224
PL
1 KƐƚƌnjĞǏĞŶŝĂŽŐſůŶĞ
KƐƚƌŽǏŶŝĞ ŶŝĞƉƌĂǁŝĚųŽǁĂ ŝŶƐƚĂůĂĐũĂ ŵŽǏĞ ƐƉŽǁŽĚŽǁĂđ ƉŽǁĂǏŶĞ ƐnjŬŽĚLJ hǁĂǏŶŝĞ
ƉƌnjĞĐnjLJƚĂđŝŶƐƚƌƵŬĐũħƉƌnjĞĚƌŽnjƉŽĐnjħĐŝĞŵŝŶƐƚĂůĂĐũŝƵƌnjČĚnjĞŶŝĂ
dĂŝŶƐƚƌƵŬĐũĂŵŽŶƚĂǏŽǁĂũĞƐƚƉƌnjĞnjŶĂĐnjŽŶĂǁLJųČĐnjŶĞĚůĂƐƉĞĐũĂůŝƐƚſǁ
ZK'Z d,EK>K'z ƵĐŚLJůĂ Ɛŝħ ŽĚ ǁƐnjĞůŬŝĞũ ŽĚƉŽǁŝĞĚnjŝĂůŶŽƑĐŝ njĂ ŶŝĞƉƌĂǁŝĚųŽǁČ ĞŬƐƉůŽĂƚĂĐũħ ůƵď
ǁLJŬŽƌnjLJƐƚĂŶŝĞŝŶŶĞŶŝǏnjĂŵŝĞƌnjŽŶĞŝƉŽĚĂŶĞǁƚĞũŝŶƐƚƌƵŬĐũŝ
/ŶƐƚĂůĂĐũĂƉŽųČĐnjĞŶŝĂĞůĞŬƚƌLJĐnjŶĞŽƌĂnjƌĞŐƵůĂĐũĞŵŽŐČǁLJŬŽŶLJǁĂđǁLJųČĐnjŶŝĞƐƉĞĐũĂůŝƑĐŝĚnjŝĂųĂũČĐLJnjŐŽĚŶŝĞnj
njĂƐĂĚĂŵŝƚĞĐŚŶŝĐnjŶLJŵŝŽƌĂnjnjŐŽĚŶŝĞnjŽďŽǁŝČnjƵũČĐLJŵŝƉƌnjĞƉŝƐĂŵŝ
WƌnjĞĚƌŽnjƉŽĐnjħĐŝĞŵŝŶƐƚĂůĂĐũŝƐƉƌĂǁĚnjŝđĐnjLJƵƌnjČĚnjĞŶŝĞŶŝĞũĞƐƚƵƐnjŬŽĚnjŽŶĞ
ĂŝŶƐƚĂůŽǁĂđǁLJųČĐnjŶŝŬůƵďǁŝĞůŽďŝĞŐƵŶŽǁLJƌŽnjųČĐnjŶŝŬƐĞŬĐLJũŶLJŽƌŽnjǁĂƌĐŝƵƐƚLJŬſǁƉŽŶĂĚϯŵŵ
^ƉƌĂǁĚnjŝđĐnjLJƉƌnjĞĚŝŶƐƚĂůĂĐũČĞůĞŬƚƌLJĐnjŶČnjĂŝŶƐƚĂůŽǁĂŶŽǁLJųČĐnjŶŝŬƌſǏŶŝĐŽǁLJŽƌĂnjnjĂďĞnjƉŝĞĐnjĞŶŝĞ
ƉƌnjĞĚƉƌnjĞƚħǏĞŶŝĞŵƐƉĞųŶŝĂũČĐĞnjĂƐĂĚLJƚĞĐŚŶŝĐnjŶĞŽƌĂnjǁLJŵŽŐŝŽďŽǁŝČnjƵũČĐLJĐŚƉƌnjĞƉŝƐſǁ
:ĞǏĞůŝũĞƐƚƚĂŬĂƉŽƚƌnjĞďĂƉŽĚųČĐnjLJđƐŝųŽǁŶŝŬĚŽƐƉƌĂǁŶĞũŝŶƐƚĂůĂĐũŝƵnjŝĞŵŝĂũČĐĞũǁLJŬŽŶĂŶĞũǁƐƉŽƐſď
njŐŽĚŶLJnjŽďŽǁŝČnjƵũČĐLJŵŝƉƌnjĞƉŝƐĂŵŝďĞnjƉŝĞĐnjĞŷƐƚǁĂ
EŽƌŵLJ ĞƵƌŽƉĞũƐŬŝĞ E ϭϮϰϱϯ ŝ E ϭϮϰϰϱ ŽŬƌĞƑůĂũČ ŵŝŶŝŵĂůŶĞ ǁLJŵĂŐĂŶŝĂ ĚŽƚLJĐnjČĐĞ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ
ǁ njĂŬƌĞƐŝĞ ƵǏLJƚŬŽǁĂŶŝĂ Ěƌnjǁŝ ŝ ďƌĂŵ nj ŶĂƉħĚĞŵ t ƐnjĐnjĞŐſůŶŽƑĐŝ ƉƌnjĞǁŝĚƵũČ ƐƚŽƐŽǁĂŶŝĞ ŽŐƌĂŶŝĐnjĞŶŝĂ
ƐŝųLJ ŝ ƵƌnjČĚnjĞŷ ďĞnjƉŝĞĐnjĞŷƐƚǁĂ ;ƉŽĚĞƐƚLJ ĐnjƵųĞ ŶĂ ŶĂĐŝƐŬ ďĂƌŝĞƌLJ ŶŝĞŵĂƚĞƌŝĂůŶĞ ĚnjŝĂųĂŶŝĞ ƉƌnjLJ ŽďĞĐŶŽƑĐŝ
ĐnjųŽǁŝĞŬĂŝƚƉͿǁLJŬƌLJǁĂũČĐLJĐŚŽďĞĐŶŽƑđŽƐſďůƵďƉƌnjĞĚŵŝŽƚſǁŝƵŶŝĞŵŽǏůŝǁŝĂũČĐLJĐŚƵĚĞƌnjĞŶŝĞǁĚŽǁŽůŶLJĐŚ
ŽŬŽůŝĐnjŶŽƑĐŝĂĐŚ
<ŝĞĚLJ ďĞnjƉŝĞĐnjĞŷƐƚǁŽ ƵŬųĂĚƵ ŽƉŝĞƌĂ Ɛŝħ ŶĂ ŽŐƌĂŶŝĐnjĞŶŝƵ ƐŝųLJ ƵĚĞƌnjĞŶŝĂ ŬŽŶŝĞĐnjŶĞ ũĞƐƚ ƐƉƌĂǁĚnjĞŶŝĞ ĐnjLJ
ĐŚĂƌĂŬƚĞƌLJƐƚLJŬĂŝŽƐŝČŐŝŶĂƉħĚƵƐČnjŐŽĚŶĞnjŽďŽǁŝČnjƵũČĐLJŵŝŶŽƌŵĂŵŝ
/ŶƐƚĂůĂƚŽƌũĞƐƚnjŽďŽǁŝČnjĂŶLJĚŽǁLJŬŽŶĂŶŝĂƉŽŵŝĂƌƵƐŝųLJƵĚĞƌnjĞŶŝĂŝǁLJďƌĂŶŝĂŶĂĐĞŶƚƌĂůŝƐƚĞƌƵũČĐĞũǁĂƌƚŽƑĐŝ
ƉƌħĚŬŽƑĐŝ ŝ ŵŽŵĞŶƚƵ ŬƚſƌĞ njĂƉĞǁŶŝČ njŐŽĚŶŽƑđ Ěƌnjǁŝ ůƵď ďƌĂŵLJ nj ŶĂƉħĚĞŵ nj ůŝŵŝƚĂŵŝ ŽŬƌĞƑůŽŶLJŵŝ ǁ
ŶŽƌŵĂĐŚEϭϮϰϱϯŝEϭϮϰϰϱ
WƌnjĞĚũĂŬČŬŽůǁŝĞŬĐnjLJŶŶŽƑĐŝČǁLJųČĐnjLJđnjĂƐŝůĂŶŝĞĞůĞŬƚƌLJĐnjŶĞKĚųČĐnjLJđƌſǁŶŝĞǏĞǁĞŶƚƵĂůŶĞďĂƚĞƌŝĞnjĂƉĂƐŽǁĞ
ũĞǏĞůŝƐČŽĞǁĞŶƚƵĂůŶLJĐŚŶĂƉƌĂǁůƵďǁLJŵŝĂŶLJƵƌnjČĚnjĞŷƐƚŽƐŽǁĂđǁLJųČĐnjŶŝĞŽƌLJŐŝŶĂůŶĞĐnjħƑĐŝnjĂŵŝĞŶŶĞ
EŝĞ njĂƑŵŝĞĐĂđŽƚŽĐnjĞŶŝĂŵĂƚĞƌŝĂųĂŵŝ ŽƉĂŬŽǁĂŶŝŽǁLJŵŝ ;ƉůĂƐƟŬ ƐƚLJƌŽƉŝĂŶ ŝƚƉͿ ĂŶŝ ŶŝĞ ƉŽnjŽƐƚĂǁŝĂđ ŝĐŚ ǁ
njĂƐŝħŐƵĚnjŝĞĐŝŐĚLJǏƐƚĂŶŽǁŝČƉŽƚĞŶĐũĂůŶĞǍƌſĚųĂnjĂŐƌŽǏĞŶŝĂ
2 KƉŝƐƵƌnjČĚnjĞŶŝĂ
ĞŶƚƌĂůĂEDGE1 ϯϲsƐƚĞƌƵũĞǁƚƌLJďŝĞďĞnjĐnjƵũŶŝŬŽǁLJŵϭůƵďϮƐŝůŶŝŬĂŵŝďĞnjƐnjĐnjŽƚŬŽǁLJŵŝZK'ZƐƚŽƐŽǁĂŶLJŵŝ
ǁƐŬƌnjLJĚųĂĐŚŽĚƵǏLJĐŚƌŽnjŵŝĂƌĂĐŚůƵďŵĂƐŝĞ
hǁĂŐĂŶĂ ƵƐƚĂǁŝĞŶŝĂƉĂƌĂŵĞƚƌƵϭ EŝĞƉƌĂǁŝĚųŽǁĞƵƐƚĂǁŝĞŶŝĞŵŽǏĞƐƉŽǁŽĚŽǁĂđ ďųħĚLJ ǁ ĚnjŝĂųĂŶŝƵ
ƐŝųŽǁŶŝŬĂ
tƉƌnjLJƉĂĚŬƵƐŝųŽǁŶŝŬſǁĚŽďƌĂŵĚǁƵƐŬƌnjLJĚųŽǁLJĐŚĚůĂŬĂǏĚĞŐŽƐŬƌnjLJĚųĂƐƚŽƐŽǁĂđƚĂŬŝƐĂŵƚLJƉƐŝůŶŝŬĂ
WƌħĚŬŽƑđ ƐƉŽǁŽůŶŝĞŶŝĞ ŽƌĂnj njǁųŽŬŝ ǁ ĐnjĂƐŝĞ ŽƚǁŝĞƌĂŶŝĂ ŝ njĂŵLJŬĂŶŝĂ ǁLJƌĞŐƵůŽǁĂđŽĚƉŽǁŝĞĚŶŝŽ ĚŽ ƚLJƉƵ
ŝŶƐƚĂůĂĐũŝnjǁƌĂĐĂũČĐƉƌnjLJƚLJŵƵǁĂŐħŶĂƉƌĂǁŝĚųŽǁĞŶĂųŽǏĞŶŝĞũĞĚŶĞŐŽƐŬƌnjLJĚųĂŶĂĚƌƵŐŝĞ
ĂůĞĐĂ Ɛŝħ ƐƚŽƐŽǁĂŶŝĞ ĂŬĐĞƐŽƌŝſǁ ĞůĞŵĞŶƚſǁ ƐƚĞƌŽǁŶŝĐnjLJĐŚ ŝ njĂďĞnjƉŝĞĐnjĞŷ ĮƌŵLJ ZK'Z d,EK>K'z
ĂůĞĐĂƐŝħnjǁųĂƐnjĐnjĂŝŶƐƚĂůĂĐũħĨŽƚŽŬŽŵſƌĞŬƚĞĐŚŶŽůŽŐŝĂF4ES ůƵď F4S.
3 ŬƚƵĂůŝnjĂĐũĂǁĞƌƐũŝWϯϮϱ
1. ŽĚĂŶŝĞŶŽǁLJĐŚŽƉĐũŝƐŝůŶŝŬĂĚŽƉĂƌĂŵĞƚƌƵ$ . ŽnjĂƌnjČĚnjĂŶŝĂ^DZdzϱZϱZϮϭϯϱϭ,^ŝϮϬϰϬϬ
ϮŬƚƵĂůŝnjĂĐũĂŶƚƚƌLJďƵƐnjƵŬĂŶŝĂƉŽnjLJĐũŝĞŶŬŽĚĞƌĂĂďƐŽůƵƚŶĞŐŽ