242
PL
<ŽŶĮŐƵƌĂĐũĂƐƚLJŬƵnjĞŐĂƌĂ;KZKͿ
WŽĂŬƚLJǁĂĐũŝĨƵŶŬĐũŝnjĞŐĂƌĂďƌĂŵĂŽƚǁŝĞƌĂƐŝħŝƉŽnjŽƐƚĂũĞŽƚǁĂƌƚĂƉƌnjĞnjĐnjĂƐnjĂƉƌŽŐƌĂŵŽǁĂŶLJǁnjĞŐĂƌnjĞWŽƵƉųLJͲ
ǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƵƌnjČĚnjĞŶŝƵnjĞǁŶħƚƌnjŶLJŵ;njĞŐĂƌͿďƌĂŵĂƐŝħnjĂŵLJŬĂ
WŽĂŬƚLJǁĂĐũŝĨƵŶŬĐũŝnjĞŐĂƌĂďƌĂŵĂŽƚǁŝĞƌĂƐŝħŝƉŽnjŽƐƚĂũĞŽƚǁĂƌƚĂtƐnjLJƐƚŬŝĞƐLJŐŶĂųLJƐƚĞƌŽǁŶŝĐnjĞƐČŝŐŶŽƌŽǁĂŶĞ
WŽĂŬƚLJǁĂĐũŝĨƵŶŬĐũŝnjĞŐĂƌĂďƌĂŵĂŽƚǁŝĞƌĂƐŝħŝƉŽnjŽƐƚĂũĞŽƚǁĂƌƚĂtƐnjLJƐƚŬŝĞƐLJŐŶĂųLJƐƚĞƌŽǁŶŝĐnjĞƐČƉƌnjLJũŵŽǁĂŶĞ
WŽƉŽŶŽǁŶLJŵĐĂųŬŽǁŝƚLJŵŽƚǁĂƌĐŝƵďƌĂŵLJĨƵŶŬĐũĂnjĞŐĂƌĂƉŽŶŽǁŶŝĞnjŽƐƚĂũĞĂŬƚLJǁŽǁĂŶĂ
ŬƚLJǁĂĐũĂŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂŽƚǁĂƌĐŝĂ
ŬƚLJǁĂĐũĂƚĞŐŽƉĂƌĂŵĞƚƌƵĚĂũĞŐǁĂƌĂŶĐũħǏĞďƌĂŵĂŶŝĞƉŽnjŽƐƚĂŶŝĞŽƚǁĂƌƚĂnjƉŽǁŽĚƵŶĂĐŝƑŶŝħĐŝĂŶŝĞƉƌĂǁŝͲ
ĚųŽǁĞŐŽŝůƵďƉƌnjLJƉĂĚŬŽǁĞŐŽƉƌnjLJĐŝƐŬƵ
&ƵŶŬĐũĂƐŝħE/ĂŬƚLJǁƵũĞũĞǏĞůŝ
ͻ ďƌĂŵĂnjŽƐƚĂŶŝĞnjĂƚƌnjLJŵĂŶĂƉƌnjLJĐŝƐŬŝĞŵ^dKW
ͻ ĂŬƚLJǁƵũĞ Ɛŝħ ůŝƐƚǁĂ ŬƌĂǁħĚnjŝŽǁĂ ŝ ǁLJŬƌLJǁĂ ƉƌnjĞƐnjŬŽĚħ ǁ ŬŝĞƌƵŶŬƵ ǁ ŬƚſƌLJŵ ũĞƐƚ ǁLJŬŽŶLJǁĂŶĂ
ĂŬƚLJǁŽǁĂŶĂĨƵŶŬĐũĂ:ĞǏĞůŝŶĂƚŽŵŝĂƐƚůŝƐƚǁĂŬƌĂǁħĚnjŝŽǁĂǁLJŬƌLJũĞƉƌnjĞƐnjŬŽĚħƉŽĚĐnjĂƐƌƵĐŚƵǁŬŝĞƌƵŶŬƵ
ƉƌnjĞĐŝǁŶLJŵŶŝǏŐǁĂƌĂŶƚŽǁĂŶLJĨƵŶŬĐũĂƉŽnjŽƐƚĂũĞĂŬƚLJǁŶĂ
ͻ njŽƐƚĂŶČǁLJŬŽŶĂŶĞƉƌſďLJnjĂŵŬŶŝħĐŝĂnjĂƉƌŽŐƌĂŵŽǁĂŶĞǁƉĂƌĂŵĞƚƌnjĞ$.
ͻ ũĞǏĞůŝŶŝĞŵĂŬŽŶƚƌŽůŝƉŽnjLJĐũŝ;ǁLJƐnjƵŬĂđƉŽnjLJĐũħƉĂƚƌnjƌŽnjĚnjŝĂųϭϳͲϭϴͿ
ĞnjĂŬƚLJǁŽǁĂŶĞWĂƌĂŵĞƚƌŶŝĞũĞƐƚǁLJƑǁŝĞƚůĂŶLJ
ŬƚLJǁĂĐũĂŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂWŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂƌĂŵĞƚƌnjĞĐĞŶƚƌĂůĂǁųČĐnjĂ
ŵŝŐĂŶŝĞŽƐƚƌnjĞŐĂǁĐnjĞƚƌǁĂũČĐĞϱƐŶŝĞnjĂůĞǏŶŝĞŽĚƉĂƌĂŵĞƚƌƵ$ĂŶĂƐƚħƉŶŝĞnjĂŵLJŬĂďƌĂŵħ
ŬƚLJǁĂĐũĂŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂŝŽƚǁĂƌĐŝĂ
:ĞǏĞůŝďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħƉŽŶĂĐŝƑŶŝħĐŝƵƉƌnjLJĐŝƐŬƵƚƌLJďƵŬƌŽŬŽǁĞŐŽƉŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂͲ
ƌĂŵĞƚƌnjĞĐĞŶƚƌĂůĂǁųČĐnjĂŵŝŐĂŶŝĞŽƐƚƌnjĞŐĂǁĐnjĞƚƌǁĂũČĐĞϱƐŶŝĞnjĂůĞǏŶŝĞŽĚƉĂƌĂŵĞƚƌƵ$ĂďƌĂŵĂƐŝħnjĂŵLJŬĂ
:ĞǏĞůŝƉŽĚĐnjĂƐŵĂŶĞǁƌƵnjĂŵLJŬĂŶŝĂďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħnjƉŽǁŽĚƵnjĂĚnjŝĂųĂŶŝĂƐLJƐƚĞŵƵǁLJŬƌLJǁĂũČĐĞŐŽƉƌnjĞƐnjŬŽͲ
ĚLJƉŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂƌĂŵĞƚƌnjĞďƌĂŵĂƐŝħnjĂŵLJŬĂ
:ĞǏĞůŝƉŽĚĐnjĂƐŵĂŶĞǁƌƵŽƚǁŝĞƌĂŶŝĂďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħnjƉŽǁŽĚƵnjĂĚnjŝĂųĂŶŝĂƐLJƐƚĞŵƵǁLJŬƌLJǁĂũČĐĞŐŽƉƌnjĞƐnjŬŽͲ
ĚLJƉŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂƌĂŵĞƚƌnjĞďƌĂŵĂƐŝħŽƚǁŝĞƌĂ
ZĞŐƵůĂĐũĂĐnjĂƐƵĂŬƚLJǁĂĐũŝŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂŽƚǁĂƌĐŝĂ
ht'WĂƌĂŵĞƚƌŶŝĞũĞƐƚǁŝĚŽĐnjŶLJũĞǏĞůŝƉĂƌĂŵĞƚƌ = .
KĚϮĚŽϵϬƐŽĐnjĞŬŝǁĂŶŝĂ
KĚϮĚŽϵŵŝŶŽĐnjĞŬŝǁĂŶŝĂ
ĂƌnjČĚnjĂŶŝĞŽƐŝČŐĂŵŝƉŽĚĐnjĂƐĚnjŝĂųĂŶŝĂnjĂŬƵŵƵůĂƚŽƌĞŵ
ďLJnjďLJƚĚƵǏĞǁĂƌƚŽƑĐŝƉƌnjLJƐƉŝĞƐnjĞŶŝĂŝƉƌħĚŬŽƑĐŝŶŝĞƐƉŽǁŽĚŽǁĂųLJƉƌŽďůĞŵſǁĚnjŝĂųĂŶŝĂƉŽĚĐnjĂƐƉƌĂĐLJnjĂŬƵŵƵͲ
ůĂƚŽƌĞŵŬŝĞĚLJĐĞŶƚƌĂůĂǁLJŬƌLJǁĂďƌĂŬŶĂƉŝħĐŝĂƐŝĞĐŝĂƵƚŽŵĂƚLJĐnjŶŝĞnjŵŶŝĞũƐnjĂŽƐŝČŐŝ
ƌĂŬnjĂƌnjČĚnjĂŶŝĂ
tĂƌƚŽƑĐŝƉƌnjLJƐƉŝĞƐnjĞŶŝĂ;ƉĂƌĂŵĞƚƌLJͿnjǁĂůŶŝĂŶŝĂ;ƉĂƌĂŵĞƚƌLJͿŝƉƌħĚŬŽƑĐŝ;ƉĂƌĂŵĞƚƌLJͿƉŽͲ
njŽƐƚĂũČƚĂŬŝĞũĂŬƵƐƚĂǁŝŽŶĞ
ĂƌnjČĚnjĂŶŝĞWK^dtKt
WƌnjLJƐƉŝĞƐnjĞŶŝĞǁŽůŶĞс.
ǁĂůŶŝĂŶŝĞųĂŐŽĚŶĞс.
WƌħĚŬŽƑđĚŽϳϬй.
ĂƌnjČĚnjĂŶŝĞtE^KtE
WƌnjLJƐƉŝĞƐnjĞŶŝĞǁŽůŶĞс.
ǁĂůŶŝĂŶŝĞųĂŐŽĚŶĞс.
WƌħĚŬŽƑđĚŽϲϬй.
tųČĐnjĞŶŝĞĂŬƚLJǁĂĐũŝŬŽŶƐĞƌǁĂĐũŝŽŬƌĞƐŽǁĞũ
ht'WĂƌĂŵĞƚƌũĞƐƚǁŝĚŽĐnjŶLJũĞƑůŝnjĂƉĂŵŝħƚĂŶŽŚĂƐųŽŝŶŶĞŶŝǏĨĂďƌLJĐnjŶĞ;ƉĂƌĂŵĞƚƌ3÷3).
ht'ǁƉƌnjLJƉĂĚŬƵƉƌnjLJǁƌſĐĞŶŝĂƐƚĂŶĚĂƌĚŽǁLJĐŚƉĂƌĂŵĞƚƌſǁĨĂďƌLJĐnjŶLJĐŚǁĂƌƚŽƑđƚĞŐŽƉĂƌĂŵĞƚƌƵƚƌnjĞďĂƵƐƚĂǁŝđƌħĐnjŶŝĞ
WŽƉƌnjĞŬƌŽĐnjĞŶŝƵůŝŵŝƚƵŐŽĚnjŝŶŵĂŶĞǁƌƵƵƐƚĂǁŝŽŶĞŐŽŶĂ i ƵƌƵĐŚĂŵŝĂƐŝħƐLJŐŶĂųŽƉƚLJĐnjŶLJŬŽŶƐĞƌǁĂĐũŝ
;ƉƌnjLJŬųĂĚĐŽϭϱϬϬŐŽĚnjŝŶŵĂŶĞǁƌƵͿ
K^dZKE/njĂŵĂŶĞǁƌƵǁĂǏĂƐŝħŬĂǏĚĞƵƌƵĐŚŽŵŝĞŶŝĞƐŝůŶŝŬĂƵŽƚǁŝĞƌĂŶŝĞ
EĂ ĞŬƌĂŶŝĞƉŽũĂǁŝĂ Ɛŝħ $66W ŝ ƉƌnjLJ njĂƚƌnjLJŵĂŶLJĐŚ ƐŝůŶŝŬĂĐŚůĂŵƉĂ ďųLJƐŬŽǁĂ ƵƌƵĐŚĂŵŝĂ Ɛŝħ ǁ ƌĞŐƵůĂƌŶLJĐŚ
ŽĚƐƚħƉĂĐŚĐnjĂƐƵ;ϭƐǁųČĐnjŽŶĂϰƐǁLJųČĐnjŽŶĂͿĚŽŵŽŵĞŶƚƵǁLJŬŽŶĂŶŝĂŬŽŶƐĞƌǁĂĐũŝŝƌĞƐĞƚŽǁĂŶŝĂĂůĂƌŵƵ
ďLJnjƌĞƐĞƚŽǁĂđĂůĂƌŵĚĞnjĂŬƚLJǁŽǁĂđŚĂƐųŽ;&3ͿŝŶĂĐŝƐŶČđd^dŶĂϱƐEĂĞŬƌĂŶŝĞƉŽũĂǁŝƐŝħ$66WĂŶĂƐƚħƉŶŝĞ
ŵŝŐĂũČĐĞ83GWƉƌnjĞnjϰƐWƌnjLJƚƌnjLJŵĂđƉƌnjLJĐŝƐŬd^dĂďLJnjƌĞƐĞƚŽǁĂđĂůĂƌŵĂǏĚŽǁLJƑǁŝĞƚůĞŶŝĂGRQ(.
WŽnjǁŽůŶŝĞŶŝƵƉƌnjLJĐŝƐŬƵd^dŶĂĞŬƌĂŶŝĞǁLJƑǁŝĞƚůĂƐŝħ$EUWŝĂůĂƌŵŶŝĞũĞƐƚƌĞƐĞƚŽǁĂŶLJ
>ŝĐnjďĂŐŽĚnjŝŶ++ũĞƐƚnjĂƉĂŵŝħƚLJǁĂŶĂƉƌnjĞnjĐĞŶƚƌĂůŬħŝůŝĐnjĞŶŝĞƌŽnjƉŽĐnjLJŶĂƐŝħŽĚŶŽǁĂ
ht'WŽƉƌnjĞŬƌŽĐnjĞŶŝƵϵϵϵϬŐŽĚnjŝŶŵĂŶĞǁƌſǁĂůĂƌŵŬŽŶƐĞƌǁĂĐũŝũĞƐƚŽƐƚĂƚĞĐnjŶŝĞǁLJųČĐnjĂŶLJ
ĞnjĂŬƚLJǁŽǁĂŶĞ
<ŽŶƐĞƌǁĂĐũĂǁųČĐnjŽŶĂŶĂĐnjĂƐсtĂƌƚŽƑđƉĂƌĂŵĞƚƌƵdžϭϬŐŽĚnjŝŶ
<ŽŶƐĞƌǁĂĐũĂǁųČĐnjŽŶĂŶĂĐnjĂƐсtĂƌƚŽƑđƉĂƌĂŵĞƚƌƵdžϭϬϬŐŽĚnjŝŶ