGRZRGHPRNUDW\F]Q\ XVWUyMFKURQLDE\WHZDUWRĞFLWUZDOHVáXĪ\á\]DVSRNRMHQLXJRVSRGDUF]\FKSRZV]HFK Q\FKNXOWXURZ\FKHVWHW\F]Q\FKL]GURZRWQ\FKSRWU]HEQDV]HJROXGXLW\PSU]\F]\ QLDá\VLĊGRVWDáHJRZ]URVWXMHJRPDWHULDOQHJRLNXOWXUDOQHJRSR]LRPX 2FKURQDSU]\URG\RSLHUDVLĊQDQDXNRZ\FKEDGDQLDFK]MDZLVNZSU]\URG]LH QLHQDUXV]RQHMSU]H]F]áRZLHNDDWDNĪHSR]RVWDMąFHMSRGMHJRZSá\ZHPDZ\NRQXMH VLĊMąZĞFLVáHMZVSyáSUDF\]QDMZ\ĪV]\PLLQVW\WXFMDPLQDXNRZ\PL´ 8VWDZDF]HVND Ć8VWDZDFKURQLERJDFWZRSU]\URGQLF]HLZ\JOąGNUDMREUD]XRUD]]DSHZ QLDDE\WHZDUWRĞFLVáXĪ\á\HGXNDFMLZ\SRF]\QNRZLLWURVFHR]GURZLHQDV]HJROXGX DSU]H]WRGDOV]HPXUR]ZRMRZLMHJRPDWHULDOQHJRLNXOWXUDOQHJRSR]LRPX 2FKURQDSU]\URG\RSLHUDVLĊQDQDXNRZ\PEDGDQLXQDWXUDOQ\FKLSR]RVWDMą F\FK SRG ZSá\ZHP F]áRZLHND ]MDZLVN Z SU]\URG]LH D SURZDG]RQD MHVW Z ĞFLVáHM ZVSyáSUDF\]QDF]HOQ\PLLQVW\WXFMDPLQDXNRZ\PL´ 



_{=iNRQ6ORYHQVNHMQiURGQHMUDG\þ]GHFHPEUDR7DWUDQVNRPQiURGQRPSDUNX} _{1iULDGHQLH=ERUXSRYHUHQLNRYþ]RNWREUDR7DWUDQVNRPQiURGQRPSDUNX} _{=iNRQ615þ=E615RãWiWQHMRFKUDQHSUtURG\} _{=DNRQþ6ERVWiWQtRFKUDQČSĜtURG\} _{0'DPRKRUVNê3DGHVDWOHWRGSĜLMHWLSUYQtKRþHVNpKR]iNRQDRRFKUDQČSĜtURG\Ä2FKUDQD} 3ĜtURG\´þV

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϮϵ

2GVWURQ\LGHRZHMRELHXVWDZ\PLDá\FKURQLüSU]\URGĊLNUDMREUD]MDNRFDáRĞü =DXZDĪP\ ĪH Z XVWDZLH VáRZDFNLHM SRMDZLD VLĊ SR UD] SLHUZV]\ RNUHĞOHQLH

åLYRWQpSURVWUHGLHZVW\OLVW\FHRGSRZLDGDMąFHMWDPW\PF]DVRPDOHR]QDF]DMąFH

ZáDĞQLHSU]\URGĊ1DSRZV]HFKQ\FKDUDNWHURFKURQ\SU]\URG\]GDMąVLĊZVND]\ ZDüF]ĊĞFLGUXJLHREXXVWDZSU]\F]\PZVáRZDFNLHMVąWR†LZF]HVNLHM ± W\ONR † 7H F]ĊĞFL ]DW\WXáRZDQH Vą Ä3U]HGPLRW ]DNUHV L VSRVyE RFKURQ\´

3UHGPHWUR]VDKDY\KODãHQLHRFKUDQ\VORUD]3ĜHGPČWUR]VDKD]SĤVRERFKUDQ\

þ6SyMU]P\QDRGQRĞQHSU]HSLV\

8VWDZDVáRZDFND

†3DĔVWZRFKURQLZHGáXJZ\QLNyZEDGDĔQDXNRZ\FKSU]\URGĊMDNRFDáRĞü MHM ]QDF]ąFH F]ĊĞFL L WZRU\ ] LFK ĞURGRZLVNLHP SU]\URGQLF]\P D WDNĪH NUDMREUD] ]MHJRW\SRZ\PL FHFKDPL :WHQVSRVyE SRPDJD]DFKRZDüRGQDZLDü ]ZLĊNV]Dü LNRU]\VWDü]ERJDFWZSU]\URGQLF]\FKQDV]HMRMF]\]Q\

 'OD Z\NRQDQLD ]DGDĔ ZVND]DQ\FK Z XVW SDĔVWZR SU]\]QDMH V]F]HJyOQą RFKURQĊ]QDF]ąF\PREV]DURPWZRURPSU]\URGQLF]\PSRPQLNRPSU]\URG\RUD]FHQ Q\PJDWXQNRP]ZLHU]ąWURĞOLQPLQHUDáyZLVNDPLHQLDáRĞFLZWHQVSRVyEĪHX]QDMH MH]DFKURQLRQHRUD]RNUHĞODVSRVyELZDUXQNLLFKRFKURQ\

 3DĔVWZR XG]LHOD RFKURQ\ WDNĪH WDNLHPX XNáDGRZL Z SU]\URG]LH NWyU\ MHVW ZSUDZG]LHQDVWĊSVWZHPG]LDáDQLDF]áRZLHNDZSU]\URG]LHSRGMĊWHJRGODMHMXOHSV]D QLD]SXQNWXZLG]HQLDJRVSRGDUNLQDURGRZHMQDXNRZHJRNXOWXURZRKLVWRU\F]QHJROXE ]GURZRWQHJRDOHSU]H]NWyUHJRQDUXV]HQLHXFLHUSLDáE\HVWHW\F]Q\Z\JOąGNUDMREUD]X †,QJHUHQFMDZVWRVXQNLSU]\URGQLF]HNWyUDE\]DVDGQLF]RPRJáD]PLHQLüSU]\ URGĊMDNRFDáRĞüOXEQLHNWyUHMHMNRPSRQHQW\PRĪHE\üZ\NRQDQDW\ONRZHZVSyá G]LDáDQLX]SHáQRPRFQLFWZHPNXOWXU\_{OXE]MHJRRUJDQDPL} 8VWDZDF]HVND Ć3DĔVWZRFKURQLSU]\URGĊMHM]QDF]ąFHF]ĊĞFLLWZRU\MDNWHĪNUDMREUD] ]MHJRW\SRZ\PLFHFKDPL3U]\F]\QLDVLĊSU]H]WRZHGáXJRVLąJQLĊüQDXNLGR]DFKR ZDQLDRGQDZLDQLDSRZLĊNV]DQLDLZ\NRU]\VW\ZDQLDERJDFWZDSU]\URGQLF]HJRQDV]HM RMF]\]Q\ 3U]\SRZDĪQ\FKLQJHUHQFMDFKZVWRVXQNLSU]\URGQLF]HQLH]EĊGQDMHVWZVSyá SUDFD]0LQLVWHUVWZHP6]NROQLFWZDL.XOWXU\ 3DĔVWZRXG]LHODWDNĪHRFKURQ\]QDF]ąF\PREV]DURPWZRURPSU]\URGQLF]\P SRPQLNRPSU]\URG\FHQQ\PJDWXQNRP]ZLHU]ąWURĞOLQPLQHUDáyZLVNDPLHQLDáRĞFL SU]H]WRĪHX]QDMHMH]DFKURQLRQHRUD]XVWDQDZLDVSRVyELZDUXQNLLFKRFKURQ\´



_{:RU\JLQDOHSRYHUHQLFWYRNXOWXU\6áRZQLNRZRSRYHUHQLNWRÄSHáQRPRFQLN´DOHRGSRZLHG} QLNPLQLVWUDQD6áRZDFMLZODWDFK±L±

ϯϬͮZŽnjĚnjŝĂųϭ =DW\WXáRZDQLHREXW\FKXVWDZMDNRXVWDZRÄSDĔVWZRZHM´RFKURQLHSU]\URG\ PLDáRVZRMHX]DVDGQLHQLH:SUDZG]LH†±XVWDZ\VáRZDFNLHMWDNMDN†L XVWDZ\F]HVNLHM]DSRZLDGDá\RFKURQĊERJDFWZDSU]\URG\LIL]MRQRPLLNUDMREUD]X ZRJyOQRĞFLDOHNRQNUHW\]DFMDRGQRVLáDVLĊMHG\QLHGRREMĊW\FKSU]H]ZáDG]HSDĔ VWZRZHRFKURQą  REV]DUyZ D SDUNyZQDURGRZ\FK>QiURGQHSDUN\VOQiURGQtSDUN\þ@REV]DUyZ FKURQLRQHJRNUDMREUD]X>FKUiQHQHNUDMLQQpREODVWLVOFKUiQČQpNUDM LQQpREODVWLþ@SDĔVWZRZ\FKUH]HUZDWyZSU]\URG\>ãWiWQHSULURGQH UH]HUYiFLHVOVWiWQtSĜtURGQtUH]HUYDFHþ@ E PLHMVFZ\VWĊSRZDQLDZDUWRĞFLSU]\URGQLF]\FK>FKUiQHQHQiOH]LVNDVO FKUiQČQDQiOHåLãWČþ@SDUNyZLRJURGyZ>FKUiQHQpSDUN\D]DKUDG\VO FKUiQČQpSDUN\D]DKUDG\þ@RUD]SRZLHU]FKQLEDGDZF]\FK>FKUiQHQp ãWXGLMQpSORFK\VOFKUiQČQpVWXGLMQtSORFK\þ@  RELHNWyZ

D ]MDZLVN NUDVRZ\FK WZRUyZ VNDOQ\FK FHQQ\FK GU]HZ L LFK VNXSLHĔ >FKUiQHQHSUtURGQpYêWYRU\VOFKUiQHQpSĜtURGQtYêWYRU\þ@ E SRPQLNyZSU]\URG\>FKUiQHQpSUtURGQpSDPLDWN\VOFKUiQČQHSĜtURGQt SDPiWN\þ@ F JDWXQNyZ]ZLHU]ąWURĞOLQPLQHUDáyZLVNDPLHQLDáRĞFL>FKUiQHQpGUXK\ åLYRþLFKRYUDVWOLQQHUDVWRYDVNDPHQHOLQVOFKUiQČQHGUXK\åLYRþLFKĤ URVWOLQQHURVWĤD]NDPHQČOLQþ@ 2ZHREV]DU\RELHNW\LJDWXQNLNRU]\VWDá\]RFKURQ\GRSLHURZWHG\JG\]R VWDá\RGSRZLHGQLPDNWHPZáDG]\SDĔVWZRZHMX]QDQH]DFKURQLRQH :LHOHODWSyĨQLHMNRPHQWDWRU]\QRZHMF]HVNLHMXVWDZ\]URRFKURQLH SU]\URG\RFHQLDOLĪHXVWDZD]UZGRELHMHMSU]\MĊFLDLSLHUZV]\PG]LHVLĊ FLROHFLX MHM IXQNFMRQRZDQLD EH]VSRUQLH SU]HGVWDZLDáD ]QDF]ąF\ SU]\F]\QHN GR RFKURQ\SU]\URG\$OHXSURJXODW;;ZLHNXVWDáRVLĊMDVQHĪHRFKURQDSU]\ URG\RSDUWDQDZ\UDĪRQ\FKZQLHM]DáRĪHQLDFKRFKURQ\MHG\QLHZ\EUDQ\FKIUDJ PHQWyZSU]\URG\MHVWQLHGRVWDWHF]QDLWU]HEDSU]HMĞüGRRFKURQ\FDáHMSU]\URG\ DQJDĪXMąFZQLąQLHW\ONRSDĔVWZROHF]WDNĪHRVRE\IL]\F]QHLSUDZQHZáDĞFLFLHOL LXĪ\WNRZQLNyZSU]\URG\NUDMREUD]XL]DVREyZQDWXUDOQ\FK_ :RGQLHVLHQLXGRREHMPRZDQLDRFKURQąXVWDZ\VáRZDFNDLF]HVND]DZLHUDá\ QDVWĊSXMąFHUR]ZLą]DQLD  SDUNLQDURGRZHSRZRá\ZDáQD6áRZDFML]HVSyáSHáQRPRFQLNyZ]ERUSRYH UHQLNRYUR]SRU]ąG]HQLDPLQDZQLRVHNSHáQRPRFQLNDNXOWXU\Z&]HFKDFK U]ąGYODGDZREXSDĔVWZDFKV]F]HJyá\RFKURQ\PLDá\RNUHĞODüVWDWXW\



_{03HNiUHN0'DPRKRUVNê,3UĤFKRYi'3iOHQVNi=iNRQRRFKUDQČSĜtURG\DNUDMLQ\} DSĜHGSLV\VRXYLVHMtFt.RPHQWRYDQp]QČQt%UQRV

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϯϭ

Z\GDZDQHQD6áRZDFMLSU]H]SHáQRPRFQLFWZRNXOWXU\Z&]HFKDFKSU]H] PLQLVWHUVWZR V]NROQLFWZD L NXOWXU\ Z REX SDĔVWZDFK Z SRUR]XPLHQLX ]LQQ\PLXU]ĊGDPLFHQWUDOQ\PLLLQVW\WXFMDPLQDXNRZ\PL  FRGRSR]RVWDá\FKZ\VWĊSRZDáDUyĪQLFDSROHJDMąFDQDW\PĪH D QD6áRZDFML  SR]RVWDáHREV]DU\FKURQLRQH]MDZLVNDNUDVRZHFKURQLRQHJDWXQNL ]ZLHU]ąWURĞOLQPLQHUDáyZLVNDPLHQLDáRĞFLRUD]ZDUXQNLLFKRFKURQ\ RNUHĞODáRSHáQRPRFQLFWZRNXOWXU\ZSRUR]XPLHQLX]LQQ\PLSHáQR PRFQLFWZDPLLXU]ĊGDPL  FKURQLRQHWZRU\SU]\URG\]Z\MąWNLHP]MDZLVNNUDVRZ\FKLFKUR QLRQH SRPQLNL SU]\URG\ RUD] ZDUXQNL LFK RFKURQ\ RNUHĞODá\ Z\ G]LDá\NXOWXU\RNUĊJRZ\FKNUDMVNêFKUDGQDURGRZ\FKZX]JRGQLH QLX]LQQ\PLZ\G]LDáDPLLSR]DVLĊJQLĊFLXRSLQLLSHáQRPRFQLFWZD NXOWXU\ E Z&]HFKDFKSR]RVWDáHREV]DU\FKURQLRQH]MDZLVNDNUDVRZHFKURQLRQH JDWXQNL]ZLHU]ąWURĞOLQPLQHUDáyZLVNDPLHQLDáRĞFLRUD]ZDUXQNLLFK RFKURQ\RNUHĞODáRPLQLVWHUVWZRV]NROQLFWZDLNXOWXU\ZSRUR]XPLHQLX ]XU]ĊGDPLFHQWUDOQ\PLL]DLQWHUHVRZDQ\PLRUJDQDPL 2ELHXVWDZ\SU]HZLG\ZDá\PRĪOLZRĞüWZRU]HQLDVWUHIRFKURQQ\FK]DEH]SLH F]DMąF\FKFKURQLRQHREV]DU\WZRU\LSRPQLNLSU]\URG\SU]HGV]NRGOLZ\PLZSá\ ZDPLRWRF]HQLD 1LHPDOMHGQREU]PLąFHSU]HSLV\†XVWDZ\VáRZDFNLHMRUD]†XVWDZ\F]H VNLHM RNUHĞODá\ RERZLą]NL ZáDĞFLFLHOD XĪ\WNRZQLND JUXQWX QD NWyU\P ]RVWDá XVWDQRZLRQ\REV]DUFKURQLRQ\OXEVWUHIDRFKURQQDDOERQDNWyU\P]QDMGRZDá\VLĊ FKURQLRQHSU]HGPLRW\%\áRQ]RERZLą]DQ\]QRVLüRJUDQLF]HQLDRNUHĞORQHZD UXQNDPLRFKURQ\-HĪHOLSU]H]WRZáDĞFLFLHOXĪ\WNRZQLNJUXQWXLQQHJRQLĪSDĔ VWZRZ\SRQLyVáZLĊNV]ąV]NRGĊZLĊNV]ąQLĪQLH]QDF]QDQDOHĪDáDPXVLĊUHNRP SHQVDWD-HĪHOLFRGRUHNRPSHQVDW\QLHGRV]áRGRSRUR]XPLHQLDPLĊG]\ZáDĞFL FLHOHPXĪ\WNRZQLNLHPJUXQWXDRUJDQHPRFKURQ\SU]\URG\VSyUUR]VWU]\JDá ZHGáXJXVWDZ\VáRZDFNLHM±VąGOXGRZ\ZHGáXJXVWDZ\F]HVNLHM±SRZLDWRZDUDGD QDURGRZD

3RGVWDZRZ\P LQVWUXPHQWHP RFKURQ\ E\á\ ]DND]\ 3U]\WRF]\P\ LQ H[WHQVR SRGVWDZRZHSU]HSLV\REXXVWDZ  8VWDZDVáRZDFND Ć 2FKUDQDFKUiQHQêFKþDVWLSUtURG\ =DND]XMHVLĊQLV]F]\üDOERXV]NDG]DüFKURQLRQHREV]DU\LFKURQLRQHSU]HG PLRW\]ZáDV]F]DQLV]F]\ü]ZLHU]ĊWDLURĞOLQ\DOER]DNáyFDüLFKUR]ZyM]PLHQLDü

ϯϮͮZŽnjĚnjŝĂųϭ ]DFKRZDQ\VWDQFKURQLRQ\FKWZRUyZSU]\URG\RGG]LHODüFKURQLRQHURĞOLQ\RGĞUR GRZLVNDWU]\PDüFKURQLRQH]ZLHU]ĊWDZQLHZROLRUD]ZLQQ\VSRVyE]DJUDĪDüQDWX UDOQHPXUR]ZRMRZLDOERVWDQRZLFKURQLRQ\FKWZRUyZLSRPQLNyZSU]\URG\´  8VWDZDF]HVND Ć =iND]QLþHQtQHERSRãNR]RYDQtFKUiQČQêFKþiVWLSĜtURG\ 1LHMHVWGR]ZRORQHQLV]F]\üOXEXV]NDG]DüREV]DU\FKURQLRQHLSU]HGPLRW\ FKURQLRQH]ZáDV]F]DJXELüFKURQLRQH]ZLHU]ĊWDLURĞOLQ\DOERQDUXV]DüLFKUR]ZyM ]PLHQLDü]DFKRZDQ\VWDQFKURQLRQ\FKWZRUyZSU]\URGQLF]\FKRGáąF]DüFKURQLRQH URĞOLQ\RGLFKĞURGRZLVNDFKRZDüFKURQLRQH]ZLHU]ĊWDZQLHZROLRUD]ZLQQ\VSRVyE ]DJUDĪDüQDWXUDOQHPXUR]ZRMRZLOXEVWDQRZLFKURQLRQ\FKF]ĊĞFLSU]\URG\††± LG]LDáDüSU]HFLZNRZDUXQNRPRFKURQ\´  :HGáXJMHGQDNRZ\FKXVWZ†XVWDZ\VáRZDFNLHMLXVWZ†XVWDZ\ F]HVNLHMQDZ\MąWNLRG]DND]yZPRJáRSR]ZROLüZáDĞFLZHPLQLVWHUVWZRDOH]]D VWU]HĪHQLHP ĪH MHĞOL FKRG]L R SDUNL QDURGRZH ± W\ONR ZWHG\ MHĪHOL QLH MHVW WR VSU]HF]QH]HVWDWXWHPSDUNXQDURGRZHJR :DUWR]DXZDĪ\üĪH]DND]\]†XVWXVWDZ\VáRZDFNLHML†XVWXVWDZ\ F]HVNLHM]RVWDá\XMĊWHZVSRVyEPDNV\PDOQLHV\QWHW\F]Q\]]DVWRVRZDQLHPDQD ORJLLZHZQĊWU]QHMÄLQQ\VSRVyE´FRRWZLHUDáRROEU]\PLHSROHVDQNFMRQRZDQLD QDUXV]HĔ]DND]yZRFKURQQ\FK$OHĪDGQD]W\FKXVWDZQLH]DZLHUDáDSU]HSLVyZ NDUQ\FKFRZV]DNĪHQLHR]QDF]DĪHVDQNFMRQRZDQLHQDUXV]HĔE\áRQLHPRĪOLZH .LHG\ZUZHV]áDZĪ\FLHF]HFKRVáRZDFNDXVWDZDRZ\NURF]HQLDFK_ZMHM †SRGOLWG]RVWDáRVW\SL]RZDQHZ\NURF]HQLHSROHJDMąFHQDXV]NRG]HQLXFKUR QLRQHM F]ĊĞFL SU]\URG\ OXE QLHZ\NRQDQLXRERZLą]NyZ XVWDQRZLRQ\FKGODMHM RFKURQ\7\SL]DFMDWDE\áDWDNV]HURNDĪHZLVWRFLHPRJáDREMąüQDUXV]HQLHNDĪ GHJR]]DND]yZRNUHĞORQ\FKZ†XVWVáRZDFNLHMXVWDZ\RRFKURQLHSU]\URG\ F]\WHĪZ†XVWF]HVNLHMXVWDZ\RRFKURQLHSU]\URG\-HGQDNĪH]DZ\NURF]H QLH]†OLWGXVWDZ\RZ\NURF]HQLDFKPRĪQDE\áRRU]HFW\ONRXSRPQLHQLH QDJDQĊSXEOLF]QąOXESRNXWĊGRyZF]HVQ\FKNRURQFRSU]HGVWDZLFLHOHQDXNL X]QDZDOL ]D VDQNFMH UDĪąFR QLHDGHNZDWQH GR VSRáHF]QHJR QLHEH]SLHF]HĔVWZD Z\NURF]HĔSU]HFLZNRSU]\URG]LH_{&RZLĊFHMVDPDXVWDZD]URZ\NURF]H} QLDFKMHVWG]LĞRFHQLDQD]GHF\GRZDQLHNU\W\F]QLHMDNRDNWSUDZQ\OHĪąF\ZGXFKX Ä]Z\FLĊVNLHJRVRFMDOL]PX´NáDGąF\QDFLVNQDDVSHNWZ\FKRZDZF]\SU]HZLGX MąF\EDUG]RáDJRGQHVDQNFMHF]ĊVWRW\ONRRFKDUDNWHU]HPRUDOQ\P_



_{=iNRQþ6ER~NROHFKQiURGQtFKYêERUĤSĜL]DMLãW¶RYDQtVRFLDOLVWLFNpKRSRĜiGNX} _{50ČNRWD2FKUDQDSUtURG\YþHVNRVORYHQVNRPSUiYH%UDWLVODYDV} _{30DWHVDNROHNWLY=iNODG\VSUiYQtKRSUiYDWUHVWQtKR3UDKDV}

hƐƚĂǁLJŽŽĐŚƌŽŶŝĞƉƌnjLJƌŽĚLJƉƌnjĞĚŬŽŶĐĞƉĐũČŽĐŚƌŽŶLJƑƌŽĚŽǁŝƐŬĂͮϯϯ 7HQPDQNDPHQWSROHJDMąF\QDEUDNXSU]HSLVyZRFKDUDNWHU]HSHQDOQ\PZVD P\FKXVWDZDFKRRFKURQLHSU]\URG\]RVWDáXVXQLĊW\GRSLHURZGUXJLHMSRáRZLHODW ;;ZLHNX:RGQLHVLHQLXGRXVWDZ\F]HVNLHMQDVWąSLáRWRXVWDZą]SDĨ G]LHUQLNDUQRZHOL]XMąFąXVWDZĊRRFKURQLHSU]\URG\_{NWyUDXFK\OLáD†} OLWGXVWDZ\RZ\NURF]HQLDFKDGRVDPHMXVWDZ\RRFKURQLHSU]\URG\ZSURZD G]LáDQRZH†DLERGSRZLDGDMąFHNRQFHSFMLSHQDOQHMNWyUD]DU\VRZDáDVLĊ MXĪZODWDFKXNV]WDáWRZDáD]DĞZQDVWĊSQ\FKUyĪQLFXMąFHMRGSRZLHG]LDOQRĞü ]DZ\NURF]HQLDRVyEIL]\F]Q\FK†DLRGSRZLHG]LDOQRĞü]DLQQHGHOLNW\DG PLQLVWUDF\MQHRUJDQL]DFML†ESU]\F]\PWDGUXJDE\áDQLHSRUyZQDQLHVXURZ V]DRGSLHUZV]HM1RZ\†DXVWDZ\RRFKURQLHSU]\URG\SU]HZLG\ZDááąF]QLH W\SyZZ\NURF]HĔZW\P]DJURĪRQ\FKSRNXWąGRNRURQPLQXV]ND G]DQLHFKURQLRQ\FKF]ĊĞFLSU]\URG\QLV]F]HQLHURĞOLQFKURQLRQ\FKZ\NRQ\ZD QLHF]\QQRĞFL]DND]DQ\FKZVWUHIDFKRFKURQQ\FKLV]HĞü]DJURĪRQ\FKSRNXWąGR NRURQPLQQLV]F]HQLHFKURQLRQ\FKF]ĊĞFLSU]\URG\]DELMDQLHOXEFKZ\WD QLH]ZLHU]ąWFKURQLRQ\FKDOERQLV]F]HQLHLFKVLHGOLVNQDUXV]HQLHZDUXQNyZRFKURQ\ QDREV]DUDFKFKURQLRQ\FKDOERRGQRV]ąF\FKVLĊGRFKURQLRQ\FKWZRUyZSU]\ URG\OXESRPQLNyZSU]\URG\2GSRZLHGQLNDPLZ\NURF]HĔ]†DE\á\GHOLNW\ DGPLQLVWUDF\MQH]†E]DNWyUHRUJDQL]DFMRPZ\PLHU]DQRSRNXW\ZZ\VRNRĞFL GRNRURQOXEGRNRURQ:yZF]HVQHMGRNWU\QLHSUDZDDGPLQL VWUDF\MQHJRRGSRZLHG]LDOQRĞüRUJDQL]DFMLX]QDZDQR]DIRUPĊRGSRZLHG]LDOQRĞFL RELHNW\ZQHMEH]ZLQ\]DGHOLNW\DGPLQLVWUDF\MQH_{RGNWyUHME\áDQLH]DOHĪQD} RGSRZLHG]LDOQRĞüRVyEIL]\F]Q\FKG]LDáDMąF\FKZUDPDFKRUJDQL]DFML]DZ\NUR F]HQLD]†D :NZHVWLDFKRUJDQL]DF\MQ\FKXVWDZ\RRFKURQLHSU]\URG\]ODW± SU]\MĊá\EDUG]RSRGREQHUR]ZLą]DQLD:F]ĊĞFLVáRZDFNLHMSDĔVWZRZąRFKURQĊ SU]\URG\Z\NRQ\ZDá\3RZLHUQLFWZR.XOWXU\±EH]SRĞUHGQLROXESU]H]VZRMHRU JDQ\RUD]Z\G]LDá\NXOWXU\RNUĊJRZ\FKUDGQDURGRZ\FK'ODVSUDZMDVNLĔL]MD ZLVN NUDVRZ\FK SU]\ 3RZLHUQLFWZLH .XOWXU\ SRZRáDQR ]HVSyá GRUDGF]\ † XVWDZ\VáRZDFNLHM:F]ĊĞFLF]HVNLHMSDĔVWZRZąRFKURQĊSU]\URG\SURZDG]LáR 0LQLVWHUVWZR6]NROQLFWZDL.XOWXU\RUD]Z\G]LDá\NXOWXU\RNUĊJRZ\FKUDGQDUR GRZ\FK†XVWDZ\F]HVNLHM2UJDQ\QDF]HOQHPRJá\WZRU]\üLQVW\WXW\RFKURQ\ SU]\URG\XVWDYQDRFKUDQXSUtURG\±†XVWDZ\VáRZDFNLHMXVWDYVWiWQtRFKUDQ\ SĜtURG\±†XVWDZ\F]HVNLHM &KDUDNWHU\VW\F]Q\PU\VHPREXXVWDZE\áRSRZLHU]HQLHELHĪąFHMG]LDáDOQRĞFL RFKURQQHMGREURZROQ\PSUDFRZQLNRPSDĔVWZRZHMRFKURQ\SU]\URG\NRQVHUZD WRURPNRQ]HUYDWRUZREXMĊ]\NDFKLVSUDZR]GDZFRPVSUDYRGDMFDZMĊ]\NX



_{=iNRQþ6ENWHUêPVHGRSOĖXMH]iNRQþ6ERVWiWQtRFKUDQČSĜtURG\} $QDORJLF]QH]PLDQ\ZSURZDG]RQRGRVáRZDFNLHMXVWDZ\RRFKURQLHSU]\URG\ _{=/XNHãDNROHNWLYýHVNRVORYHQVNpVSUiYQtSUiYR3UDKDV}