!"#$%&'()&*+&,-&.#/0*(,"&.&%1#.2-,.1345$,
-$6/-1+,)&,"/%/*8,&'3/.$#%4,3191#$*)913/
Dominik Korniluk*
!"#$%&"'()*+*,-.$/'."*0120*34**5"",6$7/8-"'()*9*-3:$;'."*0120*34:#.1;)*)19(1
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
^#* C8C$'/>* -(E>6F>* ,3(:(%>* ?.'"'%8-$=8* /$C"/* '.$E$:7.$6:'.$* -(%8,.$=8* 78:.8C>* #&>=>I* %:6:$=J@'.$*,3"BJ-*7$3(?$3(B'(6F*%/3$?(*$>38*L[3$6B.I*_3@"'#..I*H83/>="@..I*\.%:7"'..*.*G&86FQI*"@$* /",K$*Y/"'J-*5B$#'86:8'(6FI*"*'"-$/*H8@%,.I*'"@$K"&*#8*'"B6:D;6.$B*783>%:"'(6F*-*C$#."6FI*'.$* /(@,8*=8%78#"36:(6F4*5"*B$#'8*:*'"B-"K'.$B%:(6F*38:-.A:"`*C"BA6(6F*:"7$-'.a*%7"#$,*:"#&>K$M '."*#8*E$:7.$6:'$=8*78:.8C>I*"*'"%/D7'.$*%/"E.@.:"6BD*#&>=>I*>-"K"*%.D*3$=>&(*?.%,"@'$4*G*"3/(,>M &"6F*:*:",3$%>*/:-4*$,8'8C..*78@./(6:'$B*73$:$'/>B$*%.D*B$*B",8*3$6$7/D*'"*'.$#8%,8'"&8;6.*78@./(,.* ?.%,"@'$B*738-"#:8'$B*-*%78%JE*#(%,3$6B8'"@'(4*H3:$=@A#*8-(6F*"3/(,>&J-*C8K'"*:'"@$ba*-*873"M 68-"'.>*Y6F>','$6F/"*L011+Q4*W8*'$="/(-'(6F*%,>/,J-*738-"#:$'."*#(%,3$6B8'"@'$B*78@./(,.*?.M %,"@'$B*'"@$KA*C4.'4)*/3>#'8;a*:*B$B*C8'./838-"'.$CI*'.$@.6:$'.$*%.D*#$6(#$'/J-*.*-(E836J-*:*C.DM #:(8,3$%8-(C*8=3"'.6:$'.$C*E>#K$/8-(C*83":*&"=8#:$'.$*78@./(,.*?.%,"@'$B*-*38,>*-(E836:(C4** G*=3>#'.>*0122*34*-$%:&8*-*K(6.$*%:$;a*",/J-*73"-'(6F*-:C"6'."BA6(6F*:"3:A#:"'.$*=8%78M #"36:$*-*c'..*S>387$B%,.$BI*/:-4*%:$;6.87",4*G6F8#:A6"*-*B$=8*%,&"#*#(3$,/(-"*-*%73"-.$*-(C8M =J-*#@"*3"C*E>#K$/8-(6F*7"`%/-*6:&8',8-%,.6F*8,3$;@"I*K$*7"`%/-"*6:&8',8-%,.$*78-.''(*#(%M 78'8-"a*3$=>&"C.*?.%,"@'(C.4*^7"3/$*'"*'.$:"@$K'$B*"'"@.:.$*d%.@'$*'>C$3(6:'$*3$=>&(*?.%,"@'$* 78-.''(*C.$a*-(3"b'.$*8,3$;@8'$*6$@$*-3":*:*C$6F"'.:C"C.*%,>/$6:'$=8*.*/$3C.'8-$=8*C8'.M /838-"'."e4*<$=>&(*78-.''(*8#'8%.a*%.D*#8*#$?.6(/>*.*#&>=>*8E@.6:"'(6F*-$#&>=*C$/8#(,.*>'.B'$B* 83":* 8E$BC8-"a* 6"&(* %$,/83* .'%/(/>6B.* 3:A#8-(6F* .* %"C83:A#8-(6F4* H"`%/-"* 6:&8',8-%,.$* 78M -.''(*78'"#/8*>%/"@.a*,@">:>@$*-(B;6."*.*,8'%$,-$'6B$*'.$73:$%/3:$="'."*3$=>&4*Y/8%8-"'.$*3$=>&* ?.%,"@'(6F* 73:(* 873"68-(-"'.>* 68386:'(6F* >%/"-* E>#K$/8-(6F* .* -.$@8@$/'.C* 7@"'8-"'.>* C"* 78:-8@.a*'"*>'.,'.D6.$*78@./(,.*7386(,@.6:'$B4** *G*0120*34*0f*7"`%/-*cSI*-*/(C*H8@%,"I*78#7.%"&8*/3",/"/*8*-:C86'.8'(C*:"3:A#:"'.>*=8%78M #"36:(C*%/3$?(*$>38*L/:-4*7",/*?.%,"@'(QI*-*,/J3(C*>%:6:$=J&"-."*%.D*-(C8=.*#8/(6:A6$*3$=>&*?.M %,"@'(6F4*H",/*?.%,"@'(*:"6:'.$*B$#'",*8E8-.A:(-"a*H8@%,D*#87.$38*78*B$B*73:(%/A7.$'.>*#8*%/3$?(* $>384** *G*H8@%6$*8E8-.A:>B$*8E$6'.$*,.@,"*3$=>&*?.%,"@'(6F4*g.C./(*#&>=>I*C.C8*K$*7873"-."BA*#(%M 6(7@.'D* ?.%,"@'AI* C8=A* -(-8&(-"a* #:."&"'."* 7386(,@.6:'$* L7834* U.'.%/$3%/-8* V.'"'%J-* 0122EI* %4*h0Q4*5*,8@$.*-(#"/,8-"*3$=>&"*#(%6(7@.'>BA6"I*8=3"'.6:"BA6"*-:38%/*6:D;6.*-(#"/,J-*E>#K$/8M -(6F*#8*-(%8,8;6.*-%,"b'.,"*.'?@"6B.*RH_*7@>%*2*7,/*73864I**8E$BC>B$*:E(/*-A%,.*:",3$%*-(#"/,J-I* "E(*C8=&"*.%/8/'.$*-7&(-"a*'"*%/"'*?.'"'%J-*7>E@.6:'(6F4*H8:"*/(C*3$=>&"*/"*B$%/*/(C6:"%8-"I* 8E8-.A:>B$*B$#('.$*-*6:"%.$*'"&8K8'$B*'"*H8@%,D*7386$#>3(*'"#C.$3'$=8*#$?.6(/>4*
*^73J6:* -%,":"'."* -"#* #-J6F* =&J-'(6F* 3$=>&* -* H38=3"C.$* ,8'-$3=$'6B.* * U.'.%/$3%/-"* V.'"'%J-* :* 0122* 34* %,>7.8'8* %.D* '"* '.$3J-'8-"#:$* %$,/83"* ?.'"'%J-* 7>E@.6:'(6F4* G* 3"7836.$*
Finanse publiczne w Polsce w okresie kryzysu*LU.'.%/$3%/-8*V.'"'%J-*0120I*%4*hQ*%/-.$3#:8'8I*K$*
!"#$%&'()*#+!($!,-)'.)(,(%+!'/012)3"(435'$#,"'1#,6'%&,1)2($73)'.)%6,2(*8'&$'()*'&426$'*.*6&'!489&- 6$!$'%)2(*8'#*3*%8)'-$%/$:,#3"*8;',2*'#+!()*<'()*$:/$!)*:()*8'/$2)&46)'.)%6,2(*8'#*,2)"$!,(*8'!'$6#*-%)*' /#"*:' 6#4"4%*=4* H3:$B;6.8-8* -(%8,.$* #86F8#(* E>#K$/8-$I* >:(%,"'$* #:.D,.* #8E3$B* ,8'.>',M />3:$I* 8%&"E.&(* C8/(-"6BD* 3:A#J-* #8* 8=3"'.6:"'."* '.$3J-'8-"=.* ?.%,"@'$B4* i",8* 38:-.A:"'.$* 738E@$C>*'.$3J-'8-"=.*-*8E(#->*873"68-"'."6F*:"73878'8-"'8*-738-"#:$'.$*/3-"&$B*L%/"E.M @.:>BA6$BQ*3$=>&(*-(#"/,8-$B4*Y&>K(*8'"*8%.A='.D6.>*-(%/"36:"BA68*'.%,.$=8*78:.8C>*#&>=>*.*-(M #"/,J-*7>E@.6:'(6F*83":*8#78-.$#'.8*-(%8,.6F*#86F8#J-*7>E@.6:'(6FI*"E(*-*3":.$*%78-8@'.$M '."*=8%78#"36:$=8*3:A#*CJ=&*:&"=8#:.a*78@./(,D*?.%,"@'A*E$:*3(:(,"*>/3"/(*%/"E.@'8;6.*?.'"'%J-*
7>E@.6:'(6F4*Y73:(B"*/",K$*>%/"E.@.:8-"'.>*-:38%/>*-(#"/,J-*.*:C'.$B%:$'.>*-"F"`*6(,@.6:'(6F* =8%78#"3,.4*U."&"E(*-$B;a*-*K(6.$*78*7@"'8-"'(C*'"*012h*34*:'.$%.$'.>*7386$#>3(*'"#C.$3'$=8* #$?.6(/>*.*$-$'/>"@'(C*8,3$%.$*73:$B;6.8-(C*73:$:'"6:8'(C*'"*3$#>,6BD*%"@#"*%$,/83"*.'%/(/>M 6B.*3:A#8-(6F*.*%"C83:A#8-(6F*#8*78:.8C>*E@.%,.$=8*M2N*HOP4*<$=>&D*-(#"/,8-A*73:$#%/"-.8'8* 3J-'.$K*-*>)*2$2*&()='?2,()*'@)(,(%$!4= ?,A%&!,*LU.'.%/$3%/-8*V.'"'%J-*0122"I*%4*2hQ4*G(C.$3M '(C*6$@$C*3$=>&(*E(&"E(*%/"E.@.:"6B"*%"@#"*'8C.'"@'$=8*L-*;3$#'.C*8,3$%.$I*73:(*:"&8K$'.>*%(C$M /3(6:'(6F*6(,@.*,8'.>',/>3"@'(6FI*/8K%"C"*:$*%/"E.@.:"6BA*%"@#"*%/3>,/>3"@'$=8Q*'"*78:.8C.$*/:-4* ;3$#'.88,3$%8-$=8*6$@>*E>#K$/8-$=8*L"'=4*=*:)0='&*#='$18*3&)B*;'Uj^QI*,/J3$*%/"'8-.*C.'.C>C* -(C"="'$*73:$:*c'.D*S>387$B%,A*#@"*,3"BJ-*%/3$?(*$>384*W@"*783J-'"'."*-*H8@%6$*B$%/*/8*M2N*HOP4* 5"'.C*B$#'",*3$=>&"*-$B#:.$*-*K(6.$I*C>%.*:8%/"a*8,3$;@8'"*B$B*?83C>&"*.*-"3/8;6.*7"3"C$/3J-4**** *[&J-'(C*6$@$C*73:$#%/"-.8'$B*-*"3/(,>@$*"'"@.:(*E(&8*#8E3"'.$*87/(C"@'(6F*-"3/8;6.*7"3"M C$/3J-*>'.-$3%"@'$B*3$=>&(*-(#"/,8-$B*k*/",.$BI*,/J3"*C8=&"E(*8E8-.A:(-"a*-*,"K#(C*7"`%/-.$* #AKA6(C*#8*8=3"'.6:$'."*-:38%/>*-(#"/,J-*.*%/"E.@.:"6B.*%"@#"*'8C.'"@'$=8*-*;3$#'.C*8,3$%.$4* ^/3:(C"'$*-('.,.*C8=A*78CJ6*:-&"%:6:"*-*,8'%/3>,6B.*/3-"&$B*3$=>&(*-(#"/,8-$B*#@"*H8@%,.4** *_%/'.$BA*#-"*78#%/"-8-$*%78%8E(*78%:>,.-"'."*38:-.A:"`*-*:",3$%.$*78@./(,.*=8%78#"36:$BI* -*/(C*38:-.A:"`*8#'8%:A6(6F*%.D*#8*3$=>&(*?.%,"@'$B4*H.$3-%:(*78@$="*'"*"'"@.:.$*38:-.A:"`*%/8M %8-"'(6F*-*3JK'(6F*,3"B"6F4*W3>=.*78@$="*'"*%(C>@"6B"6F*.*"'"@.:"6F*C8#$@8-(6F*%6$'"3.>%:(* :"*78C86A*738=3"CJ-*,8C7>/$38-(6F4*O"K#(*%78%JE*C"*%-8B$*-"#(*.*:"@$/(4*G*-('.,>*:"%/8M %8-"'."*"'"@.:(*C8#$@.*C8K'"*8/3:(C"a*-'.8%,.*'.$:=8#'$*:*3:$6:(-.%/8;6.AI*:*78-8#>*73:(BDM /(6F*:"&8K$`*.*>738%:6:$`4*H8:"*/(C*'.$*,"K#$*38:-.A:"'.$*C8K'"*:"%/8%8-"a*-*73",/(6$4*H8'"#/8* 7$-'$*"%7$,/(*3$=>&(I*:-&"%:6:"*.'%/(/>6B8'"@'$I*/3>#'8*"'"@.:8-"a*.@8;6.8-84*W:.D,.*C8#$@8C* C8K'"*B$#'",*73:$/$%/8-"a*38:-.A:"'."*'.$%/8%8-"'$*-6:$;'.$B4*
*G* ,8'/$,;6.$* "'"@.:* .@8;6.8-(6FI* "* -* %:6:$=J@'8;6.* 87/(C"@.:"6B.* 3$=>&* ?.%,"@'(6FI* -"3/8* :-3J6.a*>-"=D*'"*"3/(,>&*C5$)3*'$.'&5*'$/&)=0='.)%3,2'#02*'D'&5*'2$(-'#0('/*#%/*3&)B**LU"6,.$-.6:* 011fQ4*XE%/3"F8-"'8*-*'.C*8#*-"F"`*-('.,"BA6(6F*:*6(,@>*,8'.>',/>3"@'$=8*L%/A#*7$3%7$,/(M -"*#&>=88,3$%8-"*-*/(/>@$QI*-.D6*#8*87/(C"@'(6F*-('.,J-*'"@$K"&8*C4.'4*>/3:(C(-"'.$*#$?.6(M />*@>E*/$C7"*-:38%/>*-(#"/,J-*'"*%/"&(C*78:.8C.$4*G*3:$6:(-.%/8;6.*3$=>&(*'.$*C8=A*E(a*:E(/* 738%/$I*=#(K*-/$#(*'.$*3$"=>BA*-(%/"36:"BA68*$@"%/(6:'.$*'"*-"F"'."*,8'.>',/>3(*.*/$C7"*-:38M %/>*738#>,/>*78/$'6B"@'$=84*W8E3"*3$=>&"*C>%.*C.$a*-.$@$I*6:"%$C*%,8C7@.,8-"'(6FI*$@$C$'/J-I* C4.'4)*#$?@"/83I*,@">:>@$*-(B;6."*.*C$6F"'.:C*,83(=>BA6(4*H8-.''"*/$K*>-:=@D#'."a*,"/$=83.$*-* >BD6.>*%/3>,/>3"@'(C*.*@>,D*738#>,/8-A4*^73J6:*/$=8*#(%,>%(B'$*-(#"B$*%.D*73:(BD6.$*,3(/$3.>C* 78@./(6:'$=8I*,/J3$=8*%/8%8-"'.$*%738-"#:"*%.D*#8*-(=3"'."*-(E83J-I*73:$:*68*:-.D,%:"*#$?.6(/* 78'"#*78:.8C*-('.,"BA6(*:$*%78&$6:'$=8*87/.C>C4*j(C6:"%$C*3$=>&(*C"BA*-&";'.$*8=3"'.6:(a* /$=8*/(7>*78,>%D*.*>K(/$6:'8;a*#$6(#$'/J-*'.$*78-.''"*E(a*E3"'"*78#*>-"=D*73:(*87/(C"@.:"6B.* 78%/"6.*3$=>&(4*H8-(K%:$*>-"=.I*-('.,"BA6$*3"6:$B*:*73",/(6:'$=8*78#$B;6."*#8*/$C"/>I*'.$*:C.$M '."BA*?",/>I*K$*8C"-."'(*"3/(,>&*%/"'8-.*E"3#:8*-"K'(*7>',/*8#'.$%.$'."*#@"*'.'.$B%:$=8*/$,%/>4 *R83":*-.D,%:$=8*:'"6:$'."*'"E.$3"*C8#$@8-"'.$*3$=>&*-*3"C"6F*C8#$@.*#('"C.6:'$B*%/86F"M %/(6:'$B*3J-'8-"=.*8=J@'$B*LWY[SQ4*U"3"//.'*.*U"3:8*L011lQ*:E>#8-"@.*'8-8,$('$%8-%,.*C8#$@* WY[SI*:"*78C86A*,/J3$=8*"'"@.:8-"@.*?>',6B8'8-"'.$*3$=>&*-*=8%78#"36$*78##"-"'$B*@.6:'(C* :",&J6$'.8C4*5"8E%$3-8-"@.I*K$*/8I*6:(*78-.''8*%.D*#AK(a*#8*8%.A='.D6."*#86$@8-$B*-"3/8;6.*#&>M =>*6:(*#$?.6(/>I*:"@$K(*8#*3$",6B.*78@./(,.*C8'$/"3'$B*'"*:C."'D*738#>,/>4*5*,8@$.*O3$C$3*L011+Q* #8%:&"*#8*-'.8%,>I*K$*86$'"*3$=>&(I*"*/",K$*B$B*-7&(-*'"*78@./(,D*C8'$/"3'A*:"@$KA*8#*/$=8I*6:(* -(3"K"*%.D*=&J-'.$*-*:C."'"6F*-(#"/,J-*6:(*-*%/"-,"6F*78#"/,8-(6F4
G7&(-*3$=>&*'"*%?$3D*3$"@'A*=8%78#"3,.*C8K'"*"'"@.:8-"a*-*%:$3%:(C*,8'/$,;6.$*m*8##:."M &(-"'."*78@./(,.*?.%,"@'$B*'"*=8%78#"3,D4*j8*8##:."&(-"'.$*B$%/*8#:-.$36.$#@8'$*73:$:*/:-4*C'8KM '.,*?.%,"@'(*m*.@83":*73:(38%/>*738#>,/>*#8*73:(38%/>*-(#"/,J-*7>E@.6:'(6F*L-*78#38:#:."@$*f4+* '.'.$B%:$=8*"3/(,>&>*B$%/*8'*B$#'",*8,3$;@8'(*B",8*-7&(-*%"@#"*%/3>,/>3"@'$=8*'"*@>,D*738#>,/8M -AQ4*G;3J#*'">,8-6J-*'.$*C"*B$#'",*:=8#(*68*#8*-"3/8;6.*/$=8*-%,"b'.,"4*H3:(,&"#8-8I*P@"'M 6F"3#*.*H$38//.*L0110Q*'"*78#%/"-.$*C8#$@>*nX<*:"8E%$3-8-"@.*78:(/(-'(*-7&(-*-(#"/,J-*7>M E@.6:'(6F*'"*738#>,/*-*Y/"'"6F*5B$#'86:8'(6F*83":*'$="/(-'(*-7&(-*#86F8#J-4*i$#'86:$;'.$* 78,":"@.I* K$* -(#"/,.* 7>E@.6:'$* 78-8#>BA* F"C8-"'.$* 73(-"/'(6F* -(#"/,J-* .'-$%/(6(B'(6F4* 5*,8@$.*X>$3E"6F*.*[838#'.6F$',8*L0120Q*:"*78C86A*73:$&A6:'.,8-$=8*C8#$@>*YnX<I*>:"@$K'.M @.*-.$@,8;a*C'8K'.,J-*?.%,"@'(6F*8#*?":(*6(,@>*,8'.>',/>3"@'$=84*H8,":"@.I*K$*78@./(,"*?.%,"@'"* B$%/*%,>/$6:'.$B%:"*78#6:"%*3$6$%B.*'.K*$,%7"'%B.4*^%:"68-"@.*3J-'.$K*C'8K'.,.*?.%,"@'$*#@"*3JKM '(6F*,"/$=83..*-(#"/,J-4*^6$'"*-7&(->*#:."&"`*?.%,"@'(6F*'.$*/(@,8*78#*,A/$C*.6F*%,"@.I*"@$*/$K* %/3>,/>3(*/8*8E$6'.$*683":*E"3#:.$B*787>@"3'(*'>3/*-*@./$3"/>3:$4
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
DA,E497*+/9/-&9(1,.1345,F;7&'9$*G,-,-$H.&9$*G,7.&+&*G
<$=>&"*?.%,"@'"*/8*/3-"&$*8=3"'.6:$'.$*'"&8K8'$*'"*-(E3"'A*:C.$''A*#8/(6:A6A*78@./(,.*?.%,"@M '$BI*,/J3$*C"*78CJ6*-*8%.A='.D6.>*%/"E.@'8;6.*?.'"'%J-*7>E@.6:'(6F4*!"B6:D;6.$B*8=3"'.6:"'(*B$%/* %/8%>'$,* #&>=>* 7>E@.6:'$=8* #8* HOPI* %/8%>'$,* %"@#"* '8C.'"@'$=8* EA#b* %/3>,/>3"@'$=8* #8* HOPI* "*/",K$*/$C78*-:38%/>*-(#"/,J-4*G.$@,8;a*#"'$B*:C.$''$B*'.$*C8K$*73:$,386:(a*"@E8*8,3$;@8'$BI* %/"&$B*-"3/8;6.I*"@E8*-"3/8;6.*-('.,"BA6$B*:$*-%,"b'.,"I*,/J3(C*B$%/*'74*;3$#'."*73:$%:&(6F*@>E* 738='8:8-"'(6F*-"3/8;6.*:C.$''$B4*<$=>&(*3JK'.A*%.D*>C868-"'.$C*73"-'(CI*%$,/83$CI*,/J3$=8* #8/(6:AI*%78%8E$C*,83$,/(*8#6F(@$`*8#*#87>%:6:"@'(6F*78:.8CJ-I*C$6F"'.:C$C*C8'./838-"M '."*.*-(C>%:"'."*%/8%8-"'."*3$=>&(I*"*/",K$*,@">:>@"C.*-(B;6."4 *5* 78-8#>* ,8'.$6:'8;6.* -:C86'.$'."* #(%6(7@.'(* ?.%,"@'$B* -* -.$@>* 7"`%/-"6F* 3$=>&(* ?.M %,"@'$* %/"-"&(* %.D* 683":* E"3#:.$B* 78-%:$6F'$4* G* 3"7836.$* UVG* L_UV* 011lI* %4* om22Q* %/-.$3#:"* %.D*-(%/D78-"'.$*3$=>&*"K*-*p1*,3"B"6F4*R:D;a*:*'.6F*%/"'8-.*B$#'",**:8E8-.A:"'.$*-('.,"BA6$* :* >6:$%/'.6/-"* #"'$=8* ,3"B>* -$* -%7J@'86.$* 7"`%/-4* <$=>&(* -(&A6:'.$* ,3"B8-$* E(&(* %/8%8-"'$* -*fh*7"`%/-"6F4*W@"*783J-'"'."*-*2ll1*34*3$=>&(*?>',6B8'8-"&(*:"@$#-.$*-*%.$#C.>*,3"B"6F4*R83":* 6:D;6.$B*:"C."%/*78B$#('6:$B*3$=>&(*-738-"#:"*%.D*.6F*,8CE.'"6B$4*G*'.'.$B%:(C*"3/(,>@$*%,>7.8'8* %.D*'"*3$=>@$*-(#"/,8-$BI*#@"/$=8*-"3/8*:-3J6.a*>-"=D*'"*-:38%/*B$B*:'"6:$'."4*^*.@$*-*2lll*34*/(@,8* #:.$%.Da*7"`%/-*%/8%8-"&8*3$=>&D*-(#"/,8-AI*8*/(@$*-*011l*34*/",.6F*7"`%/-*E(&8*"K*0f4* *H8'.K$B*:8%/"&(*73:$#%/"-.8'$*3$=>&(*?>',6B8'>BA6$*-*%.$#C.>*7"`%/-"6F*$>387$B%,.6F4*G(M EJ3*:8%/"&*78#(,/8-"'(*B",8;6.A*.*83(=.'"@'8;6.A*3$=>&I*"*/",K$*#8%/D7$C*#8*C"/$3."&J-*-*BD:(,>* "'=.$@%,.C*'"*.6F*/$C"/4**j3:(*:*/(6F*7"`%/-)*Y:-"B6"3."I*!.$C6(*.*X>%/3."I*%/8%>BA*@>E*:"C.$3:"M BA*-738-"#:.a*'8-"/83%,.$*38:-.A:"'."*-*:",3$%.$*C$6F"'.:C>*,83(=>BA6$=8*3$=>&D4**j$*38:-.AM:"'."I*8,3$;@"'$*3J-'.$K*C."'$C*F"C>@6"*:"#&>K$'.8-$=8I*87.$3"BA*%-8B$*#:."&"'.$*'"*,8'/"6F)* -(3J-'"-6:(CI*"C83/(:>BA6(C*83":*,8'/38@'(CI*,/J3$*C8=&(E(*:8%/"a*-738-"#:8'$*3J-'.$K* -*H8@%6$4*5*,8@$.*-*Y:-$6B.I*V.'@"'#..*.*\8@"'#..*%/8%>B$*%.D*@.C./(*-(#"/,8-$)*>%/"@"'$*,386:A68* EA#b*'"*6"&A*,"#$'6BD*3:A#>4*G*K"#'(C*:*/(6F*/3:$6F*7"`%/-*@.C./(*'.$*%A*-(:'"6:"'$*:"*78C8M 6A*?83C>&(I*"@$*87.%"'8*B$I*78'.$-"K*%/8%8-"'$*38:-.A:"'."*?.%,"@'$*C"BA*-(BA/,8-8*E8="/A*F.M %/83.D*.*%A*73:$B3:(;6.$*73$:$'/8-"'$4*W8#"/,8-8*'"*%:6:$=J@'A*>-"=DI*:$*-:=@D#>*'"*83(=.'"@'A* ?83C>&D*8,3$;@"'."*@.C./>*-(#"/,J-I*:"%&>=>B$*3$=>&"*-738-"#:8'"*-*Y&8-$'..4
2.1. Szwajcaria
H8#6:"%*7@"'8-"'."*E>#K$/>*'"*011h*34*Y:-"B6"3."*73:(BD&"*3$=>&DI*-*,/J3$B*#87>%:6:"@'(*78:.8C* -(#"/,J-* 78#%$,/83"* 6$'/3"@'$=8* B$%/* .@86:('$C* 738='8:8-"'(6F* #86F8#J-* .* -%7J&6:(''.,"* ,8'.>',/>3()**!
"
!
1"
1 1 1 _ + + + + = t t t t t t PKB E Ind Dn E Wn L _Wn L =#:.$) 1 _Wnt+ L k*C",%(C"@'"*,-8/"*L@.C./Q*-(#"/,J-*'8C.'"@'(6F*-*38,>*t+1I +!
t 1"
t Dn E Ind k*738='8:8-"'$*-*38,> t*#86F8#(*'8C.'"@'$*:*38,>*t+1I PKB E +1 t Ind k**-%,"b'.,* ;3$#'.88,3$%8-$=8* 3$"@'$=8* /$C7"* -:38%/>* HOPZ* -* 73:$6.-.$`%/-.$* #8* -%,"b'.,"*:"73$:$'/8-"'$=8*-*38:#:."@$*+*8E@.6:"'(*B$%/*B",8*/3$'#*HOP*73:(*>K(6.>* :C8#(?.,8-"'$=8*?.@/3"*\8#3.6,"*.*H3$%68//"I ! 1" + t t PKB E k*738='8:8-"'(*-*38,>*t*738#>,/*,3"B8-(*E3>//8*Y:-"B6"3..I*:*38,>*t+14 W8#"/,8-8* #87>%:6:"@'(* 78:.8C* -(#"/,J-* B$%/* 78##"-"'(* ,83$,6.$* -('.,"BA6$B* :$* %/"M '>*#-J6F*,8'/)*-(3J-'"-6:$=8*.*"C83/(:>BA6$=84*!"*,8'6.$*-(3J-'"-6:(C*,>C>@>BA*%.D*8#M 6F(@$'."*LE$:*>-:=@D#'."'."*:C."'(*-"3/8;6.*7.$'.A#:"*-*6:"%.$Q*:3$"@.:8-"'(6F*-(#"/,J-*8#* 8%.A='.D/(6F*#86F8#J-*.*-%7J&6:(''.,"*,8'.>',/>3(4*G*73:(7"#,>*%/-.$3#:$'."*'.$#8E83>*'"* ,8'6.$*-(3J-'"-6:(C*73:$,3"6:"BA6$=8*9N*-(#"/,J-*:*7873:$#'.$=8*38,>*3JK'.6"*C.D#:(*'.$M #8E83$C*"*8-(C.*9N*C>%.*E(a*>%>'.D/"*-*6.A=>*/3:$6F*,8@$B'(6F*@"/*E>#K$/8-(6F4*5*,8@$.*'"* ,8'6.$*"C83/(:>BA6(C*78B"-."BA*%.D*:"7.%(*-(#"/,J-*.*#86F8#J-*:3$"@.:8-"'(6F*-*'"#:-(6:"BM '(6F*8,8@.6:'8;6."6FI*C4.'4*-('.,"BA6(6F*:*:-.D,%:$'."*C"BA/,>*'$//8*7"`%/-"4*!.$#8EJ3*'"*,8'M 6.$*"C83/(:>BA6(C*-*7873:$#'.C*38,>*E>#K$/8-(C*78-.'.$'*:8%/"a*>%>'.D/(*-*6.A=>*%:$;6.>* ,8@$B'(6F*@"/*E>#K$/8-(6F4* *!"* /@$* .''(6F* 7"`%/-* %:-"B6"3%,"* 3$=>&"* -(3JK'."* %.D* %.@'(C* >C868-"'.$C* 73"-'(C4* i$B* :"%"#(*:8%/"&(*:"7.%"'$*-*,8'%/(/>6B.*.*>%/"-.$*E>#K$/8-$BI*"*%"C"*3$=>&"*:8%/"&"*73:$=&8%8-"'"* -*3$?$3$'#>C4*<$=>&"*78##"-"'"*B$%/*73:$=@A#8C*.*'8-$@.:"6B8CI*#:.D,.*6:$C>*C8K$*E(a*%/"@$* >@$7%:"'"4*W8/(6F6:"%*8,":"&"*%.D*%,>/$6:'"I*68*:'"@":&8*8#:-.$36.$#@$'.$*-*8E'.K$'.>*%.D*>#:."M &>*:"#&>K$'."*-*HOP4*GA/7@.-8;6.*C8K$*B$#'",*E>#:.a*'.$%73$6(:8-"'.$*-(%8,8;6.*C.'.C"@'$B* 386:'$B*,83$,/(*'.$#8E83>*'"*,8'6.$*-(3J-'"-6:(C4*H86.A="*/8*:"*%8EA*3(:(,8*8#,&"#"'."*6.Da* '"*73:(%:&8;aI*8E"36:"'."*'.C.*,8@$B'(6F*3:A#J-4*^73J6:*/$=8*3$=>&"*'.$*8E$BC>B$*6"&$=8*%$,/83"* .'%/(/>6B.*3:A#8-(6F*.*%"C83:A#8-(6FI*@$6:*B$#('.$*78#%$,/83*6$'/3"@'(4**G"3/8*:-3J6.a*>-"=D*'"*38:E>#8-"'(*7386$%*,8'%>@/"6B.*%78&$6:'(6F*-*Y:-"B6"3..I*7873:$M #:"BA6(6F* -738-"#:$'.$* 3$=>&(4* 5* B$#'$B* %/38'(* #8E3:$* ;-."#6:(* /8* 8* #."@8=>* C.D#:(* 3:A#$C* "q8E(-"/$@"C.4*5*#3>=.$B*%/38'(*8#*C8C$'/>*38:786:D6."*,8'%>@/"6B.*#8*?",/(6:'$=8*:"%/8%8-"'."* 3$=>&(*-*7386$%.$*E>#K$/8-"'."*C.'D&8*"K*8%.$C*@"/4*
DADA,I(1%*$
^#*0122*34*-*!.$C6:$6F*8E8-.A:>B$*3$=>&"*%"@#"*%/3>,/>3"@'$=84*W86$@8-8I*78*8,3$%.$*73:$B;6.8M -(CI*#$?.6(/*%/3>,/>3"@'(*78#%$,/83"*6$'/3"@'$=8*8#*0129*34*C"*'.$*73:$,3"6:"a*1IhfN*'8C.'"@M '$=8*HOPI*"*78#%$,/83*@8,"@'(*'.$*78-.'.$'*-(,":(-"a*#$?.6(/>*%/3>,/>3"@'$=8*8#*0101*34*!.$M -(,@>6:8'$*B$%/*%,3J6$'.$*8,3$%>*73:$B;6.8-$=84*!"*,8'6.$*,8'/38@'(C*ED#A*,>C>@8-"&(*%.D*8#M 6F(@$'."*?",/(6:'(6F*-"3/8;6.*%"@#"*'8C.'"@'$=8*8#*-.$@,8;6.*8,3$;@8'$B*:"*78C86A*'"%/D7>BA6$B* ?83C>&(*L-%:(%/,.$*:C.$''$*#@"*/$=8*%"C$=8*38,>Q)* = + _ + + + + + _!
"
!
"
_ 1 1 1 1 * 1 0,35% t s luka t t t t t t PKB E stf E luka el K Sn * Sn • • =#:.$) t 1 + * 1 t Sn stf k*C.'.C"@'(*@.C./*%"@#"*'8C.'"@'$=8*78#%$,/83"*6$'/3"@'$=8*-*38,>*t+1I* luka stf k*%"@#8*/3"'%",6B.*?.'"'%8-(6FI luka els k*'8C.'"@'(*78:.8C*@>,.*787(/8-$BI el luka s k*$@"%/(6:'8;a*%"@#"*-:=@D#$C*@>,.I* K k**%,&"#'.,*,83$,/(*-('.,"BA6(*:*73:$,386:$'."*2N*HOP*73:$:*8#6F(@$'."*%,>C>@8-"'$*'"* ,8'6.$*,8'/38@'(C4* H8KA#"'(*78:.8C*%"@#"*8,3$;@"'(*B$%/*73:(*>K(6.>*738='8:I*"@$*8#6F(@$'."*@.6:A*%.D*B>K*8#*B$M =8*-"3/8;6.*:-$3(?.,8-"'$B*ex post4*5=8#'.$*:q,8'%/(/>6BAI*B$;@.*>B$C'"*-"3/8;a*,8'/"*,8'/38@'$M =8*73:$,386:(*2IfN*'8C.'"@'$=8*HOPI*/8*-*'"%/D7'(C*38,>I*8*.@$*738='8:8-"'(*B$%/*-:38%/*@>,.* 787(/8-$BI*#8@'"*=3"'.6"*%"@#"*C>%.*-:38%'AaI*C",%(C"@'.$*8*1IhfN*HOP4*W@"*:-.D,%:$'."*E$:M 7.$6:$`%/-"*73J=*/$'*8E'.K8'8*#8*2N4*G*73:$6.-.$`%/-.$*#8*Y:-"B6"3..*3$=>&"*-*!.$C6:$6F*B$%/* #87.$38*-#3"K"'"*.*/3>#'8*86$'.a*B$B*$?$,/(-'8;a4*cC868-"'.$*73"-'$*3$=>&(*B$%/*B$#'",*%.@'$I* "*B$B*:'"6:$'.$*#8#"/,8-8*-:C"6'."*78-8&"'.$*3"#(*?.%,"@'$B*LY/"E.@./r/%3"/QI*#8*,/J3$B*:"#"`*'"M @$K(*'"#:838-"'.$*-(,8'(-"'."*E>#K$/>*78#%$,/83"*6$'/3"@'$=8*.*B$#'8%/$,*@8,"@'(6F4********************DAJA,K4;#.(&
\"C>@$6*:"#&>K$'.8-(*-*X>%/3..*B$%/*-:838-"'(*'"*3$=>@$*'.$C.$6,.$B4*G$B#:.$*-*K(6.$*-*012o*34* H8#8E'.$* B",* -* !.$C6:$6F* #$?.6(/* %/3>,/>3"@'(* '.$* 78-.'.$'* 73:$,3"6:"a* 1IhfN* HOPI* "@$* >-:=@D#'."*%.D*-*'.C*'.$*/(@,8*78#%$,/83*6$'/3"@'(I*@$6:*3J-'.$K*78#%$,/83*>E$:7.$6:$`*%78&$6:M '(6F4*g.C./*,8'/"*,8'/38@'$=8*-('8%.*'"/8C."%/*2I0fN*HOP4*W3>=.$*,8'/8*,8'/38@'$*:"7@"'8-"'8* #@"*78#%$,/83"*@8,"@'$=8I*:*8#78-.$#'.8*'.K%:(C*@.C./$CI*"@$*#8*/$B*783(*'.$*:"7"#&(*-*/$B*%73"M -.$*8%/"/$6:'$*38:%/3:(='.D6."4*DALA,:)-1*+&
Y:-$6B"*%/"'8-.*#8E3(*73:(,&"#*,3"B>I*-*,/J3(C*8E'.K8'8*#&>=*7>E@.6:'(*'"-$/*-*/3>#'(6F*6:"M %"6F4*j"C/$B%:"*78@./(,"*?.%,"@'"*78#@$="*/3:$C*3$=>&8C)*B$#'87386$'/8-$B*'"#-(K,.*E>#K$/8-$B* %$,/83"*?.'"'%J-*7>E@.6:'(6FI*@.C./>*-(#"/,J-*78#%$,/83"*6$'/3"@'$=8*.*%(%/$C>*$C$3(/"@'$=8* 83":*:3J-'8-"K8'$=8*E>#K$/>*78#%$,/83"*@8,"@'$=84*W8*86$'(*%/87'."*73:$%/3:$="'."*=&J-'$B*3$M =>&(I* #8/(6:A6$B* '"#-(K,.* E>#K$/8-$BI* 3:A#* %/8%>B$* ,.@,"* -%,"b'.,J-4* H3:$-"K'.$* %A* 8'$* ;3$#M '.C.* 3>6F8C(C.* -"3/8;6.* %"@#"* '8C.'"@'$=8* 83":* %/3>,/>3"@'$=8I* :"3J-'8* 86:(%:6:8'$=8I* B",* .*'.$86:(%:6:8'$=8*:*-"F"`*6(,@.6:'(6F4*i",8;a*738-"#:8'$B*78@./(,.*?.%,"@'$B*C8'./83>B$*<"#"* H8@./(,.*V.%,"@'$B4*G"3/8*#8#"aI*K$*:",3$%*-(#"/,J-*8EBD/(6F*@.C./$C*'.$*B$%/*8,3$;@8'(*-*73"-.$4* W8*/$B*783(*E(&8*/8*09*8E%:"3J-*-(#"/,8-(6F*83":*-(#"/,.*78:"E>#K$/8-$*'"*%(%/$C*$C$3(/"@'(4*
DAMA,E(9'&96(&
V.'@"'#."*:-3"6"*>-"=D*6.A=&(C*#8%,8'"@$'.$C*:"%"#*#:."&"'."*@.C./J-I*,/J3$*8#=3(-"BA*=&J-M 'A*38@D*-*78@./(6$*?.%,"@'$B*/$=8*,3"B>4*j$83$/(6:'.$*@.C./(*8E8-.A:(-"&(*B>K*8#*2ll2*34I*"@$*3$M =>&"*/"*'"*786:A/,>*'.$*E(&"*-(%/"36:"BA68*3$%/3(,6(B'"4*^*3$=>@$*sensu stricto*C8K'"*CJ-.a*#8M 7.$38*-*8#'.$%.$'.>*#8*@.C./J-*-(#"/,8-(6F*>%/"@8'(6F*73:$:*3:A#*%73"->BA6(*-&"#:D*-*@"/"6F* 011+m011oI* "* /",K$* @.C./J-* -* @"/"6F* 011pm01224* ^E(#-"* :8%/"&(* :"7.%"'$* -* >C8-.$* ,8"@.6(BM '$B*78*>:=8#'.$'."6F*C.D#:(*7"3/."C.*/-83:A6(C.*3:A#*'"*8,3$%*/3-"'."*,"#$'6B.4*U.C8*E3",>* 78#%/"-(* 73"-'$B* 3:A#(* 73:$%/3:$="&(* /(6F* :8E8-.A:"`4* g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b'.,.*.'?@"6B.*3JKM '.A*%.D*-*:"@$K'8;6.*8#*,"/$=83..*-(#"/,J-I*68*%73"-."I*K$*C$/8#"*#$?@8-"'."*B$%/*#8;a*%,8C7@.M ,8-"'"*.*/",K$*-(-8&>B$*,8'/38-$3%B$4*G73"-#:.$*?.`%,"*3$=>&"*-(#"/,8-"*B$%/*'"*8=J&*#8E3:$* 86$'."'"*-*;38#8-.%,>*'">,8-(C*L7834*'74*O8st6%*0122QI*B$#'",*-(#"/,.*6"&$=8*%$,/83"*.'%/(/>M 6B.*3:A#8-(6F*.*%"C83:A#8-(6F*-6"@$*'.$*38%&(*-8@'.$B*'.K*;3$#'.8*-*c'..*S>387$B%,.$B4*DANA,O/'&96(&
\8@"'#."* C8K$* :* ,8@$.* 786F-"@.a* %.D* E"3#:8* E8="/A* F.%/83.A* 3$=>&* ?.%,"@'(6FI* %/8%8-"'(6F* 8#* 2l+f*34*L7834*P$3'#%$'*0112Q4*i$#$'*:*-"K'(6F*$@$C$'/J-*,3"B8-(6F*3"C*?.%,"@'(6F*%/"'8-.*R$'M /3"@*H@"''.'=*P>3$">4*^E$6'.$*-*\8@"'#..I*78#8E'.$*B",*-*V.'@"'#..I*8E8-.A:>BA*@.C./(*-(#"/,J-* 8,3$;@"'$*:*=J3(*'"*6:/$38@$/'.A*,"#$'6BD*3:A#>I*-*,"/$=83."6F*'8C.'"@'(6F4*!"%/D7'.$*%A*,8'M -$3/8-"'$*'"*,"/$=83.$*3$"@'$*:=8#'.$*:*738='8:"C.*#$?@"/83"*787(/>*-$-'D/3:'$=84*R8*38,>*@.M C./*'"*#"'(*38,*B$%/*78'8-'.$*-(3"K"'(*-*,"/$=83."6F*'8C.'"@'(6F*78*%,83(=8-"'.>*738='8:(*
#$?@"/83"4*i$K$@.*-*@.C.6.$*#8/(6:A6(C*7$-'$=8*C.'.%/$3%/-"*:8%/"'.$*%/-.$3#:8'"*'"#-(K,"*@>E* '.$#8EJ3I*/8*C>%:A*8'$*:8%/"a*38:#(%78'8-"'$*"@E8*78,3(/$*73:$:*/8*%"C8*C.'.%/$3%/-8I*$-$'/>M "@'.$*-*3"C"6F*/$=8*%"C$=8*78#%$,/83"I*"*-*-(BA/,8-(6F*73:(7"#,"6F*-*3"C"6F*6"&$=8*%$,/83"I* '"*,/J3(*:8%/"&*'"&8K8'(*@.C./4*g.C./*8E$BC>B$*/3:(*78#%$,/83(*?.'"'%J-*7>E@.6:'(6F)*6$'/3"@'(I* >E$:7.$6:$`*%78&$6:'(6F*.*86F38'(*:#38-."4*5*3$=>&(*-(&A6:8'$*%A*C4.'4*-(#"/,.*'"*78#%$,/83* @8,"@'(I*'"*8#%$/,.*8#*#&>=>*.*%.@'.$*6(,@.6:'$*:"%.&,.*#@"*E$:38E8/'(6F4*j",*B",*-*73:(7"#,>*@.M C./J-I*3J-'.$K*:C."'(*#(%,3$6B8'"@'$*-*78#"/,"6F*.*%,&"#,"6F*'"*>E$:7.$6:$'.$*%78&$6:'$*%A* >%/"@"'$*:*=J3(*'"*,"#$'6BD*3:A#>4*U.C8*K$*O8C.%B"*S>387$B%,"*E"3#:8*78:(/(-'.$*86$'.&"*3"C(* ?.%,"@'$*-*\8@"'#..I*%/8%>'$,*#&>=>*#8*HOP*-*/(C*,3"B>*-:3J%&*:*+fN*-*011o*34*#8*78'"#*91N* -*011l*34*i$#('.$*6:D;a*/$=8*-:38%/>*C8K'"*>%73"-.$#@.-."a*#:."&"'.$C*">/8C"/(6:'(6F*%/"E.M @.:"/83J-*,8'.>',/>3(*-*6:"%.$*3$6$%B.4*G*,8'%$,-$'6B.I*78#8E'.$*B",*-*V.'@"'#..*@.C./(*'.$*78M :-8@.&(*'"*">/8C"/(6:'A*%/"E.@.:"6BD*:"#&>K$'."4
DAPA,:5/-19(&
<$=>&"*-738-"#:8'"*-*0122*34*-*Y&8-$'..*8E@.6:"'"*B$%/*-$#&>=*'"%/D7>BA6$B*3$=>&()*** = + _ _ _ _ +1 + t!
"
[
!
"
!
"
]
* * 1 1 _Wn E Wn Ind u D D v Sp Sp L t t t t t =#:.$)* +1 t _Wn L!
Wn"
E k*@.C./*-(#"/,J-*'"*38,*t+1I!
Wn"
E t t Ind k*738='8:"*-(#"/,J-*-(,8'"'(6F*-*38,>*tI!
Wn Et Ind D k*%.$#C.8@$/'."*;3$#'."*3>6F8C"*#('"C.,*'8C.'"@'$=8*78/$'6B"@'$=8*HOPI Dt k*>#:."&*#&>=>*%$,/83"*.'%/(/>6B.*3:A#8-(6F*.*%"C83:A#8-(6F*-*HOP*-*38,>*tI D* k*#86$@8-(*>#:."&*#&>=>*%$,/83"*.'%/(/>6B.*3:A#8-(6F*.*%"C83:A#8-(6F*-*HOP*L+1NQI Spt k*>#:."&*%"@#"*7.$3-8/'$=8*%$,/83"*.'%/(/>6B.*3:A#8-(6F*.*%"C83:A#8-(6F*-*HOP*-*38,>*tI Sp* k**#86$@8-(* >#:."&* %"@#"* 7.$3-8/'$=8* %$,/83"* .'%/(/>6B.* 3:A#8-(6F* .* %"C83:A#8-(6F*-*HOP*L1NQI u, v k*7"3"C$/3(*:E.$K'8;6.4** H3:(BD/A*?83C>&D*8CJ-.8'8*-*"3/(,>@$*\.$E$3/"*.*<8%/"='8*L0111Q4*!.$*B$%/*B$#'",*B"%'$I*B"M ,A*C$/8#A*78%&>K(@.*%.D*">/83:(*%&8-$`%,.$B*3$=>&(I*-(E.$3"BA6*-"3/8;6.*7"3"C$/3J-*u i v4*j8I*K$* -*738B$,6B.*%&8-$`%,.$=8*U.'.%/$3%/-"*V.'"'%J-*'"*@"/"*0120m012f*u -"F"*%.D*%.@'.$I*E$:*-(3"bM '$=8*/3$'#>I*-*:",3$%.$*1Ihk1IoI*"*v -*:",3$%.$*1I+k1I9*;-."#6:(*8*78#783:A#,8-"'.>*-"3/8;6.* /(6F*7"3"C$/3J-*.''(C*6$@8CI*68*%/"-."*78#*:'",.$C*:"7(/"'."*%$'%*/$B*?83C>&(4*O8@$B'A*-"#A* %&8-$`%,.6F*38:-.A:"`*B$%/*3(:(,8*7386(,@.6:'8;6.*78@./(,.*?.%,"@'$B4*H8'"#/8*@.C./(*C"BA*E(a*'"M ,&"#"'$*'"*,.@,"*@"/*-*73:J#I*68*>'.$C8K@.-.*'"/(6FC."%/8-A*3$",6BD*'"*73:$,386:$'.$*#86$@8M -(6F*-"3/8;6.I*"*,83$,/(*:*,8'.$6:'8;6.*ED#A*C>%."&(*%.D*87.$3"a*'"*738='8:"6F4**********
DAQA,B9(/;7(,),".)13'864,.1345,F;7&'9$*G
G"K'(C* %,>/,.$C* %/8%8-"'."* @.C./>* -(#"/,J-* B$%/* 38:#:.$@$'.$* #(%,>%B.* '"* /$C"/* 78KA#"'$=8* >#:."&>*7"`%/-"*-*=8%78#"36$*8#*#(%,>%B.*8*:'"6:$'.>*78%:6:$=J@'(6F*-(#"/,J-4*W$6(:B"*8*-(M %8,8;6.*@.C./>*B$%/*E8-.$C*78#$BC8-"'"*'"B7.$3-I*"*'"%/D7'.$*B$%/*8'*38:#(%78'8-"'(*78C.D#:(* ,"/$=83.$*-(#"/,8-$4**** *Y,>/$6:'8;a* 3$=>&* -* 3JK'(C* %/87'.>* :"@$K(* 8#* /3"?'8;6.* 738='8:* .'?@"6B.4* g.C./* -(#"/,J-* -*Y&8-$'..*#8/(6:(*-"3/8;6.*'8C.'"@'(6FI*68*8:'"6:"I*K$*$-$'/>"@'(*-:38%/*.'?@"6B.*-*6.A=>*38M ,>*-(-8&"*7387836B8'"@'$*8E'.K$'.$*@.C./>*-*,"/$=83."6F*3$"@'(6F4*H8#8E'.$*B$%/*-*Y:-$6B.I*V.'M @"'#..*.*\8@"'#..4*5*,8@$.*-*Y:-"B6"3..*.*!.$C6:$6F*38:7"/3>B$*%.D*-(#"/,.*-:=@D#$C*#86F8#J-* EA#b*%"@#8*-:=@D#$C*HOP4*_'?@"6B"*C"*-.D6*/"C*C'.$B%:$*:'"6:$'.$I*=#(K*B$#'86:$;'.$*78#'8%.* .*@.6:'.,I*.*C."'8-'.,*>&"C,"I*,/J3(C*B$%/*-.$@,8;a*#86$@8-"4 G"3/8*-:838-"a*%.D*'"*?.`%,.$B*.*F8@$'#$3%,.$B*73:$B3:(%/8;6.I*"@$*73:(,&"#(*/(6F*,3"BJ-*-%,"M :>BA*'"*,8'.$6:'8;a*873"68-"'."*'>C$3(6:'$B*3$=>&(*?.%,"@'$BI*-$#&>=*,/J3$B*78-.''(*E(a*>%/"@"M '$*@.C./(*-(#"/,8-$4*S-$'/>"@'.$*@.C./(*78-.''"*-%7.$3"a*3$=>&"*%"@#"I*68*C"*C.$B%6$*-*Y:-$M 6B.4*!"*3":.$*/3>#'8*B$#'8:'"6:'.$*86$'.a*%,>/$6:'8;a*C$6F"'.:CJ-*,83(=>BA6(6F*-*Y:-"B6"3..* .*!.$C6:$6FI*78'.$-"K*#8/(6F6:"%*'.$*-(%/A7.&"*/"C*78/3:$E"*78,3(6."*'.$#8E83>4*U8K'"*B$#'",* 73:(7>%:6:"aI*K$*/",.*C$6F"'.:C*3J-'.$K*B$%/*'.$8#:8-'(I*B$K$@.*7"`%/->*:"@$K(*'"*%/"E.@.:"6B.* %"@#"*E>#K$/8-$=8*.*m*-*,8'%$,-$'6B.*k*'"*%/"E.@'(C*78:.8C.$*#&>=>4********_''A* ,-$%/.A* B$%/* /8I* B",* #&>=8* 87.%"'$* 3$=>&(* 78:8%/"'A* -* '.$:C.$'.8'$B* 78%/"6.4* G$B;6.$* -* K(6.$* 7",/>* ?.%,"@'$=8* '"&8K(* '"* 8C"-."'$* ,3"B$I* 873J6:* Y:-"B6"3..I* C4.'4* 8E8-.A:$,* >/3:(M C"'."* 8,3$;@8'$=8* 78:.8C>* %"@#"* %/3>,/>3"@'$=8* .'%/(/>6B.* 3:A#8-(6F* .* %"C83:A#8-(6F* 83":* -738-"#:$'."* C$6F"'.:C>* ,83(=>BA6$=8* -* -(:'"6:8'(C* 6:"%.$* '"#C.$3'$* 8#6F(@$'."4* G*!.$C6:$6F*738E@$C$C*C8K$*%.D*-/$#(*8,":"a*C",%(C"@'"*-(%8,8;a*,83$,/(*%"@#"I*78/$'6B"@M '.$*'.$-(%/"36:"BA6"*#8*>%>'.D6."*8#6F(@$`*-*-(:'"6:8'(C*/$3C.'.$4*<$=>&"*%&8-$`%,"*3J-'.$K* '.$*B$%/*#8*,8`6"*%7JB'"*:*78%/"'8-.$'."C.*7",/>I*C4.'4*8#'8%.*%.D*#8*%"@#"*'8C.'"@'$=8I*"*'.$* %/3>,/>3"@'$=84*G*Y:-$6B.I*V.'@"'#..*.*\8@"'#..*E3",>B$*:";*C$6F"'.:CJ-*,83(=>BA6(6F4
JA,R/#$*G*)&;/-1,S497*+/9/-&9(1,.1345,-,T/';*1
H8/3:$E"*-738-"#:$'."*'8-$B*3$=>&(*?.%,"@'$B*-*H8@%6$*B$%/*78#(,/8-"'"*'.$#8%,8'"&8;6.A*8E8-.A:>BAM 6(6F*3$=>&4*W8*'"B-"K'.$B%:(6F*3$=>&*:"@.6:"BA*%.D*73:$#$*-%:(%/,.C*/3:(*738=.*:"#&>K$'.8-$*.*/(C6:"M %8-"*3$=>&"*#(%6(7@.'>BA6"I*,/J3"*78*3":*7.$3-%:(*:'"@":&"*:"%/8%8-"'.$*-*>%/"-.$*E>#K$/8-$B*'"* 0122*34*G*H8@%6$*E(&(*/$K*3$=>&(*8E8-.A:>BA6$*-*/3",6.$*,"#$'6B.*78%:6:$=J@'(6F*3:A#J-I*/:-4*3$=>&"*P$@,.I* "* 7Jb'.$B* ,8/-.6"* E>#K$/8-"4* O.@,"* 3$=>&* :8%/"&8* '"&8K8'(6F* '"* B$#'8%/,.* %"C83:A#>* /$3(/83."@'$=8* LiYjQI*"*'8-$*3$%/3(,6B$*%A*-6.AK*7@"'8-"'$4*j$C"/*3$=>&*iYj*-(,3"6:"*B$#'",*78:"*:",3$%*/$=8*"3/(,>&>4*JA@A,?(%(#$,65434
^E$6'.$* '"B-"K'.$B%:A* 3$=>&A* ?.%,"@'A* 8E8-.A:>BA6A* -* H8@%6$* %A* @.C./(* #&>=>* 7>E@.6:'$=84* H8#%/"-8-(* :"7.%* 3$=>&(* -* O8'%/(/>6B.* <H* E3:C.)* E)*' !$2($' ",3)9-,F' /$<43"*6' 201' 0:")*2,F'
-!,#,(38)')'/$#G3"*A'.)(,(%$!435;'!'(,%&G/%&!)*'6&+#435'/,A%&!$!4':H0-'/012)3"(4'/#"*6#$3"4'IJK' !,#&$73)'#$3"(*-$'?LM4*W:.D,.*:"7.%8-.*-*O8'%/(/>6B.*3$=>&"*C"*%.@'$*>C868-"'.$*73"-'$4*!"@$M K(*/$K*:":'"6:(aI*K$*3$=>&"*,8'%/(/>6(B'"*'.$*78#"B$*,8'%$,-$'6B.*73:$,386:$'."*738=>*91N*HOPI* "@$*/$83$/(6:'.$*L73:(*73",/(6:'.$*'.$C8K@.-(C*#8*%7$&'.$'."*:"&8K$'.>*#8%,8'"&(6F*738='8:* .*E3",>*-"F"`*,>3%>*-"@>/8-$=8Q*'.$*#87>%:6:"*#8*B$=8*73:$,386:$'."4*
O8@$B'A* 3$=>@"6BA* B$%/* >%/"-"* 8* ?.'"'%"6F* 7>E@.6:'(6F4* G(3JK'.8'8* -* '.$B* /3:(* 738=.* 8%/38KM '8;6.8-$* .* 87.%"'8* ,8'%$,-$'6B$* 73:$,386:$'."* ,"K#$=8* :* '.6F4* i$;@.* 3$@"6B"* 7"`%/-8-$=8* #&>M =>* 7>E@.6:'$=8* L@.6:8'$=8* -=* ,3"B8-$B* C$/8#(,.Q* #8* HOP* -('8%.* 8#* f1N* #8* ffNI* /8* -* E>#K$M 6.$*'"*73:(%:&(*38,*'.$*C8K'"*7@"'8-"a*-:38%/>*3$@"6B.*#$?.6(/>*#8*#86F8#J-*E>#K$/>*7"`%/-"4* G* %(/>"6B.* 73:$,386:$'."* -* 38,>*t* 738=>* ffNI* '.$* C8K'"* C4.'4* 7@"'8-"a* #$?.6(/>* E>#K$/8-$M go na rok t+2* "@E8* -8@'8* :"7@"'8-"a* #$?.6(/* :"7$-'."BA6(* %7"#$,* 3$@"6B.* #&>=>* Y,"3E>* H"`M %/-"* #8* HOP* -* 783J-'"'.>* :* 38,.$C*t+14* H8'"#/8* :"C38K8'$* :8%/"BA* -('"=38#:$'."* -* %?$3:$* E>#K$/8-$BI* "* 3$'/(* .* $C$3(/>3(* -* 38,>*t+2* '.$* C8=A* 38%'Aa* %:(E6.$B* '.K* -%,"b'.,* RH_* :* 38,>*
t+14*^73J6:*/$=8*#$?.6(/*iYj*'.$*C8K$*73:$,386:(a*%>C(*'"#-(K,.*E>#K$/8-$B*:*@"/*>E.$=&(6FI*-8@M '(6F*;38#,J-*83":*,-8/(*:-.A:"'$B*:*3$"@.:"6BA*:"#"`*:$*;38#,J-*78C868-(6F*cS4*j3:$6.*73J=I* ,/J3$=8*:=8#'.$*:**O8'%/(/>6BA*'.$*C8K'"*73:$,386:(aI*-('8%.*91N*HOP4*i$K$@.*/",*%.D*B$#'",*%/"'.$I* /8*%/8%8-"'$*%A*7386$#>3(*8#'8%:A6$*%.D*#8*#3>=.$=8*738=>I*"*78'"#/8*B$#'8%/,.*%$,/83"*?.'"'%J-* 7>E@.6:'(6F*'.$*C8=A*>#:.$@"a*'8-(6F*=-"3"'6B.*.*783D6:$`I*"*iYj*k*7@"'8-"a*#$?.6(/>*'"*38,*t+2. G*>%/"-.$*:"7.%"'8*3J-'.$K*,@">:>@$*-(B;6.")*%/"'*-8B$''(*@>E*%/"'*-(BA/,8-(*"@E8*,@D%,.*K(M -.8&8-$B*'"*6"&(C*/$3(/83.>C*<H4*Y&"E8;6.A*/$B*3$=>&(*B$%/*-:=@D#'.$*C"&"*3$%/3(,6(B'8;a*73:(* 73:$,386:$'.>*7.$3-%:$=8*738=>4*!.$*:"78E.$="*8'"*73:$,386:$'.>*73:$:*#&>=*,8@$B'(6F*738=J-4* W8E3"*3$=>&"*-(C>%.&"E(*8#78-.$#'.8*-6:$%'$*#:."&"'."*:"78E.$="BA6$*'"3"%/"'.>*:"#&>K$'."I* "*'.$*/(@,8*-%,":(-"&"*38:-.A:"'."*-*%(/>"6B.*,3(:(%8-$B4*j",.$*#:."&"'."*L'"*8=J&*b@$*8#E.$M 3"'$*73:$:*%78&$6:$`%/-8Q*C>%."&E(*:3$%:/A*78#BAa*3:A#I*,/J3(*'.$,8'.$6:'.$*'"BE"3#:.$B*73:(M 6:('.&*%.D*#8*-:38%/>*#&>=>4*W&>=*6$6F>B$*%.D*E8-.$C*:'"6:'A*.'$36BA4*H38E@$C*:*,8'/38@A*:"M #&>K$'."*#8#"/,8-8*-:C"="*%.D*:*78-8#>*87Jb'.$`*C.D#:(*%/-.$3#:$'.$C*73:$,386:$'."*738=>* "*C8C$'/$C*-738-"#:$'."*#:."&"`*:"3"#6:(6F4*H8:"*/(CI*B",*B>K*:"%(='"@.:8-"'8I*3$=>&"*#&>M =>*C8K$*738-"#:.a*#8*7386(,@.6:'8;6.*78@./(,.*?.%,"@'$B4*G(C>%:"*8'"*:#$6(#8-"'$*,38,.*#8M 7.$38*-*%(/>"6B.I*=#(*#&>=*73:$,3"6:"*ffN*HOPI*68*C8K$*%.D*:#"3:(a*'"B7$-'.$B*-*6:"%.$*3$6$%B.4* R.D6.$*-(#"/,J-*.*78#'8%:$'.$*78#"/,J-*C8=&(E(*-/$#(*73:(6:('.a*%.D*#8*#"@%:$=8*78=83%:$M '."*,8'.>',/>3(4*G"3/8*/",K$*:":'"6:(aI*K$*@.C./(*#&>=>*%A*87"3/$*'"*C$/8#(6$*,3"B8-$BI*"*'.$* >'.B'$B4* g.C./(* 8#'8%:A* %.D* E8-.$C* #8* 7"`%/-8-$=8* #&>=>* 7>E@.6:'$=8I* "* '.$* #&>=>* .'%/(/>M 6B.*3:A#8-(6F*.*%"C83:A#8-(6F*L"'=4*-*(*#,2'-$B*#(=*(&QI*#8*,/J3$=8*.'-$%/83:(*73:(-.A:>BA* -.D,%:A*-"=D4*
JADA,U1345&,6$;*$"'(94+8*&,(CPI
+
1)
<$=>&"*#(%6(7@.'>BA6"*L8,3$;@"'"*3J-'.$K*B",8*/(C6:"%8-"*3$=>&"*-(#"/,8-"Q*:8%/"&"*:"7.%"'"* -*>%/"-.$*8*?.'"'%"6F*7>E@.6:'(6F*78#*,8'.$6*0121*34*.*>%/"-.$*E>#K$/8-$B*'"*0122*34*U"*8'"*8E8M -.A:(-"a*'"*6:"%*8EBD6."*H8@%,.*7386$#>3A*'"#C.$3'$=8*#$?.6(/>4*<$=>&"*#$?.'.>B$*-:38%/*"=3$="M />*7$-'(6F*-(#"/,J-*E>#K$/8-(6F*B",8*'.$*-.D,%:(*'.K*738='8:8-"'"*.'?@"6B"*CPI *7@>%*2*7,/* 73864*L%/A#*8:'"6:$'.$*CPI+1Q4*<$=>&"* 8E$BC>B$* 6:D;a* -(#"/,J-* 8* 6F"3",/$3:$* >:'"'.8-(C* .* '8-$* -(#"/,.* 73"-'.$* :#$/$3C.'8-"'$4*!.$*%A*'.A*8EBD/$)* m*-(#"/,.*'"*8E%&>=D*#&>=>*7>E@.6:'$=8I m*;38#,.*-&"%'$*cS*83":*8E@.="/83(B'$*%,&"#,.*-7&"6"'$*#8*83="'.:"6B.*C.D#:('"38#8-(6FI m*-(#"/,.*'"*3$"@.:"6BD*738=3"CJ-*?.'"'%8-"'(6F*;38#,"C.*786F8#:A6(C.*:*#86F8#J-*7>M E@.6:'(6FI*E>#K$/>*cS*.*'.$78#@$="BA6(C.*:-38/8-.*;38#,"C.*:*SVjX*@>E*b3J#$&*:"=3"'.6:'(6FI* m* -(7&"/(* .* 8E%&>="* ;-."#6:$`* 38#:.''(6FI* ;-."#6:$`* :* ?>'#>%:>* "@.C$'/"6(B'$=8* 83":* ?.'"'%8-"'.$* %,&"#$,* '"* >E$:7.$6:$'."* $C$3(/"@'$* .* 3$'/8-$* :"* 8%8E(* 78E.$3"BA6$* ;-."#6:$'."* 7.$@D='"6(B'$I
m* %,&"#,.* '"* >E$:7.$6:$'.$* %78&$6:'$* :"* 8%8E(* 73:$E(-"BA6$* '"* >3@87"6F* -(6F8-"-6:(6F* .*C"6.$3:(`%,.6F*83":*:"*8%8E(*'.$7$&'8%73"-'$I m*;-."#6:$'."*$C$3(/"@'8M3$'/8-$*?>',6B8'"3.>%:(*.*>73"-'.8'(6F*6:&8',J-*.6F*38#:.'*83":* >78%"K$'."*%D#:.J-*.*738,>3"/83J-*-*%/"'.$*%786:(',>I m* #8/"6B$* #@"* VcYI* V>'#>%:>* SC$3(/>3* H8C8%/8-(6FI* V>'#>%:>* SC$3(/"@'8M<$'/8-$=8* O<cY* 83":* '"* %?.'"'%8-"'.$* -(7&"/* ;-."#6:$`* $C$3(/"@'8M3$'/8-(6F* =-"3"'/8-"'(6F* 73:$:* 7"`%/-84 *<$=>&"*'.$*8E$BC>B$*/",K$*8,3$;@8'(6F*-(#"/,J-*E>#K$/>*7"`%/-"*-('.,"BA6(6F*:*73:$7.M %J-I*,/J3$*-$%:&(*-*K(6.$*73:$#*0122*34*i$;@.*B$#'",*:C.$'.A*%.D*73:$7.%(*#8/(6:A6$*/(6F*,"/$=8M 3..I*/8*:8%/"'A*8'$*">/8C"/(6:'.$*8EBD/$*3$=>&A4*O@">:>@$*-(B;6."*%A*.#$'/(6:'$*B",*-*73:(7"#,>* @.C./J-*#&>=>4** *W8*:"@$/*3$=>&(*#(%6(7@.'>BA6$B*'"@$K(*%.@'$*>C868-"'.$*73"-'$4*H8#%/"-8-"*B$B*-"#"*/8*'"M /8C."%/*-A%,.*:",3$%*k*8,8&8*2u+*E>#K$/>*7"`%/-"4*[#(E(*'.$*/8I*8=3"'.6:$'.$*3$"@'$=8*-:38%/>* -(#"/,J-*#8*2N*'"@$K"&8E(*>:'"a*:"*3(=83(%/(6:'$I*/(C*E"3#:.$B*K$*738='8:(*;3$#'.8386:'$=8* -%,"b'.,"* .'?@"6B.* #8,8'(-"'$* 73:$:* U.'.%/$3%/-8* V.'"'%J-* %A* :":-(6:"B* 8%/38K'$4* !.$C'.$B* B$#'",*=#(E(*738='8:(*.'?@"6B.*E(&(*%/"@$*:"-(K"'$I*-(#"/,.*38%&(E(*3$"@'.$*%:(E6.$B*'.K*8*2N4* 5*#3>=.$B*%/38'(*.'?@"6B"*B$%/*#8#"/'.8*%,83$@8-"'"*:*@>,A*787(/8-AI*-.D6*%:(E%:(*3$"@'(*-:38%/* -(#"/,J-* -* 8,3$%.$* '.$86:$,.-"'.$* '.%,.$B* .'?@"6B.* :-(,@$* %/"'8-.&E(* #:."&"'.$* 8* 6F"3",/$3:$* "'/(6(,@.6:'(C4*R8*-.D6$BI*?83C>&"*>:"@$K'."*@.C./*-(#"/,J-*-*38,>*t*8#*7@"'8-"'(6F*-(#"/M ,J-* -* 38,>*t–1I* 78#6:"%* =#(* :3$"@.:8-"'$* -(#"/,.* %A* '.K%:$* @>E* 3J-'$* 7@"'8-"'(C4* W@"/$=8* -*783J-'"'.>*:*-(#"/,"C.*38,>*t–1*-(#"/,.*-*38,>*t*C8=A*.'6(#$'/"@'.$*-:38%'Aa*%:(E6.$B*'.K* 8*2NI*'"-$/*73:(*:"&8K$'.>*E$:E&D#'$B*738='8:(*.'?@"6B.4******
JAJA,U1345&,V1'7(
H873:$#'.6:,A* 3$=>&(* #(%6(7@.'>BA6$B* E(&"* 3$=>&"* :"73878'8-"'"* '"* 73:$&8C.$* 0112* .* 0110* 34* 73:$:*J-6:$%'$=8*C.'.%/3"*?.'"'%J-I*U"3,"*P$@,D4*i$B*?83C>&"*E(&"*78#8E'")*-(#"/,.*L6"&$=8Q*E>M #K$/>*7"`%/-"*'.$*C8=&(*73:$,386:(a*-%,"b'.,"*.'?@"6B.*RH_*7@>%*2*7,/*73864**!8-"*:"%"#"*,8'M %/3>8-"'."*E>#K$/>*:8%/"&"*:"%/8%8-"'"*LParkiet*0112Q*B>K*73:(*873"68-"'.>*E>#K$/>*'"*0110*34I* "@$*-J-6:"%*7@"'8-"'"*#('"C.,"*-(#"/,J-*73:$,386:(&"*/D*-('.,"BA6A*:*?83C>&(4*G(#"/,.*E>M #K$/8-$*'"*'"%/D7'(*38,*C."&(*:8%/"a*:"7@"'8-"'$*:=8#'.$*:*78-(K%:A*?83C>&AI*68*:"78-.$#:."M '8*C4.'4*-*%/3"/$=..*=8%78#"36:$B*3:A#>4*i$#'",*:"'.C*>6F-"@8'8*E>#K$/*'"*011h*34I*>'.$-"K'.8'8* :"%"#D*CPI+1*7,/*73864*W8*3$=>&(*78-3J68'8*-*/3",6.$*,8'%/3>8-"'."*E>#K$/>*'"*@"/"*011+m011f4*
W$?.'./(-'.$*8#%/A7.8'8*8#*'.$B*-*E>#K$6.$*'"*0119*34I*7.$3-%:(C*78#6:"%*n*,"#$'6B.*7"3@"C$'/>* L011fm011oQ4*5"@$/(*.*-"#(*/$B*3$=>&(*8#78-."#"&(*:"@$/8C*.*-"#8C*3$=>&(*#(%6(7@.'>BA6$B4*W8*%&"M E8;6.*'"@$K(*#8#"a*E3",*>C868-"'."*>%/"-8-$=8I*,/J3(*>/3>#'.&*C8'./838-"'.$*%/8%8-"'."*3$=>&(4* j3>#'8*E8-.$C*'"-$/*%/-.$3#:.aI*,.$#(*3$=>&"*:"6:D&"*8E8-.A:(-"aI*"*,.$#(*73:$%/"&"4
JALA,W/#-(*&,H46X1#/-&
P>#K$/(*'"*@"/"*0119*.*011o*:8%/"&(*873"68-"'$*:*>-:=@D#'.$'.$C*/:-4*,8/-.6(*E>#K$/8-$B4*P(M &"*/8*=J3'"*=3"'.6"*#$?.6(/>*E>#K$/>*7"`%/-"*-('8%:A6"*h1*C@#*:&4*U."&"*8'"*:"*:"#"'.$*:"7$-M '.a*-.D,%:A*%/"E.@'8;a*'"*3(',"6F*?.'"'%8-(6F*.*8E'.K$'.$*3$@"6B.*#$?.6(/>*#8*HOP4*<:A#*78-8&"M '(*78#*,8'.$6*011o*34*?83C"@'.$*'.$*3$%7$,/8-"&*#$,@"3"6B.**7873:$#'.,J-I*"@$*C.C8*/8*-*@"/"6F* 011pk011l*#$?.6(/*E(&*'.K%:(*'.K*h1*C@#*:&4* *5*7$3%7$,/(-(*6:"%>*'"@$K(*86$'.aI*K$*-*@"/"6F*0119m011oI*6:(@.*>*%:6:(/>*,8'.>',/>3(I*#8M 7>%:6:"@'(*78:.8C*#$?.6(/>*E(&*:E(/*-(%8,.I*E(*:"=-"3"'/8-"a*%/"E.@.:"6BD*#&>=>*78'.K$B*91N* -*#&>=.C*8,3$%.$4*5*,8@$.*C",%(C"@'"*,-8/"*#$?.6(/>)*h1*C@#*:&I*:"&8K8'"*'"*,3(:(%8-(*011l*34I* >'.$C8K@.-.&"E(*"'/(6(,@.6:'A*78@./(,D*?.%,"@'A4*H8'"#/8*-3":*:$*-:38%/$C*6$'*C"@"&"E(*3$"@M '"*-"3/8;a*@.C./>I*-.D6*73D#:$B*6:(*7Jb'.$B*C>%."&8E(*#8B;a*#8*B$=8*:C."'(4*!.$*-."#8C8*B$#'",I* '"*B",.6F*:"%"#"6F*/8*#8%/8%8-"'.$*'8C.'"@'$*C."&8E(*%.D*8#E(-"a4*^73J6:*/$=8*@.C./*#$?.6(/>* CJ=&E(*:8%/"a*8%.A='.D/(*'.$*/(@,8*73:$:*8E'.K,D*3$@"6B.*-(#"/,J-*#8*HOPI*78KA#"'A*:*7>',/>* -.#:$'."*:C'.$B%:$'."*>#:."&>*%$,/83"*?.'"'%J-*7>E@.6:'(6F*-*=8%78#"36$I*"@$*3J-'.$K*#:.D,.* -:38%/8-.*>#:."&>*#86F8#J-*-*HOP4*G*73:$6.-.$`%/-.$*#8*3$=>&(*#(%6(7@.'>BA6$B*3$=>&"*P$@,.* .*,8/-.6"*E>#K$/8-"*%/"'8-.&(*B$#('.$*#$,@"3"6B$4**JAMA,T/)/;#&51,.1345$
G*H8@%6$*8E8-.A:>B$*B$%:6:$*-.$@$*3$=>&*8E$BC>BA6(6F*B$#('.$*6:D;6.*78#%$,/83J-*%$,/83"*?.'"'M %J-*7>E@.6:'(6F4*G"3/8*:-3J6.a*>-"=D*'"*3$=>&D*#8/(6:A6A*-(#"/,J-*'"*8E38'D*'"38#8-A*83":* !"38#8-(*V>'#>%:*5#38-."4*<$=>&"*8#'8%:A6"*%.D*#8*U.'.%/$3%/-"*^E38'(*!"38#8-$B*/8*-('.,* 3$=>@"6B.* 73:(BD/(6F* -* 3"C"6F* >6:$%/'.6/-"* H8@%,.* -* !Xj^4* G(#"/,.* U^!* -* #"'(C* 38,>* 78M -.''(*-('8%.a*2IlfN*HOP*:*7873:$#'.$=8*38,>I*738='8:8-"'$=8*'"*$/"7.$*738B$,/8-"'."*>%/"-(* E>#K$/8-$B4*W8#"/,8-8I*'"*3$"@.:"6BD*-.$@8@$/'.$=8*738=3"C>*-(78%"K$'."*78@%,.6F*%.&*:E38B'(6F* -*%"C8@8/(*-.$@8:"#"'.8-$*-*@"/"6F*0112m011p*73:$:'"6:8'8*1I1fN*HOP*:*#"'$=8*38,>4*G*-(M '.,>*:C'.$B%:"'."*%.D*E>#K$/>*7"`%/-"*-*3$@"6B.*#8*HOP*>#:."&*-(#"/,J-*'"*U^!*-*-(#"/,"6F* E>#K$/>*7"`%/-"*8=J&$C*3J%&*-*@"/"6F*011pm0121I*"*738='8:(*-%,":>BA*'"*B$=8*#"@%:(*-:38%/4* *5*,8@$.*7@"'*?.'"'%8-(*!V5*C>%.*E(a*:3J-'8-"K8'(4*H8'"#/8*-(%8,8;a*&A6:'(6F*:8E8-.AM :"`*!V5*-('.,"BA6(6F*:*>CJ-*:"-"3/(6F*:$*;-."#6:$'.8#"-6"C.*'.$*C8K$*73:$,386:(a*,-8/* >%/"@8'(6F*-*7@"'.$*?.'"'%8-(C4*W8#"/,8-8I*-(%8,8;a*3"/*.*78K(6:$,*73:(7"#"BA6(6F*#8*%7&"/(* -*#"'(C*38,>*'.$*C8K$*E(a*-(K%:"*'.K*3$:$3-"*8=J@'"*73:$-.#:."'"*-*7@"'.$*?.'"'%8-(C*'"* #"'(*38,4*H8#8E'.$*B",*-*73:(7"#,>*U^!*3J-'.$K*3$=>&"*8E8-.A:>BA6"*!V5*'.$*8=3"'.6:"*#$?.M 6(/>)*:"7@"'8-"'$*,8%:/(*?.'"'%8-"'."*;-."#6:$`*87.$,.*:#38-8/'$B*-*#"'(C*38,>*'.$*C8=A*E(a* '.K%:$*'.K*-*7873:$#'.C*38,>4**LA,T./"/)$*+&,9/-1+,.1345$
H8'.K$B*73:$#%/"-.8'8*73878:(6BD*'8-$B*3$=>&(*?.%,"@'$B*#@"*H8@%,.4*G*"3/(,>@$*"E%/3"F>B$*%.D*8#* .''(6F*C8K@.-(6F*78%/"6.*3$=>&()*#&>=>I*%"@#"*'8C.'"@'$=8*@>E*%"@#"*%/3>,/>3"@'$=8I*'"*,/J3(6F* '.$,83:(;a*73:$C"-."*"@E8*78/$'6B"@'"*7386(,@.6:'8;aI*"@E8*,8'.$6:'8;a*738='8:8-"'."*.*%:"68M -"'."*'.$8E%$3-8-"@'(6F*,"/$=83..I*B",*@>,"*738#>,/8-"*@>E*%"@#8*%/3>,/>3"@'$4*V83C>&"*-(3"M K8'"*7.D6.8C"*3J-'"'."C.*87.%"'(C.*-*/(C*38:#:."@$*B$%/*B$#'",*%,8'%/3>8-"'"*-*%78%JE*'"* /(@$*>'.-$3%"@'(I*K$*C8=&"E(*C.$a*:"%/8%8-"'.$*-q#8-8@'(C*,3"B>*#8*%/"E.@.:"6B.*'"*:"#"'(C* 78:.8C.$I*-*;3$#'.C*8,3$%.$I*3$@"6B.*%"@#"*'8C.'"@'$=8*%$,/83"*.'%/(/>6B.*3:A#8-(6F*.*%"C83:AM #8-(6F*#8*HOP4* [&J-'"*?83C>&"*L2Q*-*73:(E@.K$'.>*8:'"6:"I*K$*-(#"/,.*L-*C8#$@>*>/8K%"C."'$*:*-(#"/,"C.* '"&8K8'(C.*'"*6"&(*%$,/83*.'%/(/>6B.*3:A#8-(6F*.*%"C83:A#8-(6FQ**38%'A*-*/$C7.$*.'?@"6B.*RH_* .*;3$#'.$=8*/$C7"*-:38%/>*3$"@'$=8*HOP4*g.C./*-(#"/,J-*'"*38,*t+1)* +1 _Wnt L _Wn L * B$%/*3J-'(*@.C./8-.* na rok t)* +1 t _Wn L * tI*%,83(=8-"'$C>*ex post*8*78C(&,.*-*738='8:"6F*.'?@"6B.*.*73:$C'8K8'$C>*73:$:* 738='8:8-"'(2*;3$#'.8386:'(*-%,"b'.,*#('"C.,.*6$'*LRH_Q*'"*38,*t+1)* _Wn t ! + 1: Et!
t#1"
*.*73:$:*-%,"b'.,* ;3$#'.88,3$%8-$=8*/$C7"*-:38%/>*3$"@'$=8*HOP* t+ 1: # E 1 t Ind 4*G*3":.$*-(%/A7.$'."*.%/8/'$B*,>C>@"6B.*8#M 6F(@$`*%"@#"*'8C.'"@'$=8*8#*Uj^*L73:(BD/$=8*'"*78:.8C.$*M2N*HOPQ*-*38,>*t–1I*#8,8'(-"'"*B$%/* ,83$,/"*6:D;6.*3$"@'$B*?83C>&(*Kt + 14*5"&8K8'8I*K$*78:.8C*@.C./>*-(#"/,8-$=8*'"*38,*t+1*ED#:.$* -(:'"6:"'(*'"*786:A/,>*38,>*t4**** ********* * * * * * * * * * *******L2Q]
[
+1 _Wnt t+1 t+1 t+1 L L_Wnt* ! + #1 t!
"
cz.realna !"#$%&'()* realna cz. nominalna cz. t Ind K E!
"
E ! ={
{
{
•G:J3*L0Q*-(B";'."*,83$,/D*ex post*@.C./>*'"*38,*t4*!"*786:A/,>*38,>*t*:'"'"*B$%/*-(%8,8;a*.'?@"M 6B.*-*38,>*t–1)* –
!
t 1"
t E ! 4*_'?83C"6BD*/D*'"@$K(*-(,83:(%/"aI*"E(*%,83(=8-"a*@.C./*:"'.K8'(*EA#b*:"-(M K8'(*-*-('.,>*E&D#'$B*738='8:(*.'?@"6B.*'"*38,*t–1*%783:A#:8'$B*'"*786:A/,>*38,>*t–1)* t!
t–1"
E ! ^#:-.$36.$#@"*/8*#3>=.*.@83":*-$*-:83:$*L0Q)* –1 –1!
–1"
/ t t t E ! ! 4*^73J6:*/$=8*'"*786:A/,>*38,>*t*#:.DM ,.* '"7&(-8-.* '8-(6F* .'?83C"6B.* C8K'"* #8,&"#'.$B* 73:$-.#:.$a* .'?@"6BD* '"* 38,*t)*Et–1! "
!t * '.K*-* 738='8:.$* %783:A#:8'$B* -* 38,>*t–1)*Et–1
! "
!t I* 68* 8#:-.$36.$#@"* 7.$3-%:(* .@83":* -$* -:83:$* L0Q)*! "
t E / –! "
t t E 1 ! t ! 4**! "
t E/
! "
! "
!
"
nominalna cz. !"#$%&'()* 1 * _ _ t t t t t t E E E Wn L Wn L Ind –! "
t t E 1 – t 1 t 1– – t 1 ! ! ! ! ! t ! = ** * * ******L0Q G$*-:83:$*LhQ*38:7.%"'8*-%,"b'.,*;3$#'.88,3$%8-$=8*/$C7"*-:38%/>*3$"@'$=8*HOP* 1 + t Ind *B"M ,8*;3$#'.A*=$8C$/3(6:'A*#('"C.,*3$"@'$=8*HOP*!
PKBr_dT"
I*:"7.%"'(6F*-*78%/"6.*'74*2I1hlQI*8#M '8/8-"'(6F*-*73:$%:&8;6.*@>E*738='8:8-"'(6F*'"*786:A/,>*38,>*t*'"*,8@$B'$*@"/"*L%/A#*87$3"/83* 86:$,.-"`*:*38,>*tQ4*H"3"C$/3(*p i fI*8:'"6:"BAI*8#78-.$#'.8I*@.6:ED*@"/*73:$%:&(6F*.*73:(%:&(6F* >-:=@D#'."'(6F*-$*-%,"b'.,>4** 2*^7$3"/83*86:$,.-"`*E t(x)8:'"6:"*86:$,.-"'.$*#8/(6:A6$*-"3/8;6.*:C.$''$B*x*%?83C>&8-"'$*'"*786:A/,>*38,>*t4+Sn _MTO NA NA = + + 1 + t p f
!
"
p t T T t PKBr d E Ind + =%
1 + +f t 1 1 _ – = * * * ******LhQ XE(*3$=>&"*C8=&"*%/"E.@.:8-"a*%"@#8*'"*78:.8C.$*Uj^I*78/3:$E'(*B$%/*C$6F"'.:C*,83(=>BAM 6(*78/$'6B"@'$*8#6F(@$'."4*j",.$*8#6F(@$'."*C8=A*-('.,"a*:*?",/>I*K$*$@"%/(6:'8;a*#86F8#8-"* -:=@D#$C*'8C.'"@'$=8*HOP*3JK'.*%.D*8#*2I*@>E*:*E&D#'(6F*738='8:*#('"C.,.*HOP4*W@"/$=8*-*738M 78'8-"'$B*3$=>@$*-738-"#:8'8*,8'/8*,8'/38@'$*Lnotional accountQI*'"*,/J3(C*:"7.%(-"'$*%A*3JKM '.6$*C.D#:(*?",/(6:'(C*%"@#$C*'8C.'"@'(C*-(3"K8'(C*-*7386$'/"6F*HOP*LSntQ"*Uj^4**** + _ Sn _MTO NA NA t t t= 1 ***** * * * *******L+Q i$K$@.*>B$C'"*-"3/8;a*'"*,8'6.$*,8'/38@'(C*73:$,386:(*B$#$'*:*738=J-*L-iI*i = 1, 2I*/8*,83(=>BAM 6"*6:D;a*3$"@'"*:*?83C>&(*L2Q*Kt+1*-('8%.*!-i*7>',/J-*7386$'/8-(6F4*j",.$B*,83$,/(*C8K'"*B$#'",* #8,8'"a*/(@,8*-*#8E3$B*%(/>"6B.*=8%78#"36:$BI*"E(*'.$*-(-8&(-"a*$?$,/>*7386(,@.6:'$=84*j8I*6:(* C"C(*#8*6:('.$'."*:*#8E3A*6:(*:$*:&A*%(/>"6BA*=8%78#"36:AI*86$'."*%.D*'"*78#%/"-.$*783J-'"'."* 738='8:8-"'$B*#('"C.,.*3$"@'$=8*HOP*:$*;3$#'.88,3$%8-(C*/$C7$C*-:38%/>*3$"@'$=8*HOP4*<JKM '.6"*C.D#:( Indt+1*"*738='8:8-"'A*#('"C.,A*HOP*'"*38,*t+1*B$%/*>:'"-"'"*:"*-(%/"36:"BA6AI*=#(*73:$,386:(*-"3/8;a*"-i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`4 + + + + + + + + + + + + _ _ _ _ _ _ ! " ! " [ # [ # [ # ! " ! t 1" 2 1 1 t 2 1 1 2 1 1 1 1 1 1 t 1 1 2 2 1 t 1 t 2 1 2 1 1 2 1 PKBr_d PKBr_d , PKBr_d Ind +1 t Ind PKBr_d oraz oraz oraz !"#$%!&#$'!()*+,'*!'"#+'-.!! !()*+,'$!'"#+'-.!"#$%!! , , , 0 , 0 , , $ $ > ! ! ! ! ! > > > > > < < < t t t t t t t t t t t E L NA E L NA L L NA L L NA L E L NA L E L NA K ! " + + + 2 1 t Ind "– + +1 t Ind " +"1 ! ! ! = LfQ
X@/$3'"/(-'"* 3$=>&"* C8=&"E(* #8/(6:(a* 3$@"6B.* %"@#"* %/3>,/>3"@'$=8* #8* HOP* -* ,"K#(C* 38M ,>*k*78#8E'.$*B",*-*3$=>@$*-738-"#:"'$B*8E$6'.$*-*!.$C6:$6F*.*:"@$6"'$B*-*738B$,6.$*/3",/"/>* 8* -:C86'.8'(C* :"3:A#:"'.>* =8%78#"36:(C* %/3$?A* $>384* G(C"="* 8'"* B$#'",* %/8%8-"'."* /$83$M /(6:'(6F* 78BDa)* 738#>,/>* 78/$'6B"@'$=8* .* @>,.* 787(/8-$BI* ,/J3(6F* -"3/8;a* /3>#'8* 73:$-.#:.$a* .*,/J3$*%A*78##"-"'$*3$-.:B8C*'"-$/*78*,.@,>*@"/"6F4*G*73:(7"#,>*H8@%,.*#8#"/,8-"*/3>#'8;a* -('.,"*:*,3J/,.6F*%:$3$=J-*6:"%8-(6F4*V83C>&"*87.%"'"*-*/(C*38:#:."@$*'.$*-(C"="*8E@.6:"'."* @>,.*787(/8-$B4*
MA,!"#$%&'()&*+&,-&.#/0*(,"&.&%1#.2-,.1345$,-$6/-1+
MA@A,:"/;2H,/*19(&9(&,.1345$
R$@$C*'.'.$B%:$=8*"3/(,>&>*B$%/*87/(C"@.:"6B"*-"3/8;6.*7"3"C$/3J-*3$=>&(*73:$#%/"-.8'$B*-*78M 73:$#'.C*38:#:."@$*:"*78C86A*"@=83(/C>*=$'$/(6:'$=84*G*%,&"#*3$=>&(*-6F8#:.*2+*7"3"C$/3J-)* #-"*8#'8%:A6$*%.D*#8*-%,"b'.,"*3$"@'$=8*/$C7"*-:38%/>*HOP*LpI*fQ*83":*78*6:/$3(*8#'8%:A6$*%.D* #8*738=J-*,8'/"*,8'/38@'$=8I*#8*#$?.'.6B.*:&$B*.*#8E3$B*%(/>"6B.*=8%78#"36:$B*L"Q*83":*:C."'(*#(M '"C.,.* -(#"/,J-* L!Q4* O"K#(* :* @8%8-8* =$'$38-"'(6F* 7"3"C$/3J-* C8K$* 73:(BC8-"a* -"3/8;6.* :*>73:$#'.8*8,3$;@8'(6F*:E.83J-4** ^6$'"*B",8;6.*3$=>&(*:".C7@$C$'/8-"'"*-*"@=83(/C.$*=$'$/(6:'(CI*,/J3$=8*-('.,.*73:$#M %/"-.8'8*-*38:#:."@$*%:J%/(CI*-('.,"*:*6FD6.*8=3"'.6:$'."*#-J6F*38#:"BJ-*3(:(,"4*G*7",6.$* ?.%,"@'(C* ,&"#:.$* %.D* '"6.%,* '"* 8%.A="'.$* Uj^* 68* 38,>4* !.$%7$&'.$'.$* /$=8* -(C8=>* %/"'8-.* 7.$3-%:$* 3(:(,8I* ,/J3$C>* %,>/$6:'"* 3$=>&"* 78-.''"* :"78E.$64* W@"/$=8* B",8* 7.$3-%:(* %,&"#M '.,* 86$'(* 73:(BD/8* ;3$#'.$* 8#6F(@$'.$* %"@#"* %/3>,/>3"@'$=8* 8#* Uj^* 78* -%:(%/,.6F* l1* @"/"6F* 8E8-.A:(-"'."*3$=>&(4* W3>=.$*.%/8/'$*3(:(,8*-*73:(7"#,>*3$=>&(*-(#"/,8-$B*@>E*%"@#"*%/3>,/>3"@'$=8*/8*C8K@.-8;a* 73:$,386:$'."*73:$:*#$?.6(/*'8C.'"@'$=8*738=>*hN*HOP4*5=8#'.$*:*/:-4*%:$;6.87",.$C*C8K$*/8* %78-8#8-"a*'"&8K$'.$*73:$:*O8C.%BD*S>387$B%,A*%"',6B.*?.'"'%8-(6F*-*%(/>"6B.I*=#(*#"'(*,3"B* #"@$B*%/8%>B$*3$=>&DI*,/J3"*'.$*78:-8@.*C>*'"*3$#>,6BD*#$?.6(/>4*G*:-.A:,>*:*/(C*86$'D*>:>7$&M '.8'8*8*%,&"#'.,*,"3:A6(*:"*73:$,386:$'.$*#$?.6(/>*hN*HOPI*-*-(%8,8;6.*1I10*:"*,"K#(*38,*73:$M ,386:$'."I*83":*,-"#3"/*3JK'.6(*C.D#:(*#$?.6(/$C*'8C.'"@'(C*"*738=.$C*hN*HOP*k*E3"'(*78#* >-"=D*/(@,8*-*3":.$*73:$,386:$'."*738=>4* <$=>&"*78-.''"*73:('8%.a*78KA#"'$*$?$,/(*'.$:"@$K'.$*8#*73:(BD/$=8*%6$'"3.>%:"*C",38$,8M '8C.6:'$=84*W@"/$=8*8%/"/$6:'A*86$'A*#"'$=8*:$%/"->*-"3/8;6.*7"3"C$/3J-I*/B4*?>',6BA*6$@>*-*'.M '.$B%:(6F*%(C>@"6B"6FI*B$%/*;3$#'."*86$'"*:$*211*%6$'"3.>%:(I*:*,/J3(6F*,"K#(*8E$BC>B$*211*@"/4* Y6$'"3.>%:*%,8'%/3>8-"'8*:=8#'.$*:*/3:(3J-'"'.8-(C*C8#$@$C*'8-8,$('$%8-%,.C*L7"/3:*78#M 7>',/*f4+Q4*G"3/8* #8#"aI* K$* -* "3/(,>&"6F* 87.%>BA6(6F* 87/(C"@.:"6BD* 3$=>&* ?.%,"@'(6F* L7834* U"6,.$M -.6:* 011+Z* [38F$MY6FC.//I* c3.E$* 011oQ* :":-(6:"B* 73:(BC>B$* %.D* .''$* ?>',6B$* 6$@>4* G* 73:(-8&"M '(6F* 873"68-"'."6F* E(&"* /8* C",%(C"@.:"6B"* :#(%,8'/8-"'$BI* 78* '.$%,8`6:8'$B* @.6:E.$* 8,3$%J-I* %>C(*>K(/$6:'8;6.*,8'%>C76B.*.*6:"%>*-8@'$=8*=8%78#"3%/-*#8C8-(6F*@>E*-(#"/,J-*3:A#8-(6F4* G*'.'.$B%:(C*"3/(,>@$*73:(BD6.$*/$=8*/(7>*?>',6B.*6$@>*E(&8*B$#'",*'.$C8K@.-$4*H8*7.$3-%:$I*38:M 7"/3(-"'8*/>/"B*%/>@$/'.*8,3$%I*-*,/J3(C*,"K#(*38,*/3",/8-"'(*B$%/*3J-'83:D#'.$4*H8*#3>=.$I*78M %&>=.-"'8*%.D*,"/$=83."C.*:"=3$=8-"'(C.*.*'.$*-738-"#:8'8*=8%78#"3%/-*#8C8-(6F*"'.*6:(.6FM ,8@-.$,*?>',6B.*>K(/$6:'8;6.4*j$83$/(6:'.$*C8K@.-$*E(&8E(*#8#"'.$*%,&"#'.,"*8#78-."#"BA6$=8*:"* C",%(C"@.:"6BD*HOP4*i$#'",*:*#-J6F*78-8#J-*E(&8E(*/8*'.$-%,":"'$4*H3"-#878#8E'.$*%78-8#8M -"&8E(*/8*:C'.$B%:$'.$*3$%/3(,6(B'8;6.*3$=>&*?.%,"@'(6F*.*-:38%/*:"#&>K$'."*k*%:6:$=J@'.$*78#*,8M '.$6*8,3$%>*E3"'$=8*78#*>-"=D4*H8'"#/8*-*C8#$@>*73:(BD/8*%/"&(*-*6:"%.$*738#>,/*78/$'6B"@'(I*-.D6* 3$=>&"*C8=&"*-7&(-"a*B$#('.$*'"*@>,D*738#>,/8-A;'6:(@.*'"*,3J/,88,3$%8-$*-"F"'."*738#>,/>4** g.6:E"*>-:=@D#'."'(6F*@"/*'.$*78-.''"*73:$,3"6:"a*21I*78'.$-"K*-%,"b'.,*%&>K(*#8*%:"68M -"'."*;3$#'.8MI*"*'.$*#&>=88,3$%8-$=8*/$C7"*-:38%/>*HOP4*W@"/$=8*>%/"@8'8I*K$*7"3"C$/3(*p i f C8=A*73:(BC8-"a*B$#('.$*-"3/8;6.*8#*1*#8*f4*^,3$;@8'8*/$KI*K$*738=8-$*8#6F(@$'.$*738='8:8-"M
'$B* #('"C.,.* HOP* 8#* #('"C.,.* #&>=88,3$%8-$BI* B",* /$K* -(%8,8;a* ,83$,/(* #('"C.,.* -(#"/,J-* C8=A*73:(BC8-"a*-"3/8;6.*:$*:E.83>*v1NI*1IfNI*2NI*wI*fNx4*yA6:'.$*#"B$*/8*E@.%,8*pz21l*C8K@.M -(6F*,8CE.'"6B.*-"3/8;6.*7"3"C$/3J-4*i$;@.*>-:=@D#'.C(*78'"#/8*:E.83(*C8K@.-(6F*7"3"C$/3J-* #@"*6:/$3$6F*738=J-*,8'/"*,8'/38@'$=8I*/8*@.6:E"*,8CE.'"6B.*8#78-.$#'.8*-:38;'.$4*H3:(,&"#8-8I* =#(E(*C8K@.-$*-"3/8;6.*738=J-*C."&(*-('.$;a*8#*1NI*2NI*0N*./#4*#8*211NI*/8*@.6:E"*,8CE.'"6B.* 3J-'"&"E(*%.D*73"-.$*pz212o4*^=3"'.6:8'"*C86*8E@.6:$'.8-"*,8C7>/$3J-*73",/(6:'.$*>'.$C8K@.M -."*86$'D*-%:(%/,.6F*,8CE.'"6B.*-"3/8;6.*7"3"C$/3J-*.*-(E3"'.$*87/(C"@'$=8*:$%/"->4*O@"%(6:M '$*C$/8#(*78%:>,>BA6$*$,%/3$C>C*?>',6B.*/$K*'.$*%A*8#78-.$#'.$*#8*38:-.A:"'."*/$=8*738E@$C>4* V>',6B"*6$@>*C8K$*E8-.$C*C.$a*-.$@$*$,%/3$CJ-*@8,"@'(6F4*H8:"*/(C*C$/8#"I*:"*78C86A*,/J3$B* 8/3:(C>B$C(*B$#$'*3$:>@/"/*:"C."%/*-.$@>I*#8E3:$*86$'.8'(6F*:$%/"-J-*-"3/8;6.*7"3"C$/3J-I*E(M &"E(*'.$-(%/"36:"BA6"4*5*,8@$.*C$/8#"*U8'/$*R"3@8I*78@$="BA6"*'"*@8%8-(C*=$'$38-"'.>*-"3/8;6.* 7"3"C$/3J-I* 78:E"-.8'(C* %/87'.8-$B* d$-8@>6B.e* 3$=>&I* E(&"E(* :E(/* #&>=8/3-"&"4* G* :-.A:,>* :*/(C*:#$6(#8-"'8*%.D*78%&>K(a*"@=83(/C$C*=$'$/(6:'(C4**
MADA,Y191)&,&'3/.$#%4,3191#$*)913/
X@=83(/C(*=$'$/(6:'$*%A*B$#'A*:*'.$,@"%(6:'(6F*C$/8#*87/(C"@.:"6B.I*,/J3"*8#3:>6"*'.$,83:(%/M '$*,8CE.'"6B$*7"3"C$/3J-*.*-(%:>,>B$*683":*@$7%:$*38:-.A:"'."*:"*78C86A*%$@$,6B.I*,3:(K8-"M '."*.*C>/"6B.I*"@$*'.$*#"B$*=-"3"'6B.*8%.A='.D6."*38:-.A:"'."*87/(C"@'$=84*X@=83(/C(*=$'$/(6:'$* '"@$KA*#8*"@=83(/CJ-*$-8@>6(B'(6F*.*'";@"#>BA*7386$%(*:"6F8#:A6$*-*73:(38#:.$4*U8K'"*:"3(:(M ,8-"a*%/-.$3#:$'.$I*K$*3$=>&"*?.%,"@'"*B$%/*%,8C7@.,8-"'(C*C$6F"'.:C$C*.*/",K$*78-.''"*E(a* $?$,/(-'"*-*3JK'(6F*-"3>',"6F*C",38$,8'8C.6:'(6F4*U8K'"*-.D6*%73JE8-"a*:"738B$,/8-"a*B$B* 87/(C"@'A*78%/"a*73:$:*:"%/8%8-"'.$*8#78-.$#'.$=8*"@=83(/C>*=$'$/(6:'$=84 5"*8B6"*"@=83(/CJ-*=$'$/(6:'(6F*>-"K"*%.D*738?$%83"*i8F'"*\$'3({$=8*\8@@"'#"I*">/83"*73:$M &8C8-$=8*"3/(,>&>*:*2lof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j",*B",*-*=$'$/(6$*8*73:$-"#:$*B$#'$=8*83="'.:C>*L38:-.A:"M '."Q*'"#*#3>=.C*#$6(#>B$*#87"%8-"'.$I*/",*-*%:/>6:'$B*.'/$@.=$'6B.*k*$?$,/(-'8;aI*-*7@"'8-"'.>* $,8'8C.6:'(C*k*>K(/$6:'8;aI*-*/$83..*,8'/38@.*k*?>',6B$*E&D#>I*-*7%(6F8@8=..*?.:B8@8=.6:'$B*k*86$M '"*:"6F8-"'."I*"*-*/$83..*=.$3*k*-(7&"/"4* *5"%/8%8-"`*"@=83(/CJ-*=$'$/(6:'(6F*C8K$*E(a*8*-.$@$*-.D6$B4*W:.D,.*'.C*C8K'"*C4.'4)*-(M E.$3"a*:C.$''$*-$B;6.8-$*#8*73$#(,6B.*-"3/8;6.*.'#$,%>*=.$-$=8*L?.'"'%$QI*738='8:8-"a*787(/* L$,8'8C."QI*F"3C8'8=3"C8-"a*:"#"'."*-*%(%/$C.$*738#>,6(B'(C*L:"3:A#:"'.$QI*3$#>,8-"a*F"M &"%*L?.:(,"QI*87/(C"@.:8-"a*$@$,/38$'$3=$/(6:'$*%.$6.*38:#:.$@6:$*L$@$,/38'.,"QI*=$'$38-"a*@>#:,A* /-"3:*LE.8/$6F'8@8=."QI*,8@838-"a*=3"?(*L=3"?.,"Q4*j8*/(@,8*,.@,"*73:(,&"#J-*:"6:$37'.D/(6F*:*73"6* '"7.%"'(6F*-*BD:(,>*78@%,.C4MAJA,Z&"(;,&'3/.$#%4,/"#$%&'()4+8*13/,"&.&%1#.$,.1345$
Y:,.6*:"%/8%8-"'$=8*"@=83(/C>*L8E@.6:$'."*73:$738-"#:"'8*-*738=3"C.$*U"/@"EQ*73:$#%/"-.8'8* -*X'$,%.$4*i",*:":'"6:8'8I*3$=>&"*>/8K%"C."'"*B$%/*/>/"B*:*83="'.:C$C4* [3>7"*3$=>&*-*#"'$B*./$3"6B.*/8*78,8@$'.$I*7"3"C$/3*:";*/8*6$6F"*83="'.:C>*73:$,":(-"'"*78M /8C,8C*-*78%/"6.*=$'>4*[$'(*7.$3-%:$=8*78,8@$'."*%A*#8E.$3"'$*-*%78%JE*6:(%/8*@8%8-(4*!"%/D7M '.$*%/"3/>B$*=&J-'"*7D/@"*"@=83(/C>4*G%:(%/,.$*3$=>&(*%A*86$'."'$*:*7>',/>*-.#:$'."*?>',6B.*6$@>* L:=8#'.$*:*:"%"#"C.*87.%"'(C.*-*78#7>',6.$*f42Q*.*%83/8-"'$*8#*'"B@$7%:$B*#8*'"B=83%:$B4*Y78;3J#* '"B@$7%:(6F*3$=>&*2uh**/8*d38#:.6$e4**H86F8#:A*8#*'.6F*7"3"C$/3(*73:$,":(-"'$*3$=>&8C*C&8#%:$M =8*78,8@$'."I*6:(@.*d#:.$6.8Ce4*X,>3"/*-*/(C*"@=83(/C.$*>C8K@.-.8'8I*E(*/$'*%"C*83="'.:C*7$&M '.&*?>',6BD*:"3J-'8*8B6"I*B",*.*C"/,.*k*#87>%:6:8'8*:"/$C*,@8'8-"'.$4*O8@$B'(C*:*8#%/D7%/-*8#* ?",/(6:'$=8*7386$%>*$-8@>6B.*B$%/*>C8K@.-.$'.$I*E(*2uh*78,8@$'."*Ld38#:.6$eQ*73:$6F8#:.&"*#8*'"M %/D7'$=84*!"B@$7%:$*3$=>&(*C8=A*-.D6*K(a*-*'.$%,8`6:8'8;a4*H8:8%/"&A*2uh*'8-$=8*78,8@$'."*/-8M 3:A*3$=>&(*78'8-'.$*-(=$'$38-"'$*-*%78%JE*6"&,8-.6.$*@8%8-(*k*-*6$@>*-738-"#:$'."*#8*7>@.* '8-(6F*=$'J-*.*>'.,'.D6."*78:8%/"-"'."*?>',6B.*6$@>*73:$:*#&>=.*6:"%*-*$,%/3$C>C*@8,"@'(C4* G"3/8*#8#"aI*K$*=$'(*d#:.$6.e*C8=A*:8%/"a*78##"'$*C>/"6B.I*6:(@.*@8%8-$B*:C."'.$*7"3"C$M /3>4*G*/(C*6$@>*?>',6B"*d@8%L1I2Qe*@8%>B$*@.6:ED*:*38:,&"#>*B$#'8%/"B'$=8I*:*73:$#:."&>*8#*1*#8*24* i$K$@.*@.6:E"*/"*8,"K$*%.D*'.K%:"*8#*:"#$,@"38-"'$=8*7"3"C$/3>**d%,"@"|C>/"6B.eI*/8*'"%/D7>B$*C>M /"6B"4* U>/"6B"* =$'>* 78@$="* '"* -:38;6.$* @>E* %7"#,>* L:* B$#'",8-(C* 73"-#878#8E.$`%/-$CQ* B$=8* -"3/8;6.*8*B$#'8%/,D4*5"%"#'.6:8* 3$=>&(* 78-.''(* :* 78,8@$'."* '"* 78,8@$'.$* 8/3:(C(-"a* 683":* -(K%:A* 86$'D4* X@=83(/C* ,8`6:(* #:."&"'.$I* =#(* 3JK'.6"* C.D#:(* 86$'"C.* '"B@$7%:(6F* 3$=>&* :* ,8@$B'(6F* 78,8M @$`*B$%/*E@.%,"*:$3"*L8:'"6:"*/8I*K$*"@=83(/C*73"-#878#8E'.$*'.$*ED#:.$*B>K*-*%/"'.$*:'"@$ba*@$7M %:$B* 3$=>&(Q* "@E8* =#(* 8%.A='.$* :"&8K8'A* @.6:ED* 78,8@$`* L-* 6$@>* >'.,'.D6."* #:."&"'."* 738=3"C>* -*'.$%,8`6:8'8;aQ4
