203
PL
D
DŝŐĂŶŝĞŽƐƚƌnjĞŐĂǁĐnjĞ
ĞnjĂŬƚLJǁŽǁĂŶĞ>ĂŵƉĂďųLJƐŬŽǁĂǁųČĐnjĂƐŝħƉŽĚĐnjĂƐŵĂŶĞǁƌƵŽƚǁŝĞƌĂŶŝĂŝnjĂŵLJŬĂŶŝĂ
KĚϭĚŽϭϬƐŵŝŐĂŶŝĂŽƐƚƌnjĞŐĂǁĐnjĞŐŽƉƌnjĞĚŬĂǏĚLJŵŵĂŶĞǁƌĞŵ
ϱƐŵŝŐĂŶŝĂŽƐƚƌnjĞŐĂǁĐnjĞŐŽƉƌnjĞĚŵĂŶĞǁƌĞŵnjĂŵLJŬĂŶŝĂ
D
&ƵŶŬĐũĂŵŝĞƐnjŬĂůŶĂĚůĂƐLJŐŶĂųƵŽƚǁŝĞƌĂŶŝĂĐnjħƑĐŝŽǁĞŐŽ;WͿ
ĞnjĂŬƚLJǁŽǁĂŶĞƌĂŵĂŽƚǁŝĞƌĂƐŝħĐnjħƑĐŝŽǁŽǁƚƌLJďŝĞŬƌŽŬŽǁLJŵŽƚǁŝĞƌĂͲƐƚŽƉͲnjĂŵLJŬĂͲƐƚŽƉ-
ͲŽƚǁŝĞƌĂ
ŬƚLJǁŽǁĂŶĞWŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂƐLJŐŶĂųŽƚǁĂƌĐŝĂĐnjħƑĐŝŽǁĞŐŽ;WͿũĞƐƚŝŐŶŽƌŽǁĂŶLJ
D
ŬƚLJǁĂĐũĂƐƚĞƌŽǁĂŶŝĂĨƵŶŬĐũČnjƉƌnjLJƚƌnjLJŵĂŶŝĞŵƉƌnjLJĐŝƐŬƵ
ĞnjĂŬƚLJǁŽǁĂŶĞ
ŬƚLJǁŽǁĂŶĞƌĂŵĂĚnjŝĂųĂƉŽƉƌnjLJƚƌnjLJŵĂŶŝƵƉƌnjLJĐŝƐŬƵŽƚǁŝĞƌĂŶŝĂ;WͿůƵďnjĂŵLJŬĂŶŝĂ;,ͿWŽ
njǁŽůŶŝĞŶŝƵƉƌnjLJĐŝƐŬƵďƌĂŵĂƐŝħnjĂƚƌnjLJŵƵũĞ
D
<ŽŶƚƌŽůŬĂŽƚǁĂƌĐŝĂďƌĂŵLJ&ƵŶŬĐũĂƚĞƐƚŽǁĂŶŝĂĨŽƚŽŬŽŵſƌĞŬŽƌĂnjΗďĂƩĞƌLJƐĂǀŝŶŐΗ
:ĞǏĞůŝďƌĂŵĂũĞƐƚnjĂŵŬŶŝħƚĂŬŽŶƚƌŽůŬĂŶŝĞƑǁŝĞĐŝ_ǁŝĞĐŝƉŽĚĐnjĂƐŵĂŶĞǁƌſǁŝŬŝĞĚLJďƌĂŵĂũĞƐƚ
njĂŵŬŶŝħƚĂ
<ŽŶƚƌŽůŬĂŵŝŐĂƉŽǁŽůŝƉŽĚĐnjĂƐŵĂŶĞǁƌƵŽƚǁŝĞƌĂŶŝĂĂĐnjLJŶĂŶŝĞƉƌnjĞƌǁĂŶŝĞƑǁŝĞĐŝđƉŽĐĂųŬŽ-
ǁŝƚLJŵŽƚǁĂƌĐŝƵďƌĂŵLJWŽĚĐnjĂƐŵĂŶĞǁƌƵnjĂŵLJŬĂŶŝĂƐnjLJďŬŽŵŝŐĂ
:ĞǏĞůŝďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħǁƉŽnjLJĐũŝƉŽƑƌĞĚŶŝĞũŬŽŶƚƌŽůŬĂŐĂƑŶŝĞĚǁĂƌĂnjLJĐŽϭϱƐ
hƐƚĂǁŝđŶĂũĞǏĞůŝǁLJũƑĐŝĞSCũĞƐƚƵǏLJǁĂŶĞũĂŬŽƚĞƐƚĨŽƚŽŬŽŵſƌĞŬWĂƚƌnjƌLJƐϱ
hƐƚĂǁŝđŶĂũĞǏĞůŝǁLJũƑĐŝĞSCũĞƐƚƵǏLJǁĂŶĞũĂŬŽďĂƩĞƌLJƐĂǀŝŶŐWĂƚƌnjƌLJƐϲ
<ŝĞĚLJďƌĂŵĂũĞƐƚĐĂųŬŽǁŝĐŝĞŽƚǁĂƌƚĂůƵďĐĂųŬŽǁŝĐŝĞnjĂŵŬŶŝħƚĂĐĞŶƚƌĂůĂĚĞnjĂŬƚLJǁƵũĞĂŬĐĞƐŽƌŝĂ
ƉŽĚųČĐnjŽŶĞĚŽnjĂĐŝƐŬƵ^ĂďLJŽŐƌĂŶŝĐnjLJđnjƵǏLJĐŝĞďĂƚĞƌŝŝ
hƐƚĂǁŝđŶĂũĞǏĞůŝǁLJũƑĐŝĞSCũĞƐƚƵǏLJǁĂŶĞũĂŬŽďĂƩĞƌLJƐĂǀŝŶŐŝƚĞƐƚĨŽƚŽŬŽŵſƌĞŬWĂƚƌnjƌLJƐϲ
ZĞŐƵůĂĐũĂƐƉŽǁĂůŶŝĂŶŝĂ^/>E/<ϭ
ZĞŐƵůĂĐũĂƐƉŽǁĂůŶŝĂŶŝĂ^/>E/<Ϯ
ϬϭсďƌĂŵĂƐƉŽǁĂůŶŝĂƌƵĐŚǁƉŽďůŝǏƵŽĚďŽũŶŝŬĂůƵďŬƌĂŷĐſǁŬŝ;ũĞǏĞůŝƐČͿ
...
ϬϱсďƌĂŵĂƐƉŽǁĂůŶŝĂƌƵĐŚĚƵǏŽǁĐnjĞƑŶŝĞũƉƌnjĞĚŽĚďŽũŶŝŬŝĞŵůƵďŬƌĂŷĐſǁŬČ;ũĞǏĞůŝƐČnjĂŝŶƐƚĂůŽǁĂŶĞͿ
ZĞŐƵůĂĐũĂŬŽŶƚƌŽůŝƉŽnjLJĐũŝ^<ZzBϭƉŽĐĂųŬŽǁŝƚLJŵŽƚǁĂƌĐŝƵnjĂŵŬŶŝħ-
ciu
tLJďƌĂŶĂǁĂƌƚŽƑđŵƵƐŝnjĂƉĞǁŶŝĂđƉƌĂǁŝĚųŽǁĞŽƚǁĂƌĐŝĞnjĂŵŬŶŝħĐŝĞ^<ZzBϭŬŝĞĚLJĚŽƐƵǁĂ
ƐŝħĚŽŽĚďŽũŶŝŬĂƉŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂŝnjĂŵLJŬĂŶŝĂ
WŽnjLJĐũČ^<ZzBϭƐƚĞƌƵũČŽďƌŽƚLJƐŝůŶŝŬĂǁƉŽųČĐnjĞŶŝƵnjƉƌnjĞųŽǏĞŶŝĞŵƐŝůŶŝŬĂ
KƐƚƌŽǏŶŝĞďLJƚŶŝƐŬŝĞǁĂƌƚŽƑĐŝƉŽǁŽĚƵũČnjŵŝĂŶħŬŝĞƌƵŶŬƵƌƵĐŚƵŶĂŽĚďŽũŶŝŬƵŽƚǁŝĞƌĂŶŝĂnjĂ-
ŵLJŬĂŶŝĂ
UWAGAǁƐŝųŽǁŶŝŬĂĐŚZϮϭŬŝĞĚLJƐŬƌnjLJĚųŽƵƐƚĂǁŝƐŝħǁƉŽnjLJĐũŝĐĂųŬŽǁŝƚĞŐŽnjĂŵŬŶŝħĐŝĂǁLJ-
ƌĞŐƵůŽǁĂđǁĞǁŶħƚƌnjŶLJŽĚďŽũŶŝŬƚĂŬĂďLJĚǍǁŝŐŶŝĂŵŽƚŽƌĞĚƵŬƚŽƌĂŵŽŐųĂƐŝħƉƌnjĞƐƵǁĂđŽŬŝůŬĂ
ŵŝůŝŵĞƚƌſǁ
ZĞŐƵůĂĐũĂŬŽŶƚƌŽůŝƉŽnjLJĐũŝ^<ZzBϮƉŽĐĂųŬŽǁŝƚLJŵŽƚǁĂƌĐŝƵnjĂŵŬŶŝħ-
ciu
tLJďƌĂŶĂǁĂƌƚŽƑđŵƵƐŝnjĂƉĞǁŶŝĂđƉƌĂǁŝĚųŽǁĞŽƚǁĂƌĐŝĞnjĂŵŬŶŝħĐŝĞ^<ZzBϮŬŝĞĚLJĚŽƐƵǁĂ
ƐŝħĚŽŽĚďŽũŶŝŬĂƉŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂŝnjĂŵLJŬĂŶŝĂ
WŽnjLJĐũČ^<ZzBϮƐƚĞƌƵũČŽďƌŽƚLJƐŝůŶŝŬĂǁƉŽųČĐnjĞŶŝƵnjƉƌnjĞųŽǏĞŶŝĞŵƐŝůŶŝŬĂ
KƐƚƌŽǏŶŝĞďLJƚŶŝƐŬŝĞǁĂƌƚŽƑĐŝƉŽǁŽĚƵũČnjŵŝĂŶħŬŝĞƌƵŶŬƵƌƵĐŚƵŶĂŽĚďŽũŶŝŬƵŽƚǁŝĞƌĂŶŝĂnjĂ-
ŵLJŬĂŶŝĂ
UWAGAǁƐŝųŽǁŶŝŬĂĐŚZϮϭŬŝĞĚLJƐŬƌnjLJĚųŽƵƐƚĂǁŝƐŝħǁƉŽnjLJĐũŝĐĂųŬŽǁŝƚĞŐŽnjĂŵŬŶŝħĐŝĂǁLJ-
ƌĞŐƵůŽǁĂđǁĞǁŶħƚƌnjŶLJŽĚďŽũŶŝŬƚĂŬĂďLJĚǍǁŝŐŶŝĂŵŽƚŽƌĞĚƵŬƚŽƌĂŵŽŐųĂƐŝħƉƌnjĞƐƵǁĂđŽŬŝůŬĂ
ŵŝůŝŵĞƚƌſǁ
ůŝĐnjďĂŽďƌŽƚſǁƐŝůŶŝŬĂ