docKreowanie przestrzeni mieszkalnej w gospodarstwach domowych
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Kreowanie przestrzeni mieszkalnej w gospodarstwach domowych
The Wroclaw School of Banking Research Journal ISSN 1643-7772 I eISSN 2392-1153 Vol. 15 I No. 3 ĞƐnjLJƚLJEĂƵŬŽǁĞtLJǏƐnjĞũ^njŬŽųLJ ĂŶŬŽǁĞũǁĞtƌŽĐųĂǁŝƵ ISSN 1643-7772 I eISSN 2392-1153 R. 15 I Nr 3 <ƌĞŽǁĂŶŝĞƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶĞũǁŐŽƐƉŽĚĂƌƐƚǁĂĐŚ ĚŽŵŽǁLJĐŚŶĂƚůĞŶŽǁLJĐŚƚƌĞŶĚſǁǁŬŽŶƐƵŵƉĐũŝ ƵƚŽƌ͗ഩtĂŶĚĂWĂƚƌnjĂųĞŬ ďƐƚƌĂŬƚ ĞůĞŵĂƌƚLJŬƵųƵũĞƐƚĂŶĂůŝnjĂǁƉųLJǁƵŶŽǁLJĐŚƚƌĞŶĚſǁ ǁĚnjŝĞĚnjŝŶŝĞŬŽŶƐƵŵƉĐũŝ͕ƚĂŬŝĐŚũĂŬ͗ĞŬŽͲ ůŽŐŝnjĂĐũĂŬŽŶƐƵŵƉĐũŝ͕ŝŶĚLJǁŝĚƵĂůŝnjĂĐũĂ͕ĚŽŵŽĐĞŶƚƌLJnjŵ͕ƚƌĂĚLJĐũŽŶĂůŝnjĂĐũĂĐnjLJŐůŽďĂůŝnjĂĐũĂŬŽŶͲ ƐƵŵƉĐũŝŶĂƐƉŽƐŽďLJĂƌĂŶǏĂĐũŝƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶĞũ͘ŐnjĞŵƉůŝĮŬĂĐũħƌŽnjǁĂǏĂŷƐƚĂŶŽǁŝđďħĚČ ďĂĚĂŶŝĂ ƉŽĚ ŬŝĞƌƵŶŬŝĞŵ ĂƵƚŽƌŬŝ͕ ŽƉƌĂĐŽǁĂŶŝĂ ĚŽƚLJĐnjČĐĞ ǁƌŽĐųĂǁƐŬŝĐŚ ŐŽƐƉŽĚĂƌƐƚǁ ĚŽŵŽͲ ǁLJĐŚ͕ŬƚſƌLJĐŚĐnjųŽŶŬŽǁŝĞǁĐŝČŐƵŽƐƚĂƚŶŝĞŐŽƌŽŬƵƉƌnjĞƉƌŽǁĂĚnjŝůŝƐŝħĚŽŶŽǁĞŐŽŵŝĞƐnjŬĂŶŝĂ ůƵďĚŽŵƵ͘ĂĚĂŶŝĂnjŽƐƚĂųLJƉƌnjĞƉƌŽǁĂĚnjŽŶĞǁϮϬϭϯƌŽŬƵŶĂƉƌſďŝĞϭϱϬũĞĚŶŽƐƚĞŬďĂĚĂǁĐnjLJĐŚ njĂƉŽŵŽĐČŬǁĞƐƟŽŶĂƌŝƵƐnjĂĂŶŬŝĞƚLJ͘ ^ųŽǁĂŬůƵĐnjŽǁĞ͗ŐŽƐƉŽĚĂƌƐƚǁŽĚŽŵŽǁĞ͕ƉƌnjĞͲ ƐƚƌnjĞŷŵŝĞƐnjŬĂůŶĂ͕ǁnjŽƌLJǁŬŽŶƐƵŵƉĐũŝ͕ĨƵŶŬĐũĞ ŵŝĞƐnjŬĂŶŝĂ :>͗ D12 ,ŝƐƚŽƌŝĂ͗ŽƚƌnjLJŵĂŶŽ//ŬǁĂƌƚĂųϮϬϭϰ͕ƉŽƉƌĂǁŝŽͲ ŶŽϮϯ͘ϬϮ͘ϮϬϭϱ͕njĂĂŬĐĞƉƚŽǁĂŶŽϮϲ͘Ϭϰ͘ϮϬϭϱ tƐƚħƉ ŶĂĐnjĞŶŝĞƉƌnjĞƐƚƌnjĞŶŝƐƉŽųĞĐnjŶĞũ t ĂƌƚLJŬƵůĞ ŽŵſǁŝŽŶŽ njŶĂĐnjĞŶŝĞ ƉƌnjĞƐƚƌnjĞŶŝ ƐƉŽųĞĐnjŶĞũǁƚǁŽƌnjĞŶŝƵŝŶƚĞƌĂŬĐũŝǁŐŽƐƉŽĚĂƌͲ ƐƚǁŝĞĚŽŵŽǁLJŵ͘^njĐnjĞŐſůŶĞũĂŶĂůŝnjŝĞƉŽĚĚĂŶLJ njŽƐƚĂŶŝĞ ǁƉųLJǁ ǁnjŽƌĐſǁ ŬƵůƚƵƌŽǁLJĐŚ ŶĂ ŬƌĞͲ ŽǁĂŶŝĞ ƉƌnjĞƐƚƌnjĞŶŝ ŵŝĞƐnjŬĂůŶĞũ ǁƑƌſĚ ŵŝĞƐnjͲ ŬĂŷĐſǁ tƌŽĐųĂǁŝĂ͕ ŬƚſƌnjLJ ǁ ŽƐƚĂƚŶŝŵ ƌŽŬƵ ƉƌnjĞƉƌŽǁĂĚnjŝůŝ Ɛŝħ ĚŽ ŶŽǁĞŐŽ ŵŝĞƐnjŬĂŶŝĂ ůƵď ĚŽŵƵ͘ t ƉŝĞƌǁƐnjĞũ ĐnjħƑĐŝ ĂƌƚLJŬƵųƵ njĂƉƌĞnjĞŶͲ ƚŽǁĂŶĞ njŽƐƚĂŶČ ĨƵŶŬĐũĞ ŵŝĞƐnjŬĂŶŝĂ ǁ ƐĨĞƌnjĞ ƉƵďůŝĐnjŶĞũŝƉƌLJǁĂƚŶĞũ͘tĚƌƵŐŝĞũnjĂƑnjŽƐƚĂŶŝĞ ĚŽŬŽŶĂŶĂ ĂŶĂůŝnjĂ njĂƐŽďſǁ ŵŝĞƐnjŬĂŶŝŽǁLJĐŚ ŶĂ ƉŽĚƐƚĂǁŝĞ ƐƉŝƐſǁ ƉŽǁƐnjĞĐŚŶLJĐŚ ŽƌĂnj ǁLJͲ ŶŝŬŝ ďĂĚĂŷ ƉŽĚ ŬŝĞƌƵŶŬŝĞŵ ĂƵƚŽƌŬŝ͕ ŽƉƌĂĐŽͲ ǁĂŶŝĂ ĚŽƚLJĐnjČĐĞ ƉŽƐŝĂĚĂŶĞũ ǁŝnjũŝ ŵŝĞƐnjŬĂŶŝĂ ǁƑƌſĚ ƌĞƐƉŽŶĚĞŶƚſǁ ŽƌĂnj njŶĂĐnjĞŶŝĞ ǁnjŽƌĐſǁ ĚŽƚLJĐnjČĐLJĐŚ ƵƌnjČĚnjĂŶŝĂ ǁŶħƚƌnj ǁ ŶŽǁLJĐŚ ŵŝĞƐnjŬĂŶŝĂĐŚǁƑƌſĚďĂĚĂŶLJĐŚ͘ƉĞƌƐƉĞŬƚLJǁLJ ƵũħĐŝĂ ŵŝĞƐnjŬĂŶŝĂ ũĂŬŽ ƉƌnjĞƐƚƌnjĞŶŝ ƐƉŽųĞĐnjŶĞũ ƉŽĚĚĂŶŽŽĐĞŶŝĞƉŽƐnjĐnjĞŐſůŶĞũĞŐŽƐƚƌĞĨLJƵǏLJƚͲ ŬŽǁĞ ŽƌĂnj ŝĐŚ ǁƉųLJǁ ŶĂ ŬƐnjƚĂųƚŽǁĂŶŝĞ ƉƌŽĐĞͲ Ɛſǁ ŝŶƚĞƌĂŬĐũŝ ŵŝħĚnjLJ ĐnjųŽŶŬĂŵŝ ŐŽƐƉŽĚĂƌƐƚǁ ĚŽŵŽǁLJĐŚ͘ WƌnjĞƐƚƌnjĞŷ ǁ ŬŽŶƚĞŬƑĐŝĞ ǁĂƌƵŶŬſǁ ƐƉƌnjLJũĂͲ ũČĐLJĐŚ ŝŶƚĞƌĂŬĐũŽŵ ƐƉŽųĞĐnjŶLJŵ ŵŽǏĞ ŶĂďŝĞͲ ƌĂđ ǁLJŵŝĂƌƵ ĚŽƐƉŽųĞĐnjŶĞŐŽ ŝ ŽĚƐƉŽųĞĐnjŶĞŐŽ͘ ŶĂĐnjĞŶŝĞƉƌnjĞƐƚƌnjĞŶŝĚŽƐƉŽųĞĐnjŶĞũƉŽũĂǁŝųŽƐŝħ ǁ ƉƐLJĐŚŽůŽŐŝŝ ƐƉŽųĞĐnjŶĞũ ƉŽ ďĂĚĂŶŝĂĐŚ ǁ ƐnjƉŝͲ ƚĂůĂĐŚƉƐLJĐŚŝĂƚƌLJĐnjŶLJĐŚ͕ǁŬƚſƌLJĐŚƐƚǁŝĞƌĚnjŽŶŽ͕ ǏĞ ƐƉŽƐſď ŽƌŐĂŶŝnjŽǁĂŶŝĂ ƉƌnjĞƐƚƌnjĞŶŝ ǁƉųLJǁĂ ŶĂ ƉƌnjLJƑƉŝĞƐnjĞŶŝĞ ;ƉƌnjĞƐƚƌnjĞŷ ĚŽƐƉŽųĞĐnjŶĂͿ ďČĚǍŽƉſǍŶŝĞŶŝĞƉƌŽĐĞƐƵnjĚƌŽǁŝĞŶŝĂƉĂĐũĞŶƚſǁ ;ƉƌnjĞƐƚƌnjĞŷŽĚƐƉŽųĞĐnjŶĂͿ͘ WŽũħĐŝĞ ƉƌnjĞƐƚƌnjĞŶŝ ĚŽƐƉŽųĞĐnjŶĞũ ;ƐŽĐŝŽƉĞƚĂůͿ ŝ ŽĚƐƉŽųĞĐnjŶĞũ ;ƐŽĐŝŽĨƵŐĂůͿ ƉŽũĂǁŝųŽ Ɛŝħ ǁ ƉƌĂͲ ĐLJ ͘d͘ ,ĂůůĂ͕ ǁ ŬƚſƌĞũ ĂƵƚŽƌ ŽŬƌĞƑůĂ ƐĞŶƐ njŶĂͲ ĐnjĞŶŝŽǁLJ ƉƌnjĞƐƚƌnjĞŶŝ ƉŽŵĂŐĂũČĐĞũ ĐnjųŽǁŝĞŬŽǁŝ ǁ ƉƌnjĞnjǁLJĐŝħǏĞŶŝƵ ĂůŝĞŶĂĐũŝ ;,Ăůů ϮϬϬϵ͗ ϭϲϵͲ ϭϴϲͿ͘WƌnjĞƐƚƌnjĞŷĚŽƐƉŽųĞĐnjŶĂƐƉƌnjLJũĂnjĂǁŝĞƌĂŶŝƵ ŝƉŽĚƚƌnjLJŵLJǁĂŶŝƵŬŽŶƚĂŬƚſǁƐƉŽųĞĐnjŶLJĐŚ͕ƐŬƌĂͲ ĐĂĚLJƐƚĂŶƐƐƉŽųĞĐnjŶLJŵŝħĚnjLJůƵĚǍŵŝ͕ĚĂũĞƉŽĐnjƵͲ ĐŝĞŬŽŵĨŽƌƚƵƉƐLJĐŚŝĐnjŶĞŐŽŝƉŽĚŬƌĞƑůĂŝŶƚLJŵŶŽƑđ ĂƚŵŽƐĨĞƌLJ͘ WƌnjLJŬųĂĚĂŵŝ ƉƌnjĞƐƚƌnjĞŶŝ ĚŽƐƉŽųĞĐnjͲ ŶĞũƐČŵĂųĞƉŽŵŝĞƐnjĐnjĞŶŝĂďČĚǍǁŝħŬƐnjĞnjĚƵǏČ ŝůŽƑĐŝČ njĂŬĂŵĂƌŬſǁ͕ ǁLJƉĞųŶŝŽŶĞ ŽƐŽďŝƐƚLJŵŝ tĂŶĚĂWĂƚƌnjĂųĞŬ WƌŽĨ͘ĚƌŚĂď͘ŶĂƵŬĞŬŽŶŽŵŝĐnjŶLJĐŚ ǁ͘ƉĂƚƌnjĂůĞŬΛǁƐď͘ǁƌŽĐůĂǁ͘Ɖů tLJǏƐnjĂ^njŬŽųĂĂŶŬŽǁĂǁĞtƌŽĐųĂǁŝƵ The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 ƉƌnjĞĚŵŝŽƚĂŵŝ͕ ǁLJŐŽĚŶLJŵŝ ŵŝĞũƐĐĂŵŝ ĚŽ ƐŝĞĚnjĞŶŝĂ͕ ƐƉƌĂǁŝĂũČĐĞ ǁƌĂǏĞŶŝĞ ƉƌnjLJƚƵůŶLJĐŚ ŝ ďĞnjƉŝĞĐnjŶLJĐŚ͕ njĞ ƑǁŝĂƚųĞŵ ƌŽnjƉƌŽƐnjŽŶLJŵ͕ ĐŝĞƉųČ ŬŽůŽƌLJƐƚLJŬČ ŝ ŽĚƉŽǁŝĞĚŶŝČ ĚŽ ŐƵƐƚſǁ ŽƌĂnj ƉƌĞĨĞƌĞŶĐũŝ ũĞũ ƵǏLJƚŬŽǁŶŝŬſǁ ĚĞŬŽƌĂĐũČ͘ DŝĞƐnjŬĂŶŝĂ ŵŽŐČ ďLJđ ƵƌnjČĚnjĂŶĞ ǁ ƐƉŽƐſď͕ ǁ ŬƚſƌLJŵ ƉƌnjĞƐƚƌnjĞŷ ďħĚnjŝĞ ŵŝĂųĂ ǁLJŵŝĂƌ ĚŽƐƉŽųĞĐnjŶLJ ĐŝĞƉųLJ͕ ƉƌnjLJƚƵůŶLJ͕ ƉƌnjLJũĂnjŶLJ ďČĚǍ ŽĚƐƉŽųĞĐnjŶLJ njŝŵŶLJ͕ ǁLJĂůŝĞŶŽǁĂŶLJ͕ ƐŬƌĂũŶŝĞ ƵƉŽƌnjČĚŬŽǁĂŶLJ͕ ƐƚĞƌLJůŶLJ͘ WƌnjLJŬųĂĚĂŵŝ ƉƌnjĞͲ ƐƚƌnjĞŶŝ ŽĚƐƉŽųĞĐnjŶĞũ ƐČ ĚǁŽƌĐĞ͕ ƐnjĞƌŽŬŝĞ ƉůĂĐĞ ŝƵůŝĐĞ͕ĚƵǏĞƐĂůĞ͕ŬŽƌLJƚĂƌnjĞĞƚĐ͘ t ŶĂƵŬĂĐŚ ƐƉŽųĞĐnjŶLJĐŚ ƉƌnjĞƐƚƌnjĞŷ ƐųƵǏČĐĂ ĚŽ ƐƚǁŽƌnjĞŶŝĂƐĐĞŶĞƌŝŝŝŶƚĞƌĂŬĐũŝŽŬƌĞƑůĂŶĂũĞƐƚƚĞƌͲ ŵŝŶĞŵ ůŽŬĂůƵ ŵĂũČĐĞŐŽ ŶĂ ĐĞůƵ njĂƉĞǁŶŝĞŶŝĞ ƚƌǁĂųŽƑĐŝ ŝŶƐƚLJƚƵĐũŝ ƐƉŽųĞĐnjŶLJĐŚ ǁ ŝŶƚĞƌĞƐƵũČͲ ĐLJŵŶĂƐƉƌnjLJƉĂĚŬƵ͕ŵĂųǏĞŷƐƚǁĂ͕ƌŽĚnjŝŶLJ͕njǁŝČnjͲ ŬƵ ƉĂƌƚŶĞƌƐŬŝĞŐŽ ĞƚĐ͘ ƚǁŽƌnjČĐLJĐŚ ƌſǏŶĞ ĨŽƌŵLJ ŐŽƐƉŽĚĂƌƐƚǁĚŽŵŽǁLJĐŚ͘ ŽŵũĞƐƚůŽŬĂůĞŵ͕ǁŬƚſƌLJŵǁĐŝČŐƵĚŶŝĂnjĂĐŚŽͲ ĚnjČ ƌŽnjŵĂŝƚĞ ŝŶƚĞƌĂŬĐũĞ ƐƉŽųĞĐnjŶĞ͘ WƌnjĞƐƚƌnjĞŷ ŐŽ ƚǁŽƌnjČĐĂ ƉŽǁŝŶŶĂ ďLJđ njĂĂƌĂŶǏŽǁĂŶĂ njŐŽĚŶŝĞ nj ĐnjLJŶŶŝŬĂŵŝ ŶĂĚĂũČĐLJŵŝ ũĞũ ǁLJŵŝĂƌ ĚŽƐƉŽųĞĐnjŶLJ͘ DŝĞũƐĐĞŵŝĞƐnjŬĂůŶĞƉĞųŶŝĚǁŝĞĨƵŶŬĐũĞ͗ƉƵďůŝĐnjͲ ŶČ ŝ ƉƌLJǁĂƚŶČ͘ WŝĞƌǁƐnjĂ ĚŽƚLJĐnjLJ ƉĞƌƐƉĞŬƚLJǁLJ ƉƌnjĞĐŚŽĚŶŝĂŝnjǁŝČnjĂŶĂũĞƐƚnjůŽŬĂůŝnjĂĐũČŵŝĞƐnjͲ ŬĂŶŝĂ͕ũĞŐŽƵƐLJƚƵŽǁĂŶŝĞŵǁƉƌnjĞƐƚƌnjĞŶŝƚĞƌLJƚŽͲ ƌŝĂůŶĞũ͘ ƌƵŐĂ ƐƚĂŶŽǁŝČĐĂ ĐĞů ǁųĂƑĐŝǁLJ ƌŽnjǁĂͲ ǏĂŷ ĚŽƚLJĐnjLJ ũĞŐŽ ǁŶħƚƌnjĂ ŽƚŽĐnjŽŶĞŐŽ ŵƵƌĂŵŝ͕ njĂŵŬŶŝħƚLJŵŝǁƉƌnjĞƐƚƌnjĞŶŝůŽŬĂůĂŵŝnjũĞŐŽĨƵŶŬͲ ĐũĂŵŝƵǏLJƚĞĐnjŶŽƑĐŝƉƌLJǁĂƚŶĞũŝŝŶƚLJŵŶĞũ͘ t ƵũħĐŝƵ ͘ 'ŝĚĚĞŶƐĂ ƉƌnjĞƐƚƌnjĞŶŝĞ ƚĞ ƚǁŽƌnjČ ƐĐĞŶħŝŬƵůŝƐLJ͘ WƌĂǁĚnjŝǁĞŝŶƚĞƌĂŬĐũĞƌŽnjŐƌLJǁĂũČ Ɛŝħ ŶŝĞ ŶĂ ƐĐĞŶŝĞ ǁ ƉƌnjĞƐƚƌnjĞŶŝ ƉƵďůŝĐnjŶĞũ͕ ĂůĞ njĂŬƵůŝƐĂŵŝǁƐƚƌĞĮĞƵŬƌLJƚĞũ͕ũĂŬČƐƚĂŶŽǁŝ ĚŽŵ ;'ŝĚĚĞŶƐϮϬϬϭ͗ϭϲϮͲϭϲϯͿ͘ ĂǁŶŝĞũĂƌĂŶǏĂĐũĂƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶLJĐŚŶŝĞ ƐƚĂǁŝĂųĂ ŶĂ ŝŶĚLJǁŝĚƵĂůŝnjĂĐũħ͖ ƌĂĐnjĞũ ǁ ƚƌĂĚLJͲ ĐLJũŶLJ ƐƉŽƐſď ŬƌĞŽǁĂųĂ ŵŝĞũƐĐĞ njĂŵŝĞƐnjŬĂŶŝĂ͕ njǁƌĂĐĂũČĐ ƵǁĂŐħ ŶĂ ũĞŐŽ ĨƵŶŬĐũĞ ĚŽƐƉŽųĞĐnjŶĞ ŽƐĂĚnjŽŶĞŶĂŬĂƚĞŐŽƌŝŝǁƐƉſůŶŽƚLJ͘tƐƉſųĐnjĞƑŶŝĞ ĚŽŵũĞƐƚƉŽĚnjŝĞůŽŶČƉƌnjĞƐƚƌnjĞŶŝČ͕ŬƚſƌĂnjũĞĚŶĞũ ƐƚƌŽŶLJnjĂƉĞǁŶŝĂĐnjųŽŶŬŽŵŐŽƐƉŽĚĂƌƐƚǁĂĚŽŵŽͲ ǁĞŐŽƉŽƚƌnjĞďħŝnjŽůĂĐũŝ͕njĚƌƵŐŝĞũnjĂƑŬƌĞƵũĞŵŝĞũͲ ƐĐĞ ƐųƵǏČĐĞ ĚŽ ƐƚǁŽƌnjĞŶŝĂ ƐĐĞŶĞƌŝŝ ŝŶƚĞƌĂŬĐũŝ͕ ŽŬƌĞƑůĂŶĞũ ũĂŬŽ ŵŽǏůŝǁŽƑđ ďLJĐŝĂ ƌĂnjĞŵ ;:ĂĐLJŶŽ ϮϬϬϳ͗ϰϯͿ͘ ŵŝĂŶLJƉƌĞĨĞƌĞŶĐũŝŶĂƌLJŶŬƵŵŝĞƐnjŬĂŶŝŽǁLJŵ tƐƉſųĐnjĞƐŶĂĂƌĐŚŝƚĞŬƚƵƌĂŵŝĞƐnjŬĂŶŝŽǁĂŶĂĚČǏĂ njĂ ǁŝnjũČ ƉƌnjĞƐƚƌnjĞŶŝ ĚŽƐƉŽųĞĐnjŶĞũ͘ ŵŝĞŶŝųLJ Ɛŝħ ƚĂŬǏĞ ƉƌĞĨĞƌĞŶĐũĞ ĚŽƚLJĐnjČĐĞ ǁLJďŽƌƵ ŵŝĞƐnjŬĂŷ͘ EŝĞďƵĚƵũĞƐŝħŵŝĞƐnjŬĂŷǁƚĞĐŚŶŽůŽŐŝŝǁŝĞůŬŝĞũ ƉųLJƚLJ nj ƉƌnjĞƐƚƌnjĞŶŝĂŵŝ ŽĚƐƉŽųĞĐnjŶLJŵŝ ĚƵǏLJĐŚ ďůŽŬŽǁŝƐŬ ǁLJǁŽųƵũČĐLJŵŝ ĂůŝĞŶĂĐũħ ŝ ĂŶŽŶŝŵŽͲ ǁŽƑđũĞũŵŝĞƐnjŬĂŷĐſǁ͘ŽŵŝŶƵũĞŶŝƐŬĂnjĂďƵĚŽͲ ǁĂ ŶĂ ƚĞƌĞŶĂĐŚ ƐƉŽŬŽũŶLJĐŚ ŽƐĂĚnjŽŶLJĐŚ ďČĚǍ ĂƌĂŶǏŽǁĂŶLJĐŚ ǁ njŝĞůŽŶĞũ ƐĐĞŶĞƌŝŝ͘ WŽƌſǁŶƵũČĐ ĚĂŶĞnjŽƐƚĂƚŶŝĐŚƐƉŝƐſǁƉŽǁƐnjĞĐŚŶLJĐŚ͕ŵŽǏŶĂ ĚŽƐƚƌnjĞĐ͕ ŝǏ ƉƌnjLJ ǁnjƌŽƑĐŝĞ ůŝĐnjďLJ ŐŽƐƉŽĚĂƌƐƚǁ ĚŽŵŽǁLJĐŚŽϭ͕ϳйnjŵĂůĂųǁƐŬĂǍŶŝŬŐŽƐƉŽĚĂƌƐƚǁ ĚŽŵŽǁLJĐŚ ŶĂ ϭϬϬ ŵŝĞƐnjŬĂŷ Ž ϲ͕Ϯ͘ EĂƚŽŵŝĂƐƚ ǁnjƌŽƐųĂ ƉƌnjĞĐŝħƚŶĂ ůŝĐnjďĂ ŝnjď ǁ ŵŝĞƐnjŬĂŶŝĂĐŚ njϯ͕ϳϬǁϮϬϬϮƌŽŬƵĚŽϯ͕ϴϯǁƌŽŬƵϮϬϭϭ͕ĂƚĂŬͲ ǏĞƉŽǁŝĞƌnjĐŚŶŝĂǁŵ2njϲϴ͕ϲǁϮϬϬϮƌ͘ĚŽϳϮ͕ϰ ǁ ϮϬϭϭ͘ KďŶŝǏLJųĂ Ɛŝħ nj ŬŽůĞŝ ůŝĐnjďĂ ŽƐſď ŶĂ ϭ ŵŝĞƐnjŬĂŶŝĞnjϯ͕ϮϱǁϮϬϬϮƌŽŬƵĚŽϯ͕ϬϱǁϮϬϭϭ ƌŽŬƵŽƌĂnjǁƐŬĂǍŶŝŬůŝĐnjďLJŽƐſďŶĂϭŝnjďħnjϬ͕ϴϴ ǁϮϬϬϮĚŽϬ͕ϴϬǁϮϬϭϭƌŽŬƵ;ƚĂď͘ϭͿ͘ ŶĂůŝnjƵũČĐŬǁĞƐƟħďůŽŬſǁŵŝĞƐnjŬĂůŶLJĐŚŶĂƉŽůͲ ƐŬŝŵ ƌLJŶŬƵ ŵŝĞƐnjŬĂŶŝŽǁLJŵ͕ ŵŽǏŶĂ njĂŽďƐĞƌͲ ǁŽǁĂđ ƉĞǁŶĞ ĐŚĂƌĂŬƚĞƌLJƐƚLJĐnjŶĞ ƚĞŶĚĞŶĐũĞ͘ t ůĂƚĂĐŚ ƐŝĞĚĞŵĚnjŝĞƐŝČƚLJĐŚ yy ǁ͘ ďůŽŬŝ ŬŽũĂͲ ƌnjŽŶĞ ďLJųLJ nj ŵŝĞũƐĐĞŵ ƉƌnjLJũĂnjŶLJŵ͕ ǁ ŬƚſƌLJŵ ƌŽnjǁŝũĂ Ɛŝħ ƐĂŵŽƉŽŵŽĐ ƐČƐŝĞĚnjŬĂ͕ ǁLJƚǁĂƌnjĂųĂ Ɛŝħ ƐǁŽŝƐƚĂ ŵŝŬƌŽƐƉŽųĞĐnjŶŽƑđ͘ WŽĚ ŬŽŶŝĞĐ ůĂƚ ĚnjŝĞǁŝħđĚnjŝĞƐŝČƚLJĐŚ ŵŽǏŶĂ njĂƵǁĂǏLJđ njŵŝĂŶħ dĂďĞůĂϭ͘ĂƐŽďLJŵŝĞƐnjŬĂŶŝŽǁĞǁŐŽƐƉŽĚĂƌƐƚǁĂĐŚĚŽŵŽǁLJĐŚǁWŽůƐĐĞ ǁϮϬϬϮŝϮϬϭϭƌŽŬƵŶĂƉŽĚƐƚĂǁŝĞƐƉŝƐſǁƉŽǁƐnjĞĐŚŶLJĐŚ tLJƐnjĐnjĞŐſůŶŝĞŶŝĞ 'ŽƐƉŽĚĂƌƐƚǁĂĚŽŵŽǁĞǁƚLJƐ͘ EĂϭϬϬŵŝĞƐnjŬĂŷ WƌnjĞĐŝħƚŶĂǁnjĂƐŽͲ ďĂĐŚŵŝĞƐnjŬĂůŶLJĐŚ͗ ůŝĐnjďĂŝnjďǁŵŝĞƐnjŬĂŶŝƵ WŽǁŝĞƌnjĐŚŶŝĂƵǏLJƚŬŽǁĂǁŵ2͗ ϭŵŝĞƐnjŬĂŶŝĂ ŶĂϭŽƐŽďħ >ŝĐnjďĂŽƐſďŶĂϭŵŝĞƐnjŬĂŶŝĞ >ŝĐnjďĂŽƐſďŶĂϭŝnjďħ KŐſųĞŵ 13331 ϭϭϰ͕ϲ ϮϬ͘Ϭϱ͘ϮϬϬϮ DŝĂƐƚŽ ϴϵϲϭ ϭϭϯ͕ϴ tŝĞƑ ϰϯϳϬ ϭϭϲ͕ϯ KŐſųĞŵ 13563 ϭϬϴ͕ϰ ϯϭ͘Ϭϯ͘ϮϬϭϭ DŝĂƐƚŽ ϵϭϰϯ ϭϬϲ͕ϱ tŝĞƑ ϰϰϮϬ ϭϭϮ͕ϰ ϯ͕ϳϬ ϯ͕ϱϭ ϰ͕Ϭϵ ϯ͕ϴϯ ϯ͕ϲϬ ϰ͕ϯϲ ϲϴ͕ϲ ϲϬ͕ϴ ϴϰ͕ϵ ϳϮ͕ϰ ϲϯ͕ϳ ϵϮ͕Ϭ Ϯϭ͕Ϭ ϯ͕Ϯϱ Ϭ͕ϴϴ ϮϬ͕ϱ Ϯ͕ϵϱ Ϭ͕ϴϰ Ϯϭ͕ϵ ϯ͕ϴϳ Ϭ͕ϵϱ Ϯϯ͕ϴ ϯ͕Ϭϱ Ϭ͕ϴϬ Ϯϯ͕ϲ Ϯ͕ϳ Ϭ͕ϳϱ Ϯϰ͕Ϭ ϯ͕ϴ Ϭ͕ϴϴ ƌſĚųŽ͗ŽƉƌĂĐŽǁĂŶŽŶĂƉŽĚƐƚĂǁŝĞDŝĞƐnjŬĂŶŝĂ͘EĂƌŽĚŽǁLJ^ƉŝƐWŽǁƐnjĞĐŚŶLJ>ƵĚŶŽƑĐŝŝDŝĞƐnjŬĂŷϮϬϭϭ͕ 'h^͕tĂƌƐnjĂǁĂϮϬϭϯ͕Ɛ͘ϮϮ͕ϯϱ͕ŚƩƉ͗ͬͬǁǁǁ͘ƐƚĂƚ͘ŐŽǀ͘ƉůϮϬ͘Ϭϱ͘ϮϬϭϯ͘ 434 tĂŶĚĂWĂƚƌnjĂųĞŬͮ<ƌĞŽǁĂŶŝĞƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶĞũǁŐŽƐƉŽĚĂƌƐƚǁĂĐŚĚŽŵŽǁLJĐŚŶĂƚůĞŶŽǁLJĐŚƚƌĞŶĚſǁǁŬŽŶƐƵŵƉĐũŝ ƉŽĚĞũƑĐŝĂĚŽƚĞũƉƌnjĞƐƚƌnjĞŶŝ͘ĂĐnjLJŶĂũČƉƌnjĞǁĂͲ ǏĂđ ƉŽƐƚĂǁLJ ŝŶĚLJǁŝĚƵĂůŝnjŵƵ͕ Ă ůƵĚnjŝĞ ŶŝĞ ǁLJͲ ŬĂnjƵũČƉŽƚƌnjĞďLJƚǁŽƌnjĞŶŝĂǁƐƉſůŶŽƚ͘EĂƐƚħƉƵũĞ ƵƉĂĚĞŬŽƐŝĞĚůĂ͕ŬƚſƌĞŬŽũĂƌnjŽŶĞũĞƐƚƌĂĐnjĞũnjďŝĞͲ ĚČŶŝǏƉŽĐnjƵĐŝĞŵǁƐƉſůŶŽƚŽǁŽƑĐŝ;BƵŬĂƐŝĞǁŝĐnj͕ ^ŝĐŝŷƐŬŝϭϵϵϮͿ͘ ĚŽŵƵ ĚŽ ǁųĂƐŶĞũ ĚLJƐƉŽnjLJĐũŝ͘ dǁŽƌnjĞŶŝĞ ĚŽŵƵ ƉŽůĞŐĂŶĂĂƌĂŶǏĂĐũŝƉƌnjĞƐƚƌnjĞŶŝĚŽǁųĂƐŶĞũĚLJƐͲ ƉŽnjLJĐũŝ͕ǁŬƚſƌĞũŵŽǏŶĂƐŝħƐĐŚŽǁĂđƉƌnjĞĚŶĂƉŽͲ ƌĞŵ ƑǁŝĂƚĂ njĞǁŶħƚƌnjŶĞŐŽ͕ ĂůĞ ƚĂŬǏĞ ƉŽƵŬųĂĚĂđ ƐǁŽũĞƉƌnjĞĚŵŝŽƚLJnjŐŽĚŶŝĞnjǁųĂƐŶLJŵŝƉŽƚƌnjĞďĂͲ ŵŝ;ZĂŶĐĞǁͲ^ŝŬƌĂϮϬϬϳ͗ϰϳͿ͘ <ŽůĞũŶLJŵŶƵƌƚĞŵƉƌnjĞƉůĂƚĂũČĐLJŵƐŝħǁnjĂũĞŵŶŝĞ ũĞƐƚnjũĞĚŶĞũƐƚƌŽŶLJƚƌĂĚLJĐũŽŶĂůŝnjĂĐũĂŬŽŶƐƵŵƉĐũŝ i njŶĂĐnjĞŶŝĞ ǁnjŽƌſǁ ƚƌĂĚLJĐLJũŶLJĐŚ ǁ ƵƌnjČĚnjĂŶŝƵ ĚŽŵſǁ ǁ ƌĞŐŝŽŶĂĐŚ ŬƵůƚƵƌŽǁLJĐŚ͕ ƚǁŽƌnjĞŶŝĞ ǁŝnjĞƌƵŶŬƵĚŽŵƵŽƉĂƌƚĞŐŽŶĂƉĂŵŝČƚŬĂĐŚ͕ƐLJŵͲ ďŽůĂĐŚ͕ƚƌĂĚLJĐũŝƌŽĚnjŝŶŶĞũ͕njĞǁnjƌŽƐƚĞŵnjŶĂĐnjĞͲ ŶŝĂ ŐůŽďĂůŶLJĐŚ ŵĂƌĞŬ ǁ ǁLJƉŽƐĂǏĂŶŝƵ ĚŽŵſǁ ŬųĂĚČĐLJĐŚ ŶĂĐŝƐŬ ŶĂ ƵǏLJƚĞĐnjŶŽƑđ͕ ŶƉ͘ /< ĐnjLJ ĚŽŵLJŝŶƚĞůŝŐĞŶƚŶĞ͕ƐƚĞƌŽǁĂŶĞƚĞĐŚŶŽůŽŐŝČ͘ DĞŐĂƚƌĞŶĚLJǁŬŽŶƐƵŵƉĐũŝ ĂƉƌnjĞƐƚƌnjĞŷŵŝĞƐnjŬĂůŶĂ t ƚĞũ ĐnjħƑĐŝ ƌŽnjǁĂǏĂŷ njŽƐƚĂŶŝĞ njǁƌſĐŽŶĂ ƵǁĂͲ ŐĂŶĂŵĞŐĂƚƌĞŶĚLJŽĚĚnjŝĂųƵũČĐĞŶĂǁƐƉſųĐnjĞƐŶČ ŬŽŶƐƵŵƉĐũħ͕ĂƐnjĐnjĞŐſůŶŝĞŶĂƐƉŽƐŽďLJĂƌĂŶǏĂĐũŝ ƉƌnjĞƐƚƌnjĞŶŝ ŵŝĞƐnjŬĂůŶĞũ͘ ǁŽůƵĐũĂ ƉŽƐƚĂǁ ŬŽŶͲ ƐƵŵĞŶĐŬŝĐŚ njŵŝĞƌnjĂ ŬƵ ŬƐnjƚĂųƚŽǁĂŶŝƵ ƑǁŝĂĚŽͲ ŵĞŐŽ ŝ ƌĂĐũŽŶĂůŶĞŐŽ ŬŽŶƐƵŵĞŶƚĂ͘ EĂ ƚLJŵ ƚůĞ njĂĐnjħųLJƉŽũĂǁŝĂđƐŝħŶŽǁĞƚƌĞŶĚLJǁŬŽŶƐƵŵƉĐũŝ njǁŝČnjĂŶĞnjĞnjĚƌŽǁLJŵƐƚLJůĞŵǏLJĐŝĂŝƚĞŶĚĞŶĐũĂŵŝ ŽĚƑƌŽĚŬŽǁLJŵŝ njǁŝČnjĂŶLJŵŝ nj ƌŽnjǁŽũĞŵ ŵŝĞƐnjͲ ŬĂůŶŝĐƚǁĂ ǁ ƐƚƌĞĨĂĐŚ ƉŽĚŵŝĞũƐŬŝĐŚ ;WĂƚƌnjĂųĞŬ ϮϬϬϰ͗ ϯϱͿ͕ nj ƉƌnjĞũĂǁſǁ njĂĐŚŽǁĂŷ njǁŝČnjĂŶLJĐŚ njĞŬŽŬŽŶƐƵŵƉĐũČũĞƐƚŬŽŶƐƵŵŽǁĂŶŝĞĚſďƌĞŬŽͲ ůŽŐŝĐnjŶLJĐŚ͘ ĂŐĂĚŶŝĞŶŝĞ ƚŽ ǁŝČǏĞ Ɛŝħ njĞ ƐƉŽƐŽͲ ďĞŵƵƌnjČĚnjĂŶŝĂŵŝĞƐnjŬĂŷnjĚŽŵŝŶĂĐũČŵĂƚĞƌŝĂͲ ųſǁƚĂŬŝĐŚũĂŬ͗ĚƌĞǁŶŽ͕ůĞŶ͕ďĂǁĞųŶĂ͕ĂƌĂŶǏĂĐũŝ ƉƌnjĞƐƚƌnjĞŶŝ njŐŽĚŶŝĞ nj njĂƐĂĚĂŵŝ ĨĞŶŐ ƐŚƵŝ͕ ĂůĞ ƚĂŬǏĞ nj njĂĐŚŽǁĂŶŝĞŵ njĂƐĂĚ ĚŽƚLJĐnjČĐLJĐŚ njĚƌŽͲ ǁĞŐŽŽĚǏLJǁŝĂŶŝĂƐŝħŝnjƌſǁŶŽǁĂǏŽŶĞũŬŽŶƐƵŵƉͲ ĐũŝŽƌĂnjnjĂĐŚŽǁĂŷƉƌŽĞŬŽůŽŐŝĐnjŶLJĐŚnjǁŝČnjĂŶLJĐŚ njƐĞŐƌĞŐĂĐũČŽĚƉĂĚſǁƉŽŬŽŶƐƵŵƉĐLJũŶLJĐŚŝƵǏLJͲ ǁĂŶŝĞŵ ƐƉƌnjħƚƵ ĞŶĞƌŐŽŽƐnjĐnjħĚŶĞŐŽ ǁ ŐŽƐƉŽͲ ĚĂƌƐƚǁĂĐŚĚŽŵŽǁLJĐŚ͘ :ĞĚŶLJŵ nj ŶĂũƐŝůŶŝĞũ ŽĚĚnjŝĂųƵũČĐLJĐŚ ƚƌĞŶĚſǁ ŶĂ njĂĐŚŽǁĂŶŝĂŬŽŶƐƵŵĞŶƚſǁǁƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjͲ ŬĂůŶĞũũĞƐƚŽďĞĐŶŝĞĚŽŵŽĐĞŶƚƌLJnjĂĐũĂ ŬŽŶƐƵŵƉͲ Đũŝ njǁŝČnjĂŶĂ nj ƉƌnjĞŶŝĞƐŝĞŶŝĞŵ njĂƐƉĂŬĂũĂŶŝĂ ǁŝĞůƵ ƉŽƚƌnjĞď ƉŽnjĂ ŵŝĞũƐĐĞŵ njĂŵŝĞƐnjŬĂŶŝĂ ĚŽ ĚŽŵƵ͘ũĂǁŝƐŬŽƚŽĚŽƚLJĐnjLJƉŽƚƌnjĞďŬƵůƚƵƌŽǁLJĐŚ ǁ njĂŬƌĞƐŝĞ͗ ŬŝŶĂ ĚŽŵŽǁĞŐŽ͕ /ŶƚĞƌŶĞƚƵ͕ ƚĞůĞĨŽͲ ŶƵ͕ ƉŽƚƌnjĞď ƌĞŬƌĞĂĐLJũŶLJĐŚ͗ ƐŝųŽǁŶŝ͕ ƐĂƵŶLJ͕ ďĂͲ ƐĞŶƵ͕ Ă ƚĂŬǏĞ ǁŝĞůƵ ƵƐųƵŐ͗ ƵďĞnjƉŝĞĐnjĞŶŝŽǁLJĐŚ͕ ďĂŶŬŽǁLJĐŚ͕ njĂŬƵƉŽǁLJĐŚ͕ ŐĂƐƚƌŽŶŽŵŝĐnjŶLJĐŚ͕ ŵĞĚLJĐnjŶLJĐŚ͕ŬŽƐŵĞƚLJĐnjŶLJĐŚĐnjLJŽĐŚƌĂŶŝĂƌƐŬŝĐŚ͘ njLJŶŶŝŬĂŵŝ ƐƉƌnjLJũĂũČĐLJŵŝ ƌŽnjƐnjĞƌnjĂŶŝƵ Ɛŝħ ĚŽͲ ŵŽĐĞŶƚƌLJnjŵƵƐČ͗ • ƉŽƐƚħƉƵũČĐĂŝŶĚLJǁŝĚƵĂůŝnjĂĐũĂƐƚLJůſǁǏLJĐŝĂ͕ • ŵĞŐĂƚƌĞŶĚLJƚĞĐŚŶŽůŽŐŝĐnjŶĞnjǁŝČnjĂŶĞnjƵƉŽͲ ǁƐnjĞĐŚŶŝĞŶŝĞŵ/ŶƚĞƌŶĞƚƵŝǁnjƌŽƐƚƵǁLJƉŽƐĂͲ ǏĞŶŝĂŵŝĞƐnjŬĂŶŝĂǁƵƌnjČĚnjĞŶŝĂŵŽďŝůŶĞ͕ • ƉŽƉƌĂǁĂǁĂƌƵŶŬſǁŵŝĞƐnjŬĂŶŝŽǁLJĐŚ͕ • ƉŽƐƚħƉƵũČĐĂ ƵĐŝĞĐnjŬĂ ǁ ƉƌLJǁĂƚŶŽƑđ ;<ŝĞǏĞů ϮϬϭϬ͗ϭϴϳͿ͘ /ŶĚLJǁŝĚƵĂůŝnjĂĐũĂǁƐĨĞƌnjĞŬŽŶƐƵŵƉĐũŝ ƉŽůĞŐĂũČĐĂ ŶĂ ĂƌƚLJŬƵųŽǁĂŶŝƵǁųĂƐŶLJĐŚƉŽƚƌnjĞďƉƌnjĞũĂǁŝĂƐŝħ ǁ ŽŬƌĞƑůĞŶŝƵ ǁųĂƐŶĞŐŽ ŐƵƐƚƵ ǁ ƉƌŽũĞŬƚŽǁĂŶŝƵ ŝƵƌnjČĚnjĂŶŝƵŵŝĞƐnjŬĂŶŝĂ͕ĂƚĂŬǏĞnjnjĂĐŚŽǁĂŶŝĞŵ ƉƌnjĞƐƚƌnjĞŶŝ ǁ ŽďƌħďŝĞ ǁƐƉſůŶĞŐŽ ŵŝĞƐnjŬĂŶŝĂͬ ĂĚĂŶŝĂǁƌŽĐųĂǁƐŬŝĐŚ ŐŽƐƉŽĚĂƌƐƚǁĚŽŵŽǁLJĐŚ ĂĚĂŶŝĂ njƌĞĂůŝnjŽǁĂŶŽ ƉŽĚ ŬŝĞƌƵŶŬŝĞŵ ĂƵƚŽƌŬŝ ǁƌŽŬƵϮϬϭϯŶĂƉƌſďŝĞϭϱϬƌĞƐƉŽŶĚĞŶƚſǁŵŝĞƐnjͲ ŬĂũČĐLJĐŚ ǁĞ tƌŽĐųĂǁŝƵ ĚŽďƌĂŶLJŵŝ ĐĞůŽǁŽ͕ ǁ ŬƚſƌLJĐŚ ƌĞƐƉŽŶĚĞŶĐŝ ǁ ŽƐƚĂƚŶŝŵ ƌŽŬƵ ƉƌnjĞͲ ƉƌŽǁĂĚnjŝůŝƐŝħĚŽŶŽǁĞŐŽŵŝĞƐnjŬĂŶŝĂůƵďĚŽŵƵ͘ ŽďſƌƉƌſďLJŵŝĂųĐŚĂƌĂŬƚĞƌƌſǁŶŽůŝĐnjŶLJ͗ƉŽųŽͲ ǁĂ ƌĞƐƉŽŶĚĞŶƚſǁ njůĞĐŝųĂ ƵƌnjČĚnjĞŶŝĞ ĚŽŵƵ ĂƌͲ ĐŚŝƚĞŬƚŽŵ͕ƉŽųŽǁĂƵƌnjČĚnjŝųĂƐĂŵŽĚnjŝĞůŶŝĞ͘ ŵŝĞŶŶĞŶŝĞnjĂůĞǏŶĞƐƚĂŶŽǁŝųLJ͗ǁŝĞŬƌĞƐƉŽŶĚĞŶͲ ƚſǁ͕ǁLJŬƐnjƚĂųĐĞŶŝĞŽƌĂnjĚŽĐŚŽĚLJƌĞƐƉŽŶĚĞŶƚſǁ͘ tďĂĚĂŶLJĐŚŐŽƐƉŽĚĂƌƐƚǁĂĐŚĚŽŵŽǁLJĐŚǁŝħŬͲ ƐnjŽƑđĐnjħƑĐŝĞũƉŽƐŝĂĚĂųĂǁŝnjũħĚŽƚLJĐnjČĐČǁLJďƌĂͲ ŶLJĐŚ ĞůĞŵĞŶƚſǁ ƵƌnjČĚnjĞŶŝĂ ŵŝĞƐnjŬĂŶŝĂ ;ϱϰй ǁƐŬĂnjĂŷͿŶŝǏĚŽŬųĂĚŶČǁŝnjũħĐĂųŽƑĐŝ;ϯϰйǁƐŬĂͲ njĂŷ͕ƚĂďĞůĂϮͿ͘ /ŶƚĞƌĞƐƵũČĐLJŵĂƐƉĞŬƚĞŵďĂĚĂŷďLJųĂƉƌſďĂŽŬƌĞͲ ƑůĞŶŝĂ͕ĐnjLJǁŬƌĞŽǁĂŶŝƵƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶĞũ ƌĞƐƉŽŶĚĞŶĐŝ ŬŝĞƌƵũČ Ɛŝħ ƉŽƐŝĂĚĂŶLJŵŝ ǁnjŽƌĐĂŵŝ ;ƚĂď͘ϯͿŝũĂŬŝĞũĞƐƚŝĐŚǍƌſĚųŽ͘ŶĂůŝnjħǁƚLJŵŽďͲ ƐnjĂƌnjĞ ƐƉŽƌnjČĚnjŽŶŽ ǁ njĂůĞǏŶŽƑĐŝ ŽĚ ǁŝĞŬƵ ƌĞͲ ƐƉŽŶĚĞŶƚſǁ;ƚĂď͘ϰͿ͘ ĚĞĐLJĚŽǁĂŶĂ ǁŝħŬƐnjŽƑđ͕ ϴϮй ƌĞƐƉŽŶĚĞŶƚſǁ͕ ŬƚſƌnjLJ ƵĚnjŝĞůŝůŝ ŽĚƉŽǁŝĞĚnjŝ͕ njĂĚĞŬůĂƌŽǁĂųŽ͕ ŝǏ ƉŽƐŝĂĚĂųĂ ǁnjŽƌĐĞ ĚŽƚLJĐnjČĐĞ ƚǁŽƌnjĞŶŝĂ ƐǁŽũĞũ ƉƌnjĞƐƚƌnjĞŶŝ ŵŝĞƐnjŬĂůŶĞũ ;ƚĂď͘ ϯͿ͘ t ďĂĚĂŶŝĂĐŚ njĂųŽǏŽŶŽ͕ ǏĞ ŝŶƐƉŝƌĂĐũĞ͕ ƐŬČĚ ƌĞƐƉŽŶĚĞŶĐŝ ĐnjĞƌͲ ƉŝČǁnjŽƌĐĞǁnjĂŬƌĞƐŝĞƵƌnjČĚnjĂŶŝĂŵŝĞƐnjŬĂŷ͕njĂͲ ůĞǏŶĞƐČŽĚŝĐŚǁŝĞŬƵ;ƚĂď͘ϰͿ͘ ďĂĚĂŷ ǁLJŶŝŬĂ͕ ǏĞ nj ƚƌĂĚLJĐũŝ ĚŽŵƵ ƌŽĚnjŝŶŶĞͲ ŐŽ ŶĂũĐnjħƑĐŝĞũ ŬŽƌnjLJƐƚĂůŝ ƌĞƐƉŽŶĚĞŶĐŝ ĚŽũƌnjĂůŝ͕ ǁ ǁŝĞŬƵ ϰϬͲϱϬ ůĂƚ ;ϱϬ͕Ϭй ǁƐŬĂnjĂŷͿ ŽƌĂnj ƐƚĂƌͲ Ɛŝ͕ ƉŽǁLJǏĞũ ϱϭ͘ ƌŽŬƵ ǏLJĐŝĂ ʹ ƉŽ ϯϯ͕ϯй ǁƐŬĂnjĂŷ ǁ ŐƌƵƉĂĐŚ ǁŝĞŬŽǁLJĐŚ ϱϭͲϲϭ ŝ ϲϮ ůĂƚ ŝ ǁŝħĐĞũ͘ WŽĚŽďŶŝĞ ǁ ƚLJĐŚ ŐƌƵƉĂĐŚ ǁŝĞŬŽǁLJĐŚ ǁnjŽƌĐĞ ĐnjĞƌƉĂŶŽ nj ŽĚǁŝĞĚnjĂŶLJĐŚ ŵŝĞƐnjŬĂŷ͕ ƉŽ ϲϲ͕ϳй ǁŐƌƵƉĂĐŚǁŝĞŬŽǁLJĐŚϱϭͲϲϭŝϲϮůĂƚŝǁŝħĐĞũŽƌĂnj ϱϬ͕ϬйƌĞƐƉŽŶĚĞŶƚſǁǁǁŝĞŬƵϰϬͲϱϬ͘ŐĂnjĞƚŝŶͲ ƐƉŝƌĂĐũĞǁƵƌnjČĚnjĂŶŝƵŵŝĞƐnjŬĂŷĐnjĞƌƉŝČǁƐnjLJƐĐLJ 435 The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 dĂďĞůĂϮ͘tŝnjũĂĚŽƚLJĐnjČĐĂƵƌnjČĚnjĞŶŝĂŵŝĞƐnjŬĂŶŝĂͬĚŽŵƵǁƑƌſĚƌĞƐƉŽŶĚĞŶƚſǁ >ŝĐnjďĂŐŽƐƉŽĚĂƌƐƚǁĚŽŵŽǁLJĐŚ DĂũČĐLJĐŚĚŽŬųĂĚŶČǁŝnjũħĐĂųŽƑĐŝ DĂũČĐLJĐŚǁŝnjũħĚŽƚLJĐnjČĐLJĐŚ ǁLJďƌĂŶLJĐŚĞůĞŵĞŶƚſǁǁŶħƚƌnjĂ EŝĞŵĂũČĐLJĐŚǁųĂƐŶĞũǁŝnjũŝ KŐſųĞŵ >ŝĐnjĞďŶŽƑđ 48 WƌŽĐĞŶƚ ϯϮ͕Ϭ WƌŽĐĞŶƚƐŬƵŵƵůŽǁĂŶLJ ϯϮ͕Ϭ 81 ϱϰ͕Ϭ ϴϲ͕Ϭ 21 ϭϱϬ ϭϰ͕Ϭ ϭϬϬ͕Ϭ ϭϬϬ͕Ϭ ϭϬϬ͕Ϭ ƌſĚųŽ͗ďĂĚĂŶŝĂƉŽĚŬŝĞƌƵŶŬŝĞŵĂƵƚŽƌŬŝnjƌĞĂůŝnjŽǁĂŶĞǁϮϬϭϯƌŽŬƵ͘ dĂďĞůĂϯ͘tnjŽƌĐĞĚŽƚLJĐnjČĐĞƵƌnjČĚnjĂŶŝĂŵŝĞƐnjŬĂŶŝĂ njLJƌĞƐƉŽŶĚĞŶĐŝ͕ƵƌnjČĚnjĂũČĐŵŝĞƐnjͲ ŬĂŶŝĞ͕ƉŽƐŝĂĚĂůŝǁnjŽƌĐĞ ƚĂŬ ŶŝĞ tĂǏŶĞ ƚƌƵĚŶŽƉŽǁŝĞĚnjŝĞđ ŽŐſųĞŵ KŐſųĞŵ >ŝĐnjĞďŶŽƑđ WƌŽĐĞŶƚ 123 15 ϵ 147 ϭϱϬ 82 ϭϬ 6 ϵϴ ϭϬϬ ƌſĚųŽ͗ďĂĚĂŶŝĂƉŽĚŬŝĞƌƵŶŬŝĞŵĂƵƚŽƌŬŝnjƌĞĂůŝnjŽǁĂŶĞǁϮϬϭϯƌŽŬƵ͘ ƌĞƐƉŽŶĚĞŶĐŝǁǁŝĞŬƵϱϭͲϲϭůĂƚ͕ĂǁǁŝĞŬƵϱϭͲϲϭ ŝϲϮŝǁŝħĐĞũƉŽϲϲ͕ϳйǁƐŬĂnjĂŷ͘EĂƚŽŵŝĂƐƚnjƚĞͲ ůĞǁŝnjũŝŝƉŽƌƚĂůŝnjĂũŵƵũČĐLJĐŚƐŝħĂƌĂŶǏĂĐũČǁŶħƚƌnj ŬŽƌnjLJƐƚĂũČ ŵųŽĚƐŝ ƌĞƐƉŽŶĚĞŶĐŝ͕ ǁ ǁŝĞŬƵ ϭϴͲϮϴ ƉŽϯϲ͕ϴйǁƐŬĂnjĂŷƚĞůĞǁŝnjũŝũĂŬŽǍƌſĚųĂǁnjŽƌĐſǁ ĚŽƚLJĐnjČĐLJĐŚ ƵƌnjČĚnjĂŶŝĂ ŵŝĞƐnjŬĂŶŝĂ ŽƌĂnj ϲϲ͕ϳй ƌĞƐƉŽŶĚĞŶƚſǁǁǁŝĞŬƵϮϵͲϯϵŝϰϳ͕ϰйǁǁŝĞŬƵ ϭϴͲϮϴ ǁƐŬĂnjĂŷ ƉŽƌƚĂůŝ njĂũŵƵũČĐLJĐŚ Ɛŝħ ĂƌĂŶǏĂͲ ĐũČ ǁŶħƚƌnj͘ EĂƚŽŵŝĂƐƚ ŶĂ ǁnjŽƌĐĞ ƉŽĐŚŽĚnjČĐĞ ŽĚƉƌŽũĞŬƚĂŶƚſǁǁƐŬĂnjĂůŝŐųſǁŶŝĞƌĞƐƉŽŶĚĞŶĐŝ ǁ ǁŝĞŬƵ ϮϵͲϯϵ ;ϱϬ͕Ϭй ǁƐŬĂnjĂŷͿ ŽƌĂnj ƉŽǁLJǏĞũ ϰϬ͘ ƌŽŬƵ ǏLJĐŝĂ ƉŽ ϯϯ͕ϯй ǁ ǁŝĞŬƵ ϰϬͲϱϬ͕ ϱϭͲϲϭ ŝϲϮŝǁŝħĐĞũ;ƚĂď͘ϰͿ͘ tĚƌƵŐŝĞũĐnjħƑĐŝďĂĚĂŷĂŶĂůŝnjLJĚŽƚLJĐnjLJųLJŵŽƚLJͲ ǁſǁ͕ĚůĂŬƚſƌLJĐŚƌĞƐƉŽŶĚĞŶĐŝƐƚĂŶŽǁŝČĐLJnjŐŽĚͲ ŶŝĞ nj ĚŽďŽƌĞŵ ŬǁŽƚŽǁLJŵ ƉŽųŽǁħ ďĂĚĂŶLJĐŚ ƉŽǁŝĞƌnjĂůŝnjĂĚĂŶŝĞĂƌĂŶǏĂĐũŝǁŶħƚƌnjĂƌĐŚŝƚĞŬƚŽŵ ;ǁLJŬƌĞƐ ϭͿ͘ t njĂŬƌĞƐŝĞ ƉŽǁŽĚſǁ ǁLJŶĂũŵŽǁĂͲ ŶŝĂ ƉƌnjĞnj ƌĞƐƉŽŶĚĞŶƚſǁ ĂƌĐŚŝƚĞŬƚſǁ ǁŶħƚƌnj ŶĂũĐnjħƑĐŝĞũǁƐŬĂnjLJǁĂŶŽŶĂƐƉĞĐũĂůŝƐƚLJĐnjŶČǁŝĞͲ Ěnjħ;ϯϭ͕ϴйďĂĚĂŶLJĐŚͿŽƌĂnjŶĂĐŚħđƉŽƐŝĂĚĂŶŝĂ ƐƉſũŶĞũǁŝnjũŝƉƌnjĞƐƚƌnjĞŶŝ;Ϯϳ͕ϯйďĂĚĂŶLJĐŚͿ͘ tLJŬƌĞƐϭ͘DŽƚLJǁLJƉŽǁŝĞƌnjĂŶŝĂƉƌnjĞnjƌĞƐƉŽŶĚĞŶƚſǁĂƌĂŶǏĂĐũŝǁŶħƚƌnjĂƌĐŚŝƚĞŬƚŽŵ ƌſĚųŽ͗ďĂĚĂŶŝĂƉŽĚŬŝĞƌƵŶŬŝĞŵĂƵƚŽƌŬŝnjƌĞĂůŝnjŽǁĂŶĞǁϮϬϭϯƌŽŬƵ͘ 436 tĂŶĚĂWĂƚƌnjĂųĞŬͮ<ƌĞŽǁĂŶŝĞƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶĞũǁŐŽƐƉŽĚĂƌƐƚǁĂĐŚĚŽŵŽǁLJĐŚŶĂƚůĞŶŽǁLJĐŚƚƌĞŶĚſǁǁŬŽŶƐƵŵƉĐũŝ dĂďĞůĂϰ͘tnjŽƌĐĞĚŽƚLJĐnjČĐĞƵƌnjČĚnjĂŶŝĂǁŶħƚƌnjǁnjĂůĞǏŶŽƑĐŝŽĚǁŝĞŬƵƌĞƐƉŽŶĚĞŶƚſǁa tŝĞŬ tLJƐnjĐnjĞŐſůŶŝĞŶŝĞ 18-28 29-39 40-50 51-61 ϲϮŝǁŝħĐĞũ KŐſųĞŵ Z tradycji domu rodzinnego >ŝĐnjĞďŶŽƑđ % йnjŽŐſųƵ 15 26,3 11,6 3 8,3 2,3 9 50,0 7,0 3 33,3 2,3 3 33,3 2,3 33 25,6 Z odwiedzanych ŵŝĞƐnjŬĂŷ >ŝĐnjĞďŶŽƑđ % йnjŽŐſųƵ 27 47,4 20,9 15 41,7 11,6 9 50,0 7,0 6 66,7 4,7 6 66,7 4,7 63 48,8 Z gazet >ŝĐnjĞďŶŽƑđ % йnjŽŐſųƵ 30 52,6 23,3 9 25,0 7,0 9 50,0 7,0 9 100,0 7,0 3 33,3 2,3 60 46,5 Z telewizji >ŝĐnjĞďŶŽƑđ % йnjŽŐſųƵ 21 36,8 16,3 9 25,0 7,0 0 0,0 0,0 0 0,0 0,0 3 33,3 2,3 33 25,6 Z portali zajmuũČĐLJĐŚƐŝħĂƌĂŶǏĂĐũČǁŶħƚƌnj >ŝĐnjĞďŶŽƑđ % йnjŽŐſųƵ 27 47,4 20,9 24 66,7 18,6 6 33,3 4,7 3 33,3 2,3 0 0,0 0,0 60 46,5 Od projektantów >ŝĐnjĞďŶŽƑđ % йnjŽŐſųƵ 12 21,1 9,3 18 50,0 14,0 6 33,3 4,7 3 33,3 2,3 3 33,3 2,3 42 32,6 KŐſųĞŵ >ŝĐnjĞďŶŽƑđ йnjŽŐſųĞŵ 65 44,2 41 27,9 21 14,0 10 7,0 10 7,0 147 100,0 ƌſĚųŽ͗ badania pod kierunkiem autorki zrealizowane w 2013 roku. a ZĞƐƉŽŶĚĞŶĐŝŵŝĞůŝŵŽǏůŝǁŽƑđǁŝĞůŽŬƌŽƚŶĞŐŽǁLJďŽƌƵŽĚƉŽǁŝĞĚnjŝ͘ tŬŽŶƚĞŬƑĐŝĞĂŶĂůŝnjŽǁĂŶĞũƉƌŽďůĞŵĂƚLJŬŝǁĂǏŶĂ ũĞƐƚŽĐĞŶĂĞĨĞŬƚƵƉƌĂĐLJĂƌĐŚŝƚĞŬƚſǁǁŶħƚƌnj͖ĚŽͲ ŬŽŶĂŶŽũĞũĂŶĂůŝnjLJǁnjĂůĞǏŶŽƑĐŝŽĚǁLJŬƐnjƚĂųĐĞŶŝĂ ƌĞƐƉŽŶĚĞŶƚĂ ;ƚĂď͘ ϱͿ͘ t ŶĂũǁŝħŬƐnjLJŵ ƐƚŽƉŶŝƵ ƵnjŶĂŶŝĞĚůĂƉƌĂĐLJĂƌĐŚŝƚĞŬƚĂǁLJƌĂnjŝůŝƌĞƐƉŽŶĚĞŶͲ Đŝ nj ǁLJŬƐnjƚĂųĐĞŶŝĞŵ ǁLJǏƐnjLJŵ͕ ϰϳ͕ϭй ďĂĚĂŶLJĐŚ ƉŽƉƌnjĞnj ƐƚǁŝĞƌĚnjĞŶŝĞ͕ ǏĞ njĂƉƌŽũĞŬƚŽǁĂų ůĞƉŝĞũ ŶŝǏnjƌŽďŝųďLJƚŽƌĞƐƉŽŶĚĞŶƚ͘ tĂǏŶČ ĐnjħƑđ ďĂĚĂŷ ǁ ŬŽŶƚĞŬƑĐŝĞ ĂŶĂůŝnjŽǁĂŶĞũ ƉƌŽďůĞŵĂƚLJŬŝ ƚǁŽƌnjĞŶŝĂ ƉƌnjĞƐƚƌnjĞŶŝ ĚŽƐƉŽųĞĐnjͲ ŶĞũ ǁ ĚŽŵƵ ƐƚĂŶŽǁŝųŽ ŽŬƌĞƑůĞŶŝĞ njŶĂĐnjĞŶŝĂ ƵǏLJƚĞĐnjŶŽƑĐŝƉŽƐnjĐnjĞŐſůŶLJĐŚĐnjħƑĐŝĚŽŵƵǁnjĂͲ ůĞǏŶŽƑĐŝŽĚǁŝĞŬƵƌĞƐƉŽŶĚĞŶƚĂ;ƚĂď͘ϲͿŽƌĂnjĞůĞͲ ŵĞŶƚſǁďƵĚƵũČĐLJĐŚŶĂƐƚƌſũǁnjĂůĞǏŶŽƑĐŝŽĚĚŽͲ ĐŚŽĚƵƌĞƐƉŽŶĚĞŶƚĂ;ƚĂď͘ϳͿ͘ dĂďĞůĂϱ͘KĐĞŶĂĞĨĞŬƚſǁƉƌĂĐLJĂƌĐŚŝƚĞŬƚſǁǁŶħƚƌnjǁnjĂůĞǏŶŽƑĐŝŽĚǁLJŬƐnjƚĂųĐĞŶŝĂƌĞƐƉŽŶĚĞŶƚĂ ƉŽĚƐƚĂǁŽǁĞ zawodowe tLJŬƐnjƚĂųĐĞŶŝĞ ƑƌĞĚŶŝĞ ǁLJǏƐnjĞ KŐſųĞŵ >ŝĐnjĞďŶŽƑđ й йnjǁLJŬƐnjƚĂųĐĞŶŝĂ 3 ϱ͕ϵ ϭϬϬ͕Ϭ ϵ ϭϳ͕ϲ ϳϱ͕Ϭ 15 Ϯϵ͕ϰ ϱϱ͕ϲ 24 ϰϳ͕ϭ ϳϮ͕ϳ 51 ϭϬϬ͕Ϭ ϲϴ͕Ϭ >ŝĐnjĞďŶŽƑđ й йnjǁLJŬƐnjƚĂųĐĞŶŝĂ >ŝĐnjĞďŶŽƑđ й йnjǁLJŬƐnjƚĂųĐĞŶŝĂ Ϭ Ϭ͕Ϭ Ϭ͕Ϭ 3 ϰ͕Ϭ ϭϬϬ͕Ϭ 3 ϭϮ͕ϱ Ϯϱ͕Ϭ 12 ϭϲ͕Ϭ ϭϬϬ͕Ϭ 12 ϱϬ͕Ϭ ϰϰ͕ϰ 27 ϯϲ͕Ϭ ϭϬϬ͕Ϭ ϵ ϯϳ͕ϱ Ϯϳ͕ϯ 33 ϰϰ͕Ϭ ϭϬϬ͕Ϭ 24 ϭϬϬ͕Ϭ ϯϮ͕Ϭ 75 ϭϬϬ͕Ϭ ϭϬϬ͕Ϭ njLJĂƌĐŚŝƚĞŬƚnjĂƉƌŽũĞŬƚŽǁĂųůĞƉŝĞũ ŶŝǏnjƌŽďŝųďLJƚŽƌĞƐƉŽŶĚĞŶƚ͍ dĂŬ͕njƌŽďŝų ƚŽůĞƉŝĞũ dƌƵĚŶŽ ƉŽǁŝĞĚnjŝĞđ KŐſųĞŵ ƌſĚųŽ͗ďĂĚĂŶŝĂƉŽĚŬŝĞƌƵŶŬŝĞŵĂƵƚŽƌŬŝnjƌĞĂůŝnjŽǁĂŶĞǁϮϬϭϯƌŽŬƵ͘ 437 The Wroclaw School of Banking Research Journal I ISSN 1643-7772 I eISSN 2392-1153 I Vol. 15 I No. 3 dĂďĞůĂϲ͘^ƚƌĞĨLJŵŝĞƐnjŬĂŶŝĂͬĚŽŵƵŶĂũĐnjħƑĐŝĞũƵǏLJƚŬŽǁĂŶĞǁnjĂůĞǏŶŽƑĐŝŽĚǁŝĞŬƵƌĞƐƉŽŶĚĞŶƚſǁ Wiek tLJƐnjĐnjĞŐſůŶŝĞŶŝĞ <ƵĐŚŶŝĂ ^ƚƌĞĨĂĚnjŝĞŶŶĂ ^LJƉŝĂůŶŝĂ dĂƌĂƐ ^ĂůŽŶŬČƉŝĞůŽǁLJ 'ĂďŝŶĞƚ KŐſųĞŵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ >ŝĐnjĞďŶŽƑđ йnjǁŝĞŬƵ ϭϴͲϮϴ 27 ϰϬ͕ϵ 33 ϱϬ͕Ϭ 3 ϰ͕ϱ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ 3 ϰ͕ϱ 66 ϭϬϬ͕Ϭ ϮϵͲϯϵ 6 ϭϱ͕ϰ 15 ϯϴ͕ϱ 12 ϯϬ͕ϴ 6 ϭϱ͕ϰ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ ϯϵ ϭϬϬ͕Ϭ ϰϬͲϱϬ 3 ϭϰ͕ϯ 15 ϳϭ͕ϰ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ 3 ϭϰ͕ϯ Ϭ Ϭ͕Ϭ 21 ϭϬϬ͕Ϭ ϱϭͲϲϭ ϵ ϳϱ͕Ϭ 3 Ϯϱ͕Ϭ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ 12 ϭϬϬ͕Ϭ ϲϮŝǁŝħĐĞũ Ϭ Ϭ͕Ϭ 6 ϱϬ͕Ϭ 3 Ϯϱ͕Ϭ Ϭ Ϭ͕Ϭ Ϭ Ϭ͕Ϭ 3 Ϯϱ͕Ϭ 12 ϭϬϬ͕Ϭ KŐſųĞŵ 45 ϯϬ͕Ϭ 72 ϰϴ͕Ϭ 18 ϭϮ͕Ϭ 6 ϰ͕Ϭ 3 Ϯ͕Ϭ 6 ϰ͕Ϭ ϭϱϬ ϭϬϬ͕Ϭ ƌſĚųŽ͗ďĂĚĂŶŝĂƉŽĚŬŝĞƌƵŶŬŝĞŵĂƵƚŽƌŬŝnjƌĞĂůŝnjŽǁĂŶĞǁϮϬϭϯƌŽŬƵ͘ dĂďĞůĂϳ͘ůĞŵĞŶƚLJďƵĚƵũČĐĞŶĂƐƚƌſũǁnjĂůĞǏŶŽƑĐŝŽĚĚŽĐŚŽĚƵƌĞƐƉŽŶĚĞŶƚſǁ WŽǁLJǏĞũ ϰϬϬϬnjų KŐſųĞŵ KĚϯϱϬϭĚŽ ϰϬϬϬnjų _ǁŝĂƚųŽ KĚϯϬϬϭĚŽ ϯϱϬϬnjų dŬĂŶŝŶLJ KĚϮϱϬϭĚŽ ϯϬϬϬnjų <ŽůŽƌ ƑĐŝĂŶ >ŝĐnjĞďŶŽƑđ й йnjĚŽĐŚŽĚƵ >ŝĐnjĞďŶŽƑđ й йnjĚŽĐŚŽĚƵ >ŝĐnjĞďŶŽƑđ й йnjĚŽĐŚŽĚƵ >ŝĐnjĞďŶŽƑđ й йnjĚŽĐŚŽĚƵ >ŝĐnjĞďŶŽƑđ й йnjĚŽĐŚŽĚƵ KĚϮϬϬϭĚŽ ϮϱϬϬnjų WĂŵŝČƚŬŝ KĚϭϱϬϭĚŽ ϮϬϬϬnjų ůĞŵĞŶƚLJďƵĚƵũČĐĞ ŶĂũďĂƌĚnjŝĞũ ŶĂƐƚƌſũĚŽŵƵ KĚϭϬϬϭĚŽ ϭϱϬϬnjų ŽĐŚſĚƌĞƐƉŽŶĚĞŶƚĂ KŐſųĞŵ Ϭ Ϭ͕Ϭй Ϭ͕Ϭй 3 ϳ͕ϭй ϭϬϬ͕Ϭй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй 3 Ϯ͕ϭй ϭϬϬ͕Ϭй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй 3 ϱ͕ϯй ϭϬϬ͕Ϭй 3 Ϯ͕ϭй ϭϬϬ͕Ϭй 6 ϭϱ͕ϰй ϰϬ͕Ϭй 3 ϳ͕ϭй ϮϬ͕Ϭй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй 6 ϭϬ͕ϱй ϰϬ͕Ϭй 15 ϭϬ͕ϱй ϭϬϬ͕Ϭй 12 ϯϬ͕ϴй ϰϰ͕ϰй ϵ Ϯϭ͕ϰй ϯϯ͕ϯй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй 6 ϭϬ͕ϱй ϮϮ͕Ϯй 27 ϭϴ͕ϵ ϭϬϬ͕Ϭй 3 ϳ͕ϳй ϭϲ͕ϳй ϵ Ϯϭ͕ϰй ϱϬ͕Ϭй 3 ϲϬ͕Ϭй ϭϲ͕ϳй 3 ϱ͕ϯй ϭϲ͕ϳй 18 ϭϮ͕ϲй ϭϬϬ͕Ϭй ϵ Ϯϯ͕ϭй ϰϮ͕ϵй 6 ϭϰ͕ϯй Ϯϴ͕ϲй Ϭ Ϭ͕Ϭй Ϭ͕Ϭй 6 ϭϬ͕ϱй Ϯϴ͕ϲй 21 ϭϰ͕ϳй ϭϬϬ͕Ϭй ϵ Ϯϯ͕ϭй ϭϲ͕ϭй 12 Ϯϴ͕ϲй Ϯϭ͕ϰйй 6 ϰϬ͕Ϭй ϯ͕ϲй 33 ϱϳ͕ϵй ϱϴ͕ϵй ϲϬ ϯϵ͕Ϯй ϭϬϬ͕Ϭй ϯϵ ϭϬϬ͕Ϭй Ϯϲ͕ϱй 42 ϭϬϬ͕Ϭй Ϯϵ͕ϰйй ϵ ϭϬϬ͕Ϭй ϯ͕ϱй 57 ϭϬϬ͕Ϭй ϯϵ͕ϵй 147 ϭϬϬ͕Ϭй ƌſĚųŽ͗ďĂĚĂŶŝĂƉŽĚŬŝĞƌƵŶŬŝĞŵĂƵƚŽƌŬŝnjƌĞĂůŝnjŽǁĂŶĞǁϮϬϭϯƌŽŬƵ͘ tŝħŬƐnjŽƑđ ĐnjĂƐƵ ϰϴй ƌĞƐƉŽŶĚĞŶƚſǁ ƐƉħĚnjĂ ǁ ƐƚƌĞĮĞ ĚnjŝĞŶŶĞũ͕ ŶĂƐƚħƉŶŝĞ ǁ ŬƵĐŚŶŝ ϯϬй ŽƌĂnjƐLJƉŝĂůŶŝϭϳй͘ZſǏŶŝĐĞĚŽƚLJĐnjČĐĞƉƌĞĨĞƌĞŶĐũŝ ƌſǏŶLJĐŚ ƐƚƌĞĨ ĚŽŵƵ njĂůĞǏČ ŽĚ ǁŝĞŬƵ͘ t ŬƵĐŚͲ Ŷŝ ŶĂũǁŝħĐĞũ ĐnjĂƐƵ ƐƉħĚnjĂũČ ƐƚĂƌƐŝ ƌĞƐƉŽŶĚĞŶͲ Đŝ͕ ǁ ǁŝĞŬƵ ϱϭͲϲϭ ůĂƚ ;ϳϱй ǁƐŬĂnjĂŷͿ͕ ǁ ƐƚƌĞĮĞ ĚnjŝĞŶŶĞũĚŽũƌnjĂůŝƌĞƐƉŽŶĚĞŶĐŝǁǁŝĞŬƵϰϬͲϱϬůĂƚ ;ϳϭ͕ϰйǁƐŬĂnjĂŷͿŝŵųŽĚƐŝϭϴͲϮϴ;ϱϬйǁƐŬĂnjĂŷͿ͕ ǁƐLJƉŝĂůŶŝŶĂũĐnjħƑĐŝĞũǁǁŝĞŬƵϮϵͲϯϵůĂƚ;ϯϬ͕ϴй ǁƐŬĂnjĂŷͿ͕ŶĂƚĂƌĂƐŝĞǁǁŝĞŬƵϮϵͲϯϵ͕njĂƑǁŐĂďŝͲ ŶĞĐŝĞǁǁŝĞŬƵϲϮŝǁŝħĐĞũ;ƚĂď͘ϲͿ͘ ďĂĚĂŷ ǁLJŶŝŬĂ͕ ǏĞ ĚŽ ĞůĞŵĞŶƚſǁ ďƵĚƵũČĐLJĐŚ ŶĂƐƚƌſũ ĚŽŵƵ ŶĂũĐnjħƑĐŝĞũ ƌĞƐƉŽŶĚĞŶĐŝ njĂůŝĐnjĂůŝ ƑǁŝĂƚųŽ ;ϯϵ͕ϵй ďĂĚĂŶLJĐŚͿ͕ ŬŽůŽƌ ƑĐŝĂŶ ;Ϯϵ͕ϰй ďĂĚĂŶLJĐŚͿ ŽƌĂnj ƉĂŵŝČƚŬŝ ;Ϯϲ͕ϱй ďĂĚĂŶLJĐŚͿ͘ _ǁŝĂƚųŽ ũĂŬŽ ĞůĞŵĞŶƚ ďƵĚƵũČĐLJ ŶĂƐƚƌſũ ĚŽŵƵ ǁŶĂũǁŝħŬƐnjLJŵƐƚŽƉŶŝƵƵnjŶĂůŝƌĞƐƉŽŶĚĞŶĐŝnjĚŽͲ ĐŚŽĚĞŵ ƉŽǁLJǏĞũ ϰϬϬϬ njų͕ ƉŽĚŽďŶŝĞ ũĂŬ ŬŽůŽƌ ƑĐŝĂŶ͕ ŽƌĂnj ƌĞƐƉŽŶĚĞŶĐŝ ǁ ƉƌnjĞĚnjŝĂųĂĐŚ ĚŽĐŚŽͲ ĚŽǁLJĐŚ ϮϱϬϭͲϯϱϬϬnjų͕ njĂƑ ƉĂŵŝČƚŬŝ nj ĚŽĐŚŽĚŽͲ ǁŽƑĐŝČŽĚϮϱϬϭĚŽϯϬϬϬnjųŽƌĂnjƉŽǁLJǏĞũϯϱϬϭnjų ;ƚĂď͘ϳͿ͘ WŽĚƐƵŵŽǁĂŶŝĞ ƌĂŶǏĂĐũĂǁƐƉſųĐnjĞƐŶLJĐŚĚŽŵſǁƉŽĚČǏĂǁŬŝĞͲ ƌƵŶŬƵ ƚǁŽƌnjĞŶŝĂ ƉƌnjĞƐƚƌnjĞŶŝ ĚŽƐƉŽųĞĐnjŶĞũ͘ EĂ ƉƌŽĐĞƐũĞũŬƌĞĂĐũŝǁLJǁŝĞƌĂũČǁƉųLJǁŶŽǁĞƚƌĞŶͲ ĚLJ ǁ ĚnjŝĞĚnjŝŶŝĞ ŬŽŶƐƵŵƉĐũŝ͕ Ă njǁųĂƐnjĐnjĂ ĚŽͲ ŵŽĐĞŶƚƌLJnjĂĐũĂ ǁĂƌƵŶŬŽǁĂŶĂ ƉŽƐƚħƉƵũČĐČ 438 tĂŶĚĂWĂƚƌnjĂųĞŬͮ<ƌĞŽǁĂŶŝĞƉƌnjĞƐƚƌnjĞŶŝŵŝĞƐnjŬĂůŶĞũǁŐŽƐƉŽĚĂƌƐƚǁĂĐŚĚŽŵŽǁLJĐŚŶĂƚůĞŶŽǁLJĐŚƚƌĞŶĚſǁǁŬŽŶƐƵŵƉĐũŝ ŝŶĚLJǁŝĚƵĂůŝnjĂĐũČƐƚLJůſǁǏLJĐŝĂŝƉŽƉƌĂǁČǁĂƌƵŶͲ Ŭſǁ ŵŝĞƐnjŬĂŶŝŽǁLJĐŚ͘ t ďĂĚĂŶLJĐŚ ŐŽƐƉŽĚĂƌͲ ƐƚǁĂĐŚ ĚŽŵŽǁLJĐŚ ǁŝħŬƐnjŽƑđ ƌĞƐƉŽŶĚĞŶƚſǁ ŵŝĂųĂ ǁŝnjũħ ǁLJďƌĂŶLJĐŚ ĞůĞŵĞŶƚſǁ ŵŝĞƐnjŬĂŶŝĂ͘ ĚĞĐLJĚŽǁĂŶĂ ǁŝħŬƐnjŽƑđ ƌĞƐƉŽŶĚĞŶƚſǁ ƉŽƐŝĂͲ ĚĂųĂ ǁnjŽƌĐĞ ĚŽƚLJĐnjČĐĞ ƵƌnjČĚnjĞŶŝĂ ŵŝĞƐnjŬĂŶŝĂ͘ ZſǏŶŝĐĞĚŽƚLJĐnjČĐĞƌŽĚnjĂũƵǁnjŽƌĐĂŝƵnjĂůĞǏŶŝŽŶĞ ƐČ ŽĚ ǁŝĞŬƵ ƌĞƐƉŽŶĚĞŶƚĂ͘ tnjŽƌĐĞ ƉŽĐŚŽĚnjČĐĞ nj ƚƌĂĚLJĐũŝ ĚŽŵƵ ƌŽĚnjŝŶŶĞŐŽ ŶĂũǁĂǏŶŝĞũƐnjĞ ƐČ ĚůĂ ŽƐſď ĚŽũƌnjĂųLJĐŚ͕ ǁ ǁŝĞŬƵ ϰϬͲϱϬ ůĂƚ͘ KƐŽďLJ ƉŽǁLJǏĞũ ϱϬ͘ ƌŽŬƵ ǏLJĐŝĂ ŝ ƐƚĂƌƐnjĞ ŝŶƐƉŝƌƵũČ Ɛŝħ ǁnjŽƌĐĂŵŝ ƉŽĐŚŽĚnjČĐLJŵŝ nj ŽĚǁŝĞĚnjĂŶŝĂ ŝŶŶLJĐŚ ŵŝĞƐnjŬĂŷ ŝ ŐĂnjĞƚ͘ DųŽĚƐŝ ƌĞƐƉŽŶĚĞŶĐŝ ǁ ǁŝĞŬƵ ϮϵͲϯϬůĂƚŽƌĂnjϭϴͲϮϴŬŽƌnjLJƐƚĂũČnjƉŽƌƚĂůŝnjĂũŵƵͲ ũČĐLJĐŚƐŝħĂƌĂŶǏĂĐũČǁŶħƚƌnj͕ĂƚĂŬǏĞnjƚĞůĞǁŝnjũŝ͘ EĂƚŽŵŝĂƐƚ nj ƵƐųƵŐ ƉƌŽũĞŬƚĂŶƚſǁ ǁŶħƚƌnj ŶĂũͲ ĐnjħƑĐŝĞũ ŬŽƌnjLJƐƚĂũČ ƌĞƐƉŽŶĚĞŶĐŝ ǁ ǁŝĞŬƵ ϮϵͲϯϵ ůĂƚ͘KǁLJŶĂũħĐŝƵĂƌĐŚŝƚĞŬƚĂŶĂũĐnjħƑĐŝĞũĚĞĐLJĚƵũČ ŬŽŵƉĞƚĞŶĐũĞŝǁŝĞĚnjĂƐƉĞĐũĂůŝƐƚLJĐnjŶĂŽƌĂnjĐŚħđ ƉŽƐŝĂĚĂŶŝĂƐƉſũŶĞũƉƌnjĞƐƚƌnjĞŶŝ͘ EĂũǁĂǏŶŝĞũƐnjČ ĐnjħƑđ ŵŝĞƐnjŬĂŶŝĂ ǁƑƌſĚ ďĂĚĂͲ ŶLJĐŚ ŐŽƐƉŽĚĂƌƐƚǁ ĚŽŵŽǁLJĐŚ ƐƚĂŶŽǁŝ ƐĂůŽŶ ŝ ĐnjħƑđ ƌĞƉƌĞnjĞŶƚĂĐLJũŶĂ ŽƌĂnj ŬƵĐŚŶŝĂ͘ t ƚLJĐŚ ƉŽŵŝĞƐnjĐnjĞŶŝĂĐŚŶĂũĐnjħƑĐŝĞũŽĚďLJǁĂũČƐŝħŝŶƚĞͲ ƌĂŬĐũĞƐƉŽųĞĐnjŶĞŽƌĂnjƚƵƵǁŝĚĂĐnjŶŝĂũČƐŝħŶŽǁĞ ǁnjŽƌĐĞǁĚnjŝĞĚnjŝŶŝĞnjĂĐŚŽǁĂŷŬŽŶƐƵŵĞŶĐŬŝĐŚ͘ hǏLJƚŬŽǁĂŶŝĞĐnjħƑĐŝŵŝĞƐnjŬĂŶŝĂnjĂůĞǏLJŽĚǁŝĞŬƵ ƌĞƐƉŽŶĚĞŶƚſǁ͘ t ŬƵĐŚŶŝ ŶĂũĐnjħƑĐŝĞũ ĐnjĂƐ ƐƉħͲ ĚnjĂũČƌĞƐƉŽŶĚĞŶĐŝǁǁŝĞŬƵϱϭͲϲϭůĂƚ͕ǁƐƚƌĞĮĞ ĚnjŝĞŶŶĞũ ǁ ǁŝĞŬƵ ϰϬͲϱϬ ůĂƚ͕ ǁ ƐLJƉŝĂůŶŝ ϮϵͲϯϵ͕Ɛ njĂƑǁŐĂďŝŶĞĐŝĞŽƐŽďLJƐƚĂƌƐnjĞƉŽǁLJǏĞũϲϮůĂƚ͘ ŐŽĚŶŝĞ njĞ ǁƐƉſųĐnjĞƐŶLJŵŝ ƚƌĞŶĚĂŵŝ ƚǁŽƌnjĞŶŝĂ ƉƌnjĞƐƚƌnjĞŶŝĚŽƐƉŽųĞĐnjŶĞũǁŵŝĞƐnjŬĂŶŝĂĐŚǁďĂͲ ĚĂŶŝĂĐŚƌĞƐƉŽŶĚĞŶĐŝƉŽĚŬƌĞƑůĂůŝnjŶĂĐnjĞŶŝĞĞůĞͲ ŵĞŶƚſǁ ƚǁŽƌnjČĐLJĐŚ ŶĂƐƚƌſũ ĚŽŵƵ͕ ƚĂŬŝĐŚ ũĂŬ͗ ƑǁŝĂƚųŽ͕ŬŽůŽƌLJƐƚLJŬĂĐnjLJƉĂŵŝČƚŬŝ͘ ŝďůŝŽŐƌĂĮĂ <ŝĞǏĞů ͘ ;ƌĞĚ͘Ϳ ;ϮϬϭϬͿ͕ <ŽŶƐƵŵĞŶƚ ŝ ũĞŐŽ njĂͲ ĐŚŽǁĂŶŝĂ ŶĂ ƌLJŶŬƵ ĞƵƌŽƉĞũƐŬŝŵ͕ tĂƌƐnjĂǁĂ͕ Wt͘ W͘͘;ƌĞĚ͘Ϳ;ϭϵϵϮͿ͕ŽŵǁĞǁƐƉſųĐnjĞƐŶĞũWŽůƐĐĞ͗ ƐnjŬŝĐĞ͕tƌŽĐųĂǁ͕tŝĞĚnjĂŽ<ƵůƚƵƌnjĞ͘ 'ŝĚĚĞŶƐ͘;ϮϬϬϭͿ͕^ƚĂŶŽǁŝĞŶŝĞƐƉŽųĞĐnjĞŷƐƚǁĂ͗ njĂƌLJƐƚĞŽƌŝŝƐƚƌƵŬƚƵƌĂĐũŝ͕WŽnjŶĂŷ͕tLJĚĂǁŶŝĐƚǁŽ LJƐŬŝ^ͲŬĂ͘ ,Ăůů ͘d͘ ;ϮϬϬϵͿ͕ hŬƌLJƚLJ ǁLJŵŝĂƌ͕ tĂƌƐnjĂǁĂ͕ tĂƌƐnjĂǁƐŬŝĞtLJĚĂǁŶŝĐƚǁŽ>ŝƚĞƌĂĐŬŝĞDƵnjĂ͘ WĂƚƌnjĂųĞŬ t͘ ;ƌĞĚ͘Ϳ ;ϮϬϬϰͿ͕ <ƵůƚƵƌŽǁĞ ĚĞƚĞƌͲ ŵŝŶĂŶƚLJ njĂĐŚŽǁĂŷ ŬŽŶƐƵŵĞŶĐŬŝĐŚ͕ tƌŽĐųĂǁ͕ tLJĚĂǁŶŝĐƚǁŽ hŶŝǁĞƌƐLJƚĞƚƵ tƌŽĐųĂǁƐŬŝĞͲ ŐŽ͘ :ĂĐLJŶŽD͘;ϮϬϬϳͿ͕DŝĞƐnjŬĂŶŝĞŝŵŽƌĂůŶĂĂƌĐŚŝͲ ƚĞŬƚƵƌĂŬƵůƚƵƌLJŝŶĚLJǁŝĚƵĂůŝnjŵƵ͕ǁ͗ŽnjŶĂĐnjLJ ŵŝĞƐnjŬĂđ͘ ^njŬŝĐĞ ŶƚƌŽƉŽůŽŐŝĐnjŶĞ͕ tĂƌƐnjĂǁĂ͕ tLJĚĂǁŶŝĐƚǁŽdƌŝŽ͘ ZĂŶĐĞǁͲ^ŝŬƌĂ ͘ ;ϮϬϬϳͿ͕ Žŵ ĞƐƚĞƚLJĐnjŶLJ ũĂŬŽ ĚŽŵ ŝŶĚLJǁŝĚƵĂůŶLJ͕ ǁ͗ Ž njŶĂĐnjLJ ŵŝĞƐnjŬĂđ͕ ^njŬŝĐĞ ĂŶƚƌŽƉŽůŽŐŝĐnjŶĞ͕ tLJĚĂǁŶŝĐƚǁŽ dƌŝŽ͕ tĂƌƐnjĂǁĂϮϬϬϳ͘ ƌĞĂƟŶŐĂůŝǀŝŶŐƐƉĂĐĞŝŶƚŚĞŚŽƵƐĞŚŽůĚŝŶƚŚĞďĂĐŬŐƌŽƵŶĚŽĨŶĞǁƚƌĞŶĚƐŝŶĐŽŶƐƵŵƉƟŽŶ ďƐƚƌĂĐƚ dŚĞĂŝŵŽĨƚŚŝƐĂƌƟĐůĞŝƐĂŶĂŶĂůLJƐŝƐŽĨŝŶŇƵĞŶĐĞŽĨŶĞǁƚƌĞŶĚƐŝŶƚŚĞĮĞůĚŽĨĐŽŶƐƵŵƉƟŽŶ͕ ƐƵĐŚĂƐƚŚĞĞĐŽůŽŐŝĐĂůĐŽŶƐƵŵƉƟŽŶ͕ŝŶĚŝǀŝĚƵĂůŝnjĂƟŽŶ͕ŚŽŵĞĐĞŶƚƌŝƐŵ͕ƚƌĂĚŝƟŽŶĂůŝƐĂƟŽŶŽƌĐŽŶͲ ƐƵŵƉƟŽŶ͛ƐŐůŽďĂůŝnjĂƟŽŶĂƐƚŚĞŵĞƚŚŽĚƐŽĨĂƌƌĂŶŐŝŶŐůŝǀŝŶŐƐƉĂĐĞ͘džĞŵƉůŝĮĐĂƟŽŶŽĨĐŽŶƐŝĚĞͲ ƌĂƟŽŶƐǁŝůůĐŽŶƐŝƐƚŽĨƌĞƐĞĂƌĐŚďĂƐĞĚŽŶƚŚĞĂƵƚŚŽƌ͛ƐƐƚƵĚŝĞƐŝŶtƌŽĐůĂǁŚŽƵƐĞŚŽůĚƐǁŚŽƐĞ ŵĞŵďĞƌƐŵŽǀĞĚƚŽĂŶĞǁĂƉĂƌƚŵĞŶƚŽƌŚŽƵƐĞŽǀĞƌƚŚĞůĂƐƚLJĞĂƌ͘dŚĞƌĞƐĞĂƌĐŚǁĂƐĐŽŶĚƵĐƚĞĚ ŝŶϮϬϭϯŽŶĂƐĂŵƉůĞŽĨϭϱϬƌĞƐĞĂƌĐŚƵŶŝƚƐƵƐŝŶŐĂƋƵĞƐƟŽŶŶĂŝƌĞ͘ <ĞLJǁŽƌĚƐ͗ŚŽƵƐĞŚŽůĚ͕ůŝǀŝŶŐƐƉĂĐĞ͕ƉĂƩĞƌŶƐŽĨĐŽŶƐƵŵƉƟŽŶ͕ŚŽƵƐŝŶŐĨƵŶĐƟŽŶƐ :>͗ D12 ϰϯϵ
