Wpływ kryzysu finansowego na strukturę zadłużenia publicznego

Transkrypt

Wpływ kryzysu finansowego na strukturę zadłużenia publicznego
Tomasz Uryszek*
!"#$%&'#(#)*%+,-,).$/0.%,-%)1'*&1*'2%(-3"*4/,5!*6758(,/0.%&'-9:$%;,55%<*'.!/9)&5/9
)12!%
!"#$ %"&'()*+,$ -./0$ 1&.)+(.$ +(.12!3)*+3$ ).)43$ 5(67/*18)($ 51'+19,+715,)4$ #1/%12:9.7$ +:$ 85(.)(.;$ <+/0,0")-.$ +(=$ *:9*32*:-3).$ /01-3$ %9*.2$
*:2:+(.=$ 21&19"$ 0:7(.-$ /09"70"9,$ *:2!">.+(:?$ &,$ =(+(=:'(*15:@$ +.#:0,5+.$ /7"07($ 2':$ #1/%12:97(;$ A.'.=$ :90,7"!"$ -./0$ 1).+:$ *=(:+$ /09"70"9,$ 2!"#"$ %"&'()*+.#1$ 5$ 79:-:)4$ BC$ 5$ 179./(.$ 79,*,/"$ #1/%12:9)*.#1;$
D=(:+,$0.-$/09"70"9,$ /3$12*5(.9)(.2'.+(.=$/%1/1&"$*:9*32*:+(:$*:2!">.+(.=$ %"&'()*+,=$ 19:*$ 71+2,)-($ /.7019:$ E+:+/F5$ %"&'()*+,)4$ 5$ 5:9"+7:)4$+(./0:&('+18)($#1/%12:9)*.-;$G,*+:)*1+.="$).'15($015:9*,/*3$
+:/06%"-3).$4(%10.*,$&:2:5)*.H$
I E+:+/"-3)$91/+3).$%109*.&,$%1>,)*715.$/.7019:$%"&'()*+.#1$5$179./(.$ 79,*,/"?$ (+/0,0")-.$ *:9*32*:-3).$ 2!"#(.=$ %"&'()*+,=$ *5(67/*,!,$
"2*(:!$(+/09"=.+0F5$79F0710.9=(+15,)4$5$/09"70"9*.$0.#1$2!"#"?
I 5$179./(.$79,*,/"$*5(67/*,!$/(6$"2*(:!$/.7019:$(+/0,0")-($E+:+/15,)4$
5$%12=(1015.-$/09"70"9*.$2!"#"$%"&'()*+.#1?
I 1#9:+()*:-3)$ 9,*,71$ 5:'"015.?$ (+/0,0")-.$ *:9*32*:-3).$ 2!"#(.=$ %"&'()*+,=$*:)(3#:!,$5(67/*18@$*1&15(3*:J$5$5:'")(.$79:-15.-;
K+:'(*(.$%122:+1$/09"70"96$0.9=(+153?$5:'"0153$($%12=(10153$2!"#";$ L:2:+(.=$ 1&-601$ 5/*,/07(.$ 79:-.$ )*!1+715/7(.$ BC;$ ':$ *:)415:+(:$
%19F5+,5:'+18)($=(62*,$%1/*)*.#F'+,=($79:-:=($M+%;$"+(0:9+,=($($N.2.9:'+,=(O$5,719*,/0:+1$2:+.$2':$):!.#1$/.7019:$E+:+/F5$%"&'()*+,)4$
M:$+(.$0,'71$0.$210,)*3).$2!"#"$P7:9&"$Q:J/05:O;$R79./$&:2:J$1&.-="-.$
':0:$STTUVSTWW;$
=>%?-'(@3(-,5/%3"*05/A%!*6758(,#A%$%$-'*,&-8B%&'#(#)*
D:9*32*:+(.$2!"#(.=$%"&'()*+,=$-./0$%91)./.=$21&9*.$91*%1*+:+,=$
5$ %1'/7(.-$ ($ *:#9:+()*+.-$ '(0.9:0"9*.$ %9*.2=(10"$ X*1&;$ +%;$ Y:9)4.57:ZL:90715(:7?$STWW[?$XK'29()4?$W\]\[;$Q91)./$0.+$=1>+:$2.E+(15:@$5$"-6)("$ /*.9/*,=$ -:71$ .'.=.+0$ %1'(0,7($ &"2>.015.-$ %:J/05:?$ %1'.#:-3),$ +:$
*
9?$ ^:0.29:$ _(+:+/F5$ Q"&'()*+,)4?$ <+/0,0"0$ _(+:+/F5?$ G,2*(:!$ C71+1=()*+1ZP1)-1'1#()*+,?$B+(5.9/,0.0$`F2*7(?$\TZSW]$`F2a?$"';$b.51'")-($W\Tc$9;$+9$d\?$01=:/*;"9,/*.7e"+(;
'12*;%';$
!"#$% &'$($)* +,-,).%/0. ,- )1'*&1*'2 (-3#*4/,5- "*6758(,/0.9
409
%12.-=15:+("$2.),*-($1$%1*(1=(.$5,2:07F5$E+:+/15:+,)4$*:$%1=1)3$
*:2!">.+(:$M)1$210,)*,$3/ :-81.$5,/1718)($0.#1$*:2!">.+(:O$19:*$5$56>/*,=$*+:)*.+("$V$-:71$):!17/*0:!0$2.),*-($210,)*3),$/%1/1&"$E+:+/15:+(:$%109*.&$%1>,)*715,)4$%:J/05:$M)*,'($7/*0:!015:+(:$/09"70"9,$2!"#"$
%"&'()*+.#1O;$ f:$ %109*.&,$ +(+(.-/*.#1$ :90,7"!"$ %9*,-601$ "-6)(.$ 56>/*.?$
"*+:-3)?$>.$%12=(10$12%15(.2*(:'+,$*:$*:9*32*:+(.$2!"#(.=$+(.$2.),2"-.$1$-.#1$5,/1718)($M5,/1718@$2!"#"$-./0$0"$*=(.++3$.#*1#.+()*+3?$70F9.-$
5:9018)($ 5,+(7:-3$ *$ %9*,-60.-$ %9*.*$ 5!:2*.$ %"&'()*+.$ %1'(0,7($ &"2>.015.-O;$Q12.-="-.$*:8$2.),*-.$210,)*3).$/09"70"9,$*:2!">.+(:?$5$0,=$=;(+;H$
0.9=(+"?$ +:$ -:7($ *:)(3#:+,$ -./0$ 2!"#?$ /09"70"9,$ %12=(1015.-$ *:2!">.+(:$
M12$71#1$89127($E+:+/15.$/3$%1>,)*:+.O$)*,$5:'"0,?$5$70F9.-$*:)(3#:+,$
-./0$2!"#;$Q15,>/*.$*:#:2+(.+(:$/3$*5(3*:+.$=;(+;$*$912*:-.=$(+/09"=.+0F5$2!">+,)4$19:*$/%1/1&.=$($5,/1718)(3$()4$1%91).+015:+(:;$f(.$%1*1/0:-3$0:7>.$&.*$5%!,5"$+:$%1*(1=$9F>+.#1$912*:-"$9,*,7:$M5$0,=$9,*,7:$
9.E+:+/15:+(:$'"&$9,*,7:$5:'"015.#1$2!"#"O;$
b1/+3).$7510,$*:2!">.+(:$%"&'()*+.#1$M*1&:)*$0:&'():$WO?$&623).$5,+(7(.=$ %.9=:+.+0+.#1$ +(.*9F5+15:>.+(:$ E+:+/F5$ %"&'()*+,)4?$ $ /%151215:!,$ 79,*,/$ *:"N:+(:$ (+5./019F5$ 21$ /7:9&15,)4$ (+/09"=.+0F5$
2!">+,)4$"5:>:+,)4$21$+(.2:5+:$*:$0*5;$,.,;'5)& '"& '5)&;:'// 5,)1'*</,1)
X%19;H$ 6&/7(?$ W\\g?$ /;$ ]\[;$ Q12=(10,$ *:9*32*:-3).$ 2!"#(.=$ ="/*3$ )19:*$
)*68)(.-$ *:&(.#:@$ 1$ (+5./019F5$ ($ %12+1/(@$ :09:7),-+18@$ /7:9&15,)4$ (+/09"=.+0F5$ 2!">+,)4;$ f:-)*68)(.-$ &12a).=$ /0,="'"-3),=$ %1%,0$ (+5./019F5$+:$0.$(+/09"=.+0,$-./0$5*91/0$()4$1%91).+015:+(:;$h1$*$71'.($%1512"-.$1&)(3>.+(:$2':$&"2>.0F5$%9*,/*!,)4$179./F5$5,+(7:-3).$*$91/+3),)4$
5,2:07F5$ +:$ 1&/!"#6$ 2!"#"$ ($ %9*,)*,+(:$ /(6$ 21$ 2:'/*.#1$ *5(67/*.+(:$
+(.9F5+15:#($E+:+/F5$%"&'()*+,)4;$P01%:$1%91).+015:+(:$/7:9&15,)4$
(+/09"=.+0F5$2!">+,)4?$"5:>:+:$*:$%"+70$12+(./(.+(:$2':$1%.9:)-($2171+,5:+,)4$ +:$ 9,+7"$ E+:+/15,=$ X/*.9*.-$ *1&;$ +%;$ _.21915()*?$ W\\g?$
/;$Wc\[?$XP)1i$($(++(?$STTj?$/;$SW\VSST[?$5$5(.'"$79:-:)4$09:)($+:$*+:)*.+(";$
G$ -.-$ =(.-/).$ %1/*"7"-.$ /(6$ :'0.9+:0,5+,)4$ 5*19)F5$ V$ 71+(.)*+18@$ ()4$
%1/*"7(5:+(:$&,!:$/,#+:'(*15:+:$5$'(0.9:0"9*.$+:$2!"#1$%9*.2$1/0:0+(=$
79,*,/.=$E+:+/15,=$X*1&;$+%;$Rkl.:9,?$STTW[;$
G$179./(.$STTUVSTWW$5.$5/*,/07()4$79:-:)4$*$5,-307(.=$P*5.)-($($L"!#:9(($+:/03%(!$%9*,91/0$*:2!">.+(:$%"&'()*+.#1$5$/01/"+7"$21$Q^L;$G,+(F/!$12$17;$WWm$M5$%9*,%:27"$L.'#(($($Y:'0,O$21$%1+:2$ddTm$5$%9*,%:27"$<9':+2((;$Q9*.)(60+(.$5$79:-:)4$BC$&,!1$01$17;$d]m;$G$0:7()4$5:9"+7:)4$
*:9*32*:+(.$ 2!"#(.=$ %"&'()*+,=$ +:&(.9:$ /*)*.#F'+.#1$ *+:)*.+(:$ X 11'.,?$ STTT?$ /;$ ]cVc\[;$ G$ '(0.9:0"9*.$ *59:):$ /(6$ "5:#6$ +:$ /*)*.#F'+3$ 91'6$
0.#1$ %91)./"$ 5$ 179./(.$ /%151'+(.+(:$ #1/%12:9)*.#1$ XC:/0.9',?$ STTW[?$
.N.70F5$ #1/%12:9)*,)4$ +:2=(.9+.#1$ *:2!">.+(:$ XP"04.9':+2?$ W\\g[?
h1=:/*$B9,/*.7$
410$
79,*,/F5$5:'"015,)4$XL.+(#+1?$Y(//:'.?$STT][?$:$+:5.0$*9F5+15:>1+.#1$91*51-"$Xf()"?$n.19#.0:?$STWW[;$
C-6758-%=>%D"*0%!*6758(,#%$%&'-9-8B%;<%E$%F%GHIJ
STTU
STTg
STTj
STT\
STWT
STWW
BC
UW?U
c\?T
US?S
g]?U
jT?T
jS?c
BnG
Uj?U
UU?]
gT?S
jT?T
jc?]
jg?d
L.'#(:
jj?T
j]?T
j\?S
\c?g
\c?c
\g?j
L"!#:9(:
SW?U
Wg?S
Wd?g
W]?U
WU?S
WU?d
A*.)4,$
Sj?d
Sg?\
Sj?g
d]?S
dg?j
]T?j
:+(:$
dS?W
Sg?W
dd?]
]T?U
]S?\
]U?U
f(.=),$
Uj?T
Uc?S
UU?j
g]?c
jS?c
jT?c
C/01+(:
]?]
d?g
]?c
g?S
U?g
U?W
<9':+2(:
S]?U
Sc?W
]]?c
U]?\
\S?S
WTU?]
WTU?W
WTg?]
WWS?\
WS\?g
W]j?d
WgT?U
o(/*%:+(:$
n9.)-:
d\?g
dU?d
]T?S
cd?\
UW?c
U\?d
_9:+)-:
Ud?g
U]?S
Uj?S
g\?S
jS?d
jU?T
G!1)4,$
WTU?d
WTd?d
WTU?W
WWU?]
WW\?S
WST?g
A,%9
U]?g
cj?j
]j?\
cj?c
UW?d
gW?W
`105:
WT?g
\?T
W\?j
dU?g
]]?c
]S?S
l(05:
Wg?\
WU?j
Wc?c
S\?d
dg?\
dj?c
U?g
U?g
W]?]
Wc?d
W\?S
Wj?d
G6#9,
Uc?\
Ug?T
gd?T
g\?j
jW?j
jW?]
Y:'0:
U]?T
UW?\
US?T
Ug?U
Uj?d
gT?\
o1':+2(:
]g?]
]c?d
cj?c
UT?j
Ud?W
Uc?c
l"7/.=&"9#
K"/09(:
US?d
UT?S
Ud?j
U\?S
gS?T
gS?]
Q1'/7:
]g?g
]c?T
]g?W
cT?\
c]?j
cU?]
Q190"#:'(:
U\?]
Uj?]
gW?g
jd?S
\d?c
WTj?W
b"="+(:
WS?]
WS?j
Wd?]
Sd?U
dT?c
dd?]
P!15.+(:
SU?]
Sd?W
SS?T
dc?T
dj?U
]U?\
P!15:)-:
dT?c
S\?U
Sg?\
dc?U
]W?T
]d?d
_(+':+2(:
d\?U
dc?S
dd?\
]d?c
]j?U
]\?T
P*5.)-:
]c?d
]T?S
dj?j
]S?U
d\?c
dj?]
G'7;$L9,0:+(:
]d?d
]]?S
cS?d
Ug?j
g\?]
jc?T
p9F2!1H$R%9:)15:+(.$5!:/+.$+:$%12/0:5(.$2:+,)4$C"91/0:0";
!"#$% &'$($)* +,-,).%/0. ,- )1'*&1*'2 (-3#*4/,5- "*6758(,/0.9
411
G:901$*59F)(@$"5:#6$+:$N:70?$>.$%12=(10,$12%15(.2*(:'+.$*:$*:9*32*:+(.$ 2!"#(.=$ %"&'()*+,=$ =:-3$ =1>'(518)($ &.*%189.2+(.#1$ 7/*0:!015:+(:$-.#1$/09"70"9,$0,'71$5$12+(./(.+("$21$*:2!">.+(:$/.7019:$9*3215.#1$M*:2!">.+(:$P7:9&"$Q:J/05:O?$/0:+15(3).#1$-.2,+(.$)*68@$*1&15(3*:J$
):!.#1$ /.7019:$ E+:+/F5$ %"&'()*+,)4;$ G$ %9:70,).$ 79:-F5$ BC$ /3$ 5,719*,/0,5:+.$09*,$=12.'.H$=(+(/0.9(:'+,?$&:+715,$($:#.+),-+,$X/*.9*.-$*1&;$
+%;$ Y:9)4.57:ZL:90715(:7?$ STTj?$ /;$ Wd\[;$ f(.*:'.>+(.$ 12$ /%.),E7($ 0,)4$
=12.'($ )*,$ 71+0915.9/-($ 015:9*,/*3),)4$ ()4$ 5,719*,/0:+("$ X%19;$ Q(10915/7:ZY:9)*:7?$B9,/*.7?$STT\?$/;$U]VUc[$71+/09"7)-:$>:2+.#1$*$+()4$+(.$
"=1>'(5(:$&.*%189.2+(.-$71+091'($+:2$/09"70"93$2!"#"$/*)*.&':$'17:'+.#1;$ !"#$ /.7019:$ /:=19*3215.#1$ -./0$ 7/*0:!015:+,$ %9*.*$ %1/*)*.#F'+.$
-.2+1/07($/:=19*32"$0.9,019(:'+.#1$9F>+,)4$/*)*.&'(;$q.2+1/07($0.$*:)(3#:-3$#1$+:$5!:/+,$9:)4"+.7$($5.$5!:/+,=$(=(.+(";$D:9*32*:+(.$03$)*68)(3$
*:2!">.+(:$%"&'()*+.#1$*$%1*(1="$5!:2*,$).+09:'+.-$=1>.$/(6$12&,5:@$
-.2,+(.$ %189.2+(1$ %9*.*$ 5%915:2*:+(.$ 12#F9+,)4$ +:7:*F5?$ *:7:*F5$
'"&$=:7/,=:'+,)4$%1*(1=F5$*:2!">.+(:;$ 10,)*,$01$-.2+:7$*:9*:2*:+(:$
2!"#(.=$ 5$ "-6)("$ /*.9/*,=;$ Q12=(10$ 12%15(.2*(:'+,$ *:$ 7/*0:!015:+(.$
/09"70"9,$2!"#"$/*)*.&':$).+09:'+.#1$+(.$2.),2"-.$1$0:7(.-$/09"70"9*.$+:$
%1*(1=(.$/:=19*3215,=;
K>%L1'*&1*'-%1/'A5,.$-%(-3"*4/,5-%!*6758(,/0.%
P09"70"9:$ 0.9=(+15:$ -./0$ -.2+,=$ *$ +:-5:>+(.-/*,)4$ .'.=.+0F5$ *:9*32*:+(:$ 2!"#(.=$ %"&'()*+,=;$ D&,0$ 2">,$ "2*(:!$ (+/09"=.+0F5$ 79F0710.9=(+15,)4$ 5$ /09"70"9*.$ *1&15(3*:J$ %1512"-.$ =;(+;$ 5*91/0$ 9,*,7:$9.E+:+/15:+(:$XB9,/*.7?$STWW[$19:*$9,*,7:$/01%,$%91).+015.-$2!"#"$
XB9,/*.7?$STWT[;$^19*,/0:+(.$*$79F0710.9=(+15.#1$2!"#"$*="/*:$5!:2*.$
%"&'()*+.$21$9.':0,5+(.$)*6/0.#1$%1*,/7(5:+(:$89127F5$%1$9F>+.-$).+(.;$
Y1>.$/(6$+:5.0$*2:9*,@?$>.$5$%.5+,=$=1=.+)(.$89127F5$0,)4$5$1#F'.$
+(.$"2:$/(6$%1*,/7:@;$B2*(:!$2!"#"$79F0710.9=(+15.#1$M1$0.9=(+:)4$*:%:2:'+18)($21$-.2+.#1$917"O$5$/09"70"9*.$2!"#"$1#F!.=$%9.*.+0"-.$0:&'():$S;$
R79./$ 79,*,/"$ E+:+/15.#1$ 5$ 5(67/*18)($ 79:-F5$ )*!1+715/7()4$ BC$
M2':$70F9,)4$21/06%+.$&,!,$2:+.O$/%151215:!$5*91/0$"2*(:!"$79F0710.9=(+15,)4$(+/09"=.+0F5$5$/09"70"9*.$2!"#"$%"&'()*+.#1;$G*91/0$"2*(:!"$0,)4$(+/09"=.+0F5$5$/09"70"9*.$0.9=(+15.-$2!"#"$5$STT\$917"$5$/01/"+7"$21$STTU$917"$&,!$5(21)*+,$5$Wj$79:-:)4$BC;$<+0.9./"-3),$-./0$N:70?$
>.$:>$U$79:-F5$1#9:+()*,!1$5,719*,/0:+(.$(+/09"=.+0F5$79F0710.9=(+15,)4;$G$7('7"$%9*,%:27:)4$+(.$-./0$01$-.2+:7$*5(3*:+.$*$1&+(>.+(.=$5:9018)($ +1=(+:'+.-$ 2!"#"$ 79F0710.9=(+15.#1?$ :$ *$ 9F>+()3$ 5$ 0.=%(.$ %9*,91/0"$2!"#"$79F071Z$($2!"#10.9=(+15.#1;$D+:)*3),$5*91/0$E+:+/15:+(:
]WS$
h1=:/*$B9,/*.7$
%109*.&$ /.7019:$ %"&'()*+.#1$ *:$ %1=1)3$ (+/09"=.+0F5$ 79F0710.9=(+15,)4$ &,!$ /*)*.#F'+(.$ 5(21)*+,$ 5$ 79:-:)4?$ 70F9.$ )4:9:70.9,*15:!,$ /(6$
&:92*1$/*,&7(=$0.=%.=$%9*,91/0"$2!"#"$M+%;$5$<9':+2((O;$Q1'/7:$+:$0'.$
79:-F5$B+(($C"91%.-/7(.-$5,%:2!:$%12$0,=$5*#'62.=$&:92*1$21&9*.;$
C-6758-%K>%;3(5-"%3"*0*%&':1&.1/'A5,.$/0.%E3.%'.&*J%$%)1'*&1*'(/%3"*0*%
!*6758(,/0.%&'-9:$%;<%E$%FJ
STTU
STTg
STTj
STT\
STWT
STWW
WT?g
WW?T
Wg?j
W]?\
W]?\
Wd?U
L"!#:9(:
T?T
T?W
T?S
T?S
S?c
S?j
A*.)4,$
WT?T
j?S
U?d
U?j
g?U
\?c
L.'#(:
:+(:$
\?d
]?g
WS?]
]?S
&;2;
\?U
f(.=),$
c?j
U?T
g?d
WT?d
WU?T
Wc?]
C/01+(:
W?S
S?S
W?S
W?d
T?g
W?W
<9':+2(:
WS?T
W\?T
dg?]
Sd?j
j?c
c?]
n9.)-:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
]?j
d?T
Wc?S
Wg?\
Wd?S
WT?T
_9:+)-:
WW?U
WT?]
W]?]
Wg?]
WU?c
Wc?]
G!1)4,$
Wj?S
Wg?c
Wj?S
Wg?d
Wc?\
Wc?d
A,%9
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
`105:
U?U
g?g
dc?\
W]?g
\?]
j?]
l(05:
S?d
S?c
g?\
]?]
U?d
U?T
l"7/.=&"9#
Wc?T
Wd?U
g?T
g?d
j?\
j?j
G6#9,
WU?S
Wd?]
WT?U
WT?U
\?U
j?g
Y:'0:
WS?S
WW?c
WS?g
Wd?j
WT?j
g?g
o1':+2(:
j?S
WT?\
Sj?T
ST?S
Wj?S
WU?W
K"/09(:
W?j
S?T
U?d
c?c
c?W
d?d
Q1'/7:
U?S
]?]
j?]
U?\
d?]
W?W
Q190"#:'(:
S]?d
S]?\
SU?W
S]?U
SS?U
Wd?c
b"="+(:
T?W
Wd?j
Wj?\
SS?g
S]?c
Sd?T
P!15.+(:
]?g
d?d
S?d
U?j
W?W
W?W
P!15:)-:
T?S
T?]
]?\
c?T
c?c
]?]
_(+':+2(:
WT?j
WW?d
Wd?d
Wj?U
WU?W
WS?]
P*5.)-:
dW?S
Sc?g
SU?c
Sc?d
S]?S
Sc?]
G'7;$L9,0:+(:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
o(/*%:+(:$
&;2;$V$&9:7$2:+,)4
p9F2!1H$R%9:)15:+(.$5!:/+.$+:$%12/0:5(.$2:+,)4$C"91/0:0";
!"#$% &'$($)* +,-,).%/0. ,- )1'*&1*'2 (-3#*4/,5- "*6758(,/0.9
413
G:901$ *:"5:>,@?$ >.$ %1$ %9*.-8)("$ %(.95/*.-$ N:'($ 79,*,/"$ ($ 5/06%+.-$
1).+(.$ /,0":)-($ #1/%12:9)*.-$ %9*.*$ %12=(10,$ 12%15(.2*(:'+.$ *:$ *:9*32*:+(.$ 2!"#(.=$ %"&'()*+,=$ +:/03%(!1$ /*,&7(.$ 5,)1N:+(.$ E+:+/15:+(:$
%109*.&$ %1>,)*715,)4$ /.7019:$ %"&'()*+.#1$ *:$ %1=1)3$ (+/09"=.+0F5$
79F0710.9=(+15,)4;$h:7(.$2*(:!:+(:$+:'.>,$1).+(@$%1*,0,5+(.?$%1+(.5:>$
*+:)*3)1$ 1#9:+()*:-3$ 9,*,71$ 9.E+:+/15:+(:$ 2!"#"$ %"&'()*+.#1;$ <+0.9./"-3),$5,2:-.$/(6$0:7>.$N:70?$>.$5$%9*,%:27"$79:-F5$/0:9.-$B+(($M79:-F5$
0*5;$%(60+:/07(O$ +:-5(67/*,$"2*(:!$5$/09"70"9*.$ *:2!">.+(:$%"&'()*+.#1$
=(:!,$(+/09"=.+0,$1$0.9=(+:)4$*:%:2:'+18)($12$WT$21$Wc$':0;$h,=)*:/.=$
5$79:-:)4$+15.-$BC$M70F9.$5./*!,$21$/09"70"9$."91%.-/7()4$5$STT]$917"$
'"&$%Fa+(.-O$&,!,$01$(+/09"=.+0,$.=(015:+.$+:$179./$12$g$21$WT$':0;$G,9:a+(.$5(21)*+.$/3$0"$9F>+.$%9.N.9.+)-.$5$*:79./(.$0.9=(+F5$(+5./015:+(:$5$79:-:)4$*$2!"#(=($09:2,)-:=($51'+19,+715,=($19:*$5$/01/"+7151$
=!12,)4$#1/%12:97:)4$9,+715,)4;$
M>%L1'*&1*'-%!.3A5.1.$-%(-3"*4/,5-%!*6758(,/0.%
^9,0.9("=$%12=(1015.$=1>.$&,@$91*%:09,5:+.$5$71+0.78)(.$9F>+,)4$
#9"%$ (+5./019F5$ +:&,5:-3),)4$ PQG$ '"&$ "2*(.':-3),)4$ %1>,)*.7$ 5!:2*1=$%"&'()*+,=;$C=(0.+)($%:%(.9F5$/7:9&15,)4$5$'(/0:)4$.=(/,-+,)4$
=1#3$ 179.8':@$ 21).'15.$ #9"%,$ (+5./019F5?$ 21$ 70F9,)4$ /3$ 7(.915:+.$
71+79.0+.$ (+/09"=.+0,;$ <+5./019*,$ *:8$ %15(++($ &,@$ *:(+0.9./15:+($ ()4$
*:7"%.=$M5$%9*.)(5+,=$5,%:27"$+(.$21-2*(.$21$09:+/:7)-(O;$G$71+0.78)(.$79,*,/"$E+:+/15.#1$($/%151'+(.+(:$#1/%12:9)*.#1$/*)*.#F'+(.$(+0.9./"-3):$5,2:-.$/(6$1).+:$/01%+(:$*::+#:>15:+(:$(+/0,0")-($E+:+/15,)4$
5$79.2,015:+(.$/.7019:$%"&'()*+.#1;$<+/0,0")-.$0.$&19,7:!,$/(6$&15(.=$
*$2">,=($%91&'.=:=($($*$-.2+.-$/091+,$*+:)*3)1$1#9:+()*:!,$*:79./$/51()4$ (+5./0,)-(?$ :$ *$ 29"#(.-$ V$ /0:9:!,$ /(6$ 1#9:+()*:@$ 9,*,71$ (+5./0,),-+.$
*5(3*:+.$ *.$ /09"70"93$ ()4$ :70,5F5;$ G$ 0,=$ ).'"$ =1#!,$ 5,719*,/0,5:@$
+:$%9*,7!:2$/7:9&15.$(+/09"=.+0,$2!">+.$1&)(3>1+.$-.8'($+(.$*.915,=?$
01$($0:7$+:-+(>/*,=$9,*,7(.=$/%189F2$:70,5F5$E+:+/15,)4$21/06%+,)4$
5$2:+,=$)*:/(.$+:$9,+7";$Y1>+:$5(6)$*:7!:2:@?$>.$%9*,91/0$2!"#"$%"&'()*+.#1$=1>.$&,@$5$*+:)*3).-$)*68)($:&/19&15:+,$%9*.*$/.7019$E+:+/15,;$ Q15(++1$ 01$ 210,)*,@$ *5!:/*)*:$ 79:-F5$ =:-3),)4$ 5,/17(.$ 1).+,$
9:0(+#15.$+:2:5:+.$%9*.*$:#.+)-.$=(62*,+:91215.;$B2*(:!$/.7019:$(+/0,0")-($E+:+/15,)4$5$%12=(1015.-$/09"70"9*.$2!"#"$%"&'()*+.#1$79:-F5$BC$%9*.2/0:5(1+1$5$0:&'(),$d;
D$ :+:'(*,$ %12=(1015.-$ /09"70"9,$ *:2!">.+(:$ %"&'()*+.#1$ 5,!3)*1+1$
%(6@$79:-F5$*$%1512"$&9:7"$2:+,)4;$G$#9"%(.$%1*1/0:!,)4$SS$%:J/05$%1!15:$5,7:*:!:$5*91/0$"2*(:!"$/.7019:$(+/0,0")-($E+:+/15,)4$5$7510:)4$
h1=:/*$B9,/*.7$
414$
2!"#"$%"&'()*+.#1?$%1!15:$V$/%:2.7;$ 12:07151$5$7('7"$%9*,%:27:)4$
*=(:+,$&,!,$&:92*1$+(.*+:)*+.;$f(.$=1>+:$5(6)$/05(.92*(@?$>.$V$)1$21
C-6758-%M>%;3(5-"%)/&1.'-%5,)1#1*895%+,-,).$#8B%$%)1'*&1*'(/%!.3A5.1.$/9%
(-3"*4/,5-%!*6758(,/0.%&'-9:$%;<%E$%FJ
STTU
STTg
STTj
STT\
STWT
STWW
L.'#(:
]c?S
]T?U
dc?\
dj?c
dg?c
]W?]
L"!#:9(:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
A*.)4,$
gU?T
gd?j
gT?c
gT?T
Ud?S
UW?j
:+(:$
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
f(.=),$
]d?c
d\?g
d\?U
]j?]
dj?g
d]?d
C/01+(:
]T?W
cj?S
cg?d
]j?W
cj?g
c\?g
<9':+2(:
W\?T
ST?W
Wc?W
S\?\
dg?\
S\?c
n9.)-:$
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
o(/*%:+(:$
]c?]
]g?S
]j?W
]\?]
cW?]
cc?U
_9:+)-:
]d?g
]d?]
]W?j
]S?U
]W?T
]W?g
G!1)4,$
]T?S
d\?j
dj?U
]S?S
]]?c
]c?c
A,%9
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
`105:
d]?c
SU?c
]c?\
SW?T
WU?g
W]?g
l(05:
dT?\
dS?d
d]?]
S]?U
Sd?]
SS?\
l"7/.=&"9#
\S?S
\S?]
\]?S
\d?\
\c?]
\c?S
G6#9,
]]?]
]]?W
]W?U
d\?c
dj?g
dT?U
Y:'0:
gT?j
Uj?d
Ud?U
UU?d
UU?\
Uc?d
o1':+2(:
d\?S
]T?]
Sg?U
Sj?j
dU?S
]S?d
K"/09(:
Sd?W
Wj?g
SW?U
ST?W
ST?d
ST?U
Q1'/7:
c]?U
cg?g
UT?]
cg?c
cS?S
]g?W
Q190"#:'(:
Wd?j
WS?T
WS?c
WU?]
Sj?W
SU?j
b"="+(:
US?]
UT?\
Ud?j
Uj?g
Uc?T
Uc?S
P!15.+(:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
P!15:)-:
cg?S
UT?W
c\?d
Ud?]
UW?j
cj?j
_(+':+2(:
Wd?g
W]?S
Wc?j
Wd?j
W]?g
W]?U
P*5.)-:
Ug?W
Uc?c
Ud?]
UW?\
UT?\
c\?U
G'7;$L9,0:+(:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;$V$&9:7$2:+,)4
p9F2!1H$R%9:)15:+(.$5!:/+.$+:$%12/0:5(.$2:+,)4$C"91/0:0";
*:/:2,$V$(+/0,0")-.$E+:+/15.$*5(67/*:!,$/5F-$"2*(:!$5$/09"70"9*.$*:2!">.+(:$%"&'()*+.#1;$Q1+:201$*2:9*:!1$/(6?$>.$+:5.0$50.2,$#2,$(+5./019*,
!"#$% &'$($)* +,-,).%/0. ,- )1'*&1*'2 (-3#*4/,5- "*6758(,/0.9
415
*+:)*3)1$ *5(67/*,'($ /5.$ (+5./0,)-.$ 5$ (+/09"=.+0,$ /7:9&15.?$ /*,&71$
*$ 0:7()4$ (+5./0,)-($ 5,)412*('(;$ Q9*,7!:2.=$ =1#3$ &,@$ f(.=),;$ P,0":)-:$
#1/%12:9)*:$0.#1$79:-"$-./0$"*+:5:+:$*:$21&93?$9:0(+#$%"&'()*+,)4$(+/09"=.+0F5$2!">+,)4$-./0$+:-5,>/*,$*$=1>'(5,)4$X*1&;$4i%Hrr)1"+09,.)1+1=,;)1=r9:0(+#/[?$-.2+:7$1%91).+015:+(.$0,)4$(+/09"=.+0F5$+:$%1*(1=(.$
+(.):!,)4$ Sm$ +(.$ -./0$ :09:7),-+.$ 2':$ (+5./019F5;$ ">,=$ M($ 91/+3),=O$
*:(+0.9./15:+(.=$ (+/0,0")-($ E+:+/15,)4$ )(./*,!,$ /(6$ *:$ 01$ (+/09"=.+0,$
.=(015:+.$=;(+;$%9*.*$5!:2*.$Q190"#:'(($)*,$<9':+2((;$G$79:-:)4$0,)4$*+:)*3),$%9*,91/0$2!"#"$%"&'()*+.#1$M*:9F5+1$5$5:9018)(:)4$+1=(+:'+,)4?$
-:7$($5$12+(./(.+("$21$Q^LO$&,!$5$&:2:+,=$179./(.$:&/19&15:+,$#!F5+(.$
%9*.*$/.7019$E+:+/15,;$Y1>.$01$&,@$/%151215:+.$/01/"+7151$:09:7),-+,=$1%91).+015:+(.=$.=(015:+,)4$%:%(.9F5$19:*$21&9,=($5,+(7:=($
9:0(+#"H$<9':+2(:$5$9:0(+#"$:#.+)-($_(0)4$/09:)(!:$%109F-+.$K$MsKKKtO$21%(.91$5$STWT$917"?$:$Q190"#:'(:$%125F-+.$K$MsKKtO$0:7>.$5$STWT$917";$
R&.)+(.$9:0(+#($0,)4$79:-F5$/3$%121&+.$21$*2.),215:+(.$=+(.-$*:2!">1+,)4$%:J/05$91*5u:-3),)4$/(6$+(.+:'.>3),)4$21$/09.N,$."91$M+%;$L"!#:9(($
)*,$ b"="+((O;$ D:(+0.9./15:+(.$ (+/0,0")-($ E+:+/15,)4$ %1'/7(=($ (+/09"=.+0:=($/7:9&15,=($-./0$/01/"+7151$2">.$($5$=(:96$/0:&('+.;$G,+(7:$01$
*$21&9.#1$9:0(+#"$MsKt$5.2!"#$_(0)4O$($/01/"+7151$5,/17(.#1$1%91).+015:+(:$0,)4$(+/09"=.+0F5$M%9*.)(60+(.$171!1$cm$5$/7:'($917"O;$
N>%L1'*&1*'-%$-7*1.$-%(-3"*4/,5-%!*6758(,/0.%
<+5./019*,$/7!1++($+:&,@$%:%(.9,$/7:9&15.$'"&$"2*(.'(@$%1>,)*7($M79.2,0"O$*:&.*%(.)*1+.#1$=:-307(.=$%"&'()*+,=$=1#3$&,@$%1/*"7(5:+($+:$
9,+7"$79:-15,=$'"&$*:#9:+()*+,=;$q./0$01$&.*%189.2+(1$%15(3*:+.$*$5:'"03?$5$70F9.-$2.+1=(+15:+,$-./0$2!"#;$C=(/-:$(+/09"=.+0F5$5$912*(=.-$
5:'")(.$ %1512"-.$ 1#9:+()*:+(.$ 9,*,7:$ 5:'"015.#1;$ q.2+:7$ .=(0.+)($
)*6/01$ 2.),2"-3$ /(6$ +:$ *:)(3#:+(.$ 2!"#"$ 5$ 5:'"0:)4$ 1&),)4;$ G,+(7:$ 01$
*$)46)($2,5.9/,E7:)-($a9F2.!$E+:+/15:+(:$%109*.&$%1>,)*715,)4$5!:2*$
%"&'()*+,)4?$%1*,/7:+(:$+(>.-$1%91).+015:+.#1$7:%(0:!"$*:$#9:+()3$'"&$
*$ %91&'.=F5$ *$ *:)(3#+(6)(.=$ *1&15(3*:J$ +:$ 9,+7"$ 79:-15,=;$ B2*(:!$
2!"#"$ *:)(3#+(60.#1$ %9*.*$ %1/*)*.#F'+.$ 79:-.$ BC$ 5$ 5:'")(.$ 79:-15.-$
5$ /09"70"9*.$ *:2!">.+(:$ %"&'()*+.#1$ 1#F!.=$ %9.*.+0"-.$ 0:&'():$ ];$K+:'(*"-3)$ *:5:90.$ 0:=$ 2:+.?$ =1>+:$ /05(.92*(@?$ >.$ 5$ %9*.5:>:-3).-$ )*68)($
79:-F5$2!"#$*:)(3#:+,$5$5:'")(.$79:-15.-$/0:+15($%12/0:5153$)*68@$*:2!">.+(:$%"&'()*+.#1;$^9:-.$+:'.>3).$21$/09.N,$."91$5/*,/07(.$M'"&$+(.=:'$
5/*,/07(.O$*1&15(3*:+(:$*:)(3#:-3$5$0.-$5:'")(.;$P%189F2$79:-F5$/%1*:$
/09.N,$."91$5:'"06$79:-153$5,719*,/0"-3$%:J/05:?$5$70F9,)4$-./0$1+:$/01/"+7151$ /0:&('+:?$ :$ #1/%12:97:$ 21&9*.$ 91*5(+(60:$ M%9*.2.$ 5/*,/07(=$
h1=:/*$B9,/*.7$
416$
G(.'7:$L9,0:+(:?$:'.$0:7>.$Q1'/7:$($A*.)4,O;$^9:-.$0.$=:-3$0:7>.$21&9.$1).+,$9:0(+#15.$5,/0:5(:+.$%9*.*$=(62*,+:91215.$:#.+)-.;
C-6758-%N>%;3(5-"%3"*0*%3/,.A5,.$-,/0.%$%$-7*85/%&'-9.$/9%$%)1'*&1*'(/%
(-3"*4/,5-%!*6758(,/0.%&'-9:$%;<%E$%FJ
STTU
STTg
STTj
STT\
STWT
STWW
L.'#(:
&;2;
&;2;
\j?c
\\?j
WTT?T
WTT?T
L"!#:9(:
W\?S
Sd?S
S]?]
Sd?]
Sc?g
SU?S
A*.)4,$
&;2;
\T?U
jU?S
jd?g
jS?W
jd?U
:+(:$
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
f(.=),$
&;2;
&;2;
\j?]
\j?c
\j?S
\g?U
C/01+(:
&;2;
&;2;
Wg?W
d?j
WW?W
WTT?T
<9':+2(:
WTT?T
WTT?T
WTT?T
WTT?T
WTT?T
\S?T
n9.)-:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
o(/*%:+(:$
\j?d
\j?c
\j?d
\j?d
\j?g
\\?T
_9:+)-:
&;2;
&;2;
&;2;
&;2;
\g?S
\U?\
G!1)4,$
\\?d
\\?j
\\?j
\\?j
\\?j
\\?j
A,%9
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
`105:
]d?c
]T?S
]W?]
Sc?d
Wj?T
Wg?W
l(05:
&;2;
&;2;
Wg?U
j?c
WS?W
Wd?d
WTT?T
WTT?T
WTT?T
WTT?T
WTT?T
WTT?T
l"7/.=&"9#
G6#9,
&;2;
Uj?]
c\?\
cd?U
cS?\
]j?S
Y:'0:
\\?j
\\?\
\\?\
WTT?T
WTT?T
WTT?T
o1':+2(:
\\?d
\\?c
\\?c
\c?d
\U?T
\U?\
K"/09(:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
Q1'/7:vO
gd?U
gc?j
gd?g
gd?d
gS?S
Uj?T
Q190"#:'(:
\\?c
\\?g
\\?S
\j?c
\j?c
\W?c
b"="+(:
SW?c
d]?]
]T?W
d\?c
d\?U
]T?U
P!15.+(:
&;2;
&;2;
\\?]
\\?j
\\?j
\\?j
P!15:)-:
gd?j
gS?W
gc?U
\\?g
\\?g
\\?g
_(+':+2(:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
P*5.)-:
&;2;
&;2;
&;2;
&;2;
&;2;
&;2;
G'7;$L9,0:+(:
\\?g
\\?j
WTT?T
WTT?T
WTT?T
WTT?T
vO$2:+.$2':$2!"#"$P7:9&"$Q:J/05:w$&;2;$V$&9:7$2:+,)4
p9F2!1H$R%9:)15:+(.$5!:/+.$+:$%12/0:5(.$2:+,)4$C"91/0:0"$19:*$Y(+(/0.9/05:$_(+:+/F5$
bQ;
!"#$% &'$($)* +,-,).%/0. ,- )1'*&1*'2 (-3#*4/,5- "*6758(,/0.9
417
^9:-.$ =:-3).$ /!:&/*3$ 5:'"06$ 19:*$ #19/*3$ /,0":)-6$ #1/%12:9)*3$ M+%;$
L"!#:9(:$)*,$b"="+(:O$5$+(.5(.'7(=$/01%+("$5,719*,/0"-3$(+/09"=.+0,$
2.+1=(+15:+.$ 5$ 912*(=.-$ 5:'")(.;$ f(.$ /3$ 1+.$ :7).%015:+.$ %9*.*$ (+5./019F5$ *$ %1512"$ /!:&.#1$ 9:0(+#";$ ^9:-.$ 0.$ 5,719*,/0"-3$ 5(6)$ +:-/('+(.-/*.$5:'"0,H$."91$19:*$21':9:$:=.9,7:J/7(.#1;$G$%9*,%:27"$L"!#:9(($
($b"="+(($2!"#$*:)(3#+(60,$5$."91$/0:+15($171!1$cTm$*:2!">.+(:$%"&'()*+.#1?$:$5$21':9:)4$:=.9,7:J/7()4$V$12$7('7"$21$171!1$STm;$q.2+1)*.8+(.$
5(2:@?$>.$5$=(:96$%1%9:5,$9:0(+#"$M=(=1$79,*,/"$E+:+/15.#1O$79:-.$0.$
/0:9:-3$/(6$*=(.+(@$/09"70"96$5:'"0153$2!"#"$%9*.*$5(67/*.$5,719*,/0:+(.$(+/09"=.+0F5$2.+1=(+15:+,)4$5$912*(=,)4$5:'"0:)4;$f(.5(.'7(.$
#1/%12:97($M+%;$l(05:$)*,$`105:O$%1/*"7"-3$*$71'.($E+:+/15:+(:$%109*.&$
%1>,)*715,)4$*:$#9:+()3?$)1$*="/*:$-.$21$719*,/0:+(:$*$5:'"0$*:#9:+()*+,)4;$G$0,=$%9*,%:27"$0:7>.$+:-)*68)(.-$5,&(.9:+.$/3$."91$($21':9$:=.9,7:J/7(;$
?-&.O8(/,5/
D5(67/*1+.$ %109*.&,$ %1>,)*715.$ 5!:2*$ %"&'()*+,)4$ /%151215:!,$ 5*91/0$ "2*(:!"$ *1&15(3*:J$ 79F0710.9=(+15,)4$ 5$ /09"70"9*.$ 2!"#"$
%"&'()*+.#1;$ Q1$ %9*.-8)("$ %(.95/*.-$ N:'($ 79,*,/"$ (+/0,0")-.$ *:9*32*:-3).$
2!"#(.=$%"&'()*+,=$5$=(:96$=1>'(518)($5,)1N,5:!,$/(6$*$.=(/-($(+/09"=.+0F5$79F0710.9=(+15,)4?$)1$+:'.>,$1).+(@$%1*,0,5+(.;$q.2+1)*.8+(.$
5,+(7($ &:2:+(:$ %1*5:':-3$ %1*,0,5+(.$ *5.9,E715:@$ %(.95/*3$ *$ %1/0:5(1+,)4$4(%10.*;
R).+:$"2*(:!"$/.7019:$(+/0,0")-($E+:+/15,)4$5$/09"70"9*.$%12=(1015.-$2!"#"$%"&'()*+.#1$+(.$-./0$-">$0:7$-.2+1*+:)*+:;$G$+(.70F9,)4$79:-:)4$
+(.$5,/03%(!$5*91/0$0.#1$"2*(:!"$'"&$%1$5*918)(.$V$*$)45('3$1/(3#+(6)(:$
5*#'62+.-$/0:&('(*:)-($.71+1=()*+.-$($%1-:5(.+(:$/(6$(+N19=:)-($1$71+2,)-($
9,+7"$V$+:/03%(!1$5,)1N:+(.$/(6$(+5./019F5;$G$%9*,%:27"$5$=(:96$/0:&('+,)4$#1/%12:9.7$*:)412+(1."91%.-/7()4$%9*,)*,+3$=1#!:$&,@$+(./:0,/N:7)-1+"-3):$/01%:$*5910"$*$%1>,)*.7$"2*(.':+,)4$5!:2*1=$%"&'()*+,=;$
P.7019$(+/0,0")-($E+:+/15,)4$:+#:>15:!$/(6$*:8$5$(+5./0,)-.$5$/7:9&15.$(+/09"=.+0,$2!">+.$5$79:-:)4?$5$70F9,)4$+:/06%15:!1$&:92*1$/*,&7(.$
0.=%1$%9*,91/0"$2!"#"$%"&'()*+.#1;$G$0,=$%9*,%:27"$%9*,)*,+3$=1#!1$
&,@$ /01/"+7151$ 5,/17(.$ 1%91).+015:+(.$ 0,)4$ (+/09"=.+0F5$ 19:*$ 9.':0,5+(.$ 5,/17(.$ 1).+,$ 9:0(+#15.$ M=(=1$ 5*91/0"$ %1*(1="$ *:2!">.+(:O?$
:$ 0:7>.$ 1%Fa+(.+(:$ 5$ 1&+(>:+("$ 9:0(+#"$ 5$ /01/"+7"$ 21$ 9.:'+.-$ /,0":)-($
#1/%12:9)*.-;$ L9:7"-.$ 5(6)$ 5,9:a+,)4$ %9*./!:+.7$ 21$ %9*,-6)(:$ 29"#(.-$
*$4(%10.*;$
<+/0,0")-.$ *:9*32*:-3).$ 2!"#(.=$ %"&'()*+,=$ 5$ *+:)*3),=$ /01%+("$
5,719*,/0,5:!,$5:'"06$79:-153$21$*:)(3#:+(:$*1&15(3*:J$%"&'()*+,)4;$
418$
h1=:/*$B9,/*.7$
G$ %9*,%:27"$ %:J/05$ /09.N,$ ."91$ +(.=:'$ WTTm$ 5/*,/07()4$ *1&15(3*:J$
%"&'()*+,)4$*:)(3#:+1$5$0.-$5!:8+(.$5:'")(.;$G$79:-:)4$&623),)4$%1*:$
/09.N3$ ."91?$ '.)*$ )49:70.9,*"-3),)4$ /(6$ /01/"+7151$ /('+3$ #1/%12:973?$
5$/09"70"9*.$2!"#"$%"&'()*+.#1$21=(+15:!:$5:'"0:$79:-15:;$^9:-.$+(.)1$
/!:&/*.$#1/%12:9)*1$&,!,$*="/*1+.$5,719*,/0,5:@$5:'"0,$1&).$V$#!F5+(.$."91$19:*$21':9:$:=.9,7:J/7(.#1;$h9*.)(3$4(%10.*6$=1>+:$5.9,E715:@$ %1*,0,5+(.$ *$ 0,=$ *:/09*.>.+(.=?$ >.$ =+(.-$ 91*5(+(60.$ #1/%12:97($
5$ *+:)*3),=$ /01%+("$ 719*,/0:!,$ *$ 2!"#"$ 2.+1=(+15:+.#1$ 5$ /('+,)4$
5:'"0:)4$1&),)4;$
P51/'-1*'1. K'29()4$ G;G;$ MW\]\O?$ =>/ ?-,-0/</,1 .: 1>/ @*6758 A/61?$ sq1"9+:'$ 1N$
_(+:+).t$x1';$]?$(//".$W;
S;$ L.+(#+1$ Q;?$ Y(//:'.$K;$ MSTT]O?$ B50> "*6758 3/61 5, 8*''/,8$ 8'5)/)C :*,3-</,1-7) D/')*) )50,-75,0 /E/81)?$sq1"9+:'$1N$<+0.9+:0(1+:'$Y1+.,$:+2$
_(+:+).t$x1';$Sd?$(//".$S;
3. 6&/7($G;?$F&8G/H .6750-8G/ 5 58> %$8/,-?$K&/1'5.+0?$`F2a$W\\g;
4. 11'.,$Y;Q;$MSTTTO?$A/61 <-,-0/</,1 -,3 8'5)5) 5, 3/D/7."5,0 8.*,1'5/)?$
sq1"9+:'$1N$ .x.'1%=.+0$C)1+1=()/t$x1';$Ud?$(//".$W;
5. C:/0.9',$G;b;$MSTTWO?$I'.%1> J<"7.)5.,) -,3 A/61 KL"7.)5.,)C A. I'.%1>
M7.%3.%,) N-*)/ @*6758 A/61 N'5)/)O?$ sA1+09(&"0(1+/$ 01$ Y:)91.)1+1=()/t$x1';$W?$(//".$W;$
6. _.91215()*$D;$MW\\gO?$P$,/& "5/,5Q3(- 5 '$,/& &-"51-#*?$Q1'0.y0?$G:9/*:wa.
7. 4i%Hrr)1"+09,.)1+1=,;)1=r9:0(+#/?$21/06%$2+(:$Sj$'"0.#1$STWd;
8. Y:9)4.57:ZL:90715(:7$ ^;$ MSTTjO?$ R-'(Q3(-,5/ 3#*05/< "*6758(,$<S
=/.'5- 5 "'-&1$&- "-T)1% U,55 K*'."/G)&5/G?$QGf?$G:9/*:5:;$
9. Y:9)4.57:ZL:90715(:7$^;$MSTWWO?$R-'(Q3(-,5/ 3#*05/< M&-'6* @-T)1%-S
J<"75&-8G/ 37- )1'/:$ /*'.?$ (E+?$G:9/*:5:;
10. f()"$Y;?$n.19#.0:$Y;Y;$MSTWWOH$=>/ V//3 :.' @*6758 A/61 ?-,-0/</,1 5,
=>/ N.,1/L1 .: M*)1-5,-67/ A/D/7."</,1 %51>5, 1>/ K*'."/-, U,5.,?$sK++:'/$ 1N$ 04.$ B+(x.9/(0,$ 1N$ R9:2.:?$ C)1+1=()$ P)(.+).$ P.9(./t?$ P"%%'.=.+0;$$
11. Rkl.:9,$A;$MSTTWO?$=;W.,3 ?-'&/1 V/-') ;I-)"X Y V.'<-78$ N'5)5);:*/7/3
5))*-,8/ 1. )*'0/Z -71/',-15D/ 6/,8><-'&) ,.% 3/6-1-67/?$s<+x./0=.+0$ .:'.9/k$ (#./0t$x1';$Ug?$(//".$dU;
WS;$ Q(10915/7:ZY:9)*:7$ ^;?$ B9,/*.7$ h;$ MSTT\O?$ R-'(Q3(-,5/ +,-,)-<5 "*6758(,$<5?$ (E+?$G:9/*:5:;
13. P)1i$b;o;?$Y11/:$P;K;?$Q1+K9"'$b;$MSTTjO?$I.D/',</,1 A/61 5, 1>/ ?-8'./8.,.<$ -,3 [5,-,8/?$sb.x(.5$1N$L"/(+.//$b./.:9)4t$x1';$j?$(//".$U;
!"#$% &'$($)* +,-,).%/0. ,- )1'*&1*'2 (-3#*4/,5- "*6758(,/0.9
419
14. P"04.9':+2$K;$MW\\gO?$[5)8-7 8'5)/) -,3 -00'/0-1/ 3/<-,3C N-, >50> "*6758
3/61 '/D/')/ 1>/ /E/81) .: +)8-7 ".758$O?$sq1"9+:'$1N$Q"&'()$C)1+1=()/t$x1';$
Uc?$(//".$S;$
15. B9,/*.7$h;$MSTWTO?$P$($&. )1."$ "'.8/,1.%/G % "'.8/)5/ ('(Q3(-,5- 3#*05/<
"*6758(,$< % @.7)8/?$X5H[$@'.67/<$ 5 %$(%-,5- % (-'(Q3(-,5* .'0-,5(-8G-<5 "*6758(,$<5?$K2:=(7$K;?$Y:0.-"+$Y;?$D:79*.5/7:ZL(.':5/7:$K;$
M9.2;O?$ Y1+1#9:E:$ Q1'(0.)4+(7($ `F2*7(.-?$ G,2:5+()051$ Q1'(0.)4+(7($
`F2*7(.-?$`F2a;
16. B9,/*.7$ h;$ MSTWWO?$ =/'< M1'*81*'/ .: @*6758 A/61 -,3 P/+,-,85,0 P5)&
5, 1>/ K8.,.<58 -,3 ?.,/1-'$ U,5.,?$ s_1'(:$ R.)1+1=():$ P0.0(+.+/(:t$
+9$WT$MWjO;
Streszczenie
b1/+3).$%91&'.=,$*$&9:7(.=$9F5+15:#($/.7019:$%"&'()*+.#1$5$79:-:)4$BC$
%1512"-3$ 5*91/0$ 5:9018)($ *:2!">.+(:$ %"&'()*+.#1;$ A.'.=$ :90,7"!"$ -./0$ 1).+:$
*=(:+$/09"70"9,$2!"#"$%"&'()*+.#1$5$79:-:)4$BC$5$179./(.$79,*,/"$#1/%12:9)*.#1;$K90,7"!$%12*(.'1+1$+:$)*0.9,$)*68)(;$G$%(.95/*.-$%9*.2/0:5(1+1$%91&'.=:0,76$ *:9*32*:+(:$ 2!"#(.=$ %"&'()*+,=$ 5$ 5:9"+7:)4$ 79,*,/";$ G$ 71'.-+,)4$
2171+:+1$:+:'(*,$($1).+,$0.9=(+15.-?$%12=(1015.-$($5:'"015.-$/09"70"9,$2!"#"$
%"&'()*+.#1$5$79:-:)4$BC;$f:-5:>+(.-/*.$5+(1/7($%9*.2/0:5(1+1$5$*:71J)*.+(";$$
L".$-%&7*8(.$/
2!"#$%"&'()*+,?$79,*,/$E+:+/15,?$/09"70"9:$2!"#"
QA!-81%.R%+,-,85-7%8'5)5)%.,%1B/%)1'*81*'/%.R%!*6758%3/61%5,%1B/%<*'.S
!/-,%;,5.,%8.*,1'5/)%EL*AA-'#J%
n915(+#$%"&'()$/.)019$(=&:':+)./$(+$04.$CB$)1"+09(./$9./"'0$(+$:+$(+)9.:/.$1N$
04.$x1'"=.$1N$%"&'()$2.&0;$h4.$%"9%1/.$1N$04.$:90()'.$(/$01$://.//$)4:+#./$(+$04.$
/09")0"9.$1N$%"&'()$2.&0$(+$04.$CB$)1"+09(./$2"9(+#$04.$.)1+1=()$)9(/(/;$h4.$:90()'.$
(/$ 2(x(2.2$ (+01$ N1"9$ %:90/;$ h4.$ E9/0$ 1+.$ %9./.+0/$ 04.$ 04.19.0():'$ &:)7#91"+2$ 1N$
%"&'()$2.&0$ =:+:#.=.+0$2"9(+#$)9(/(/;$<+$/"&/.z".+0$ %:90/$04.$ 0.9=?$(+x./019/k$
:+2$)"99.+),$/09")0"9.$1N$%"&'()$2.&0$(+$CB$)1"+09(./$5:/$(+x./0(#:0.2;$^.,$E+2(+#/$:9.$%9./.+0.2$(+$04.$)1+)'"/(1+/;
H/#$.'3)
%"&'()$2.&0?$E+:+)(:'$)9(/(/?$2.&0$/09")0"9.