/S 3R]RVWDOLZVSÍãZãDçFLFLHOHLZVSÍãSRVLDGDF]H 1D]ZLVNRLLPLà $GUHV 3(6(/ 1,3 RUD]FKDUDNWHUZãDGDQLD

%8'<1.,/8%,&+&=ßæ&, PLHV]NDOQH P ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMRUD]EXG\QNLPLHV]NDOQHOXELFKF]àçFL]DMàWHQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HM URG]DMZ\NRQ\ZDQHMG]LDãDOQRçFLL GDWDUR]SRF]àFLD ZEXG\QNDFKPLHV]NDOQ\FKSRZZ P ]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDãHPVLHZQ\P ]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD çzldgf]hå]gurzrwq\fk SR]RVWDãHZW\P]DMàWHQDSURZDG]HQLHRGSãDWQHMVWDWXWRZHMG]LDãDOQRçFL SRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSRë\WNXSXEOLF]QHJR ZLQQ\FKEXG\QNDFKSRZLHU]FKQLDZ P P P P SR]RVWDãHEàGÜFHEXG\QNDPLVWDQRZLÜF\PL]DSOHF]HJRVSRGDUF]HEXG\QNÍZ PLHV]NDOQ\FKOXEEàGÜFHDOWDQDPLVãXëÜF\PLGRSU]HFKRZ\ZDQLDQDU]àG]LL VSU]àWXRJURGQLF]HJR]DZ\MÜWNLHPEXG\QNÍZLDOWDQZ\NRU]\VW\ZDQ\FKGR SURZDG]HQLDG]LDãDOQRçFLJRVSRGDUF]HM P %XGRZOHOXELFKF]àçFL]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFL JRVSRGDUF]HM *5817< ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMEH]Z]JOàGXQDVSRVÍE ]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWÍZLEXG\QNÍZ SRGMH]LRUDPL]DMàWHQD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQLZRGQ\FK Z]ã P KD SR]RVWDãHZW\P]DMàWHQDSURZDG]HQLHRGSãDWQHMVWDWXWRZHMG]LDãDOQRçFL SRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSRë\WNXSXEOLF]QHJR P VWDQRZLÜFHQLHXë\WNLXë\WNLHNRORJLF]QHJUXQW\]DGU]HZLRQHL]DNU]HZLRQH ]Z\MÜWNLHP]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM P /S 1UNVLàJLZLHF]\VWHMRUD] GRNãDGQ\DGUHV QLHUXFKRPRçFL 2EUàE1UG]LDãNL VSRVÍE]DNZDOLILNRZDQLD G]LDãNLZHZLGHQFMLJUXQWÍZL EXG\QNÍZ ZLHONRçÞXG]LDãÍZZ SU]\SDGNX ZVSÍãZãDVQRçFLOXE ZVSÍãSRVLDGDQLD ZSU]\SDGNX]ZROQLHQLD SRGDWQLNDOXEQLHUXFKRPRçFL RGSRGDWNX ZSLVDÞSRGVWDZà]ZROQLHQLD

3LHF]ÜWNDSRGDWQLND 8U]ÜG0LHMVNLZ.U\QLF\=GURMX XO.UDV]HZVNLHJR.U\QLFD=GUÍM 5HIHUDW3RGDWNÍZL2SãDW/RNDOQ\FK WHOZHZ 'HNODUDFMDQDSRGDWHNRGQLHUXFKRPRçFL1U ]DRNUHVRGGRURNX 8ZDJDZDëQH3U]HGZ\SHãQLHQLHPWDEHOLSURV]à]DSR]QDÞVLà]LQIRUPDFMÜÄ $2EOLF]HQLHSRGDWNX /S :\V]F]HJÍOQLHQLH 3RGVWDZD RSRGDWNRZDQLD %XG\QNLOXELFKF]àçFL SRZLHU]FKQLD Xë\WNRZD D PLHV]NDOQH P 6WDZND SRGDWNX RGP ]ãp.zrwd SRGDWNX ]DGDQ\RNUHV 3RZLHU]FKQLH ]ZROQLRQH] SRGDWNX P E F G H I ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM RUD]EXG\QNLPLHV]NDOQHOXELFKF]àçFL]DMàWHQD SURZDG]HQLHG]LDãJRVSRGDUF]HM ]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDãHP VLHZQ\P ]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ ]DNUHVLHXG]LHODQLDçZLDGF]Hå]GURZRWQ\FK SR]RVWDãHZW\P]DMàWHQDSURZDG]HQLHRGSãDWQHM VWDWXWRZHMG]LDãDOQRçFLSRë\WNXSXEOLF]QHJRSU]H] RUJDQL]DFMHSRë\WNXSXEOLF]QHJR SR]RVWDãHEàGÜFHEXG\QNDPLVWDQRZLÜF\PL]DSOHF]H JRVSRGDUF]HEXG\QNÍZPLHV]NDOQ\FKOXEEàGÜFH DOWDQDPLVãXëÜF\PLGRSU]HFKRZ\ZDQLDQDU]àG]LL VSU]àWXRJURGQLF]HJR]DZ\MÜWNLHPEXG\QNÍZLDOWDQ Z\NRU]\VW\ZDQ\FKGRSURZDG]HQLDG]LDãDOQRçFL JRVSRGDUF]HM *UXQW\ SRZLHU]FKQLD JUXQWÍZ D E F ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM EH]Z]JOàGXQDVSRVÍE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWÍZLEXG\QNÍZ SRGMH]LRUDPL]DMàWHQD]ELRUQLNLZRGQHUHWHQF\MQH OXEHOHNWURZQLZRGQ\FK SR]RVWDãHZW\P]DMàWHQDSURZDG]HQLHRGSãDWQHM VWDWXWRZHMG]LDãDOQRçFLSRë\WNXSXEOLF]QHJRSU]H] RUJDQL]DFMHSRë\WNXSXEOLF]QHJR P ]ãp P P ]ãp P P P P ]ãp ]ãp ]ãp RGP OXE KD ]DGDQ\RNUHV P P P P ]ãp P KD ]ãkd KD %XGRZOHOXELFKF]àçFL ZDUWRçÞEXGRZOL ÈZDUWRçFL ]DGDQ\RNUHV ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM ]ã È P ]ãp 5D]HP 3RGDWHNGR]DSãDW\ZURNXZ\QRVL =QDQHPLVÜSU]HSLV\DUW.RGHNVX.DUQHJRRUD]DUWDUW.RGHNVXNDUQHJRVNDUERZHJRLRGSRZLHG]LDOQRçÞ Z\QLNDMÜFD]W\FKSU]HSLVÍZ LPLàLQD]ZLVNRRVRE\RGSRZLHG]LDOQHM ]DSUDZLGãRZHQDOLF]DQLHSRGDWNX *ãízq\nvlàjrz\ SLHF]ÜWNDLSRGSLV.LHURZQLNMHGQRVWNL SLHF]ÜWNDLSRGSLV P ]ã ]ã 7HOHIRQ

%'DQHLGHQW\ILNDF\MQHLDGUHVSRGDWQLND 2VREDSUDZQDMHGQRVWNLRUJDQL]DF\MQHZW\PVSÍãNLQLHSRVLDGDMÜFHRVRERZRçFLSUDZQHM2VREDIL]\F]QD 1D]ZDSHãQD,PLàLQD]ZLVNR 5HJRQ3HVHO 1,3 3.' 1D]ZDLQUNRQWDEDQNRZHJR 0LHMVFRZRçÞ 8OLFD 1UGRPXORNDOX.RGSRF]WRZ\ 3RF]WD :RMHZÍG]WZR &=JRGQLH]DUWXVWDZ\]GQLDVLHUSQLDU2UG\QDFMDSRGDWNRZD ']81USR]]H]PSU]HGNãDGDPSLVHPQHX]DVDGQLHQLHNRUHNW\GHNODUDFML SRGDÞGRNãDGQ\DGUHVQUNVLàJLZLHF]\VWHMQUG]LDãNLGODQLHUXFKRPRçFLNWÍU\FK]PLDQ\GRW\F]Ü 8SU]HMPLHLQIRUPXMàëHNRUHNWDGHNODUDFMLQUQDSRGDWHNRGQLHUXFKRPRçFLQDVWÜSLãD ZZ\QLNX ':\SHãQLDRUJDQSRGDWNRZ\ :Z\QLNXZVWàSQHMNRQWUROLSU]\SDGD 'RSU]\SLVX 'RRGSLVX 3RGSLVVSUDZG]DMÜFHJR $GQRWDFMHXU]àGRZH

(:\ND]QLHUXFKRPRçFLSRGOHJDMÜF\FKRSRGDWNRZDQLXSRGDWNLHPRGQLHUXFKRPRçFLRUD]QLHUXFKRPRçFL ]ZROQLRQ\FK]RSRGDWNRZDQLD D LN W Q D G R LS J D Z 8 Ü LD Q Q Z LH U D OQ R S à Z ] Z X WD N V G G D R S U ] \ S Þ D S G R Z S LD Q LH OQ R ] Z U W H LD N Q U D D D G K ãd & Z LD Q D Z R W N MÜ F D G U D OD R S R \ Z W D V G R 3 N H G ] H Q G R J ] M WH V \ ] F LH LH Q LZ H J ] Là F V D Q U N ] 2 Q L F ç R L P F R V K R F P U X R LH K F Q U X V U H LH G Q D LH \ Q Q H G ë ãd ãr N R R 3 G E à U E LR ãn ] LD U G Q S /

/S 1D]ZLVNRLLPLà $GUHV]DPNRG 3(6(/ 1,3 5RG]DMZ\NRQ\ZDQHM G]LDãDOQRçFLLGDWDUR]SRF]àFLD ZEXG\QNDFKPLHV]NDOQ\FK SRZLHU]FKQLDZP ZLQQ\FKEXG\QNDFK ZROQRVWRMÜFH SRZLHU]FKQLDZP URG]DMHLNODV\ Xë\WNÍZUROQ\FK SRZXë\WNÍZUROQ\FK ZJNODVJUXQWX,,,,,,,,9,,,D 9,,,E 9,,9D,9E 9 9,

:\V]F]HJÍOQLHQLH 3RGVWDZD RSRGDWNRZDQLD 6WDZND SRGDWNX NZRWD SRGDWNX]ã 2GSRZLHU]FKQLEXG\QNÍZPLHV]NDOQ\FK OXELFKF]àçFL 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]ZLÜ]DQ\FK]G]LDãDOQRçFLÜJRVSRGDUF]ÜRUD] RGEXG\QNÍZPLHV]NDOQ\FKOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HM 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDãHPVLHZQ\P SRZLHU]FKQLD P SRZLHU]FKQLD P SRZLHU]FKQLD P

2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHXG]LHODQLDçZLDGF]Hå ]GURZRWQ\FK SRZLHU]FKQLD P 2GSRZLHU]FKQLEXG\QNÍZSR]RVWDã\FKOXE LFKF]àçFL DEXG\QNL]DMàWHQDFHOHUHNUHDF\MQR Z\SRF]\QNRZH EJDUDëHZROQRVWRMÜFH FEXG\QNL]DMàWHQDLQQHFHOHQLëZ\PZSNW DLE 2GZDUWRçFLEXGRZOLOXELFKF]àçFL ]ZLÜ]DQ\FK]SURZDG]HQLHPG]LDãDOQRçFL JRVSRGDUF]HM SRZLHU]FKQLD P P P ZDUWRçÞ ]ã 2GSRZLHU]FKQLJUXQWÍZ]ZLÜ]DQ\FK] SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMEH] Z]JOàGXQDVSRVÍE]DNZDOLILNRZDQLDZ HZLGHQFMLJUXQWÍZLEXG\QNÍZ SRZLHU]FKQLD P 2GSRZLHU]FKQLJUXQWÍZSR]RVWDã\FK 2GSRZLHU]FKQLJUXQWÍZSRGMH]LRUDPL ]DMàW\FKQD]ELRUQLNLZRGQHUHWHQF\MQHOXE HOHNWURZQLZRGQ\FK SRZZKD SRZLHU]FKQLD P SRZLHU]FKQLDZ P KD 5D]HP GRSU]\SLVXZ]ã GRRGSLVXZ]ã

5RG]DMHL NODV\Xë\WNÍZ UROQ\FK 3RZXëUROQ\FK ZJNODVJUXQWX 3U]HOLF]QLNL SRZ Xë\WNÍZ UROQ\FK 6WDZNDSRGDWNX 5ROQHJR]ãKD SU]HO 3RGDWHNUROQ\ SU]HGXOJÜ 8OJDJÍUVNDZ,,, 2NUàJXSRGDWNRZ\P 3RGDWHN UROQ\ SRXOG]H [[ r *UXQW\RUQH, È,, È,,,D È,,,E È,9D È,9E È 9 =ZROQ 9, =ZROQ âünllsdvwzlvnd, È,, È,,, È,9 È 9 =ZROQ 9, =ZROQ 5D]HP

:\V]F]HJÍOQLHQLH 3RZLHU]FKQLDKD 3RGVWDZD VWDZND SRGDWHN IL]\F]QH RSRGDWNRZDQLD /DV\RFKURQQH :ZLHNXGRODW :ZLHNXSRZ\ëHM ODW /DV\SR]RVWDãH :ZLHNXGRODW :ZLHNXSRZ\ëHM ODW 5$=(032'$7(.

/S :\V]F]HJÍOQLHQLH 3RGVWDZD RSRGDWNRZDQLD 6WDZND SRGDWNX.ZRWD SRGDWNX Z]ã 2GSRZLHU]FKQLEXG\QNÍZ PLHV]NDOQ\FKOXELFKF]àçFL SRZLHU]FKQLD P 2GSRZLHU]FKQLOXELFKF]àçFL ]ZLÜ]DQ\FK]G]LDãDOQRçFLÜRUD] RGEXG\QNyZOXELFKF] FL]DM W\FK QDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HM SRZLHU]FKQLD P 2GSRZLHU]FKQLEXG\QNÍZOXELFK F]àçFL]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDãHP VLHZQ\P SRZLHU]FKQLD P 2GEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HMZ ]DNUHVLHXG]LHODQLDçZLDGF]Hå ]GURZRWQ\FK SRZLHU]FKQLD P 2GSRZLHU]FKQLEXG\QNÍZ SR]RVWDã\FKOXELFKF]àçFL DEXG\QNL]DMàWHQDFHOH UHNUHDF\MQR Z\SRF]\QNRZH EJDUDëHZROQRVWRMÜFH FEXG\QNL]DMàWHQDLQQHFHOHQLë Z\PZSNWDLE SRZLHU]FKQLD P P P 2GZDUWRçFLEXGRZOLOXELFKF]àçFL ]ZLÜ]DQ\FK]SURZDG]HQLHP G]LDãDOQRçFLJRVSRGDUF]HM ZDUWRçÞ ]ã 2GSRZLHU]FKQLJUXQWÍZ ]ZLÜ]DQ\FK]SURZDG]HQLHP G]LDãDOQRçFLJRVSRGDUF]HMEH] Z]JOàGXQDVSRVÍE ]DNZDOLILNRZDQLDZHZLGHQFML JUXQWÍZLEXG\QNÍZ SRZLHU]FKQLD P 2GSRZLHU]FKQLJUXQWÍZ SR]RVWDã\FK SRZLHU]FKQLD P 2GSRZLHU]FKQLJUXQWÍZSRG MH]LRUDPL]DMàW\FKQD]ELRUQLNL ZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FKSRZZKD SRZLHU]FKQLD ZPKD 5D]HP

'RSXV]F]DOQDPDVDFDãNRZLWDZWRQDFK 'DWDSURGXNFML 'RU RGU 6WDZNDSRGDWNXZ]ãRW\FK 2GWGRWZãÜF]QLH 3RZ\ëHMWGRWZãÜF]QLH 3RZ\ëHMWSRQLëHMW

'RSXV]F]DOQDPDVDFDãNRZLWD =DZLHV]HQLHRVL SQHXPDW\F]QHOXE UÍZQRZDëQH,QQ\V\VWHP ]DZLHV]HQLDRVL 1LHPQLHMQLë 0QLHMQLë 6WDZNDSRGDWNXZ]ãRW\FK RVLH W W W RVLH W W W W W RVLHLZLàFHM W W W W W 'RSXV]F]DOQDPDVDFDãNRZLWDZWRQDFK 'DWDSURGXNFML GRU RGU 6WDZNDSRGDWNXZ]ãRW\FK 'RWLWRQ 3RZ\ëHMWRQLSRQLëHMW 'RSXV]F]DOQDPDVDFDãNRZLWD =DZLHV]HQLHRVL SQHXPDW\F]QHOXE UÍZQRU]àGQH,QQ\V\VWHP]DZLHV]HQLD RVL 1LHPQLHMQLë 0QLHMQLë 6WDZNDSRGDWNXZ]ãRW\FK RVLH W W W W WLZLàFHM RVLH W W W W WLZLàFHM 'RSXV]F]DOQDPDVDFDãNRZLWD =DZLHV]HQLHRVL SQHXPDW\F]QHOXE UÍZQRZDëQH 1LHPQLHMQLë 0QLHMQLë 6WDZNDSRGDWNXZ]ãRW\FK,QQ\V\VWHP]DZLHV]HQLD RVL Rç W W W RVLH W W W W WLZLàFHM RVLH W W WLZLàFHM

/LF]EDPLHMVFVLHG]ÜF\FKãÜF]QLH 'DWDSURGXNFML ]PLHMVFHPNLHURZF\ GRU RGU 6WDZNDSRGDWNXZ]ãRW\FK 'R 2GGR OXEZLàFHM

%XG\QNLPLHV]NDOQHOXELFKF]àçFLORNDOHPLHV]NDOQHSLZQLFHLNRU\WDU]HLWS EXG\QNLOXELFKF]àçFL]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM 5RG]DMZ\NRQ\ZDQHMG]LDãDOQRçFL ZEXG\QNDFKPLHV]NDOQ\FKSRZLHU]FKQLD,GDWDUR]SRF]àFLD SRZeeeeeeeeP ZLQQ\FKEXG\QNDFK ZROQRVWRMÜFHSRZLHU]FKQLD

%XG\QNLOXELFKF]àçFL]ZLÜ]DQH]G]LDãDOQRçFLÜJRVSRGDUF]ÜZ]DNUHVLH XG]LHODQLDçZLDGF]Hå]GURZRWQ\FK %XG\QNLOXELFKF]àçFL]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDãHPVLHZQ\P %XG\QNLVWDMQLHVWRGRã\V]RS\ SRZeeeeeeeeP SRZeeeeeeeeP SRZeeeeeeeeP 3R]RVWDãHEXG\QNLLJDUDëHQLH]ZLÜ]DQH]G]LDãDOQRçFLÜJRVSRGDUF]Ü SRZeeeeeeeeP %XGRZOHOXELFKF]àçFL]ZLÜ]DQH]SURZDG]RQÜG]LDãDOQRçFLÜJRVSRGDUF]Ü LQQÜQLëUROQLF]DOXEOHçQD]JRGQLH]SU]HSLVDPLDUWXVWSNWRUD]XVW XVWDZ\ ZDUWeeeeeeee]ã *UXQW\SRZLHU]FKQLDRJÍãHPeeeeeeeeeeeeP ZW\P *UXQW\]ZLÜ]DQH]G]LDãDOQRçFLÜJRVSRGDUF]ÜLQQÜQLëUROQLF]HLQQÜQLë UROQLF]DOXEOHçQD]Z\MÜWNLHPJUXQWÍZ]ZLÜ]DQ\FK]EXG\QNDPL PLHV]NDOQ\PL SRZeeeeeeeeP *UXQW\]DGU]HZLRQHL]DNU]HZLRQH SRZeeeeeeeeP *UXQW\SR]RVWDãH SRZeeeeeeeP

:\V]F]HJÍOQLHQLH 2GSRZLHU]FKQLJUXQWÍZ]ZLÜ]DQ\FK] SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMEH] Z]JOàGXQDVSRVÍE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWÍZLEXG\QNÍZ 2GSRZLHU]FKQLJUXQWÍZSRGMH]LRUDPL]DMàW\FK QD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FKSRZLHU]FKQLDZKD 2GSRZLHU]FKQLJUXQWÍZSR]RVWDã\FK 2GSRZLHU]FKQLEXG\QNÍZPLHV]NDOQ\FKOXELFK F]àçFL 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]ZLÜ]DQ\FK]G]LDãDOQRçFLÜJRVSRGDUF]ÜRUD]RG EXG\QNÍZPLHV]NDOQ\FKOXELFKF]àçFL]DMàW\FK QDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHREURWXNZDOLILNRZDQ\P PDWHULDãHPVLHZQ\P 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHXG]LHODQLDçZLDGF]Hå ]GURZRWQ\FK 2GSRZLHU]FKQLSR]RVWDã\FKEXG\QNÍZOXELFK F]àçFL 2GZDUWRçFLEXGRZOLOXELFKF]àçFL]ZLÜ]DQ\FK] SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM 2GZDUWRçFLEXGRZOLOXELFKF]àçFL]ZLÜ]DQ\FK] SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMZ ]DNUHVLHXG]LHODQLDçZLDGF]Hå]GURZRWQ\FK :\SHãQLDMÜRVRE\SUDZQHVSÍãNLLMHGQRVWNLQLH SRVLDGDMÜFHRVRERZRçFLSUDZQHM 3RGVWDZD 6WDZND.ZRWD RSRGDWNRZDQLD SRGDWNX SRGDWNX SRZLHU]FKQLD eeeeeeep 3RZLHU]FKQLDZ P KD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeep ZDUWRçÞ eeeeeeee]ã ZDUWRçÞ eeeeeeee]ã 5D]HP

GRSU]\SLVX]ã GRRGSLVX]ã 1UG]LDãNL 2EUàE &KDUDNWHUZãDGDQLD 3RZLHU]FKQLD 8ë\WNRZDJUXQWX 3RZLHU]FKQLDXë\WNRZD SRV]F]HJÍOQ\FKEXG\QNÍZ $GUHVQLHUXFKRPRçFL

:\V]F]HJÍOQLHQLH 2GSRZLHU]FKQLJUXQWÍZ]ZLÜ]DQ\FK] SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMEH] Z]JOàGXQDVSRVÍE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWÍZLEXG\QNÍZ 2GSRZLHU]FKQLJUXQWÍZSRGMH]LRUDPL]DMàW\FK QD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FKSRZLHU]FKQLDZKD 2GSRZLHU]FKQLJUXQWÍZSR]RVWDã\FK 2GSRZLHU]FKQLEXG\QNÍZPLHV]NDOQ\FKOXELFK F]àçFL 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]ZLÜ]DQ\FK]G]LDãDOQRçFLÜJRVSRGDUF]ÜRUD]RG EXG\QNÍZPLHV]NDOQ\FKOXELFKF]àçFL]DMàW\FK QDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHREURWXNZDOLILNRZDQ\P PDWHULDãHPVLHZQ\P 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHXG]LHODQLDçZLDGF]Hå ]GURZRWQ\FK 2GSRZLHU]FKQLSR]RVWDã\FKEXG\QNÍZOXELFK F]àçFL :\SHãQLDMÜRVRE\SUDZQHVSÍãNLLMHGQRVWNLQLH SRVLDGDMÜFHRVRERZRçFLSUDZQHM 3RGVWDZD RSRGDWNRZDQLD SRZLHU]FKQLD eeeeeeep 3RZLHU]FKQLDZ P KD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeep SRZLHU]FKQLD eeeeeeeep SRZLHU]FKQLD eeeeeeep ZDUWRçÞ eeeeeeee]ã 5D]HP 6WDZND SRGDWNX.ZRWD SRGDWNX 2GZDUWRçFLEXGRZOLOXELFKF]àçFL]ZLÜ]DQ\FK] SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM È

5RG]DMXë\WNÍZ UROQ\FK 3RQLëHMKD *5817<251( :FKRG]ÜFHZ VNãDG JRVSRGDUVWZD UROQHJR 3RQLëHMKD âû.,,3$67:,6.$ 2NUàJSRGDWNRZ\.ODVDXë\WNÍZ UROQ\FK,,,,,,D,,,,,,E,9D,9,9E 9 9, 5= 3V] :FKRG]ÜFHZ VNãDG JRVSRGDUVWZD UROQHJR

8ë\WNLUROQH99,L9,]RUD]JUXQW\]DGU]HZLRQHL]DNU]HZLRQHXVWDQRZLRQHQDXë\WNDFKUROQ\FK *UXQW\SRãRëRQHZSDVLHGURJLJUDQLF]QHM *UXQW\RUQHãÜNLLSDVWZLVNDREMàWHPHOLRUDFMÜrZURNX:NWÍU\PXSUDZ\]RVWDã\]QLV]F]RQH ZVNXWHNUREÍW *UXQW\SU]H]QDF]RQHQDXWZRU]HQLHQRZHJRJRVSRGDUVWZDUROQHJROXESRZLàNV]HQLHMXë LVWQLHMÜFHJRGRSRZLHU]FKQLQLHSU]HNUDF]DMÜFHMKD DEàGÜFHSU]HGPLRWHPSUDZDZãD VQRçFLOXESUDZDXë\WNRZDQLDZLHF]\VWHJRQDE\WHZGURG]HXPRZ\ VSU]HGDë\ EEàGÜFHSU]HGPLRWHPXPRZ\RRGGDQLHJUXQWÍZZXë\WNRZDQLHZLHF]\VWH FZFKRG]ÜFHZVNãDG=DVREX:ã DVQRçFL5ROQHM6NDUEX3DåVWZDREMàWHZWUZDãH]DJRVSRGDURZDQLH *UXQW\JRVSRGDUVWZUROQ\FKSRZVWDãH]]DJRVSRGDURZDQLDQLHXë\WNÍZrQDRNUHVODWOLF]ÜFRGURNX QDVWàSQHJRSR]DNRåF]HQLX]DJR VSRGDURZDQLD *UXQW\JRVSRGDUVWZUROQ\FKRWU]\PDQHZGURG]HZ\PLDQ\OXEVFDOHQLDrQDURNQDVWàSXMÜF\SRURNX ZNWÍU\PGRNRQDQRZ\PLDQ\OXEVFDOHQLDJUXQWÍZ *UXQW\JRVSRGDUVWZUROQ\FKQDNWÍU\FK]DSU]HVWDQRSURGXNFMLUROQHM]W\PëH]ZROQLHQLHPRëH GRW\F]\ÞQLHZLàFHMQLëÈ SRZLHU]FKQLXë\WNÍZUROQ\FKJRVSRGDUVWZDUROQHJROHF]QLHZLàFHMQLë KDQDRNUHVQLHGãXëV]\QLëODWDZVWRVXQNXGRW\FKVDP\FKJUXQWÍZ 8ë\WNLHNRORJLF]QH *UXQW\]DMàWHSU]H]]ELRUQLNLZRG \VãXëÜFHGR]DRSDWU]HQLDOXGQRçFLZZRGà *UXQW\SRGZDãDPLSU]HFLZ SRZRG]LRZ\PLLJUXQW\SRãRëRQHZPLàG]\ZDãDFK *UXQW\ZSLVDQHGRUHMHVWUX]DE \WNÍZSRGZDUXQNLHPLFK]DJRVSRGDURZDQLDLXWU]\PDQLD]JRGQLH] SU]HSLVDPLRRFKURQLH]DE\WNÍZ *UXQW\VWDQRZLÜFHG]LDãNLSU]\]DJURGRZHF]ãRQNÍZUROQLF]\FKVSÍãG]LHOQLSURGXNF\MQ\FKNWÍU]\ DRVLÜJQàOLZLHNHPHU\WDOQ\ EVÜLQZDOLGDPL]DOLF]RQ\PLGR,DOER,,JUXS\ FVÜQLHSHãQRVSUDZQLR]QDF]Q\POXEXPLDUNRZDQ\PVWRSQLXQLHSHãQRVSUDZQRçFL GVÜRVREDPLFDãNRZLFLHQLH]GROQ\ PLGRSUDF\ZJRVSRGDUVWZLHUROQ\PDOERQLH]GROQ\PLGRVDPRG]LHOQHM HJ]\VWHQFML 6]NRã\Z\ëV]HZ\ëV]HV]NRã\]D ZRGRZHRUD]Z\ëV]HV]NRã\ZRMVNRZH 6]NRã\SODFÍZNL]DNãDG\NV]WDãFHQLDLSODFÍZNLGRVNRQDOHQLDQDXF]\FLHOLrSXEOLF]QHLQLHSXEOLF]QH RUD]RUJDQ\SURZDG]ÜFHWHV]NRã\SODFÍZNLL]DNãDG\]W\WXãX]DU]ÜGXXë\WNRZDQLDOXEXë\WNRZDQLD ZLHF]\VWHJRJUXQWÍZ 3ODFÍZNLQDXNRZH3ROVNLHM$ND GHPLL1DXN 3URZDG]ÜF\FK]DNãDG\SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL]D ZRGRZHMZ]DNUHVLHJUXQWÍZ ]JãRV]RQ\FKZRMHZRG]LHMHëHOL]JãRV]HQLH]RVWDãRSRWZLHUG]RQHGHF\]MÜZVSUDZLHSU]\]QDQLDVWDWXVX ]DNãDGXSUDF\FKURQLRQHMOXE]DNãDGXDNW\ZQRçFL]DZRGRZHMDOER]DçZLDGF]HQLHPr]DMàW\FKQD SURZDG]HQLHWHJR]DNãDGX]Z\MÜWNLHPJUXQWÍZ]QDMGXMÜF\FKVLàZSRVLDGDQLX]DOHëQ\PSRGPLRWÍZ QLHEàGÜF\FKSURZDG]ÜF\PL]DNãDGSUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL]DZRGRZHM -HGQRVWNLEDGDZF]RUR]ZRM RZH :\V]F]HJÍOQLHQLH 6WDZND SRGDWNXZ ]ãrw\fk 3RZSRG ]ZROQLRQDZ KD

( 1 5 2 < 7 1 8 5 * ( 1 2 / (, =,. 7 < ê 8 < 6 $ /. \ Z R N W D G R S J à U N 2 5RG]DM Xë\WNÍZ UROQ\FK 3RZL JUXQWXZ KHNWDUDFK IL]\F]Q\FK /LF]ED KHNW SU]HOLF] 6WDZND ]KD SU]HOLF] :\PLDU URGDWNX UROQHJR Z]ãRW\FK =W\W QDE\FLDOXE SU]HMàFLDZ ]DJRVSRGDU JUXQWÍZ 8OJLZSRGDWNXUROQ\PZ]ãRW\FK LQQH JÍUVNLH LQZHVW\F\MQH,,,,,,D,9D,9E 9 9, 9, 5=,,,,,,,9 9 9, 9, 3V] 3RGDWHN UROQ\] JUXQWÍZ SRRGOLF] XOJ

:\V]F]HJÍOQLHQLH 3RZLHU]FKQLD SRGOHJDMÜFD ]ZROQLHQLX ZKD 6WDZND SRGDWNX Z]ãRW\FK 8ë\WNLUROQH99,L9,]RUD]JUXQW\]DGU]HZLRQHL]DNU]HZLRQHXVWDQRZLRQHQD Xë\WNDFKUROQ\FK *UXQW\SRãRëRQHZSDVLHGURJLJUDQLF]QHM *UXQW\RUQHãÜNLLSDVWZLVNDREMàWHPHOLRUDFMÜrZURNXZNWÍU\PXSUDZ\ ]RVWDã\]QLV]F]RQHZVNXWHNUREÍW *UXQW\SU]H]QDF]RQHQDXWZRU]HQLHQRZHJRJRVSRGDUVWZDUROQHJROXE SRZLàNV]HQLHMXëLVWQLHMÜFHJRGRSRZLHU]FKQLQLHSU]HNUDF]DMÜFHMKD DEàGÜFHSU]HGPLRWHPSUDZDZãDVQRçFLOXESUDZDXë\WNRZDQLDZLHF]\VWHJR QDE\WHZGURG]HXPRZ\VSU]HGDë\ EEàGÜFHSU]HGPLRWHPXPRZ\RRGGDQLHJUXQWÍZZXë\WNRZDQLHZLHF]\VWH FZFKRG]ÜFHZVNãDG=DVREX:ãDVQRçFL5ROQHM6NDUEX3DåVWZDREMàWHZ WUZDãH]DJRVSRGDURZDQLH *UXQW\JRVSRGDUVWZUROQ\FKSRZVWDãH]]DJRVSRGDURZDQLDQLHXë\WNÍZrQD RNUHVODWOLF]ÜFRGURNXOLF]ÜFRGURNXQDVWàSQHJRSR]DNRåF]HQLX ]DJRVSRGDURZDQLD *UXQW\JRVSRGDUVWZUROQ\FKRWU]\PDQHZGURG]HZ\PLDQ\OXEVFDOHQLDrQD URNQDVWàSXMÜF\SRURNXZNWÍU\PGRNRQDQRZ\PLDQ\OXEVFDOHQLD JUXQWÍZ *UXQW\JRVSRGDUVWZUROQ\FKQDNWÍU\FK]DSU]HVWDQRSURGXNFMLUROQHM]W\P ëh]zroqlhqlhprëhgrw\f]\þqlhzlàfhmqlëèsrzlhu]fkqlxë\wníz UROQ\FKJRVSRGDUVWZDUROQHJROHF]QLHZLàFHMQLëKDQDRNUHVQLH GãXëV]\QLëODWDZVWRVXQNXGRW\FKVDP\FKJUXQWÍZ 8ë\WNLHNRORJLF]QH *UXQW\]DMàWHSU]H]]ELRUQLNLZRG\VãXëÜFHGR]DRSDWU]HQLDOXGQRçFLZZRGà *UXQW\SRGZDãDPLSU]HFLZSRZRG]LRZ\PLLJUXQW\SRãRëRQHZ PLàG]\ZDãDFK *UXQW\ZSLVDQHGRUHMHVWUX]DE\WNÍZSRGZDUXQNLHPLFK]DJRVSRGDURZDQLDL XWU]\PDQLD]JRGQLH]SU]HSLVDPLRRFKURQLH]DE\WNÍZ *UXQW\VWDQRZLÜFHG]LDãNLSU]\]DJURGRZHF]ãRQNÍZUROQLF]\FKVSÍãG]LHOQL SURGXNF\MQ\FKNWÍU]\ DRVLÜJQàOLZLHNHPHU\WDOQ\ EVÜLQZDOLGDPL]DOLF]RQ\PLGR,DOER,,JUXS\ FVÜQLHSHãQRVSUDZQLR]QDF]Q\POXEXPLDUNRZDQ\PVWRSQLX QLHSHãQRVSUDZQRçFL GVÜRVREDPLFDãNRZLFLHQLH]GROQ\PLGRSUDF\ZJRVSRGDUVWZLHUROQ\PDOER QLH]GROQ\PLGRVDPRG]LHOQHMHJ]\VWHQFML 6]NRã\Z\ëV]HZ\ëV]HV]NRã\]DZRGRZHRUD]Z\ëV]HV]NRã\ZRMVNRZH 6]NRã\SODFÍZNL]DNãDG\NV]WDãFHQLDLSODFÍZNLGRVNRQDOHQLDQDXF]\FLHOL rsxeolf]qhlqlhsxeolf]qhrud]rujdq\surzdg]üfhwhv]nrã\sodfíznll ]DNãDG\]W\WXãX]DU]ÜGXXë\WNRZDQLDOXEXë\WNRZDQLDZLHF]\VWHJR JUXQWÍZ 3ODFÍZNLQDXNRZH3ROVNLHM$NDGHPLL1DXN 3URZDG]ÜF\FK]DNãDG\SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL ]DZRGRZHMZ]DNUHVLHJUXQWÍZ]JãRV]RQ\FKZRMHZRG]LHMHëHOL]JãRV]HQLH ]RVWDãRSRWZLHUG]RQHGHF\]MÜZVSUDZLHSU]\]QDQLDVWDWXVX]DNãDGXSUDF\ FKURQLRQHMOXE]DNãDGXDNW\ZQRçFL]DZRGRZHMDOER]DçZLDGF]HQLHPr ]DMàW\FKQDSURZDG]HQLHWHJR]DNãDGX]Z\MÜWNLHPJUXQWÍZ]QDMGXMÜF\FK VLàZSRVLDGDQLX]DOHëQ\PSRGPLRWÍZQLHEàGÜF\FKSURZDG]ÜF\PL]DNãDG SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL]DZRGRZHM -HGQRVWNLEDGDZF]RUR]ZRMRZH.ZRWD SRGDWNX Z]ãRW\FK

3RZLHU]FKQLDODVÍZZKDIL]\F]Q\FK /S 1UG]LDãNL ODV\ZFKRG]ÜFHZ ODV\RFKURQQH VNãDGUH]HUZDWÍZ SU]\URG\LSDUNÍZ QDURGRZ\FK ODV\SR]RVWDãH :\V]F]HJÍOQLHQLH 3RZLHU]FKQLD SRGOHJDMÜFD ]ZROQLHQLXZKD 6WDZND SRGDWNX 6]NRã\Z\ëV]HZ\ëV]HV]NRã\]DZRGRZHRUD]Z\ëV]HV]NRã\ZRMVNRZH 6]NRã\SODFÍZNL]DNãDG\NV]WDãFHQLDLSODFÍZNLGRVNRQDOHQLDQDXF]\FLHOLr SXEOLF]QHLQLHSXEOLF]QHRUD]RUJDQ\SURZDG]ÜFHWHV]NRã\SODFÍZNLL ]DNãDG\]W\WXãX]DU]ÜGXXë\WNRZDQLDOXEXë\WNRZDQLDZLHF]\VWHJR JUXQWÍZ 3ODFÍZNLQDXNRZH3ROVNLHM$NDGHPLL1DXN 3URZDG]ÜF\FK]DNãDG\SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL ]DZRGRZHMZ]DNUHVLHJUXQWÍZ]JãRV]RQ\FKZRMHZRG]LHMHëHOL]JãRV]HQLH ]RVWDãRSRWZLHUG]RQHGHF\]MÜZVSUDZLHSU]\]QDQLDVWDWXVX]DNãDGXSUDF\ FKURQLRQHMOXE]DNãDGXDNW\ZQRçFL]DZRGRZHMDOER]DçZLDGF]HQLHPr ]DMàW\FKQDSURZDG]HQLHWHJR]DNãDGX]Z\MÜWNLHPJUXQWÍZ]QDMGXMÜF\FK VLàZSRVLDGDQLX]DOHëQ\PSRGPLRWÍZQLHEàGÜF\FKSURZDG]ÜF\PL]DNãDG SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL]DZRGRZHM -HGQRVWNLEDGDZF]RrUR]ZRMRZH /DV\]GU]HZRVWDQHPZZLHNXGRODW /DV\ZSLVDQHLQG\ZLGXDOQLHGRUHMHVWUX]DE\WNÍZ 8ë\WNLHNRORJLF]QH.ZRWD SRGDWNX

R J H W ] R J H W ] R J H W ] 3RZLHU]FKQLDODVÍZRJÍãHPZKDSU]HOLF]HQLRZ\FK KD \ V OD P W\ : :\V]F]HJÍOQLHQLH 6WDZND 3RZZKDIL] :\V]F]HJÍOQLHQLH 3RZ Z KD 3RGVWDZD SRGDWNXZ 3RGDWHN IL] RSRGDWNRZDQLD ]ãrw\fk ZFKRG]ÜFHZ VNãDGUH]HUZDWÍZ ZSLVDQH LQG\ZLGXDOQLHGR UHMHVWUX]DE\WNÍZ SU]\URG\LSDUNÍZ QDURGRZ\FK Xë\WNLHNRORJLF]QH ZZLHNXGRODW ZZLHNXSRZ\ëHM ODW RFKURQQH SR]RVWDãH 5D]HPSRGDWHN ZSLVDQH LQG\ZLGXDOQLHGR UHMHVWUX]DE\WNÍZ Xë\WNLHNRORJLF]QH ZZLHNXGRODW ZZLHNXSRZ\ëHM ODW ZSLVDQH LQG\ZLGXDOQLHGR UHMHVWUX]DE\WNÍZ Xë\WNLHNRORJLF]QH ZZLHNXGRODW ZZLHNXSRZ\ëHM ODW

:\V]F]HJÍOQLHQLH 6]NRã\Z\ëV]HZ\ëV]HV]NRã\]DZRGRZHRUD]Z\ëV]HV]NRã\ZRMVNRZH 6]NRã\SODFÍZNL]DNãDG\NV]WDãFHQLDLSODFÍZNLGRVNRQDOHQLDQDXF]\FLHOLr SXEOLF]QHLQLHSXEOLF]QHRUD]RUJDQ\SURZDG]ÜFHWHV]NRã\SODFÍZNLL ]DNãDG\]W\WXãX]DU]ÜGXXë\WNRZDQLDOXEXë\WNRZDQLDZLHF]\VWHJR JUXQWÍZ 3ODFÍZNLQDXNRZH3ROVNLHM$NDGHPLL1DXN 3URZDG]ÜF\FK]DNãDG\SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL ]DZRGRZHMZ]DNUHVLHJUXQWÍZ]JãRV]RQ\FKZRMHZRG]LHMHëHOL]JãRV]HQLH ]RVWDãRSRWZLHUG]RQHGHF\]MÜZVSUDZLHSU]\]QDQLDVWDWXVX]DNãDGXSUDF\ FKURQLRQHMOXE]DNãDGXDNW\ZQRçFL]DZRGRZHMDOER]DçZLDGF]HQLHPr ]DMàW\FKQDSURZDG]HQLHWHJR]DNãDGX]Z\MÜWNLHPJUXQWÍZ]QDMGXMÜF\FK VLàZSRVLDGDQLX]DOHëQ\PSRGPLRWÍZQLHEàGÜF\FKSURZDG]ÜF\PL]DNãDG SUDF\FKURQLRQHMOXE]DNãDG\DNW\ZQRçFL]DZRGRZHM -HGQRVWNLEDGDZF]RrUR]ZRMRZH 3RZLHU]FKQLD SRGOHJDMÜFD ]ZROQLHQLXZKD 6WDZND SRGDWNX.ZRWD SRGDWNX

/S 6DPRFKRG\FLàëDURZHRGRSXV]F]DOQHMPDVLH FDãNRZLWHMZWRQDFK 6WDZNDSRGDWNX Z]ãRW\FK 2GWRQ\GRWRQ\ZãÜF]QLH 3RZ\ëHMWRQGRWRQZãÜF]QLH 3RZ\ëHMWRQDSRQLëHMWRQ /S /LF]EDRVLLGRSXV]F]DOQDPDVD FDãNRZLWDZWRQDFK 6WDZNDSRGDWNX Z]ãRW\FK 1LHPQLHMQLë 0QLHMQLë 2çMH]GQDRVLHMH]GQH]]DZLHV]HQLHP SQHXPDW\F]Q\POXE]DZLHV]HQLHP X]QDQ\P]DUÍZQRZDëQH,QQHV\VWHP\ ]DZLHV]HQLDRVL MH]GQ\FK 'ZLHRVLH 7U]\RVLH &]WHU\RVLHLZLàFHM

/S /LF]EDRVLLGRSXV]F]DOQDPDVD FDãNRZLWD]HVSRãXSRMD]GÍZ FLÜJQLNVLRGãRZ\QDF]HSD FLÜJQLNEDODVWRZ\SU]\F]HSD ZWRQDFK 6WDZNDSRGDWNX Z]ãRW\FK 1LHPQLHMQLë 0QLHMQLë 2çMH]GQDRVLHMH]GQH]]DZLHV]HQLHP SQHXPDW\F]Q\POXE]DZLHV]HQLHP X]QDQ\P]DUÍZQRZDëQH,QQHV\VWHP\ ]DZLHV]HQLDRVL MH]GQ\FK 'ZLHRVLH 7U]\RVLH /S /LF]EDRVLLGRSXV]F]DOQDPDVD FDãNRZLWD]HVSRãXSRMD]GÍZ QDF]HSDSU]\F]HSDSRMD]G VLOQLNRZ\ZWRQDFK 6WDZNDSRGDWNX Z]ãRW\FK QLHPQLHMQLë PQLHMQLë 2çMH]GQDRVLHMH]GQH]]DZLHV]HQLHP SQHXPDW\F]Q\POXE]DZLHV]HQLHP X]QDQ\P]DUÍZQRZDëQH,QQHV\VWHP\ ]DZLHV]HQLDRVL MH]GQ\FK -HGQDRç 'ZLHRVLH 7U]\RVLH /S $XWREXV\rOLF]EDPLHMVFGRVLHG]HQLD 6WDZNDSRGDWNXZ]ãRW\FK 'RPLHMVFZãÜF]QLH 3RZ\ëHMPLHMVFDSRQLëHMPLHMVF 5ÍZQDOXEZ\ëV]DQLëPLHMVF