300
PL
22
hƚLJůŝnjĂĐũĂ
hƌnjČĚnjĞŶŝĞ ŵŽŐČ njĚĞũŵŽǁĂđ ǁLJųČĐnjŶŝĞ ǁLJŬǁĂůŝĮŬŽǁĂŶŝ ƚĞĐŚŶŝĐLJ͕ ƐƚŽƐƵũČĐLJ ƉƌŽĐĞĚƵƌLJ
ƉƌĂǁŝĚųŽǁĞŐŽ njĚĞũŵŽǁĂŶŝĂ ƵƌnjČĚnjĞŶŝĂ͘ dŽ ƵƌnjČĚnjĞŶŝĞ ũĞƐƚ ǁLJŬŽŶĂŶĞ nj ƌſǏŶLJĐŚ ŵĂƚĞƌŝĂųſǁ͕ nj
ĐnjĞŐŽŶŝĞŬƚſƌĞŵŽǏŶĂŽĚnjLJƐŬĂđ͕ĂŝŶŶĞƚƌnjĞďĂƵƐƵŶČđǁŽĚƉŽǁŝĞĚŶŝƐƉŽƐſďůƵďnjƵƚLJůŝnjŽǁĂđǁ
ƐƉŽƐſďnjŐŽĚŶLJnjƉƌnjĞƉŝƐĂŵŝŵŝĞũƐĐŽǁLJŵŝ͕ŽďŽǁŝČnjƵũČĐLJŵŝĚůĂƚĞũŬĂƚĞŐŽƌŝŝǁLJƌŽďſǁ͘
ĂďƌĂŶŝĂ Ɛŝħ ǁLJƌnjƵĐĂŶŝĂ ƚĞŐŽ ƵƌnjČĚnjĞŶŝĂ ĚŽ ŽĚƉĂĚſǁ ŬŽŵƵŶĂůŶLJĐŚ͘ DĂƚĞƌŝĂųLJ ƐĞŐƌĞŐŽǁĂđ ĚŽ
ƵƐƵŶŝħĐŝĂ͕ǁƐƉŽƐſďƉƌnjĞǁŝĚnjŝĂŶLJŵŝĞũƐĐŽǁLJŵŝƉƌnjĞƉŝƐĂŵŝDŽǏŶĂƚĞǏƉƌnjĞŬĂnjĂđƵƌnjČĚnjĞŶŝĞĚŽ
ƐƉƌnjĞĚĂǁĐLJǁŵŽŵĞŶĐŝĞnjĂŬƵƉƵŶŽǁĞŐŽƵƌnjČĚnjĞŶŝĂƌſǁŶŽǁĂǏŶĞŐŽ͘
DŝĞũƐĐŽǁĞ ƉƌnjĞƉŝƐLJ ŵŽŐČ ƉƌnjĞǁŝĚLJǁĂđ ƐƵƌŽǁĞ ƐĂŶŬĐũĞ ǁ ƉƌnjLJƉĂĚŬƵ ŶŝĞǁųĂƑĐŝǁĞũ ƵƚLJůŝnjĂĐũŝ ƚĞŐŽ ƵƌnjČĚnjĞŶŝĂ͘
KƐƚƌŽǏŶŝĞ͊
EŝĞŬƚſƌĞĐnjħƑĐŝƵƌnjČĚnjĞŶŝĂŵŽŐČnjĂǁŝĞƌĂđƐƵďƐƚĂŶĐũĞnjĂŶŝĞĐnjLJƐnjĐnjĂũČĐĞůƵďŶŝĞďĞnjƉŝĞĐnjŶĞ͕ŬƚſƌĞ
ǁƉƌnjLJƉĂĚŬƵƌŽnjƉƌnjĞƐƚƌnjĞŶŝĞŶŝĂŵŽŐČŵŝĞđƐnjŬŽĚůŝǁLJǁƉųLJǁŶĂƑƌŽĚŽǁŝƐŬŽŝŶĂůƵĚnjŬŝĞnjĚƌŽǁŝĞ͘
23
/ŶĨŽƌŵĂĐũĞĚŽĚĂƚŬŽǁĞŝĚĂŶĞŬŽŶƚĂŬƚŽǁĞ
tƐnjLJƐƚŬŝĞƉƌĂǁĂĚŽƚLJĐnjČĐĞƚĞũƉƵďůŝŬĂĐũŝƐƚĂŶŽǁŝČǁLJųČĐnjŶČǁųĂƐŶŽƑđĮƌŵLJZK'Zd,EK>K'z͘
ZK'Z d,EK>K'z njĂƐƚƌnjĞŐĂ ƐŽďŝĞ ƉƌĂǁ ĚŽ ǁƉƌŽǁĂĚnjĂŶŝĂ ĞǁĞŶƚƵĂůŶLJĐŚ ŵŽĚLJĮŬĂĐũŝ͕ ƌſǁŶŝĞǏ ďĞnj
ǁĐnjĞƑŶŝĞũƐnjĞŐŽŝŶĨŽƌŵŽǁĂŶŝĂŽƚLJŵ͘tLJƌĂǍŶŝĞnjĂďƌĂŶŝĂƐŝħǁLJŬŽŶLJǁĂŶŝĂŬŽƉŝŝ͕ƐŬĂŶſǁ͕ŬŽƌĞŬƚŝŵŽĚLJĮŬĂĐũŝ
ďĞnjƉŝƐĞŵŶĞũnjŐŽĚLJĮƌŵLJZK'Zd,EK>K'z͘
ZK'Zd,EK>K'znjĂƐƚƌnjĞŐĂƐŽďŝĞǁŬĂǏĚĞũĐŚǁŝůŝƉƌĂǁŽĚŽŵŽĚLJĮŬĂĐũŝŝƉŽƉƌĂǁĞŬƉƌŽĚƵŬƚƵ͕ŬƚſƌĞŶŝĞ
ƉŽǁŽĚƵũČnjŵŝĂŶLJǁĞƌƐũŝ&t͘
tƉƌnjLJƉĂĚŬƵďƌĂŬƵƉƌnjĞŐůČĚƵŝŶƐƚƌƵŬĐũŝŽďƐųƵŐŝƉƌnjLJũŵƵũĞƐŝħ͕ǏĞƚĂŝŶƐƚƌƵŬĐũĂŽďŽǁŝČnjƵũĞĚůĂƚĞũŽƌĂnjĚůĂ
ŬŽůĞũŶLJĐŚǁĞƌƐũŝ&tĐĞŶƚƌĂůŝƐƚĞƌŽǁŶŝĐnjĞũ͘
dĂ ŝŶƐƚƌƵŬĐũĂ ǁƌĂnj nj ŽƐƚƌnjĞǏĞŶŝĂŵŝ ĚůĂ ŝŶƐƚĂůĂƚŽƌĂ ũĞƐƚ ĚŽƐƚĂƌĐnjĂŶĂ ǁ ƉŽƐƚĂĐŝ ƉĂƉŝĞƌŽǁĞũ ŝ ƵŵŝĞƐnjĐnjŽŶĂ ǁ
ŽďƵĚŽǁŝĞƵƌnjČĚnjĞŶŝĂ͘
&ŽƌŵĂƚ ĐLJĨƌŽǁLJ ;W&Ϳ ŽƌĂnj ǁƐnjLJƐƚŬŝĞ ĞǁĞŶƚƵĂůŶĞ ƉƌnjLJƐnjųĞ ĂŬƚƵĂůŝnjĂĐũĞ ƐČ ĚŽƐƚħƉŶĞ ǁ njĂƐƚƌnjĞǏŽŶĞũ ƐƚƌĞĮĞ
ŶĂƐnjĞũƐƚƌŽŶLJŝŶƚĞƌŶĞƚŽǁĞũǁǁǁ͘ƌŽŐĞƌƚĞĐŚŶŽůŽŐLJ͘ĐŽŵͬϮ͕ǁƐĞŬĐũŝ^ĞůĨ^ĞƌǀŝĐĞ͘
^Zt/^<>/EdZK'Zd,EK>K'z͗
ŽƚǁĂƌƚĞ͗
ŽĚƉŽŶŝĞĚnjŝĂųŬƵĚŽƉŝČƚŬƵ
ŽĚϴ͗ϬϬĚŽϭϮ͗ϬϬͲŽĚϭϯ͗ϯϬĚŽϭϳ͗ϯϬ
dĞůĞĨŽŶ͗
нϯϵϬϰϭϱϵϯϳϬϮϯ
ͲŵĂŝů͗
ƐĞƌǀŝĐĞΛƌŽŐĞƌƚĞĐŚŶŽůŽŐLJ͘ŝƚ
^ŬLJƉĞ͗
ƐĞƌǀŝĐĞͺƌŽŐĞƌƚĞĐŚŶŽůŽŐLJ
ďLJ njŐųŽƐŝđ ĞǁĞŶƚƵĂůŶĞ ƉƌŽďůĞŵLJ ůƵď ƉƌnjĞƐųĂđ njĂŵſǁŝĞŶŝĂ ĚŽƚLJĐnjČĐĞ ĂƵƚŽŵĂƚLJŬŝ͕ ƉƌŽƐŝŵLJ Ž ǁLJƉĞųŶŝĞŶŝĞ
ŶĂƐnjĞŐŽ ĨŽƌŵƵůĂƌnjĂ ŽŶůŝŶĞ ͞EWZtz͕͟ ĚŽƐƚħƉŶĞŐŽ ŶĂ ŶĂƐnjĞũ ƐƚƌŽŶŝĞ ǁǁǁ͘ƌŽŐĞƌƚĞĐŚŶŽůŽŐLJ͘ĐŽŵͬϮ ǁ
ƐĞŬĐũŝ^ĞůĨ^ĞƌǀŝĐĞ͘
