View of Political Parties and Their Role in Determining a Territorial Division of Poland

Political Preferences

11/2015

Editors:

Agnieszka Turska-Kawa

Waldemar Wojtasik

Katowice 2015

SURIGUKDE5RPDQ%lFNHU1LFRODXV&RSHUQLFXV8QLYHUVLW\3RODQGSURIGUKDE7DGHXV] *RGOHZVNL.D]LPLHU]:LHONL8QLYHUVLW\3RODQGSURIGUKDE,ZRQD-DNXERZVND %UDQLFND8QLYHUVLW\RI:DUVDZ3RODQGSURIGUKDE6ODYRPLU0DJiO8QLYHUVLW\RI 6W&\ULODQG0HWKRGLXV6ORYDNLDSURIGUKDE-R]HI0DW~ã8QLYHUVLW\RI6W&\ULO DQG0HWKRGLXV6ORYDNLDSURIGUKDE'XVDQ3DYOX+LJKHU6FKRRORI+RVSLWDOLW\ 0DQDJHPHQW&]HFK5HSXEOLFSURIGUKDE/LERU3DYHUD+LJKHU6FKRRORI+RVSLWDOLW\ 0DQDJHPHQW&]HFK5HSXEOLFGUKDE'DQD3HWUDQRYi8QLYHUVLW\RI6W&\ULODQG 0HWKRGLXV6ORYDNLDSURIGUKDE2OJD3URNRSHQNR6XPVNL1DWLRQDO8QLYHUVLW\ 8NUDLQHSURIGUKDE7HUHVD6DVLĔVND.ODV-DJLHOORQLDQ8QLYHUVLW\3RODQGSURIGUKDE -HU]\6LHOVNL8QLYHUVLW\RI6]F]HFLQ3RODQGGU0DUFMDQQD$XJXVW\Q8QLYHUVLW\RI+XOO (QJODQGSURI-DQD*DOHUD0DW~ãRYi8QLYHUVLW\RI6W&\ULODQG0HWKRGLXV6ORYDNLD (GLWRULDO%RDUG GUKDE$JQLHV]ND7XUVND.DZDFKLHIHGLWRU PJU0DFLHM0DUPRODMRXUQDOVHFUHWDU\ GUKDE5REHUW$OEHUVNLWKHPHHGLWRUV\VWHPVDQGYRWLQJEHKDYLRU GUKDE'DQXWD3OHFNDSURI80.WKHPHHGLWRUSROLWLFDOLGHQWL¿FDWLRQ GUKDEàXNDV]7RPF]DNWKHPHHGLWRUSROLWLFDOSDUWLHV GUKDE=ELJQLHZ:LGHUDSURI8(WKHPHHGLWRUSROLWLFDOPDUNHWLQJ GUKDE:DOGHPDU:RMWDVLNWKHPHHGLWRUSDUW\V\VWHPV PJU3U]HP\VáDZ*U]RQNDVWDWLVWLFDOHGLWRU 5HYLHZHUVGUKDE$JQLHV]ND.DVLĔVND0HWU\NDSURI8-.Z.LHOFDFK7KH-DQ.RFKDQRZVNL 8QLYHUVLW\LQ.LHOFH3RODQGGUKDE0DFLHM'U]RQHN6]F]HFLQ8QLYHUVLW\3RODQGGUKDE -DFHN6XU]\Q8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQGGUKDE+DQD3UDYGRYi8QLYHUVLW\ RI6W&\ULODQG0HWKRGLXV6ORYDNLDGUKDEďXGPLODýiE\RYi8QLYHUVLW\RI6W&\ULODQG 0HWKRGLXV6ORYDNLDGU-XOLiQD0LQiULNRYi8QLYHUVLW\RI6W&\ULODQG0HWKRGLXV6ORYDNLD /DQJXDJHYHUL¿FDWLRQ$OHNVDQGUD-ĊGU]HMHF &RYHUSURMHFW-DURVáDZ:LFKXUD 2ULJLQDOYHUVLRQRIMRXUQDOSDSHU ‹,QVWLWXWHRI3ROLWLFDO6FLHQFHDQG-RXUQDOLVPDWWKH8QLYHUVLW\RI6LOHVLDDQGWKH&HQWHUIRU ,QQRYDWLRQ7HFKQRORJ\7UDQVIHUDQG'HYHORSPHQW)RXQGDWLRQRIWKH8QLYHUVLW\RI6LOHVLD Katowice 2015 -RXUQDOLVSXEOLVKHGE\WKH,QVWLWXWHRI3ROLWLFDO6FLHQFHDQG-RXUQDOLVPDWWKH8QLYHUVLW\ RI6LOHVLDDQGWKH&HQWHUIRU,QQRYDWLRQ7HFKQRORJ\7UDQVIHUDQG'HYHORSPHQW)RXQGDWLRQ RIWKH8QLYHUVLW\RI6LOHVLD 3DWURQDJHIRUWKHSURMHFWLVH[HUFLVHGE\(OHFWRUDO5HVHDUFK&RPPLWWHH3ROLVK3ROLWLFDO 6FLHQFH$VVRFLDWLRQ ISSN: 2083-327X 'HVNWRS3XEOLVKLQJSUHSUHVVDQGSULQWLQJ5(0$5ZZZUHPDUVRVQRZLHFSO HPDLOZ\GDZQLFWZR#UHPDUVRVQRZLHFSO $OOWH[WVDUHOLFHQVHGXQGHUWKH&UHDWLYH&RPPRQV%<&&%<

àXNDV]7RPF]DN 6]F]HFLQ8QLYHUVLW\3RODQG /HDGHUVRI3ROLVK3ROLWLFDO3DUWLHVDQG7KHLU6FRSHRI3RZHU LQ3DUW\6WUXFWXUHV ... 7 0DULXV].ROF]\ĔVNL 8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG Ä6XEVWLWXWH&DQGLGDWH´LQ3ROLVK&DPSDLJQ3UDFWLFH ... 19 %HDWD6áRERG]LDQ8QLYHUVLW\RI*GDQVN3RODQG 3ROLWLFDO3DUWLHVDQG7KHLU5ROHLQ'HWHUPLQLQJD7HUULWRULDO'LYLVLRQ RI3RODQG ... 35 Waldemar Wojtasik 8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG

3ROLWLFDO3DUWLHV¶(OHFWRUDO6WUDWHJLHVLQWKH&RQWH[WRI3ROLWLFDO8QFHUWDLQW\ ... 51 Agnieszka Turska-Kawa 8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG

7KH5ROHRI7UXVWLQ3ROLWLFDO&RUUXSWLRQ2XWOLQHRIWKH6XEMHFW ... 61 Agata Olszanecka-Marmola 8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG

3URV\VWHPLF9RWHUV9HUVXV$QWLV\VWHPLF2QHV(PRWLRQDO$WWLWXGH WR&DQGLGDWHVDQGWKH,QÀXHQFHRI793ROLWLFDO$GYHUWLVLQJ LQWKH3UHVLGHQWLDO(OHFWLRQLQ3RODQG ... 77 6]\PRQ.RáRG]LHM8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG 3DUW\6ZLWFKLQJDVD0HGLD3KHQRPHQRQLQWKH(OHFWLRQ&DPSDLJQ ... 93 5REHUW5DGHN 8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG 3DUW\%HKDYLRUDQGWKH)RUPDWLRQRI0LQRULW\*RYHUQPHQWV± ([SHULHQFHVLQ'HQPDUN ... 107 0DáJRU]DWD0\ĞOLZLHF8QLYHUVLW\RI6LOHVLDLQ.DWRZLFH3RODQG 6SDLQCV3DUW\6\VWHPDW7LPHVRIWKH(FRQRPLFDO&ULVLVDIWHU ... 125 Anna Sroka :DUVDZ8QLYHUVLW\3RODQG

7KH6SDQLVK3DUW\6\VWHPDQGWKH,VVXHRI$VVLJQLQJ5HVSRQVLELOLW\ ... 163

'RPLQLN6]F]HSDĔVNL (8QLYHUVLW\RI5]HV]RZ3RODQG 6XEFDUSDWKLDQ9RLYRGVKLSRQWKH(OHFWRUDO0DSRI3RODQG ...173 Kinga Sulejman8QLYHUVLW\RI5]HV]RZ3RODQG (OHFWLRQWR5HJLRQDO$VVHPEOLHV&RPSHWLWLRQLQWKH/LJKW3DUW\(OHFWLRQ &RPSDUDWLYH$QDO\VLV ... 5HYLHZ

Knopek Jacek: 6WRVXQNLSROVNR]DFKRGQLRDIU\NDĔVNLHHQJ5HODWLRQV

EHWZHHQ3RODQGDQG:HVW$IULFD$GDP0DUV]DáHN3XEOLVKLQJ+RXVH7RUXQ

SS

5HYLHZHU$QQD5DWNH0DMHZVND ... 217 6XPPDULHV ... 223

Abstract:

$WHUULWRULDOGLYLVLRQRIDFRXQWU\FRQVWLWXWHVWKHEDVLVRIDFXUUHQWRUJD QL]DWLRQRIWKHFRPPXQDOOLIHKHQFHLWVVWDELOLW\LVDIXQGDPHQWDOFRQGLWLRQ RIDQH൵HFWLYHDGPLQLVWUDWLRQLQDORFDOUHJLRQDODVZHOODVVWDWHZLGHVFDOH 7KHUHIRUHSROLWLFDOSDUWLHVWKDWDUHLQYROYHGLQGUDIWLQJWKHODZDVZHOODVDUH HQWLWOHGWRDFFHSWRUUHMHFWDFWVVKDOOSHUIRUPIRUWKHEHQH¿WRIJHQHUDOSXEOLF EXWIRUSDUWLFXODUUHDVRQV

Key words:

WHUULWRULDO GLYLVLRQ WHUULWRULDO VWUXFWXUH FRQFHSWLRQ RI GLYLVLRQ SROLWLFDO SURJUDPV

Introduction

$WHUULWRULDOGLYLVLRQRIDFRXQWU\LWVPRGHOLVHVVHQWLDOIRUSXEOLFDGPL QLVWUDWLRQ¶VRSHUDWLRQDQGIXQFWLRQLQJRIVRFLHW\LWVHOIDVZHOODVFRPSOHWLRQ RIWDVNVDOORFDWHGWRSXEOLFVXEMHFWV)XUWKHUWRWKHDERYHLWFRQVWLWXWHVWKH IXQGDPHQWRIWKHFRPPXQDOOLIH6XEVHTXHQWO\LWVVWDELOLW\LVDIXQGDPHQWDO FRQGLWLRQRIDQH൵HFWLYHDGPLQLVWUDWLRQLQDORFDOUHJLRQDODVZHOODVVWDWHZLGH VFDOH,QDGGLWLRQLWFUHDWHVFRQGLWLRQVWKDWHQDEOHWRWLHVRFLDOERQGVDVZHOO DVWREXLOGFXOWXUDODQGWHUULWRULDOORFDOUHJLRQDOLGHQWL¿FDWLRQ7KXVGUDZLQJ XSDFHUWDLQQHWRIWHUULWRULDOV\VWHPRIDFRXQWU\VKRXOGEHFRPSOLDQWZLWK VXSHULRUJRDOVLHDFRPPRQJRRGDQH൵HFWLYHRSHUDWLRQRIJRYHUQPHQWDO LQVWLWXWLRQV%XWDERYHDOOSROLWLFDOUHDVRQVVKRXOGEHH[FOXGHGLQWKLVVFRSH 1RZDGD\VLWVHHPVWKDWSROLWLFDOSDUWLHVDUHEHFRPLQJVXEMHFWVWKDWKDYHD VLJQL¿FDQWLPSDFWRQWKHIRUPRIDFRXQWU\,WLVFXUUHQWO\FRPPRQWKDWSURSR VLWLRQVVXEPLWWHGE\SROLWLFLDQVSHUWDLQLQJWRWKHWHUULWRULDOGLYLVLRQDUHUDWKHU

32/,7,&$/3$57,(6$1'7+(,552/(

,1'(7(50,1,1*$7(55,725,$/',9,6,21

2)32/$1'

%HDWD6ãRERG]LDQ

University of Gdansk, Poland

PRWLYDWHGE\WKHSROLWLFDOULYDOU\DQG¿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

Preparation for public administration reform - ideas

6LQFHWKHHDUO\SDUOLDPHQWDU\HOHFWLRQVRQ6HSWHPEHUWKHSROL WLFDOVLWXDWLRQKDVFKDQJHGKHQFHDVORZGRZQRIWKHUHIRUPRIWKHSXEOLF DGPLQLVWUDWLRQWKDWODVWHGXSXQWLOWKHVXVSHQVLRQRIZRUNLQJRYHUWKHQHZ DGPLQLVWUDWLYHGLYLVLRQ0RUHRYHUWKHV\VWHPLFVROXWLRQVUHJDUGLQJWKHWHUUL WRULDOGLPHQVLRQZHUHEHLQJUHSODFHGE\WKHWHPSRUDU\RQHV2QO\DIWHU IRXU\HDUVLQVSULQJRIWKHJRYHUQPHQWFUHDWHGE\WKHFRDOLWLRQ RI'HPRFUDWLF/HIW$OOLDQFH6/'DQG3ROLVK3HRSOH¶V3DUW\36/SUHSDUHG DQGDFFHSWHGDSURJUDPRIDGHFHQWUDOL]DWLRQRI3RODQGDQGDQH[WHQVLRQ RIORFDOJRYHUQPHQWV $QRSWLRQRIDWKUHHWLHUFRXQWU\LHPXQLFLSDOLW\±GLVWULFW±YRLYR GHVKLSZDVIRFXVHGRQWKHVROXWLRQVFRQVLGHUHGEHIRUH$GRFXPHQW FRQFHUQLQJWKHDERYHZDVHQWLWOHG³3DĔVWZRVSUDZQHSU]\MD]QHEH]SLHF]QH´ ³7KHHIIHFWLYHIULHQGO\DQGVDIHFRXQWU\´>850OLSLHF@DQGZDV VXEPLWWHGE\WKH*RYHUQPHQW5HSUHVHQWDWLYHIRUWKH3XEOLF$GPLQLVWUDWLRQ 5HIRUP0LFKDá.XOHV]D7KHJHQHUDOFRQFHSWLRQRIWKHDERYHPHQWLRQHGPRGHO ZDVWRUHGXFHDQXPEHURIWKHYRLYRGHVKLSV±IURPWRWRXQLI\WKH YRLYRGHVKLSDGPLQLVWUDWLRQDQGWRHQWHUORFDOJRYHUQPHQWVDWWKHOHYHORIWKH UHJLRQDQGWKHGLVWULFW$FFRUGLQJWRWKLVLGHDOHJDODQGDGPLQLVWUDWLYHIXQF WLRQVRIWKHORFDODQGUHJLRQDODXWKRULWLHVVKRXOGEHGL൵HUHQWLDWHG7KHDXWKRUL WLHVRIWKHPXQLFLSDOLW\DQGWKHGLVWULFWZRXOGEHUHVSRQVLEOHIRULPSOHPHQWLQJ ORFDOWDVNVZKHUHDVELJYRLYRGHVKLSVVRFDOOHGUHJLRQVZRXOGKDYHORFDODQG JRYHUQPHQWDODWWULEXWHVDQGZRXOGWKHUHIRUHLPSOHPHQWJHQHUDOWDVNVLQWHUPV RIWKHUHJLRQDOSROLF\17KHGLVWULFWPDSFRQFHUQLQJVWLOOH[LVWLQJLQIUDVWUXFWXUDO HFRQRPLFDQGKLVWRULFDOFRQGLWLRQVZDVDFFHSWHG(VSHFLDOO\WKHV\VWHPRIORFDO DQGHWKQLFDOVRFLHWLHVZDVWDNHQLQWRDFFRXQW7KXVWKHQXPEHURIGLVWULFWVZDV UHGXFHGE\XQLWV>850PDU]HF@ 1 7KH¿UVWHGLWLRQIURPDQLWFLSDWHGGLVWULFWVDQGVHSDUDWHGFLWLHV

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ )LQDOO\WKHPXQLFLSDOLW\ZRXOGEHWKHEDVLFXQLWRIWKHDGPLQLVWUDWLYH GLYLVLRQDQGDWWKHVDPHWLPHWKHIXQGDPHQWDOXQLWRIWKHORFDOJRYHUQPHQW 7KHPDLQWDVNVFRYHUHGE\WKHPXQLFLSDOLW\VKRXOGGLUHFWO\FRQFHUQWKHFLWL]HQ¶V QHHGVHLWKHUSXEOLFXWLOLW\WDVNVRUWKRVHVSHFL¿FDOO\DGPLQLVWUDWLYH $WZRWLHUPRGHOZDVDQDOWHUQDWLYHRSWLRQRIWKHDERYHSURMHFW $FFRUGLQJWRWKLVFRQFHSWLRQWKHEDVLFEHQH¿WRILWVLPSOHPHQWDWLRQZRXOGEH LWVVLPSOLFLW\DQGRQO\WZRDGPLQLVWUDWLYHOHYHOV7KHOLPLWHGQXPEHURIOHYHOV ZRXOGHPSRZHUPXQLFLSDOLW\XQLWVZLWKDGGLWLRQDOIXQFWLRQVZKHUHDVYRLYRGH VKLSVZRXOGKDYHUHJLRQDODQGRYHUFRPPXQDOFRPSHWHQFHV7KHPDLQLGHDRI WKLVRSWLRQZDVWRSUHVHUYHDQHWRIYRLYRGHVKLSVRIWKDWWLPHRUUHGXFWLRQLQWR XQLWVZKLFKZRXOGEHJUDGXDOO\FRQGXFWHGLQSKDVHVDFUHDWLRQRI UHJLRQDOXQLWVDQGDERXWVXEUHJLRQDORQHVZLWKWKHSUHVHUYDWLRQRIWKH PXQLFLSDOLW\GLYLVLRQEGHIDXOWFUHDWLRQRIUHJLRQVRIWKHFRPSHWHQFHV RIORFDODXWKRULWLHV$VHOHFWLRQRIWKHQXPEHURIWKHYRLYRGHVKLSVVKRXOGHOLPL QDWHWKHQH[XVEHWZHHQWKHPXQLFLSDOLW\DQGWKHYRLYRGHVKLSDQGVKRXOGGHSHQG RQWKHPRVWGHYHORSHGFLWLHVDQGELJDJJORPHUDWLRQV>850OLSLHF@ 7KHSURMHFWRIWKHDGPLQLVWUDWLYHUHIRUPDQWLFLSDWHGH[LVWHQFHRIORFDO JRYHUQPHQWVLQWHUPVRIYRLYRGHVKLSDSURYLQFHJRYHUQRU±YRLYRGHDJRYHUQ PHQWDOUHSUHVHQWDWLYHZKRZRXOGKDYHFRPSHWHQFHVRIDQH[HFXWLYHYRLYR GHVKLSJRYHUQPHQWZLWKWKHVWDWXVRIWKHJRYHUQPHQWDOUHSUHVHQWDWLYHLQWKLV UHJLRQ$VIDUDVWKLVPRGHOLVFRQFHUQHGWKHGHFHQWUDOL]DWLRQSURFHVVZRXOGEH FRQGXFWHGLQDZD\RIDQH[WHQVLRQRIVFRSHRIWKHFRPSHWHQFHVDQGHOLJLEL OLW\RIPXQLFLSDOLW\XQLWV,QFRQVHTXHQFHLWZRXOGOHGWRWKHFDWHJRUL]DWLRQRI WKRVHXQLWVLQWRDJJORPHUDWLRQVWKHELJJHVWFLWLHVPHGLXPFLWLHVVPDOOFLWLHV DQGVXEGLYLVLRQV±WKHPRVWGHYHORSHGRQHVLQRUGHUWRSURYLGHVHUYLFHV ,QDGGLWLRQWRWKLVV\VWHPXQLWVUHVSRQVLEOHIRUµVSDFHPDQDJLQJ¶ZRXOG DOVREHLQWURGXFHGEHWZHHQYRLYRGHVKLSDQGPXQLFLSDOLW\DVZHOODVYRLYRGHVKLS DQGDFHQWUH9ROXQWDU\DVVRFLDWLRQRIPXQLFLSDOLWLHVDQGXQLRQRIYRLYRGHVKLSV ZRXOGEHFUHDWHGLQRUGHUWRDOORFDWHWKHWDVNVWRXQLWHGXQLWV8QGRXEWHGO\WKLV ZRXOGEHHVVHQWLDOEXWLQFRQVHTXHQFHZRXOGGHYHORSLQWRIRXURU¿YHWLHU PRGHORIDGPLQLVWUDWLRQ $VLPLODULGHDRIWKHWZROHYHODGPLQLVWUDWLRQZDVSUHVHQWHGLQDELOO LQLWLDWHGE\WKH6HMPGHSXWLHVUHJDUGLQJYRLYRGHVKLSDXWKRULW\>850PDU]HF @7KH6HMPGHSXWLHVIURP36/SDUW\ZKRSUHSDUHGWKHDERYHGRFX PHQWZHUHDGYRFDWLQJWKHLQWURGXFWLRQRIWZRWLHUVROXWLRQLHPXQLFLSDOLW\DQG YRLYRGHVKLSORFDODQGJRYHUQPHQWDO$UW7KHSURMHFWDQWLFLSDWHGSUHVH UYDWLRQRIYRLYRGHVKLSVUHSUHVHQWHGE\DYRLYRGHDQR൶FLDORIWKHFHQWUDO DGPLQLVWUDWLRQDQGDORFDODVVHPEO\ZKLFKZRXOGEHFRQVWLWXWHGE\GHSXWLHV HOHFWHGLQHOHFWLRQVE\GLUHFWVX൵UDJH$UWDQG

7KDWSURMHFWDVVXPHGWKDWWDNLQJLQWRDFFRXQWWKHSKDVHRIDGPLQLVWUD WLYHUHIRUPVDQGGHFHQWUDOL]DWLRQSURFHVVRIWKDWWLPHWKHFKDQJHVVKRXOGEH IRFXVHGRQWKHFHQWUDOVWDWHDSSDUDWXVDWWKHYRLYRGHVKLSOHYHO7KHSUHVHUYDWLRQ RIDFXUUHQWGLYLVLRQLQWRYRLYRGHVKLSXQLWVZDVDFFHSWDEOHEHFDXVHRIFLYLOL]D WLRQFRQGLWLRQVDQGLPSOHPHQWLQJDVWUDWHJ\RIVRFLDODQGHFRQRPLFGHYHORSPHQW DVZHOODVHYROXWLRQRIODQGPDQDJHPHQWLQDPHVRUHJLRQDOVFDOH1HYHUWKHOHVV WKLVSURMHFWZDVUHMHFWHGGXULQJWKH6HMPVHVVLRQRQ)HEUXDU\ $WWKHEHJLQQLQJWKHPDLQUHDVRQIRUFRQGXFWLQJWKHUHIRUPZDVWR LQWURGXFHWKHVHOIJRYHUQDQFHDWWKHWKUHHOHYHOVKHQFHSROLWLFLDQVH[SHUWVDQG PHPEHUVRIORFDOJRYHUQPHQWVHYHQWXDOO\UHMHFWHGWKHSURMHFWZKLFKKDGEHHQ EDVHGRQWKHWZRWLHUDGPLQLVWUDWLRQ)XUWKHUPRUHWKLVFRQFHSWLRQZDVLQWKH RSSRVLWLRQZLWKFHUWDLQUHVROXWLRQVRIWKH&RQVWLWXWLRQRIWKH5HSXEOLFRI3RODQG RI$SULO7KHIXUWKHUGHFHQWUDOL]DWLRQRI3RODQGZDVGHWHUPLQHGE\WKH &RQVWLWXWLRQZKLFKVHWWKHIXWXUHGLUHFWLRQRIWKHSXEOLFDGPLQLVWUDWLRQUHIRUP WKDWVKRXOGEHUHJDUGHGE\WKHFUHDWRUV7KHUHIRUHWKH&RQVWLWXWLRQ¿QDOO\HQGHG WKHFRQFHSWLRQRIWKHDGPLQLVWUDWLYHGLYLVLRQLQWRWZRFDWHJRULHV7KHGRFXPHQW PHQWLRQHGLQWKH$UWLFOHWKHORFDOJRYHUQPHQWDQGLQFOXGHGLQWKLVVFRSH PXQLFLSDOLWLHVDQGRSWLRQDOO\³RWKHUXQLWVRIORFDOJRYHUQPHQW´2DVZHOODV UHJLRQDOJRYHUQPHQW´7DNLQJLQWRFRQVLGHUDWLRQODFNRIDGH¿QLWLRQRIDUHJLRQ LWZDVH[SODLQHGLQELOOVUHJDUGLQJORFDOJRYHUQPHQW>6HMP53GUXN@ ,QVXFKZD\WKHOHJLVODWRUZDVGHWHUPLQLQJWKHYRLYRGHVKLSJRYHUQPHQWE\ VHWWLQJWKHFKDUDFWHURILWVWDVNVDVUHJLRQDOXQOLNHORFDORQHV7KHLQWURGXFWLRQ RIWKHFODXVHLQWRWKH&RQVWLWXWLRQUHVXOWHGLQOLQNLQJWKHVFRSHRIYRLYRGHVKLS JRYHUQPHQWDQHFHVVDU\VFDOHRIVL]HDQGDSRWHQWLDORIWKHYRLYRGHVKLS¶VXQLWV RIWKHDGPLQLVWUDWLYHGLYLVLRQ7KHODVWPHQWLRQHGVKRXOGSURYLGHWKHXQLWVZLWK ³WKHFDSDFLW\WRSHUIRUPDQFHRIWKHLUGXWLHV´DVLQ$UW6XFKDV\VWHPDWLF DQGMXULVGLFWLRQDODVVXPSWLRQSUHVXPHGWKDWVRFLDOFXOWXUDODQGHFRQRPLFUHOD WLRQVVKRXOGEHWDNHQLQWRDFFRXQWZKLOHFUHDWLQJQHZDGPLQLVWUDWLYHGLYLVLRQ 7KXVLWLVHVVHQWLDOWRUHGXFHWKHLQWHUIHUHQFHLQWKHYRLYRGHVKLSV¶ERUGHUVRI V7KHUHIRUHVRPHRIWKHSURMHFWVVSHFLI\LQJQHZDGPLQLVWUDWLYHGLYLVLRQ ZHUHEDVHGRQWKHWKHQQHWRIYRLYRGHVKLSVZLWKLQGLFDWLRQWRWKHPHPEHUVKLS RIWKHLUKHDGTXDUWHUVWKHELJJHVWFLWLHVLQWKHQHZYRLYRGHVKLSV3>6HMP53 GUXN6HMP53GUXN@RUZHUHWDNLQJLQWRFRQVLGHUDWLRQWKH DERYH>.350@)RULQVWDQFHRQHRIWKHSURMHFWVVSHFLI\LQJWKHYRLYRGH VKLS¶VERUGHUVZDVFRPSOLDQWZLWKWKHFULWHULRQVPHQWLRQHGLQWKHJRYHUQPHQW LVVXHGGRFXPHQWZKLFKFRQVWLWXWHGDQDSSHQGL[WRWKHSURMHFW$FFRUGLQJWR UHFRPPHQGDWLRQVLQFOXGHGLQWKHDERYHGRFXPHQWWKHIRUPRIYRLYRGHVKLSV¶ PDSVKRXOGEHFRPSOLDQWZLWKWKHIROORZLQJIDFWRUV 2 7KHIROORZLQJDFWVUHJDUGLQJGLVWULFWJRYHUQPHQWDUHUHIHUULQJWRWKLVUHJXODWLRQ 3 7KLVUHJXODWLRQZDVHVVHQWLDOWRGHWHUPLQHDGLVWULFW¶VGHSHQGHQFHWRDYRLYRGHVKLS

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ  DIXQFWLRQDOLW\  DFROOHFWLYHVHFXULW\  DVRFLDOJHRJUDSKLFDODQGHFRORJLFDOFRQVHQVXV  DFRPSOLDQFHZLWK(XURSHDQDVZHOODVFXOWXUDODQGKLVWRULFDOVWDQGDUGV  WKH3ROLVKUHDVRQRIVWDWH $QLPSOHPHQWDWLRQRIDOOWKHVHFULWHULRQVDWWKHOHYHORIDFRXQWU\ ZRXOGFRQ¿UPWKHUHDVRQDEOHQHVVRIWKHGLYLVLRQLQWRELJYRLYRGHVKLSV UHJLRQV,QWKHOLJKWRIWKHH[SHUWV¶DVVHVVPHQWVDVZHOODVRQWKHEDVLVRIWKH SDUWLFXODUFULWHULRQVLWZDVDVVXPHGWKDWUHJLRQVDVVRFLDWHGZLWKWKHELJJHVW DJJORPHUDWLRQVRI3RODQGZRXOGEHWKHPRVWRSWLPDOVROXWLRQ,QFRPSDULVRQWR :HVWHUQ(XURSHDQFRXQWULHVVXFKDV6SDLQ,WDO\)UDQFHDQG*HUPDQ\V\VWHP RIYRLYRGHVKLSVLVFRPSOLDQWZLWKWKH(XURSHDQVWDQGDUGVDQGDWUDQVUH JLRQDOFRRSHUDWLRQLQWHUPVRIDQXPEHURIWKHUHJLRQVWKHLUDYHUDJHVXUIDFH DQGDQXPEHURILQKDELWDQWV 7KHUHVXOWVRIZRUNVGLVSRVHGWKHQ*RYHUQPHQW5HSUHVHQWDWLYHIRUWKH 3XEOLF$GPLQLVWUDWLRQ5HIRUP0LFKDá.XOHV]DWRVXEPLWRSWLRQRIYRLYRGH VKLSVDVDEDVLVRIIXUWKHUSODQQHGZRUNVLQ-DQXDU\>50 %.6%,@)XUWKHUWRWKHDERYHYRLYRGHVKLSVFRQFHSWLRQFRQVWL WXWHGWKHIXQGDPHQWRIWKHDFWRIWKHEDVLFWKUHHWLHUWHUULWRULDOGLYLVLRQRI3RODQG >6HMP53GUXN@_{7KHDERYHELOO$UWDVVXPHGWKDWLQWURGXFWLRQ} RIWKUHHWLHUDGPLQLVWUDWLYHGLYLVLRQZLWKYRLYRGHVKLSVGLVWULFWVDQGPXQLFLSDOL WLHVDVRQ$UWZRXOGKDYHEHFRPHH൵HFWLYHRQ-DQXDU\$FFRUGLQJ WRWKHVXSHULRUFULWHULRQRIWKHFRPPRQJRRGVHWE\WKH&RXQFLORI0LQLVWHUV WKHPDSRIWKHGLYLVLRQLQWRIROORZLQJYRLYRGHVKLSV$UWZDVDFFHSWHG WKH=LHPLD%LDá\VWRN3URYLQFHWKH/RZHU6LOHVLD3URYLQFHWKH=LHPLD/XEOLQ 3URYLQFHWKH=LHPLDàyGĨ3URYLQFHWKH/HVVHU3RODQG3URYLQFHWKH/HVVHU (DVWHUQ3RODQG3URYLQFHWKH0DVRYLDQ3URYLQFHWKH9LVWXOD3RPHUDQLD 3URYLQFHWKH:HVW3RPHUDQLD3URYLQFHWKH6LOHVLD3URYLQFHWKH:DUPLDQ 0DVXULDQ3URYLQFHWKH*UHDWHU3RODQG3URYLQFH5>6HMP53GUXN$@ 3XUVXDQWWR$UWRIWKLVDFWWKH&RXQFLORI0LQLVWHUVVXEPLWWHGWR6HMPWKH UHJXODWLRQUHJDUGLQJGLVWULFWVZKLFKZHUHLQFOXGHGLQYRLYRGHVKLSV¶XQLWV PHQWLRQHGLQ$UWDVZHOODVPXQLFLSDOLWLHVEHORQJLQJWRGLVWULFWV6>6HMP53 GUXN@7KHODZUHFRJQL]HVWKDWWKHSDUWLFXODUQHLJKERUUHJLRQVRI WKHQYRLYRGHVKLSVUHJLRQVGHWHUPLQHGWKHLUQHZGHSHQGHQFHLQWKHJHQHUDO  0DUFKVXEPLWWHGWR6HMPDQGUHDGGXULQJWKHVHVVLRQ 5 ,QWHUPVRIVHOIDGMXVWPHQWWKHDPHQGPHQWVRIWKH/HJLVODWLYH&RXQFLOGDWHG$SULO ZHUHWDNHQLQWRDFFRXQW0RUHRYHULQWKHQDPHVRIWKHFLWLHVLWZDVFRQYHQLHQWWRUHMHFW QDPHµ]LHPLD¶DVLWZDVQRWFRQVLVWHQWZLWKWKHWUDGLWLRQRIVRPHRIWKHUHJLRQV 6 GLVWULFWVDQGFLWLHVH[FOXGHGIURPWKHGLVWULFWVZHUHHVWDEOLVKHG$SSHQGL[QR 7KH5HJXODWLRQRIWKH&RXQFLORI0LQLVWHUVRQGHWHUPLQDWLRQRIGLVWULFWVDQGPXQLFLSDOLWLHV LQFOXGHGLQYRLYRGHVKLSV

WHUULWRULDOGLYLVLRQWKHPVHOYHV7>6HMP53GUXN%.6%, %.6%,@0HDQZKLOHWKHGHSXWLHVRI6HMPZHUHZRUNLQJRYHUWKHQHZ WHUULWRULDOIRUPRIWKHFRXQWU\,QFRQVHTXHQFHDJURXSRIGHSXWLHVIURP6/' SDUW\VXEPLWWHGDGUDIWRIWKHQHZWKUHHWLHUDGPLQLVWUDWLYHGLYLVLRQDFW>6HMP 53GUXN@WKDWDQWLFLSDWHGFUHDWLQJYRLYRGHVKLSXQLWV$UW WKH=LHPLD%LDá\VWRN3URYLQFHWKH/RZHU6LOHVLD3URYLQFHWKH+LJKHU6LOHVLD 3URYLQFHWKH=LHPLD.XMDZ\3RPHUDQLD3URYLQFHWKH=LHPLD/XEOLQ3URYLQFH WKH=LHPLD/XEXVND3URYLQFHWKHàyGĨ3URYLQFHWKH=LHPLD2SROH3URYLQFH WKH/HVVHU3RODQG3URYLQFHWKH:HVW/HVVHU3RODQG3URYLQFHWKH1RUWK/HVVHU 3RODQG3URYLQFHWKH0DVRYLD3URYLQFHWKH*GDĔVN3RPHUDQLD3URYLQFHWKH &HQWUDO3RPHUDQLD3URYLQFHWKH:HVW3RPHUDQLD3URYLQFHWKH:DUPLDQ 0DVXULDQ3URYLQFHWKH*UHDWHU3RODQG3URYLQFH_{>6HMP53GUXN$@} ,QWKHFRQWUDU\WRWKHGUDIWSUHSDUHGE\WKH&RXQFLORI0LQLVWHUV WKH5HJXODWLRQ$UWLFOH9WKLVDFWZDVVXSSRVHGWRLQWURGXFHGLVWULFWV DQGGHWHUPLQHWKHLUERUGHUVDQGPXQLFLSDOLWLHVLQWKHLUVFRSH7KLVQRWLRQZDV DVVXPHGWREHH൵HFWLYHVLQFH-XO\7KHGHSXWLHVZKRSURSRVHGWKHDERYH FKDQJHVZHUHMXVWL¿HGWKHLUFRQFHSWLRQRIYRLYRGHVKLSVE\WKHIDFWWKDWWKLV SURMHFWµZRXOGDFFRUGLQJWRWKHSXEOLFRSLQLRQDVVHVVPHQWHYRNHWKHOHDVW QXPEHURIVRFLDOFRQÀLFWVZRXOGEHWKHVLPSOHVWWRDFFHSWDQGWRLQWURGXFH EHFDXVHRILDWKHIDFWWKDWWKHQHWRIFHQWUHVH[LVWVXQWLOWRGD\DQGRQWKH EDVLVRIWKLVQHWWKHHOHPHQWVDUHEHLQJFUHDWHG±LQRWKHUZRUGVPDMRULW\RI DGPLQLVWUDWLYHQHWDVZHOODVPHGLDFRPPXQLFDWLRQLHSUHVVDQGUDGLR¶10_. 7ZRSURSRVLWLRQVVXEPLWWHGGXULQJWKH6HMPVHVVLRQZKLFKZHUH GHSLFWLQJGL൵HUHQWLGHDVIRUWKHVSDWLDODQGWHUULWRULDOIRUPRI3RODQGDQGZKLFK ZHUHWKHUHVXOWRIWKHUHODWLRQEHWZHHQWKHSDUWLFXODUWHUULWRULDOXQLWVZHUHHYHQ WXDOO\UHMHFWHGE\WKHGHSXWLHVDQGWKHVRFLHW\7KHUHIRUHLWZDVQHFHVVDU\WR FKRRVHRQHRIWKHDERYHFRQFHSWLRQVVRWKDWWRFRQGXFWIXUWKHUZRUNVFRQFHUQLQJ FRPSOHWLRQRIRWKHUOHJLVODWLYHDFWV7KHELJJHVWDFKLHYHPHQWRIWKHVHVVLRQRI

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áĊELH3URYLQFHLQWRWKH+LJKHU6LOHVLD3URYLQFHWKH=LHPLD.XMDZVNR3RPHUDQLDQ 3URYLQFHLQWRWKH.XMDZ\DQG3RPHUDQLD3URYLQFH 9 7KHOLVWRIGLVWULFWVDQGPXQLFLSDOLWLHVZDVVXEPLWWHGLQ6HOI$GMXVWPHQWRQWKH3DUOLDPHQWDU\ GUDIWRIWKHEDVLFWKUHHWLHUWHUULWRULDOGLYLVLRQDFW,ELG 10 7KHVWDWHPHQWRI6/'GHSXW\$QGU]HM%UDFKPDĔVNLGXULQJWKH6HMPFRPPLVVLRQ¶VVHVVLRQ

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ WKH6HMPFRPPLVVLRQVIRU$GPLQLVWUDWLRQDQG,QWHUQDO$൵DLUVKHUHLQDIWHU± .$L6:DQG/RFDO*RYHUQPHQWDQG5HJLRQDO3ROLF\KHUHLQDIWHU±.67L35± ZDVWKHDFFHSWDQFHRIVRFDOOHGµEDVLF¶GUDIWRIWKHWKUHHWLHUWHUULWRULDOGLYLVLRQ DFW,QDFFRUGDQFHZLWKWKHODZDQGUXOHVDFFHSWHGE\PHPEHUVRIWKHFRPPLV VLRQVWKDWGHWHUPLQHGIXUWKHUSURFHHGLQJVUHJDUGLQJµEDVLF¶SURMHFW11>%.6%, @GHSXWHVZHUHLVVXLQJQXPHURXVSURSRVLWLRQVUHJDUGLQJWKHFRQWHQW RIWKHGRFXPHQW7KHSURMHFWVXEPLWWHGE\WKH6/'UHSUHVHQWDWLYHVFRQFHUQLQJ YRLYRGHVKLSVPRGHOZDVWUHDWHGDVDµEDVLF¶RQH0HDQZKLOHWKHUHJXODWLRQ RIWKH&RXQFLORI0LQLVWHUVZDVSXWWRWKHYRWHDVDQDPHQGPHQWWRWKHGHSX WLHV¶GUDIW12>%.6%,@7KHGHSXWLHV±DVWKHUHSUHVHQWDWLYHVRI WKHVRFLHW\WKHUHJLRQVDQGSODFHVRIELUWKZHUHVXSSRUWLQJWKHSUHVHUYDWLRQRI WKHLURZQYRLYRGHVKLSV,QUHVXOWWKDWµKRPHGHIHQGDQFH¶ZDVWKHPDLQIDFWRU RIVXEPLWWLQJRWKHUDPHQGPHQWVWRWKHµEDVLF¶SURMHFW2QO\GXULQJWKHVHVVLRQ RIWKH6HMPFRPPLVVLRQVGHSXWLHVORGJHGDSSOLFDWLRQVSHUWDLQLQJWRWKH SURSRVLWLRQRIWKHDGMXVWPHQWRISUHOLPLQDU\DSSURYHGERUGHUVRIYRLYRGHVKLSV 7KHIROORZLQJDPHQGPHQWVZHUHVXEPLWWHGDPRQJVWWKHRWKHUVSUHVHUYDWLRQ RIYRLYRGHVKLSVLQWURGXFWLRQRIRUUHJLRQV7KRVHWZRSURSRVLWLRQV GL൵HUHGIURPWKHµEDVLF¶SURMHFWLQWHUPVRIµWKHRWKHUQRWLRQRIPXQLFLSDOLW\¶ 7KHSURSRVHURIWKHQHZµ¶DGYRFDWHGIRULQFUHDVHRI*GDĔVNYRLYRGHVKLSE\ FRQQHFWLQJWKH(OEOąJGLVWULFW7KHDERYHFRQFOXVLRQVZHUHQHJDWLYHO\RXWYRWHG E\PHPEHUVRIWKHFRPPLVVLRQV'XULQJWKDWVHVVLRQDSURMHFWRIYRLYRGHVKLS ZDVEHLQJPHQWLRQHGIRU¿YHWLPHV)RXURIWKHPZHUHVXEPLWWHGE\$QGU]HM %UDFKPDĔVNL6/'%UDFKPDĔVNL¶VLGHDZDVWRH[FOXGH&HQWUDO3RPHUDQLD DSSOLFDWLRQQRRU2OG3RODQGYRLYRGHVKLSDSSOLFDWLRQQRRUWKH.XMDZ\ 3RPHUDQLDYRLYRGHVKLSDSSOLFDWLRQQRRUWKH/XEXVNLHYRLYRGHVKLS DSSOLFDWLRQQR:KLOHVXEPLWWLQJWKHDPHQGPHQWV%UDFKPDĔVNLGLGQRW MXVWLI\WKHSXUSRVHRIWKHLULQWURGXFWLRQ0HDQZKLOHWKHSURMHFWVXEPLWWHGE\ 0DFLHM-DQNRZVNL6ROLGDULW\(OHFWLRQ$FWLRQ$:6UHJDUGLQJYRLYRGH VKLSVZLWKRXWWKH&HQWUDO3RPHUDQLD.RV]DOLQZDVDSSURYHG13>%.6%, 11 %HIRUHWKHVHVVLRQRIWHDPVLQFOXGHGLQWKHFRPPLVVLRQVWKHLUFKDLUPHQZHUHDWWHPSWLQJ WRGHWHUPLQHDZD\DVZHOODVDVHTXHQFHRIDPHQGPHQWV¶DQGDSSOLFDWLRQV¶VXEPLVVLRQDQG DPHWKRGRIYRWLQJ 12 2QWKHEDVLVRIWKHDSSOLFDWLRQORGJHGE\WKH/HJLVODWLYH2൶FHRIWKH&KDQFHOOHU\RIWKH 6HMPDVZHOODV-HU]\6WĊSLHĔWKH8QGHUVHFUHWDU\RIWKH6WDWHLQWKH0LQLVWU\RI,QWHULRU DQG$GPLQLVWUDWLRQZKRZHUHSUHVHQWGXULQJWKHVHVVLRQWKHDGMXVWPHQWVUHJDUGLQJWKH WLWOH DV ZHOO DV VRPH DUWLFOHV RI ERWK GUDIWV ZHUH LQWURGXFHG HJ LQVWHDG RI µWKUHHWLHU¶ QDPHWKH\LQWURGXFHGµWKUHHOHYHO¶WKHGDWHRIUHJXODWLRQ¶VHQWU\ZDVFKDQJHGIURP-XO\ LQWR-DQXDU\)XUWKHUPRUHWKHXQLWV¶RUGHULQDGRFXPHQWZDVFKDQJHGLQWR PXQLFLSDOLWLHVGLVWULFWVDQGYRLYRGHVKLSV7KHWLWOHRIWKH3DUOLDPHQWDU\GUDIWZDVFRPSOHWHG ZLWKDQDGMHFWLYHµEDVLF¶ 13 2QWKHDSSOLFDWLRQRIWKH6HMPGHSXW\)UDQFLV]ND&HJLHOVNDWKH/HJLVODWLYH2൶FHRIWKH &KDQFHOOHU\RIWKH6HMPFRQGXFWHGDQDQDO\VLVRIERWKDSSOLFDWLRQVFRQFHUQLQJFUHDWLQJ

@1HYHUWKHOHVVGXHWRSURFHGXUDOZHDNQHVVHVWKHDERYHFRQFOXVLRQVKDG WREHUHMHFWHGDQGWKXVLWZDVQHFHVVDU\WRUHYRWHWKHVXEPLWWHGDPHQGPHQWVWR WKHSURMHFWRIWKHWHUULWRULDOGLYLVLRQRI3RODQG 7KHVHVVLRQ¶VDGMRXUQDQGWKHUHVXPSWLRQRYHUWKHµEDVLF¶SURMHFW FDXVHGWKDWWKH%XUHDXRIDOOWKHFRPPLVVLRQVUHFHLYHGHYHQPRUHSURSRVL WLRQVSHUWDLQLQJWRWKHQXPEHUDQGWKHIRUPRIWKHYRLYRGHVKLSV$JDLQDPHQG PHQWVFRQFHUQLQJSUHVHUYDWLRQRIYRLYRGHVKLSVDQGRUUHJLRQVZHUH UHMHFWHG7KHSURMHFWRIYRLYRGHVKLSVVXEPLWWHGE\%UDFKPDĔVNLLQWHQGHG WRFUHDWHYRLYRGHVKLSVVDPHEXWFRPSDUDEOHWRDSSRLQWPHQWRIYRLYRGH VKLSVLQFOXGHGLQWKHµEDVLF¶SURMHFW±WRWKHFRXQWU\ZLWKWKHDSSOLFDWLRQ DSSOLFDWLRQQRIURPSUHYLRXVYRWLQJ7RWKHSDFNDJHRIYRLYRGHVKLSV SURSRVLWLRQVVXEPLWWHGE\%UDFKPDĔVNLDQDSSOLFDWLRQH[FOXGLQJ&HQWUDO 3RPHUDQLDRU2OG3RODQGRU3RPHUDQLDDQG.XMDZ\RU/XEXVNLHZDVDWWDFKHG >%.6%,@ 6XEVHTXHQWO\WKHSURSRVLWLRQRIYRLYRGHVKLSVZDVWDNHQLQWRFRQVLG HUDWLRQ7KHEDVLVRIµ¶ZDVWKH&RXQFLORI0LQLVWHUVUHJXODWLRQFRQFHUQLQJ YRLYRGHVKLSVSOXVDGGLWLRQDOXQLW)XUWKHUWRWKHDERYH5\V]DUG%UHM]D $:6YRLFHGWKHDSSOLFDWLRQQRFRQFHUQLQJFUHDWLQJDGGLWLRQDOYRLYRGHVKLS RI3RPHUDQLDDQG.XMDZ\7KLVSURSRVLWLRQDURXVHGFRQWURYHUV\$FFRUGLQJ WRWKHSURSRVHUWKLVSURMHFWIXOILOOHGDOOWKHVXEVWDQWLYHUHDVRQVWKHFRQGL WLRQVFRPSOLDQWZLWKILQDQFLDOFDOFXODWLRQVDQGDFKLHYHGWKHDFFHSWDQFHRI DERXWFLWL]HQV$WWKHVDPHWLPHWKHRSSRQHQWVRIWKLVRSWLRQMXVWL ILHGWKHLUVWDWHPHQWWKDWWKHDERYHGHFODUDWLRQH[FOXGHVVLJQDWXUHVRIWKH LQKDELWDQWVRI7RUXĔYRLYRGHVKLSZKLFKPHDQVWKDWWKHUHLVQRDFFHSWDQFH IRULQFRUSRUDWLQJ7RUXĔWRWKH.XMDZ\DQG3RPHUDQLDYRLYRGHVKLS_>%.6%, @7KHUHIRUHWKLVSURMHFWDVZHOODVSURSRVLWLRQVRIQHZYRLYRGH VKLSV%HVNLG\15DQG2SROH16ZHUHHYHQWXDOO\UHMHFWHG$WWKHVDPHWLPH YRLYRGHVKLSVPRGHOZDVDSSURYHGDQGVXEVHTXHQWO\VXEPLWWHGLQWKH6HMP17_. 7KLVSURMHFWZDVFRPSDUDEOHWRWKH&RXQFLORI0LQLVWHUVUHJXODWLRQ0DWWHU QREXWLQDFFRUGDQFHWRWKHSUHYLRXVDVVXPSWLRQVLWRQO\FRQVWLWXWHGWKH DPHQGPHQWWRWKHGHSXWLHV¶SURMHFW RIYRLYRGHVKLSVVXEPLWWHGE\GHSXWLHV$%UDFKPDĔVNLDQG0-DQNRZVNL,QTXLULHV ZLWKWKHDQDO\VLVUHYHDOHGWKDWWKHUHH[LVWHGVRPHGL൵HUHQFHVFRQFHUQLQJWKHPXQLFLSDOLWLHV¶ ERDUGVDVZHOODVGL൵HUHQFHVUHJDUGLQJQDPHVRIWKHYRLYRGHVKLSV2QWKLVEDVLVWKRVHWZR DSSOLFDWLRQVZHUHWDNHQXQGHUWKHYRWHVLQFHWKH\ZHUHQRQLGHQWLFDO  7KHVWDWHPHQWRIWKH6HMPGHSXW\-DQ:\UDZLĔVNLWKH)UHHGRP8QLRQ8: 15 7KHDSSOLFDWLRQQRDORGJHGE\WKH6HMPGHSXW\+HQU\N.UROOLQGHSHQGHQWGHSXW\ $FFRUGLQJ WR WKLV GRFXPHQW LQ WKH 2SROH YRLYRGHVKLS WKH IROORZLQJ GLVWULFWV ZRXOG EH LQFRUSRUDWHGWKH=LHPLD2OHVNDWKH=LHPLD'REURG]LHĔVNDDQGWKH=LHPLD5DFLERUVND 16 7KHDSSOLFDWLRQQRORGJHGE\WKH6HMPGHSXW\*UDĪ\QD-DQLV]HZVND8:

17 7KHDSSOLFDWLRQQRORGJHGE\WKH6HMPGHSXWLHV3DZHá%U\áRZVNL%DUDEDUD,PLRáF]\N ,UHQD/LSRZLF]DQG-HU]\3RODF]HN

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ $IWHUWKHWKLUGUHDGLQJGDWHG-XQHWKH6HMPDFFHSWHGWHUULWRULDO GLYLVLRQRI3RODQGLQWRYRLYRGHVKLSV_{>%.6%,@)XUWKHU} WRWKHDERYHWKH3DUOLDPHQWDSSURYHGWKHLUQDPHVDQGWKHR൶FHRIYRLYRGH 2QWKHEDVLVRIWKLVSURMHFW$UWIROORZLQJYRLYRGHVKLSVZHUHHVWDEOLVKHG WKH%LDá\VWRN3URYLQFHWKH/RZHU6LOHVLDQ3URYLQFHWKH/XEOLQ3URYLQFH the àyGĨ3URYLQFHWKH/HVVHU3RODQG3URYLQFHWKH:HVW/HVVHU3RODQG 3URYLQFHWKH9LVWXOD3RPHUDQLDQ3URYLQFHWKH:HVW3RPHUDQLDQ3URYLQFH WKH6LOHVLDQ3URYLQFHWKH:DUPLDQ0DVXULDQ3URYLQFHWKH*UHDWHU3RODQG 3URYLQFH 7KHDSSURYDORIWKHGUDIWRIWKHELOOLQWKH6HMPGLGQRWPHDQKRZHYHULWV YDOLGDWLRQE\WKH6HQDWH7KHSURMHFWRIYRLYRGHVKLSVZDVFRQVLGHUHGDVµWHQWD WLYH¶DQGWKHUHVWLOOH[LVWHGWKHSRVVLELOLW\WRHQWHUQHZDPHQGPHQWVLQWKHIXUWKHU SURFHGXUH1XPHURXVSURSRVLWLRQVFRQFHUQLQJDGPLQLVWUDWLYHGLYLVLRQQHZRSLQ LRQVDQWDSSOLFDWLRQVORGJHGE\UHSUHVHQWDWLYHVRIWKHORFDOJRYHUQPHQWVRULQKDE LWDQWVRISDUWLFXODUUHJLRQVUHÀHFWHGWKHFRPSOH[LW\RIWKHDGPLQLVWUDWLYHGLYL VLRQ/DFNRIVWUDWHJ\RIµ¶GLVSXWHVEHWZHHQSROLWLFLDQVUHSUHVHQWLQJGL൵HUHQW SDUWLHVDIIHFWHGWKHIXUWKHUOHJLVODWLYHSURFHVV19>(PLOHZLF]:RáHN @$IWHUKHDULQJWKHELOODSSURYHGE\WKH6HMP>%.6%,@WKH 6HQDWHLQVHUWHGVHYHUDODPHQGPHQWV,QFRQVHTXHQFHWKHSURMHFWRIYRLYRGH VKLSZDVDFFHSWHGZLWKQHZXQLWVWKH/XEXVNLH3URYLQFHWKH2SROH3URYLQFH DQGWKH.XMDZ\3RPHUDQLDQ3URYLQFH>%.6%,@20_{. Since then the} PDSRIWKHDGPLQLVWUDWLYHGLYLVLRQLQFOXGHGIROORZLQJYRLYRGHVKLSVWKH/RZHU 6LOHVLDQ3URYLQFHWKH.XMDZ\3RPHUDQLDQ3URYLQFHWKH/XEOLQ3URYLQFHWKH /XEXVNLH3URYLQFHWKHàyGĨSURYLQFHWKH/HVVHU3RODQG3URYLQFHWKH0DVRYLDQ 3URYLQFHWKH2SROH3URYLQFHWKH3RGODVNLH3URYLQFHWKH3RPHUDQLDQ3URYLQFH WKH6LOHVLDQ3URYLQFHWKH:DUPLDQ0DVXULDQ3URYLQFHWKH*UHDWHU3RODQG 3URYLQFHWKH:HVW/HVVHU3RODQG3URYLQFHWKH:HVW3RPHUDQLDQ3URYLQFH 6LPLODUO\WRDPHQGPHQWVUHJDUGLQJWKHQXPEHURIXQLWVWKHQDPHRIYRLYRGH R൶FHDQGLWVKHDGTXDUWHUVDVZHOODVWKHKHDGTXDUWHUVRI9RLYRGHVKLSDVVHP EOLHVZHUHGHWHUPLQHG$PHQGPHQWQR

 7KH GD\ EHIRUH WKH YRWLQJ WKH VHVVLRQ ZLWK WKH SUHVHQFH RI WKH &RPPLVVLRQ IRU /RFDO *RYHUQPHQW DQG 5HJLRQDO 3ROLF\ .67L35 DQG WKH &RPPLVVLRQ RI WKH ,QWHULRU DQG $GPLQLVWUDWLRQ.$L6:WRRNSODFH'XULQJWKLVPHHWLQJDPHQGPHQWVUHJDUGLQJWKH QXPEHURIYRLYRGHVKLSVZHUHFRQVLGHUHG)XUWKHUPRUHDSSOLFDWLRQVRQYRLYRGHVKLSV¶ FUHDWLRQDSSOLFDWLRQVFRQFHUQLQJYRLYRGHVKLSV¶FUHDWLRQDSSOLFDWLRQVFRQFHUQLQJ YRLYRGHVKLSV¶FUHDWLRQDQGDSSOLFDWLRQVFRQFHUQLQJUHJLRQV¶FUHDWLRQZHUHORGJHG WKDWGD\$OORIWKHPZHUHUHMHFWHGGXULQJWKHYRWLQJ

19 &I WKH VWDWHPHQW RI 0 .XOHV]D - 5RNLWD - 6WĊSLHĔ / 'RUQ DQG . 0DUFLQNLHZLF] SHUWDLQLQJWRWKHWHUULWRULDOIRUPRIWKHFRXQWU\

20 $WWKHVDPHWLPHWKHFKDQJHVRIWKHYRLYRGHVKLSV¶QDPHVZHUHDOWHUHGLQWRWKHDGMHFWLYH IRUPDVZHOOWKHQDPHµELDáRVWRFNLH¶ZDVFKDQJHGLQWRµSRGODVNLH¶DQGWKHQDPHRIµ9LVWXOD 3RPHUDQLD3URYLQFH¶ZDVFKDQJHGLQWRµSRPRUVNLH¶$PHQGPHQWQR

$QDSSHQGL[UHJDUGLQJQXPEHURIYRLYRGHVKLSXQLWVDQGWKHLUQDPHV WRJHWKHUZLWKWKHOLVWRIPXQLFLSDOLWLHVLQFOXGHGZDVWKHFRPSOHPHQWRIWKHODZ $WWKHVDPHWLPHLWFRQVWLWXWHGWKHLQWHJUDOZKROHDVZHOODVFRPSOHWLRQRIWKH UHVROXWLRQDVLQ$UWRIWKH&RQVWLWXWLRQ21_. 'LVWULFWVWKHµLQGLUHFW¶DGPLQLVWUDWLYHXQLWVRIWKHFRXQWU\ZHUHH[SHFWHG WREHGHWHUPLQHGE\WKHUHJXODWLRQRIWKH&RXQFLORI0LQLVWHUVZLWKµWDNLQJLQWR DFFRXQW>WKH0LQLVWHUV¶@FDSDELOLW\WRSHUIRUPSXEOLFGXWLHVDQGWKHJRRGRI ORFDOFRPPXQLW\¶$PHQGPHQWQR 7KH6HMPHYHQWXDOO\DSSURYHGWKH6HQDWH¶VSURSRVLWLRQFRQFHUQLQJ FUHDWLQJYRLYRGHVKLSVRQ-XO\DQGLQFRPSOLDQFHZLWKWKHOHJLVODWLYH SURFHVVWKHSURMHFWZDVVXEVHTXHQWO\VXEPLWWHGWRWKH3UHVLGHQWRIWKH5HSXEOLF RI3RODQG$FWLQJRQWKHEDVLVRI$UWRIWKH&RQVWLWXWLRQWKH3UHVLGHQW UHIXVHGWRVLJQWKHGUDIW7KHUHDVRQRIWKLVGHFLVLRQZDVWKDWWKHGUDIWHGWKUHHWLHU DGPLQLVWUDWLYHGLYLVLRQµGRHVQRWVDWLVI\WKHFRQVWLWXWLRQDOGHPDQGVDQGLQSDUWLF XODUGRHVQRWWDNHLQWRDFFRXQWWKHFXUUHQWVRFLDODQGFXOWXUDOWLHV¶,QRWKHUZRUGV WKHGUDIWODZRIYRLYRGHVKLSVDFFHSWHGE\WKH6HMPGLGQRWUHVSHFWWKHFULWH ULRQRIFDSDELOLW\RILQKDELWDQWVWRDGPLQLVWUDWHWKHPDLQSDUWRIORFDOD൵DLUVRQ WKHLURZQUHVSRQVLELOLW\DQGIRUWKHEHQH¿WRIRWKHUFLWL]HQV22>6HMP53GUXN 6HMP53GUXN%.6%,@7KHUHIRUH WKH3UHVLGHQWLQGLFDWHGWKHVWURQJQHFHVVLW\WRFRPSOHWHWKHDERYHGRFXPHQW ZLWKQHZYRLYRGHVKLSVWKH2OG3RODQG3URYLQFHDQGWKH&HQWUDO3RPHUDQLDQ 3URYLQFH7KLVSURSRVLWLRQUHIHUUHGWRWKHKLVWRU\RI3RODQG7KHµVHYHQWHHQ¶ DSSHDUHGWREHWKHRSWLPDOVROXWLRQIRU3RODQGWDNLQJLQWRDFFRXQWLHWKHLQIUD VWUXFWXUH+DYLQJDFFHSWHGWKH3UHVLGHQW¶VYHWRRQ-XO\WKH6HMPVWDUWHGWR ZRUNRYHUWKHQHZGUDIWRIWKHWHUULWRULDOGLYLVLRQDFW7KHQH[LVWLQJFRQFHSWLRQV DQGSURFHHGLQJVUHJDUGLQJQXPEHURIYRLYRGHVKLSVLQGLFDWHGWKDWWKHSHUIHFWVROX WLRQDQGDWWKHVDPHWLPHVRFLDOFRPSURPLVHZRXOGEHFUHDWLQJRIYRLYRGH VKLSVUHJLRQV7KXVWKH3UHVLGHQW¶VYHWRSHUWDLQLQJWRWKHGUDIWRIYRLYRGHVKLS ELOODVZHOODV3DUOLDPHQW¶VUHMHFWLRQRIWKH3UHVLGHQW¶Vµ¶SURSRVLWLRQJDYHDELUWK

21 'XULQJ WKH DSSURYDO RI 6HQDWH¶V SURSRVLWLRQ RI YRLYRGHVKLSV¶ ERUGHUV WKH VWDWHPHQWV RI VRPH RWKHU JURXSV ZDV WDNHQ LQWR DFFRXQW HJ UHVROXWLRQV DGRSWHG E\ PXQLFLSDOLWLHV DQG WKH RSLQLRQ RI GL൵HUHQW RUJDQL]DWLRQV DQG LQVWLWXWLRQV HJ DJULFXOWXUDO FKDPEHUV SROLWLFDODFWLYLVWV7KHFUXFLDOHOHPHQWSHUWDLQLQJWRWKHERUGHUVRIYRLYRGHVKLSZDVWKH UXOHRISUHVHUYDWLRQWKHGLVWULFW7KH6WDWHPHQWRI5HDVRQLVVXHGE\.D]LPLHU].OHMQGXULQJ .67L35DQG.$L6:VHVVLRQRQ-XQH

22 7KH 3UHVLGHQW ZDV FDWHJRULFDOO\ XQGHUOLQLQJ WKLV PDWWHU DQG UHIHUULQJ WR WKH FRQWHQW RI 7KH(XURSHDQ&KDUWHURIWKH/RFDO6HOI*RYHUQDQFH,QKLVMXVWL¿FDWLRQKHLQGLFDWHGWKH FRQQHFWLRQWRWKH*RYHUQPHQW¶V3URMHFWLRQRIWKH3ROLWLFDO5HIRUPGDWHGRQ0DUFK 0HPEHUV RI .67L35 DQG .$L6: ZHUH GLVFXVVLQJ WKH PRWLYHV RI WKH 3UHVLGHQW¶V YHWR GXULQJWKHVHVVLRQ7KHUHIHUUDOWRWKHµVRFLDODFFHSWDQFH¶ZDVDQLQFHQWLYHWRDGLVFXVVLRQ RYHUWKHVWDWHZLGHUHIHUHQGXP0HDQZKLOHGXULQJWKH6HMP¶VVHVVLRQRQ0D\ WKHGHSXWLHVUHMHFWHGWKHDSSOLFDWLRQRQWKHVWDWHZLGHUHIHUHQGXP

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ WRWKHFRPSURPLVHLGHDRIYRLYRGHVKLSV7KHQHZGUDIWRIWKHWKUHHWLHUGLYL VLRQELOOVXEPLWWHGE\GHSXWLHVRIWKH6HMP>6HMP53GUXN@HVWDEOLVKHG YRLYRGHVKLSXQLWVDVLQ$UWWKH/RZHU6LOHVLDQ3URYLQFHWKH.XMDZ\ 3RPHUDQLDQ3URYLQFHWKH/XEOLQ3URYLQFHWKHàyGĨ3URYLQFHWKH/HVVHU3RODQG 3URYLQFHWKH0DVRYLDQ3URYLQFHWKH2SROH3URYLQFHWKH3RGODVNLH3URYLQFH WKH3RPHUDQLDQSURYLQFHWKH6LOHVLDQ3URYLQFHWKHĝZLĊWRNU]\VNLH3URYLQFH WKH:DUPLDQ0DVXULDQ3URYLQFHWKH*UHDWHU3RODQG3URYLQFHWKH:HVW/HVVHU 3RODQG3URYLQFHWKH:HVW3RPHUDQLDQ3URYLQFH23>%.6%,@ )LQDOO\DIWHUWKHDGMXVWPHQWWRWKHGUDIWRIWKHDFW_{>%.6%,} @LWZDVDFFHSWHGE\WKH6HMPDQGVLJQHGE\WKH3UHVLGHQWRQ-XO\ >']81USR]@7KHSRWHQWLDODVVXPSWLRQVLQWURGXFHGWKH QHZVSDWLDODQGWHUULWRULDORUJDQL]DWLRQ7KHQHZWHUULWRULDOGLYLVLRQHQWHUHGLQWR IRUFHRQ-DQXDU\LQFOXGHGWKUHHWLHUVWUXFWXUHRIWKHIROORZLQJXQLWV DPXQLFLSDOLW\DGLVWULFWDQGDYRLYRGHVKLSYRLYRGHVKLSXQLWVGLVWULFWV FLWLHVZLWKGLVWULFWULJKWVVRFDOOHGPDJLVWUDWHFLWLHVDQGPXQLFLSDOL WLHVZHUHHVWDEOLVKHG7KHYRLYRGHVKLSV¶V\VWHPUHÀHFWHGWKHGXDOFKDUDFWHURI ORFDODXWKRULWLHVORFDOJRYHUQPHQWJRYHUQPHQW

Changes in the new territorial organization

7KLVVROXWLRQKRZHYHUZDVQRWHQWKXVLDVWLFDOO\DFFHSWHG7KHUHIRUH WKHDXWKRULWLHVVWDUWHGZRUNLQJRYHUWKHGUDIWIRUDQRWKHUWLPH,QDFFRUGDQFH ZLWKWKHDSSURYHGODZUHJXODWLRQVWKH&RXQFLORI0LQLVWHUVZDVREOLJHGWRDVVHVV WKHQHZDGPLQLVWUDWLYHGLYLVLRQDQGWRSURSRVHDQ\DPHQGPHQWV7KLVREOLJD WLRQZDVPHQWLRQHGLQDEDVLFWKUHHWLHUGLYLVLRQDFWDQGUHJXODWLRQVRISXEOLF DGPLQLVWUDWLRQUHIRUPDFW25_. 7KHDFFHSWHGVROXWLRQVDIWHUWKHDGMXVWPHQWFRQFHUQLQJWKHWHUULWRULDOGLYL VLRQDWWKHOHYHORIYRLYRGHVKLSDQGGLVWULFWIXO¿OOHGORFDOFRPPXQLW\¶VFODLPV ,QFRQVHTXHQFHQHZGLVWULFWVZHUHHVWDEOLVKHGDQGWKHFKDQJHRIYRLYRGHVKLSV¶ 23 7KHIROORZLQJDPHQGPHQWVUHJDUGLQJWKLVSURMHFWZHUHVXEPLWWHGFUHDWLRQRIDQDGGLWLRQDO YRLYRGHVKLSµEHVNLG]NLH¶RUFKDQJLQJWKHQDPHµPDáRSROVNLH¶LQWRµWKH/HVVHU3RODQGDQG 3RGEHVNLG]LH3URYLQFH¶WKH6HMPGHSXW\±*6WDQLV]HZVND±8:DVZHOODVFKDQJLQJWKH QDPHµĞZLĊWRNU]\VNLH¶LQWRµVWDURSROVNLH¶WKH6HMPGHSXW\-.DVSU]\N±6/'  (JWKHQDPHRIµWKH:HVW/HVVHU3RODQG3URYLQFH¶ZDVFKDQJHGLQWRµWKH3RGNDUSDFNLH 3URYLQFH¶)XUWKHUPRUHWKHGHFLVLRQFRQFHUQLQJFRQÀLFWPXQLFLSDOLWLHVDQGYRLYRGHVKLSV ZDV PDGH HJ PXQLFLSDOLW\ 6áDZNyZ ZDV LQFRUSRUDWHG WR WKH /HVVHU 3RODQG 3URYLQFH PXQLFLSDOLW\ 6HFHPLQ ZDV LQFRUSRUDWHG WR WKH ĝZLĊWRNU]\VNLH 3URYLQFH PXQLFLSDOLWLHV 'UJDF] 1RZH DQG :DUOXELH ZHUH LQFRUSRUDWHG WR WKH .XMDZ\3RPHUDQLDQ 3URYLQFH ,QDGGLWLRQWKHQXPEHURIORFDODVVHPEOLHVDQGYRLYRGHR൶FHVZDV¿QDOO\GHWHUPLQHG 25 7KHEDVLFWKUHHWLHUWHUULWRULDOGLYLVLRQDFWGDWHG-XO\']8QRLWHP

GHWHUPLQHGDGXHGDWHRIDVVHVVPHQWXSXQWLO'HFHPEHU±WKHELOOGDWHG2FWREHU ']8QRLWHPGHWHUPLQHGDGXHGDWHXSXQWLO-XQH

ERUGHUVZDVDFFHSWHGE\WKHVRFLHW\DQGVRPHVRFLDOJURXSZHUHVLQFHWKHQDVVXUHG WKDWWKHUHIRUPKDVQRWVWRSSHGRQ-DQXDU\DQGLWVUHVROXWLRQFDQQRWEHWUHDWHG DVWKH¿QDOIRUP26>&I6áRERG]LDQ@7DNLQJLQWRDFFRXQWWKHFULWHULD GHWHUPLQHGE\WKHODZHVWDEOLVKPHQWRISURQHWRG\VIXQFWLRQXQLWVZDVZDLYHG 7KHDGMXVWPHQWRIWKHDGPLQLVWUDWLYHDQGWHUULWRULDOGLYLVLRQRI3RODQGGLG QRWHQGIXUWKHUDWWHPSWVWRUHIRUPWKHH[LVWLQJGLYLVLRQ7KHUHIRUHWKHDXWKRULWLHV GHFLGHGWRUHRUJDQL]HWKHYRLYRGHVKLSGLYLVLRQRI3RODQG,QUHVXOWSURMHFWRIµ¶ ZDVUHYLYHGEXWWKLVWLPHWKHSURSRVLWLRQFRQFHUQHGFUHDWLQJ&HQWUDO3RPHUDQLDQ 3URYLQFHDQG:DUVDZ3URYLQFHZLWKLQWKHDGPLQLVWUDWLYHERUGHUVRI:DUVDZ 1HYHUWKHOHVVWKHFRPPXQLW\RIWKH&HQWUDO3RPHUDQLDUHMHFWHGWKLV SURSRVLWLRQ7KLVJURXSKDVEHHQDWWHPSWLQJWRUHFUHDWHWKH&HQWUDO3RPHUDQLDQ YRLYRGHVKLSIRUVHYHUDOWLPHVVLQFH-XO\7KLVLQLWLDWLYHZDVXQGHU WDNHQDIWHUWKHSURWHVWVRIWKHLQKDELWDQWVRIWKH&HQWUDO3RPHUDQLDHVSHFLDOO\ .RV]DOLQZKRZHUHDJDLQVWWKHDQGYRLYRGHVKLSFRQFHSWLRQDOORI WKHPH[FOXGHG&HQWUDO3RPHUDQLDQ3URYLQFH27>2GSDGáW\ONR.RV]DOLQ@ LD6WRZDU]\V]HQLH3RPRU]DĝURGNRZHJRµ,QWHJUDFMDGOD5R]ZRMX¶VXEPLWWHG PHPRSHUWDLQLQJWRWKHDGMXVWPHQWRIWKHDGPLQLVWUDWLYHGLYLVLRQRI3RODQG DQGFUHDWLQJWKH&HQWUDO3RPHUDQLDQ3URYLQFH_{>%6áRERG]LDQ} ZZZQJRSO@5HJDUGOHVVRIWKHVHDWWHPSWVWKLVFODLPKDVQHYHUEHHQH൵HFWLYH 7KHVLPLODUDWWHPSWVZHUHXQGHUWDNHQLQ29>3ROHFKRĔVNL@ LQ0D\D6HMPGHSXW\(GZDUG:RMWDOLN6/'VXEPLWWHGLQZULWLQJ WRWKH0DUVKDOORIWKH6HMPDGUDIWRIHVWDEOLVKPHQWRIWKH&HQWUDO 3RPHUDQLDQYRLYRGHVKLSDFWWKLVFODLPKDVQHYHUEHHQWDNHQXQGHU WKHOHJLVODWLYHSURFHGXUH LQ-XO\ZLWKWKHLQLWLDWLYHRIµ6HOI'HIHQFHRIWKH5HSXEOLFRI3RODQG¶ 6DPRREURQD 53 SDUW\ WKH SURMHFW RI QHZ µ¶ ZDV FUHDWHG WKLV SURSRVLWLRQDOVRKDVQHYHUEHHQWDNHQXQGHUDQ\IXUWKHUSURFHHGLQJV ,Q-XQHWKHDWWHPSWVWRUHFUHDWHWKH&HQWUDO3RPHUDQLDQ YRLYRGHVKLSZHUHERRVWHGWKDQNVWRWKHFLWL]HQV¶LQLWLDWLYH>3URMHNWRE\ZD WHOVNL@2QFHWKHFLWL]HQV¶VLJQDWXUHVKDYHEHHQFROOHFWHGXQGHUWKHGUDIWRI 26 7KHFKDUDFWHULVWLFOHJLVODWLYHSURFHGXUHRIDFFHSWLQJDQGYDOLGDWLQJRIDSSOLFDWLRQVUHVXOWHG LQWKHTXDQWLW\DGMXVWPHQWVRQWKHPDS 27 0HDQLQJµFRPSURPLVH¶WRµ¶5R]PRZD]SUH]\GHQFNLPPLQLVWUHP0DUNLHP6LZFHP V]HIHP%%1%%1FKLHI  6WRZDU]\V]HQLH3RPRU]DĝURGNRZHJRÄ,QWHJUDFMDGOD5R]ZRMX´±DQRUJDQL]DWLRQIRXQGHG LQ-XQHUHJLVWHUHGLQ.56ZKLFKLVLQYROYHGLQSURPRWLQJWKHDFKLHYHPHQWVDQGWKH IXWXUHSODQVUHJDUGLQJWKHUHJLRQDOGHYHORSPHQW7KHDERYHRUJDQL]DWLRQDOVREXLOGVXSD NQRZOHGJHGDWDEDVHRIWKHORFDOSDWULRWLVP6RXUFHZZZQJRSO0DUFK 29 5R]PRZD]/HFKHP.DF]\ĔVNLPSRVáHPLOLGHUHPXJUXSRZDQLD3L66SUDZQHSDĔVWZR Z ĞZLHWOH UHODFML VDPRU]ąG WHU\WRULDOQ\ D DGPLQLVWUDFMD U]ąGRZD Z WHUHQLH 0DWHULDá\ ] NRQIHUHQFML ]RUJDQL]RZDQHM SU]H] .RPLVMĊ 6DPRU]ąGX 7HU\WRULDOQHJR L $GPLQLVWUDFML 3DĔVWZRZHMSRGSDWURQDWHPPDUV]DáND6HQDWX/RQJLQD3DVWXVLDND

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ WKHDFWWKHIXUWKHUOHJLVODWLYHSURFHGXUHZDVRQWUDFN>7HUD]W\VLĊF\ ĝURGNRZRSRPRUVND akcja@2Q0DUFKWKH6HMPZDVJLYHQWKH ¿UVWUHDGLQJRIDGUDIWRIHVWDEOLVKPHQWRIWKH&HQWUDO3RPHUDQLDQYRLYRGHVKLS DFWH൵HFWLYHVLQFH-DQXDU\,QDFFRUGDQFHZLWKWKHGHSXWLHV¶GHFLVLRQ WKLVSURMHFWZDVEHLQJFRQVLGHUHGE\WKH6HMPFRPPLVVLRQV,QMXVWL¿FDWLRQRI WKHGUDIWWKHFUHDWRUZDVUHIHUULQJWRWKHWUDGLWLRQDQGWKHKLVWRU\RIWKLVUHJLRQ )XUWKHUOHJLVODWLYHSURFHHGLQJVUHJDUGLQJFUHDWLRQRIYRLYRGHVKLS WKH&HQWUDO3RPHUDQLDQFDPHDFURVVGL൵HUHQWFRXUVHDQGHQGHGXSZLWKWKH IDLOXUH$ORQJODVWLQJGLVFXVVLRQRYHUHVWDEOLVKPHQWRIWKHQHZYRLYRGHVKLS UHVXOWHGLQFRQÀLFWEHWZHHQORFDOFRPPXQLWLHV7KHDERYHZDVUHÀHFWHGLQWKH UHIHUHQGD¶VUHVXOWVLHWKHIROORZLQJPXQLFLSDOLWLHVUHIXVHGWKHLUGHSHQGHQFH WRWKHQHZYRLYRGHVKLS&]áXFKyZ/ĊERUN=áRWyZ:DáF]>1DJyUVNL .DPLĔVNL6WDQNLHZLF]$@ $QRWKHUDWWHPSWWRUHRUJDQL]HWKHWHUULWRULDOGLYLVLRQWRRNSODFHLQ GXULQJWKH/DZDQG-XVWLFH3L6&RQJUHVVLQ&UDFRZGDWHGIURP-DQXDU\XS XQWLO)HEUXDU\0HPEHUVRIWKHSDUW\GHFLGHGRQWKHGUDIWRIFUHDWLQJQHZ YRLYRGHVKLSV±WKH&HQWUDO3RPHUDQLDQ3URYLQFHDQG:DUVDZ3URYLQFH>5DGD 3RZLDWX/ĊERUVNLHJR%LHUQGJDUVNL@ +DYLQJSDVVHGWKHORQJVWDJQDWLRQFRQFHUQLQJODERURYHUDQRWKHU RSWLRQVRIWKHDGPLQLVWUDWLYHGLYLVLRQRQWKHSURSRVLWLRQRIHVWDEOLVK PHQWRUUDWKHUUHVWRUHRIYRLYRGHVKLSVZDVVXEPLWWHG7KHFUHDWRURI WKHDERYHSURMHFWZDVWKH6/'SDUW\ZKLFKZDQWHGWRUHWXUQWRWKHWHUULWR ULDORUJDQL]DWLRQSULRUWKHUHIRUPRI7KHDERYHSURSRVLWLRQZDVMXVWL ¿HGDVIROORZVµWKHFRQFHSWLRQRIYRLYRGHVKLSVUHVXOWHGLQ3ROLVKUHJLRQV¶ VWUDWL¿FDWLRQKHQFHWKHGHYHORSPHQW¶VGLYLVLRQEHWZHHQPHWURSROLVHVDQGWKH UHVWRIWKHFRXQWU\7KHYRLYRGHVKLSVWUXFWXUHZRXOGSURYLGHVWDELOL]DWLRQ LQDOOWKHUHJLRQVWKDQNVWRFKDQJHRI(8IXQGVGLVWULEXWLRQ¶30'RQDOG7XVN VXSSRUWHGWKLVFODLPGXULQJDSUHVVFRQIHUHQFHGDWHG-DQXDU\ZKHQ KHVWDWHGDVIROORZVµ7KHFUXFLDOPDWWHULVWRGLVWULEXWHWKHIXQGVQRWRQO\WR WKHELJJHVWFLWLHVEXWDOVRWRWKHPHGLXPRQHV±SUHYLRXVYRLYRGHVKLSFDSL WDOV¶31&UHDWRUVRIµ3ROVND[¶SURMHFWDUHFODLPLQJWKDWLQWKHIRUWKFRPLQJ \HDUV(8IXQGVVKRXOGEHGLVWULEXWHGWRWKHPHGLXPFLWLHVSUHYLRXVYRLYRGH VKLSFLWLHV7KLVJLYHVWKHPHGLXPFLWLHVDFKDQFHWRUHEXLOGWKHLUSRWHQWLDODQG VXUURXQGLQJ6XEVHTXHQWO\WKHGLVSURSRUWLRQEHWZHHQµSRRU¶DQGµULFK¶UHJLRQV ZRXOGEHGHFUHDVHG32_. 30 &HQWUXP0HGLDOQH6/'%ULHI0HGLDOQ\3URMHNW3ROVND[*áyZQHSU]HND]\PHGLDOQH ZWUDNFLHUHJLRQDOQ\FKNRQIHUHQFMLSUDVRZ\FK:DUVDZ 31 ,ELGS 32 6RMXV]/HZLF\'HPRNUDW\F]QHM3URMHNWÄ3ROVND[´:DUV]DZDWKLVGRFXPHQW LVGHYRWHGWRLQWHUQDOXVHDQGZDVDYDLODEOHIRUWKH$XWKRURIWKLVSXEOLFDWLRQWKURXJKWKH 3URJUDPPH2൶FHRI6/'

1RZDGD\VZRUNVRYHUWKHDERYHLGHDDUHQRORQJHUFRQWLQXHG±VRPH SROLWLFLDQVFODLPWKDWWKLVDWWHPSWµZDVRQO\DQHOHPHQWRI6/'¶VFDPSDLJQ EHIRUHWKHHOHFWLRQV¶>(J&\UDQNLHZLF]&2OF]\N$@ 7KHFXUUHQWDWWHPSWVWRUHRUJDQL]HWKHDGPLQLVWUDWLYHGLYLVLRQDUHLQIDFW GLYHUVL¿HGRUYRLYRGHVKLSV±LQRWKHUZRUGVFKDRWLFDQGRIDGXDOQDWXUH $ERYHDOOWKH\GRQRWGHWHUPLQHWKHPDLQJRDO3ROLWLFDOSDUWLHVLQYROYHGLQ GUDIWLQJWKHWHUULWRULDOGLYLVLRQRI3RODQGDUHSURQHWRWUHDWWKLVWKHPHDVDQ HOHPHQWRIWKHFDPSDLJQ1XPHURXVSURSRVLWLRQVFRQFHUQLQJWKHDGPLQLVWUD WLYHGLYLVLRQDVZHOOLWVFULWHULDUDLVHWKHFRQWURYHUV\$VIDUDVSROLWLFDOSDUWLHV DUHFRQFHUQHGERWKDFDOHQGDURIZRUNVRYHUWKHSXEOLFDGPLQLVWUDWLRQUHIRUP DQGLWVDGMXVWPHQWUHÀHFWHGLQFRQVLVWHQF\DVZHOODVXQZLOOLQJQHVVWRFRRS HUDWH(DFKSDUW\VXEPLWWHGSURSRVLWLRQVFRQFHUQLQJWKHWHUULWRULDOGLYLVLRQRU QHZVWDWH¶VVWUXFWXUHVHJPHWURSROLVHVLQWHUPXQLFLSDODVVRFLDWLRQVE\WDNLQJ LQWRDFFRXQWRQO\VRFLDOVXSSRUWLQRWKHUZRUGV±WKHHOHFWRUDOYLFWRU\LQORFDO RUSDUOLDPHQWDU\HOHFWLRQV1RQHWKHOHVVRQO\RQHIDFWRUZDVQHJOHFWHGLQWKH OHJLVODWLYHSURFHVVHV±WKHJRRGRIWKHVRFLHW\DQGWKHFRXQWU\ References: %LHUQGJDUVNL+32]ELHUDSRGSLV\SU]HFLZLQLFMDW\ZLH3L6 Ä']LHQQLN%DáW\FNL´ %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU %.6%,%LXOHW\Q.DQFHODULL6HMPX%LXUR,QIRUPDF\MQHQU &\UDQNLHZLF]0'RPDJDOVNL01LHGODZRMHZyG]WZÄ5]HF]SRVSROLWD´  ']8  1U  SR]  8VWDZD ]  OLSFD  U R ZSURZDG]HQLX ]DVDGQLF]HJR

WUyMVWRSQLRZHJRSRG]LDáXWHU\WRULDOQHJRSDĔVWZD (PLOHZLF]-:RáHN$5HIRUPDWRU]\LSROLW\F\*UDRUHIRUPĊXVWURMRZDURNX ZLG]LDQDRF]DPLMHMDNWRUyZ:DUV]DZD)XQGDFMD5R]ZRMX'HPRNUDFML/RNDOQHM .DPLĔVNL06]F]ĊĞOLZDSRVHOVNDVLHGHPQDVWNDÄ']LHQQLN%DáW\FNL´ .3503RGVWDZRZHNU\WHULDSRG]LDáXWHU\WRULDOQHJRNUDMXQDSRZLDW\LZRMHZyG]WZD .DQFHODULD3UH]HVD5DG\0LQLVWUyZOXW\PDU]HF:DUV]DZD 1DJyUVNL5:FLąĪZDOF]ąRĞURGNRZRSRPRUVNLHÄ*áRV3RPRU]D´ 2GSDGáW\ONR.RV]DOLQÄ*D]HWD:\ERUF]D´ 2OF]\N(3RODF\QLHFKFąZRMHZyG]WZÄ5]HF]\SRVSROLWD´ 3ROHFKRĔVNL33UHPLHUGODQDVáDVNDZV]\*áRV3RPRU]D´

WŽůŝƟĐĂůWĂƌƟĞƐĂŶĚdŚĞŝƌZŽůĞŝŶĞƚĞƌŵŝŶŝŶŐĂdĞƌƌŝƚŽƌŝĂůŝǀŝƐŝŽŶŽĨWŽůĂŶĚ

XVWDZ\ ]  OLSFD  U R ZSURZDG]HQLX ]DVDGQLF]HJR WUyMVWRSQLRZHJR SRG]LDáX WHU\WRULDOQHJRSDĔVWZD.RV]DOLQ6áXSVNVLHUSLHĔ

5DGD3RZLDWX/ĊERUVNLHJR8FKZDáD]UZVSUDZLHSRGMĊFLDVWDQRZLVND

GRW\F]ąFHJRXPRFQLHQLDSRZLDWXOĊERUVNLHJR.

50  8FKZDáD 5DGD 0LQLVWUyZ QU  Z VSUDZLH ]DVDGQLF]HJR SU]\JRWRZDQLD

LSU]HSURZDG]HQLDUHIRUP\DGPLQLVWUDFMLSXEOLF]QHM:DUV]DZD

6HMP 53  GUXN  3URMHNW XVWDZ\ R ZSURZDG]HQLX ]DVDGQLF]HJR WUyMV]F]HEORZHJR

SRG]LDáXDGPLQLVWUDF\MQHJRSDĔVWZD.

6HMP 53  GUXN  3URMHNW XVWDZ\ R ZSURZDG]HQLX ]DVDGQLF]HJR WUyMV]F]HEORZHJR

SRG]LDáXDGPLQLVWUDF\MQHJRSDĔVWZD.

6HMP53GUXN$$XWRSRSUDZNDGRSURMHNWXXVWDZ\RZSURZDG]HQLX]DVDGQLF]HJR

WUyMVWRSQLRZHJRSRG]LDáXWHU\WRULDOQHJRSDĔVWZD.

6HMP 53  GUXN  8]DVDGQLHQLH SURMHNWX XVWDZ\ R ZSURZDG]HQLX ]DVDGQLF]HJR

WUyMV]F]HEORZHJRSRG]LDáXDGPLQLVWUDF\MQHJRSDĔVWZD.

6HMP53GUXN$$XWRSRSUDZNDGRSRVHOVNLHJRSURMHNWXXVWDZ\RZSURZDG]HQLX

]DVDGQLF]HJRWUyMV]F]HEORZHJRSRG]LDáXDGPLQLVWUDF\MQHJRSDĔVWZD.

6HMP53GUXN3URMHNWXVWDZ\RUHIHUHQGXPRSLQLRGDZF]\P.

6HMP53GUXN3RZLDGRPLHQLH0DUV]DáND6HMPX0DFLHMD3áDĪ\ĔVNLHJRRRGPRZLH

SRGSLVDQLD XVWDZ\ ]  OLSFD  U R ZSURZDG]HQLX ]DVDGQLF]HJR WUyMVWRSQLRZHJR SRG]LDáXWHU\WRULDOQHJRSDĔVWZD.

6áRERG]LDQ %  :VSyáF]HVQ\ V\VWHP VDPRU]ąGX WHU\WRULDOQHJR Z 3ROVFH 7RUXĔ :\GDZQLFWZR$GDP0DUV]DáHN

6WDQNLHZLF]03yáQRFNRQWUDSRáXGQLHÄ5]HF]SRVSROLWD´

ĝURGNRZRSRPRUVNDDNFMD2E\ZDWHOVNLSDNLHWÄ.XULHU6]F]HFLĔVNL´

7HUD]W\VLĊF\ Ä*áRV.RV]DOLĔVNL´

850PDU]HF6\PXODFMDZSURZDG]HQLDSRZLDWyZ5DSRUWNRĔFRZ\6WUHV]F]HQLH>Z@

3DĔVWZR VSUDZQH SU]\MD]QH EH]SLHF]QH =DáRĪHQLD SURJUDPX GHFHQWUDOL]DFML IXQNFML SDĔVWZD L UR]ZRMX VDPRU]ąGX WHU\WRULDOQHJR 8U]ąG 5DG\ 0LQLVWUyZ PDU]HF 

:DUV]DZD]DáąF]QLNQU

850 F]HUZLHF  3DĔVWZR VSUDZQH SU]\MD]QH EH]SLHF]QH =DáRĪHQLD SURJUDPX

GHFHQWUDOL]DFML IXQNFML SDĔVWZD L UR]ZRMX VDPRU]ąGX WHU\WRULDOQHJR 8U]ąG 5DG\