238
PL
ŬƚLJǁĂĐũĂĞůĞŬƚƌŽnjĂŵŬĂ
ĞnjĂŬƚLJǁŽǁĂŶĞ
ŬƚLJǁŽǁĂŶĞ<ŝĞĚLJ ^<ZzBK ϭ ĚŽƐƵǁĂ Ɛŝħ ĚŽ ŽŐƌĂŶŝĐnjŶŝŬĂnjĂŵLJŬĂŶŝĂĐĞŶƚƌĂůĂ ĚŽƐƚĂƌĐnjĂĚŽ ^/>E/< ϭ
ĚŽĚĂƚŬŽǁČŵŽĐƉŽnjǁĂůĂũČĐČŶĂnjĂŵŬŶŝħĐŝĞĞůĞŬƚƌŽnjĂŵŬĂ
ŬƚLJǁŽǁĂŶĞ<ŝĞĚLJ ^<ZzBK ϭ ĚŽƐƵǁĂ Ɛŝħ ĚŽ ŽŐƌĂŶŝĐnjŶŝŬĂnjĂŵLJŬĂŶŝĂĐĞŶƚƌĂůĂ ĚŽƐƚĂƌĐnjĂĚŽ ^/>E/< ϭ
ŵĂŬƐLJŵĂůŶČŵŽĐƉŽnjǁĂůĂũČĐČŶĂnjĂŵŬŶŝħĐŝĞĞůĞŬƚƌŽnjĂŵŬĂ^LJƐƚĞŵǁLJŬƌLJǁĂŶŝĂƉƌnjĞƐnjŬſĚũĞƐƚǁLJųČĐnjŽŶLJ
ZĞŐƵůĂĐũĂŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽ
ǁŝħŬƐnjĂũČĐůƵďnjŵŶŝĞũƐnjĂũČĐǁĂƌƚŽƑđƉĂƌĂŵĞƚƌƵŵŽǏŶĂnjǁŝħŬƐnjĂđůƵďnjŵŶŝĞũƐnjĂđŵŽŵĞŶƚŶĂƉħĚŽǁLJĂĐŽnjĂ
ƚLJŵŝĚnjŝĞĐnjƵųŽƑđnjĂĚnjŝĂųĂŶŝĂǁĐŚǁŝůŝŶĂƉŽƚŬĂŶŝĂƉƌnjĞƐnjŬŽĚLJ
ĂůĞĐĂƐŝħǁƉŝƐLJǁĂŶŝĞǁĂƌƚŽƑĐŝƉŽŶŝǏĞũdz><KǁƉƌnjLJƉĂĚŬƵǁLJũČƚŬŽǁŽůĞŬŬŝĐŚŝŶƐƚĂůĂĐũŝŬƚſƌĞŶŝĞƐČŶĂƌĂͲ
ǏŽŶĞŶĂĚnjŝĂųĂŶŝĞŶŝĞƉƌnjLJũĂnjŶLJĐŚĐnjLJŶŶŝŬſǁĂƚŵŽƐĨĞƌLJĐnjŶLJĐŚ;ƐŝůŶLJǁŝĂƚƌůƵďŶŝƐŬŝĞƚĞŵƉĞƌĂƚƵƌLJͿ
tƉƌnjLJƉĂĚŬƵƐŬƌnjLJĚĞųŽƌſǏŶLJĐŚĚųƵŐŽƑĐŝĂĐŚŵŽǏŶĂǁLJƌĞŐƵůŽǁĂđŵŽŵĞŶƚŽĚĚnjŝĞůŶŝĞǁƉŝƐƵũČĐǁƉĂƌĂŵĞͲ
ƚƌnjĞǁĂƌƚŽƑĐŝŽĚĚŽ.
ϬϭсͲϯϱйϬϮсͲϮϱйϬϯсͲϭϲйϬϰсͲϴй;njŵŶŝĞũƐnjĞŶŝĞŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽсǁŝħŬƐnjĂĐnjƵųŽƑđͿ
ϬϱсϬй
ϬϲснϴйϬϳснϭϲйϬϴснϮϱйϬϵснϯϱй;njǁŝħŬƐnjĞŶŝĞŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽсŵŶŝĞũƐnjĂĐnjƵųŽƑđͿ
ZĞŐƵůĂĐũĂĐnjƵųŽƑĐŝnjĂĚnjŝĂųĂŶŝĂǁƉƌnjLJƉĂĚŬƵŶĂƉŽƚŬĂŶŝĂƉƌnjĞƐnjŬŽĚLJĚůĂ^/>E/<ϭ
:ĞǏĞůŝĐnjĂƐƌĞĂŬĐũŝŶĂƐŝųħƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJũĞƐƚnjďLJƚĚųƵŐŝnjŵŶŝĞũƐnjLJđǁĂƌƚŽƑđƉĂƌĂŵĞƚƌƵ:ĞǏĞůŝƐŝųĂ
ƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJũĞƐƚnjďLJƚĚƵǏĂnjŵŶŝĞũƐnjLJđǁĂƌƚŽƑđƉĂƌĂŵĞƚƌƵ.
ht'WŽŬĂǏĚĞũnjŵŝĂŶŝĞƉĂƌĂŵĞƚƌƵŶĂůĞǏLJƉŽǁƚſƌnjLJđƉƌŽĐĞĚƵƌħƉƌŽŐƌĂŵŽǁĂŶŝĂƌƵĐŚƵ
EŝƐŬŝŵŽŵĞŶƚŶĂƉħĚŽǁLJ
ϬϭсŵŝŶŝŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJϭϬсŵĂŬƐLJŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJ
ht'ŬŽƌnjLJƐƚĂđnjƚLJĐŚƵƐƚĂǁŝĞŷƚLJůŬŽǁƚĞĚLJŐĚLJƑƌĞĚŶŝĞǁĂƌƚŽƑĐŝŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽŶŝĞƐČĚŽƉĂƐŽǁĂŶĞĚŽŝŶƐƚĂůĂĐũŝ
_ƌĞĚŶŝŵŽŵĞŶƚŶĂƉħĚŽǁLJhƐƚĂǁŝĞŶŝĞnjĂůĞĐĂŶĞĚŽƌĞŐƵůĂĐũŝƐŝųƌŽďŽĐnjLJĐŚ
ϭϭсŵŝŶŝŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJϭϵсŵĂŬƐLJŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJ
DĂŬƐLJŵĂůŶLJŵŽŵĞŶƚŶĂƉħĚŽǁLJKďŽǁŝČnjŬŽǁŽƚƌnjĞďĂnjĂųŽǏLJđůŝƐƚǁħŬƌĂǁħĚnjŝŽǁČ
ZĞŐƵůĂĐũĂĐnjƵųŽƑĐŝnjĂĚnjŝĂųĂŶŝĂǁƉƌnjLJƉĂĚŬƵŶĂƉŽƚŬĂŶŝĂƉƌnjĞƐnjŬŽĚLJĚůĂ^/>E/<Ϯ
:ĞǏĞůŝĐnjĂƐƌĞĂŬĐũŝŶĂƐŝųħƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJũĞƐƚnjďLJƚĚųƵŐŝnjŵŶŝĞũƐnjLJđǁĂƌƚŽƑđƉĂƌĂŵĞƚƌƵ:ĞǏĞůŝƐŝųĂƵĚĞƌnjĞͲ
ŶŝĂŽƉƌnjĞƐnjŬŽĚLJũĞƐƚnjďLJƚĚƵǏĂnjŵŶŝĞũƐnjLJđǁĂƌƚŽƑđƉĂƌĂŵĞƚƌƵ;ůƵď ũĞǏĞůŝũĞƐƚĂŬƚLJǁŽǁĂŶLJƌſǏŶLJŽĚ).
ht'WŽŬĂǏĚĞũnjŵŝĂŶŝĞƉĂƌĂŵĞƚƌƵŶĂůĞǏLJƉŽǁƚſƌnjLJđƉƌŽĐĞĚƵƌħƉƌŽŐƌĂŵŽǁĂŶŝĂƌƵĐŚƵ
EŝƐŬŝŵŽŵĞŶƚŶĂƉħĚŽǁLJ
ϬϭсŵŝŶŝŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJϭϬсŵĂŬƐLJŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJ
ht'ŬŽƌnjLJƐƚĂđnjƚLJĐŚƵƐƚĂǁŝĞŷƚLJůŬŽǁƚĞĚLJŐĚLJƑƌĞĚŶŝĞǁĂƌƚŽƑĐŝŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽŶŝĞƐČĚŽƉĂƐŽǁĂŶĞĚŽŝŶƐƚĂůĂĐũŝ
_ƌĞĚŶŝŵŽŵĞŶƚŶĂƉħĚŽǁLJhƐƚĂǁŝĞŶŝĞnjĂůĞĐĂŶĞĚŽƌĞŐƵůĂĐũŝƐŝųƌŽďŽĐnjLJĐŚ
ϭϭсŵŝŶŝŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJϭϵсŵĂŬƐLJŵĂůŶĂƐŝųĂƵĚĞƌnjĞŶŝĂŽƉƌnjĞƐnjŬŽĚLJ
DĂŬƐLJŵĂůŶLJŵŽŵĞŶƚŶĂƉħĚŽǁLJKďŽǁŝČnjŬŽǁŽƚƌnjĞďĂnjĂųŽǏLJđůŝƐƚǁħŬƌĂǁħĚnjŝŽǁČ
ZĞŐƵůĂĐũĂŵŽŵĞŶƚƵĚůĂ^/>E/<Ϯ
ǁŝħŬƐnjĂũČĐůƵďnjŵŶŝĞũƐnjĂũČĐǁĂƌƚŽƑđƉĂƌĂŵĞƚƌƵŵŽǏŶĂnjǁŝħŬƐnjĂđůƵďnjŵŶŝĞũƐnjĂđŵŽŵĞŶƚŶĂƉħĚŽǁLJĂĐŽnjĂ
ƚLJŵŝĚnjŝĞĐnjƵųŽƑđnjĂĚnjŝĂųĂŶŝĂǁĐŚǁŝůŝŶĂƉŽƚŬĂŶŝĂƉƌnjĞƐnjŬŽĚLJ
ĂůĞĐĂƐŝħǁƉŝƐLJǁĂŶŝĞǁĂƌƚŽƑĐŝƉŽŶŝǏĞũdz><KǁƉƌnjLJƉĂĚŬƵǁLJũČƚŬŽǁŽůĞŬŬŝĐŚŝŶƐƚĂůĂĐũŝŬƚſƌĞŶŝĞƐČŶĂƌĂͲ
ǏŽŶĞŶĂĚnjŝĂųĂŶŝĞŶŝĞƉƌnjLJũĂnjŶLJĐŚĐnjLJŶŶŝŬſǁĂƚŵŽƐĨĞƌLJĐnjŶLJĐŚ;ƐŝůŶLJǁŝĂƚƌůƵďŶŝƐŬŝĞƚĞŵƉĞƌĂƚƵƌLJͿ
ϬϭсͲϯϱйϬϮсͲϮϱйϬϯсͲϭϲйϬϰсͲϴй;njŵŶŝĞũƐnjĞŶŝĞŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽсǁŝħŬƐnjĂĐnjƵųŽƑđͿ
ϬϱсϬй
ϬϲснϴйϬϳснϭϲйϬϴснϮϱйϬϵснϯϱй;njǁŝħŬƐnjĞŶŝĞŵŽŵĞŶƚƵŶĂƉħĚŽǁĞŐŽсŵŶŝĞũƐnjĂĐnjƵųŽƑđͿ
DŽŵĞŶƚŶĂƉħĚŽǁLJƵƐƚĂǁŝĂƐŝħƉĂƌĂŵĞƚƌĞŵ.
ZĞŐƵůĂĐũĂƉƌnjLJƐƉŝĞƐnjĞŶŝĂƉŽĚĐnjĂƐƌŽnjƉŽĐnjħĐŝĂƌƵĐŚƵ^/>E/<ϭ
ZĞŐƵůĂĐũĂƉƌnjLJƐƉŝĞƐnjĞŶŝĂƉŽĚĐnjĂƐƌŽnjƉŽĐnjħĐŝĂƌƵĐŚƵ^/>E/<Ϯ
ϬϭсďƌĂŵĂŐǁĂųƚŽǁŶŝĞƉƌnjLJƐƉŝĞƐnjĂƉŽƐƚĂƌĐŝĞϭϬсďƌĂŵĂƉƌnjLJƐƉŝĞƐnjĂƉŽǁŽůŝŝƐƚŽƉŶŝŽǁŽƉŽƐƚĂƌĐŝĞ
ŬƚLJǁĂĐũĂƐŝųLJŽĚďůŽŬŽǁƵũČĐĞũĞůĞŬƚƌŽnjĂŵĞŬ;ƵĚĞƌnjĞŶŝĞƚĂƌĂŶĂͿ
ĞnjĂŬƚLJǁŽǁĂŶĞ
ŬƚLJǁŽǁĂŶĞĞŶƚƌĂůĂĂŬƚLJǁƵũĞ;ŵĂdžϰƐͿƐŝųħĚŽĐŝƐŬŽǁČƉŽĚĐnjĂƐnjĂŵŬŶŝħĐŝĂĐŽƵŵŽǏůŝǁŝĂŽƚǁĂƌĐŝĞĞůĞŬƚƌŽnjĂŵŬĂ
ZĞŐƵůĂĐũĂƉƌħĚŬŽƑĐŝƉŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂ;йͿ
ZĞŐƵůĂĐũĂƉƌħĚŬŽƑĐŝƉŽĚĐnjĂƐnjĂŵLJŬĂŶŝĂ;йͿ
ϬϭсϲϬйƉƌħĚŬŽƑĐŝŵŝŶŝŵĂůŶĞũϬϱсϭϬϬйƉƌħĚŬŽƑĐŝŵĂŬƐLJŵĂůŶĞũ