218
PL
19 hƚLJůŝnjĂĐũĂ
hƌnjČĚnjĞŶŝĞ ŵŽŐČ njĚĞũŵŽǁĂđ ǁLJųČĐnjŶŝĞ ǁLJŬǁĂůŝĮŬŽǁĂŶŝ ƚĞĐŚŶŝĐLJ ƐƚŽƐƵũČĐLJ ƉƌŽĐĞĚƵƌLJ
ƉƌĂǁŝĚųŽǁĞŐŽ njĚĞũŵŽǁĂŶŝĂ ƵƌnjČĚnjĞŶŝĂ dŽ ƵƌnjČĚnjĞŶŝĞ ũĞƐƚ ǁLJŬŽŶĂŶĞ nj ƌſǏŶLJĐŚ ŵĂƚĞƌŝĂųſǁ nj
ĐnjĞŐŽŶŝĞŬƚſƌĞŵŽǏŶĂŽĚnjLJƐŬĂđĂŝŶŶĞƚƌnjĞďĂƵƐƵŶČđǁŽĚƉŽǁŝĞĚŶŝƐƉŽƐſďůƵďnjƵƚLJůŝnjŽǁĂđǁ
ƐƉŽƐſďnjŐŽĚŶLJnjƉƌnjĞƉŝƐĂŵŝŵŝĞũƐĐŽǁLJŵŝŽďŽǁŝČnjƵũČĐLJŵŝĚůĂƚĞũŬĂƚĞŐŽƌŝŝǁLJƌŽďſǁ
ĂďƌĂŶŝĂƐŝħǁLJƌnjƵĐĂŶŝĂƚĞŐŽƵƌnjČĚnjĞŶŝĂĚŽŽĚƉĂĚſǁŬŽŵƵŶĂůŶLJĐŚDĂƚĞƌŝĂųLJƐĞŐƌĞŐŽǁĂđĚŽ
ƵƐƵŶŝħĐŝĂǁƐƉŽƐſďƉƌnjĞǁŝĚnjŝĂŶLJŵŝĞũƐĐŽǁLJŵŝƉƌnjĞƉŝƐĂŵŝDŽǏŶĂƚĞǏƉƌnjĞŬĂnjĂđƵƌnjČĚnjĞŶŝĞĚŽ
ƐƉƌnjĞĚĂǁĐLJǁŵŽŵĞŶĐŝĞnjĂŬƵƉƵŶŽǁĞŐŽƵƌnjČĚnjĞŶŝĂƌſǁŶŽǁĂǏŶĞŐŽ
DŝĞũƐĐŽǁĞ ƉƌnjĞƉŝƐLJ ŵŽŐČ ƉƌnjĞǁŝĚLJǁĂđ ƐƵƌŽǁĞ ƐĂŶŬĐũĞ ǁ ƉƌnjLJƉĂĚŬƵ ŶŝĞǁųĂƑĐŝǁĞũ ƵƚLJůŝnjĂĐũŝ ƚĞŐŽ ƵƌnjČĚnjĞŶŝĂ
KƐƚƌŽǏŶŝĞEŝĞŬƚſƌĞĐnjħƑĐŝƵƌnjČĚnjĞŶŝĂŵŽŐČnjĂǁŝĞƌĂđƐƵďƐƚĂŶĐũĞnjĂŶŝĞĐnjLJƐnjĐnjĂũČĐĞůƵďŶŝĞďĞnjƉŝĞĐnjŶĞŬƚſƌĞ
ǁƉƌnjLJƉĂĚŬƵƌŽnjƉƌnjĞƐƚƌnjĞŶŝĞŶŝĂŵŽŐČŵŝĞđƐnjŬŽĚůŝǁLJǁƉųLJǁŶĂƑƌŽĚŽǁŝƐŬŽŝŶĂůƵĚnjŬŝĞnjĚƌŽǁŝĞ
20 /ŶĨŽƌŵĂĐũĞĚŽĚĂƚŬŽǁĞŝĚĂŶĞŬŽŶƚĂŬƚŽǁĞ
tƐnjLJƐƚŬŝĞƉƌĂǁĂĚŽƚLJĐnjČĐĞƚĞũƉƵďůŝŬĂĐũŝƐƚĂŶŽǁŝČǁLJųČĐnjŶČǁųĂƐŶŽƑđĮƌŵLJZK'Zd,EK>K'z
ZK'Z d,EK>K'z njĂƐƚƌnjĞŐĂ ƐŽďŝĞ ƉƌĂǁ ĚŽ ǁƉƌŽǁĂĚnjĂŶŝĂ ĞǁĞŶƚƵĂůŶLJĐŚ ŵŽĚLJĮŬĂĐũŝ ƌſǁŶŝĞǏ ďĞnj
ǁĐnjĞƑŶŝĞũƐnjĞŐŽŝŶĨŽƌŵŽǁĂŶŝĂŽƚLJŵtLJƌĂǍŶŝĞnjĂďƌĂŶŝĂƐŝħǁLJŬŽŶLJǁĂŶŝĂŬŽƉŝŝƐŬĂŶſǁŬŽƌĞŬƚŝŵŽĚLJĮŬĂĐũŝ
ďĞnjƉŝƐĞŵŶĞũnjŐŽĚLJĮƌŵLJZK'Zd,EK>K'z
dĂŝŶƐƚƌƵŬĐũĂ ǁƌĂnjnjŽƐƚƌnjĞǏĞŶŝĂŵŝĚůĂ ŝŶƐƚĂůĂƚŽƌĂ ũĞƐƚ ĚŽƐƚĂƌĐnjĂŶĂǁ ƉŽƐƚĂĐŝƉĂƉŝĞƌŽǁĞũŝƵŵŝĞƐnjĐnjŽŶĂǁ
ŽďƵĚŽǁŝĞƵƌnjČĚnjĞŶŝĂ
&ŽƌŵĂƚĐLJĨƌŽǁLJ;W&ͿŽƌĂnjǁƐnjLJƐƚŬŝĞ ĞǁĞŶƚƵĂůŶĞƉƌnjLJƐnjųĞĂŬƚƵĂůŝnjĂĐũĞƐČĚŽƐƚħƉŶĞǁnjĂƐƚƌnjĞǏŽŶĞũ ƐƚƌĞĮĞ
ŶĂƐnjĞũƐƚƌŽŶLJŝŶƚĞƌŶĞƚŽǁĞũǁǁǁƌŽŐĞƌƚĞĐŚŶŽůŽŐLJĐŽŵϮǁƐĞŬĐũŝ^ĞůĨ^ĞƌǀŝĐĞ
^Zt/^<>/EdZK'Zd,EK>K'z
ŽƚǁĂƌƚĞ ŽĚƉŽŶŝĞĚnjŝĂųŬƵĚŽƉŝČƚŬƵ
ŽĚϴϬϬĚŽϭϮϬϬͲŽĚϭϯϯϬĚŽϭϳϯϬ
dĞůĞĨŽŶ нϯϵϬϰϭϱϵϯϳϬϮϯ
ͲŵĂŝů ƐĞƌǀŝĐĞΛƌŽŐĞƌƚĞĐŚŶŽůŽŐLJŝƚ
^ŬLJƉĞ ƐĞƌǀŝĐĞͺϬƌŽŐĞƌƚĞĐŚŶŽůŽŐLJ
ďLJnjŐųŽƐŝđĞǁĞŶƚƵĂůŶĞƉƌŽďůĞŵLJ ůƵď ƉƌnjĞƐųĂđnjĂŵſǁŝĞŶŝĂĚŽƚLJĐnjČĐĞĂƵƚŽŵĂƚLJŬŝƉƌŽƐŝŵLJŽǁLJƉĞųŶŝĞŶŝĞ
ŶĂƐnjĞŐŽ ĨŽƌŵƵůĂƌnjĂ ŽŶůŝŶĞ EWZtz ĚŽƐƚħƉŶĞŐŽ ŶĂ ŶĂƐnjĞũ ƐƚƌŽŶŝĞ ǁǁǁƌŽŐĞƌƚĞĐŚŶŽůŽŐLJĐŽŵϮ ǁ
ƐĞŬĐũŝ^ĞůĨ^ĞƌǀŝĐĞ
21 ĞŬůĂƌĂĐũĂnjŐŽĚŶŽƑĐŝ
EŝǏĞũƉŽĚƉŝƐĂŶLJƉƌnjĞĚƐƚĂǁŝĐŝĞůƉƌŽĚƵĐĞŶƚĂ
ZŽŐĞƌdĞĐŚŶŽůŽŐLJͲsŝĂŽƫĐĞůůŝϴϯϭϬϮϭŽŶŝƐŝŽůŽĚŝDŽŐůŝĂŶŽsƚŽ;dsͿ
K_t/ƵƌnjČĚnjĞŶŝĞŽƉŝƐĂŶĞƉŽŶŝǏĞũ
KƉŝƐĞŶƚƌĂůĂƐƚĞƌŽǁŶŝĐnjĂĚŽďƌĂŵĂƵƚŽŵĂƚLJĐnjŶLJĐŚ
DŽĚĞůB70/2DC
:ĞƐƚnjŐŽĚŶĂnjǁLJŵŽŐĂŵŝƉƌĂǁŶLJŵŝƉƌnjLJũŵƵũČĐLJŵŝŶĂƐƚħƉƵũČĐĞĚLJƌĞŬƚLJǁLJ
ʹϮϬϬϲϰϮt
ʹϮϬϭϰϯϬh
ʹϮϬϭϭϲϱt
KƌĂnjǏĞnjĂƐƚŽƐŽǁĂŶŽǁƐnjLJƐƚŬŝĞŶŽƌŵLJŝůƵďƐƉĞĐLJĮŬĂĐũĞƚĞĐŚŶŝĐnjŶĞǁLJŵŝĞŶŝŽŶĞƉŽŶŝǏĞũ
EϲϭϬϬϬͲϲͲϯ
EϲϭϬϬϬͲϲͲϮ
KƐƚĂƚŶŝĞĚǁŝĞĐLJĨƌLJƌŽŬƵŶĂĚĂŶŝĂŽnjŶĂŬŽǁĂŶŝĂ|ϭϯ
DŝĞũƐĐĞDŽŐůŝĂŶŽsƚŽĂƚĂϬϰͲϬϮͲϮϬϭϯWŽĚƉŝƐ