Wprowadzanie akcji do obrotu na rynku NewConnect na tle głównych alternatywnych systemów obrotu w  Europie

$ 1 1 $ / ( 6

8 1 , 9 ( 5 6 , 7$7 , 6   0 $ 5 , $ (   & 8 5 , (  6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$ 92/;/9,, 6(&7,2+  8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHMZ/XEOLQLH=DNáDG5\QNyZ)LQDQVRZ\FK 520$1$6<1*,(5

:SURZDG]DQLHDNFMLGRREURWXQDU\QNX1HZ&RQQHFW

QDWOHJáyZQ\FKDOWHUQDW\ZQ\FKV\VWHPyZREURWXZ(XURSLH

)ORDWLQJVKDUHVRQWRWKH1HZ&RQQHFWPDUNHWLQFRPSDULVRQZLWKOHDGLQJPXOWLODWHUDOWUDGLQJIDFLOLWLHV LQ(XURSH 6áRZDNOXF]RZH1HZ&RQQHFWU\QHNNDSLWDáRZ\$OWHUQDW\ZQ\6\VWHP2EURWXRSáDW\ZVWĊSQH .H\ZRUGV1HZ&RQQHFWFDSLWDOPDUNHWPXOWLODWHUDOWUDGLQJIDFLOLWLHVDGPLVVLRQIHHV :VWĊS 3LĊFLXODWIXQNFMRQRZDQLD1HZ&RQQHFWQLHVSRVyEMHGQR]QDF]QLHX]QDüQDVXNFHV = MHGQHM VWURQ\ U\QHN WHQ QRWXMH QLHVSRW\NDQ\ QD LQQ\FK DOWHUQDW\ZQ\FK V\VWHPDFK REURWXSU]\URVWOLF]E\QRWRZDQ\FKLQVWUXPHQWyZ=GUXJLHMVWURQ\QLHSU]HNáDGDVLĊWR QDSRSUDZĊMHJRMDNRĞFL1LVNDZDUWRĞüRIHUWSXEOLF]Q\FKRJUDQLF]RQDSá\QQRĞüDNFML LQDGPLHUQDOLF]EDVSyáHNJURV]RZ\FK]QLHFKĊFDMąLQZHVWRUyZGRSRGHMPRZDQLDLQZH VW\FMLQDW\PU\QNXLKDPXMąMHJRGDOV]\UR]ZyM:\GDMHVLĊĪHZLHOH]W\FKSUREOHPyZ PRJáRE\]RVWDüZ\HOLPLQRZDQ\FKJG\E\RERZLą]\ZDá\EDUG]LHMUHVWU\NF\MQHZDUXQNL ZSURZDG]HQLDGRREURWXLQVWUXPHQWyZQD1& :WHNĞFLH]RVWDQLH]DSUH]HQWRZDQDDQDOL]DGDQ\FKVWDW\VW\F]Q\FKSRND]XMąFD SR]\FMĊ 1HZ&RQQHFW QD WOH LQQ\FK DOWHUQDW\ZQ\FK V\VWHPyZ REURWX Z (XURSLH &HOHP DUW\NXáX MHVW SRUyZQDQLH ZDUXQNyZ MDNLH PXV]ą VSHáQLü HPLWHQFL ZSUR ZDG]DMąF\ DNFMH GR REURWX QD Z\EUDQ\FK HXURSHMVNLFK $62 1D ED]LH GRĞZLDG F]HĔ W\FK U\QNyZ ]RVWDQą ZVND]DQH UR]ZLą]DQLD NWyUH RUJDQL]DWRU 1HZ&RQQHFW PyJáE\ ZSURZDG]Lü Z FHOX Z\HOLPLQRZDQLD SUREOHPyZ Z MHJR IXQNFMRQRZDQLX

 520$1$6<1*,(5 KDPXMąF\FKMHJRGDOV]\UR]ZyM3UDFDWDVWDQRZLNRQW\QXDFMĊEDGDĔPDMąF\FKQD FHOXXZ\SXNOHQLHQLHGRVNRQDáRĞFLIXQNFMRQRZDQLDSROVNLHJRU\QNXNDSLWDáRZHJR DZV]F]HJyOQRĞFL1HZ&RQQHFW $OWHUQDW\ZQHV\VWHP\REURWXZ(XURSLH +LVWRULDU\QNyZDOWHUQDW\ZQHJRV\VWHPXREURWXZ(XURSLHVLĊJDURNXJG\ JLHáGD ORQG\ĔVND XUXFKRPLáD $OWHUQDWLYH ,QYHVWPHQW 0DUNHW $,0 ]RVWDá VWZRU]RQ\ ]P\ĞOąRVSyáNDFKPDá\FKLQRZRSRZVWDMąF\FKQLHVSHáQLDMąF\FKZ\PDJDĔU\QNXUH JXORZDQHJR/6(0LDáVWDQRZLüVZHJRURG]DMXSU]HFLZZDJĊGODG\QDPLF]QLHUR]ZLMD MąFHJRVLĊDPHU\NDĔVNLHJRU\QNXSR]DJLHáGRZHJR1$6'$4_ /RQG\ĔVNL$,0E\áZ]RUHPGRQDĞODGRZDQLDGODSRZVWDMąF\FKU\QNyZ$62Z(X URSLHDOHNROHMQHOLF]ąFHVLĊG]LĞHXURSHMVNLH$62QLHOLF]ąFU\QNXZáRVNLHJRSRZVWDá\ GRSLHURSRG]LHVLĊFLXODWDFKWDEHOD:UXUXFKRPLüU\QNLDOWHUQDW\ZQHJRV\V WHPXREURWXSRVWDQRZLá\JLHáGDQLHPLHFNDVRMXV]JLHáG(XURQH[WVNDQG\QDZVNL20; RUD]JLHáGDLUODQG]ND5RNSyĨQLHMQDWHQVDPNURN]GHF\GRZDáDVLĊJLHáGDKLV]SDĔVND DZURNXGRWHJRJURQDGRáąF]\á\JLHáGDZ2VORRUD]JLHáGDZDUV]DZVNDXUXFKD PLDMąF Z VLHUSQLX 1HZ&RQQHFW 1LH ZV]\VWNLH SRZVWDáH Z ;;, Z U\QNL DOWHUQDW\ZQH Z(XURSLHLVWQLHMąGRG]LĞ:U]DPNQLĊWRU\QNL$62Z/XEODQLHRUD]%UDW\VáDZLH =GHF\GRZDQDZLĊNV]RĞüU\QNyZIXQNFMRQXMHMDNR07)DQJ0XOWLODWHUDO7UDGLQJ )DFLOLWLHVDW\ONRWU]\]Z\PLHQLRQ\FKMDNRU\QNLUHJXORZDQH50±DQJ5HJXODWHG 0DUNHW_{)HGHUDFMD(XURSHMVNLFK*LHáG3DSLHUyZ:DUWRĞFLRZ\FK)(6(ZQLHNWyU\FK} NUDMDFKZ\RGUĊEQLDNLONDVHJPHQWyZU\QNXNDSLWDáRZHJRRNUHĞODMąFMHMDNRU\QNLVSH FMDOQH_{1DSU]\NáDGZH:áRV]HFKRSUyF]Z\PLHQLRQHJRZWDEHOLU\QNX67$5IXQNFMR} QXMąMHV]F]H0HUFDWR([SDQGLMDNR50L0HUFDWR$OWHUQDWLYRGHO&DSLWDOHMDNR07) SR IX]ML ] JLHáGą ORQG\ĔVNą SU]HPLDQRZDQ\ QD$,0 ,WDOLD_{ .LOND JLHáG HXURSHMVNLFK}

SURZDG]LUyZQLHĪU\QNLDOWHUQDW\ZQHJRREURWXREOLJDFMDPLZĞUyGNWyU\FKMHVWXUXFKR PLRQ\SU]H]*3:Z:DUV]DZLHZHZU]HĞQLXUU\QHN&DWDO\VW_  _{()HGHU6HPSDFK5\QNLDOWHUQDW\ZQHZVWUH¿HHXURL8QLL(XURSHMVNLHMD1HZ&RQQHFW±DQDOL]DSR} UyZQDZF]D$FWD8QLYHUVLWDWLV/RG]LHQVLV)ROLD2HFRQRPLFDQUV  _{'RSRZ\ĪV]HJR]HVWDZLHQLDPRĪQDGRGDüU\QHN/RFDO&DSV±Z\RGUĊEQLDQ\QLHJG\ĞVHJPHQWJLHáG\} V]ZDMFDUVNLHM6:;/RFDO&DSVE\áVHJPHQWHPVWZRU]RQ\PGODVSyáHNNWyUHQLHVSHáQLDá\Z\PRJyZ]DSLVD Q\FKGODU\QNXJáyZQHJR6:;GRW\F]ąF\FKPLQNDSLWDOL]DFMLJHQHURZDQ\FKSU]\FKRGyZOLF]E\DNFMRQDULX V]\=RE*LHáG\NDSLWDáRZHZ(XURSLH8=LDUNR6LZHNUHG&H'H:X:DUV]DZDV2EHFQLHQD VWURQDFKLQWHUQHWRZ\FKJLHáGDV]ZDMFDUVNDQLHXZ]JOĊGQLDZVHJPHQWDFMLU\QNX/RFDO&DSV1LHPDUyZQLHĪ DNWXDOQ\FKLQIRUPDFMLQDWHPDWIXQNFMRQRZDQLDWHJRVHJPHQWXRUD]]DVDGNZDOL¿NDFMLVSyáHNKWWSZZZVL[ VZLVVH[FKDQJHFRP

 _{$OWHUQDWLYH 0DUNHWV6HJPHQWV LQ HTXLW\ DQDO\VLV KWWSJUDKDPELVKRSFRP'RFXPHQW6WRUHGFI}

IDEEHHHSGI  _{KWWSZZZERUVDLWDOLDQDLWD]LRQLPHUFDWLDLPLWDOLDDLPLWDOLDKWP}  _{)(6(SRGDMHZ]HVWDZLHQLDFKRVLHPWDNLFKU\QNyZSU]\F]\PWHQZ%UDW\VáDZLHMHVW]DPNQLĊW\5\QNL} IXQNFMRQXMąFHWR$OWHUQDWLYH0DUNHW(1$'ULWWHU0DUNW$OWHUQH[W(PHUJLQJ%RQGV&\SU*(0,UODQ GLD2VOR$OWHUQDWLYH%RQG0DUNHW$%0RUD]&DWDO\VWKWWSZZZIHVHHXHQ"LQF DUW LG 

UMCS

 :352:$'=$1,($.&-,'22%52781$5<1.81(:&211(&7« 7 DE HO D ' DQ HV WD W\ VW \F] QH D OW HU QD W\ Z Q\ FKV \V WH P yZRE UR WXZ(X UR SLH GD QHQ DNR QLH FO LV WR SD GD  U  5 \Q HN$ 6 2 J LH áG D SU RZ DG ]ą FD U \Q HN$ 6 2 50 0 7 ) 5RN XU XF KR P LH QL D /LF] ED  VSy áHN .D SL WD OL] DF MD  U\ QN RZ D  Z P OQ( 8 5  : LHO NR Ğü Z RO XP HQ X Z R NU HV LH, ±; ,   ĝU HG QL D ND SL WD OL]DF MD  VSy áN L Z P OQ( 8 5  ĝU HG QL R EU yW  SU ]\ SD GD Mą F\  QD MH GQ ąV Sy áN Ċ Z W \V ( 8 5  ĝU HG QL DZ DU WR Ğü WU DQ VD NF ML Z W \V ( 8 5  OL F] ED  WU DQ VD NF ML 2E Uy W Z P OQ( 8 5  $ OWHU QD WL YH 0 DU NH W (1 $  $W KH QV ( [F KD QJ H 07) 4                   0 $ %( [S DQ VL RQ  %0 ( 6 SD QL VK( [F KD QJ HV  0 7 ) ,       E G E G    [ [ % ( 7 D& ( ( 6( * % XG DS HV W 0 7 ) ; ,    EG      [      67 $ 5% RU VD ,W DO LD QD/ 6 (* UR XS 5 0 ,9                    ' ULW WH U0 DU NW  0 7 )  & ( ( 6 ( * ±9LH QQ D 0 7 ) ,                   ( P HU JL QJ& RP S& \S UX V & \S UX V6W RF N( [F KD QJ H 0 7 ) ,;       EG  E G     [ [ ( QW U\6W DQ GD UG ' HXW VFKH %|U VH 0 7 ) ;                       ( 6 0, UL VK6W RF N( [F KD QJ H 0 7 ) ,9                      ,6 (6 HF RQ G1D WLR QD O0 DU NH W ,V WD QE XO 6W RF N( [F KD QJ H 5 0 , ,,                      $ ,0/ RQ GR Q6W RF N( [F KD QJ H 0 7 ) 9 ,                       ( XU R0 7 ) / X[ HP ER XU J6W RF N( [F KD QJ H 0 7 ) 9 ,                   )L UV W1R UW K$ OW HU QD WL YH0 DU NH W 1$ 6' $ 4 20 ;  0 7 ) ; ,,                      $ OW HU QH [W 1 < 6(( XU RQ H[ W 0 7 ) ,9                     2 VOR$ [H VV 2 VOR% ¡U V 5 0 9                     1 HZ & RQ QH FW  : DU VDZ6W RF N( [F KD QJ H 0 7 ) 9 ,, ,                    à ąF ]Q LH Ğ UH GQ LH                    ħ Uy Gá RR SU DF RZ DQ LHZ áD VQ HQ DS RG VW DZ LHV WU RQL QW HU QH WR Z \FKJ LH áGR UD ]G DQ\ FKV WD W\ VW \F ]Q \F K) HG HU DF ML* LH áG(X UR SH MV NLFK / RQ GR Q6W RFN( [F KD QJ HL% RU VD ,W DO LD QD  KW WS  ZZZ I HV H HX HQ " LQ F DU W LG  K WWS  ZZZ OR QG RQ VW RF NH [F KD QJ H FR P V WD WL VW LF V PD UN HW V DL P DL P KW P  KW WS Z Z Z E RU VD LW DO LD QD LW E RU VD LW DO LD QD V WDW LV WL FKH VL QW HV LP HQV LOL    VL QW HV LP HQV LOL    H QB SGI K WP       

UMCS

 520$1$6<1*,(5

1LHNZHVWLRQRZDQ\POLGHUHPDOWHUQDW\ZQ\FKV\VWHPyZZ(XURSLHMHVWORQG\ĔVNL $,03RQDGW\VLąFQRWRZDQ\FKVSyáHNSU]HNáDGDVLĊQDNDSLWDOL]DFMLU\QNyZHX URSHMVNLFKDJHQHURZDQHQDLFKDNFMDFKREURW\VWDQRZLąSRQDGWDEHOD*G\E\ Z\NOXF]\ü ] DQDOL]\ U\QNL UHJXORZDQH 67$5 (60 L 2VOR$[HVV SU]HZDJD U\QNX EU\W\MVNLHJRQDGUHV]WąHXURSHMVNLFK$62E\áDE\PLDĪGĪąFD 3RZVWDá\SRQDGODWWHPXURG]LP\1HZ&RQQHFWMHVWSRGZ]JOĊGHPNDSLWDOL]DFMLLREURWyZ ĞUHGQLHMZLHONRĞFLU\QNLHP$62Z(XURSLH:\ELMDVLĊMHGQDN]GHF\GRZDQLHSRGZ]JOĊGHP OLF]E\QRWRZDQ\FKVSyáHNNWyUDQDNRQLHFOLVWRSDGDUZ\QRVLáDHPLWHQWyZG]LĊNL F]HPX1HZ&RQQHFWMHVWZLFHOLGHUHP]HVWDZLHQLD:ODWDFK±QD1&]DGHELXWRZD áRSRQDGVSyáHNFRVWDQRZLáRSUDZLHSRáRZĊGHELXWyZQDZV]\VWNLFKSR]RVWDá\FK$62 Z(XURSLHLVWDZLDáRZW\P]HVWDZLHQLXJLHáGĊZDUV]DZVNąZJURQLHĞZLDWRZ\FKOLGHUyZ_

,ORĞü QLH SU]HNáDGD VLĊ MHGQDN QD SURSRUFMRQDOQ\ Z]URVW NDSLWDOL]DFML HPLWHQWyZ RUD] ]ZLĊNV]HQLH ]DLQWHUHVRZDQLD LQZHVWRUyZ PLHU]RQHJR ZROXPHQHP REURWyZ 3RG Z]JOĊGHPĞUHGQLHMNDSLWDOL]DFMLQRWRZDQ\FKVSyáHN1&Z\SU]HG]DW\ONRU\QHNOXNVHP EXUVNL5yZQLHĨOHZ\JOąGD1&QDWOHNRQNXUHQWyZSRGZ]JOĊGHPĞUHGQLHMZDUWRĞFL WUDQVDNFMLNWyUDZUZ\QLRVáD]DOHGZLH(85ĝUHGQLREUyWSU]\SDGDMąF\QD MHGQąVSyáNĊUyZQLHĪMHVWMHGQ\P]QDMQLĪV]\FKZĞUyGHXURSHMVNLFK$62 2UJDQL]DFMDZ\EUDQ\FKU\QNyZ$62Z(XURSLH 3U]HSLV\IXQNFMRQRZDQLDU\QNyZDOWHUQDW\ZQ\FKRNUHĞODMąRUJDQL]DWRU]\NWyU\PL ZP\ĞOG\UHNW\Z\3DUODPHQWX(XURSHMVNLHJRVąJLHáG\_{5HJXáąMHVWĪHQDDOWHUQDW\Z} Q\FKV\VWHPDFKREURWXZ\PRJLIRUPDOQHLQIRUPDF\MQHRUD]RSáDW\GRSXV]F]HQLRZHVą ]QDF]QLHPQLHMV]HQLĪQDU\QNDFKJáyZQ\FKJLHáG8PRĪOLZLDWR¿UPRPPDá\PLQRZR SRZVWDMąF\PQLHVSHáQLDMąF\PZ\PRJyZU\QNXUHJXORZDQHJRSR]\VNLZDQLHNDSLWDáX ]U\QNXNDSLWDáRZHJR0DWRLVWRWQH]QDF]HQLH]ZáDV]F]DZEUDQĪDFKG\QDPLF]QLHUR] ZLMDMąF\FKVLĊRSDUW\FKQDDNW\ZDFKQLHPDWHULDOQ\FKQRZRF]HVQHWHFKQRORJLHSR WU]HEXMąF\FKUyĪQ\FKIRUP¿QDQVRZDQLDG]LDáDOQRĞFL

.DĪGD JLHáGD XVWDODMąF SU]HSLV\ UHJXODF\MQH U\QNyZ DOWHUQDW\ZQ\FK NLHUXMH VLĊ FHOHPLFKIXQNFMRQRZDQLD3RPLPRRJyOQLH]EOLĪRQHMLVWRW\G]LDáDQLD$62RUJDQL]D WRU]\PDMąVZRERGĊNV]WDáWRZDQLDSU]HSLVyZFRSU]HNáDGDVLĊQDUyĪQRURGQRĞüUHJX ODFML:W\PSXQNFLH]RVWDQąSU]HGVWDZLRQH]DVDG\IXQNFMRQRZDQLDQDMZLĊNV]\FKSRG Z]JOĊGHP NDSLWDOL]DFML L REURWyZ$62 Z (XURSLH $,0$OWHUQH[W (QWU\ 6WDQGDUG Z]HVWDZLHQLX]SU]HSLVDPLRERZLą]XMąF\PLQD1HZ&RQQHFW_  _{6]F]HJyáRZHGDQHGRW\F]ąFH,32QDU\QNDFKHXURSHMVNLFKPRĪQD]QDOHĨüQDVWURQLHKWWSZZZSZFSO} SOLSRZDWFKHXURSHLQGH[MKWPO6WDW\VW\NLZV]\VWNLFKU\QNyZJLHáGRZ\FKSXEOLNRZDQHVąZUD SRUWDFKĝZLDWRZHM)HGHUDFML*LHáGZZZZRUOGH[FKDQJHVRUJVWDWLVWLFVDQQXDOVWDWLVWLFVUHSRUWV  _{2UJDQL]DFMĊDOWHUQDW\ZQ\FKV\VWHPyZREURWXDQJ0XOWLODWHUDO7UDGLQJ)DFLOLWLHVUHJXOXMH'\UHNW\ZD} :(3DUODPHQWX(XURSHMVNLHJRL5DG\]NZLHWQLDUZVSUDZLHU\QNyZLQVWUXPHQWyZ¿QDQVRZ\FK0L),'  _{:\EyU]RVWDáSRG\NWRZDQ\PRĪOLZRĞFLąSRUyZQDQLDRUJDQL]DFMLQDMEDUG]LHMUR]ZLQLĊW\FKU\QNyZ$62} ]1&'ODWHJRWHĪSRGXZDJĊEUDQRW\ONRU\QNL]RUJDQL]RZDQHZIRUPLH07)FRZ\NOXF]\áR]DQDOL]\67$5 RUD],6(=NROHLLUODQG]NL(60RGXĪHMNDSLWDOL]DFMLFKDUDNWHU\]XMHVLĊEDUG]RPDá\PLREURWDPL

UMCS



:352:$'=$1,($.&-,'22%52781$5<1.81(:&211(&7«

7DEHOD3RUyZQDQLHZ\PRJyZGRSXV]F]HQLRZ\FKHPLWHQWyZDNFMLGRQRWRZDĔ QDHXURSHMVNLFKU\QNDFK$62

$,0 $OWHUQH[W (QWU\6WDQGDUG 1HZ&RQQHFW

0LQNDSLWDOL]DFMD NDSLWDáDNF\MQ\ EUDN 0LQNDSLWDOL]DFMD POQ(85 0LQNDSDNF\MQ\ W\V(85 EUDN

0LQZLHNVSyáNL EUDN ODWD ODWD EUDN

0LQQRPLQDáDNFML EUDN EUDN (85 EUDN

0LQIUHHÀRDW EUDN POQ(85 HPLVML EUDN

2ERZLą]HN ZVSyáSUDF\ ]RSLHNXQHP 1RPLQDWHG$GYLVHU ±ZVSyáSUDFDSU]H] FDá\RNUHVQRWRZDĔ /LVWLQJ6SRQVRU± ZVSyáSUDFDSU]H] FDá\RNUHVQRWRZDĔ 'HXWVFKH%|UVH /LVWLQJ3DUWQHU± ZVSyáSUDFDSU]H] FDá\RNUHVQRWRZDĔ $XWRU\]RZDQ\ 'RUDGFD± ZVSyáSUDFDSU]H] PLQSLHUZV]\ URNQRWRZDĔ 2SáDWDZVWĊSQD ]DOHĪQDRG NDSLWDOL]DFMLVSyáNL PLQ± PD[*%3 ]DOHĪQDRG NDSLWDOL]DFMLVSyáNL PLQ± PD[POQ(85 VWDáD(85 VWDáD3/1 2SáDWDURF]QD]D QRWRZDQLD *%3 ]DOHĪQDRGOLF]E\ DNFMLPLQ± PDNV (85 (85 URN3/1 NROHMQH±]DOHĪQLH RGNDSLWDOL]DFML PLQ± PDNV3/1 2SáDW\RERZLą]XMąFHQDG]LHĔVW\F]QLDU ħUyGáRVWURQ\LQWHUQHWRZHU\QNyZ$62KWWSVHXURSHDQHTXLWLHVQ\[FRPPDUNHWVQ\VHDOWHUQH[WKWWSZZZ ORQGRQVWRFNH[FKDQJHFRPFRPSDQLHVDQGDGYLVRUVDLPDLPDLPKWPKWWSZZZERHUVHIUDQNIXUWGHGHZLVVHQ PDUNWVHJPHQWHHQWU\VWDQGDUGKWWSZZZQHZFRQQHFWSO 7DEHOD]DZLHUD]HVWDZLHQLDZ\PRJyZUHJXODF\MQ\FKLVWRWQ\FK]SXQNWXZLG]HQLD FHOXDUW\NXáX_{=SRUyZQDQLDZ\QLNDĪHSROVNLU\QHN$62RUJDQL]DF\MQLHQDMEDUG]LHM} ]EOLĪRQ\MHVWGRORQG\ĔVNLHJR$,0QDNWyU\PE\á]UHV]WąZ]RURZDQ\2EDU\QNLFKD UDNWHU\]XMHEDUG]ROLEHUDOQHSRGHMĞFLHGRZ\PRJyZNWyUHPXVLVSHáQLüHPLWHQWZSUR ZDG]DMąF\DNFMHGRREURWXJLHáGRZHJR1LHRERZLą]XMąZ\PRJLRNUHĞODMąFHPLQLPDOQą ZLHONRĞüNDSLWDOL]DFMLVSyáHNUR]SURV]HQLHDNFMLDQLWHĪZ\VRNRĞüQRPLQDáXDNFML=D UyZQR$,0MDNL1&VąGRVWĊSQHGODVSyáHNQRZRSRZVWDMąF\FK =XSHáQLHLQDF]HMZW\FKNZHVWLDFKVąIRUPXáRZDQHSU]HSLV\GODVSyáHNXELHJDMą F\FKVLĊRGHELXWQD$OWHUQH[WL(QWU\6WDQGDUG5\QNLWHVąQLHGRVWĊSQHGODVWDUWXSyZ SRQLHZDĪZ\PDJDQ\MHVWGZXOHWQLRNUHVWUZDQLDVSyáNL1DREXRERZLą]XMąUyZQLHĪ Z\VRNLHZ\PRJLGRW\F]ąFHNDSLWDOL]DFMLOXENDSLWDáXDNF\MQHJR'OD]DSHZQLHQLDRG SRZLHGQLHMSá\QQRĞFLU\QNRZHMDNFMLHPLWHQWyZ]DUyZQRQD$OWHUQH[WMDNL(QWU\6WDQ

 _{6]F]HJyáRZ\ RSLV KLVWRULL L RUJDQL]DFML Z\EUDQ\FK U\QNyZ Z\NUDF]D SR]D Z\PRJL REMĊWRĞFLRZH QL}

QLHMV]HJRRSUDFRZDQLD2SLVU\QNyZ$,0$OWHUQH[WL1HZ&RQQHFWPRĪQD]QDOHĨüZSUDF\%0LNRáDMF]\N $ .XUF]HZVND 5\QHN 1HZ&RQQHFW Z 3ROVFH QD WOH LQQ\FK U\QNyZ DOWHUQDW\ZQ\FK Z (XURSLH )LQDQVRZ\ .ZDUWDOQLN,QWHUQHWRZ\ÄH)LQDQVH´YROQU=DVDG\G]LDáDOQRĞFLU\QNX(QWU\6WDQGDUGGRVWĊSQHVąQD VWURQLHKWWSZZZERHUVHIUDQNIXUWGHGHZLVVHQPDUNWVHJPHQWHHQWU\VWDQGDUG

 520$1$6<1*,(5 GDUGXVWDORQRPLQLPDOQ\IUHHÀRDW'RGDWNRZRQDU\QNXQLHPLHFNLPZDUWRĞüQRPLQDO QDMHGQHMDNFMLQLHPRĪHE\üQLĪV]DRG(85 2UJDQL]DFMDZV]\VWNLFKDQDOL]RZDQ\FK$62Z(XURSLHRSLHUDVLĊQDG]LDáDOQRĞFL SRGPLRWyZNWyUHQDZ]yUU\QNXSROVNLHJRPRĪQDRNUHĞOLüPLDQHP$XWRU\]RZDQ\FK 'RUDGFyZ0DMąRQHSU]HGHZV]\VWNLPZ\NRQ\ZDü]DGDQLDGRUDGF]HLZVSLHUDMąFH SURFHV,32RUD]Z\SHáQLDüRERZLą]NLVWDZLDQHVSyáNRPJLHáGRZ\P,FKURODQDSR V]F]HJyOQ\FK U\QNDFK PRĪH E\ü MHGQDN GXĪR V]HUV]D 1D SU]\NáDG QD ORQG\ĔVNLP $,01RPLQDWHG$GYLVHUVSHáQLąUyZQLHĪIXQNFMĊQDG]RUF]ąZREHFXF]HVWQLNyZJLHá G\_{ 1D ZV]\VWNLFK DQDOL]RZDQ\FK U\QNDFK HPLWHQW PD RERZLą]HN ZVSyáSUDFRZDü}

]$XWRU\]RZDQ\P'RUDGFąQLHW\ONRZSURFHVLH,32DOHUyZQLHĪSU]H]FDá\RNUHV QRWRZDĔ:\MąWNLHPMHVWSROVNL1&JG]LHZVSyáSUDFD]GRUDGFąURNSRGHELXFLHQLH MHVWMXĪZ\PDJDQD

.DĪG\ RUJDQL]DWRU U\QNX $62 SRELHUD RG HPLWHQWyZ RSáDWĊ ]D ZSURZDG]H QLHLQVWUXPHQWyZGRREURWXRUD]RSáDWĊURF]Qą]DQRWRZDQLDDNFML3ROLW\NDJLHáG SURZDG]ąF\FKU\QNL$62MHVWZW\PZ]JOĊG]LHEDUG]RUyĪQD$,0RUD]$OWHUQH[W QDOLF]DMąZ\VRNąRSáDWĊZVWĊSQąNWyUHMZ\VRNRĞü]DOHĪ\RGNDSLWDOL]DFMLVSyáNL_

:SU]\SDGNX$OWHUQH[WRSáDWDZ\GDMHVLĊZUĊF]KRUUHQGDOQLHZ\VRNDERPRĪHZ\ QLHĞüQDZHWPOQ(85:\QLNDWR]IDNWXĪHLGHQW\F]QHSU]HSLV\RERZLą]XMą]D UyZQR QD U\QNX$62 MDN L QD JáyZQ\P SDUNLHFLH 1<6( (XURQH[W -HGQDN MHĞOL Z]Ląü SRG XZDJĊ ZLHONRĞü NDSLWDOL]DFML VSyáHN XELHJDMąF\FK VLĊ R ZSURZDG]HQLH DNFMLGRREURWXQDW\PU\QNXQLHSU]HNUDF]DMąFHMQD$62POQ(85RSáDWDQLH SRZLQQDSU]HNURF]\üW\V(852SáDW\ZNZRFLHVWDáHMRERZLą]XMąFHQDU\QNX QLHPLHFNLPLSROVNLPVąQLHSRUyZQ\ZDOQLHPQLHMV]HLZSU]\EOLĪHQLXVRELHUyZQH RGSRZLHGQLR(85L3/1 :SU]\SDGNXRSáDW\URF]QHM]DQRWRZDQLDDNFMLQDHXURSHMVNLFK$62U\QHN$,0 RUD](QWU\6WDQGDUGVWRVXMąRSáDWĊVWDáąZSRGREQHMZ\VRNRĞFL*%3RUD] (856SRVyEZ\OLF]HQLDRSáDW\URF]QHMQD$OWHUQH[WMHVWSRGREQ\MDNSU]\RSáDFLH ZVWĊSQHMSU]\F]\PZW\PZ\SDGNXMHMZ\VRNRĞü]DOHĪ\RGOLF]E\DNFMLZSURZDG]R Q\FKGRREURWX7HRUHW\F]QLHMHMZ\VRNRĞüPRĪHZ\QLHĞüQDZHWW\V(85MHGQDN ĪHZLĊNV]RĞüQRWRZDQ\FKQD$OWHUQH[WHPLWHQWyZXLV]F]DRSáDW\URF]QHZZ\VRNRĞFL QDMZ\ĪHMNLONXW\VLĊF\(855R]ZLą]DQLDSU]\MĊWHQDSROVNLPU\QNXRGELHJDMąQLHFR RGW\FKZ\SUDFRZDQ\FKQDQDMZLĊNV]\FK$62Z(XURSLH1HZ&RQQHFWVWRVXMHRSáDWĊ URF]QąZSU]HG]LDOHRGGR3/1X]DOHĪQLRQąRGZ\VRNRĞFLNDSLWDOL]DFML U\QNRZHM DNFML : SLHUZV]\P URNX QRWRZDĔ RERZLą]XMH RSáDWD VWDáD Z Z\VRNRĞFL 3/1

 _{$,0 UXOHV IRU 1RPLQDWHG $GYLVHUV KWWSZZZORQGRQVWRFNH[FKDQJHFRPFRPSDQLHVDQGDGYLVRUV}

DLPSXEOLFDWLRQVDLPUXOHVIRUQRPLQDWHGDGYLVHUVSGI

 _{'RNáDGQ\RSLVZ\OLF]HQLDRSáDW\ZVWĊSQHMGRVWĊSQHZGRNXPHQWDFKKWWSZZZORQGRQVWRFNH[FKDQ}

JHFRPFRPSDQLHVDQGDGYLVRUVDLPIRUFRPSDQLHVOLVWLQJIHHVDLPEURFKXUHSGI  KWWSVHXURSHDQHTXLWLHVQ\[FRPVLWHVHXURSHDQHTXLWLHVQ\[FRP¿OHVIHHBERRNBBHQJSGI



:352:$'=$1,($.&-,'22%52781$5<1.81(:&211(&7«

3URSR]\FMH]PLDQUHJXODF\MQ\FKZNRQWHNĞFLHSUREOHPyZU\QNX1&

1LHZLHONDZDUWRĞüRIHUWSXEOLF]Q\FKQLVNDNDSLWDOL]DFMDVSyáHNRJUDQLF]RQDSá\Q QRĞüDNFMLRUD]QDGPLHUQDOLF]EDVSyáHNJURV]RZ\FKWRSRGVWDZRZHPDQNDPHQW\IXQN FMRQRZDQLD 1HZ&RQQHFW .RQVHNZHQFMą WHJR MHVW PDáH ]DLQWHUHVRZDQLH LQZHVWRUyZ LVSDGDMąFHREURW\3U]\F]\QWDNLHJRVWDQXU]HF]\QDOHĪ\XSDWU\ZDüZQLHRGSRZLHGQLHM RUJDQL]DFMLWHJRU\QNX_

= SXQNWX ZLG]HQLD FHOX DUW\NXáX ZDĪQ\P SUREOHPHP U\QNX 1& MHVW W]Z MDNRĞü HPLWHQWyZZVHQVLH¿QDQVRZ\PLRUJDQL]DF\MQ\PGRSXV]F]RQ\FKGRREURWXJLHáGRZH JR2SUREOHPLHĞZLDGF]ąSUH]HQWRZDQHZF]HĞQLHMGDQHVWDW\VW\F]QHGRW\F]ąFHĞUHGQLHM NDSLWDOL]DFML VSyáHN QD WOH HXURSHMVNLFK$62 MDN UyZQLHĪ GDQH ¿QDQVRZH HPLWHQWyZ ]DURN7\ONRQLHVSHáQD]QLFKRVLąJQĊáR]\VNMHG\QLHVSyáHNZ\SáDFLáR ZUG\ZLGHQG\DFRyVPDVSyáNDPLDáDZDUWRĞüNVLĊJRZąQLHSU]HNUDF]DMąFąPOQ 3/1_{1DNRQLHFUDĪVSyáHNPLDáRZDUWRĞüU\QNRZąSRQLĪHMPOQ3/1}_ 2SRZDG]HSUREOHPXĞZLDGF]\RVWDWQLDZHU\¿NDFMDVHJPHQWDFMLU\QNXGRNRQDQDSU]H] =DU]ąG*3:Z:DUV]DZLHJUXGQLDU'RVHJPHQWyZ1&+LJK/LTXLGLW\5LVN RUD]1&6XSHU+LJK/LTXLGLW\5LVNRUJDQL]DWRU]DNZDOL¿NRZDááąF]QLHVSyáHN_ -HGQRF]HĞQLHGRLQGHNVX1&/HDGVWZRU]RQHJRGODOLGHUyZU\QNXPRJąF\FKXELHJDü VLĊRSU]HQLHVLHQLHGRQRWRZDĔQDU\QHNUHJXORZDQ\ZSURZDG]RQRW\ONRVSyáHN_ :\GDMHVLĊĪHSU]\F]\QąWDNLHJRVWDQXU]HF]\Vą]E\WOLEHUDOQHSU]HSLV\GRSXV] F]DMąFHDNFMHHPLWHQWyZGRREURWXJLHáGRZHJR:W\PNRQWHNĞFLHRUJDQL]DWRUU\QNX SRZLQLHQSRP\ĞOHüR]DRVWU]HQLXUHJXODFMLGRSXV]F]DQLDHPLWHQWyZQDU\QHNSXEOLF] Q\3U]HGHZV]\VWNLPZ]RUHP$OWHUQH[WRUD](QWU\6WDQGDUG*3:Z:DUV]DZLHSR ZLQQD ZSURZDG]Lü PLQLPDOQą ZLHONRĞü NDSLWDOL]DFML NDSLWDáX DNF\MQHJR OXE RIHUW\ Z UDPDFK ,32 HPLWHQWD :\HOLPLQRZDáRE\ WR SRMDZLDQLH VLĊ QD U\QNX PLNURRIHUW NWyUHVąQD1&FRG]LHQQRĞFLą'RĞüZVSRPQLHüĪHRGSRF]ąWNXLVWQLHQLDU\QNX1& DĪGRNRĔFD,SyáURF]DUSU]HFLĊWQDZDUWRĞüRIHUW\Z\QRVLáDW\ONRW\V(85 FR E\áR ]GHF\GRZDQLH QDMJRUV]\P Z\QLNLHP VSRĞUyG ZV]\VWNLFK U\QNyZ HXURSHM VNLFKWHJRW\SX_{'RGDWNRZRRUJDQL]DWRUSRZLQLHQXVWDOLüPLQLPDOQ\IUHHÀRDWDNFML} QDMOHSLHMZ]RUHP$OWHUQH[WNZRWRZRQSZZ\VRNRĞFL±POQ3/1ZSURZDG]D  _{3UREOHP\RUJDQL]DF\MQHLSUDZQH1HZ&RQHFWE\á\SU]HGPLRWHPRGUĊEQHMDQDOL]\DXWRUD]RE5$V\Q} JLHU1LHSUDZLGáRZRĞFLIXQNFMRQRZDQLDU\QNX1HZ&RQQHFW±DVSHNW\SUDZQHLRUJDQL]DF\MQH$QQDOHV80&6 VHFWLR+YRO;/9,]V±  _{6]F]HJyáRZDDQDOL]DZ\QLNyZ¿QDQVRZ\FKHPLWHQWyZQD1&LNRQVHNZHQFMLGODGDOV]HJRUR]ZRMX} U\QNX]RVWDQLHSRGMĊWDZRVREQHMSXEOLNDFML  _{:\OLF]HQLDZáDVQHQDSRGVWDZLHGDQ\FKG]LHQQ\FKVHVML]JUXGQLDUKWWSZZZQHZFRQQHFW} SOLQGH[SKS"SDJH VWDW\VW\NLBG]LHQQH

 _{: VHJPHQFLH 1& +/5 ]QDOD]á\ VLĊ DNFMH  QDWRPLDVW Z VHJPHQFLH 1& 6+/5 ±  HPLWHQWyZ}

KWWSZZZQHZFRQQHFWSO"SDJH LQIRUPDFMH SKBPDLQBFRQWHQWBVWDUW VKRZ FPQBLG   =D VDG\VHJPHQWDFMLU\QNX1&VąRSLVDQHQDVWURQLHKWWSZZZQHZFRQQHFWSOLQGH[SKS"SDJH VHJPHQW\BU\Q NXBQHZFRQQHFW  _{KWWSZZZQHZFRQQHFWSO"SDJH LQIRUPDFMH SKBPDLQBFRQWHQWBVWDUW VKRZ SKBPDLQBFRQWHQWBFPQB} LG   _{KWWSZZZQHZFRQQHFWLQIRSU]HZRGQLN}

UMCS

 520$1$6<1*,(5

Q\FKGRREURWXJLHáGRZHJRFR]DSHZQH]PQLHMV]\áRE\SUREOHPGUDPDW\F]QLHQLVNLHM Sá\QQRĞFLZLHOXLQVWUXPHQWyZ

:LHOHGRĪ\F]HQLDSR]RVWDZLDUyZQLHĪZ\SHáQLDQLHRERZLą]NyZLQIRUPDF\MQ\FK RUD]SU]HVWU]HJDQLH]DVDGáDGXNRUSRUDF\MQHJRSU]H]HPLWHQWyZ_{=RPDZLDQ\FKZSR}

SU]HGQLP SXQNFLH DUW\NXáX UR]ZLą]DĔ PRJąF\FK SR]\W\ZQLH ZSá\Qąü QD G]LDáDOQRĞü SROVNLHJR$62]DVDGQHZ\GDMHVLĊZSURZDG]HQLHRERZLą]NXZVSyáSUDF\]$XWRU\]R ZDQ\PL'RUDGFDPLSU]H]FDá\RNUHVQRWRZDĔDNFMLHPLWHQWDDQLHW\ONRSU]H]SLHUZV]\ URN7DNLHUHJXODFMHVWRVXMąSR]RVWDáHRPDZLDQHZDUW\NXOH$62 1DQHJDW\ZQHSRVWU]HJDQLHU\QNX1&SU]H]LQZHVWRUyZZSá\ZDQDGPLHUQDOLF]ED VSyáHNJURV]RZ\FKFRVNXWNXMHGXĪą]PLHQQRĞFLąNXUVXV]F]HJyOQLHZSU]\SDGNXVSyáHN RZDUWRĞFLU\QNRZHMDNFMLSRQLĪHMJURV]\1DNRQLHFUDĪVSyáHNPLDáRFHQĊ MHGQRVWNRZąDNFMLSRQLĪHM3/1]F]HJRDĪZSU]\SDGNDFKFHQD]DPNQLĊFLDE\áD QLĪV]DRGJURV]\_ 3UREOHPVSyáHNJURV]RZ\FKZ\QLNDPLQ]SU]HSURZDG]DQLDGXĪ\FKWDQLFKHPLVML DNFMLRUD]WROHURZDQLDSU]H]RUJDQL]DWRUDGRNRQ\ZDQLDJáĊERNLFKVSOLWyZ]XSHáQ\FK OXEF]ĊĞFLRZ\FK$NFMHVSU]HGDZDQHVąZFHQLHNLONXNLONXQDVWXJURV]\RGSRZLDGD MąFHMZDUWRĞFLQRPLQDOQHMDNFMLDQLHU]DGNRNROHMQ\FKGXĪ\FKHPLVMLGRNRQXMHVLĊSR QDMQLĪV]HMPRĪOLZHMFHQLHJURV]D1DNRQLHFUWU]\VSyáNLPLDá\OLF]EĊZ\HPLWR ZDQ\FKDNFMLSU]HNUDF]DMąFąPOGDNROHMQ\FK±SRZ\ĪHMPOQ_ 5R]ZLą]DQLHPSUREOHPXVSyáHNJURV]RZ\FKMHVWZSURZDG]HQLHZ]RUHPQLHPLHFNLH JR(QWU\6WDQGDUGPLQLPDOQHMZLHONRĞFLQRPLQDOQHMDNFML5HJXODFMDWDNDQLHMHVWF]\PĞ Z\MąWNRZ\PZĞUyGHXURSHMVNLFK$623RGREQDIXQNFMRQXMHWHĪQDVNDQG\QDZVNLPU\Q NX)LUVW1RUKWJG]LHPLQLPDOQąZDUWRĞüDNFMLXVWDORQRQDHXURFHQWyZOXELFKUyZQR ZDUWRĞüZNRURQDFKGXĔVNLFKOXEV]ZHG]NLFK_{3U]HSLVWHQMHGQRF]HĞQLHZ\HOLPLQRZDáE\} SUREOHPZLHORPLOLRQRZ\FKRIHUWDNFMLVSU]HGDZDQ\FKSREDUG]RQLVNLHMFHQLH 'RUR]ZDĪHQLDSR]RVWDMąMHV]F]HNZHVWLHZ\VRNRĞFLRSáDWGODHPLWHQWyZRUD]PLQL PDOQHJRF]DVXG]LDáDOQRĞFLHPLWHQWD:SU]\SDGNXRSáDW\ZVWĊSQHMLURF]QHM]DQRWRZDQLD LQVWUXPHQWyZVDPRLFKSRGQLHVLHQLHUDF]HMQLHSU]HáRĪ\VLĊQDSRSUDZĊMDNRĞFLHPLWHQ WyZ:DUWRMHGQDNZNRQWHNĞFLHSUREOHPyZ]QDGPLHUQ\PLHPLVMDPLDNFMLSU]HP\ĞOHü XVWDQRZLHQLHRSáDW\URF]QHMZ]RUHP$OWHUQH[WX]DOHĪQLRQHMRGOLF]E\DNFMLZSURZDG]R Q\FKGRREURWXDQLHMDNGRW\FKF]DVQD1&±NDSLWDOL]DFMLVSyáNL2GQRĞQLHGRF]DVXWUZD QLDVSyáHNXELHJDMąF\FKVLĊRQRWRZDQLDDNFMLQDU\QNX1&±Z\GDMHVLĊĪHXVWDQRZLHQLH PLQLPDOQHJRF]DVXG]LDáDOQRĞFLHPLWHQWDE\áRE\ZĞZLHWOHVWUDWHJLLUR]ZRMXU\QNX1& EH]]DVDGQHSRQLHZDĪWZRU]RQRJR]P\ĞOąPLQRQRZRSRZVWDMąF\FKVSyáNDFK  _{=RE5$V\QJLHURSFLWV±}  _{:\OLF]HQLDZáDVQHQDSRGVWDZLHGDQ\FKG]LHQQ\FKVHVML]JUXGQLDUKWWSZZZQHZFRQQHFW} SOLQGH[SKS"SDJH VWDW\VW\NLBG]LHQQH  _{:\OLF]HQLDZáDVQHQDSRGVWDZLHVWDW\VW\NU\QNX1&]GQLDJUXGQLDUKWWSZZZQHZFRQQHFW} SOLQGH[SKS"SDJH VWDW\VW\NLBG]LHQQH  _{KWWSZZZQDVGDTRP[FRPGLJLWDO$VVHWVBILUVWBQRUWKBUXOHERRNBBBSGI}

 -HVW WR ]DSHZQH SRFKRGQD UR]ZLą]DQLD VWRVRZDQHJR SU]H] JLHáGĊ 1$6'$4 EĊGąFą Z VRMXV]X ]U\QNLHPVNDQG\QDZVNLP20;QDNWyU\PPLQLPDOQDZDUWRĞüDNFML]RVWDáDXVWDORQDQDSR]LRPLH86'=RE (%DXPJDUWQHU-DNG]LDáDJLHáGD3RUDGQLNGODLQZHVWRUyZ3ROSUHVV6HUYLFHVHERRNV

 :352:$'=$1,($.&-,'22%52781$5<1.81(:&211(&7« =DNRĔF]HQLH 3RUyZQDQLHSU]HSLVyZIXQNFMRQRZDQLDZ\EUDQ\FKU\QNyZ$62Z(XURSLHZVND ]XMHĪHSU]HSLV\Z]DNUHVLHZSURZDG]HQLDLQVWUXPHQWyZGRREURWXJLHáGRZHJRVąQD 1&EDUG]ROLEHUDOQH7RFRQLHVWDQRZLSUREOHPXQDUyZQLHOLEHUDOQ\PU\QNXORQG\Ĕ VNLP MHVW MHGQDN ZDGą IXQNFMRQRZDQLD Z]RURZDQHJR QD QLP U\QNX SROVNLHJR 7\P VDP\PQDOHĪ\UHJXODFMHWHGRVWRVRZDüGRQDV]\FKUHDOLyZ3RPRFQHPRĪHVLĊSU]\W\P RND]DüVNRU]\VWDQLH]GRĞZLDGF]HĔWDNLFKU\QNyZMDN$OWHUQH[WL(QWU\6WDQGDUG

*LHáGD 3DSLHUyZ:DUWRĞFLRZ\FK Z:DUV]DZLH MDNR RUJDQL]DWRU U\QNX 1& SRZL QLHQ PRĪOLZLH V]\ENR ZGURĪ\ü SU]HSLV\ RJUDQLF]DMąFH SUREOHP\ QLVNLHM NDSLWDOL]DFML HPLWHQWyZPLNURRIHUWQLVNLFKREURWyZJLHáGRZ\FKLVSyáHNJURV]RZ\FK=DZSHáQL ]DVDGQHQDOHĪ\X]QDüNRQLHF]QRĞüZSURZDG]HQLDZ\PRJXPLQLPDOQHMZLHONRĞFLNDSL WDOL]DFMLVSyáNLRIHUW\SXEOLF]QHMOXESU\ZDWQHMIUHHÀRDWQRPLQDáXDNFMLRUD]RERZLą] NXZVSyáSUDF\]$XWRU\]RZDQ\P'RUDGFąSU]H]FDá\RNUHVQRWRZDĔ'RUR]ZDĪHQLD SR]RVWDMąZ\VRNRĞFLRSáDWZVWĊSQ\FKLURF]Q\FK 'RW\FKF]DVRZHEDGDQLDZVND]XMąQDSRVWĊSXMąFąVWDJQDFMĊ1HZ&RQQHFW:RSLQLL DXWRUDEH]SRGMĊFLD]GHF\GRZDQ\FKNURNyZRGZUyFHQLHWHMV\WXDFMLQLHEĊG]LHPRĪOL ZH=MHGQHMVWURQ\SURSRQRZDQH]PLDQ\QDSHZQRRJUDQLF]\á\E\GRVWĊSQRĞüU\QNX 1& GOD HPLWHQWyZ FR PRĪH VLĊ Z\GDZDü VSU]HF]QH ] LGHą WHJR U\QNX -HGQRF]HĞQLH WDNLHUR]ZLą]DQLDSUDZGRSRGREQLHZ\HOLPLQRZDá\E\OXESU]\QDMPQLHM]áDJRG]Lá\Z\ VWĊSXMąFHSUREOHP\2SLVDQHSURSR]\FMH]PLDQQLHVWDQRZLąJZDUDQFMLKDUPRQLMQHJR UR]ZRMXU\QNXDOHVąQLH]EĊGQHGOD]DSHZQLHQLDSUDZLGáRZHJRIXQNFMRQRZDQLDU\QNX 1HZ&RQQHFWZSU]\V]áRĞFL %LEOLRJUD¿D   $V\QJLHU5=PLDQ\QDJáyZQ\FKU\QNDFKJLHáGRZ\FKZ(XURSLH>Z@5\QHN¿QDQVRZ\,QVSLUDFMH]LQWH JUDFMLHXURSHMVNLHM3.DUSXĞ-:ĊFáDZVNLUHG:\GDZQLFWZR80&6/XEOLQ   %DXPJDUWQHU(-DNG]LDáDJLHáGD3RUDGQLNGODLQZHVWRUyZ3ROSUHVV6HUYLFHVHERRN   '\UHNW\ZD:(3DUODPHQWX(XURSHMVNLHJRL5DG\]NZLHWQLDUZVSUDZLHU\QNyZLQVWUX PHQWyZ¿QDQVRZ\FK0L),'   )HGHU6HPSDFK(5\QNLDOWHUQDW\ZQHZVWUH¿HHXURL8QLL(XURSHMVNLHMD1HZ&RQQHFW±DQDOL]DSRUyZ QDZF]D$FWD8QLYHUVLWDWLV/RG]LHQVLV)ROLD2HFRQRPLFDQU   0LNRáDMF]\N%.XUF]HZVND$5\QHN1HZ&RQQHFWZ3ROVFHQDWOHLQQ\FKU\QNyZDOWHUQDW\ZQ\FKZ(X URSLH)LQDQVRZ\.ZDUWDOQLN,QWHUQHWRZ\ÄH)LQDQVH´YROQU   =LDUNR6LZHN8UHG*LHáG\NDSLWDáRZHZ(XURSLH&H'H:X:DUV]DZD 6WURQ\LQWHUQHWRZH KWWSZZZERHUVHIUDQNIXUWGH ZZZERUVDLWDOLDQDLW ZZZHXURSHDQHTXLWLHVQ\[FRP ZZZIHVHHX

UMCS

 520$1$6<1*,(5 ZZZORQGRQVWRFNH[FKDQJHFRP ZZZQDVGDTRP[FRP ZZZQHZFRQQHFWLQIRSU]HZRGQLN ZZZQHZFRQQHFWSO ZZZSDUNLHWFRP )ORDWLQJVKDUHVRQWRWKH1HZ&RQQHFWPDUNHWLQFRPSDULVRQZLWKOHDGLQJPXOWLODWHUDOWUDGLQJ IDFLOLWLHVLQ(XURSH 7KHDUWLFOHSUHVHQWVDQDQDO\VLVRIVWDWLVWLFDOGDWDZKLFKVKRZVWKHSRVLWLRQRIWKH1HZ&RQQHFWPDUNHWLQ FRPSDULVRQZLWKRWKHUPXOWLODWHUDOWUDGLQJIDFLOLWLHVLQ(XURSH7KHJRDORIWKHDUWLFOHLVWRFRPSDUHFRQGLWLRQV ZKLFKPXVWEHPHWE\LVVXHUVZKRÀRDWVKDUHVLQVHOHFWHG(XURSHDQPXOWLODWHUDOWUDGLQJIDFLOLWLHV07)V2Q WKHEDVLVRIH[SHULHQFHVRIWKRVHPDUNHWVVROXWLRQVKDYHEHHQLQGLFDWHGZKLFKFRXOGEHLPSOLHGE\WKH1HZ&RQ QHFWPDUNHWRUJDQL]HULQRUGHUWRHOLPLQDWHLWVIXQFWLRQLQJSUREOHPVZKLFKLQKLELWLWVIXUWKHUGHYHORSPHQW7KH DUWLFOHLVFRQWLQXDWLRQRIVWXGLHVZKRVHDLPLVWRHPSKDVL]HLPSHUIHFWLRQVLQWKHIXQFWLRQLQJRIWKH3ROLVKFDSLWDO PDUNHWSDUWLFXODUO\WKH1HZ&RQQHFWPDUNHW

UMCS

Powered by TCPDF (www.tcpdf.org)