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ĚĂůŝƐ͕ Ž ďĞŶĚƌŽũŝ ŐĞƌŽŶƚŽůŽŐŝũĂ ŶĞƉĂŐƌťƐƚĂŝ ůĂŝŬŽŵĂ ďŝŽŵĞĚŝĐŝŶŽƐ ŵŽŬƐůƿ
ŬƌLJƉƟŵŝ͘ >ŝĞƚƵǀŽũĞ ^' ƌĂŝĚĂ ǀŝƐ ĚĂƌ LJƌĂ ťĚŝƌďŝŽ ĞƚĂƉĞ͕ ŶĞƐ ƚƌƻŬƐƚĂ ĚĂƵŐLJďĦƐ
ŵŽŬƐůŽ ŝŶƐƟƚƵĐŝŽŶĂůŝnjĂĐŝũČ ƉĂƚǀŝƌƟŶĂŶēŝƿ ƉŽǎLJŵŝƿ ;ŶĦƌĂ ƚLJƌŝŵƿ ŝŶƐƟƚƵĐŝũŽƐ͕
ƵǎƐŝŝŵĂŶēŝŽƐ ƓŝŽƐ ƐƌŝƟĞƐ ƚLJƌŝŵĂŝƐ͕ ďĞǀĞŝŬ ŶĞƌĞŶŐŝĂŵŝ ƐƉĞĐŝĂůŝƐƚĂŝ ;ŝƓƐŬLJƌƵƐ
ǀŝĞŶŝŶƚĞůħ ƓĂůLJũĞ ťŐLJǀĞŶĚŝŶĂŵČ ŵĂŐŝƐƚƌĂŶƚƻƌŽƐ ƐƚƵĚŝũƿ ƉƌŽŐƌĂŵČ ͣ^ŽĐŝĂůŝŶĦ
ŐĞƌŽŶƚŽůŽŐŝũĂ͞ďĞŝƐŽĐŝĂůŝŶŝŽĚĂƌďŽ͕ƐůĂƵŐŽƐŝƌƐŽĐŝŽůŽŐŝũŽƐƐƉĞĐŝĂůLJďĦƐƐƚƵĚĞŶ-
ƚƵƐ͕ŬƵƌŝĞŵƐĚĦƐƚŽŵŝƚĂŵƟŬƌŝŐĞƌŽŶƚŽůŽŐŝũŽƐĚĂůLJŬĂŝͿ͕ŶĦƌĂƐƉĞĐŝĂůŝnjƵŽƚŽƉĞ-
ƌŝŽĚŝŶŝŽůĞŝĚŝŶŝŽͿ͘
ϯ͘ <ŽŬŝŽƐLJƌĂďĂnjŝŶĦƐƐŽĐŝĂůŝŶĦƐŐĞƌŽŶƚŽůŽŐŝũŽƐƐČǀŽŬŽƐŝƌŬĂŝƉũŽƐĂƉŝďƻĚŝŶĂŵŽƐ͍
^ŽĐŝĂůŝŶĦũĞ ŐĞƌŽŶƚŽůŽŐŝũŽũĞ ǀĂƌƚŽũĂŵŽƐ ƓŝŽƐ ƉĂŐƌŝŶĚŝŶĦƐ ƐČǀŽŬŽƐ͗ ůĂŝŬĂƐ͕
ĂŵǎŝƵƐ͕ƐĞŶĦũŝŵĂƐ;ŝŶĚŝǀŝĚŽͬĚĞŵŽŐƌĂĮŶŝƐŐLJǀĞŶƚŽũƿͿ͕ƐĞŶĂƚǀĦƐ͕ͣƚƌĞēŝĂƐŝƐ͞
ŝƌͣŬĞƚǀŝƌƚĂƐŝƐ͞ĂŵǎŝƵƐ͕ŐLJǀĞŶŝŵŽƌĂŝĚĂ͕ŬŽŚŽƌƚĂŝƌŬĂƌƚĂ͘'ůĂƵƐƚƵƐũƿĂƉŝďƻĚŝͲ
ŶŝŵƵƐǎƌ͘WĂŐƌŝŶĚŝŶŝƿƐČǀŽŬƿǎŽĚLJŶĞ͕ϮϱϵƉ͘
WĂŐƌŝŶĚŝŶĦƐƐČǀŽŬŽƐ
^ŽĐŝĂůŝŶĦŐĞƌŽŶƚŽůŽŐŝũĂͬ sŝƐƵŽŵĞŶĦƐͬĚĞŵŽŐƌĂĮŶŝƐͬ
ƐŽĐŝŽŐĞƌŽŶƚŽůŽŐŝũĂ ŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵĂƐ
ŝŽŵĞĚŝĐŝŶŝŶĦŐĞƌŽŶƚŽůŽŐŝũĂ ^ĞŶĂƚǀĦ
'ĞƌŝĂƚƌŝũĂ 'LJǀĞŶŝŵŽƌĂŝĚĂ
,ƵŵĂŶŝƚĂƌŝŶĦŐĞƌŽŶƚŽůŽŐŝũĂ 'LJǀĞŶŝŵŽƌĂŝĚŽƐƚĞŽƌŝŶĦƉĞƌƐƉĞŬƚLJǀĂ
'ĞƌŽŶƚŽůŽŐŝũĂ <ŽŚŽƌƚĂ
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ŵǎŝƵƐ
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<ůĂƵƐŝŵĂŝĚŝƐŬƵƐŝũĂŝ
ϭ͘ <ŽŬť ƉŽǎŝƻƌť ũƵƐ ŐŝŶƚƵŵĦƚĞ͗ ĂͿ >ŝĞƚƵǀŽũĞ ĚĂƌ ŶĞƐƵƐŝĨŽƌŵĂǀŽ ƐŽĐŝĂůŝ-
ŶŝƐ ƵǎƐĂŬLJŵĂƐ ƚLJƌŝŶĦƟ ƐĞŶĦũŝŵŽ ƉƌŽďůĞŵĂƐ ŝƌ ŶĞƌĞŝŬŝĂ ĚŝƌďƟŶĂŝ ƐŬƵďŝŶ-
Ɵ ƌĞŝŬĂůƿ͖ ďͿ >ŝĞƚƵǀŽƐ ƐŽĐŝĂůŝŶĦ ŐĞƌŽŶƚŽůŽŐŝũĂ ŬĂŝƉ ƚLJƌŝŵƿ ƐƌŝƟƐ LJƌĂ ƉĂŬ-
ĂŶŬĂŵĂŝ ƉĂǎĞŶŐƵƐŝ ŝƌ ĂƟƟŶŬĂ ƉƌĂŬƟŶŝƵƐ ƉŽƌĞŝŬŝƵƐ ĐͿ ŬŝƚĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘
;suformuluokiteͿ͍WĂŐƌťƐŬŝƚĞĂƌŐƵŵĞŶƚĂŝƐƉĂƐŝƌŝŶŬƚČƉŽǎŝƻƌť͘
Ϯ͘ WĂŬůĂƵƐŝŶĦŬŝƚĞƐĂǀŽĂƉůŝŶŬŽũĞƚƌŝũƿƐƵƟŬƚƿǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿ͕ŬĂŝƉũŝĞ
ũĂƵēŝĂƐŝƐƵůĂƵŬħƐĂǀŽĂŵǎŝĂƵƐ͕ŬČũŝĞŵƐƌĞŝƓŬŝĂ ƉĂƟƌƟƐĂǀŽĂŵǎŝƿ ƐĂǀŽŐLJǀĞŶ-
ĂŵŽũŽũĞǀŝĞƚŽũĞ;ďƻƐƚĞ͕ŬƵƌŝĂŵĞŐLJǀĞŶĂ͕ŵŝĞƐƚĞͬŬĂŝŵŽǀŝĞƚŽǀĦũĞ͕>ŝĞƚƵǀŽũĞͿ͘
ϯ͘ WĂƐŝƌŝŶŬŝƚĞƚĞůĞǀŝnjŝũŽƐůĂŝĚČ͕ŐƌŽǎŝŶħůŝƚĞƌĂƚƻƌČ͕ŬŝŶŽĮůŵČ͕ĂŶŝŵĂĐŝŶťĮůŵČĂƌďĂ
ƉƌŽĚƵŬƚƿͬƉĂƐůĂƵŐƿƌĞŬůĂŵČŝƌƉĂŶĂŐƌŝŶĦŬŝƚĞ͕ŬĂŝƉƚĞŶǀĂŝnjĚƵŽũĂŵŝǀLJƌĞƐŶŝŽ
ĂŵǎŝĂƵƐ ǎŵŽŶĦƐ͗ ŬŽŬŝĞ ũƿ ťǀĂŝnjĚǎŝĂŝ ťƚǀŝƌƟŶĂŵŝ͕ ŬŽŬŝƵƐ ǀĂŝĚŵĞŶŝƐ ũŝĞ ĂƚůŝĞŬĂ͕
ŬŽŬƐũĂƵŶĞƐŶŝŽĂŵǎŝĂƵƐƉĞƌƐŽŶĂǎƿƉŽǎŝƻƌŝƐťǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶĞƐƌŽĚŽŵĂƐ͍
hǎĚƵŽƚLJƐŶĂƌƓĂŶƚŝŶƚĞƌŶĞƚĞ
ϭ͘ WĞƌǎǀĞůŬŝƚĞ ŶĂƵũĂƵƐŝŽƐ ŶĂĐŝŽŶĂůŝŶĦƐ ƐƉĂƵĚŽƐ ĂŶƚƌĂƓƚĞƐ ;ĂƌďĂ ƉƌŝƐŝŵŝŶŬŝƚĞ
ƐŬĂŝƚLJƚČƐƉĂƵĚČͿŝƌĂƚƐĂŬLJŬŝƚĞ͗ĂƌƉĂƐƚĂƌƵŽũƵŵĞƚƵǀŝĞƓĂŝďƵǀŽĂƉƚĂƌŝŶĦũĂŵŽƐ
ǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƉƌŽďůĞŵŽƐ͍:ĞŝƚĂŝƉ͕ŬŽŬŝŽƐ͍
Ϯ͘ ƚƐŝĚĂƌLJŬŝƚĞƉĞƌŝŽĚŝŶŝŽůĞŝĚŝŶŝŽͣ'ĞƌŽŶƚŽůŽŐŝũĂ͞;ŚƩƉ͗ͬͬǁǁǁ͘ŐĞƌŽŶƚŽůŽŐŝũĂ͘ůƚͬ
ƚĞƐƚͬůƚͬͿƟŶŬůĂůĂƉťŝƌƐƵƐŝƉĂǎŝŶŬŝƚĞƐƵŶĂƵũĂƵƐŝŽŶƵŵĞƌŝŽƉƵďůŝŬĂĐŝũƿƐĂŶƚƌĂƵŬŽ-
ŵŝƐ͘<ŽŬŝĞŵŽŬƐůŝŶŝĂŝƐĞŶĦũŝŵŽƚLJƌŝŵĂŝ>ŝĞƚƵǀŽũĞĂƚůŝĞŬĂŵŝ͍<ŽŬŝŽƐƚƿƚLJƌŝŵƿ
ŝƓǀĂĚŽƐ͍
WĂƉŝůĚŽŵĂůŝƚĞƌĂƚƻƌĂ
sĞēŬŝĞŶĦ͕E͘;ƐƵĚ͘Ϳ ^ŽĐŝĂůŝŶĦŐĞƌŽŶƚŽůŽŐŝũĂ͗ŝƓƚĂŬŽƐŝƌƉĞƌƐƉĞŬƚLJǀŽƐ͘<ĂƵŶĂƐ͗shͬ^/͕
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ƚĞŽƌŝŶŝƿƉĞƌƐƉĞŬƚLJǀƿƚĞŝŐŝŶŝĂŝ͍
Atsitraukimo teorija ʹ ƐĦŬŵŝŶŐĂƐ ƐĞŶĦũŝŵĂƐ ƐƵƐŝũħƐ ƐƵ ŶĂƚƻƌĂůŝƵ͕ ŶĞŝƓǀĞŶŐŝĂŵƵ͕
ĂďŝƉƵƐŝĂŝ ŶĂƵĚŝŶŐƵ ĂƚƐŝƚƌĂƵŬŝŵƵ ŶƵŽ ǀŝƐƵŽŵĞŶĦƐ͘
Aktyvumo teorija ʹ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶĦƐ ŶŝĞŬƵŽ ŶĞƐŝƐŬŝƌŝĂ ŶƵŽ ǀŝĚƵƟŶŝŽ
ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ͕ ƚŽĚĦů ƐĦŬŵŝŶŐĂŝ ƐĞŶƟ ƌĞŝƓŬŝĂ ŬƵŽ ŝůŐŝĂƵ ŝƓůĂŝŬLJƟ ĂŬƚLJͲ
ǀŝƵƐ ǀĂŝĚŵĞŶŝƐ͕ Ž ƉƌĂƌĂĚƵƐ ũƵŽƐ͕ ŬĞŝƐƟ ŬŝƚĂŝƐ ĂŬƚLJǀŝĂŝƐ ǀĂŝĚŵĞŶŝŵŝƐ͘
dħƐƟŶƵŵŽƚĞŽƌŝũĂ ʹ ƐĦŬŵŝŶŐĂƐ ƐĞŶĦũŝŵĂƐ ƐƵƐŝũħƐ ƐƵ ĂƐŵĞŶLJďĦƐ ŝƌ ƐŽĐŝĂůŝŶĦƐ
ƐČǀĞŝŬŽƐ ŵŽĚĞůŝƿ ƚħƐƟŶƵŵŽ ŝƓƐĂƵŐŽũŝŵƵ͘
sĂŝĚŵĞŶƿƚĞŽƌŝũĂʹ ǎŵŽŶŝƿ ŬĂƐĚŝĞŶĦ ǀĞŝŬůĂ ƐƵƐŝũƵƐŝ ƐƵ ƐŽĐŝĂůŝŶŝƿ ǀĂŝĚŵĞŶƿ Ăƚ-
ůŝŬŝŵƵ͘ ^ŽĐŝĂůŝŶŝƐ ǀĂŝĚŵƵŽ ʹ ƐŽĐŝĂůŝĂŝ ƉĂŐĞŝĚĂƵũĂŵĂ ǎŵŽŐĂƵƐ͕ ƵǎŝŵĂŶēŝŽ
ƚĂŵ ƟŬƌČ ƐŽĐŝĂůŝŶť ƐƚĂƚƵƐČ͕ ĞůŐƐĞŶĂ͕ ŬƵƌŝŽƐ ƟŬŝŵĂƐŝ ŝƓ ũŽ͘ ŵŽŶŝƿ ĞůŐƐĞŶĂ
LJƌĂ ƉƌŽŐŶŽnjƵŽũĂŵĂ͕ ƉƌŝŬůĂƵƐŽ ŶƵŽ ũƿ ƐŽĐŝĂůŝŶŝŽ ƐƚĂƚƵƐŽ ŝƌ ŬŽŶŬƌĞēŝŽƐ
ƐŝƚƵĂĐŝũŽƐ͘
^ƚƌĂƟĮŬĂĐŝũŽƐƉĂŐĂůĂŵǎŝƿƚĞŽƌŝũĂʹ ǀŝƐƵŽŵĞŶĦũĞ ǎŵŽŶĦƐ LJƌĂ ƐŬŝƌƐƚŽŵŝ ť ƐƚƌĂ-
ƚĂƐ ƉĂŐĂů ĂŵǎŝĂƵƐ ŬƌŝƚĞƌŝũƿ͕ ĂŵǎŝƵƐ LJƌĂ ŐĂůŝŶŐĂƐ ƐŽĐŝĂůŝŶĦƐ ƐƚƌĂƟĮŬĂĐŝũŽƐ
ťƌĂŶŬŝƐ͘
ŵǎŝĂƵƐ ŝŶƚĞŐƌĂĐŝũŽƐƚĞŽƌŝũĂʹ ŶŽƌƐ ĂŵǎŝƵƐ LJƌĂ ǀŝĞŶĂƐ ƐŽĐŝĂůŝŶŝƿ ŝŶƐƟƚƵƚƿ ŽƌŐĂ-
ŶŝnjĂǀŝŵŽ ŬƌŝƚĞƌŝũƿ͕ ƐĞŐƌĞŐĂĐŝũŽƐ ƉĂŐĂů Ăŵǎŝƿ ŝƌ ŝŶƚĞŐƌĂĐŝũŽƐ ƉĂŐĂů Ăŵǎŝƿ
ůLJŐŝƐ ǀĂƌŝũƵŽũĂ ĂƚƐŝǎǀĞůŐŝĂŶƚ ť ƐŽĐŝĂůŝŶŝƵƐ ŝŶƐƟƚƵƚƵƐ ŝƌ ŐLJǀĞŶŝŵŽ ƌĂŝĚŽƐ
ĞƚĂƉČ͘
110 6DUPLWơ0LNXOLRQLHQơ62&,$/,1Ơ*(52172/2*,-$
DŽĚĞƌŶŝnjĂĐŝũŽƐ ƚĞŽƌŝũĂ ʹ ƐĞŶŽǀĦũĞ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶĦƐ ƚƵƌĦũŽ ĂƵŬƓƚČ
ƐŽĐŝĂůŝŶť ƐƚĂƚƵƐČ͕ ǀŝƐƵŽŵĞŶĦƐ ŵŽĚĞƌŶŝnjĂĐŝũĂ ƐƵŬĦůĦ ũƿ ƐŽĐŝĂůŝŶŝŽ ƐƚĂƚƵƐŽ
ƐƵŵĞŶŬĦũŝŵČ͘
^ĞŶŝŵŽƐƵďŬƵůƚƻƌŽƐƚĞŽƌŝũĂʹ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶĦƐ ŬƵƌŝĂ ƐƵďŬƵůƚƻƌČ͕ ŬƵ-
ƌŝŽƐ ƉĂŐƌŝŶĚĂƐ LJƌĂ ďĞŶĚƌŝ ŝŶƚĞƌĞƐĂŝ ŝƌ ũƿ ďĞŶĚƌĂ ĂƚƐŬŝƌƟĞƐ ŶƵŽ ƉůĂƚĞƐŶĦƐ
ǀŝƐƵŽŵĞŶĦƐ ƉĂƟƌƟƐ͘
'LJǀĞŶŝŵŽ ƌĂŝĚŽƐ ƚĞŽƌŝŶĦ ƉĞƌƐƉĞŬƚLJǀĂ ʹ ƐĞŶĦũŝŵŽ ƚLJƌŝŵƿ ďƻĚĂƐ͕ ĚĞƌŝŶĂŶƟƐ
ǀŝƐƵŽŵĞŶĦƐ ŬŝŶƚĂŶēŝŽƐ ĂŵǎŝĂƵƐ ƐƚƌƵŬƚƻƌŽƐ ƚLJƌŝŵƵƐ ŝƌ ŝŶĚŝǀŝĚƿ ƐĞŶĦũŝŵŽ
ƉĂƟƌƟƐ͘
<ĂƵƉŝĂŵŽƐŝŽƐ ŶĞůLJŐLJďĦƐ ƚĞŽƌŝũĂ ʹ ŝŶĚŝǀŝĚĂŝ ƉĞƌ ŐLJǀĞŶŝŵČ ĚĦƐŶŝŶŐĂŝ ƐƵŬĂƵ-
ƉŝĂ ƐŬŝƌƟŶŐƵƐ ƉƌĂŶĂƓƵŵƿ ŝƌ ŶĞƉĂůĂŶŬƵŵƿ ƌŝŶŬŝŶŝƵƐ͕ ƉĞƌ ƐŝƐƚĞŵŝŶŝƵƐ
ŐLJǀĞŶƚŽũƿ ƐƚƌĂƟĮŬĂĐŝũŽƐ ŬĂŶĂůƵƐ ƐŽĐŝĂůŝŶĦ ŶĞůLJŐLJďĦ ƉĞƌĚƵŽĚĂŵĂ ŝƓ ŬĂƌ-
ƚŽƐ ť ŬĂƌƚČ͘
WŽůŝƟŶĦƐ ĞŬŽŶŽŵŝŬŽƐ ƚĞŽƌŝŶĦ ƉĞƌƐƉĞŬƚLJǀĂ ʹ ŶĞůLJŐLJďħ ƐƵůĂƵŬƵƐ ǀLJƌĞƐͲ
ŶŝŽ ĂŵǎŝĂƵƐ ůĞŵŝĂ ƉŽůŝƟŶĦƐ ŝƌ ĞŬŽŶŽŵŝŶĦƐ ũĦŐŽƐ͖ ǀŝĞŶĂƐ ƐǀĂƌďŝĂƵƐŝƿ
ŶĞůLJŐLJďĦƐ ƉĂůĂŝŬLJŵŽ ŬĂŶĂůƿ ʹ ƐŽĐŝĂůŝŶŝƿ ŝƓƚĞŬůŝƿ ƉĞƌƐŬŝƌƐƚLJŵĂƐ ƉĞƌ
ŐĞƌŽǀĦƐ ǀĂůƐƚLJďĦƐ ŝŶƐƟƚƵƚČ͘
dĞŽƌŝŶĦ ĨĞŵŝŶŝnjŵŽ ƉĞƌƐƉĞŬƚLJǀĂ ʹ ǀLJƌĂŝ ŝƌ ŵŽƚĞƌLJƐ ƉĂƟƌŝĂ ƐĞŶĦũŝŵČ ƐŬŝƌƟŶ-
ŐĂŝ ŶĞ ƚŽĚĦů͕ ŬĂĚ ũƿ ŽƌŐĂŶŝnjŵĂŝ ďŝŽůŽŐŝƓŬĂŝ ƐŬŝƌƟŶŐŝ͕ ďĞƚ ĚĦů ƐŽĐŝĂůŝŶĦƐ
ƐƚƌƵŬƚƻƌŽƐ ŬƵƌŝĂŵƿ Ŭůŝƻēŝƿ ďĞŝ ƐŬŝƌƟŶŐĂŝ͕ ĂƚƐŝǎǀĞůŐŝĂŶƚ ť ůLJƧ͕ ĂƉŝďƌĦǎŝĂŵŽƐ
ƐŽĐŝĂůŝŶĦƐ ƟŬƌŽǀĦƐ͘
<ƌŝƟŶĦƉĞƌƐƉĞŬƚLJǀĂŐĞƌŽŶƚŽůŽŐŝũŽũĞ ʹ ŽƉŽnjŝĐŝŶŝƐ ƉŽǎŝƻƌŝƐ ƚƌĂĚŝĐŝŶĞŝ ƐŽĐŝĂůŝŶĞŝ
ŐĞƌŽŶƚŽůŽŐŝũĂŝ͕ ŽƌŝĞŶƚƵŽƚĂƐ ť ǀĞƌƚLJďĞƐ͗ ƚĂŝ ŶĞ ƟŬ ƐŝĞŬŝƐ ƐƵƉƌĂƐƟ ƌĞŝƓŬŝŶŝƵƐ͕
ďĞƚ ŝƌ ŬĞŝƐƟ ũƵŽƐ͘ :ŽƐ ƚĂŝŬLJŵŽ ƉƌĂŬƟŬŽũĞ ĞƐŵĦ ʹ ǎŵŽŐĂƵƐ ƚĞŝƐŝƿ͕ ůĞŝĚŝŵŽ
ŝƌ ŵĞƚŽĚŽůŽŐŝŶĦƐ ŬƻƌLJďŽƐ ƚĂŝŬLJŵŽ ǀŝĞŶŽǀĦ͘
DĂŝŶƿƚĞŽƌŝũĂ ʹ ũĂƵŶŽ ŝƌ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ĂƐŵĞŶƿ ƐČǀĞŝŬĂ ;ŵĂŝŶĂŝͿ ƐŝůƉŶĦũĂ͕
ŶĞƐ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ ƚƵƌŝŵŝ ƐŽĐŝĂůŝĂŝ ǀĞƌƟŶĂŵŝ ŝƓƚĞŬůŝĂŝ͕ ƐƵ ŬƵŽ
ĚĂůLJǀĂƵƟ ƐŽĐŝĂůŝŶŝƵŽƐĞ ŵĂŝŶƵŽƐĞ͕ ƐƵŵĂǎĦũĂ͘
^ŽĐŝĂůŝŶŝŽ ŬŽŶƐƚƌĂǀŝŵŽ ƚĞŽƌŝũĂ ʹ ǎŵŽŶĦƐ LJƌĂ ĂŬƚLJǀƻƐ ƐĂǀŽ ƟŬƌŽǀĦƐ ŬƻƌĦũĂŝ͕
ĂŵǎŝĂƵƐ ŝƌ ƐĞŶĂƚǀĦƐ ƐŽĐŝĂůŝŶĦƐ ƉƌĂƐŵĦƐ ĂƚƐŝƌĂŶĚĂ ĚŝƐŬƵƐŝũŽƐĞ ŝƌ ďĞŶĚƌĂƵ-
ũĂŶƚ͘
VN\ULXV6RFLDOLQơV JHURQWRORJLQơVWHRULMRV 111
WĂŐƌŝŶĚŝŶĦƐƐČǀŽŬŽƐ
&ƵŶŬĐŝŽŶĂůŝnjŵŽ ƉĂƌĂĚŝŐŵĂ DŽĚĞƌŶŝnjĂĐŝũŽƐ ƚĞŽƌŝũĂ
<ŽŶŇŝŬƚŽ ƉĂƌĂĚŝŐŵĂ ^ĞŶŝŵŽ ƐƵďŬƵůƚƻƌŽƐ ƚĞŽƌŝũĂ
^ŝŵďŽůŝŶĦƐ ƐČǀĞŝŬŽƐ ƉĂƌĂĚŝŐŵĂ WŽůŝƟŶĦƐ ĞŬŽŶŽŵŝŬŽƐ ƚĞŽƌŝŶĦ
ƉĞƌƐƉĞŬƚLJǀĂ
&ĞŶŽŵĞŶŽůŽŐŝũĂ &ĞŵŝŶŝnjŵŽ ƚĞŽƌŝŶĦ ƉĞƌƐƉĞŬƚLJǀĂ
ZĂĐŝŽŶĂůĂƵƐ ƉĂƐŝƌŝŶŬŝŵŽ ƉĂƌĂĚŝŐŵĂ <ƌŝƟŶĦ ƉĞƌƐƉĞŬƚLJǀĂ ŐĞƌŽŶƚŽůŽŐŝũŽũĞ
dĞŽƌŝũĂ ^ƟŐŵĂƟnjĂǀŝŵŽ ĂƌďĂ ĞƟŬĞēŝƿ
ŬůŝũĂǀŝŵŽ ƚĞŽƌŝũĂ
dĞŽƌŝŶĦ ƉĞƌƐƉĞŬƚLJǀĂ DĂŝŶƿ ƚĞŽƌŝũĂ
ƚƐŝƚƌĂƵŬŝŵŽ ƚĞŽƌŝũĂ ^ŽĐŝĂůŝŶŝŽ ŬŽŶƐƚƌĂǀŝŵŽ ƚĞŽƌŝũĂ
ŬƚLJǀƵŵŽ ƚĞŽƌŝũĂ 'LJǀĞŶŝŵŽ ƌĂŝĚŽƐ ƚĞŽƌŝŶĦ ƉĞƌƐƉĞŬƚLJǀĂ
d
dħƐƟŶƵŵŽ ƚĞŽƌŝũĂ
sĂŝĚŵĞŶƿ ƚĞŽƌŝũĂ
^ƚƌĂƟĮŬĂĐŝũŽƐ ƉĂŐĂů Ăŵǎŝƿ ƚĞŽƌŝũĂ
ŵǎŝĂƵƐ ŝŶƚĞŐƌĂĐŝũŽƐ ƚĞŽƌŝũĂ
<ůĂƵƐŝŵĂŝĚŝƐŬƵƐŝũĂŝ
ϭ͘ aŝĂŵĞ ƐŬLJƌŝƵũĞ ƉƌŝƐƚĂƚLJƚŽƐ ƚĞŽƌŝũŽƐ͕ ƐŝĞŬŝĂŶēŝŽƐ ĂƚƐĂŬLJƟ ť ťǀĂŝƌŝƵƐ ŬůĂƵƐŝŵƵƐ͕
ƐƵƐŝũƵƐŝƵƐ ƐƵ ƐŽĐŝĂůŝŶŝĂŝƐ ƐĞŶĦũŝŵŽ ĂƐƉĞŬƚĂŝƐ͘ EĦ ǀŝĞŶĂ ũƿ ŶĦƌĂ ƐƵŬƵƌƚĂ >ŝĞƚƵ-
ǀŽũĞ͘ ƌ͕
ƌ ũƻƐƿ ŵĂŶLJŵƵ͕ ťŵĂŶŽŵĂ ƓŝĂƐ ƚĞŽƌŝũĂƐ ƉƌŝƚĂŝŬLJƟ >ŝĞƚƵǀŽƐ ƟŬƌŽǀĞŝ͍ ƌ
ƚƵƌĦƚƵŵĦŵĞ ũĂƐ ƟĞƐŝŽŐ ƉĞƌŝŵƟ ŝƌ ͣƵǎƉŝůĚLJƟ͞ ͣůŝĞƚƵǀŝƓŬƵ͞ ƚƵƌŝŶŝƵ͕ Ăƌ͕
ƌ ĂƚƐŝƐƉLJƌƵƐ
ŶƵŽ ũƿ͕ ŬƻƌLJďŝƓŬĂŝ ƐŝƻůLJƟ ŝŶŽǀĂƚLJǀŝĂƐ ŬŽĐĞƉĐŝũĂƐ͍
Ϯ͘ <ŽŬŝĂ LJƌĂ ĂƐŵĞŶŝŶĦ ŝƌ ƉƌŽĨĞƐŝŶĦ ŶĂƵĚĂ ŝƓ ƐŽĐŝĂůŝŶĦƐ ŐĞƌŽŶƚŽůŽŐŝũŽƐ ƚĞŽƌŝũƿ
ƐƚƵĚŝũĂǀŝŵŽ͍ <Č ƐŬLJƌŝƵũĞ ƉƌŝƐƚĂƚLJƚŽƐ ƚĞŽƌŝũŽƐ ŐĂůŝ ƉĂĂŝƓŬŝŶƟ͕ ŬŽ ŶĞŐĂůŝ͍
hǎĚƵŽƚLJƐŶĂƌƓĂŶƚŝŶƚĞƌŶĞƚĞ
ϭ͘ /ƓƐŝƌŝŶŬŝƚĞ ŶĂĐŝŽŶĂůŝŶĦũĞ Ăƌ ƚĂƌƉƚĂƵƟŶĦũĞ ŵŽŬƐůŝŶĦũĞ ƉĞƌŝŽĚŝŬŽũĞ ŝƓƐƉĂƵƐĚŝŶƚƵƐ
ĚƵ ŵŽŬƐůŝŶŝƵƐ ƐŽĐŝĂůŝŶĦƐ ŐĞƌŽŶƚŽůŽŐŝũŽƐ ƚĞŵĂƟŬČ ĂƟƟŶŬĂŶēŝƵƐ ƐƚƌĂŝƉƐŶŝƵƐ
ŝƌ ƉĂďĂŶĚLJŬŝƚĞ ŶƵƐƚĂƚLJƟ͕ ŬŽŬŝƵ ƚĞŽƌŝŶŝƵ ŬŽŶƚĞŬƐƚƵ ƌĞŵŝĂŶƟƐ ũŝĞ ƉĂƌĞŶŐƟ͕
112 6DUPLWơ0LNXOLRQLHQơ62&,$/,1Ơ*(52172/2*,-$
ĂƚƐĂŬLJŵČ ĂƌŐƵŵĞŶƚƵŽŬŝƚĞ͕ ŝůŝƵƐƚƌƵŽŬŝƚĞ ŝƌ ƉĂƚĞŝŬŝƚĞ ĂďŝĞũƿ ƐƚƌĂŝƉƐŶŝƿ ƚĞŽƌŝŶŝŽ
ƉĂŐƌŝŶĚŝŵŽ ƉĂůLJŐŝŶŝŵČ͘
WĂƉŝůĚŽŵĂůŝƚĞƌĂƚƻƌĂ
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dƌĞēŝŽũŽƐŬLJƌŝĂƵƐƐƚƵĚŝũƿƉƌŝĞŵŽŶĦƐ
^ŬLJƌŝĂƵƐĂƉŝďĞŶĚƌŝŶŝŵĂƐ
ϭ͘ <ĂŝƉƐƵƉƌĂŶƚĂŵĞ͕ŬĂƐLJƌĂǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐƚĂƚƵƐĂƐ͍
sLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐƚĂƚƵƐĂƐLJƌĂƐƉĞĐŝĮŶŝƿƚĞŝƐŝƿŝƌƉĂƌĞŝŐƿĚĞƌŝŶŝƐ͕ƐƵ-
ƚĞŝŬŝĂŶƟƐũŝĞŵƐǀŝĞƚČ;ƉŽnjŝĐŝũČͿŐƌƵƉĦũĞĂƌďĂǀŝƐƵŽŵĞŶĦũĞ͘WĂŐĂůťŐŝũŝŵŽďƻĚČ
ũŝƐLJƌĂƉƌŝƐŬŝƌƚĂƐƐƚĂƚƵƐĂƐ͘
Ϯ͘ <ĂŝƉŬŝƚŽǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐƚĂƚƵƐĂƐťǀĂŝƌŽƐĞĞƉŽĐŚŽƐĞ͍
ŵŽŶŝũŽƐŝƐƚŽƌŝũŽũĞǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐƚĂƚƵƐƿƐƉĞŬƚƌĂƐLJƌĂůĂďĂŝƉůĂƚƵƐ͘
<ůĂũŽŬůŝƿŵĞĚǎŝŽƚŽũƿǀŝƐƵŽŵĞŶĦƐĞǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐƚĂƚƵƐĂƐƉĂƉƌĂƐƚĂŝ
ďƻĚĂǀŽ ǎĞŵĂƐ͕ ƐĦƐůŝŽƐĞ ǎĞŵĚŝƌďŝƿ ǀŝƐƵŽŵĞŶĦƐĞ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶĦƐ
ŵĦŐĂǀŽƐŝ ĂƵŬƓƚƵ ƐŽĐŝĂůŝŶŝƵ ƐƚĂƚƵƐƵ͘ DŽĚĞƌŶŝŽũĞ ǀŝƐƵŽŵĞŶĦũĞ͕ ǀŝĞŶĂ ǀĞƌƚƵƐ͕
ŵĂŶŽŵĂ͕ŬĂĚǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐŽĐŝĂůŝŶŝƐƐƚĂƚƵƐĂƐƐƵŵĞŶŬŽ͕ŬŝƚĂǀĞƌ-
ƚƵƐ͕ƚLJƌŝŵĂŝĂƚƐŬůĞŝĚǎŝĂǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿƐƚĂƚƵƐŽƉƌŝĞƓƚĂƌŝŶŐƵŵČ͘
ϯ͘ <ĂƐLJƌĂĂŵǎŝĂƵƐŶŽƌŵŽƐŝƌŬĂŝƉũŽƐŬŽŶƐƚƌƵŽũĂŵŽƐ͍
ŵǎŝĂƵƐ ŶŽƌŵŽƐ ʹ ƉƌŝĞůĂŝĚŽƐ ĂƉŝĞ ǎŵŽŐĂƵƐ ĂƐŵĞŶŝŶŝƵƐ ŐĞďĦũŝŵƵƐ ŝƌ
ƐƵǀĂƌǎLJŵƵƐ͕ ƐƵƐŝũƵƐŝƵƐ ƐƵ ĂŵǎŝƵŵŝ͕ ŝƌ ťƐŝƟŬŝŶŝŵĂŝ ĂƉŝĞ ƚĂŵ ƟŬƌƿ ǀĂŝĚŵĞŶƿ
;ŶĞͿƟŶŬĂŵƵŵČ͕;ŶĞͿƉƌŝǀĂůŽŵƵŵČĂƉŝďƌĦǎƚŽĂŵǎŝĂƵƐǎŵŽŶĦŵƐ͘:ŽƐLJƌĂŬŽŶ-
ƐƚƌƵŽũĂŵŽƐ ƐŽĐŝĂůŝĂŝ͗ ŬƵƌŝĂŵŽƐ͕ ƉĂůĂŝŬŽŵŽƐ ŝƌ ŬĞŝēŝĂŵŽƐ ǎŵŽŶŝƿ ƐŽĐŝĂůŝŶĦƐ
ƐČǀĞŝŬŽƐŵĞƚƵ͘
ϰ͘ <ŽŬƐĚƌĂƵŐLJƐƚĦƐƌLJƓŝƿǀĂŝĚŵƵŽǀLJƌĞƐŶŝĂŵĞĂŵǎŝƵũĞ͍
aĞŝŵŽƐŶĂƌŝĂŝ͕ŬĂŝŵLJŶĂŝŝƌĚƌĂƵŐĂŝƐƵĚĂƌŽǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŐƵŝǀĂĚŝŶĂŵČũť
ŝŶĨŽƌŵĂĐŝŶŝŽƉĂůĂŝŬLJŵŽƟŶŬůČ͘ƌĂƵŐLJƐƚĦƐƌLJƓŝĂŝŐĂůŝďƻƟƐƵǀŽŬŝĂŵŝŶĞƚŐŝŬĂŝƉ
ůĂďŝĂƵ ĂƌƟŵŝ ŝƌ ůĂďŝĂƵ ǀĞƌƟŶĂŵŝ ŶĞŝ ŐŝŵŝŶLJƐƚĦƐ ƌLJƓŝĂŝ͘ ƌĂƵŐLJƐƚĦƐ ƌLJƓŝƿ ƟŶ-
ŬůŽĂƚŶĂƵũŝŶŝŵĂƐǀLJŬƐƚĂŝƌƐƵůĂƵŬƵƐǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐ͘dĂēŝĂƵƐŬŝƌŝĂƐŝǀLJƌĞƐŶŝŽ
ĂŵǎŝĂƵƐǀLJƌƿŝƌŵŽƚĞƌƿĚƌĂƵŐLJƐēŝƿƵǎŵĞnjŐŝŵŽĂƉůŝŶŬĂ͕ĚƌĂƵŐLJƐƚĦƐĨƵŶŬĐŝũŽƐŝƌ
ŬŝƟĂƐƉĞŬƚĂŝ͘
ϱ͘ <ŽŬŝĞǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿťǀĂŝnjĚǎŝĂŝǀLJƌĂƵũĂ>ŝĞƚƵǀŽũĞ͍
>ŝĞƚƵǀŽƐ ǀLJƌĞƐŶŝŽƐŝŽƐ ŬĂƌƚŽƐ ťǀĂŝnjĚǎŝĂŝ LJƌĂ ĚĂƵŐŝĂůLJƉŝĂŝ ŝƌ ŬŽŶƚƌŽǀĞƌƐŝƓŬŝ͘ sŝĞ-
ŶĂǀĞƌƚƵƐ͕ĂƉŝďĞŶĚƌŝŶƚĂŝŬĂůďĂŶƚĂƉŝĞƐĞŶLJǀƵƐǎŵŽŶĞƐ͕ũŝĞŵƐLJƌĂŝƓƌĞŝƓŬŝĂŵĂ
ĚŝĚĞůĦ ƉĂŐĂƌďĂ͕ ƐƵƟĞŬŝĂŵĂƐ ĂƵŬƓƚĂƐ ƐŽĐŝĂůŝŶŝƐ ƐƚĂƚƵƐĂƐ͘ dĂēŝĂƵ ŬĂƐĚŝĞŶŝŽ
VN\ULXV6XDPåLXPLVXVLMĊVWDWXVDLYDLGPHQ\VLUƳYDL]GåLDL
ŐLJǀĞŶŝŵŽ ƉĞƌŝƉĞƟũŽƐĞ ƚĂ ĂƉŝďĞŶĚƌŝŶƚĂŝ ĚĞŬůĂƌƵŽũĂŵĂ ƉĂŐĂƌďĂ ǀLJƌĞƐŶŝŽ
ĂŵǎŝĂƵƐǎŵŽŶĦŵƐŶĞƟŬŶƵďůĂŶŬƐƚĂ͕ďĞƚŝƌǀŝƌƐƚĂĂƚǀŝƌĂŝƐũƿƚĞŝƐŝƿƉĂǎĞŝĚŝŵĂŝƐ͕
ũƿƉĂƐŝƌŝŶŬŝŵŽŐĂůŝŵLJďŝƿƌŝďŽũŝŵĂŝƐŝƌƟĞƐŝŽŐƓŝƿǎŵŽŶŝƿƐĂǀŝƚƿƉŽƌĞŝŬŝƿŝŐŶŽ-
ƌĂǀŝŵƵ͘
ϲ͘ <ŽŬŝĂĂŵǎŝĂƵƐƐƚĞƌĞŽƟƉƿƉƌŝŐŝŵƟƐ͍
^ƚĞƌĞŽƟƉĂŝ͕ ďƻĚĂŵŝ ƐƵƉĂƉƌĂƐƟŶƟ͕ ƐĐŚĞŵĂƟnjƵŽƟ ŵČƐƚLJŵŽ ƓĂďůŽŶĂŝ ĂƉŝĞ
ƌĞŝƓŬŝŶŝƵƐ ŝƌ ƉƌŽĐĞƐƵƐ͕ ůĞŵŝĂ ǎŵŽŶŝƿ ƉĂǎŝƻƌĂƐ ŝƌ ĞůŐƐĞŶČ͘ ^ƚĞƌĞŽƟƉĂŝ ƵǎŝŵĂ
ƌĞŝŬƓŵŝŶŐČǀŝĞƚČƐŽĐŝĂůŝŶŝĂŵĞŐLJǀĞŶŝŵĞ͕ǎŵŽŶĦƐĚĂǎŶĂŝǀĞŝŬŝĂŵŝũƿŬĂŝƉďĞŶ-
ĚƌĂǀŝŵŽ ƉƌŝĞŵŽŶŝƿ͘ ^ƚĞƌĞŽƟƉĂŝ LJƌĂ ƐǀĂƌďŝ ďĞŶĚƌĂǀŝŵŽ ƉƌŝĞŵŽŶĦ͕ ůĞŝĚǎŝĂŶƟ
ƐŽĐŝĂůŝŶĦƐƐČǀĞŝŬŽƐĚĂůLJǀŝĂŵƐŐƌĞŝēŝĂƵŝƌƉĂƉƌĂƐēŝĂƵƐƵƐŝƚǀĂƌŬLJƟƐƵƉĂŝŶŝŽŵŝƐ
ƐŝƚƵĂĐŝũŽŵŝƐ͕ ŐƌĞŝēŝĂƵ ŝƌ ƉĂƉƌĂƐēŝĂƵ ;ƚĂŝŬĂŶƚ ŶĞƐƵĚĦƟŶŐĂƐ ƐĐŚĞŵĂƐͿ ƐƵǀŽŬƟ
ƐƵĚĦƟŶŐƵƐĚĂůLJŬƵƐ͘ƉŝďĞŶĚƌŝŶƟŝƌƐƵƉĂƉƌĂƐƟŶƟƐĞŶĂƚǀĦƐƐƚĞƌĞŽƟƉĂŝʹůĞŶŐǀĂŝ
ĂƚƉĂǎťƐƚĂŵŝƐĞŶĂƚǀĦƐŬŽĚĂŝƉƌŝƐŝĚĞĚĂƉƌŝĞĂƐŵĞŶƐƚĂƉĂƚƵŵŽĨŽƌŵĂǀŝŵŽ͘<ŽůĞ-
ŬƚLJǀŝŶŝĂŝťǀĂŝnjĚǎŝĂŝĂƉŝĞǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶĞƐŝƌƐĞŶĂƚǀħƉĂĚĞĚĂƉĂǎŝŶƟƓť
ĂŵǎŝĂƵƐ ƚĂƌƉƐŶť͕ ƚĂēŝĂƵ ƚĂƌƉ ƐĞŶĂƚǀĦƐ ƐƚĞƌĞŽƟƉŽ ŝƌ ƟŬƌŽƐŝŽƐ͕ ŝŶĚŝǀŝĚƵĂůŝŽƐŝŽƐ
ƐĞŶĂƚǀĦƐǀŝƐĂĚĂůŝĞŬĂƚĂŵƟŬƌĂƉƌĂƌĂũĂ͘
ϳ͘ <ĂƐLJƌĂĚŝƐŬƌŝŵŝŶĂĐŝũĂĚĦůĂŵǎŝĂƵƐŝƌŬĂŝƉũŝƌĞŝƓŬŝĂƐŝ͍
EĞƟŶŬĂŵĂƐĞůŐĞƐLJƐƐƵǎŵŽŶĦŵŝƐŐƌŝŶĚǎŝĂŵĂƐĂŵǎŝĂƵƐƐƚĞƌĞŽƟƉĂŝƐ͘ŝƐŬƌŝŵŝ-
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ƐƉĂƵĚŝŵĂƐ͕ƚĞŝƐŝƿĂƉƌŝďŽũŝŵĂƐͿťǀĂŝƌĂƵƐĂŵǎŝĂƵƐ;ũĂƵŶĂŝƐ͕ǀŝĚƵƟŶŝŽŝƌǀLJƌĞƐŶŝŽ
ĂŵǎŝĂƵƐͿ ǎŵŽŶŝƿ Ăƌ ũƿ ŐƌƵƉŝƿ ĂƚǎǀŝůŐŝƵ͕ ƌŝďŽũĂŶƚLJƐ ƉĂƐƚĂƌƿũƿ ůLJŐŝƿ ŐĂůŝŵLJďŝƿ
ťŐLJǀĞŶĚŝŶŝŵČ͘ŵŽŶŝƿŝƌŐƌƵƉŝƿĚŝƐŬƌŝŵŝŶĂǀŝŵĂƐĚĦůĂŵǎŝĂƵƐŐĂůŝǀLJŬƟŬĞůŝĂŝƐ
ůLJŐŵĞŶŝŵŝƐ;ŬƵůƚƻƌŝŶŝƵ͕ƐŽĐŝĂůŝŶŝƵ͕ŝŶƐƟƚƵĐŝũŽƐŝƌŝŶĚŝǀŝĚŽͿŝƌťǀĂŝƌŝŽƐĞŐLJǀĞŶŝŵŽ
ƐƌŝƚLJƐĞ;ƓǀŝĞƟŵŽƐŝƐƚĞŵŽũĞ͕ĚĂƌďŽƐĂŶƚLJŬŝƵŽƐĞ͕ƐǀĞŝŬĂƚŽƐĂƉƐĂƵŐŽƐƐŝƐƚĞŵŽũĞ͕
ǀĂƌƚŽũĂŶƚƉƌĞŬĞƐŝƌƉĂƐůĂƵŐĂƐ͕ƓĞŝŵŽũĞŝƌǀŝĞƓŽƐĞǀŝĞƚŽƐĞͿďĞŝ ťǀĂŝƌŝĂŝƐďƻĚĂŝƐ
;ƟĞƐŝŽŐŝŶĦ ŝƌ ŶĞƟĞƐŝŽŐŝŶĦ ĚŝƐŬƌŝŵŝŶĂĐŝũĂ͕ ůŝĞƉŝŵĂƐ ĚŝƐŬƌŝŵŝŶƵŽƟ͕ ƉƌŝĞŬĂďŝĂǀŝ-
ŵĂƐ͕ƉĞƌƐĞŬŝŽũŝŵĂƐͿ͘
WĂŐƌŝŶĚŝŶĦƐƐČǀŽŬŽƐ
^ŽĐŝĂůŝŶŝƐƐƚĂƚƵƐĂƐ ŵǎŝĂƵƐƐƚĞƌĞŽƟƉĂŝ
^ŽĐŝĂůŝŶŝƐǀĂŝĚŵƵŽ ŝĚǎŝnjŵĂƐ
sLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿťǀĂŝnjĚǎŝĂŝ ŵǎŝĂƵƐŶŽƌŵŽƐ
ŝƐŬƌŝŵŝŶĂĐŝũĂĚĦůĂŵǎŝĂƵƐ
140 6DUPLWơ0LNXOLRQLHQơ62&,$/,1Ơ*(52172/2*,-$
Klausimai diskusijai
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Ϯ͘ <ŽŬŝĞǀĞŝŬƐŶŝĂŝŝƌŬĂŝƉǀĞŝŬŝĂƓĞŝŵŽƐƉŽƚĞŶĐŝĂůČĂƚůŝŬƟƓĞŝŵŽƐŶĂƌŝƿƉƌŝĞǎŝƻƌŽƐ
ŝƌŐůŽďŽƐĨƵŶŬĐŝũČ͍
'ŝŵŝŶLJƐƚĦƐƌLJƓŝƿǀĞƌƟŬĂůĦũŝŵĂƐ;ƚŽƐƉĂēŝŽƐŬĂƌƚŽƐŐŝŵŝŶŝƿƐŬĂŝēŝĂƵƐŵĂǎĦũŝŵĂƐ
ŝƌ ƐŬŝƌƟŶŐƿ ŬĂƌƚƿ ŐŝŵŝŶŝƿ ƐŬĂŝēŝĂƵƐ ĚŝĚĦũŝŵĂƐͿ ƐƵŵĂǎŝŶĂ ƉŽƚĞĐŝĂůŝƿ ƉĂƌĂŵŽƐ
ƚĞŝŬĦũƿ ŝƌ ƉĂƌĂŵŽƐ ŐĂǀĦũƿ ƐĂŶƚLJŬť͕ ƚ͘ LJ͘ ƐŝůƉŶŝŶĂ ǀĂŝŬƿ ŬĂƌƚŽƐ ŐĂůŝŵLJďĞƐ ƚĞŝŬƟ
ƉĂƌĂŵČ ƐĂǀŽ ƐĞŶĞůŝĂŵƐ ŝƌ ƉƌŽƐĞŶĞůŝĂŵƐ ƐĞŶĂƚǀĦũĞ͘ sŝĞŶŝ ĂƵƚŽƌŝĂŝ ťǎǀĞůŐŝĂ͕
ŬĂĚ ŬŽŚĂďŝƚĂĐŝũŽƐ ;ƉƌŝĞƓŝŶŐŽƐ ůLJƟĞƐ ǎŵŽŶŝƿ ƐČũƵŶŐŽƐ ;ƐƵ ǀĂŝŬĂŝƐ ĂƌďĂ ďĞ
ǀĂŝŬƿͿ͕ ŬƵƌŝŽŵƐ ďƻĚŝŶŐŝ ƓĞŝŵŝŶŝĂŝ ƐĂŶƚLJŬŝĂŝ͕ ƚĂēŝĂƵ ũŝĞ ŶĞťĨŽƌŵŝŶƟ ƐĂŶƚƵŽŬŽƐ
ƐƵĚĂƌLJŵƵͿ ƉůŝƟŵĂƐ ŐĂůŝ ƐƵƐŝůƉŶŝŶƟ ƓĞŝŵŽƐ ŶĂƌŝƿ ťƐŝƉĂƌĞŝŐŽũŝŵƵƐ ƉƌŝǎŝƻƌĦƟ ŝƌ
ŐůŽďŽƟǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐƓĞŝŵŽƐŶĂƌŝƵƐ͕ƚĂēŝĂƵ͕ŬŝƚƿŵĂŶLJŵƵ͕ŶĦƌĂƉĂŬĂŶŬĂ-
ŵĂŝ ƚLJƌŝŵƿ ĚƵŽŵĞŶƿ͕ ŬĂŝƉ ŬŽŚĂďŝƚĂĐŝŶŝƿ ƉŽƌƿ ƉůŝƟŵĂƐ ƉĂǀĞŝŬƐ ƓĞŝŵŽƐ ŐůŽ-
ďŽƐ ĨƵŶŬĐŝũŽƐ ťŐLJǀĞŶĚŝŶŝŵČ͘ /ƓƚƵŽŬŽƐ ƐŬŝƌƟŶŐĂŝ ǀĞŝŬŝĂ ǀLJƌƿ ŝƌ ŵŽƚĞƌƿ ŐLJǀĞŶ-
ŝŵƵƐ͘ /ƓƐŝƚƵŽŬħ ǀLJƌĂŝ ŶĞƌĞƚĂŝ ƉƌĂƌĂŶĚĂ ƐŽĐŝĂůŝŶĦƐ ƉĂƌĂŵŽƐ ƟŶŬůƵƐ͕ ďĞ ƚŽ͕ ũŝĞ
ƉĂƐŝǎLJŵŝ ĂƵŬƓēŝĂƵƐŝĂŝƐ ŵŝƌƟŶŐƵŵŽ ƌŽĚŝŬůŝĂŝƐ͘ EĞƚƌƵŬƵƐ ƉŽ ƐŬLJƌLJďƿ ǀŝĚƵƟŶŝŽ
6DUPLWơ0LNXOLRQLHQơ62&,$/,1Ơ*(52172/2*,-$
ĂŵǎŝĂƵƐǀLJƌƿĞŬŽŶŽŵŝŶĦƉĂĚĦƟƐƉĂŐĞƌĦũĂ͕ŽŵŽƚĞƌƿʹƌĞŝŬƓŵŝŶŐĂŝƉĂďůŽŐĦũĂ͘
:ĞŝŐƵƐŬLJƌLJďŽƐƉĂƟƌŝĂŵŽƐǀLJƌĞƐŶŝĂŵĞĂŵǎŝƵũĞ͕ũŽƐŶĞŝŐŝĂŵĂŝƉĂǀĞŝŬŝĂĂďŝĞũƿ
ďƵǀƵƐŝƿƐƵƚƵŽŬƟŶŝƿĞŬŽŶŽŵŝŶħŐĞƌŽǀħ;ďƻƐƚŽƐČůLJŐŽƐ͕ƉĂũĂŵŽƐ͕ƐĂŶƚĂƵƉŽƐŝƌ
ƉĂŶ͘Ϳ͘ WĂŬĂƌƚŽƟŶĦũĞ ;ǀLJƌƵŝ ŝƌ ;ĂƌďĂͿ ǎŵŽŶĂŝ ŶĞ ƉŝƌŵŽũŽũĞͿ ƐĂŶƚƵŽŬŽũĞ ŐĂůŝŵŝ
ŬŽŵƉůĞŬƐŝŶŝĂŝŐŝŵŝŶLJƐƚĦƐƌLJƓŝĂŝ͕ŬƵƌŝƿƐŽĐŝĂůŝŶŝŽŬŽŶƐƚƌĂǀŝŵŽŵĞĐŚĂŶŝnjŵĂŝŬŽů
ŬĂƐŵĞŶŬĂŝŝƓƟƌƟ͘dLJƌĦũĂŝƉĂƐƚĞďŝ͕ŬĂĚƚŽŬŝŽƐƓĞŝŵŽƐŶĞƚƵƌŝŬĂǎŬŽŬŝƿLJƉĂƟŶŐƿ
ǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐĂƌƟŵƿũƿŐůŽďŽƐŵŽĚĞůŝƿ͕ũŽƐĞ͕ŬĂŝƉŝƌƚƌĂĚŝĐŝŶĦƐĞƓĞŝŵŽƐĞ͕
ĂƚŬĂƌƚŽũĂŵŝ ƚǀŝƌēŝĂƵƐŝ ŵŽƚĞƌŝƓŬŽƐŝŽƐ ůŝŶŝũŽƐ ŐŝŵŝŶĂŝēŝƿ ;ĚƵŬƌŽƐ ŝƌ ŵŽƟŶŽƐͿ
ƐŽĐŝĂůŝŶĦƐƉĂƌĂŵŽƐƌLJƓŝĂŝ͘dĂŝŐŝƓĞŝŵŽƐ;ŶĞͿŐĞďĦũŝŵĂƐĂƚĞŝƚLJũĞƉƌŝǎŝƻƌĦƟŝƌŐůŽ-
ďŽƟƐŝůƉŶƵŽƐŝƵƐƓĞŝŵŽƐŶĂƌŝƵƐĚĂƌLJƌĂŵĞŶŬĂŝŝƓƟƌƚĂƐ͕ƚƌƻŬƐƚĂĚƵŽŵĞŶƿĂƉŝĞ
ŐLJǀĞŶƚŽũƿƐĂŶƚƵŽŬŝŶŝŽƐƚĂƚƵƐŽŝƌŐLJǀĞŶŝŵŽŬŽŬLJďĦƐƐČƐĂũĂƐĂŶƚƌŽũŽũĞŐLJǀĞŶŝ-
ŵŽƉƵƐĦũĞ͘dĂēŝĂƵĂŬŝǀĂŝnjĚƵ͕ŬĂĚŝůŐĦũĂŶƚǀŝĚƵƟŶĞŝƟŬĦƟŶĂŝŐLJǀĞŶŝŵŽƚƌƵŬŵĞŝ͕
ǎŵŽŶĦƐŐĂůŝƟŬĦƟƐŝůŐŝĂƵĂƚůŝŬƟƐƵƚƵŽŬƟŶŝŽͬƉĂƌƚŶĞƌŝŽǀĂŝĚŵĞŶŝƐ͕ŝůŐŝĂƵďƻƟ
ƚĦǀĂŝƐŝƌǀĂŝŬĂŝƐ͕ĂƚůŝŬƟĂŶƻŬƿŝƌƐĞŶĞůŝƿ͕ƉƌŽĂŶƻŬŝƿŝƌƉƌŽƐĞŶĞůŝƿǀĂŝĚŵĞŶŝƐ͘
ϯ͘ <ĂŝƉĂƉŝďƻĚŝŶĂŵŝŬĂƌƚƿƐĂŶƚLJŬŝĂŝƐĞŶƐƚĂŶēŝŽũĞǀŝƐƵŽŵĞŶĦũĞ͍
<ĂƌƚƿƐĂŶƚLJŬŝƵƐŬĂŝƉŵŽŬƐůŝŶŝƿƚLJƌŝŵƿŽďũĞŬƚČĂŬƚƵĂůŝnjĂǀŽĚĞŵŽŐƌĂĮŶŝĂŝ;ŝůŐĞƐ-
ŶŝƐŬĂƌƚƿŬŽĞŐnjŝƐƚĂǀŝŵĂƐŶĞŝďĞƚŬĂĚĂĂŶŬƐēŝĂƵͿ͕ĞŬŽŶŽŵŝŶŝĂŝ;ťƐŝƚǀŝƌƟŶħƐũĂƵŶŝ-
ŵŽŝƌƐĞŶŝŵŽĂƚƐŬLJƌŝŵĂƐŶƵŽĚĂƌďŽƌŝŶŬŽƐ͕ĞƐŬĂůƵŽũĂŶƟƐŬĂƌƚƿŬŽŶŇŝŬČĚĂƌďŽ
ƌŝŶŬŽũĞͿŝƌƐŽĐŝĂůŝŶŝĂŝǀĞŝŬƐŶŝĂŝ;ĚŝĚĦũĂŶƟƐŬĂƌƚƿĂƚŽƚƌƻŬŝƐĚĦůƐƉĂƌēŝŽƐƐŽĐŝĂůŝŶĦƐ
ŬĂŝƚŽƐͿ͘ 8ǀĂƌĚŝũĂŵŝ ĚƵ ŬĂƌƚƿ ƐĂŶƚLJŬŝƿ ůLJŐŵĞŶLJƐ͗ ƚĂƌƉĂƐŵĞŶŝŶŝƐ ;ĂƉŝŵĂ ŝƌ ĂƐ-
ŵĞŶŝŶŝƵƐ ƌLJƓŝƵƐ ƚĂƌƉ ƐŬŝƌƟŶŐƿ ŬĂƌƚƿ ĂƚƐƚŽǀƿ ƓĞŝŵŽũĞ͕ ĚƌĂƵŐƿ͕ ďĞŶĚƌĂĚĂƌďŝƿ
ďƻƌLJũĞͿ ŝƌ ǀŝƐƵŽŵĞŶĦƐ ;ƐĂŶƚLJŬŝĂŝ ƚĂƌƉ ŬĂƌƚƿ ƌĞŐƵůŝƵŽũĂŵŝ ŐĞƌŽǀĦƐ ǀĂůƐƚLJďĦƐ
ƐŽĐŝĂůŝŶŝƿŝŶƐƟƚƵƚƿͿ͘<ĂƌƚƿƐĂŶƚLJŬŝƿƚLJƌŝŵĂŝůĞŝĚŽťǀĂƌĚLJƟďƌĂŶĚǎŝŽƐƐƻŶLJƐƚĦƐͬ
ĚƵŬƚĞƌLJƐƚĦƐŝƌďƌĂŶĚǎŝŽƐƚĦǀLJƐƚĦƐͬŵŽƟŶLJƐƚĦƐ ƐČǀŽŬĂƐ͕ŽƚĂŝĂƚŬƌĞŝƉŝĂĚĦŵĞƐť
ť ƚĂŝ͕ ŬĂĚ ĚŝĚǎŝŽũŝ ǀĂŝŬƿ ŝƌ ƚĦǀƿ ƐĂŶƚLJŬŝƿ ĚĂůŝƐ ĂƉŝŵĂ ƐƵĂƵŐLJƐƚĦƐ ŝƌ ƐĞŶĂƚǀĦƐ
ĂŵǎŝĂƵƐ ƚĂƌƉƐŶŝƵƐ͘ <Ăƌƚƿ ƐĂŶƚLJŬŝƿ ƚLJƌĦũĂŝ ƐƵĂƵŐƵƐŝƿ ǀĂŝŬƿ ŝƌ ƐĞŶƐƚĂŶēŝƿ ƚĦǀƿ
ƐĂŶƚLJŬŝƵƐ ŶĂŐƌŝŶĦũŽ ƚĂŝŬĂŶƚ ƟĞŬ ƐŽůŝĚĂƌƵŵŽ͕ ƟĞŬ ŬŽŶŇŝŬƚŽ͕ ƟĞŬ ĂŵďŝǀĂůĞŶĐŝ-
ũŽƐƚĞŽƌŝũĂƐ͘<ĂƌƚƿƐŽůŝĚĂƌƵŵŽƉĞƌƐƉĞŬƚLJǀĂĂƉŝŵĂƓŝƵŽƐŬĂƌƚƿƐĂŶƚLJŬŝƿĂƐƉĞ-
ŬƚƵƐ͗ƐČǀĞŝŬƿĚĂǎŶŝƐ͖ƐČǀĞŝŬƿƐŬĂŝēŝƵƐ͖ƚĞŝŐŝĂŵŝũĂƵƐŵĂŝƓĞŝŵŽƐŶĂƌŝƿĂƚǎǀŝůŐŝƵ͖
ƐƵƐŝƚĂƌŝŵŽ ůLJŐŝƐ ĚĦů ďĞŶĚƌƿ ǀĞƌƚLJďŝƿ ŝƌ ťƐŝƟŬŝŶŝŵƿ͖ ĂƉƐŝŬĞŝƟŵŽ ƉĂƐůĂƵŐŽŵŝƐ
ůLJŐŝƐ͖ŐĞŽŐƌĂĮŶŝƐĂƌƚƵŵĂƐƚĂƌƉŬĂƌƚƿ͘<ĂƌƚƿŬŽŶŇŝŬƚŽƉĞƌƐƉĞŬƚLJǀŽƐĂƚƐƚŽǀĂŝLJƌĂ
ĂƚƐŬůĞŝĚħ͕ŬĂĚĨĂŬƟƓŬĂŝǀŝƐŝǀĂŝŬƿŝƌƚĦǀƿŬŽŶŇŝŬƚĂŝŐĂůŝďƻƟƐƵŐƌƵƉƵŽƟťƓĞƓŝƐ
ƉĂŐƌŝŶĚŝŶŝƵƐ ŶĞƐƵƚĂƌŝŵƵƐ͗ ťƚĞŵƉƚĂƐ ĂƌďĂ ŵŝŶŝŵĂůƵƐ ďĞŶĚƌĂǀŝŵĂƐ͖ ŐLJǀĞŶŝŵŽ
ƐƟůŝĂƵƐŝƌĂƐŵĞŶŝŶŝƿťƉƌŽēŝƿƐŬŝƌƚƵŵĂŝ͖ƐŬŝƌƟŶŐŽƐƉĂǎŝƻƌŽƐĚĦůǀĂŝŬƿĂƵŬůĦũŝŵŽ
ƉƌŝŶĐŝƉƿ͕ƌĞůŝŐŝŶŝƿƉĂǎŝƻƌƿ͕ƉŽůŝƟŶŝƿŶƵŽƐƚĂƚƿďĞŝĚĂƌƉƌŽēŝƿ͘<ĂƌƚƿƐĂŶƚLJŬŝƿ
ĂŵďŝǀĂůĞŶĐŝũŽƐ ƐČǀŽŬĂ ƓŝŽƐ ƚĞŽƌŝũŽƐ ƓĂůŝŶŝŶŬĂŝ ĂƉŝďƻĚŝŶĂ ƐƵĂƵŐƵƐŝƿ ǀĂŝŬƿ ŝƌ
ƚĦǀƿƐĂŶƚLJŬŝƵƐ͕ŬƵƌŝƵŽƐĞƌĞŝƓŬŝĂƐŝŶĞƐƵĚĞƌŝŶĂŵŝƉƌŝĞƓƚĂƌĂǀŝŵĂŝ;Ɖǀnj͕͘ŵĞŝůĦŝƌ
ŶĞĂƉLJŬĂŶƚĂ͕ƉĂƌĞŝŐĂŝƌƉLJŬƟƐͿ͘
VN\ULXV6HQơMLPDVLUãHLPD
ϰ͘ <ŽŬŝŽƐLJƌĂƐŵƵƌƚŽƉƌŝĞƓǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶĞƐƓĞŝŵŽũĞƉƌŝĞůĂŝĚŽƐ͍
DŽŬƐůŝŶŝĂŝ ƚLJƌŝŵĂŝ ĂƉŝĞ ƐŵƵƌƚČ ƉƌŝĞƓ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶĞƐ ƓĞŝŵŽƐĞ LJƌĂ
ŵĞŶŬĂŝ ƚLJƌŝŶĦƚĂ ƚĞŵĂ͕ LJƉĂē >ŝĞƚƵǀŽũĞ͘ dĂēŝĂƵ ƚĂŝ ŶĞƌĞŝƓŬŝĂ͕ ŬĂĚ >ŝĞƚƵǀĂŝ Ɠŝ
ƉƌŽďůĞŵĂďƻƚƿŶĞĂŬƚƵĂůŝ͘dLJƌĦũĂŝĚĂƌŽŬĞůĞƚČƉƌŝĞůĂŝĚƿ͕ŬŽĚĦůƐƵĂƵŐƵƐŝƿǀĂŝŬƿ
ŝƌƚĦǀƿƐĂŶƚLJŬŝĂŝǀŝƌƐƚĂƐŵƵƌƚƵƉƌŝĞƓƐĞŶLJǀŽĂŵǎŝĂƵƐƚĦǀƵƐ͕ƐĞŶĞůŝƵƐ͕ƐƵƚƵŽŬ-
ƟŶŝƵƐ͘ sŝĞŶĂ ǀĞƌƚƵƐ͕ ƚĂŝ ŐĂůĦƚƿ ďƻƟ ƉĂŐƌŝŶĚŝŶŝŽ ŐůŽďĦũŽ ŝůŐĂůĂŝŬĦ ťƚĂŵƉĂ ŝƌ
ƉĞƌĚĞŐŝŵĂƐ͕ ĚĦů ŬŽ ŐůŽďĦũĂƐ ƉƌĂƌĂŶĚĂ ǀĞŝŬƐŵƿ ŬŽŶƚƌŽůħ͘ <ŝƚĂ ǀĞƌƚƵƐ͕ ƚĞŝŐŝĂ-
ŵĂ͕ ŬĂĚ ƐŵƵƌƚĂƐ ƉƌŝĞƓ ďĞũĦŐŝƵƐ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ĂƌƟŵƵŽƐŝƵƐ LJƌĂ ŝƓŵŽŬƚŽƐ
ƉƌŝĞǀĂƌƚŽƐ ƌĞnjƵůƚĂƚĂƐ͘ Ăƌ ŬŝƟ ƚLJƌĦũĂŝ ĚĂƌŽ ƉƌŝĞůĂŝĚČ͕ ŬĂĚ ƐůĂƵŐŽŵŽũŽ ďĞũĦŐĦ
ďƻŬůĦƐŬĂƟŶĂƐůĂƵŐLJƚŽũČƉĂƐŝŶĂƵĚŽƟũŽďĞũĦŐŝƓŬƵŵƵ͘ŝĚǎŝĂƵƐŝĂƌŝnjŝŬĂƉĂƟƌƟ
ƐŵƵƌƚČŬLJůĂƐĞŶLJǀŽĂŵǎŝĂƵƐƉƌŽƚŽŝƌ;ĂƌďĂͿĮnjŝŶħŶĞŐĂůŝČƚƵƌŝŶēŝŽŵƐŵŽƚĞƌŝŵƐ͕
ŐLJǀĞŶĂŶēŝŽŵƐŶĂŵƿƻŬLJũĞŬĂƌƚƵƐƵƐůĂƵŐLJƚŽũƵ͘
ϱ͘ <ĂŝƉƐĞŶĞůŝĂŝĂƚůŝĞŬĂƐĂǀŽǀĂŝĚŵĞŶŝƐĂŶƻŬĂŵƐŝƌŶƵŽŬŽƉƌŝŬůĂƵƐŽĂŶƻŬƿŝƌ
ƐĞŶĞůŝƿƐĂŶƚLJŬŝƿŬŽŬLJďĦ͍
͘ ĞƌůŝŶĂƐ ŝƌ &͘ &ƵƌƐƚĞŶďĞƌŐĂƐ ŶƵƐƚĂƚĦ ƚƌŝƐ ƐĞŶĞůŝŽ ǀĂŝĚŵĞŶƐ ĂƚůŝŬŝŵŽ ƐƟůŝƵƐ͗
ͣŶƵƚŽůħƐ͕ͣ͞ŬĞůŝŽŶĦƐĚƌĂƵŐĂƐ͞ŝƌͣťƚƌĂƵŬƚĂƐŝƐ͘͞ŶƻŬƿŝƌƐĞŶĞůŝƿƐĂŶƚLJŬŝƿŬŽŬLJďĦ
;ĞŵŽĐŝŶŝƐĂƌƚƵŵĂƐͿLJƌĂƐƵƐŝũħƐƐƵũƿŐĞŽŐƌĂĮŶŝƵŶƵƚŽůŝŵƵ;ŝƓĚĂůŝĞƐͿ͕ƐƵƚĦǀƿ
ƐŬLJƌLJďŽŵŝƐ͕ƐƵƉƌĂŬƟŬƵŽũĂŵĂŝƐŬĂƌƚƿďĞŶĚƌĂǀŝŵŽŵŽĚĞůŝĂŝƐ͕ƉĞƌĚƵŽĚĂŵĂŝƐŝƓ
ŬĂƌƚŽƐťŬĂƌƚČ͘
^ČǀŽŬŽƐ
^ĂŶƚƵŽŬLJƐƚĦ 'ŝŵŝŶLJƐƚĦƐƌLJƓŝƿǀĞƌƟŬĂůĦũŝŵĂƐ
aĞŝŵŝŶŝƐƐƚĂƚƵƐĂƐ aĞŝŵŽƐĐŝŬůĂƐ
aĞŝŵŽƐĨŽƌŵŽƐ ^ŵƵƌƚĂƐƉƌŝĞƓǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐƓĞŝŵŽƐŶĂƌŝƵƐ
aĞŝŵŽƐĨƵŶŬĐŝũŽƐ <ĂƌƚƿƐŽůŝĚĂƌƵŵĂƐ
<ĂƌƚƿƐĂŶƚLJŬŝƿĂŵďŝǀĂůĞŶĐŝũĂ <ĂƌƚƿŬŽŶŇŝŬƚĂƐ
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Klausimai diskusijai
ϭ͘ /ƓƐŝĂŝƓŬŝŶŬŝƚĞ͕ ŬŽŬŝĂ ďƵǀŽ ũƻƐƿ ƐĞŶĞůŝƿ ƓĞŝŵŽƐ ƐƚƌƵŬƚƻƌĂ ŝƌ ĨƵŶŬĐŝũƿ ƉĂƐŬŝƌƐƚLJ-
ŵĂƐũŽũĞ͘WĂůLJŐŝŶŬŝƚĞƐĞŶĞůŝƿƓĞŝŵČƐƵƐĂǀŽƓĞŝŵĂƓŝĂŝƐĂƐƉĞŬƚĂŝƐ͗ƓĞŝŵŽƐĚLJĚŝƐ͕
ǀĂůĚǎŝŽƐ ƉĂƐŬŝƌƐƚLJŵĂƐ ƓĞŝŵŽũĞ͕ ĚĂƌďŽ ;ŶĂŵƿ ĚĂƌďƿͿ ƉĂƐŝĚĂůŝũŝŵĂƐ͕ ƉŽǎŝƻƌŝƐ ť
ĚĂƌďČ;ƉĂũĂŵĂƐƐƵŬƵƌŝĂŶēŝČǀĞŝŬůČͿ͕ǀĂŝŬƿƉƌŝĞǎŝƻƌČŝƌƐĞŶLJǀŽĂŵǎŝĂƵƐŐůŽďČ͘
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Ϯ͘ WĂŬůĂƵƐŬŝƚĞ ƚƌŝũƿ ϲϱ ŵĞƚƿ ŝƌ ǀLJƌĞƐŶŝƿ ďĞŝ ƚƌŝũƿ ŝŬŝ ϯϬ ŵĞƚƿ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ͕
ŬŽĚĦůũŝĞƚƵŽŬĦƐŝ͘WĂůLJŐŝŶŬŝƚĞĂƚƐĂŬLJŵƵƐ͘
ϯ͘ <ĂŝƉ ŵĂŶŽƚĞ͕ Ăƌ ŐŝŵŝŶLJƐƚĦƐ ƌLJƓŝƿ ǀĞƌƟŬĂůĦũŝŵŽ ƚĞŶĚĞŶĐŝũĂ ƚƵƌŝ ŶĞŝŐŝĂŵČ
Ăƌ ƚĞŝŐŝĂŵČ ƉŽǀĞŝŬť ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ ŐĞƌŽǀĞŝ͍ ƚƐĂŬLJŵČ ŐƌťƐŬŝƚĞ
ƉĂǀLJnjĚǎŝĂŝƐ͕ĂƌŐƵŵĞŶƚĂŝƐ͘
ϰ͘ dƌĂĚŝĐŝƓŬĂŝ ƌƻƉŝŶŝŵĂƐŝƐ ƐŝůƉŶĞƐŶŝĂŝƐŝĂŝƐ ƓĞŝŵŽƐ ŶĂƌŝĂŝƐ ;ƚĂƌƉ ũƿ ŝƌ ǀLJƌĞƐŶŝŽ
ĂŵǎŝĂƵƐͿLJƌĂŵŽƚĞƌƿ;ĚĂǎŶŝĂƵƐŝĂŝƐƵĂƵŐƵƐŝƿĚƵŬƚĞƌƿͿƉĂƌĞŝŐĂ͘<ĂŝƉŵĂŶŽƚĞ͕Ăƌ
ƌĞŝŬĦƚƿŐůŽďŽƐťƐŝƉĂƌĞŝŐŽũŝŵƵƐǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐƓĞŝŵŽƐŶĂƌŝĂŝƐƉĂƐŬŝƌƐƚLJƟƚŽůLJ-
ŐŝĂƵƚĂƌƉƐƵĂƵŐƵƐŝƿĚƵŬƚĞƌƿŝƌƐƻŶƿ͍ƌƚŽůLJŐĞƐŶŝƐŐůŽďŽƐĨƵŶŬĐŝũƿƉĂƐŬŝƌƐƚLJ-
ŵĂƐ ƚĂƌƉ ůLJēŝƿ ƚƵƌĦƚƿ ďƻƟ ťƚǀŝƌƟŶƚĂƐ ƓĂůŝĞƐ ƐŽĐŝĂůŝŶĦũĞ ƉŽůŝƟŬŽũĞ ;ŬŽŬŝŽŵŝƐ
ƉƌŝĞŵŽŶĦŵŝƐ͍Ϳ͕ĂƌƚĂŝƚƵƌĦƚƿďƻƟƟŬƓĞŝŵŽƐŶĂƌŝƿƉĂƐŝƌŝŶŬŝŵĂƐ͍
ϱ͘ ^ŬLJƌLJďƿ ĂƚǀĞũƵ ƓĞŝŵŽƐ ŶƵƐƚĂƚŽ͕ ŬƵƌŝƐ ƚĦǀƿ ƉƌŝƐŝŝŵƐ ƉĂŐƌŝŶĚŝŶŝƵƐ ũƿ ǀĂŝŬƿ
ƉƌŝĞǎŝƻƌŽƐŝƌƵŐĚLJŵŽƌƻƉĞƐēŝƵƐ͘<ůĂƵƐŝŵĂŝ͗ĂͿĂƌŝƓƐŝƐŬLJƌŝƵƐŝƿƚĦǀƿǀĂŝŬĂŝƚƵƌĦƚƿ
ƉƌŝƐŝŝŵƟǀŝƐƿ;ƟŬƌƿ͕ŶĞƟŬƌƿͿƐĂǀŽƐĞŶĞůŝƿƉƌŝĞǎŝƻƌŽƐƌƻƉĞƐēŝƵƐ͕ŬĂŝͬũĞŝŐƵƉĂƐ-
ƚĂƌŝĞƐŝĞŵƐƚŽƉƌŝƌĞŝŬƚƿ͍ďͿĂƌƐŬLJƌLJďƿĂƚǀĞũƵƚƵƌĦƚƿďƻƟŶƵƐƚĂƚŽŵŽƐŝƌƐĞŶĞůŝƿ
ƚĞŝƐĦƐůĂŶŬLJƟĂŶƻŬƵƐ͍
hǎĚƵŽƚLJƐŶĂƌƓĂŶƚŝŶƚĞƌŶĞƚĞ
ϭ͘ ĂƌLJŬŝŵĞƉƌŝĞůĂŝĚČ͕ŬĂĚƚƵƌŝƚĞƐĞŶLJǀŽĂŵǎŝĂƵƐƓĞŝŵŽƐŶĂƌť͕ĚĦůŬƵƌŝŽŝůŐĂůĂŝŬĦƐ
ŐůŽďŽƐũĂƵēŝĂƚĦƐĂƚƐĂŬŝŶŐĂƐ͕ƚĂēŝĂƵĚĦůťǀĂŝƌŝƿƉƌŝĞǎĂƐēŝƿ;ĂƉŵŽŬĂŵĂƐĚĂƌďĂƐ͕
ƐĂǀŽŶĞƉŝůŶĂŵĞēŝƿǀĂŝŬƿƉƌŝĞǎŝƻƌĂ͕ĂƚƐƚƵŵĂƐƚĂƌƉŶĂŵƿƻŬŝƿ͕ƐŝůƉŶĂ:ƻƐƿƐǀĞŝ-
ŬĂƚĂŝƌŬƚ͘ͿŶĞŐĂůŝƚĞŝůŐĂůĂŝŬĦƐŐůŽďŽƐƌƻƉĞƐēŝƿƉƌŝƐŝŝŵƟǀŝĞŶƟŬƐĂƵ͘EƵƐƚĂƚLJŬŝƚĞ͕
ĂͿ ŬƵƌŝŽƐ ŝŶƚĞƌŶĞƚŽ ƐǀĞƚĂŝŶĦƐ >ŝĞƚƵǀŽũĞ LJƌĂ ŝŶĨŽƌŵĂƚLJǀŝĂƵƐŝŽƐ ŝĞƓŬĂŶƚ ƉĂŐĂů-
ďŽƐ͖ďͿŬƵƌŝŽƐ͕ŬŽŬŝŽƟƉŽƉĂƐůĂƵŐŽƐŝƓƉƌŝĞŝŶĂŵƿ:ƵŵƐĂƚƌŽĚŽƉĂƚƌĂƵŬůŝĂƵƐŝŽƐ͖
ĐͿ ť ŬŽŬŝƵƐ ŬůĂƵƐŝŵƵƐ͕ ŐĂůŝŶēŝƵƐ ĚŽŵŝŶƟ ƓĞŝŵŽƐ ŶĂƌŝƵƐ͕ ŽƌŐĂŶŝnjƵŽũĂŶēŝƵƐ ͬ
ƚĞŝŬŝĂŶēŝƵƐŝůŐĂůĂŝŬĦƐŐůŽďŽƐƉĂƐůĂƵŐĂƐƐĂǀŽĂƌƟŵŝĞƐŝĞŵƐ͕ŶĞƌĂĚŽƚĞĂƚƐĂŬLJŵƿ
ĂƌďĂũŝĞ:ƻƐƿŶĞƚĞŶŬŝŶŽ͘
Ϯ͘ ƉƐŝůĂŶŬLJŬŝƚĞ ŝŶƚĞƌŶĞƚŽ ƐǀĞƚĂŝŶĦƐĞ ŽŶĐŽƌĚ ŽĂůŝƟŽŶ ;ŚƩƉ͗ͬͬǁǁǁ͘ĐŽŶĐŽƌĚ-
ĐŽĂůŝƟŽŶ͘ŽƌŐͬŝƐƐƵĞƐͿŝƌ'ĞŶĞƌĂƟŽŶƐhŶŝƚĞĚ;ŚƩƉ͗ͬͬǁǁǁ͘ŐƵ͘ŽƌŐͬͿ͘WĂŶĂŐƌŝŶĦũħ
ũƿƚƵƌŝŶťƉĂďĂŶĚLJŬŝƚĞĂƉŝďƻĚŝŶƟŝƌƉĂůLJŐŝŶƟũŽƐĞƌĞŝƓŬŝĂŵČƉŽǎŝƻƌťťŬĂƌƚƿƐĂŶ-
ƚLJŬŝƵƐ͗ĂͿŬŽŬŝĂƉƌŽďůĞŵĂƟŬĂĂƚƐƉŝŶĚĦƚĂǀŝĞŶŽũĞŝƌŬŝƚŽũĞƐǀĞƚĂŝŶĦũĞ͍ďͿŬŽŬŝŽƐ
ŬĂƌƚƿƐĂŶƚLJŬŝƿƉƌŽďůĞŵŽƐLJƌĂŶƵƚLJůĦƚŽƐǀŝĞŶŽũĞŝƌŬŝƚŽũĞƐǀĞƚĂŝŶĦũĞ͘
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ϯ͘ ƉƐŝůĂŶŬLJŬŝƚĞ ŝŶƚĞƌŶĞƚŽ ƐǀĞƚĂŝŶĦũĞ dŚĞ 'ƌĂŶĚƉĂƌĞŶƟŶŐ &ŽƵŶĚĂƟŽŶ ;ŚƩƉ͗ͬͬ
ǁǁǁ͘ŐƌĂŶĚƉĂƌĞŶƟŶŐ͘ŽƌŐͿŝƌĂƚƐĂŬLJŬŝƚĞťƓŝƵŽƐŬůĂƵƐŝŵƵƐ͗ĂͿŬŽŬŝŽƐƚĞŵŽƐLJƌĂ
ĂŬƚƵĂůŝŽƐƐĞŶĞůŝƿĨŽŶĚŽŶĂƌŝĂŵƐ͍ďͿŬŽŬŝŽƐLJƌĂƐĞŶĞůŝƿƚĞŝƐĦƐĂŶƻŬƿĂƚǎǀŝůŐŝƵ͍
ĐͿŬĂƐŝƓƓŝŽƐƉĂƟƌƟĞƐ;ŶĞͿŐĂůŝďƻƟƉĞƌŬĞůŝĂŵĂť>ŝĞƚƵǀŽƐƟŬƌŽǀħ͍
WĂƉŝůĚŽŵĂůŝƚĞƌĂƚƻƌĂ
WŝǀŽƌŝĞŶĦ͕:͘aĞŝŵĂ͕ŐŝŵŝŶĂŝēŝĂŝŝƌĚƌĂƵŐĂŝ͘E͘sĞēŬŝĞŶĦ;ƐƵĚ͘Ϳ^ŽĐŝĂůŝŶĦŐĞƌŽŶƚŽůŽŐŝũĂ͗
ŝƓƚĂŬŽƐŝƌƉĞƌƐƉĞŬƚLJǀŽƐ͘<ĂƵŶĂƐ͗shͬ^/͕ϮϬϬϮ͕Ɖ͘ϭϯʹϭϲ͕ϭϳϲʹϭϵϭ͘
'ĞĚǀŝůĂŝƚĦͲ<ŽƌĚƵƓŝĞŶĦ͕D͘dƌLJƐƚĂƌƉŐĞŶĞƌĂĐŝŶŝƿƐĂŶƚLJŬŝƿŬŽŶĐĞƉĐŝũŽƐŝƌũƿŬƌŝƟŶŝĂŝ
ĂƚŐĂƌƐŝĂŝ͘^ŽĐŝŽůŽŐŝũĂ͘DŝŶƟƐŝƌǀĞŝŬƐŵĂƐ͘ ϮϬϬϵ͕ϭ;ϮϰͿ͗ϭϯϭʹϭϰϰ͘
'ĞĚǀŝůĂŝƚĦͲ<ŽƌĚƵƓŝĞŶĦ͕D͘<ĂƌƚƿƐŽůŝĚĂƌƵŵĂƐŝƌũťůĞŵŝĂŶƚLJƐǀĞŝŬƐŶŝĂŝ͘^ƚĂŶŬƻŶŝĞŶĦ͕s͖͘
DĂƐůĂƵƐŬĂŝƚĦ͕͘>ŝĞƚƵǀŽƐƓĞŝŵĂ͗ƚĂƌƉƚƌĂĚŝĐŝũŽƐŝƌŶĂƵũŽƐƌĞĂůLJďĦƐ͘sŝůŶŝƵƐ͗
^ŽĐŝĂůŝŶŝƿƚLJƌŝŵƿŝŶƐƟƚƵƚĂƐ͕ϮϬϬϵ͘
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ŐĞƌĞƐŶŝƵ ĚĂƌďŽ ůĂŶŬŽŵƵŵƵ ;ŐĂůƵƟŶŝŽ ƌĞnjƵůƚĂƚŽ ƉƌŽĚƵŬĐŝũŽƐ ŬŝĞŬŝƐ ŶĞƐŝƐŬŝƌŝĂ
ŶƵŽũĂƵŶĞƐŶŝƿͿ͘
ĂǎŶĂŝǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐĚĂƌďƵŽƚŽũƿƉĂƟƌƟƐŬŽŵƉĞŶƐƵŽũĂĂƚůŝŬƟĞƐŐƌĞŝēŝŽĂƌ
ĮnjŝŶĦƐũĦŐŽƐƐƵŵĂǎĦũŝŵČƐĞŶƐƚĂŶƚ͘<ŝƚĂǀĞƌƚƵƐ͕ŶƵƐƚĂƚLJƚĂƐĮnjŝŶŝƿũĦŐƿŝƌĂƚůŝŬ-
ƟĞƐŐƌĞŝēŝŽŵĂǎĦũŝŵĂƐŝƓƌLJƓŬĦũĂƟŬƚŽƐĞǀĞŝŬůŽƐƐƌŝƚLJƐĞ͕ŬƵƌŝŽƐĞũĦŐĂŝƌƌĞĂŬĐŝũŽƐ
ŐƌĞŝƟƐ LJƌĂ ůĞŵŝĂŵŝ ĚĂƌďŽ ŬŽŬLJďĞŝ͘ dĂēŝĂƵ ĚĂƵŐĞůLJũĞ ƉƌŽĨĞƐŝŶĦƐ ǀĞŝŬůŽƐ Ɛƌŝēŝƿ
ŵŝŶĦƚĂƐ ŐĞďĦũŝŵƿ ŵĂǎĦũŝŵĂƐ ƉƌĂŬƟƓŬĂŝ ŶĞƚƵƌŝ ťƚĂŬŽƐ͘ ƉŝďĞŶĚƌŝŶĂŶƚ ƚLJƌĦũƿ
ŝƓǀĂĚĂƐ͕ƉƌŝƉĂǎťƐƚĂŵĂ͕ũŽŐƐƉĂƌēŝŽƐŶĂƵũƿƚĞĐŚŶŽůŽŐŝũƿŝƌǎŝŶŝƿŬĂŝƚŽƐƐČůLJŐŽŵŝƐ
ǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐĚĂƌďƵŽƚŽũƿƉĂƚLJƌŝŵĂƐŶĞďĞƚƵƌŝƚŽŬŝŽƐǀĞƌƚĦƐŬĂŝƉĂŶŬƐēŝĂƵ͘
aŝŽŵŝƐ ƐČůLJŐŽŵŝƐ ƉƌŽĚƵŬƚLJǀƵŵČ ŝƓƐĂƵŐĂŶƚ ƌĞŝŬƓŵŝŶŐŝ ƚĂŵƉĂ ǎŵŽŐĂƵƐ
ŐĞďĦũŝŵĂŝŶƵŽůĂƚƚŽďƵůŝŶƟƐ͕ƉĞƌƐŝŬǀĂůŝĮŬƵŽƟ͕ŵŽŬLJƟƐ͘
ddĂŝŐŝ ĚĂƵŐƵŵĂ ƚLJƌŝŵƿ ŶĞƌŽĚŽ ƟĞƐŝŽŐŝŶŝŽ ŝƌ ŬĂƚĞŐŽƌŝƓŬŽ ƌLJƓŝŽ ƚĂƌƉ ǎŵŽŐĂƵƐ
ĂŵǎŝĂƵƐŝƌƉƌŽĚƵŬƚLJǀƵŵŽ͘
ϯ͘ <ĂƐ LJƌĂ ƐŬƵƌĚĂƐ͍ <ŽŬƐ ƐŬƵƌĚŽ ƉĂƉůŝƟŵĂƐ ƚĂƌƉ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ͍
^ĞŶĂƚǀĦƐ ƉĞŶƐŝŶŝƿ ŝƓŵŽŬƿ ĚLJĚǎŝĂŝ ĂƚƐƉŝŶĚŝ ŵŽƚĞƌƿ ŝƌ ǀLJƌƿ ƉĂũĂŵƿ ŶĞůLJŐLJďħ
ƐĞŶĂƚǀĦũĞ͕ƐƵƐŝĨŽƌŵĂǀƵƐŝČĚĂƌĚĂƌďŝŶŐĂŵĞĂŵǎŝƵũĞ͕ŬĂŝĚĦůůLJēŝƿƐĞŐƌĞŐĂĐŝũŽƐ
ĚĂƌďŽƌŝŶŬŽũĞǀŝĚƵƟŶŝĂŝŵŽƚĞƌƿŝƌǀLJƌƿĂƚůLJŐŝŶŝŵĂŝƐŬLJƌĦƐŝŵĂǎĚĂƵŐƉĞŶŬƚĂĚĂ-
ůŝƵʹŵŽƚĞƌƿǀŝĚƵƟŶŝƐĂƚůLJŐŝŶŝŵĂƐƐƵĚĂƌLJĚĂǀŽĂƉŝĞϴϬƉƌŽĐ͘ǀLJƌƿŐĂƵŶĂŵŽĂƚ-
ůLJŐŝŶŝŵŽ͘
Ğ ƚŽ͕ ŬŝĞŬǀŝĞŶŽũĞ ǀLJƌĞƐŶĦũĞ ĂŵǎŝĂƵƐ ŐƌƵƉĦũĞ ƐŬƵƌĚŽ ůLJŐŝƐ LJƌĂ ǀŝƐ ĚŝĚĞƐŶŝƐ͘
>ŝĞƚƵǀŽƐ ŐLJǀĞŶƚŽũƿ ƐŬƵƌĚŽ ƉĂƉůŝƟŵĂƐ ƚĂƌƉ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ ŬŝĞŬ
ƐƵŵĂǎĦũŽ͕ƚĂēŝĂƵŬĂƌƚƵƐƵǀĂŝŬƿŐƌƵƉĦƐƐŬƵƌĚŽůLJŐŝƵůŝĞŬĂĂƵŬƓēŝĂƵƐŝĂƐ͕ƉĂůLJŐŝŶ-
Ɵ ƐƵ ĚĂƌďŝŶŐŽ ĂŵǎŝĂƵƐ ǎŵŽŶĦŵŝƐ͘ ϮϬϬϵ ŵ͘ ǀĂŝŬƿ ;Ϭʹϭϳ ŵĞƚƿͿ ŝƌ ǀLJƌĞƐŶŝŽ
ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ ;ϲϱŵĞƚƿ ŝƌ ǀLJƌĞƐŶŝƿͿ ƐŬƵƌĚŽ ůLJŐŝƐ ƐƵĚĂƌĦĂƉŝĞ Ϯϱ ƉƌŽĐ͕͘ ƚĂŝ
ƌĞŝƓŬŝĂ͕ ŬĂĚ ŬĂƐ ŬĞƚǀŝƌƚĂƐ Ɠŝƿ ĂŵǎŝĂƵƐ ŐƌƵƉŝƿ ĂƚƐƚŽǀĂƐ ŐLJǀĞŶĂ ǎĞŵŝĂƵ ƐŬƵƌĚŽ
ƌŝďŽƐ͘ sLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ ƐŬƵƌĚŽ ŝŶƚĞŶƐLJǀƵŵĂƐ ƌLJƓŬŝĂŝ ŝƓƐŝƐŬŝƌŝĂ ƚĂƌƉ
Ŭŝƚƿ ĂŵǎŝĂƵƐ ŐƌƵƉŝƿ͘ EŽƌƐ ƐŬƵƌĚŽ ƉĂƉůŝƟŵĂƐ ƚĂƌƉ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ
LJƌĂ ǀŝĞŶĂƐ ĚŝĚǎŝĂƵƐŝƿ͕ ƐŬƵƌƐƚĂŶēŝƿ ǀLJƌĞƐŶŝŽ ĂŵǎŝĂƵƐ ǎŵŽŶŝƿ ƉĂũĂŵƿ ůLJŐŝƐ ǀŝƐ
ĚĦůƚŽLJƌĂŬŝĞŬĂƵŬƓƚĞƐŶŝƐŶĞŝƐŬƵƌƐƚĂŶēŝƿũƿŝƓŬŝƚƿĂŵǎŝĂƵƐŐƌƵƉŝƿ;ϲϱŵĞƚƿŝƌ
ǀLJƌĞƐŶŝƿƐŬƵƌƐƚĂŶēŝƿũƿĂƚŽƚƌƻŬŝƐŶƵŽƐŬƵƌĚŽƌŝnjŝŬŽƐƌŝďŽƐLJƌĂŬƵƌŬĂƐŵĂǎĞƐŶŝƐ
ŶĞŝŬŝƚƿĂŵǎŝĂƵƐŐƌƵƉŝƿͿ͘
VN\ULXV*\YHQWRMǐVHQơMLPDVLUHNRQRPLND 213
ϰ͘ <ŽŬŝĂ ŶĂƵĚĂ ŝƓ ĂŶŬƐƚŽ ƉůĂŶƵŽƟ ƐĞŶĂƚǀĦƐ ƉĞŶƐŝũŽƐ ŐLJǀĞŶŝŵŽ ƚĂƌƉƐŶť͍
ƻƐŝŵŽƐ ƐĞŶĂƚǀĦƐ ĂƉŵČƐƚLJŵĂƐ ƉĂĚĞĚĂ ŐĞƌŝĂƵ ƐƵǀŽŬƟ Ɠť ĂŵǎŝĂƵƐ ƚĂƌƉƐŶť ŝƌ
ĂƚƐŝŬƌĂƚLJƟŝůŝƵnjŝũƿ͕ůĞŝĚǎŝĂŝƓĂŶŬƐƚŽƉĂƐŝƌĞŶŐƟƟĞŬĮŶĂŶƐŝŶŝŽĂƉƌƻƉŝŶŝŵŽ͕ƟĞŬ
ŬŽŶƐƚƌƵŬƚLJǀĂƵƐ ůĂŝŬŽ ďŝƵĚǎĞƚŽ ƉĂŶĂƵĚŽũŝŵŽ ƉŽǎŝƻƌŝƵ͕ ĨŽƌŵƵŽƟ ĂĚĞŬǀĂƚƿ
ƉŽǎŝƻƌťťƓťŐLJǀĞŶŝŵŽƚĂƌƉƐŶť͘
ϱ͘ ^Ƶ ŬƵŽ ĂƐŽĐŝũƵŽũĂƐŝ ƐĞŶĂƚǀĦƐ ƉĞŶƐŝŶŝŶŬŽ ƐƚĂƚƵƐĂƐ >ŝĞƚƵǀŽƐ ŐLJǀĞŶƚŽũĂŵƐ͍
ƚůŝŬƚŽ ƚLJƌŝŵŽ ͣ'LJǀĞŶƚŽũƿ ƉŽůŝƟŬŽƐ ǀĞƌƟŶŝŵĂƐ͞ ;ϮϬϬϭͿ ĚƵŽŵĞŶŝŵŝƐ͕ >ŝĞƚƵ-
ǀŽũĞ ƐĞŶĂƚǀĦƐ ƉĞŶƐŝŶŝŶŬŽ ƐƚĂƚƵƐĂƐ ƐŝĞũĂŵĂƐ ƐƵ͗ ϭͿ ƉĂũĂŵƿ ůLJŐŝŽ ŶƵŽƐŵƵŬŝƵ͖
ϮͿ ƵǎŝŵƚƵŵŽ ũĂƵƐŵŽ ŝƌ ƐĂǀŽ ƐŽĐŝĂůŝŶĦƐ ǀĞƌƚĦƐ ƉƌĂƌĂĚŝŵƵ͖ ϯͿ ƐŽĐŝĂůŝŶŝŽ ŝŶƚĞ-
ŐƌƵŽƚƵŵŽƉƌĂƌĂĚŝŵƵ͘
ϲ͘ <ĂŝƉ Z͘ ͘ ēůŝƐ ;ƚĐŚůĞLJͿ ĂƉŝďƻĚŝŶŽ ƐĞŶĂƚǀĦƐ ƉĞŶƐŝŶŝŶŬŽ ƉĂƟƌƟĞƐ ĞƚĂƉƵƐ͍
ƵƚŽƌŝƵƐ͕ ĂƉŝďƻĚŝŶĚĂŵĂƐ ƐĞŶĂƚǀĦƐ ƉĞŶƐŝŶŝŶŬŽ ƉĂƟƌƧ͕ ťǀĂƌĚŝũŽ ͣŵĞĚĂƵƐ
ŵĦŶĞƐŝŽ͕͞ ŶƵƐŝǀLJůŝŵŽ͕ ƉĞƌƐŝŽƌŝĞŶƚĂǀŝŵŽ͕ ƐƚĂďŝůƿũť ŝƌ ƉƌŝŬůĂƵƐŽŵŽ ĂƐŵĞŶƐ
ĞƚĂƉƵƐ͘aŝƿĞƚĂƉƿƐŬĂŝēŝƵƐŝƌƐĞŬĂŶĦƌĂŐƌŝĞǎƟ͘
WĂŐƌŝŶĚŝŶĦƐ ƐČǀŽŬŽƐ
hǎŝŵƚƵŵĂƐ ^ĞŶĂƚǀĦƐƉĞŶƐŝũĂ
ĂƌďŽŶĂƓƵŵĂƐ WĞŶƐŝŶŝŶŬŽƉĂƟƌƟĞƐĞƚĂƉĂŝ
EĞĚĂƌďĂƐ WĂũĂŵŽƐ
^ŬƵƌĚĂƐ
<ůĂƵƐŝŵĂŝ ĚŝƐŬƵƐŝũĂŝ
ϭ͘ <ƵŽ ƐŬŝƌŝĂƐŝ >ŝĞƚƵǀŽƐ ŐLJǀĞŶƚŽũƿ ĐŚĂƌĂŬƚĞƌŝƐƟŬŽƐ ĚĂďĂƌ ŝƌ ϭϵϱϵ ŵĞƚĂŝƐ͕ ŬĂŝ
>ŝĞƚƵǀŽũĞďƵǀŽƐƵŬƵƌƚĂǀŝƐƵŽƟŶĦƉĞŶƐŝũƿƐŝƐƚĞŵĂ͍ƌƟĞƐŬŝƌƚƵŵĂŝƚƵƌĦƚƿƚĂƉƟ
ƉƌŝĞůĂŝĚĂƌĞĨŽƌŵƵŽƟƉĞŶƐŝũƿƐŝƐƚĞŵČ͕ŬŽŬŝĂŬƌLJƉƟŵŝ͍
Ϯ͘ ŽĚǎŝĂŝ͕ŬƵƌŝĂŝƐĂƉŝďƻĚŝŶĂŵĞǀĞŝŬƐŵƵƐ͕ĨŽƌŵƵŽũĂƉŽǎŝƻƌťťũƵŽƐ͘<ƵŽƐŬŝƌŝĂƐŝŝƌ
ŬĂƐďĞŶĚƌŽƚĂƌƉƓŝƿƐČǀŽŬƿ͗ͣŬĂƐŵĞƟŶĦƐĂƚŽƐƚŽŐŽƐ͕ͣ͞ůĂŝƐǀĂůĂŝŬŝƐ͕ͣ͞ƉƌĂƐƚŽǀĂ͕͞
ͣŶĞĚĂƌďĂƐ͕ͣ͞ƵǎƚĂƌŶĂƵƚĂƐƉŽŝůƐŝƐ͕ͣ͞ƉƌĂŵŽŐĂǀŝŵĂƐ͕ͣ͞ƉĞŶƐŝŶŝŶŬŽƉĂƟƌƟƐ͍͞
ϯ͘ ƉŬůĂƵƐŬŝƚĞŬĞƚƵƌŝƐƉƌŝĞƓƉĞŶƐŝŶŝŽĂŵǎŝĂƵƐ;ϱϱʹϲϬͬϲϮ͕ϱŵĞƚƿͿǎŵŽŶĞƐĂƉŝĞ
ƉƌŝĞǎĂƐƟƐ͕ŬƵƌŝŽƐũƵŽƐƐŬĂƟŶƚƿƚħƐƟĚĂƌďŝŶħǀĞŝŬůČŝƌƐƵŬĂŬƵƐƉĞŶƐŝŶťĂŵǎŝƿ͕ŝƌ
ŬĞƚƵƌŝƐũĂƵŶŽĂŵǎŝĂƵƐ;ϭϴʹϯϬŵĞƚƿͿǎŵŽŶĞƐ͘WĂůLJŐŝŶŬŝƚĞŐĂƵƚƵƐĚƵŽŵĞŶŝƐŝƌ
ŝŶƚĞƌƉƌĞƚƵŽŬŝƚĞ͘
214 6DUPLWơ0LNXOLRQLHQơ62&,$/,1Ơ*(52172/2*,-$
WƌŝĞǎĂƐƟƐ͕ĚĦůŬƵƌŝƿ >ĂďĂŝ 'ƌĞŝͲ EĞŝ 'ƌĞŝͲ sŝƐŝƓͲ
ǎŵŽŶĦƐŶŽƌĦƚƿƚħƐƟ ƐǀĂƌďƵ ēŝĂƵƐŝĂŝ ƐǀĂƌďƵ͕ ēŝĂƵͲ kai
ĚĂƌďŝŶħǀĞŝŬůČ ƐǀĂƌďƵ ŶĞŝ siai ŶĞƐǀĂƌͲ
ŶĞƐǀĂƌͲ ŶĞƐǀĂƌͲ ďƵ
ďƵ ďƵ
1 ĂƌďĂƐƚĞŝŬŝĂŵĂůŽŶƵŵČ ϱ ϰ 3 Ϯ 1
Ϯ dĂŝďƻĚĂƐŝƓǀĞŶŐƟĂƌƟŵƿũƿŝƌ ϱ ϰ 3 Ϯ 1
ŶĂŵƿƌƵƟŶŽƐ
3 'ĂƵŶĂŵĂƐĚĂƌďŽĂƚůLJŐŝƐ ϱ ϰ 3 Ϯ 1
ϰ dĂŝƉťƉƌĂƐƚĂ ϱ ϰ 3 Ϯ 1
ϱ EŽƌŝŶƚŝƓǀĞŶŐƟŶƵŽďŽĚƵůŝŽ ϱ ϰ 3 Ϯ 1
6 dĂŝƉĂĚĞĚĂŝƓƐĂƵŐŽƟƉƌŽƚŽ ϱ ϰ 3 Ϯ 1
ƓǀŝĞƐƵŵČ
7 ĂƌďĂƐƐƵƚĞŝŬŝĂũĂƵƐŵČ͕ŬĂĚ ϱ ϰ 3 Ϯ 1
ĞƐŝŬĂǎŬĂŵƌĞŝŬĂůŝŶŐĂƐ
ϴ WĂĚĞĚĂƉĂůĂŝŬLJƟŵĂŶŽĮnjŝŶħ ϱ ϰ 3 Ϯ 1
ĨŽƌŵČ
ϵ ĂƌďĞŐĂůŝŵĂŬČŶŽƌƐŶĂƵũŽ ϱ ϰ 3 Ϯ 1
ŝƓŵŽŬƟ
ϭϬ ĂƌďĂƐƐƵƚĞŝŬŝĂŵĂŶŐĞƌČ ϱ ϰ 3 Ϯ 1
ƐƚĂƚƵƐČǀŝƐƵŽŵĞŶĦũĞ
11 'ĂƵŶĂŵŽƐƐŽĐŝĂůŝŶĦƐŐĂƌĂŶ- ϱ ϰ 3 Ϯ 1
ƟũŽƐ
ϭϮ ĂƌďĂƐƐƵƚĞŝŬŝĂŐLJǀĞŶŝŵƵŝ ϱ ϰ 3 Ϯ 1
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<ĂŝƉĂƉŝďƻĚŝŶĂŵŽƐĚĞŵŽŐƌĂĮŶŝŽƉĞƌĦũŝŵŽƐƚĂĚŝũŽƐ͍
ĞŵŽŐƌĂĨĂŝƐŬŝƌƟŶŐĂŝĂƉŝďƻĚŝŶŽĚĞŵŽŐƌĂĮŶŝŽƉĞƌĦũŝŵŽƐƚĂĚŝũĂƐ͘aŝƵŽůĂŝŬŝŶŝĂŝ
ŵŽŬƐůŝŶŝŶŬĂŝ ĂƉŝďƻĚŝŶĂ ĚĞŵŽŐƌĂĮŶť ƉĞƌĦũŝŵČ ƐŬŝƌĚĂŵŝ ŬĞƚƵƌŝĂƐ ƐƚĂĚŝũĂƐ͘ Wŝƌ-
ŵŽũŝ;ŝŬŝƉĞƌĦũŝŵŽͿƐƚĂĚŝũĂƉĂƐŝǎLJŵŝŐŝŵƐƚĂŵƵŵŽŝƌŵŝƌƟŶŐƵŵŽůLJŐŝƿďĂůĂŶƐƵ͕
ƌŽĚŝŬůŝƿƌĞŝŬƓŵĦŵƐĞƐĂŶƚĂƵŬƓƚŽŵƐ͕ŐLJǀĞŶƚŽũƿƌĞƉƌŽĚƵŬĐŝũĂǀLJŬƐƚĂƐƟĐŚŝƓŬĂŝ͕
ŐLJǀĞŶƚŽũƿ ƐŬĂŝēŝƵƐ ƐǀLJƌƵŽũĂ ƉƌŝŬůĂƵƐŽŵĂŝ ŶƵŽ ͣŬĂƌŽ͕ ŵĂƌŽ͕ ďĂĚŽ͞ ƐČůLJŐƿ͕
ŐLJǀĞŶƚŽũƿ ĂŵǎŝĂƵƐ ƐƚƌƵŬƚƻƌŽũĞ ĚŽŵŝŶƵŽũĂ ǀĂŝŬĂŝ ŝƌ ũĂƵŶŝŵĂƐ ;ŝŬŝ ϰϬ ƉƌŽĐ͘Ϳ͕
ǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿĚĂůŝƐůĂďĂŝŵĞŶŬĂ͘ŶƚƌŽũŝƐƚĂĚŝũĂʹƉĞƌĦũŝŵŽƉƌĂĚŝ-
ŶŝƐ ĞƚĂƉĂƐ͕ ŵŝƌƟŶŐƵŵŽ ůLJŐŝƐ ƉƌĂĚĦũħƐ ŵĂǎĦƟ͕ ƚĂēŝĂƵ ŐŝŵƐƚĂŵƵŵŽ ůLJŐŝƐ ǀŝƐ
ĚĂƌ ůŝĞŬĂ ĂƵŬƓƚĂƐ͕ ĨŽƌŵƵŽũĂƐŝ ĚĞŵŽŐƌĂĮŶŝƐ ƐƉƌŽŐŝŵĂƐ͘ dƌĞēŝŽũŝ ƐƚĂĚŝũĂ ʹ ƟĞŬ
ŵŝƌƟŶŐƵŵĂƐ͕ ƟĞŬ ŐŝŵƐƚĂŵƵŵĂƐ ŵĂǎĦũĂ͕ ƚĂēŝĂƵ ƉĂŐĂů Ɠŝƿ ƚĞŶĚĞŶĐŝũƿ ƚĞŵ-
ƉƵƐŐLJǀĞŶƚŽũƿƐŬĂŝēŝƵƐŐĂůŝƚŽůŝĂƵĚŝĚĦƟ͕ďĞƚŐĂůŝŝƌƉƌĂĚĦƟŵĂǎĦƟ͕ƚƵŽƚĂƌƉƵ
ŐLJǀĞŶƚŽũƿĂŵǎŝĂƵƐƐƚƌƵŬƚƻƌŽũĞǀŝƐĚŝĚĦũĂǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿĚĂůŝƐ͘aŝŽũĞ
ƐƚĂĚŝũŽũĞƌĞŝƓŵŝŶŐƵǀĞŝŬƐŶŝƵƚĂŵƉĂŐLJǀĞŶƚŽũƿƚĞƌŝƚŽƌŝŶŝƐŵŽďŝůƵŵĂƐ;ŵŝŐƌĂĐŝ-
ũĂͿ͘ <ĞƚǀŝƌƚŽũŝ ƐƚĂĚŝũĂ ʹ ƉŽ ƉĞƌĦũŝŵŽ ĞƚĂƉĂƐ͕ ŬĂŝ ŵŝƌƟŶŐƵŵŽ ŝƌ ŐŝŵƐƚĂŵƵŵŽ
ůLJŐŝƐǀĦůƉĂƐŝĞŬŝĂƉƵƐŝĂƵƐǀLJƌČ͕ƟŬƓťŬĂƌƚČƌŽĚŝŬůŝƿƌĞŝŬƓŵĦŵƐĞƐĂŶƚǎĞŵŽŵƐ͕
ŐLJǀĞŶƚŽũƿƌĞƉƌŽĚƵŬĐŝũĂʹƌĂĐŝŽŶĂůĂƵƐ͕ŬŽŶƚƌŽůŝƵŽũĂŵŽƟƉŽ͖ŐLJǀĞŶƚŽũƿĂŵǎŝĂƵƐ
ƐƚƌƵŬƚƻƌŽƐƉŽǎŝƻƌŝƵʹǀŝƐƵŽŵĞŶĦĂƉŝďƻĚŝŶĂŵĂŬĂŝƉĚĞŵŽŐƌĂĮƓŬĂŝďƌĂŶĚŝ;ƉƌŽ-
ƉŽƌĐŝŶŐĂŝĂƚƐƚŽǀĂƵũĂŵĂǀŝƐŽŵƐĂŵǎŝĂƵƐŐƌƵƉĦŵƐͿ͘
<ĂŝƉŐĂůŝŵĂǀĞƌƟŶƟ>ŝĞƚƵǀŽƐŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵČŬŝƚƿƓĂůŝƿŬŽŶƚĞŬƐƚĞ͍
WĂůLJŐŝŶƟ ƐƵ ŬŝƚŽŵŝƐ ƵƌŽƉŽƐ ^ČũƵŶŐŽƐ ǀĂůƐƚLJďĦŵŝƐ ŶĂƌĦŵŝƐ͕ >ŝĞƚƵǀŽũĞ
ŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵŽŵĂƐƚĂƐLJƌĂŶƵŽƐĂŝŬƵƐʹũŝŶĞƉĂƚĞŶŬĂť ^ƉŝƌŵĂƵũĂŶēŝƿƓĂůŝƿ
ĚĞƓŝŵƚƵŬČ͘dĂēŝĂƵŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵŽƚĞŵƉĂŝŝƌůLJēŝƿĚĞŵŽŐƌĂĮŶŝŽƐĞŶĦũŝŵŽ
ŶĞƚŽůLJŐƵŵĂŝ>ŝĞƚƵǀŽũĞLJƌĂǀŝĞŶŝĂƵŬƓēŝĂƵƐŝƿƚĂƌƉ ƵƌŽƉŽƐ^ČũƵŶŐŽƐǀĂůƐƚLJďŝƿ
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ĞŵŽŐƌĂĮŶŝŽƉĞƌĦũŝŵŽƚĞŽƌŝũĂƉĂĂŝƓŬŝŶĂŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵŽƉƌŽĐĞƐŽŬĂŝƚČŝƌ
ƉƌŝĞǎĂƐƟƐ͘aŝŽƐƚĞŽƌŝũŽƐƉŽǎŝƻƌŝƵŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵĂƐLJƌĂĚĦƐŶŝŶŐĂƐǀŝƐƵŽŵĞŶŝƿ
ĚĞŵŽŐƌĂĮŶĦƐ ƌĂŝĚŽƐ ĞƚĂƉĂƐ͘ sŝƐƵŽŵĞŶĦŵƐ ƉĞƌĞŝŶĂŶƚ ŶƵŽ ƉƌŝŵŝƚLJǀĂƵƐ ƌĞ-
ƉƌŽĚƵŬĐŝũŽƐ ƟƉŽ ƉƌŝĞ ŬŽŶƚƌŽůŝƵŽũĂŵŽ͕ ƌĂĐŝŽŶĂůĂƵƐ ƟƉŽ͕ ŬĞŝēŝĂƐŝ ũƿ ďĞŶĚƌĂƐ
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ďĞŶĚƌĂƐŐLJǀĞŶƚŽũƿƐŬĂŝēŝƵƐďĞŝǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿĚĂůŝƐ͕ƚĂēŝĂƵďĂŝŐŝĂͲ
ŵĂũĂŵĞʹƐƚĂďŝůŝnjĂĐŝũŽƐĞƚĂƉĞŶƵƐŝƐƚŽǀŝƟĞŬďĞŶĚƌĂƐŐLJǀĞŶƚŽũƿƐŬĂŝēŝƵƐ͕ƟĞŬ
ǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿĚĂůŝƐ͘
WĂŐƌŝŶĚŝŶĦƐƐČǀŽŬŽƐ
ĞŵŽŐƌĂĮũĂ ĞŵŽŐƌĂĮŶŝƐƉĞƌĦũŝŵĂƐ͕
ĚĞŵŽŐƌĂĮŶĦƌĞǀŽůŝƵĐŝũĂ
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'LJǀĞŶƚŽũƿƐĞŶĂƚǀĦƐůLJŐŝƐ ^ĞŶĂƚǀĦƐĨĞŵŝŶŝnjĂĐŝũĂ
'LJǀĞŶƚŽũƿƐĞŶĦũŝŵĂƐͬǀŝƐƵŽŵĞŶĦƐ sLJƌĞƐŶŝŽĂŵǎŝĂƵƐǎŵŽŶŝƿŐƌƵƉĦƐ
ƐĞŶĦũŝŵĂƐͬĚĞŵŽŐƌĂĮŶŝƐ ;ƐƚƌƵŬƚƻƌŝŶŝƐͬĚĞŵŽŐƌĂĮŶŝƐͿ
ƐĞŶĦũŝŵĂƐͬƐƚƌƵŬƚƻƌŝŶŝƐ ƐĞŶĦũŝŵĂƐ
ŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵĂƐ
Klausimai diskusijai
ϭ͘ yy Ă͘ ĚĞǀŝŶƚŽũŽ ĚĞƓŝŵƚŵĞēŝŽ ǀŝĚƵƌLJũĞ ;ϭϵϴϯʹϭϵϵϬ ŵ͘Ϳ >ŝĞƚƵǀŽũĞ ŐŝŵƵƐŝČ
ŬŽŚŽƌƚČŬĞŝēŝĂǀĦůĞƐŶĦůĂďĂŝŶĞŐĂƵƐŝ;Őŝŵ͘ϭϵϵϮʹϮϬϬϬŵ͘ͿŬŽŚŽƌƚĂ͘WĂŬŽŵĞŶ-
ƚƵŽŬŝƚĞ͕ ŬŽŬŝƵƐ ŝƓƓƻŬŝƵƐ ťǀĂŝƌŝŽŵƐ ŐLJǀĞŶŝŵŽ ƐƌŝƟŵƐ ŐĂůŝ ƐƵŬĞůƟ Ɠŝƿ͕ ĂƉŝŵƟŵŝ
ƐŬŝƌƟŶŐƿŬŽŚŽƌƚƿ ũƵĚĦũŝŵĂƐƉĞƌĞŐnjŝƐƚƵŽũĂŶēŝƵƐƐŽĐŝĂůŝŶŝƵƐŝŶƐƟƚƵƚƵƐ͍
Ϯ͘ ƌŐLJǀĞŶƚŽũƿƐĞŶĦũŝŵĂƐLJƌĂƐŽĐŝĂůŝŶĦƉƌŽďůĞŵĂ͍
ϯ͘ WĂƐŝŶĂƵĚŽũħ ƓŝŽ ƐŬLJƌŝĂƵƐ ŵĞĚǎŝĂŐĂ ĂƉŝĞ ĚĞŵŽŐƌĂĮŶŝŽ ƉĞƌĦũŝŵŽ ƚĞŽƌŝũČ ďĞŝ
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ŐLJǀĞŶƚŽũƿĂŵǎŝĂƵƐƐƚƌƵŬƚƻƌŽƐŬĂŝƚĂĂƌŬůŝŵĂƚŽŬĂŝƚĂ͍
hǎĚƵŽƚLJƐŶĂƌƓĂŶƚŝŶƚĞƌŶĞƚĞ
ƉƐŝůĂŶŬLJŬŝƚĞǀŝĞŶŽũĞŝƓŝŶƚĞƌŶĞƚŽƐǀĞƚĂŝŶŝƿ; ƵƌŽƐƚĂƚϯϱĂƌďĂh͘^͘ĞŶƐƵƐƵƌĞĂƵ36Ϳ
ŝƌŶƵƐƚĂƚLJŬŝƚĞ͗ĂͿŬƵƌŝŽƐĞƉĂƐĂƵůŝŽƓĂůLJƐĞ'^>;ŐLJǀĞŶƚŽũƿƐĞŶĂƚǀĦƐůLJŐŝŽͿƌŽĚŝŬͲ
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ͬ ƚƌƵŵƉŝĂƵƐŝĂ sd'd ;ǀŝĚƵƟŶĞ ƟŬĦƟŶĂ ŐLJǀĞŶŝŵŽ ƚƌƵŬŵĞͿ͖ ĐͿ ŶƵƐƚĂƚLJŬŝƚĞ ƚƌŝƐ
ƓĂůŝƐ͕ŬƵƌŝŽƐƉĂƐĂƵůLJũĞƉŝƌŵĂƵũĂǀLJƌĞƐŶŝŽĂŵǎŝĂƵƐ;ϲϬͬϲϱŵĞƚƿŝƌǀLJƌĞƐŶŝƿͿ
ŐLJǀĞŶƚŽũƿƐŬĂŝēŝƵŵŝ͘
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ƉĂƐĂƵůŝŽ ƓĂůŝƿ ĚĞŵŽŐƌĂĮŶŝĂŝƐ ĚƵŽŵĞŶŝŵŝƐ ďĞŝ ŐLJǀĞŶƚŽũƿ ĂŵǎŝĂƵƐ ůLJƟĞƐ
ƉŝƌĂŵŝĚĦŵŝƐ͕ƉĂŬŽŵĞŶƚƵŽŬŝƚĞ͕ŬĂŝƉƚĂŵƟŬƌŽƐ ƓĂůŝĞƐĚƵŽŵĞŶLJƐŝƌŐLJǀĞŶƚŽũƿ
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