291
PL
ŬƚLJǁĂĐũĂŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂŽƚǁĂƌĐŝĂ
ŬƚLJǁĂĐũĂƚĞŐŽƉĂƌĂŵĞƚƌƵĚĂũĞŐǁĂƌĂŶĐũħǏĞďƌĂŵĂŶŝĞƉŽnjŽƐƚĂŶŝĞŽƚǁĂƌƚĂnjƉŽǁŽĚƵŶĂĐŝƑŶŝħĐŝĂŶŝĞƉƌĂǁŝ-
ĚųŽǁĞŐŽŝůƵďƉƌnjLJƉĂĚŬŽǁĞŐŽƉƌnjLJĐŝƐŬƵ
&ƵŶŬĐũĂƐŝħE/ĂŬƚLJǁƵũĞũĞǏĞůŝ
• ďƌĂŵĂnjŽƐƚĂŶŝĞnjĂƚƌnjLJŵĂŶĂƉƌnjLJĐŝƐŬŝĞŵ^dKW
• ĂŬƚLJǁƵũĞ Ɛŝħ ůŝƐƚǁĂ ŬƌĂǁħĚnjŝŽǁĂ ŝ ǁLJŬƌLJǁĂ ƉƌnjĞƐnjŬŽĚħ ǁ ŬŝĞƌƵŶŬƵ ǁ ŬƚſƌLJŵ ũĞƐƚ ǁLJŬŽŶLJǁĂŶĂ
ĂŬƚLJǁŽǁĂŶĂĨƵŶŬĐũĂ:ĞǏĞůŝŶĂƚŽŵŝĂƐƚůŝƐƚǁĂŬƌĂǁħĚnjŝŽǁĂǁLJŬƌLJũĞƉƌnjĞƐnjŬŽĚħƉŽĚĐnjĂƐƌƵĐŚƵǁŬŝĞƌƵŶŬƵ
ƉƌnjĞĐŝǁŶLJŵŶŝǏŐǁĂƌĂŶƚŽǁĂŶLJĨƵŶŬĐũĂƉŽnjŽƐƚĂũĞĂŬƚLJǁŶĂ
• njŽƐƚĂŶČǁLJŬŽŶĂŶĞƉƌſďLJnjĂŵŬŶŝħĐŝĂnjĂƉƌŽŐƌĂŵŽǁĂŶĞǁƉĂƌĂŵĞƚƌnjĞ$
• ũĞǏĞůŝŶŝĞŵĂŬŽŶƚƌŽůŝƉŽnjLJĐũŝ;ǁLJƐnjƵŬĂđƉŽnjLJĐũħƉĂƚƌnjƌŽnjĚnjŝĂųϭϴͲϭϵͿ
ĞnjĂŬƚLJǁŽǁĂŶĞWĂƌĂŵĞƚƌŶŝĞũĞƐƚǁLJƑǁŝĞƚůĂŶLJ
ŬƚLJǁĂĐũĂŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂWŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂƌĂŵĞƚƌnjĞĐĞŶƚƌĂůĂǁųČĐnjĂ
ŵŝŐĂŶŝĞŽƐƚƌnjĞŐĂǁĐnjĞƚƌǁĂũČĐĞϱƐŶŝĞnjĂůĞǏŶŝĞŽĚƉĂƌĂŵĞƚƌƵ$ĂŶĂƐƚħƉŶŝĞnjĂŵLJŬĂďƌĂŵħ
ŬƚLJǁĂĐũĂŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂŝŽƚǁĂƌĐŝĂ
:ĞǏĞůŝďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħƉŽŶĂĐŝƑŶŝħĐŝƵƉƌnjLJĐŝƐŬƵƚƌLJďƵŬƌŽŬŽǁĞŐŽƉŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽ
ǁƉĂƌĂŵĞƚƌnjĞĐĞŶƚƌĂůĂǁųČĐnjĂŵŝŐĂŶŝĞŽƐƚƌnjĞŐĂǁĐnjĞƚƌǁĂũČĐĞϱƐŶŝĞnjĂůĞǏŶŝĞŽĚƉĂƌĂŵĞƚƌƵ$ a brama
ƐŝħnjĂŵLJŬĂ
:ĞǏĞůŝƉŽĚĐnjĂƐŵĂŶĞǁƌƵnjĂŵLJŬĂŶŝĂďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħnjƉŽǁŽĚƵnjĂĚnjŝĂųĂŶŝĂƐLJƐƚĞŵƵǁLJŬƌLJǁĂũČĐĞŐŽƉƌnjĞ-
ƐnjŬŽĚLJƉŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂƌĂŵĞƚƌnjĞďƌĂŵĂƐŝħnjĂŵLJŬĂ
:ĞǏĞůŝƉŽĚĐnjĂƐŵĂŶĞǁƌƵŽƚǁŝĞƌĂŶŝĂďƌĂŵĂnjĂƚƌnjLJŵĂƐŝħnjƉŽǁŽĚƵnjĂĚnjŝĂųĂŶŝĂƐLJƐƚĞŵƵǁLJŬƌLJǁĂũČĐĞŐŽƉƌnjĞ-
ƐnjŬŽĚLJƉŽƵƉųLJǁŝĞĐnjĂƐƵnjĂƉƌŽŐƌĂŵŽǁĂŶĞŐŽǁƉĂƌĂŵĞƚƌnjĞďƌĂŵĂƐŝħŽƚǁŝĞƌĂ
ZĞŐƵůĂĐũĂĐnjĂƐƵĂŬƚLJǁĂĐũŝŐǁĂƌĂŶĐũŝnjĂŵŬŶŝħĐŝĂŽƚǁĂƌĐŝĂ
ht'WĂƌĂŵĞƚƌŶŝĞũĞƐƚǁŝĚŽĐnjŶLJũĞǏĞůŝƉĂƌĂŵĞƚƌ =
KĚϮĚŽϵϬƐŽĐnjĞŬŝǁĂŶŝĂ
KĚϮĚŽϵŵŝŶŽĐnjĞŬŝǁĂŶŝĂ
tLJďſƌŽŐƌĂŶŝĐnjĞŷǁĨƵŶŬĐũŽŶŽǁĂŶŝƵǁŽƉĂƌĐŝƵŽĂŬƵŵƵůĂƚŽƌ
ht'ƉĂƌĂŵĞƚƌũĞƐƚǁŝĚŽĐnjŶLJǁLJųČĐnjŶŝĞũĞƑůŝƉĂƌũĞƐƚŝŶŶLJŶŝǏ
ƌĂŬŽŐƌĂŶŝĐnjĞŷǁƐƚĞƌŽǁĂŶŝƵŐĚLJŶĂƉŝħĐŝĞĂŬƵŵƵůĂƚŽƌĂƐƉĂĚĂĚŽǁLJďƌĂŶĞŐŽƉƌŽŐƵDŽǏůŝǁĂũĞƐƚ
ĂŬƚLJǁĂĐũĂƐLJŐŶĂůŝnjĂĐũŝƉŽƉƌnjĞnjǁLJũƑĐŝĞKZ;ũĞƑůŝƉĂƌĂŵĞƚƌLJ i ƐČŽĚƉŽǁŝĞĚŶŝŽƵƐƚĂǁŝŽŶĞͿ
'ĚLJŶĂƉŝħĐŝĞĂŬƵŵƵůĂƚŽƌĂƐƉĂĚĂƉŽŶŝǏĞũǁLJďƌĂŶĞŐŽƉƌŽŐƵƉƌnjLJƉĂƌĐĞŶƚƌĂůĂƉƌnjLJũŵƵũĞƚLJůŬŽƉŽůĞĐĞŶŝĂ
ŽƚǁĂƌĐŝĂŝŶŝŐĚLJŶŝĞnjĂŵLJŬĂƐŝħƉŽŶŽǁŶŝĞ
'ĚLJŶĂƉŝħĐŝĞĂŬƵŵƵůĂƚŽƌĂƐƉĂĚĂƉŽŶŝǏĞũǁLJďƌĂŶĞŐŽƉƌŽŐƵƉƌnjLJƉĂƌĐĞŶƚƌĂůĂƉŽǁƐƚħƉŶLJŵŵŝŐĂŶŝƵ
ƚƌǁĂũČĐLJŵϱƐĂƵƚŽŵĂƚLJĐnjŶŝĞŽƚǁŝĞƌĂƐnjůĂďĂŶŝƉƌnjLJũŵƵũĞƚLJůŬŽƉŽůĞĐĞŶŝĞnjĂŵŬŶŝħĐŝĂ
WƌnjLJũŵƵũĞƚLJůŬŽƉŽůĞĐĞŶŝĂnjĂŵŬŶŝħĐŝĂŶĂǁĞƚũĞƑůŝǁĞũƑĐŝĞKZKũĞƐƚĂŬƚLJǁŶĞŝũĞƑůŝƉĂƌĂŵĞƚƌ
'ĚLJŶĂƉŝħĐŝĞďĂƚĞƌŝŝƐƉĂĚŶŝĞĚŽƉƌŽŐƵǁLJďƌĂŶĞŐŽƉĂƌƐƚĞƌŽǁŶŝŬƉŽǁƐƚħƉŶLJŵƉŽĚĐnjĞƉŝĞŶŝƵϱƐ
ĂƵƚŽŵĂƚLJĐnjŶŝĞnjĂŵLJŬĂďƌĂŵħŝƉƌnjLJũŵƵũĞƚLJůŬŽũĞĚŶŽƉŽůĞĐĞŶŝĞŽƚǁĂƌĐŝĂ
tLJďſƌƌŽĚnjĂũƵĂŬƵŵƵůĂƚŽƌĂŝŽŐƌĂŶŝĐnjĞŶŝĞƉŽďŽƌſǁ
ht'E/KWKt/E/ƵƐƚĂǁŝĞŶŝĞƚĞŐŽƉĂƌĂŵĞƚƌƵǁƉƌnjLJƉĂĚŬƵďƌĂŬƵŶĂƉŝħĐŝĂƐŝĞĐŝŽǁĞŐŽƉŽǁŽĚƵũĞ
njĂďůŽŬŽǁĂŶŝĞĨƵŶŬĐũŝŝǁLJƑǁŝĞƚůĞŶŝĞŶĂǁLJƑǁŝĞƚůĂĐnjƵƉŽǁŝĂĚŽŵŝĞŶŝĂEW/2;ũĞǏĞůŝƵƐƚĂǁŝŽŶŽ lub ƉƌnjLJ
ĂŬƵŵƵůĂƚŽƌnjĞϮdžϭϮsͿůƵďƐLJŐŶĂůŝnjĂĐũŝE RG
ŬƵŵƵůĂƚŽƌϮϰsĚĐ;ϮdžϭϮsͿnjϳϭ,WŬƚLJǁŶĞŽŐƌĂŶŝĐnjĞŶŝĞƉƌnjLJƐƉŝĞƐnjĂŶŝĂnjǁĂůŶŝĂŶŝĂƉƌħĚŬŽƑĐŝǁĐĞůƵ
ǁLJĚųƵǏĞŶŝĂŽŬƌĞƐƵƉƌĂĐLJĂŬƵŵƵůĂƚŽƌĂ
ŬƵŵƵůĂƚŽƌϮϰsĚĐ;ϮdžϭϮsͿnjϳϭ,WƌĂŬƌĞĚƵŬĐũŝǁLJĚĂũŶŽƑĐŝŵĂŬƐLJŵĂůŶĞnjƵǏLJĐŝĞďĂƚĞƌŝŝ
ŬƵŵƵůĂƚŽƌϯϲsĚĐ;ϯdžϭϮsͿnjųĂĚŽǁĂƌŬĂnjĞǁŶħƚƌnjŶĂŬƚLJǁŶĞŽŐƌĂŶŝĐnjĞŶŝĞƉƌnjLJƐƉŝĞƐnjĂŶŝĂnjǁĂůŶŝĂŶŝĂ
ƉƌħĚŬŽƑĐŝǁĐĞůƵǁLJĚųƵǏĞŶŝĂŽŬƌĞƐƵƉƌĂĐLJĂŬƵŵƵůĂƚŽƌĂͲE/tz/ZK^dK^KtE/t
WZz^BK_/Ͳ
ŬƵŵƵůĂƚŽƌϯϲsĚĐ;ϯdžϭϮsͿnjųĂĚŽǁĂƌŬĂnjĞǁŶħƚƌnjŶĂƌĂŬŽŐƌĂŶŝĐnjĞŶŝĂŽƐŝČŐſǁŵĂŬƐLJŵĂůŶĞƉŽďŽƌLJ
ĂŬƵŵƵůĂƚŽƌĂͲE/tz/ZK^dK^KtE/tWZz^BK_/Ͳ
tLJďſƌnjĂƌnjČĚnjĂŶŝĂƉŽĚĐnjĂƐƉƌĂĐLJnjĂŬƵŵƵůĂƚŽƌĞŵ
hƐƚĂǁŝĞŶŝĞǁĂƌƚŽƑĐŝŝŶŶĞũŶŝǏ ƉŽǁŽĚƵũĞĂŬƚLJǁĂĐũħŬŽŶƚƌŽůŝƉŽnjŝŽŵƵŶĂƉŝħĐŝĂĂŬƵŵƵůĂƚŽƌĂČĚĂŶLJƚLJƉ
ĚnjŝĂųĂŶŝĂŵŽǏŶĂǁLJďƌĂđǁƉĂƌĂŵĞƚƌnjĞŝĂŬƚLJǁŽǁĂđƐLJŐŶĂůŝnjĂĐũħƉŽƉƌnjĞnjǁLJũƑĐŝĞKZǁƉĂƌĂŵĞƚƌnjĞ
ĞŶƚƌĂůĂnjĂǁƐnjĞĂŬĐĞƉƚƵũĞƉŽůĞĐĞŶŝĂĚŽŵŽŵĞŶƚƵĐĂųŬŽǁŝƚĞŐŽǁLJĐnjĞƌƉĂŶŝĂĂŬƵŵƵůĂƚŽƌĂ
<ŽŶƚƌŽůĂ ǁųČĐnjĂ Ɛŝħ ŐĚLJ ŶĂƉŝħĐŝĞ ĂŬƵŵƵůĂƚŽƌĂ ƐƉĂĚĂ ƉŽŶŝǏĞũ ŵŝŶŝŵĂůŶĞũ ǁĂƌƚŽƑĐŝ ƉƌŽŐŽǁĞũ ;ϮϮs ĚůĂ
ĂŬƵŵƵůĂƚŽƌĂϮdžϭϮsͿ
<ŽŶƚƌŽůĂ ǁųČĐnjĂ Ɛŝħ ŐĚLJ ŶĂƉŝħĐŝĞ ĂŬƵŵƵůĂƚŽƌĂ ƐƉĂĚĂ ƉŽŶŝǏĞũ ƉŽƑƌĞĚŶŝĞũ ǁĂƌƚŽƑĐŝ ƉƌŽŐŽǁĞũ ;Ϯϯs ĚůĂ
ĂŬƵŵƵůĂƚŽƌĂϮdžϭϮsͿ
<ŽŶƚƌŽůĂǁųČĐnjĂƐŝħ ŐĚLJŶĂƉŝħĐŝĞ ĂŬƵŵƵůĂƚŽƌĂƐƉĂĚĂ ƉŽŶŝǏĞũŵĂŬƐLJŵĂůŶĞũǁĂƌƚŽƑĐŝ ƉƌŽŐŽǁĞũ;ϮϰsĚůĂ
ĂŬƵŵƵůĂƚŽƌĂϮdžϭϮsͿ