• Nie Znaleziono Wyników

The ECB’s Monetary Policy as a Tool to Overcome the Crisis in the Eurozone Countries

N/A
N/A
Protected

Academic year: 2021

Share "The ECB’s Monetary Policy as a Tool to Overcome the Crisis in the Eurozone Countries"

Copied!
11
0
0

Pełen tekst

(1)

! " # $ % & ' ( ) * & " " & * # + , - . & ( % * & * # /,+& #,(!,%,0&! ##1213#1454# 65789# !"# $% &'(#")*+,-:#

!"# #$%&' ()*#!+,- .)/0$- +' + !))/

!) )1#,$)(# !"# $,0'0' 0* !"# #2,)3)*#

$)2*!,0#'

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

(2)

=E<# I@FI<EF<TS# /@GG@O>FP# B;<# _?@F<B=EH# <WD<E>?<FB`# >F# B;<# $* # =FT# aE<=B# KE>B=>F# =C# O<GG# =C# =F# =F=GHC>C# @A# B;<# <AA<IBC# @A# N=E>@JC# ?@F<B=EH# D@G>IH# B@@GC# >?DG<?<FB<T#>F#CJUC<ZJ<FB#T<I=T<C3#B;<#CB=FI<C#@A#E<DE<C<FB=B>N<C#@A#U@B;#BE<FTC# CB=EB<T#B@#P<B#IG@C<E#B@#@F<#=F@B;<ES#

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a@@TAE><FT3# 144M3# DS# b8YS# # T>E<IB# I@FC<ZJ<FI<# @A# B;<# PE@O>FP# C>?>G=E>BH# @A# N><OC# >F# B;<C<# L<H# >CCJ<C# O=C# B;<# E<I@PF>B>@F# @A# DE>I<# CB=U>G>BH# =C# =# F<I<CC=EH# I@FT>B>@F# X=FT# =IBJ=GGH# =# CJAA>I><FB# @F<Y# B@# ?=>FB=>F# <I@F@?H# @F# B;<# D=B;# B@# CB=UG<# <I@F@?>I# PE@OB;# =FT# B@# ?=L<# B;<# I<FBE=G# U=FL# B;<# ?=>F# >FCB>BJB>@F# E<Q CD@FC>UG<#A@E#?=L>FP#B;>C#BEJ<S#

";<# F<O# =DDE@=I;# T<N<G@D<T# B;<@E<B>I=GGH# =FT# =B# B;<# C=?<# B>?<# >?DG<Q ?<FB<T#>F#DE=IB>I<5#O=C#C@@F#<WDE<CC<T#>F#B;<#A@E?JG=B>@F#@A#=#F<O#T@IBE>F<#@A#

CB=U>G>C=B>@F#D@G>IH#O;>I;#>F#B>?<#O=C#F=?<T#B;<#T@IBE>F<#@A#>FAG=B>@F#B=EP<B>FPS# II@ET>FP#B@#B;>C#T@IBE>F<3#DE>I<#CB=U>G>BH#>C#B;<#U<CB#O=H#B@#JC<#?@F<B=EH#D@G>IH# B@#CB=U>G>R<#B;<#E<=G#CD;<E<#=FT#<CD<I>=GGH#B@#CB=U>G>C<#@JBDJB#=FT#<?DG@H?<FBS#&B# >C# C@# U<I=JC<# >F# B;<# C>BJ=B>@F# @A# DE>I<# CB=U>G>BH# I@?D=F><C# I=F# ?=L<# # DG=FC# @A# DE@TJIB>@F# DE@A>B=U>G>BH# O>B;@JB# =FH# T>CBJEU=FI<Cc# B;<H# I=F# =GC@# E<=IB# B@# B;<# I;=FP<C#>F#DE@TJIB>@F#@E#I@?D<B>B>@F#UH#B;<>E#@OF#DE>I<#=T[JCB?<FBC3#B;<#?=IE@Q CI=G<#<AA<IB#@A#O;>I;#>C#?=>FB=>F>FP#B;<#E<=G#DE@TJIB>@F#G<N<GC#=E@JFT#B;<#D@B<FQ B>=G# G<N<G# T<B<E?>F<T# UH# B;<# CJDDGHQC>T<# A=IB@EC# I;=E=IB<E>CB>I# A@E# B;<# <I@F@?H# O;>I;#=T?>BB<TGH#T>N<EP<C#AE@?#B;<#?@T<G#@A#D<EA<IB#I@?D<B>B>@F#UJB#AJFIB>@FC# >F#B;<#C>BJ=B>@F#@A#DE>I<#AG<W>U>G>BHS## ################################################# 5#&B#>C#F@B#AJGGH#IG<=E#O;=B#C<ZJ<FI<#C;@JGT#U<#P>N<F#B;<#B;<@EH#=FT#D@G>IH#XI<FBE=G#U=FL>FP# DE=IB>I<Y#>F#IE<=B>FP#B;<#U=C<C#=FT#B;<F#=EE>N>FP#=B#B;<##JGB>?=B<#D@CBJG=B<C#@A#B;<#>FAG=B>@F#B=EP<B>FP# T@IBE>F<S#d<E<#O<#=II<DB#B;<#DE<I<T<FI<#@A#B;<#B;<@EH#>F#B;<#C<FC<#B;=B#>B#O=C#I@QIE<=B<T#UH#DE=IB>Q B>@F<EC#>FN@GN<T#>F#I<FBE=G#U=FL#=IB>N>B><CS###

(3)

";<#(!KVC#0@F<B=EH#]@G>IH#=C# #"@@G#B@#,N<EI@?<#B;<#!E>C>Ce# 5M5#

*JDD@EB<EC#@A#>FAG=B>@F#B=EP<B>FP#P@#<N<F#AJEB;<E#IG=>?>FP#B;=B#B;<#A=IB#B;=B# B;<#I<FBE=G#U=FL#I@FN>FI<T#<I@F@?>I#JF>BC#@A#CJCB=>F=UG<#G@O#>FAG=B>@F#>F#AJBJE<# ?=H# I@FBE>UJB<# T>E<IBGH# B@# <=EG><E# E<I@N<EH# @A# <I@F@?H# AE@?# B;<# E<I<CC>@F# Xa@@TAE><FT3#144M3#DS#bbYS#&B#>C#C@#U<I=JC<#>F#B;<C<#I>EIJ?CB=FI<C#T<<D#IJBC#>F# >FB<E<CB#E=B<C#=E<#D@CC>UG<#XT<<D<E#B;=F#>F#B;<#C>BJ=B>@F#@A#D@@EGH#=FI;@E<T#>FAG=Q B>@F# <WD<IB=B>@FCY# O;>I;# ?=>FB=>F# I@FCJ?<E# =FT# >FN<CB?<FB# <WD<FT>BJE<C# >F# <I@F@?HS#d@O<N<E3#>F#@ET<E#B@#?=L<#>B#D@CC>UG<3#I<FBE=G#U=FL#?JCB#E<C>PF#AE@?# L<<D>FP#B;<#DE>FI>DG<C#@A#B;<>E#D@G>IH#A@E?JG=B>@F#=FT#?@F<B=EH#D@G>IH#B@@G#>?Q DG<?<FB=B>@F# C<IE<B# =FT# ?=L<# >BC# D@G>IH# AJGGH# BE=FCD=E<FB# =FT# DE<T>IB=UG<# A@E# <I@F@?>I# JF>BCS# ,FGH# B;<F# O>GG# B;<H# U<# =UG<# B@# =DDE<I>=B<# AJGGH# >BC# IE<T>U>G>BH# E<CJGB>FP#AE@?#B;<#T<B<E?>F=B>@F#B@#CB=U>G>C<#DE>I<CS## #

&F#B;<#DE<C<FB<T#?@T<G#@A#?@F<B=EH#D@G>IH#=#CD<I>=G#E@G<#>C#=CC>PF<T#B@#B;<# D@G>IH#@A#>FB<E<CB#E=B<CS#&B#>C#=F#<WDG>I>B#T>N<EP<FI<#AE@?#B;<#BE=T>B>@F=GGH#F<P=B>N<# =CC<CC?<FB#@A#B;>C#B@@G#UH#B;<#?@F<B=E>CB#BE<FT#=T;<E<FBC#XK<TF=EIRHL3#58843#DS# b1YS#d@O<N<E3#B;<#?@F<B=E>CB#CJDD@EB<T#E<PJG=B>@F#@A#?@F<H#CJDDGH#BJEF<T#@JB# B@# U<# T>AA>IJGB# B@# U<# >?DG<?<FB<T# >F# DE=IB>I<# XA>F=FI>=G# >FF@N=B>@FCY# =FT# G<CC# <AA<IB>N<3#<CD<I>=GGH#>F#A>P;B>FP#G@O<E#>FAG=B>@F1S#&F#B;<#C>BJ=B>@F#@A#G@O<E#>FAG=Q

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f#_@F<#B=EP<B3#@F<#B@@G#D@G>IH`/ #E<N<=G>FP#=#A=>EGH#C>?DG>A><T# @D>F>@F#@F#<I@F@?>I#E<=G>BH#I@?DG<B<GH#T<D<FT<FB#@F#B;<#<AA<IB>N<F<CC#@A#G>U<EQ =B<T#?=EL<B#?<I;=F>C?CS# GB;@JP;#B;<#(JE@D<=F#!<FBE=G#K=FL3#G>L<#B;<#/<T<E=G#)<C<EN<#*HCB<?3#@AA>Q I>=GGH#T>T#F@B#D@>FB#B@#B;<#>FAG=B>@F#B=EP<B>FP#=C#B;<#U=C>C#@A#>BC#?@F<B=EH#D@G>IH3# H<B#>F#U@B;#B;<#0==CBE>I;B#"E<=BH#=FT#B;<#(JE@CHCB<?#*B=BJB<#X01#2134("5'( 6')7

241#e3# !;=DB<E# &&&3# EB>IG<# 8Y# >B# >FT>I=B<C# B;<# ?=>FB<F=FI<# @A# DE>I<# CB=U>G>BH# =C#

B;<#DE>?=EH#@U[<IB>N<#@A#B;<#!<FBE=G#K=FL#=IB>N>B><CS#&FT<<T3#>F#B;<#H<=EC#5888Q 1441# B;<# (K!VC# @U[<IB>N<# O=C# ?=>FB=>F>FP# >FAG=B>@F# ?<=CJE<T# UH# B;<# d=E?@Q F>C<T#&FT<W#@A#!@FCJ?<E ]E>I<C X#d&]!#Y#U<G@O#1gS#&F#0=H#144h#B;>C#P@=G#O=C# CD<I>A><T#=C#?=>FB=>F>FP#B;<#>FAG=B>@F#E=B<#U<G@O#1g3#@E#IG@C<#B@#B;>C#G<N<G#X(!K3# 14483#DS#iYS## II@ET>FP#B@#B;<#DE<?>C<C#@A#>FAG=B>@F#B=EP<B>FP#B;<#?=>F#B@@G#B@#=I;><N<#B;>C# P@=G#>C#E<PJG=B>@F#@A#B;E<<#@AA>I>=G#C;@EBQB<E?#>FB<E<CB#E=B<C3#AE@?# =?@FP#O;>I;# ################################################# 1#";<#DE>I<#E>C<#E=B<#<WDE<CC<T#>F#@F<#T>P>B#N=GJ<C#I=F#U<#BE<=B<T#=C#G@O<E#>FAG=B>@F3#=GB;@JP;# >F#I@JFBE><C#CJI;#=C#^=D=F3#a<E?=FH#@E#*O>BR<EG=FT#O;>I;#BE=T>B>@F=GGH#E<N<=G#G@O#>FAG=B>@F#E=B<C3# B;<C<#N=GJ<C#I@JGT#U<#ZJ=G>A><T#=C#P=GG@D>FP#>FAG=B>@FS##

(4)

@F<#;=C#=#G<=T>FP#E@G<hS#&F#>BC#D@G>IH#B;<#(!K#B=L<C#=GC@#=TN=FB=P<#@A#B;<#?@F<H#

CJDDGH#E<PJG=B>@F#=C#O<GG#=C#@B;<E#B@@GC#B@#C;=D<#<I@F@?>I#I@FT>B>@FC#>F#B;<#(JQ E@R@F<S#*@?<#@A#B;<C<#B@@GC#=E<#JC<T#>FI>T<FB=GGH3#O;<E<=C#@B;<EC#O<E<#JC<T#=C# _F@FQCB=FT=ET`# ?<=CJE<C# X"E>I;<B3# 1448X1Y# >F# @ET<E# B@# =GG<N>=B<# B;<# A>F=FI>=G# IE>C>C#<AA<IBCS#d<FI<#<N=GJ=B>@F#@A#B;<#(!KVC#?@F<B=EH#D@G>IH#<AA<IB>N<F<CC#>FQ IGJT>FP#=GC@#>BC#<AA<IB>N<F<CC#=C#=#B@@G#@A#B;<#=FB>QIE>C>C#D@G>IH#?JCB#U<#=II@?Q DG>C;<T#B=L>FP#>FB@#=II@JFB#=GG#B;<#(!KVC#?<=CJE<C#=DDG><T#B@#B;>C#<FTS# D: 0(./#(#*!+!0)* )C ()*#!+,- .)/0$- !))/' 0* !"# '0!2+!0)* )C $,0'0' #

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b#UGF#<JE@C#@F#B;<#N<EH#A>ECB#T=HY3#G<FT>FP#O=C#I@FB>FJ<T3# O;>I;#;=T#=#B<?D@E=EH#I=G?>FP#<AA<IB#@F#B;<#?@F<B=EH#?=EL<B#X*B=EL3#1448YS#

#,B;<E# =IB>N>B><C# O;>I;# O<E<# JFT<EB=L<F# >F# E<CD@FC<# B@# B;<# IG<=EGH# N>C>UG<# C>PF>A>I=FBGH#G=EP<E#N=E>=U>G>BH#@A#C;@EBQB<E?#>FB<E<CB#E=B<C#B;=F#B;=B#U<A@E<# JPJCB# 144M# I@FI<EF<Tf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g#X(!KYS#&B#?JCB#U<#CB=B<T#B;=B#B;<#?=EL<B#C>BJ=B>@F#>F#B;<#A>ECB# D;=C<#@A#B;<#IE>C>C#;=T#F@B#I=JC<T#B;<#(!K#=JB;@E>B><C#=FH#CD<I>=G#DE@UG<?C#O>B;# CB=U>G>R>FP#>B#JFB>G#B;<#+<;?=F#KE@B;<EC#U=FLEJDBIH#O=C#=FF@JFI<T#>F#*<DB<?U<E# 144i# =FT# B;<# A>ECB# C>PFC# @A# D=F>I# =DD<=E<T# >F# >FB<EF=B>@F=G# A>F=FI>=G# ?=EL<BC# XK<EF=FL<3#1448YS###

#################################################

h C#@A#5b#,IB@U<E#144i#B;<#E@G<#@A#B;<#(!KVC#U=C>I#>FB<E<CB#E=B<#>C#B=L<F#@N<E#UH#=#849'( )"5'S# ";<#B@D#G>?>B#@A#>FB<E<CB#@F#G@=FC#B@#U=FLC#>C#T<B<E?>F<T#UH#B;<#:");4#"3 3'#(4#; 8"*4345,3#O;<E<=C# B;<# >FB<E<CB# E=B<# @F# I@??<EI>=G# U=FL# T<D@C>BC# >F# (!K# j# >C# T<B<E?>F<T# UH# B;<# ('<1245 )"5'S# ";<# A>W<T# E=B<# DE<I>C<GH#<ZJ=GC# # B;<# =E>B;?<B>I# ?<=F# @A# B;<# ?=EP>F=G# G<FT>FP# A=I>G>BH# =FT# B;<# T<D@C>B# E=B<3#=FT#B;<#I@EE>T@E#=E@JFT#B;<C<#A=I>G>B><C#O=C##U<BO<<F#544#=FT#144#U=C>C#D@>FBCS####

(5)

";<#(!KVC#0@F<B=EH#]@G>IH#=C# #"@@G#B@#,N<EI@?<#B;<#!E>C>Ce# 5Mh# ";<#A=GG#@A#@F<#@A#B;<#U>PP<CB#>FN<CB?<FB#U=FLC#O;>I;#O=C#C<E>@JCGH#<FP=P<T# >F#?@F<H#?=EL<BC#DE=IB>I=GGH#D=E=GHC<T#B;<C<#?=EL<BC#@F#U@B;#C>T<C#@A#B;<# BG=FQ B>IS#]=EB>IJG=EGH#B;<#?=EL<B#@A#>FB<EQU=FL#T<D@C>BC3#O;>I;#O=C#@A#IEJI>=G#>?D@EQ B=FI<#F@B#@FGH#A@E#CJCB=>F>FP#U=FLCV#G>ZJ>T>BH#UJB#=GC@#A@E#B;<>E#=U>G>BH#B@#IE<T>B# I@?D=F><C#=FT#;@JC<;@GTC3#CB@DD<T#B@#AJFIB>@F2S#";<#E<CJGBC#@A#>FB<EQU=FL#?=EQ L<B#I@GG=DC<#>FIGJT<T3#@F#B;<#@F<#;=FT3#CB@DD=P<#@A#B;<#I=C;#AG@O#U<BO<<F#U=FLC3# =FT# @F# B;<# @B;<E# ;=FT3# PE@O>FP# CDE<=T# XT>CD=E>BHY#U<BO<<F# @AA>I>=G# =FT# ?=EL<B# >FB<E<CB#E=B<CS#K@B;#B<FT<FI><C#B;E<=B<F<T#B;<#BE=T>B>@F=G#BE=FC?>CC>@F#I;=FF<G#A@E# B;<#(!KVC#?@F<B=EH#D@G>IH#>?DJGC<C#EJFF>FP#B;E@JP;#B;<#?@F<B=EH#?=EL<B#B@#B;<# C<IB@E#@A#<FB<EDE>C<C#=FT#;@JC<;@GTC#O>B;#I@?DG<B<#I@GG=DC<S# # # />PJE<#5S#-HF=?>IC#@A#(!KVC#U=C>I#>FB<E<CB#E=B<C#=FT#(,%& #E=B<C#>F#B;<#H<=EC#144ij1448# *@JEI<f#"J?D<GQaJP<E<GG3#1448S# # # &F#B;<C<#I>EIJ?CB=FI<C3#B;<#(!K#O=C#A@EI<T#B@#JFT<EB=L<#=#FJ?U<E#@A#=IB>N>Q B><C#O;>I;#C@?<;@O#E<DG=I<T#B;<#>FB<EQU=FL#?=EL<BS#/>ECBGH3#>B#CB=EB<T#=#IHIG<#@A# E<TJI>FP#>FB<E<CB#E=B<C#>F#@ET<E#B@#G@O<E#I@CBC#@A#I@??<EI>=G#U=FL#E<A>F=FI>FP#>F# B;<# C>BJ=B>@F# O;<F# E<A>F=FI>FP# I@CBC# >F# B;<# ?@F<B=EH# ?=EL<B# O<E<# <WI<CC>N<GH# ;>P;S#&F#B;<#C<N<FQ?@FB;#D<E>@T3#>S<S#U<BO<<F#,IB@U<E#144i#=FT#0=H#14483#B;<# U=C>I#>FB<E<CB#E=B<#O=C#E<TJI<T#>F#C<N<F#?@N<C#AE@?#2S1b#B@#5#D<EI<FB3#B;=B#>C#UH# #################################################

2# ]E@D<E# AJFIB>@F>FP# @A# B;<# >FB<EQU=FL# ?=EL<B# >C# D=EB>IJG=EGH# IEJI>=G# >F# (JE@D<# A@E# <FCJE>FP# I=C;#>FAG@O#B@#B;<#<FB<EDE>C<#C<IB@E#=C#@N<E#M4g#@A#B;>C#C<IB@E#A>F=FI>FP#=E<#DE@N>T<T#UH#U=FLCS#&F# B;<#$F>B<T#*B=B<C3#O;<E<#<FB<EDE>C<C#=E<#A>F=FI<T#?=>FGH#UH#B;<#I=D>B=G#?=EL<B3#B;<#C;=E<#@A#U=FLC# >F#<FB<EDE>C<#A>F=FI>FP#=?@JFBC#B@#I=S#1bg#X"J?D<GQaJP<E<GG3#1448YS####

(6)

h1b#U=C>C#D@>FBC#X#(!K#YS#&B#>C#F@B<O@EB;H#B;=B#B;<#A>ECB#T<I>C>@F#=U@JB#E<TJI>FP# B;<# U=C>I# >FB<E<CB# E=B<# O=C# ?=T<# @F# 5b# ,IB@U<E# 144i# B;=B# >C# =# U>B# G@FP<E# B;=F## h#?@FB;C#=AB<E#B;<#DE<N>@JC#@F<#O;>I;#>FIE<=C<T#B;>C#E=B<#UH#1b#U=C>C#D@>FBCS# B# B;=B#B>?<#B;<#(!K#=JB;@E>B><C#I@JGT#F@B#DE<T>IB3#;@O<N<E3#=#TE=?=B>I#I;=FP<#>F# B;<#I>EIJ?CB=FI<C#>F#O;>I;#B;<H#O@JGT#;=N<#B@#@D<E=B<#>F#=#A<O# ?@FB;CV#B>?<c# B;<>E#T<I>C>@F#O=C#T<B<E?>F<T#UH#O>GG>FPF<CC#B@#I@JFB<E=IB#=#C>BJ=B>@F#>F#O;>I;# >FAG=B>@F#<WD<IB=B>@FC#?>P;B#P<B#_T<Q=FI;@E<T`#>A#B;<#=II<CC#B@#B;<#I<FBE=G#U=FLVC# ?@F<H#O=C#<=C><ES# #O<<L#U<A@E<#?=L>FP#B;<#T<I>C>@F#=U@JB#B;<#U=C>I#>FB<E<CB#E=B<#E<TJIB>@F3#>B# O=C#=FF@JFI<T#B;=B#I@??<FI>FP#@F#5b#,IB@U<E#144i#B;>C#E@G<#O@JGT#F@#G@FP<E# U<#AJGA>GG<T#UH#B;<#?>F>?J?#U>T#E=B<#O>B;#=#CD<I>A>I#?>F>?J?#G@=F#DE@A>B=U>G>BH# =FT#@F#1i#^=FJ=EH#1448#A@E#B;<#A>ECB#B>?<#>B#O@JGT#U<#E<DG=I<T#UH#B;<#A>W<T#E=B<S# ";>C#I;=FP<#>FT>I=B<T#B;=B#B;<#(!K#O@JGT#U<#E<=TH#B@#P>N<#G@=FC#B@#I@??<EI>=G# U=FLC#O>B;#=DDE@DE>=B<#C<IJE>B><C#>F#AJGG#=GG@B?<FB#=B#B;<#A>W<T#>FB<E<CB#E=B<#X=FT# F@B# >F# B<FT<EC3# =C# >B# O=C# T@F<# <=EG><EYS# B# B;<# C=?<# B>?<3# >F# B;<# D<E>@T# B>GG# 15# ^=FJ=EH#14483#B;<#I@EE>T@E#=E@JFT#B;<#U=C>I#E<A>F=FI>FP#E=B<#XB;<#T>AA<E<FI<#U<Q BO<<F#B;<#?=EP>F=G#G<FT>FP#A=I>G>BH#=FT#B;<#T<D@C>B#E=B<Y#O=C#E<TJI<T#AE@?#144# B@#544#U=C>C#D@>FBC3#O;>I;3#@F#B;<#@F<#;=FT3#O=C#B@#<FI@JE=P<#U=FLC#B@#JC<#B;<# I<FBE=G#U=FL#A>F=FI>FP#=FT3#@F#B;<#@B;<E3#B@#>FN<CB#CJEDGJC#?@F<H#>F#B;<#I<FBE=G# U=FL#>A#@N<EQG>ZJ>T>BH#@IIJECS## # # "=UG<#5S#*<G<IB<T#>FT>I=B@EC#@A#I;=FP<C#@F#B;<#(JE@R@F<#A>F=FI>=G#?=EL<B3##144MQ#1448# *D<I>A>I=B>@F# 144M# 144i# 1448# 5S# N<E=P<#=FFJ=G#N=GJ<#@A#B;<#(!KVC#?=>F## E<A>F=FI>FP#E=B<5# hSMb# hSbb# 5S7b#

1S# N<E=P<#=FFJ=G#N=GJ<#@A#B;<#(,%& #E=B<1# hSiM# hSiM# 4SM5# hS# N<E=P<#=FFJ=G#N=GJ<#@A#h0#($)&K,)### 2S1i# 2S72# 5S11# 2S# N<E=P<#=FFJ=G#N=GJ<#@A#h0#+&K,)##

####j#$F>B<T#*B=B<C##

####j#^=D=F## bSh4#4SM8# 1S8h#4S8h# 4S78#4S2M#

bS# N<E=P<#=FFJ=G#N=GJ<#@A#51#0#($)&K,)#j#

(,%& #CDE<=T# 4Sbi# 4S87# 4S84#

7S#0h###?@F<H#CJDDGH#PE@OB;#E=B<# 55S7# MS7# j4S1# # 5#$FB>G#i#,IB@U<E#144i#j#?>F>?J?#U>T#E=B<3#C>FI<#5b#,IB@U<E#144iQ#A>W<T#U>T#E=B<# # 1#&FB<E<CB#@F#@F<QT=H#>FB<EQU=FL#G@=FC# # *@JEI<f#(!K#X1454=Y3#(!K#X1454UY3#=FT#=JB;@EVC#@OF#I=GIJG=B>@FCS# # #

";<C<# =IB>N>B><C# BJEF<T# @JB# B@# U<# <AA<IB>N<# B@# ZJ>ILGH# CB=U>G>C<# B;<# (,%& # E=B<3#O;>I;#AE@?#%@N<?U<E#144i#CB=EB<T#B@#=CCJ?<#N=GJ<C#>F#U<BO<<F#B;<#U=C>I# >FB<E<CB#E=B<#=FT#T<D@C>B#E=B<3#=FT#AE@?#^JGH#1448#j#B;<#N=GJ<C#N<EH#IG@C<#B@#B;<#

(7)

";<#(!KVC#0@F<B=EH#]@G>IH#=C# #"@@G#B@#,N<EI@?<#B;<#!E>C>Ce# 5Mb#

T<D@C>B# E=B<# X4S1bgYS# ,B;<E# C;@EBQB<E?# E=B<C# @A# B;<# ?@F<B=EH# ?=EL<B3# CJI;# =C# 510# ($)&K,)# @E# 510# +&K,)# E<CD@FT<T# N<EH# O<GG# B@# B;<# (!KVC# T<I>C>@FC# I@FI<EF>FP# E<PJG=B>@F# @A# >FB<E<CB# E=B<CS# ]E=IB>I=GGH# C>FI<# B;<# <FT# @A# 144i# B;<H# ;=N<#F@B#<WI<<T<T#1g3#=FT#>F#B>?<#B;<H#;=N<#>FIE<=C>FPGH#=DDE@=I;<T#B;<#(!KVC# U=C>I#E<A>F=FI>FP#E=B<S# *JII<CC#@A#B;<#(!KVC#D@G>IH#@A#>FB<E<CB#E=B<C#>F#B;<#A><GT#@A#E<TJI>FP#I@CBC#@A# I@?D=FH#=FT#;@JC<;@GT#A>F=FI>FP#O=C#D@CC>UG<#?=>FGH#U<I=JC<#@A#B;<#DE@D<EGH# >?DG<?<FB<T#K=FLVC#E<A>F=FI>FP#D@G>IHS#&F#B;<#IE>B>I=G#C>BJ=B>@F#O;>I;#<?<EP<T# =AB<E#B;<#>FB<EQU=FL#?=EL<B#I@GG=DC<3#JC>FP#B;<#E<A>F=FI>FP#D@G>IH#B@@GC3#B;<#K=FL# ?=F=P<T# B@# <FCJE<# I@FB>FJ>BH# @A# A>F=FI>=G# I>EIJG=B>@F# =FT# B@# DE<N<FB# G>?>B>FP# B;<>E#IG><FBC#A>F=FI>FPS#%<N<EB;<G<CC3#>A#IE<T>B>FP#;=T#CG@O<T#T@OF#X"=UG<#1Y3#B;<# E<=C@FC#A@E#B;=B#O<E<#?@E<#@F#B;<#T<?=FTQ#B;=F#CJDDGH#C>T<S#

";<#<FB>E<#=IB>N>B><C#@A#B;<#(!K#@E><FB<T#B@O=ET#CJCB=>F>FP#U=FL#IE<T>B>FP3# I=GG<T# _<F;=FI<T# IE<T>B# CJDD@EB` X"E>I;<B3# 1448X5Y# >FIGJT<T3# =?@FP# @B;<EC3# =F# <WB<FT<T#G>CB#@A#=CC<BC#=II<DB<T#UH#B;<#(!K#=C#=#C<IJE>BH#A@E#B;<#G@=FC#B@#U=FLCb3#

<WB<FC>@F#@A#B;<#G@=F#E<D=H?<FB#D<E>@T#B@#@F<#H<=E3#C=B>CAH>FP#U=FLCV#T<?=FT#A@E# A@E<>PF# IJEE<FI><C# XT@GG=ECY3# T>E<IB# DJEI;=C<C# @A# <JE@QT<F@?>F=B<T# ?@EBP=P<# U@FTCkT<UB#I<EB>A>I=B<C#>CCJ<T#>F#B;<#(JE@R@F<#I@JFBE><CS# ?@FP#B;<#=U@N<#?<FQ B>@F<T#B@@GC#C;=D>FP#G>ZJ>T>BH#@A#B;<#U=FL>FP#C<IB@E#@FGH#B;<#DJEI;=C<#@A#?@EBQ P=P<#U@FTCkT<UB#I<EB>A>I=B<C#O=C#=IBJ=GGH#=#F<O#?<=CJE<#C@#A=E#F@B#DE=IB>I<T#UH# B;<#(!KS##$C>FP#>B#E<CJGB<T#@FGH##AE@?#=#CD<I>A>I#C>BJ=B>@F#@A#B;<#?@EBP=P<#U@FT# ?=EL<B#>F#B;<#B>?<#@A#IE>C>CS#,F#B;<#@F<#;=FT3#B;>C#?=EL<B#E<?=>F<T#=#BE=T>B>@FQ =GGH#>?D@EB=FB#G>FL#@A#U=FL#E<QA>F=FI>FPc#@F#B;<#@B;<E#;=FT#Q#B;<#G@CC#@A#BEJCB#A@E# =GG#?@EBP=P<#C<IJE>B><C#T>T#F@B#G<B#U=FLC#U<F<A>B#AE@?#B;>C#I@FN<F><FB#C@JEI<#@A# I=D>B=G#>FAG@OS# GC@#>F#B;>C#I=C<3#B;<#(!K#;=T#B@#JFT<EB=L<#=IB>N>B><C#E<DG=I>FP# B;<# =IBJ=GGH# AJFIB>@F>FP# ?=EL<B# B;@JP;# B;<# CI=G<# @A# B;<# DJEI;=C<C# ?=T<# O=C# C?=GG#=FT#B@B=GG<T#74#UGF#<JE@CS#X"J?D<GGQaJP<E<GG3#1448YS#

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

#################################################

b# (WD=FC>@F# @A# B;<# G>CB# @A#=CC<BC# O=C# =II@?DG>C;<T# N>=#G@O<E>FP# B;<# E=B>FP# @A# C<IJE>B><C#=IQ I<DB<T##A@E#B;<#D=H?<FB#@A#G@=FC#P>N<F#B@#U=FLC#UH#B;<#(!K#AE@?#l `#B@#_KKKQ`S#)=B>FP#G@O<E>FP# T>T#F@B#I@FI<EF#=CC<BQU=IL<T#C<IJE>B><CS###

(8)

E: #$%&' ()*#!+,- .)/0$- 1#,'2' F#1#/).(#*! )C !"# (+$,)#$)*)(0$ '0!2+!0)* 0* !"# #2,)3)*# $)2*!,0#' # (N<F#B;@JP;#B;<#N><O#B;=B#B;<#(!K#A@JP;B#B;<#I@FC<ZJ<FI<C#@A#B;<#IE>C>C#>F# B;<#U=FL>FP#C<IB@E#ZJ>B<#<AA<IB>N<GH#>C#I@FC>T<E<T#[JCB>A><T3#O;>I;#>C#=#N=GJ<#>F# >BC<GA#TJ<#B@#B;<#A=IB#;@O#T>C=CBE@JC#>BC#<AA<IBC#?>P;B#;=N<#U<<F#A@E#B;<#(JE@G=FT# <I@F@?H#>A#B;<#K=FL#;=T#F@B#CJII<<T<T#>F#B;>C#A><GT3#B;<#ZJ<CB>@F#B@#O;=B#<WB<FB# B;<#(!KVC#?@F<B=EH#D@G>IH#?>P;B#;=N<#I@FBE>UJB<T#B@#E<TJIB>@F#@A#E<I<CC>@F#>F# B;<#E<=G#C<IB@E#=FT#A=CB<E#E<I@N<EH#@A#B;<#(JE@G=FTVC#<I@F@?H#>C#CB>GG#@D<FS#";<# =FCO<E#B@#B;>C#ZJ<CB>@F#>C##<N<F#?@E<#T>AA>IJGB#>F#N><O#@A#B;<# =U@N<#?<FB>@F<T# A=IB# B;=B# U@B;# B;<# G=O# =FT#D;>G@C@D;H# @A# B;>C# >FCB>BJB>@F# T@# F@B# =GG@O# >BC# T>E<IB# >FN@GN<?<FB#>F#<I@F@?>I#PE@OB;#CJDD@EBS# "=UG<#1S#(N@GJB>@F#@A#?=IE@<I@F@?>I#C>BJ=B>@F#>F#B;<#(JE@R@F<#I@JFBE><C#>F#B;<#H<=EC#144MQ#1448# =P=>FCB#B;<#U=ILPE@JFT#@A#C<G<IB<T#?@F<B=EH#?=EL<B#>FT>I=B@EC#XgY# *D<I>A>I=B>@F# 144M# 144i# 1448# 5S# IBJ=G#h0#($)&K,)## 1S52# 5Shb# 4S82# 1S# IBJ=G#h0#+&K,)## ####j#$F>B<T#*B=B<C# ####j#^=D=F# 1S22# 4SMh# j4S82# j4S2b# 5S4h# 5Si1# hS#0h#?@F<H#CJDDGH#PE@OB;#E=B<# 55S7# MS7# j4S1# 2S#aE@OB;#E=B<#@A#U=FL#G@=FC#B@# ####j#<FB<EDE>C<C# ####j#;@JC<;@GTC# 52Sb# 7S1# 8Sb# 5SM# j1Sh# 5Sh# bS#!@FCJ?<E#DE>I<#>FT<W#X!]&Y# 1S5# hSh# 4Sh# 7S#)<=G#a-]#PE@OB;#E=B<# 1Si# 4S7# X&&&#ZJ=EB<E#1448Y##j2S4## MS#&FTJCBE>=G#DE@TJIB>@F#PE@OB;#E=B<# hS1# j1S1# X&&&#ZJ=EB<E#1448Y##j5hSi## iS#]E>N=B<#I@FCJ?DB>@F#PE@OB;#E=B<# 5S7# 4S2# j5S4#X&&&#ZJ=EB<E#1448Y# 8S#(WD@EB#PE@OB;#E=B<# 7Sh# 5S4# j5hSb## X&&&#ZJ=EB<E#1448Y# 54S#aE@OB;#E=B<#@A#A>W<Tj=CC<B#>FN<CB?<FBC# 2Si# j4S2# j55S2# 55S#(JE@#E<=G#<AA<IB>N<#<WI;=FP<#E=B<## #####X5888#m5#n#544Y# 542S1# 54MS5# 54MS8# 51S#!JEE<FB#U=G=FI<#@A#D=H?<FBC#=C#=#a-]# #####D<EI<FB=P<# 4S1# j5S2# j# 5hS#KJTP<B#T<A>I>B#=C#=#a-]#D<EI<FB=P# j4S7# j1S4# j2S5## X&&&#ZJ=EB<E#1448Y# *@JEI<f#(!K#X1454=Y3#(!K#X1454UY3#=FT#=JB;@EVC#@OF#I=GIJG=B>@FCS# #

(9)

";<#(!KVC#0@F<B=EH#]@G>IH#=C# #"@@G#B@#,N<EI@?<#B;<#!E>C>Ce# 5MM#

";JC3#B;<#ZJ<CB>@F#O;>I;#>C#?@E<#[JCB>A><T#C;@JGT#D<E;=DC#U<#A@E?JG=B<T#>F# B;<# A@GG@O>FP# O=Hf# >C# >B# E<=GGH# BEJ<# B;=B# B;<# (!KVC# DE<N<FB>@F# @A# B;<# >FAG=B>@F# <WD<IB=B>@F# UE<=LT@OF# =GG@O<T# >B# B@# E<TJI<# >FB<E<CB# E=B<C# >F# =F# <WBE=@ET>F=EH# O=H3#O;>I;#>F#BJEF#?>P;B#;=N<#I@FBE>UJB<T#B@#B;<#A=CB<E#E<I@N<EH#>F#B;<#<FB<EDE>C<# C<IB@E#=FT#CB>?JG=B>@F#@A#;@JC<;@GT#T<?=FTS#

C# B;<# T=B=# >F# "=UG<# 1# E<N<=GC3# B;<# <AA<IB# @A# C>PF>A>I=FB# E<TJIB>@FC# >F# B;<# (!KVC#U=C>I#>FB<E<CB#E=B<#O=C3#@F#B;<#@F<#;=FT3#=#PE=TJ=G#T<IE<=C<#>F#C;@EBQB<E?# E<=G#>FB<E<CB#E=B<C#>F#B;<#?@F<B=EH#?=EL<B#=AA<IB>FP#I@CBC#@A#IE<T>BC#A@E#<FB<EDE>C<C# =FT# ;@JC<;@GTC# X<SPS# h0# ($)&K,)Y3# UJB# @F# B;<# @B;<E# ;=FT3# B;<C<# E<TJIB>@FC# O<E<#C>PF>A>I=FBGH#O<=L<E#>F#144i#B;=F#>F#B;<#$* #@E#^=D=FS#,FGH#>F#1448#E<=G# >FB<E<CB#E=B<C#@A#?@F<B=EH#?=EL<B#CB=EB<T#B@#E<=I;#C>?>G=E#N=GJ<C#G>L<#>F#B;<#$* S# &B#>C#T>AA>IJGB#B@#=CC<CC#<W=IBGH#B@#O;=B#<WB<FB#B;<#(!KVC#I@FC<EN=B>N<#D@G>IH#=C# E<P=ETC# >FB<E<CB# E=B<C3# =FT# <CD<I>=GGH# T<G=H<T# >F>B>=B>@F# @A# B;<# IHIG<# @A# >FB<E<CB# E=B<# E<TJIB>@F# X?@E<# B;=B# =# H<=E# =AB<E# B;<# /<T<E=G# )<C<EN<# *HCB<?Y73# <FB=>G<T#

E<TJIB>@F# @A# ?=FH# U<F<A>BC# O;>I;# ?>P;B# ;=N<# U<<F# =I;><N<T# UH# B;<# (JE@G=FT# <I@F@?H#>A#>BC#!<FBE=G#K=FL3#U=C>FP#@F#=FI;@E<T#>FAG=B>@F#<WD<IB=B>@FC#;=T#<AQ A<IB<T# =# CBE@FP<E# E<TJIB>@F# >F# ?@F<H# I@CBC3# >S<S# >A# B;=B# E<TJIB>@F# ;=T# U<<F# =B# =#C>?>G=E#G<N<G#=C#B;<#@F<#=DDG><T3#A@E#>FCB=FI<#>F#B;<#$* S##

0<=FO;>G<3#?=>FB=>F>FP#;>P;#>FB<E<CB#E=B<C3#<CD<I>=GGH#>F#144i3#<FB=>G<T#AJEQ B;<E# =DDE<I>=B>@F# @A# B;<# <JE@# =FT3# B@# C@?<# <WB<FB3# AJEB;<E# I@GG=DC<# @A# <WD@EBC# O;>I;#A@E#B;<#G=EP<CB#(JE@G=FT#<I@F@?><C#O<E<#=#L<H#<G<?<FB#>F#<F;=FI>FP#<I@Q F@?>I# PE@OB;S# d>P;<E# >FB<E<CB# E=B<C# ?>P;B# =GC@# ;=N<# =F# =TN<EC<# >FAGJ<FI<# @F# A>W<TQ=CC<B# >FN<CB?<FBC# =FT# I@FCJ?DB>@F# THF=?>ICS# # ";>C# >C# >FT>I=B<T# UH# B;<# T=B=#I@FI<EF>FP#B;<#I@JEC<#@A#B;<C<C#I=B<P@E><C#>F#U@B;#144i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i#O;<F#B;<#/)*#;=T#U<<F#E<TJI>FP#>BC#U=C>I#E=B<#C>FI<#*<DB<?U<E#144M#UH#=#B@B=G#@A#h1b# U=C>C#D@>FBCo#

(10)

G: $)*$/2'0)*' #

";<# =F=GHC>C# @A# B;<# (!KVC# <AA<IB>N<F<CC# >F# A>P;B>FP# B;<# A>F=FI>=G# IE>C>C# <AQ A<IBC# E<N<=GC# B;=B# =T;<E<FBC# @A# B;<# F<O# I@FC<FCJC# >F# CB=U>G>C=B>@F# D@G>IH# ?=H# @N<EE=B<# B;<# <AA<IB>N<F<CC# @A# ?@F<B=EH# D@G>IH# @E><FB<T# <WDG>I>BGH# B@O=ET# DE>I<# CB=U>G>BH# =C# =# ?<B;@T# @A# IE<=B>FP# D@C>B>N<# I@FT>B>@FC# A@E# <I@F@?>I# PE@OB;S# (WQ D<E><FI<C#@A#B;>C#IE>C>C3#U@B;#>F#(JE@D<#=FT# ?<E>I=#A>ECB#@A#=GG#D@>FB#B@#>FCJAA>Q I><FB#E<PJG=B>@F#>F#C;@EBQB<E?#>FB<E<CB#E=B<C#=C#=#B@@G#B@#CB=U>G>C<#<I@F@?>I#C>BJ=Q B>@F3#<CD<I>=GGH#>F#B;<#D<E>@T#@A#?=[@E#T>CBJEU=FI<C#>F#?=EL<B#<ZJ>G>UE>J?S#&A#B;<# >FB<E<CB#E=B<#D@G>IH#;=T#F@B#U<<F#CJDDG<?<FB<T#UH#B;<#=IB>N<#E<A>F=FI>FP#D@G>IH3# B;<# U=FL>FP# C<IB@E# IE>C>C# ?>P;B# ;=N<# U<<F# G@FP<E# =FT# ?@E<# DE@A@JFTS# &B# =GC@# BJEF<T#@JB#B;=B#B;=B#<N<F#>F#B;<#C>BJ=B>@F#@A#=FI;@E<T#>FAG=B>@F#<WD<IB=B>@FC#>B#>C# T>AA>IJGB# B@# I;@@C<# CJI;# >FB<E<CB# E=B<# G<N<GC# O;>I;3# @F# B;<# @F<# ;=FT3# O@JGT# U<# I@FA@E?=UG<#O>B;#B;<#D@CBJG=B<#@A#L<<D>FP#AJBJE<#>FAG=B>@F#G@O3#UJB#@F#B;<#@B;<E# ;=FT3#O@JGT#F@B#G>?>B#B;<#?<T>J?QB<E?#DE@CD<IBC#@A#@N<EI@?>FP#B;<#IE>C>C#>F#B;<# CD;<E<#@A#E<=G#<I@F@?HS#####

%0%/0)H,+."-

#

K<TF=EIRHL#^S+SX5884YS# =1345,-" <4'#4>?#" <)+'*4@ 4#83"*A4% B5C(4C: ;12<1(")-4 -"<45"3425,*+#'A% ]p%#p=ECR=O=S#

K<EF=FL<#KS#X1448Y3#D'83'*541#2 1# 5E' F'") 18 0)4242S#*D<<I;#UH#!;=>E?=F#K<F#*S#K<EF=FL<#=B#B;<# /<T<E=G#)<C<EN<#K=FL#@A#\=FC=C#!>BHq#C# FFJ=G#(I@F@?>I#*H?D@C>J?3#^=ILC@F#d@G<#pH@Q ?>FP3# JPS#15314483#OOOSA<T<E=GE<C<EN<SP@NS#Xh5S45S1454YS#

01#2134("5'( 6')241# 18 5E' G)'"5, 1# HC)1<'"# I#41# "#( 5E' G)'"5, 1# 5E' JC#*541#4#; 18 5E' HC)1<'"# I#41#3#l,AA>I>=G#^@JEF=G#@A#B;<#(JE@D<=F#$F>@F`3#'@GJ?<#b53#48S4bS144iS#

(!K#X1448Y3#=)4*' 25"K4345,L @E, 42 45 4:<1)5"#5 81) ,1CS##

(!K# X1454=Y3# H0& M1#5E3, &C33'54#S# HC)1 N)'" B5"54254*2 O#34#'3# ^=FJ=EH# 14543# OOOS<IUS>FB# Xh5S45S1454YS#

(!K#X1454UY3#H0& M1#'5"), B5"54254*23#^=FJ=EH#1454S# (!K3#P', H0& 4#5')'25 )"5'23#OOOS<IUS>FB#Xh5S45S1454Y#

a@@TAE><FT# 0S# X144MY3# Q1@ 5E' R1)3( N*E4'S'( 01#2'#2C2 1# M1#'5"), =134*,3# l^@JEF=G# @A# (I@F@?>I#]<ECD<IB>N<C`3#F@#2k144MS#

*B=EL#^S#X1454Y3#R4)52*E"8534*E' =')2<'-54S'# #"*E (') P)42'L E4251)42*E' H)8"E)C#;'#/ 3'*E)'# 8T)

A'5+5S# '@EBE=P# N@F# ^rEP<F# *B=EL3# 0>BPG><T# T<C# ->E<LB@E>J?# T<E# (.K# =?# +<>DR>P<E# *<?>F=E#

sL@F@?><#JFT#]E=W>C3#+<>DR>P3#14S^=FJ=EH#14543#OOOS<IUS>FBSXh5S45S1454YS#

"E>I;<B#^Q!S#X1448X5Y3#$'221#2 8)1: 5E' 84#"#*4"3 *)4242S#\<HF@B<#=TTE<CC#UH#^<=FQ!G=JT<#"E>I;<B3# ]E<C>T<FB# @A# B;<# (JE@D<=F# !<FBE=G# K=FL# =B# B;<# l# p>EBCI;=ABCB=P# 1448`3# @EP=F>C<T# UH# B;<# '@GLCU=FL<F# =FT# )=>AA<>C<FU=FL<F3# /E=FLAJEB# =?# 0=>F3# 5bS,IBS# 14483# OOOS<IUS>FB# Xh5S45S1454YS#

"E>I;<B#^Q!SX1448X1Y/ P', 3'221#2 8)1: 5E' *)4242S#*D<<I;#UH#^<=FQ!GJT<#"E>I;<B#3#]E<C>T<FB#@A#B;<# (JE@D<=F#!<FBE=G#K=FL#=B#B;<# FFJ=G#!@FA<E<FI<#@EP=F>C<T#UH#B;<# CC@I>=B>@F#T<#0<EI=T@C# />F=FI><E@C3#0=TE>T3#1h#%@NS14483#OOOS<IUS>FB#Xh5S45S1454YS#

"J?D<GGQaJP<E<GG#aS#X1448Y3#GE' HC)1<'"# )'2<1#2' 51 5E' 84#"#*4"3 *)4242S#*D<<I;#UH#a<EBEJT<# "J?D<GGQaJP<E<GG3#0<?U<E#@A#B;<#(W<IJB>N<#K@=ET#@A#B;<#(!K3#K=FL#@A#%<O#t@EL#0<GG@F# d<=TZJ=EB<E3#%<O#t@EL3#57#,IBS1448S#OOOS<IUS>FBS#Xh5S45S1454YS#

(11)

";<#(!KVC#0@F<B=EH#]@G>IH#=C# #"@@G#B@#,N<EI@?<#B;<#!E>C>Ce# 5M8# !"# $% &'(#")*+,-

.)/0!-;+ .0#*0IJ*+ #2,).#K';0#H) %+*;2 $#*!,+/*#H) K+;) *+,3IF30# .,3#3L-$0IJ+*0+ ;,-3-'2 L ;,+K+$" '!,#C- #2,)

!<G<?# =EBHLJuJ# [<CB# =F=G>R=# D@G>BHL># D><F>vwF<[# (JE@D<[CL><P@# K=FLJ# !<FBE=GF<P@# @T# 144M# E@LJ#D@T#LxB<?#[<[#CLJB<IRF@yI>#O#F>O<G@O=F>J#CLJBLzO#LEHRHCJ#A>F=FC@O<P@#O#LE=[=I;#CBE<AH# <JE@S#K=Rv#{EzTu@Ox#TG=#@DE=I@O=F>=#CB=F@O>x#PuzOF><#?=B<E>=uH#CB=BHCBHIRF<##(K!#@E=R#DJUG>L=Q I[<# # IRu@FLzO# R=ERxTJ# K=FLJ3# >FB<EDE<BJ[xIHI;# =LBJ=GF<# DE@UG<?H# D@G>BHL># D><F>vwF<[S# 0<B@T=# U=T=OIR=# DERH[vB=# O# =EBHLJG<# D@G<P=# F=# DE<R<FB=I[># LGJIR@OHI;# =CD<LBzO# D@G>BHL># D><F>vwF<[# [<TF@RF=IRF><#F=L><E@O=F<[#F=#CB=U>G>R=I[v#I<F#>#L@FAE@FB=I[>#B<[#D@G>BHL>#R<#CD<IHA>IRFH?>#O=EJFQ L=?># LEHRHCJ# A>F=FC@O<P@S# .# D@T[vBHI;# # U=T=|# OHF>L=3# w<# F=ERvTR>=# D@G>BHL># D><F>vwF<[# [=L>?># THCD@F@O=u# (K!# DER<T# LEHRHC<?# @L=R=uH# C>v# Ou=yI>O><# OHCB=EIR=[xI<# XD@# D<OFHI;# ?@THA>L=Q I[=I;Y#T@#CB@DF>@O<P@#DERHOEzI<F>=#TE@wF@yI>#D@TCB=O@O<P@#L=F=uJ#BE=FC?>C[>#>?DJGCzO#D@G>BHQ L>#D><F>vwF<[#(K!3#U><PFxI<P@#D@DER<R#EHF<L#D><F>vwFH#T@#E<=GF<[#CA<EH#P@CD@T=EL>S#p#L@FC<LO<FQ I[>#JT=u@#C>v#F><#T@DJyI>}#T@#PO=uB@OF<P@#@PE=F>IR<F>=#A>F=FC@O=F>=#B<[#CA<EH#OCLJB<L#D=F>L>#[=L=# D@[=O>u=# C>v# F=# ?>vTRHF=E@T@OHI;# EHFL=I;# A>F=FC@OH?# D@# @Pu@CR<F>J# JD=Tu@yI># =?<EHL=|CL><P@# U=FLJ#>FO<CBHIH[F<P@#+<;?=F#KE@B;<ECS#%><OxBDG>OH?#CJLI<C<?#D@G>BHL>#D><F>vwF<[#(K!#O#@LE<Q C><#LEHRHCJ#UHu@#J?><[vBF<#P@TR<F><#U=ETR@#=LBHOF<[#D@G>BHL>#E<A>F=FC@O<[3#E<=G>R@O=F<[#O#O=EJFQ L=I;# RF=IRF<[# E<TJLI[># D@TCB=O@O<[# CB@DH# DE@I<FB@O<[# R# JBERH?=F><?# C>v# F=# F>CL>?# D@R>@?><# OCL={F>LzO# >FAG=I[>S# .# TEJP><[# [<TF=L# CBE@FH# BEJTF@# [<CB# RF=G<{}# DER<L@FJ[xI<# =EPJ?<FBH3# LBzE<# ?@PuHUH#yO>=TIRH}#@#BH?3#w<#D@G>BHL=#B=##?@w<#U<RD@yE<TF>@#DERHIRHF>}#C>v#T@#CRHUCR<P@#OH[yI>=# P@CD@T=EL>#<JE@G=FTJ#R#F=[PuvUCR<P@#R=u=?=F>=#L@F>JFLBJEH#O#@LE<C><#D@O@[<FFH?S# 'M?>8 NOP9Q?><A#(K!3#D@G>BHL=#D><F>vwF=3#CBE<A=#<JE@3#LEHRHC#A>F=FC@OHS### # ## # #

Cytaty

Powiązane dokumenty

Ałła Krawczuk (Narodowy Uniwersytet Lwowski im. Tarasa Szewczenki w Kijowie, Ukraina), Małgorzata Witaszek-Samborska (Uniwersytet im. Adama Mickiewicza w Poznaniu), Maria

Ustawa o utrzymaniu czystości, w zakresie, w jakim wy- znacza sferę obowiązków właścicieli nieruchomości, należy do.. Wynika stąd obowiązek dokonywania ścisłej wykładni

Total fixed assets and current assets of non-financial enterprises with predominance of foreign capital employing 10 persons or more keeping accounting ledgers by voivodship in 2019

During that year, I was not studying towards an Oxford degree (I was at that stage still planning to submit my doctorate to the University of Łódź), but I had a chance to do

Material for the study was obtained from sports CVs and by analysing the route taken to mastery by selected outstanding practitioners of martial arts (Instructors, Masters) and

Sport i aktywność ruchowa jako istotny czynnik w rehabilitacji osób niepełno- sprawnych,.[w:].J..Ślężyński.(red.),.Sport w rehabilitacji

The most effective Japanese competitors performed three throws by UCHI: uchimata, ouchi gari, kouchi gari, and three throws by SOTO: osoto gari, kosoto gake, kosoto gari..

Działalność nieorganiczna natomiast to wszelkie czynności, które może, ale nie musi podejmować (sam decydując o ich pojawie- niu się i przebiegu). Podejmowane przez