241
PL
ŬƚLJǁĂĐũĂĞŶŬŽĚĞƌĂĂďƐŽůƵƚŶĞŐŽ;ƚLJůŬŽ^ĞƌŝĂ^DZdzͿ
K^dZKE/ǁƉƌnjLJƉĂĚŬƵƐŝůŶŝŬſǁ^DZdzKtZ>Ez,ŶĂůĞǏLJŽďŽǁŝČnjŬŽǁŽƵƐƚĂǁŝđ ŝnjĂŝŶƐƚĂůŽǁĂŶLJ^DZdzD
ht'WŽŬĂǏĚĞũnjŵŝĂŶŝĞƉĂƌĂŵĞƚƌƵŶĂǁLJƑǁŝĞƚůĂĐnjƵƉŽũĂǁŝĂƐŝħďųČĚGDWDEĂĐŝƐŶČđƉƌnjLJĐŝƐŬWZK'ĚŽƉſŬŝŶĂ
ǁLJƑǁŝĞƚůĂĐnjƵŶŝĞƉŽũĂǁŝƐŝħ$33ŝƉŽǁƚſƌnjLJđƉƌŽĐĞĚƵƌħƉƌŽŐƌĂŵŽǁĂŶŝĂ;ƉĂƚƌnjƌŽnjĚnjŝĂųϵϮͿ
ĞnjĂŬƚLJǁŽǁĂŶĞ
ŬƚLJǁŽǁĂŶĞtLJŬŽŶĂđůƵďƉŽǁƚſƌnjLJđƉƌŽĐĞĚƵƌħƉƌŽŐƌĂŵŽǁĂŶŝĂƌƵĐŚƵĂďLJŽĚĞďƌĂđĚĂŶĞĚŽƚLJĐnjČĐĞŝŶƐƚĂůĂĐũŝ
ht'njĂƉŽnjŶĂđƐŝħnjƌŽnjĚnjŝĂųĞŵ12njĂǁŝĞƌĂũČĐLJŵŝŶĨŽƌŵĂĐũĞŶĂƚĞŵĂƚĞŶŬŽĚĞƌĂĂďƐŽůƵƚŶĞŐŽ
<ŽŶĮŐƵƌĂĐũĂůŝƐƚǁLJŬƌĂǁħĚnjŝŽǁĞũK^ϭ
>ŝƐƚǁĂŬƌĂǁħĚnjŝŽǁĂE/:^d/E^d>KtE
^ƚLJŬE;njǁLJŬůĞnjĂŵŬŶŝħƚLJͿƌĂŵĂnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵƚLJůŬŽƉŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂ
^ƚLJŬnjŽƉŽƌĞŵϴŬϮƌĂŵĂnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵƚLJůŬŽƉŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂ
^ƚLJŬE;njǁLJŬůĞnjĂŵŬŶŝħƚLJͿƌĂŵĂnjĂǁƐnjĞnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵ
^ƚLJŬnjŽƉŽƌĞŵϴŬϮƌĂŵĂnjĂǁƐnjĞnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵ
<ŽŶĮŐƵƌĂĐũĂůŝƐƚǁLJŬƌĂǁħĚnjŝŽǁĞũK^Ϯ
>ŝƐƚǁĂŬƌĂǁħĚnjŝŽǁĂE/:^d/E^d>KtE
^ƚLJŬE;njǁLJŬůĞnjĂŵŬŶŝħƚLJͿƌĂŵĂnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵƚLJůŬŽƉŽĚĐnjĂƐnjĂŵLJŬĂŶŝĂ
^ƚLJŬnjŽƉŽƌĞŵϴŬϮƌĂŵĂnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵƚLJůŬŽƉŽĚĐnjĂƐnjĂŵLJŬĂŶŝĂ
^ƚLJŬE;njǁLJŬůĞnjĂŵŬŶŝħƚLJͿƌĂŵĂnjĂǁƐnjĞnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵ
^ƚLJŬnjŽƉŽƌĞŵϴŬϮƌĂŵĂnjĂǁƐnjĞnjŵŝĞŶŝĂŬŝĞƌƵŶĞŬƌƵĐŚƵ
<ŽŶĮŐƵƌĂĐũĂϭŬĂŶĂųƵƌĂĚŝŽǁĞŐŽ;WZϭͿ
<ŽŶĮŐƵƌĂĐũĂϮŬĂŶĂųƵƌĂĚŝŽǁĞŐŽ;WZϮͿ
dZz<ZK<Ktz
KdtZ/%_/Kt
KdtZ/
D<E/%/
^dKW
KƑǁŝĞƚůĞŶŝĞĚŽĚĂƚŬŽǁĞtLJũƑĐŝĞKZũĞƐƚƐƚĞƌŽǁĂŶĞƉŝůŽƚĞŵƌĂĚŝŽǁLJŵ_ǁŝĂƚųŽƑǁŝĞĐŝƚĂŬĚųƵŐŽũĂŬĚųƵŐŽ
ƉŝůŽƚƌĂĚŝŽǁLJũĞƐƚĂŬƚLJǁŽǁĂŶLJWĂƌĂŵĞƚƌũĞƐƚŝŐŶŽƌŽǁĂŶLJ
KƑǁŝĞƚůĞŶŝĞĚŽĚĂƚŬŽǁĞKEͲK&&tLJũƑĐŝĞKZũĞƐƚƐƚĞƌŽǁĂŶĞƉŝůŽƚĞŵƌĂĚŝŽǁLJŵ
WŝůŽƚƌĂĚŝŽǁLJǁųČĐnjĂͲǁLJųČĐnjĂŽƑǁŝĞƚůĞŶŝĞĚŽĚĂƚŬŽǁĞWĂƌĂŵĞƚƌũĞƐƚŝŐŶŽƌŽǁĂŶLJ
dZz<ZK<KtznjƉŽƚǁŝĞƌĚnjĞŶŝĞŵďĞnjƉŝĞĐnjĞŷƐƚǁĂ
(1)
.
KdtZ/%_/KtnjƉŽƚǁŝĞƌĚnjĞŶŝĞŵďĞnjƉŝĞĐnjĞŷƐƚǁĂ
(1)
.
KdtZ/njƉŽƚǁŝĞƌĚnjĞŶŝĞŵďĞnjƉŝĞĐnjĞŷƐƚǁĂ
(1)
.
D<E/%/njƉŽƚǁŝĞƌĚnjĞŶŝĞŵďĞnjƉŝĞĐnjĞŷƐƚǁĂ
(1)
.
(1)
ďLJŶŝĞĚŽƉƵƑĐŝđĚŽŶŝĞƉŽǏČĚĂŶĞŐŽƵƌƵĐŚŽŵŝĞŶŝĂďƌĂŵLJƉƌnjLJƉĂĚŬŽǁLJŵŶĂĐŝƑŶŝħĐŝĞŵƉƌnjLJĐŝƐŬƵƉŝůŽƚĂĂŬƚLJǁĂĐũĂƐLJŐŶĂųƵ
ǁLJŵĂŐĂƉŽƚǁŝĞƌĚnjĞŶŝĂďĞnjƉŝĞĐnjĞŷƐƚǁĂEĂƉƌnjLJŬųĂĚƉĂƌĂŵĞƚƌLJ i ƐČƵƐƚĂǁŝŽŶĞ
ͻ EĂĐŝƑŶŝħĐŝĞ ƉƌnjLJĐŝƐŬƵ , ƉŝůŽƚĂ ǁLJďŝĞƌĂ ĚnjŝĂųĂŶŝĞ ǁ ƚƌLJďŝĞ ŬƌŽŬŽǁLJŵ ŬƚſƌĞ ƚƌnjĞďĂ ƉŽƚǁŝĞƌĚnjŝđ ǁ ĐŝČŐƵ Ϯ ƐĞŬƵŶĚ
ŶĂĐŝƐŬĂũČĐƉƌnjLJĐŝƐŬ,ƉŝůŽƚĂEĂĐŝƑŶŝħĐŝĞƉƌnjLJĐŝƐŬƵ,ĂŬƚLJǁƵũĞŽƚǁĂƌĐŝĞĐnjħƑĐŝŽǁĞ
<ŽŶĮŐƵƌĂĐũĂĐnjħƐƚŽƚůŝǁŽƑĐŝŵŝŐĂŶŝĂůĂŵƉLJďųLJƐŬŽǁĞũ
njħƐƚŽƚůŝǁŽƑđũĞƐƚƌĞŐƵůŽǁĂŶĂĞůĞŬƚƌŽŶŝĐnjŶĞƉƌnjĞnjůĂŵƉħďųLJƐŬŽǁČ
EŝƐŬĂĐnjħƐƚŽƚůŝǁŽƑđ
EŝƐŬĂĐnjħƐƚŽƚůŝǁŽƑđƉŽĚĐnjĂƐŽƚǁŝĞƌĂŶŝĂǁLJƐŽŬĂƉŽĚĐnjĂƐnjĂŵLJŬĂŶŝĂ
tLJďſƌƚƌLJďƵĚnjŝĂųĂŶŝĂŽƑǁŝĞƚůĞŶŝĂĚŽĚĂƚŬŽǁĞŐŽ
ĞnjĂŬƚLJǁŽǁĂŶĞ
/DWh>^KtKƑǁŝĞƚůĞŶŝĞǁųČĐnjĂƐŝħŶĂŬƌſƚŬŽŶĂƉŽĐnjČƚŬƵŬĂǏĚĞŐŽŵĂŶĞǁƌƵ
tBKEKƑǁŝĞƚůĞŶŝĞũĞƐƚǁųČĐnjŽŶĞƉƌnjĞnjĐĂųLJĐnjĂƐƚƌǁĂŶŝĂŵĂŶĞǁƌƵ
ŽĚϯĚŽϵϬƐKƑǁŝĞƚůĞŶŝĞƉŽnjŽƐƚĂũĞǁųČĐnjŽŶĞƉŽnjĂŬŽŷĐnjĞŶŝƵŵĂŶĞǁƌƵƉƌnjĞnjnjĂƉƌŽŐƌĂŵŽǁĂŶLJĐnjĂƐ
ŽĚϮĚŽϵŵŝŶƵƚKƑǁŝĞƚůĞŶŝĞƉŽnjŽƐƚĂũĞǁųČĐnjŽŶĞƉŽnjĂŬŽŷĐnjĞŶŝƵŵĂŶĞǁƌƵƉƌnjĞnjnjĂƉƌŽŐƌĂŵŽǁĂŶLJĐnjĂƐ