Przesłanki i  formy konsolidacji giełd papierów wartościowych

$/,1$*25&=<ē6.$

3U]HVáDQNLLIRUP\NRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FK

.RQVROLGDFMD JLHáG SDSLHUyZ ZDUWRĞFLRZ\FK QLH MHVW ]MDZLVNLHP QRZ\P 3UR-FHV\WHERZLHP]DFKRG]Lá\RGSRF]ąWNX;;ZLHNXSRPLĊG]\ORNDOQ\PLJLHáGDPL QDURGRZ\PLPLQZ6WDQDFK=MHGQRF]RQ\FKL.DQDG]LH-HGQDNĪHSU]HáRPZLHNyZ ;;L;;,SU]\QLyVáRJURPQH]PLDQ\ZG\QDPLFHLFKDUDNWHU]HSRáąF]HĔPLĊG]\ JLHáGDPL2EHFQLHNRQVROLGDFMDJLHáGPDFKDUDNWHUPLĊG]\QDURGRZ\DZQLHNWyU\FK SU]\SDGNDFK ± JOREDOQ\ SRZVWDMą ]RUJDQL]RZDQH U\QNL ĞZLDWRZH QD NWyU\FK PD PLHMVFHREUyW]QDF]QąF]ĊĞFLąĞZLDWRZHJRNDSLWDáX

&HOHPQLQLHMV]HJRDUW\NXáXMHVWSU]HGVWDZLHQLHWHRUHW\F]Q\FKSU]HVáDQHNáąF]H-QLD VLĊ JLHáG SDSLHUyZ ZDUWRĞFLRZ\FK RUD] DQDOL]D IRUP NRQVROLGDFML RPDZLDQ\FK RUJDQL]DFML

8ZDUXQNRZDQLD]HZQĊWU]QHNRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FK

:FLąJXRVWDWQLFKGZyFKGHNDGJLHáG\SDSLHUyZZDUWRĞFLRZ\FKZVSRVyEUDG\-NDOQ\]PLHQLá\]DVDG\IXQNFMRQRZDQLD7UDG\F\MQLHG]LDáDá\MDNRPRQRSROHNWyUH

 $/,1$*25&=<ē6.$ VWDQRZLá\XUHJXORZDQHU\QNLVNXSLDMąFHVSU]HGDĪL]DNXSSDSLHUyZZDUWRĞFLRZ\FK GRSXV]F]RQ\FKGRREURWX>'L1RLDV@-HGQDNĪHQDVNXWHNSRVWĊSXWHFKQR-ORJLF]QHJR]PLDQSUDZQ\FKGRW\F]ąF\FK]DVDGLQZHVW\FMLZSDSLHU\ZDUWRĞFLRZH DWDNĪHZ]URVWXSRS\WXQDLQZHVW\FMHZSDSLHU\ZDUWRĞFLRZHJLHáG\VWDQĊá\ZREOLF]X QRZ\FKZ\]ZDĔ 3RVWĊSWHFKQRORJLF]Q\]ZLą]DQ\]UR]ZRMHP WHFKQLNWHOHNRPXQLNDF\MQ\FKLLQ- IRUPDW\F]Q\FKZSá\QąáZLHORZ\PLDURZRQDG]LDáDOQRĞüJLHáGSDSLHUyZZDUWRĞFLR-Z\FK3RSLHUZV]H]PLHQLáIRUP\LFKIXQNFMRQRZDQLD'RW\FKF]DVRZHSDUNLHW\]H VWRVRZDQ\PV\VWHPRSHQRXWFU\]RVWDá\]DVWąSLRQHREURWHPHOHNWURQLF]Q\ZUDPDFK NWyUHJRLQZHVWRU]\VDPRG]LHOQLHGRNRQXMąLQZHVW\FMLZSDSLHU\ZDUWRĞFLRZH>6WROO V±@(OHNWURQL]DFMDREURWXJLHáGRZHJRZ\HOLPLQRZDáDSRĞUHGQLF]ąFąUROĊ PDNOHUyZ FR ZLą]DáR VLĊ ] GH]LQWHUPHGLDFMą_{ ± WR ] NROHL XZDUXQNRZDáR SURFHV\}

GHPXWXDOL]DFML>&KHVLQLV±@_{ZUDPDFKNWyU\FKJLHáG\SU]HNV]WDáFDá\}

VLĊ]WUDG\F\MQ\FKVWUXNWXUF]áRQNRZVNLFKZVSyáNLQDMF]ĊĞFLHMDNF\MQH_.ROHMQ\P

NURNLHPE\áRXSXEOLF]QLHQLHQRWRZDĔZáDVQ\FKDNFML>*RUF]\ĔVND'\EHN@ /LEHUDOL]DFMD XUHJXORZDĔ SUDZQ\FK Z ]DNUHVLH SU]HSá\ZX L REURWX NDSLWDáX VSRZRGRZDáDVWRSQLRZHUR]V]HU]DQLHPRĪOLZRĞFLDREHFQLHZQLHNWyU\FKUHJLRQDFK ZUĊF] VZRERGĊ Z ]DNUHVLH G]LDáDOQRĞFL LQVW\WXFML LQZHVW\F\MQ\FK : SU]\SDGNX (XURS\'\UHNW\ZD]UZVSUDZLHXVáXJLQZHVW\F\MQ\FKZ]DNUHVLHSDSLHUyZ ZDUWRĞFLRZ\FK,QYHVWPHQW6HUYLFHV'LUHFWLYH±,6'4_{RUD]]DVWĊSXMąFDMąZU}

'\UHNW\ZD Z VSUDZLH U\QNyZ LQVWUXPHQWyZ ILQDQVRZ\FK 0DUNHWV LQ )LQDQFLDO ,QVWUXPHQWV 'LUHFWLYH ± 0L),'5_{ XPRĪOLZLá\ MHGQRVWNRP NWyUH X]\VNDá\ SUDZD}

Z]DNUHVLHĞZLDGF]HQLDXVáXJLQZHVW\F\MQ\FKZSDĔVWZLHPDFLHU]\VW\PSURZDG]HQLH G]LDáDOQRĞFLLQZHVW\F\MQHMQDWHUHQLH:VSyOQRW\(XURSHMVNLHMW]Z]DVDGDMHGQROLWHM OLFHQFML>6WROO  V ±@ 3RQDGWR XMHGQROLFRQR ]DVDG\ NRU]\VWDQLD ] XVáXJ LQZHVW\F\MQ\FKRE\ZDWHORP8QLL(XURSHMVNLHMDWDNĪHVWZRU]RQRUDP\UHJXODF\MQH PLQZ]DNUHVLHREURWXLQVWUXPHQWDPLQDU\QNDFKQLHSXEOLF]Q\FKZFHOX]ZLĊNV]HQLD NRQNXUHQF\MQRĞFLSRPLĊG]\SRGPLRWDPLQDU\QNXXVáXJLQZHVW\F\MQ\FK

:]URVWSRS\WXQDLQZHVW\FMHZSDSLHU\ZDUWRĞFLRZHNWyU\XZDUXQNRZDáQRZ\ NLHUXQHN IXQNFMRQRZDQLD JLHáG SDSLHUyZ ZDUWRĞFLRZ\FK PLDá PLHMVFH ]DUyZQR

 _{3URFHV GH]LQWHUPHGLDFML ZLą]Dá VLĊ ] HOLPLQDFMą Z UDPDFK áDĔFXFKD G]LDáDOQRĞFL MHGQHJR ] RJQLZ}

:SU]\SDGNXJLHáGSDSLHUyZZDUWRĞFLRZ\FKGRW\F]\áUH]\JQDFML]SRĞUHGQLFWZDPDNOHUyZ

 _{'HPXWXDOL]DFMD WR RGHMĞFLH RG WUDG\F\MQHM F]áRQNRZVNLHM VWUXNWXU\ PXWXDOQHM JLHáG SDSLHUyZ}

ZDUWRĞFLRZ\FK

 _{:SU]\SDGNXJLHáGNWyUHG]LDáDá\MDNRLQVW\WXFMHSDĔVWZRZHPDPLHMVFHSU\ZDW\]DFMDJLHáG} 4 _{'\UHNW\ZD5DG\:VSyOQRW\(XURSHMVNLHM(:*]PDMDUZVSUDZLHXVáXJLQZHVW\F\MQ\FK}

Z]DNUHVLHSDSLHUyZZDUWRĞFLRZ\FK']LHQQLN8U]ĊGRZ\:VSyOQRW(XURSHMVNLFK/

5_{ 0L),'WZRU]ąDNW\SUDZQH0L),','\UHNW\ZD:(3DUODPHQWX(XURSHMVNLHJRL5DG\}

]  NZLHWQLD  URNX Z VSUDZLH U\QNyZ LQVWUXPHQWyZ ILQDQVRZ\FK 0L),' 0L),' ,, '\UHNW\ZD .RPLVML:(]VLHUSQLDURNXZSURZDG]DMąFDĞURGNLZ\NRQDZF]HGR'\UHNW\Z\ :(3DUODPHQWX(XURSHMVNLHJRL5DG\5R]SRU]ąG]HQLH.RPLVML:(QU]VLHUSQLDURNX ZSURZDG]DMąFH ĞURGNL Z\NRQDZF]H GR '\UHNW\Z\ :( 3DUODPHQWX (XURSHMVNLHJR L 5DG\ 3RU KWWSZZZPLILGFRPSO

 35=(6à$1.,,)250<.2162/,'$&-,*,(à'3$3,(5Ï::$572ĝ&,2:<&+ ZĞUyGLQZHVWRUyZLQVW\WXFMRQDOQ\FKMDNLLQG\ZLGXDOQ\FK3RGNRQLHF;;ZLHNX QDVWąSLáR]ZLĊNV]HQLHOLF]E\L]QDF]HQLDIXQGXV]\HPHU\WDOQ\FKLLQZHVW\F\MQ\FK FRZLą]DáRVLĊ]V]\ENLPSURFHVHPVWDU]HQLDVLĊVSRáHF]HĔVWZNUDMyZUR]ZLQLĊW\FK )XQGXV]HGEDMąFRĞURGNLVZRLFKNOLHQWyZVWDUDMąVLĊMHORNRZDüZ]\VNRZQHLQ-VWUXPHQW\QDU\QNXILQDQVRZ\P1DWRPLDVWZ]URVWSRS\WXQDSDSLHU\ZDUWRĞFLRZH ]HVWURQ\LQG\ZLGXDOQ\FKLQZHVWRUyZáąF]\áVLĊ]SRZVWDQLHPW]ZHTXLW\FXOWXUH 3LHUZRWQLH]DFKĊW\]HVWURQ\SDĔVWZQSSRSU]H]XOJLSRGDWNRZH6_{DQDVWĊSQLHGáXJR}

WUZDMąFD KRVVD QD U\QNX SDSLHUyZ ZDUWRĞFLRZ\FK VSRZRGRZDá\ LĪ LQG\ZLGXDOQL LQZHVWRU]\ ]DF]ĊOL FKĊWQLHM ORNRZDü ZROQH ĞURGNL Z SDSLHUDFK ZDUWRĞFLRZ\FK QD U\QNXILQDQVRZ\P

*HQHUDOQLHSU]HGVWDZLRQHF]\QQLNLGDá\PRĪOLZRĞüSRZVWDZDQLDNRQNXUHQF\MQ\FK U\QNyZREURWX]PLHQLá\]DVDG\LQZHVWRZDQLDSRSU]H]XPRĪOLZLHQLH]DSRĞUHGQLFWZHP ,QWHUQHWXEH]SRĞUHGQLHJRGRVWĊSXGRSRV]F]HJyOQ\FKJLHáGLQG\ZLGXDOQ\PRGELRUFRP ] FDáHJR ĞZLDWD D WDNĪH XZDUXQNRZDá\ SU]HMU]\VWRĞü U\QNyZ 3URFHV\ WH RVáDELá\ UROĊJLHáGGRPLQXMąF\FKZGDQ\PUHJLRQLHVNáRQLá\MHGRSU]\MĊFLDZG]LDáDOQRĞFL ]DVDGNRPHUF\MQ\FKDSRQDGWRSU]\F]\QLá\VLĊGRSRZVWDQLD]MDZLVNDNRQNXUHQFML PLĊG]\JLHáGDPLRUD]GRLFKNRQVROLGDFML 7HRUHW\F]QHSU]HVáDQNLNRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FK &]\QQLNL]HZQĊWU]QHZ\PXV]DMąQDJLHáGDFKSDSLHUyZZDUWRĞFLRZ\FKZ]URVW NRQNXUHQF\MQRĞFLZVWRVXQNXGRLQQ\FKJLHáGRUD]DOWHUQDW\ZQ\FKV\VWHPyZREUR-WX:]URVWNRQNXUHQF\MQRĞFLPRĪHRGE\ZDüVLĊVDPRG]LHOQLH±ZUDPDFKUR]ZRMX ZHZQĊWU]QHJR QS SRSU]H] HNVSDQVMĊ U\QNRZą SURGXNWRZą EąGĨ WHĪ Z UDPDFK Z]URVWX]HZQĊWU]QHJR±SU]\ZVSyáSUDF\]LQQ\PLLQVW\WXFMDPL =SXQNWXZLG]HQLDWHRULLHNRQRPLLSURFHV\NRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞ-FLRZ\FKVąQDSĊG]DQHSU]H]GZDF]\QQLNLNRU]\ĞFLVNDOLL]DNUHVXRUD]NRU]\ĞFL ]HZQĊWU]QHVLHFL .RU]\ĞFLVNDOLL]DNUHVXX]QDMHVLĊ]DGHWHUPLQDQW\SURFHVyZáąF]HQLDSRVWURQLH SRGDĪ\DZLĊFVDP\FKJLHáG.RU]\ĞFLVNDOLáąF]ąVLĊ]REQLĪHQLHPNRV]WXSU]HFLĊW-QHJRĞZLDGF]RQHMXVáXJLQDVNXWHNUR]áRĪHQLDNRV]WyZVWDá\FKQDZLĊNV]ąSURGXNFMĊ OLF]EĊĞZLDGF]RQ\FKXVáXJ*LHáG\QDWRPLDVWSRQRV]ą]QDF]QHNRV]W\VWDáH]ZLą]DQH ]UR]ZRMHPRUD]SRGZ\ĪV]DQLHPMDNRĞFLIXQNFMRQRZDQLDHOHNWURQLF]Q\FKV\VWHPyZ REURWX7_{:Z\QLNXSRáąF]HQLDOXEZ\NRU]\VWDQLDZVSyOQHMSODWIRUP\REURWXSU]H]} NLONDJLHáGSRZLQQRQDVWąSLü]ZLĊNV]HQLHHIHNW\ZQRĞFLMHMG]LDáDQLD']LĊNLERZLHP 6 _{6\WXDFMD WDND PLDáD PLHMVFH Z 6WDQDFK =MHGQRF]RQ\FK Z RNUHVLH SROLW\NL 5HDJDQD ± Z F]DVLH} SU\ZDW\]DFMLSU]HGVLĊELRUVWZSDĔVWZRZ\FK]DFKĊFDQRRE\ZDWHOLSRSU]H]XOJLSRGDWNRZHGRLQZHVW\FMLZDNFMH SU\ZDW\]RZDQ\FKILUPRUD]GRORNRZDQLDNDSLWDáXZSU\ZDWQHIXQGXV]HRV]F]ĊGQRĞFLRZHSULYDWHSHQVLRQV

7 _{1D WUDG\F\MQ\FK SDUNLHWDFK NRV]W\ VWDáH E\á\ Z\ĪV]H QLĪ Z SU]\SDGNX HOHNWURQLF]Q\FK REURWyZ}

'RW\F]\á\ PLQ RSáDW ]D ORNDO Z NWyU\P PLDá PLHMVFH IL]\F]QLH RGE\ZDMąF\ VLĊ KDQGHO RUD] ]ZLą]DQH ]W\PNRV]W\XWU]\PDQLDWHJRORNDOXZ\QDJURG]HQLDPDNOHUyZXF]HVWQLF]ąF\FKZWUDQVDNFMDFKJLHáGRZ\FK

 $/,1$*25&=<ē6.$

SRáąF]RQ\P JLHáGRP RIHUWD GRW\FKF]DV DGUHVRZDQD GR LQZHVWRUyZ U\QNX MHGQHM ]áąF]ąF\FKVLĊJLHáGVWDMHVLĊGRVWĊSQDUyZQLHĪGODXF]HVWQLNyZLQQ\FKJLHáG

.RU]\ĞFL ]DNUHVX ] NROHL Z\QLNDMą ] NRU]\VWQLHMV]HM V\WXDFML NRV]WRZHM SU]\ ĞZLDGF]HQLXXVáXJUyĪQHJRURG]DMXQSĞZLDGF]HQLXXVáXJVNRMDU]RQ\FK>5DPRV V@:\VWĊSXMą]DZV]HZWHG\JG\UyZQRF]HVQHĞZLDGF]HQLHZLHOXXVáXJMHVW WDĔV]HQLĪLFKĞZLDGF]HQLHRVREQR:SU]\SDGNXJLHáGPRĪHVLĊWRZLą]Dü]G\ZHU-V\ILNDFMąSURGXNWRZą±QDVNXWHNSRáąF]HQLDJLHáGRIHUXMąF\FKUyĪQHSURGXNW\QS JLHáGRIHUXMąF\FKSURGXNW\U\QNXNDVRZHJR]JLHáGDPLLQVWUXPHQWyZSRFKRGQ\FK EąGĨWHĪSURFHVRZą±ZSU]\SDGNXSRáąF]HQLDJLHáG]LQVW\WXFMDPLĞZLDGF]ąF\PL XVáXJLRNRáRJLHáGRZHQSáąF]HQLDVLĊJLHáG]LQVW\WXFMDPL]DSHZQLDMąF\PLXVáXJL UR]OLF]HĔLUR]UDFKXQNyZ 1DOHĪ\]ZUyFLüXZDJĊLĪNRU]\ĞFLVNDOLZREURFLHHOHNWURQLF]Q\PVą]QDF]QLH ZLĊNV]HQLĪZSU]\SDGNXIXQNFMRQRZDQLDJLHáGG]LDáDMąF\FKMDNRWUDG\F\MQHSDUNLHW\ :V\WXDFMLIXQNFMRQRZDQLDSDUNLHWyZSU]\ZSURZDG]DQLXQRZ\FKSURGXNWyZOXE ]QDF]ąF\P SRGQLHVLHQLX ZROXPHQX REURWyZ QD LVWQLHMąF\FK SURGXNWDFK G]LDáDQLD WHZ\PDJDá\ZLĊNV]HMSU]HVWU]HQLIL]\F]QHMDWDNĪHZLĊNV]HMOLF]E\SRĞUHGQLNyZ ILQDQVRZ\FKPDNOHUyZGRREVáXJLU\QNX:UDPDFKG]LDáDOQRĞFLRSDUWHMQDJLHáGDFK HOHNWURQLF]Q\FKQRZHSURGXNW\Z\PDJDMąW\ONRWURFKĊZLĊFHMPLHMVFDQDVHUZHU]H >*RUKDPV±@7DNZLĊFV]HUV]\]DNUHVSURGXNWyZRUD]Z]URVWZROXPH-QXLVWQLHMąF\FKSURGXNWyZSU]\QRV]ąZLĊFHMGRFKRGyZEH]SRQRV]HQLD]QDF]Q\FK GRGDWNRZ\FKNRV]WyZFRVNXWNXMHSRGZ\ĪV]HQLHP]\VNyZ 'UXJLPF]\QQLNLHPVNáDQLDMąF\PJLHáG\SDSLHUyZZDUWRĞFLRZ\FKGRUR]ZRMX ZUDPDFKNRQVROLGDFMLVWDQRZLąHIHNW\]HZQĊWU]QHVLHFL.RU]\ĞFLGRW\F]ąFHHIHN-WyZ]HZQĊWU]Q\FKVLHFLX]QDMHVLĊ]DGHWHUPLQDQW\Z\VWĊSXMąFHSRVWURQLHSRS\WX DZLĊFSRGPLRWyZNRU]\VWDMąF\FK]XVáXJĞZLDGF]RQ\FKSU]H]JLHáG\NWyUHPRJąE\ü XZDĪDQH]DVLHü±LPZLĊNV]DZMHMUDPDFKIXQNFMRQXMHOLF]EDNOLHQWyZW\PZ\ĪV]D XĪ\WHF]QRĞüGODNDĪGHJR]QLFK>&\ER2WWRQH'L1RLD0XUJLDV±@ .OLHQFL WR WDNĪH SRGPLRW\ FKFąFH E\ü QRWRZDQH QD U\QNDFK JG]LH Vą QRWRZDQH LQQHMHGQRVWNLEH]SRĞUHGQLHIHNWVLHFLD]ZáDV]F]DWDPJG]LHIXQNFMRQXMHZLHOX LQZHVWRUyZOXEPDNOHUyZG]LDáDMąF\FKZLPLHQLXLQZHVWRUyZNU]\ĪRZ\HIHNWVLHFL >'L1RLDV@(IHNWWHQGRW\F]\UyZQLHĪLQZHVWRUyZGODNWyU\FKREUyWMHVW NRU]\VWQLHMV]\JG\Z\VWĊSXMHZLĊNV]DOLF]EDLQQ\FKLQZHVWRUyZRUD]JG\ZLĊFHMMHVW QRWRZDQ\FKSU]HGVLĊELRUVWZ:]URVWOLF]E\NDĪGHJRURG]DMXXF]HVWQLNyZ]ZLĊNV]D ERZLHPSá\QQRĞüU\QNX>6áDZLĔVNLV@_{1DWRPLDVWLPZ\ĪV]DSá\QQRĞü} U\QNXW\PZLĊNV]\Z\EyULQVWUXPHQWyZRIHUXMąF\FK]UyĪQLFRZDQHVWRS\]ZURWX UHSUH]HQWXMąF\FKUyĪQHSR]LRP\U\]\ND3RQDGWRFRUyZQLHĪ]RVWDáRSRGNUHĞODQH SU]H]56WXO]D]ZLĊNV]HQLHOLF]E\LQZHVWRUyZQDU\QNXSDSLHUyZZDUWRĞFLRZ\FK RUD]Z\VRNDSá\QQRĞüU\QNXJLHáGRZHJRSU]\F]\QLDMąVLĊGRWHJRĪHU\]\NRZáDĞFLZH

 _{3á\QQRĞü U\QNX ILQDQVRZHJR R]QDF]D SU]HGH ZV]\VWNLP áDWZRĞü ]DZLHUDQLD WUDQVDNFML NWyUD MHVW}

NRQVHNZHQFMąGXĪHMVNDOLREURWyZ

 35=(6à$1.,,)250<.2162/,'$&-,*,(à'3$3,(5Ï::$572ĝ&,2:<&+ LQZHVW\FMRPZGDQHZDORU\QRWRZDQHQDW\PU\QNXPRĪHE\üQLĪV]HQLĪZSU]\SDGNX ZDORUyZQRWRZDQ\FKQDU\QNXFKDUDNWHU\]XMąF\PVLĊPDáąSá\QQRĞFLą>6WXO]@ 1DOHĪ\]ZUyFLüXZDJĊĪHHIHNW\]HZQĊWU]QHVLHFLVąSRZLą]DQH]NRU]\ĞFLDPL VNDOL_{,PERZLHPVLOQLHMV]HHIHNW\]HZQĊWU]QHVLHFLW\PZLĊFHMXF]HVWQLNyZLZ\ĪV]\} ZROXPHQREURWXQDU\QNXJLHáGRZ\P1DWRPLDVW]ZLĊNV]RQ\ZROXPHQGHWHUPLQXMH SRZVWDZDQLHNRU]\ĞFLVNDOLDWRR]QDF]DZ]URVW]\VNRZQRĞFLJLHáG=\VNL]DĞVWDá\ VLĊ EDUG]R ZDĪQH SRQLHZDĪ ZLĊNV]RĞü JLHáG ]PLHQLáD FKDUDNWHU ZUD] ]H ]PLDQą VWUXNWXU\DNFMRQDULDWX=ZDĪ\ZV]\ĪHZ]URVWZROXPHQXSRGQRVLSU]\FKRG\]QDF]QLH V]\EFLHMQLĪNRV]W\JLHáG\FKFąE\üZLĊNV]HLURELąZV]\VWNRDE\VWDüVLĊWDNLPL )RUP\NRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FK 3UDNW\NDJRVSRGDUF]DZVND]XMHĪHJLHáG\Z\SUDFRZDá\UyĪQHIRUP\SRáąF]HĔ_ *HQHUDOQLHIRUP\WHPRĪQDSRG]LHOLüQDSRáąF]HQLDRFKDUDNWHU]HNDSLWDáRZ\PWM IX]MHSU]HMĊFLDMRLQWYHQWXUHLQWHJUDFMĊSLRQRZąRUD]RFKDUDNWHU]HQLHNDSLWDáRZ\P ±WMDOLDQVHVWUDWHJLF]QHXPRZ\NRQWUDNW\ )X]MHLSU]HMĊFLDR]QDF]DMąSHáQąLQWHJUDFMĊREXSRGPLRWyZ-HVWWRQDMVLOQLHMV]\ URG]DMSRáąF]HQLD:Z\QLNXIX]MLQDVNXWHNVFDOHQLDSRZVWDMHQRZ\SRGPLRWREHM-PXMąF\LQWHJUXMąFHVLĊMHGQRVWNL3U]\SHáQ\PSRáąF]HQLXQRZ\SRGPLRWPRĪH]DZLHVLü REUyWMHGQHM]áąF]ąF\FKVLĊMHGQRVWHN]PXV]DMąFZV]\VWNLFKKDQGOXMąF\FKGRPLJUDFML GRQRZHJRSRGPLRWX1LV]F]\WRMHGQDNVLHFL]HZQĊWU]QHQDSR]LRPLHLQG\ZLGXDOQ\FK JLHáG3U]\NáDGHPIX]MLJLHáGRZHME\áRX]JRGQLRQHSRáąF]HQLHSU]H]'HXWVFKH%|UVH '%LV]ZDMFDUVNąJLHáGĊZ=XU\FKX6,;6ZLVV([FKDQJH)X]MLGRNRQDá\JLHáG\ LQVWUXPHQWyZSRFKRGQ\FK'HXWVFKH7HUPLQE|UVH'7%L62))(;6ZLVV2SWLRQV DQG)LQDQFLDO)XWXUHV([FKDQJHWZRU]ąFMHGQROLW\U\QHN(XUH[NWyU\UR]SRF]ąáG]LD-áDOQRĞüODWHPURNX_{(XUH[IXQNFMRQRZDáZUDPDFKZVSyOQHMSODWIRUP\REURWX} :VW\F]QLXURNX6,;6ZLVV([FKDQJHVSU]HGDáDVZyMSURFHQWRZ\XG]LDá 2GWHJRPRPHQWX'HXWVFKH%|UVH*URXSVWDáDVLĊZ\áąF]Q\PZáDĞFLFLHOHP(XUH[X _{ 3R]DSU]HGVWDZLRQ\PLQDMEDUG]LHMHNVSRQRZDQ\PLZWHRULLSU]HVáDQNDPLNRQVROLGDFMLJLHáGQDOHĪ\} MHV]F]HZ\PLHQLüSRGQLHVLHQLHSUHVWLĪXRUD]SU]HMĊFLDMDNRIRUPĊRJUDQLF]HQLDNRQNXUHQFML3LHUZV]DV\WXDFMD ±SRGQLHVLHQLHSUHVWLĪX±GRW\F]\ZV]F]HJyOQRĞFLPDá\FKSHU\IHU\MQ\FKJLHáG']LĊNLLQWHJUDFML]ZLĊNV]DMą RQHVZRMąSá\QQRĞüLRIHUWĊU\QNRZą1DWRPLDVWSRNRQVROLGDFML]GXĪą]QDQąJLHáGąIXQNFMRQXMąFSRGMHM QD]ZąVWDMąVLĊNRQNXUHQF\MQHQDZHWZVNDOLJOREDOQHM=NROHLSU]HMĊFLDNRQNXUHQF\MQHMJLHáG\ZLąĪąVLĊ ]RJUDQLF]DQLHPDNW\ZQRĞFLLQQ\FKJLHáGSDSLHUyZZDUWRĞFLRZ\FK5HDOL]RZDQHVą]UHJXá\SU]H]JLHáG\ R]QDF]ąFHMSR]\FMLQDU\QNX  _{$QDOL]RZDQHSRáąF]HQLDREHMPXMąV\WXDFMHZNWyU\FKFRQDMPQLHMMHGQDMHGQRVWNDWRJLHáGDSRGF]DV}

JG\ LQQH MHGQRVWNL PRJą E\ü JLHáGDPL OXE LQQ\PL SRGPLRWDPL QS L]EDPL UR]OLF]HQLRZ\PL GHSR]\WDPL SDSLHUyZZDUWRĞFLRZ\FKOXESRGPLRWDPLUR]SRZV]HFKQLDMąF\PLLQIRUPDFMHJLHáGRZH  _{:NZLHWQLXURNX'%LJLHáGDV]ZDMFDUVNDSRSU]H](XUH[]áRĪ\á\RIHUWĊ]DNXSX,QWHUQDWLRQDO} 6HFXULWLHV([FKDQJH,6(DJUXGQLDURNXVILQDOL]RZDQRSU]HMĊFLH,6(ZNWyUHJRZ\QLNXSRZVWDáD QDMZLĊNV]DSRGZ]JOĊGHPUR]PLDUyZREURWXNRQWUDNWDPLWHUPLQRZ\PLWUDQVDWODQW\FNDJLHáGDGHU\ZDWyZ QDĞZLHFLH3RQDGWR(XUH[MHVWZSRVLDGDQLXQLHZLHONLHJRSDNLHWXDNFML,&(867UXVW+ROGLQJ

UMCS

 $/,1$*25&=<ē6.$

'RSHáQHMLQWHJUDFMLPRĪHGRMĞüUyZQLHĪZVNXWHNSU]HMĊFLDOXEVNXSXDNFMLQD U\QNX:yZF]DVSU]HMĊWDJLHáGDIXQNFMRQXMHQDZDUXQNDFKQDU]XFRQ\FKSU]H]JLHáGĊ SU]HMPXMąFąF]ĊVWRUyZQLHĪSRGMHMQD]Zą6]WDQGDURZ\SU]\NáDGWHJRW\SXWUDQVDNFML Z86$VWDQRZLáZURNX]DNXSDPHU\NDĔVNLHMJLHáG\$0(;FRXF]\QLáRMą ]DOHĪQąRG1DVGDT1DWLRQDO$VVRFLDWLRQRI6HFXULWLHV'HDOHUV$XWRPDWHG6\VWHP 4XRWDWLRQ >&\ER2WWRQH 'L 1RLD 0XUJLD  V ±@ 0RĪQD Z\PLHQLü WDNĪH SU]HMĊFLH SU]H] /6( /RQGRQ 6WRFN ([FKDQJH Z SRáRZLH  URNX %RUVD ,WDOLDQD:Z\QLNX]DNXSXDNFMLORQG\ĔVNDJLHáGDSU]HMĊáDDNFML ZáRVNLHMJLHáG\_ .ROHMQąIRUPąNRQVROLGDFMLJLHáGRFKDUDNWHU]HNDSLWDáRZ\PMHVWMRLQWYHQWXUH – PRĪHPLHüIRUPĊLQWHJUDFMLPLHV]DQHMZUDPDFKNWyUHMMHGQD]JLHáGGRNRQXMHF]ĊĞ-FLRZHJRSU]HMĊFLDSDNLHWXDNF\MQHJROXEVNXSXDNFMLJLHáG\]DJUDQLF]QHM&]ĊVWRE\ZD WDNLĪZUDPDFKGDOV]HJRVNXSXDNFMLJLHáG\MRLQWYHQWXUHPDFKDUDNWHUFDáRĞFLRZHJR Z\NXSXDZLĊFSU]HMĊFLD3U]\NáDGHPZVSyOQHJRSU]HGVLĊZ]LĊFLDPLĊG]\JLHáGDPL E\áRSRZVWDQLH1$6'$420;1RUGLF([FKDQJHZUDPDFKNWyUHJR1$6'$4QDE\á DNFML20;LVWDáVLĊMHMVWUDWHJLF]Q\PDNFMRQDULXV]HPOXWHJRURNX_ :UDPDFKNRQVROLGDFMLNDSLWDáRZHMZ\VWĊSXMHUyZQLHĪLQQ\URG]DMLQWHJUDFML± LQWHJUDFMDSLRQRZDPLĊG]\JLHáGąDLQVW\WXFMDPLZVSRPDJDMąF\PLMHMG]LDáDOQRĞü 3RáąF]HQLHWRZLąĪHVLĊ]ZFKáRQLĊFLHPZUDPDFKSU]HMĊFLDSDNLHWXDNFMLLQVW\WX-FML NWyUHM IXQNFMRQRZDQLH GRWąG QLH E\áR ]ZLą]DQH ] áDĔFXFKHP ZDUWRĞFL JLHáG\ 3U]\NáDGHP MHVW GRáąF]DQLH XVáXJ UR]UDFKXQNyZ L UR]OLF]HĔ GHSR]\WX SDSLHUyZ ZDUWRĞFLRZ\FK REVáXJL WHFKQRORJLF]QHM ,QWHJUDFMD SLRQRZD PLĊG]\ JLHáGą L]Eą UR]OLF]HQLRZąRUD]GHSR]\WHPSDSLHUyZZDUWRĞFLRZ\FKPLDáDPLHMVFHZ'HXWVFKH %|UVH'%$PVWHUGDPLHL%UXNVHOL>5DPRVV@:3ROVFH*LHáGD3DSLH-UyZ:DUWRĞFLRZ\FKZ:DUV]DZLH6$MHVWZSRVLDGDQLXXG]LDáXZ.UDMRZ\P 'HSR]\FLH3DSLHUyZ:DUWRĞFLRZ\FK6$>ZZZJZSSO@ 'UXJąJUXSĊNRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FKVWDQRZLąDOLDQVHVWUDWH-JLF]QHXPRZ\LNRQWUDNW\:UDPDFKW\FKSRáąF]HĔPDPLHMVFHXĪ\F]HQLH]DVREyZ QDMF]ĊĞFLHMWHFKQRORJLF]Q\FK*HQHUDOQLHZ\UyĪQLDVLĊWU]\IRUP\SRáąF]HĔRFKD-_{ %RUVD,WDOLDQD]RVWDáDVSU]HGDQD]DPOGHXUR:]DPLDQ]DNDĪGąDNFMĊZáRVNLHMJLHáG\/6(} ]DSURSRQRZDáDZáDVQ\FKDNFMLNWyU\FKZDUWRĞüZyZF]DVZ\QRVLáDSHQVyZ]DDNFMĊ'RW\FKF]DVRZ\P DNFMRQDULXV]RP/6(SU]\SDGáRXG]LDáyZQDWRPLDVWJLHáG\PHGLRODĔVNLHM±ZJLHáG]LHZ\FHQLRQHM QDPOGHXUR>SRU&LHĞOLN.RĨOLĔVNL'ZDPRGHOH«@  _{3URFHVQDE\FLDDNFML20;SU]H]1$6'$4RND]DáVLĊGXĪREDUG]LHM]áRĪRQ\:PDMXURNXGRV]áR} GR]DZDUFLDXPRZ\SRPLĊG]\20;L1DVGDT]DSRZLDGDMąFHMSRáąF]HQLHJLHáG]]DVWU]HĪHQLHPGRPLQXMąFHM UROL DPHU\NDĔVNLHJR SDUNLHWX 2ND]DáR VLĊ MHGQDN ĪH Z W\P VDP\P F]DVLH DNFMDPL 20; ]DLQWHUHVRZDáD VLĊ JLHáGD Z 'XEDMX %RUVH 'XEDL ± %' NWyUD SRG NRQLHF  URNX E\áD MXĪ Z SRVLDGDQLX  DNFML 20; 3U]HSURZDG]HQLH IX]ML 1DVGDT L 20; Z\PDJDáR ZLĊF SRUR]XPLHQLD PLĊG]\ 1DVGDT D SDUNLHWHP Z'XEDMXFRSR]ZROLáRE\JLHáG]LHDPHU\NDĔVNLHMVWDüVLĊZ\áąF]Q\PQDE\ZFąJLHáGVNDQG\QDZVNLFK:H ZU]HĞQLXURNX]DZDUWRXPRZĊ]JRGQLH]NWyUą'%RILFMDOQLH]RERZLą]DáDVLĊZ\FRIDü]ZDONLR20; ]DFRX]\VNDáDPRĪOLZRĞüQDE\FLDDNFML1DVGDT GDMąF\FKJáRVyZRUD]VWDáDVLĊEHQHILFMHQWHP WUXVWX PDMąFHJR  XG]LDáyZ Z 1DVGDT = NROHL JLHáGD DPHU\NDĔVND G]LĊNL RGNXSLHQLX RG %RUVH 'XEDL ZV]\VWNLFK DNFML VNDQG\QDZVNLFK JLHáG VWDáD VLĊ VWUDWHJLF]Q\P DNFMRQDULXV]HP >SRU &LHĞOLN .RĨOLĔVNL

)X]MHLSU]HMĊFLD«@



35=(6à$1.,,)250<.2162/,'$&-,*,(à'3$3,(5Ï::$572ĝ&,2:<&+

UDNWHU]HQLHNDSLWDáRZ\PRXWVRXUFLQJWHFKQRORJLLLQIRUPDW\F]QHMZVSyOQ\GRVWĊS XQLNDOQ\GRVWĊS

: UDPDFK XPRZ\ RXWVRXUFLQJX WHFKQRORJLL JLHáG\ QDE\ZDMą WHFKQRORJLĊ RG GUXJLHMVWURQ\LQQHMJLHáG\OXESU]HGVLĊELRUVWZDWZRU]ąFHJRLVSU]HGDMąFHJRRSURJUD-PRZDQLDGHG\NRZDQHNOLHQWRPW]ZVRIWZDUHKRXVH'ODQDE\ZF\MHVWWRWUDQVDNFMD RXWVRXUFLQJXGODVSU]HGDZF\±MHĪHOLMHVWWRJLHáGD±IRUPDGRFKRGX3U]\NáDGHP RXWVRXUFLQJX WHFKQRORJLF]QHJR MHVW ]DNXS SU]H] *LHáGĊ 3DSLHUyZ :DUWRĞFLRZ\FK *3:Z:DUV]DZLHV\VWHPXRSHUDF\MQHJR873NWyUHJRWZyUFąMHVW1<6(7HFK-QRORJLHVDNWyU\Z\NRU]\VWXMąUyZQLHĪJLHáG\JUXS\1<6((XURQH[W]VLHG]LEDPL Z1RZ\P-RUNX3DU\ĪX/L]ERQLH$PVWHUGDPLHL%UXNVHOL:URNXSU]\FKR-G\JUXS\1<6((XURQH[W]W\WXáXVSU]HGDĪ\XVáXJWHFKQRORJLF]Q\FKZ\QLRVá\ >(XURSHDQ([FKDQJH5HSRUW@ :SU]\SDGNXZVSyOQHJRGRVWĊSXFRPPRQDFFHVVJLHáG\SU]HSURZDG]DMąSR-UR]XPLHQLD Z FHOX VFHQWUDOL]RZDQLD ]GDOQHJR GRVWĊSX GR XSU]HGQLR RGG]LHOQ\FK SODWIRUP KDQGORZ\FK 2IHUXMąF ]GDOQH F]áRQNRVWZR JLHáGD XPRĪOLZLD GRVWĊS ]D SRPRFą V\VWHPX HOHNWURQLF]QHJR MHGQRVWNRP LQZHVWXMąF\P GRPRP PDNOHUVNLP EDQNRPLQG\ZLGXDOQ\PLQZHVWRURPQLHEĊGąF\FKF]áRQNDPLLXF]HVWQLNDPLGDQHM JLHáG\E\PRJá\KDQGORZDüQDJLHáG]LHQDZHWMHĞOLQLHVą]ORNDOL]RZDQHZGDQ\P NUDMXF]\QDGDQ\PNRQW\QHQFLH:DUWR]ZUyFLüXZDJĊĪH]GDOQHF]áRQNRVWZRMHVW ]DSHZQLRQHZUDPDFKHXURSHMVNLHMG\UHNW\Z\ZVSUDZLHU\QNyZLQVWUXPHQWyZIL-QDQVRZ\FK0L),']H]ZDODMąFHMSU]HGVLĊELRUVWZRPLQZHVW\F\MQ\PIXQNFMRQXMąF\P QDWHUHQLH8QLL(XURSHMVNLHMQDSURZDG]HQLHG]LDáDOQRĞFLLQZHVW\F\MQHMQDWHU\WRULXP FDáHM :VSyOQRW\ 3RQDGWR ZLHOH JLHáG Z UDPDFK :VSyOQRW\ RIHUXMH ]GDOQ\ GRVWĊS UyZQLHĪLQZHVWRURPVSR]D8QLL-HGQą]SLHUZV]\FKJLHáGNWyUH]DRIHURZDá\]GDO-QHF]áRQNRVWZRE\áD6WRFNKROP([FKDQJH=DQLąSRGąĪ\áRZLHOHLQQ\FK2EHFQLH SUDNW\F]QLHNDĪGDJLHáGDHOHNWURQLF]QDGDMHPRĪOLZRĞüIXQNFMRQRZDQLDLQZHVWRURP VSR]DNUDMXMHMG]LDáDOQRĞFL 1DVWĊSQ\PNURNLHP ZUDPDFK]GDOQHJRGRVWĊSXMHVWZVSyOQDSODWIRUPDKDQ-GOXNWyUDZHIHNFLHSURZDG]LGRXNU\WHJRSRáąF]HQLDXQLTXHDFFHVVRNUHĞODQHJR UyZQLHĪMDNRXNU\WDIX]MD>5DPRVV@-HVWWRXPRZDPLĊG]\GZRPDOXE ZLĊFHMJLHáGDPLXGRVWĊSQLDMąFDZUDPDFKNRPSDW\ELOQHMSODWIRUP\Z]DMHPQ\GRVWĊS ZV]\VWNLPSRĞUHGQLNRPGHDOHURPLPRĪOLZRĞüZ]DMHPQ\FKQRWRZDĔDNFMLW]Z FURVVOLVWLQJ:WHJRURG]DMXNRQVROLGDFMDFKJLHáG\PRJąVLĊ]GHF\GRZDüQDZVSyOQą SODWIRUPĊREURWXOXERGUĊEQHSODWIRUP\RIHUXMąF]GDOQHF]áRQNRVWZR7DNZLĊFPD PLHMVFHSRáąF]HQLHG]LDáDĔGRW\F]ąF\FKREURWXEH]LQWHJUDFMLNDSLWDáRZHMFRSR-]ZDODQDXQLNQLĊFLHHNRQRPLF]Q\FKLRUJDQL]DF\MQ\FKDWDNĪHSUDZQRSROLW\F]Q\FK NRQVHNZHQFML5RG]DMHPXNU\WHJRSRáąF]HQLDE\áRVWZRU]HQLHZVSyOQHJRV\VWHPX REURWXREURWXSDSLHUDPLZDUWRĞFLRZ\PL6D[HVVQDNWyUHJRED]LHIXQNFMRQRZDá\ JLHáG\SRáąF]RQHZUDPDFKDOLDQVXVWUDWHJLF]QHJR125(;$OOLDQFHVWDQRZLąFHJR IRUPĊLQWHJUDFMLNWyUDQLHRSLHUDáDVLĊQDXG]LDáDFKNDSLWDáRZ\FKDQDXPRZDFK RZ]DMHPQHMZVSyáSUDF\:VNáDGDOLDQVXZFKRG]Lá\*LHáGD3DSLHUyZ:DUWRĞFLR-

Z\FKZ.RSHQKDG]H&RSHQKDJHQ6WRFN([FKDQJHJLHáGDV]WRNKROPVND6WRFN-UMCS

 $/,1$*25&=<ē6.$

KROP6WRFN([FKDQJHDSyĨQLHMLVODQG]ND,FHODQG6WRFN([FKDQJHRUD]QRUZHVND 2VOR %RUV >KWWSZZZQDVGDTRP[QRUGLFFRP@ &HOHP DOLDQVX E\áR VWZRU]HQLH Z\GDMQHJRU\QNXNDSLWDáRZHJRQDNWyU\PPLDá\E\üQRWRZDQHZ\VRNLHMMDNRĞFL VNDQG\QDZVNLH LQVWUXPHQW\ U\QNX NDSLWDáRZHJR SDSLHU\ ZDUWRĞFLRZH REOLJDFMH LLQVWUXPHQW\SRFKRGQH

.RQVROLGDFMD JLHáG PRĪH PLHü UyZQLHĪ FKDUDNWHU PLHV]DQ\ SRZVWDMą ZWHG\ NRQJORPHUDW\UyĪQ\FKURG]DMyZLQWHJUDFML3U]\NáDGHPMHVW(XURQH[WNWyU\]RVWDá VWZRU]RQ\ZU]HĞQLDURNXZZ\QLNXZ\PLDQ\DNFMLSRPLĊG]\SDUNLHWDPL Z$PVWHUGDPLH%UXNVHOLL3DU\ĪX:\PLHQLRQHSDUNLHW\SU]HND]Dá\ZáDVQHDNFMH Z]DPLDQ]DSDUNLHW\DNFML(XURQH[WSU]\F]\PDNFMLRWU]\PDOLGRW\FKF]DVRZL ZáDĞFLFLHOHJLHáG\SDU\VNLHM3DULV%RXUVHDNFMRQDULXV]HJLHáG\DPVWHUGDPVNLHM $PVWHUGDP([FKDQJHLZáDĞFLFLHOHJLHáG\Z%UXNVHOL%UXVVHOV([FKDQJH>.XO-SDNDV@:URNXGR(XURQH[WGRáąF]\áDJLHáGD]/L]ERQ\/LVERQ ([FKDQJH:SDĨG]LHUQLNXURNXZSURZDG]RQRZVSyOQą]LQWHJURZDQąSODWIRUPĊ REURWXG]LĊNLNWyUHMWUDQVDNFMHLQVWUXPHQWDPLILQDQVRZ\PLPRJąE\ü]DZLHUDQH]D SRĞUHGQLFWZHPNDĪGHMJLHáG\ZVSyáWZRU]ąFHMVNRQVROLGRZDQ\SRGPLRW3RZVWDQLH (XURQH[WZLą]DáRVLĊUyZQLHĪ]HVWZRU]HQLHPMHGQROLWHMRUJDQL]DFMLMHGQHJR]DU]ą-GXUDG\QDG]RUF]HM]LQWHJURZDQHMNVLĊJRZRĞFLZVSyOQHJRUHJXODPLQXMHGQROLWHM OLVW\QRWRZDQ\FKSDSLHUyZ:UDPDFKSRZVWDáHMLQWHJUDFMLVWZRU]RQRLXUXFKRPLRQR ZVSyOQ\V\VWHPUR]OLF]HQLRZRGHSR]\WRZ\(XURFOHDU>KWWSVHXURSHDQHTXLWLHVQ\[ FRP@.RQVROLGDFMDZUDPDFK(XURQH[WPLDáD]DWHPIRUPĊIX]MLLQWHJUDFMLSLRQRZHM RUD]ZVSyOQHMSODWIRUP\REURWX 3U]HGVWDZLRQDNODV\ILNDFMDIRUPNRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FKQLH Z\F]HUSXMH SUREOHPX LGHQW\ILNDFML IRUP SRáąF]HĔ JLHáG SDSLHUyZ ZDUWRĞFLRZ\FK %UDQĪD JLHáGRZD ERZLHP G\QDPLF]QLH VLĊ UR]ZLMD FR ZLąĪH VLĊ ] SRZVWDZDQLHP QRZ\FKIRUPLQWHJUDFMLZ]DNUHVLHIXQNFMRQRZDQLDJLHáGLLQVW\WXFMLRNRáRJLHáGRZ\FK =DNRĔF]HQLH :VSyáF]HVQHZDUXQNLJRVSRGDUF]HVSRZRGRZDá\LĪJLHáG\SDSLHUyZZDUWRĞFLR- Z\FKXWUDFLá\GRPLQXMąFąUROĊZNUDMXOXEUHJLRQLH(IHNWHPMHVW]MDZLVNRNRQNX- UHQF\MQRĞFLZUDPDFKNWyUHJRJLHáG\SRGHMPXMąG]LDáDQLDQDNLHURZDQHQDSRZLĊN-V]DQLHXG]LDáXZU\QNXRUD]JHQHURZDQLHFRUD]Z\ĪV]\FK]\VNyZ8Z]JOĊGQLDMąF IDNWĪHZ;;,ZLHNXĪDGQHM]ZLHONLFKJLHáGQLHXGDáRVLĊRVLąJQąüSR]\FMLOLGHUD Z UDPDFK UR]ZRMX ZHZQĊWU]QHJR PRĪQD ZQLRVNRZDü ĪH DE\ X]\VNDü ]QDF]QLH ZLĊNV]HRV]F]ĊGQRĞFLLJHQHURZDüFRUD]ZLĊNV]ąZDUWRĞüGODDNFMRQDULXV]\JLHáG\ Vą]PXV]RQHGRNRQVROLGDFMLW]QGRUR]ZRMX]HZQĊWU]QHJR

7HRULD HNRQRPLL ZVND]XMH QD NRU]\ĞFL VNDOL L ]DNUHVX RUD] HIHNW ]HZQĊWU]Q\ VLHFL MDNR SU]HVáDQNL GHWHUPLQXMąFH SURFHV\ NRQVROLGDFML MHGQDN SU]HSURZDG]RQH QDSU]HáRPLH;;L;;,ZLHNXEDGDQLDQLHGDá\MHGQR]QDF]Q\FKZ\QLNyZSRWZLHU-G]DMąF\FKZ\VWĊSRZDQLHSU]HGVWDZLRQ\FKNRU]\ĞFL>&\ER2WWRQH'L1RLD0XUJLD

 35=(6à$1.,,)250<.2162/,'$&-,*,(à'3$3,(5Ï::$572ĝ&,2:<&+ V±@'ODWHJRWHĪSURFHV\NRQVROLGDFMLJLHáGSDSLHUyZZDUWRĞFLRZ\FK VWDQRZLąZFLąĪDNWXDOQ\SU]HGPLRW]DLQWHUHVRZDĔLEDGDĔ]DUyZQRGODWHRUHW\NyZ MDNLSUDNW\NyZ]]DNUHVXHNRQRPLLLILQDQVyZ %LEOLRJUDILD  &KHVLQL*)URP'HPXWXDOL]DWLRQWR*OREDOLVDWLRQ1HZ&KDOOHQJHVIRU6WRFN([FKDQJHV³,QWHU-QDWLRQDO5HYLHZRI%XVLQHVV5HVHDUFK3DSHUV´1RYHPEHUYROQR  &LHĞOLN(.RĨOLĔVNL7'ZDPRGHOHÄ*D]HWD%DQNRZD´  &LHĞOLN(.RĨOLĔVNL7)X]MHLSU]HMĊFLDÄ*D]HWD%DQNRZD´  &\ER2WWRQH$'L1RLD&0XUJLD05HFHQW'HYHORSPHQWLQWKH6WUXFWXUHRI6HFXULWLHV0DUNHWV %URRNLQJV:KDUWRQ3DSHUVRQ)LQDQFLDO6HUYLFHV

 'L 1RLD & 7KH 6WRFN([FKDQJH ,QGXVWU\ 1HWZRUN (IIHFWV ,PSOLFLW 0HUJHUV $QG &RUSRUDWH

*RYHUQDQFH³4XDGHUQL'L)LQDQ]D6WXGL(5LFHUFKH´0DU]R1

 (XURSHDQ([FKDQJH5HSRUW)(6((6&ZU]HVLHĔ

 *RUF]\ĔVND'\EHN$2UJDQL]DFMDJLHáG\SDSLHUyZZDUWRĞFLRZ\FKMDNRSU]HGVLĊELRUVWZD  *RUKDP07KHORQJSURPLVLQJHYROXWLRQRIVFUHHQEDVHGWUDGLQJ³)RFXV´:)(  .XOSDND3*LHáG\ZJRVSRGDUFH3:(:DUV]DZD

 5DPRV 6% &RPSHWLWLRQ %HWZHHQ 6WRFN ([FKDQJHV $ 6XUYH\ 5HVHDUFK 3DSHU 1R  +(& 8QLYHUVLW\RI/DXVDQQH)$0(DQG&(0$),6&7()HEUXDU\

 6áDZLĔVNL$5\QNLILQDQVRZH 3:1:DUV]DZD

 6WROO +5 )XWXUH RI 6HFXULWLHV 0DUNHWV &RPSHWLWLRQ RU &RQVROLGDWLRQ" ³)LQDQFLDO $QDO\VWV -RXUQDO´1RY'HFYRO&KDUORWWHVYLOOH  6WXO]5*OREDOL]DWLRQRI(TXLW\0DUNHWVDGWKH&RVWRI&DSLWDO1%(5:RUNLQJ3DSHU QU  KWWSVHXURSHDQHTXLWLHVQ\[FRP  KWWSZZZQDVGDTRP[QRUGLFFRP  KWWSZZZPLILGFRPSO  ZZZJZSSO 5HDVRQVDQGIRUPVRIFRQVROLGDWLRQRIVWRFNH[FKDQJHV 7RGD\ZHREVHUYHQXPHURXVFRQVROLGDWLRQVDPRQJVWRFNH[FKDQJHV7KHVHSURFHVVHVKDYHDGLI-IHUHQW FKDUDFWHU 7KHVH DUH FDSLWDOPHUJHU PHUJHUV DFTXLVLWLRQV MRLQW YHQWXUHV YHUWLFDO LQWHJUDWLRQ DQGQRQFDSLWDORQHVDJUHHPHQWVFRQWUDFWVVWUDWHJLFDOOLDQFHVZKLFKLQYROYHWKHOHQGLQJRIUHVRXUFHV HVSHFLDOO\WHFKQRORJ\7KHRU\RIHFRQRPLFVDVWKHPDLQUHDVRQVIRUWKHLQWHJUDWLRQRIVWRFNH[FKDQJHV PHQWLRQVHFRQRPLHVRIVFDOHDQGHFRQRPLHVRIVFRSHDQGQHWZRUNH[WHUQDOLWLHV

UMCS