7DEHODSU]HGVWDZLDNODV\ILNDFMĊSRGVWDZRZ\FKURG]DMyZDNFML
7DEHOD
3RGVWDZRZHURG]DMHDNFML
5RG]DMDNFML &HFK\FKDUDNWHU\VW\F]QH
=E\ZDOQH =E\FLH DNFML SRVLDGDMąFHM IRUPĊ IL]\F]Qą QD RND]LFLHOD SROHJD QD
ZUĊF]HQLXMHMRVRELHQDE\ZDMąFHMGRNXPHQW2JUDQLF]HQLH]E\ZDO
QRĞFLPRĪHZ\QLNDü]FHFKFKDUDNWHU\VW\F]Q\FKLQVWUXPHQWXGRW\
F]\SU]\NáDGRZRDNFMLLPLHQQ\FK
=Z\NáH 'DMąMHGQDNRZHSUDZDLRERZLą]NLZáDĞFLFLHORPZDORUX
8SU]\ZLOHMRZDQH :áDĞFLFLHOH W\FK DNFML PDMą SU]HZDJĊ QDG DNFMRQDULXV]DPL DNFML
]Z\Ná\FK 8SU]\ZLOHMRZDQLH PRĪH GRW\F]\ü PLĊG]\ LQQ\PL Z\
VRNRĞFL Z\SáDFDQHM G\ZLGHQG\ OLF]E\ JáRVyZ QD MHGQą DNFMĊ
V]F]HJyOQ\FKSUDZDNFMRQDULXV]DGROLNZLGRZDQHJRPDMąWNX
3LHQLĊĪQH $NFMH SRNU\WH ĞURGNDPL SáDWQLF]\PL Z FDáRĞFL EąGĨ F]ĊĞFLRZR
3LHUZV]D ZSáDWD QD DNFMĊ QLH PRĪH E\ü QLĪV]D DQLĪHOL MHM
ZDUWRĞFLQRPLQDOQHM
1LHSLHQLĊĪQH $NFMHZQLHVLRQHGRVSyáNLDSRUWHPU]HF]RZ\P0XV]ąE\üSRNU\WH
ZFDáRĞFLSU]HGLFKREMĊFLHPSU]H]DNFMRQDULXV]D
,PLHQQH :VND]DQHVąGDQHLGHQW\ILNDF\MQHDNFMRQDULXV]D1LHPRJąVWDQR
ZLüSU]HGPLRWXREURWXJLHáGRZHJR
1DRND]LFLHOD :\GDZDQH Vą DNFMRQDULXV]RZL SR FDáNRZLWHM RSáDFLH ZDUWRĞFL
QRPLQDOQHM DNFML3U]HG ZQLHVLHQLHPRVWDWHF]QHM]DSáDW\SRVLDGDF]
LQVWUXPHQWX MHVW ZáDĞFLFLHOHP ĞZLDGHFWZD W\PF]DVRZHJR EąGĨ
DNFMLLPLHQQHM:REURFLHJLHáGRZ\PPRJą]QDMGRZDüVLĊMHG\QLH
]GHPDWHULDOL]RZDQHDNFMHQDRND]LFLHOD
0DWHULDOQH $NFMH WDNLH VNáDGDMą VLĊ ] SáDV]F]D ]HVWDZX NXSRQRZHJR RUD]
WDORQXZ\PLHQQHJR
=GHPDWHULDOL]RZDQH :\VWĊSXMą Z IRUPLH ]DSLVX NRPSXWHURZHJR QD UDFKXQNDFK SDSLH
UyZ ZDUWRĞFLRZ\FK SURZDG]RQ\FK SU]H] XSRZDĪQLRQH XVWDZRZR
SRGPLRW\)RUPDGRSXV]F]RQDGRREURWXJLHáGRZHJRGRW\F]\WDNĪHDNFML
VSyáHNQLHSXEOLF]Q\FK
3RMHG\QF]H =QDMGXMąVLĊZREURFLHMDNRSRMHG\QF]\SDSLHUZDUWRĞFLRZ\
=ELRUF]H :\VWĊSXMą Z REURFLH Z SDNLHWDFK ]ELRUF]\FK :\QLND WR QDMF]Ċ
ĞFLHM ] QLVNLHM ZDUWRĞFL QRPLQDOQHM LQVWUXPHQWX EąGĨ RUJDQL]DFML
REURWXJLHáGRZHJR
3UDZR GR XG]LDáX Z ZDOQ\P ]JURPDG]HQLX DNFMRQDULXV]\ Z\PDJD
VSHáQLHQLDRNUHĞORQ\FKZDUXQNyZ$NFMRQDULXV]DNFMLLPLHQQHMQDMPQLHMW\G]LHĔ
SU]HG:=PXVLE\üZSLVDQ\GRNVLĊJLDNFMLLPLHQQ\FKVSyáNL3RVLDGDF]DNFMLQD
RND]LFLHOD]REOLJRZDQ\MHVWQDMPQLHMW\G]LHĔSU]HG:=]áRĪ\üDNFMHZVSyáFH
1DWRPLDVW ZVND]DQH SUDZR Z SU]\SDGNX VSyáNL SXEOLF]QHM PDMą W\ONR RVRE\
EĊGąFH MHM DNFMRQDULXV]DPL QD V]HVQDĞFLH GQL SU]HG GDWą := G]LHĔ UHMHVWUDFML
XF]HVWQLFWZDZZDOQ\P]JURPDG]HQLX-HGQRF]HĞQLHQDĪąGDQLHXSUDZQLRQHJR
]H ]GHPDWHULDOL]RZDQ\FK DNFML QD RND]LFLHOD Z]PLDQNRZDQHM VSyáNL SRGPLRW
SURZDG]ąF\ UDFKXQHN SDSLHUyZ ZDUWRĞFLRZ\FK Z\VWDZLD LPLHQQH ]DĞZLDGF]H
QLHRSUDZLHGRXF]HVWQLFWZD ZRSLV\ZDQ\P]JURPDG]HQLX,QIRUPDFMHRLORĞFL
Z\VWDZLRQ\FK ]DĞZLDGF]HĔ SU]HV\áDQH Vą GR .'3: D QDVWĊSQLH LQVW\WXFMD WD
SU]HND]XMH]ELRUF]ąQRWĊVSyáFH
.RGHNV 6SyáHN +DQGORZ\FK SU]HZLGXMH LQVW\WXFMĊ XPRU]HQLD DNFML
RFKDUDNWHU]H GREURZROQ\P OXE SU]\PXVRZ\P Z FLĊĪDU F]\VWHJR ]\VNX EąGĨ
]NDSLWDáyZVSyáNL8PRU]HQLH PXVL]DSHZQLDüRFKURQĊLQWHUHVyZDNFMRQDULX
V]\ NWyU]\ SU]\VWĊSXMąF GR VSyáNL QLH EUDOL SRG XZDJĊ WDNLHM PRĪOLZRĞFL
:]DPLDQ ]D XPRU]RQH GRNXPHQW\ LFK ZáDĞFLFLHO RWU]\PXMH W]Z ĞZLDGHF
WZR XĪ\WNRZH NWyUH MHVW SDSLHUHP ZDUWRĞFLRZ\P LPLHQQ\P OXE QD RND]L
FLHOD LQLH LQNRUSRUXMH ĪDGQ\FK SUDZ XG]LDáRZ\FK ,QVWUXPHQW\ WH VWDQRZLą
Z\áąF]QLHW\WXáGR XG]LDáX Z]\VNX RUD]QDGZ\ĪFHOLNZLGDF\MQHM
= LQVW\WXFMą XPRU]HQLD XWRĪVDPLDQ\ MHVW F]ĊVWR split SU]HSURZDG]DQ\
Z FHOX ]ZLĊNV]HQLD Sá\QQRĞFL DNFML QD JLHáG]LH ,VWRWD MHJR SROHJD MHGQDN QD
REQLĪHQLX MHGQRVWNRZHM ZDUWRĞFL QRPLQDOQHM DNFML EH] ]PLDQ\ ZLHONRĞFL
NDSLWDáXDNF\MQHJR
.ROHMQ\PLLQVWUXPHQWDPLSRZLą]DQ\PL]DNFMDPLVą
x SUDZDGRDNFML
x SUDZRSRERUX
x SUDZRSLHUZV]HĔVWZD
x NZLW\GHSR]\WRZH
3UREOHP GáXJLHJR RF]HNLZDQLD QD QRWRZDQLH DNFML ]RVWDá UR]ZLą]DQ\
SU]H]LQVWUXPHQWQD]ZDQ\ SUDZHPGR DNFML 3'$=DOHWąZVND]DQ\FKSUDZ
MHVW WR ĪH PRJą RQH E\ü SU]HGPLRWHP REURWX SU]HG GHELXWHP JLHáGRZ\P MXĪ
ZNLONDGQLSRSU]\G]LDOHDNFMLDMHV]F]HSU]HGLFK]DUHMHVWURZDQLHPZVąG]LH
2EUyW SUDZDPL GR QRZ\FK DNFML SRGOHJD WDNLP VDP\P UHJXáRP MDN REUyW
DNFMDPL =PLDQD 3'$ QD DNFMH SU]HSURZDG]DQD MHVW Sá\QQLH F]\OL ] VHVML QD
VHVMĊ :WHUPLQLHSRGDQ\PZF]HĞQLHMGRSXEOLF]QHMZLDGRPRĞFLQS3'$
]DPLHQLRQD MHVW QD DNFML GDQHM VSyáNL (PLWHQW MHVW ]RERZLą]DQ\ GR
]ZUyFHQLD SRVLDGDF]RZL 3'$ ĞURGNyZ ZSáDFRQ\FK Z F]DVLH VXEVNU\SFML
Z SU]\SDGNX RGPRZ\ VąGRZHM UHMHVWUDFML HPLVML DNFML ,QZHVWRU SRZLQLHQ
]ZUyFLüXZDJĊQD IDNWĪHRSHUDFMDWDQDVWĊSXMHZHGáXJFHQ\HPLV\MQHMDNFML
QLH]DOHĪQLHRGFHQ\ ]DSáDFRQHM]D3'$
2UJDQL]DWRUHPREURWXRSFMDPLMHVW*3:2SUDFRZXMHRQDVWDQGDUG
RSFMLF]\OLV]F]HJyáRZąLFKFKDUDNWHU\VW\NĊ3RGVWDZRZHHOHPHQW\VWDQGDUGX
RSFMLSU]HGVWDZLRQRZWDEHOL
7DEHOD
1DMLVWRWQLHMV]HHOHPHQW\VWDQGDUGXRSFML QDLQGHNV:,*LDNFMH
(OHPHQW\ VWDQGDUGX
&HFK\ VWDQGDUGX
6NUyFRQDQD]ZDRSFML 2;<=NUUFFFFJG]LH
2±URG]DMLQVWUXPHQWX
;<=±NRGRNUHĞODMąF\QD]ZĊLQVWUXPHQWXED]RZHJR
ZVND]DQ\XFKZDáą=DU]ąGX*LHáG\
N±NRGRNUHĞODMąF\W\SLPLHVLąFZ\JDĞQLĊFLDRSFML
QDGDQ\XFKZDáą=DU]ąGX*LHáG\
UU±GZLHRVWDWQLHF\IU\URNXZ\JDĞQLĊFLD
FFFF ±NXUVZ\NRQDQLD
.RGRSFML
1DGDZDQ\SU]H]SRGPLRWUR]OLF]DMąF\]JRGQLH]HVWDQ
GDUGHP,6,1
0QRĪQLN ]á ]D SXQNW LQGHNVRZ\ ± GRW\F]\ W\ONR VWDQGDUGX
RSFMLQD:,*
:DUWRĞüRSFML 2SFMHQDLQGHNV:,*±NXUVRSFMLSU]HPQRĪRQ\
SU]H]PQRĪQLN
2SFMHQDDNFMH±NXUVRSFMLSU]HPQRĪRQ\SU]H]OLF]EĊ
DNFMLSU]\SDGDMąFąQDMHGQąRSFMĊ
:DUWRĞüWUDQVDNFML :DUWRĞüRSFMLSU]HPQRĪRQDSU]H]ZROXPHQWUDQVDNFML
-HGQRVWNDQRWRZDQLD 2SFMHQDLQGHNV:,*±SXQNW\LQGHNVRZH
2SFMHQDDNFMH± Z]áRW\FKSROVNLFK]DMHGQąDNFMĊ 0LHVLąFHZ\JDĞQLĊFLD QDMEOLĪV]H PLHVLąFHNDOHQGDU]RZH NROHMQHPLHVLąFH
]PDUFRZHJRF\NOXNZDUWDOQHJR
']LHĔZ\JDĞQLĊFLD 7U]HFLSLąWHNPLHVLąFDZ\JDĞQLĊFLDGDQHMVHULL
.XUVZ\NRQDQLD :DUWRĞüUyZQDZDUWRĞFLLQVWUXPHQWXED]RZHJRZVWR
VXQNXGRNWyUHJRRNUHĞODQDEĊG]LHZ\VRNRĞüNZRW\ UR]
OLF]HQLD]XZ]JOĊGQLHQLHPPQRĪQLND:SU]\SDGNX
RSFMLQDDNFMHXZ]JOĊGQLDQDMHVWOLF]EDDNFMLSU]\SDGDMą
F\FKQDRSFMĊ
&HQDZ\NRQDQLD 2SFMHQD:,*±NXUVZ\NRQDQLDSU]HPQRĪRQ\SU]H]
PQRĪQLN
2SFMHQDDNFMH±LORF]\QNXUVXZ\NRQDQLDLOLF]E\DNFML
SU]\SDGDMąF\FKQDMHGQąRSFMĊ
(OHPHQW\ VWDQGDUGX &HFK\ VWDQGDUGX
.XUVUR]OLF]HQLRZ\ .XUV UR]OLF]HQLRZ\ MHVW RNUHĞORQ\ Z GQLX Z\JDĞQLĊFLD
RSFML MDNR ĞUHGQLD DU\WPHW\F]QD ]H ZV]\VWNLFK ZDUWRĞFL
LQGHNVX :,* Z F]DVLH RVWDWQLHM JRG]LQ\ QRWRZDĔ
FLąJá\FK RUD] ZDUWRĞFL WHJR LQGHNVX XVWDORQHM QD ]D
PNQLĊFLH VHVML JLHáGRZHM SR RGU]XFHQLX QDMZ\ĪV]\FK
LQDMQLĪV]\FK]W\FKZDUWRĞFL
2SFMHQDDNFMH±NXUVMHVWRNUHĞORQ\ZGQLXZ\JDĞQLĊFLD
RSFMLMDNRZDĪRQDREURWDPLĞUHGQLDDU\WPHW\F]QDNXU
VyZZV]\VWNLFKWUDQVDNFMLDNFMDPL
&HQDUR]OLF]HQLRZD 2SFMH QD LQGHNV :,* ± NXUV UR]OLF]HQLRZ\ SU]H
PQRĪRQ\SU]H]PQRĪQLN
']LHĔUR]OLF]HQLD 1DVWĊSQ\G]LHĔURERF]\SRGQLXXVWDOHQLDNXUVXUR]OL
F]HQLRZHJR
6SRVyEUR]OLF]HQLD 3LHQLĊĪQHZ]áRW\FKSROVNLFK
6W\OZ\NRQDQLDRSFML (XURSHMVNL±RSFMHPRJąE\üZ\NRQDQHW\ONRZGQLX
Z\JDĞQLĊFLDRSFMHQDLQGHNV:,*
ħUyGáR6WDQGDUGRSFMLQD:,*8FKZDáD5*QU]GQLDOXWHJRU
RERZLą]XMąF\ RG U 6WDQGDUG RSFML QD DNFMH 8FKZDáD 5*
QU]GQLDPDUFD U]SyĨQ]P
3RVWDQRZLRQRZQLQLHMV]HMF]ĊĞFLRSUDFRZDQLDSU]\EOLĪ\üRSFMHQDDN
FMHPLPRĪH*3:Z:DUV]DZLHRGOLSFDURNX]DZLHVLáDQLHW\ONRLFK
ZSURZDG]DQLH DOH WDNĪH REUyW 6\WXDFMD WD MHVW MDN VLĊ Z\GDMH SU]HMĞFLRZD
1DOHĪ\]D]QDF]\üĪHVWDQGDUGRSFMLQDDNFMHUyĪQLVLĊZZ\EUDQ\FKHOHPHQWDFK
NODV\ILNDF\MQ\FK RG VWDQGDUGX RSFML QD :,* :\QLND WR ] FHFK UyĪQLFXMą
F\FKWHLQVWUXPHQW\ED]RZH
6WDQGDUGRSFMLQDDNFMHLQIRUPXMHUyZQLHĪRVSyáNDFKNWyU\FKZDORU\
PRJąVWDQRZLüLQVWUXPHQWED]RZ\RUD]ROLF]ELHDNFMLSU]\SDGDMąF\FKQDMHGQą
RSFMĊPQRĪQLN/LF]EDWDMHVW]UyĪQLFRZDQDGODSRV]F]HJyOQ\FKVSyáHN
=NROHLVWDQGDUGGODRSFMLQD:,*MHVWRSLVDQ\RGUĊEQLHGODRSFMLcall
Lput.
3URFHGXU\ UR]OLF]HQLD HZLGHQFMRQRZDQLD RUD] Z\VRNRĞü GHSR]\WX
]DEH]SLHF]DMąFHJR RNUHĞOD .'3:B&&3SHáQLąF\ IXQNFMĊL]E\ UR]UDFKXQNR
ZHM.'3:B&&3Z\NRU]\VWXMHGRZ\]QDF]DQLDGHSR]\WyZ]DEH]SLHF]DMąF\FK
PHWRGĊ63$1'RNRQXMHRQDNDONXODFMLQDSRGVWDZLHKLSRWHW\F]Q\FKVFHQD
ULXV]\]PLDQ\FHQ\LQVWUXPHQWXED]RZHJRRUD]]PLHQQRĞFLZUD]]SU]\SLVDQ\P
LPSUDZGRSRGRELHĔVWZHP'HSR]\WGODSR]\FMLNUyWNLFKREOLF]DQ\MHVWQDSRG
VWDZLH WHRUHW\F]QHJR PRGHOX %ODFND 6FKRHOVD SU]\ SDUDPHWUDFK ]JRGQ\FK ]H
ZVSRPQLDQ\PLVFHQDULXV]DPL
.ROHMQ\PLQVWUXPHQWHPSRFKRGQ\PNWyU\PRĪHE\üSU]HGPLRWHPQR
WRZDĔQD*LHáG]LH3DSLHUyZ:DUWRĞFLRZ\FKZ:DUV]DZLHMHVWZDUUDQW'HIL
QLFMD ZDUUDQWX UR]SDWU\ZDQD MHVW GXDOQLH = HNRQRPLF]QHJR SXQNWX ZLG]HQLD
SRVWU]HJDQ\MHVWRQMDNRLQVWUXPHQWILQDQVRZ\NWyUHJRFHQD]DOHĪ\RGFHQ\OXE
ZDUWRĞFL W]Z LQVWUXPHQWX ED]RZHJR 6WąG ZDUUDQW ]DOLF]DQ\ MHVW GR NDWHJRULL
SUDZ SRFKRGQ\FK L VWDQRZL V]F]HJyOQ\ SU]\SDGHN RSFML : VHQVLH IRUPDOQR
SUDZQ\P ZDUUDQW MHVW EH]ZDUXQNRZ\P L QLHRGZRáDOQ\P ]RERZLą]DQLHP VLĊ
MHJR HPLWHQWD GR Z\SáDFHQLD NZRW\ UR]OLF]HQLD XSUDZQLRQHPX ] MHJR W\WXáX
ZáDĞFLFLHORZL
:\NRQDQLH]RERZLą]DQLDHPLWHQWDPRĪHSROHJDüQLHW\ONRQDSU]HND
]DQLXSLHQLĊG]\OHF]UyZQLHĪQDGRVWDZLHLQVWUXPHQWXED]RZHJRSRXVWDORQHM
FHQLHZ\NRQDQLD
.ODV\ILNDFMDZDUUDQWyZMHVWZLHORUDND3U]HGVWDZLRQRMąZWDEHOL
7DEHOD
5RG]DMHZDUUDQWyZ
.U\WHULXPSRG]LDáX 5RG]DMHZDUUDQWyZ
3RGPLRWHPLWXMąF\ZDUUDQW\ ZDUUDQW\VXEVNU\SF\MQH
ZDUUDQW\RSF\MQLH
7HUPLQZ\NRQDQLDZDUUDQWX
SU]H]MHJRSRVLDGDF]D ZDUUDQWHXURSHMVNL
ZDUUDQWDPHU\NDĔVNL
3U]\MĊWHSU]H]HPLWHQWD]RER
ZLą]DQLH HXURSHMVNLZDUUDQWNXSQDDQJcall warrant HXURSHMVNLZDUUDQWVSU]HGDĪ\DQJput warrant DPHU\NDĔVNLZDUUDQWNXSQD
DPHU\NDĔVNLZDUUDQWVSU]HGDĪ\
3UDZR GR HPLVML ZDUUDQWyZ VXEVNU\SF\MQ\FK SU]\VáXJXMH VSyáNRP
DNF\MQ\PZ\áąF]QLHQDZáDVQHDNFMHSU]\V]áHMHPLVML'HILQLRZDQHVąRQH F]Ċ
VWRZNDWHJRULLSUDZSRERUXMDNRSUDZRSLHUZV]HĔVWZDQDE\FLDDNFML SRRNUH
ĞORQHM]JyU\FHQLH
=NROHLZDUUDQW\RSF\MQHPRJąE\üHPLWRZDQHSU]H]EDQNLLSR]RVWDáH
LQVW\WXFMHILQDQVRZHQDDNFMHLQQ\FKVSyáHN]QDMGXMąFHVLĊZREURFLHSXEOLF]
Q\P*3:QLHZ\NOXF]DZLFKSU]\SDGNXGRVWDZ\LQVWUXPHQWXED]RZHJR
&HFKąFKDUDNWHU\VW\F]QąZDUUDQWXHXURSHMVNLHJRMHVWWRĪHPRĪHE\ü
RQ Z\NRQDQ\ MHG\QLH ZH ZF]HĞQLHM ZVND]DQ\P SU]H] HPLWHQWD GQLX RNUH
ĞODQ\P MDNR G]LHĔ Z\JDĞQLĊFLD 1DWRPLDVW ZDUUDQW W\SX DPHU\NDĔVNLHJR
PRĪH E\ü Z\NRQDQ\ Z GRZROQLH Z\EUDQ\P SU]H] LQZHVWRUD GQLX DĪ GR
GQLD MHJR Z\JDĞQLĊFLD
.ODV\ILNDFMD ZDUUDQWyZ RGZRáXMąFD VLĊ GR SU]\MĊWHJR SU]H] HPLWHQWD
]RERZLą]DQLD SR]ZDOD Z\UyĪQLü F]WHU\ ZVND]DQH Z WDEHOL URG]DMH LQ
VWUXPHQWyZ 3LHUZV]\ ] QLFK W]Z HXURSHMVNL ZDUUDQW NXSQD XPRĪOLZLD
LQZHVWRURZL QDE\FLH LQVWUXPHQWX ED]RZHJR SR XVWDORQHM ZF]HĞQLHMFHQLHZ\
NRQDQLDZZ\]QDF]RQ\PGQLXZ\JDĞQLĊFLDOXESR]\VNDQLHNZRW\UR]OLF]HQLD
1DOHĪ\]DV\JQDOL]RZDüĪH]RERZLą]DQLHHPLWHQWDZ\JDVDJG\ZGQLX
]DSDGDOQRĞFL UyĪQLFD PLĊG]\ FHQą LQVWUXPHQWX VWDQRZLąFHJR LQVWUXPHQW ED
]RZ\DFHQąZ\NRQDQLDMHGQHJRZDUUDQWXRNUHĞORQąSU]H]HPLWHQWDMHVWUyZQD
OXE PQLHMV]D RG ]HUD .ROHMQ\ ] NODV\ILNRZDQ\FK ZDUUDQWyZ WM HXURSHMVNL
VSU]HGDĪ\ XPRĪOLZLD LQZHVWRURZL VSU]HGDĪ LQVWUXPHQWX ED]RZHJR SR XVWD
ORQHM ZF]HĞQLHM FHQLH Z Z\]QDF]RQ\P GQLX Z\JDĞQLĊFLD OXE RWU]\PDQLH
NZRW\ UR]OLF]HQLD =RERZLą]DQLH HPLWHQWD Z\JDVD JG\ Z GQLX ]DSDGDOQRĞFL
UyĪQLFD PLĊG]\ FHQą Z\NRQDQLD MHGQHJR ZDUUDQWX RNUHĞORQą SU]H] HPLWHQWD
D FHQą LQVWUXPHQWXVWDQRZLąFHJRLQVWUXPHQWED]RZ\MHVWUyZQDOXEPQLHMV]D
RG]HUD
$PHU\NDĔVNL ZDUUDQW NXSQD GDMH PRĪOLZRĞü QDE\FLD LQVWUXPHQWX
ED]RZHJR SU]H] LQZHVWRUD SR XVWDORQHM FHQLH Z GRZROQ\P GQLX MHGQDN QLH
SyĨQLHMQLĪZZ\]QDF]RQ\PGQLXZ\JDĞQLĊFLDDOERRWU]\PDQLDZWDNLPGQLX
NZRW\UR]OLF]HQLD $PHU\NDĔVNLZDUUDQWVSU]HGDĪ\XPRĪOLZLDLQZHVWRURZL
VSU]HGDĪ LQVWUXPHQWX ED]RZHJR SR XVWDORQHM FHQLH Z GRZROQ\P GQLX MHGQDN
QLH SyĨQLHM QLĪ Z Z\]QDF]RQ\P GQLX Z\JDĞQLĊFLD DOER RWU]\PDQLD Z WDNLP
GQLX NZRW\ UR]OLF]HQLD : SU]\SDGNXZDUUDQWyZDPHU\NDĔVNLFK LQZHVWRU PD
PRĪOLZRĞü Z\ERUX PRPHQWX UHDOL]DFML SUDZ ] QLHJR Z\QLNDMąF\FK 1DOHĪ\
SU]\MąüĪHGRNRQDWHJRZV\WXDFMLJG\VWDQU\QNXLFHQ\]DSHZQLąPXRF]H
NLZDQ\]\VN:\QLND]WHJRĪHQLHPRĪQDZF]HĞQLHMVWZLHUG]LüNLHG\NRQNUHW
QLH Z\JDĞQLH]RERZLą]DQLHHPLWHQWD
*LHáGD 3DSLHUyZ :DUWRĞFLRZ\FK Z:DUV]DZLH QRWRZDáD ZDUUDQW\ HX
URSHMVNLHLDPHU\NDĔVNLHQDDNFMHSRMHG\QF]\FKVSyáHNLQGHNV\JLHáGRZHNRQ
WUDNW\WHUPLQRZHQD:,*RUD]W\JRGQLRZHERQ\VNDUERZHGRJUXGQLD
URNX5HDNW\ZDFMD LFKQDVWąSLáDZOLSFXURNX(PLWHQWHPLFKE\á
Raiffeisen Centrobank AG
] :LHGQLD ,QVWUXPHQWDPL ED]RZ\PL GOD Z]PLDQ
NRZDQ\FKZDUUDQWyZE\á\PLĊG]\LQQ\PLDNFMH2UDQJH3ROVND%DQNX3HNDR
3=8 *UXS\ /RWRV (XURFDVKX %DQNX +DQGORZHJR %= :%. P%DQNX RUD]
LQGHNV:,*Ä'RNXPHQW\´WHRNUHĞODQHVąMDNRSDSLHU\ZDUWRĞFLRZHDOH]
SURILOHPZ\SáDW\MDNGáXJDSR]\FMDZRSFMDFKNXSQDcallOXEVSU]HGDĪ\put
5HJXODFMHGRW\F]ąFHZDUUDQWyZ]QDMGXMąVLĊZV]F]HJyáRZ\FK]DVDGDFKREURWX
JLHáGRZHJRLQLH]QDMGXMąV]HURNLHJR]DVWRVRZDQLDSRQLHZDĪREUyWZDUUDQWDPL
QLHFLHV]\VLĊSRSXODUQRĞFLą1DOHĪ\]DVWDQRZLüVLĊQDGF]\QQLNDPLNWyUHQLH
VSU]\MDMąUR]ZRMRZLU\QNXWUDQVDNFMLLQVWUXPHQWDPLSRFKRGQ\PL1LHPDMąRQH
MDNVLĊZ\GDMHFKDUDNWHUXWHFKQLF]QHJROHF]HNRQRPLF]Q\:\QLNDMąWDNĪH]
GHILF\WXVSHNXODQWyZRUD]SU]HFLĊWQHMZLHG]\GRW\F]ąFHMDORNDFMLNDSLWDáX
:\ELHU]SUDZLGáRZąRGSRZLHGĨ
.RGRSFMLQDGDZDQ\MHVWSU]H]
D *3:Z:DUV]DZLH
E SRGPLRWUR]OLF]DMąF\
F SRGPLRWUR]OLF]DMąF\]JRGQLH]HVWDQGDUGHP,6,1
G GRP\PDNOHUVNLH
&HQDZ\NRQDQLDRSFMLQDDNFMHMHVWUyZQD
D LORF]\QRZLNXUVXUR]OLF]HQLRZHJRLOLF]E\DNFMLSU]\SDGD
MąF\FKQDMHGQąRSFMĊ
E LORF]\QRZLNXUVXZ\NRQDQLDLOLF]E\DNFMLSU]\SDGDMąF\FK
QDMHGQąRSFMĊ
F ĞUHGQLHM DU\WPHW\F]QHM NXUVyZ ZV]\VWNLFK WUDQVDNFML DN
FMDPL
G LORF]\QRZL NXUVX RSFML L OLF]E\ DNFML SU]\SDGDMąF\FK QD
MHGQąRSFMĊ
0QRĪQLNGODVWDQGDUGXRSFMLQDLQGHNV:,*Z\QRVL
D ]á]DSXQNWLQGHNVRZ\
E ]á]DSXQNWLQGHNVRZ\
F ZLHORNURWQRĞü]DSXQNWLQGHNVRZ\
G ]DSXQNWLQGHNVRZ\
3UHPLDRSF\MQDVNáDGDVLĊ]
D ZDUWRĞFLZHZQĊWU]QHMIDNW\F]QHM
E ZDUWRĞFLELHĪąFHM
F ZDUWRĞFLF]DVRZHM]HZQĊWU]QHM
G ZDUWRĞFLU\QNRZHM
2SFMD NWyUD PRĪH E\ü Z\NRQ\ZDQD MHG\QLH Z GQLX ZF]HĞQLHM
RNUHĞORQ\PSU]H]Z\VWDZFĊQD]\ZDQ\PGQLHPZ\JDĞQLĊFLDRSFML
]DOLF]DQDMHVWGR
D RSFMLHXURSHMVNLFK
E RSFMLU\QNyZZVFKRG]ąF\FK
F RSFMLDPHU\NDĔVNLFK
G RSFMLNRQWUDNWRZ\FK
2SFMDNXSQDOXEVSU]HGDĪ\NWyUDQLHMHVWZFHQLHQD]\ZDQDMHVW
D
out-of-the money,E
in the money,F
at-the moneyG
money.
6SyáNL QLH PRJą E\ü PLĊG]\ LQQ\PL REMĊWH SRVWĊSRZDQLHP XSDGáRĞFLRZ\P
RUD]QDáRĪRQ\PLĞURGNDPLG\VF\SOLQXMąF\PLZRNUHVLHRVWDWQLFKWU]HFKPLHVLĊ
F\QRWRZDĔSU]HGZHMĞFLHPGRRSLV\ZDQHJRVHJPHQWX
.ROHMQ\VHJPHQWRQD]ZLH1&%DVHJUXSXMHDNFMHHPLWHQWyZNWyU\FK
QLH ]DNZDOLILNRZDQR GR SR]RVWDá\FK VHJPHQWyZ 1HZ&RQQHFW Z W\P VSyáNL
]ZDORUDPLQRWRZDQ\PLNUyFHMQLĪPLHVLĊF\]XZ]JOĊGQLHQLHPGHELXWDQWyZ
2VWDWQLPVHJPHQWHPMHVW1&$OHUWZUDPDFKNWyUHJR]QDMGXMąVLĊDNFMHVSyáHN
RĞUHGQLPNXUVLHSRQLĪHMJURV]\QLH]DSHZQLDMąFHZDUXQNyZEH]SLHF]HĔVWZD
ZVND]DQ\FKGODVHJPHQWX1&)RFXV3RGPLRW\WHVąXVXZDQH]SRUWIHODLQGHN
VyZLNZDOLILNRZDQHGRQRWRZDĔZV\VWHPLHNXUVXMHGQROLWHJR
3U]HGPLRWHP REURWX JLHáGRZHJR QD 5\QNX *áyZQ\P *3: Z :DU
V]DZLHPRJąE\üLQVWUXPHQW\ILQDQVRZHRLOH]RVWDáVSRU]ąG]RQ\RGSRZLHGQL
GRNXPHQWLQIRUPDF\MQ\]DWZLHUG]RQ\SU]H]ZáDĞFLZ\RUJDQQDG]RUXFK\EDĪH
WDNDRSFMDQLHMHVWZ\PDJDQD1DOHĪ\]D]QDF]\üĪHZKDQGOXJLHáGRZ\PPRJą
]QDMGRZDüVLĊWDNĪHLQVWUXPHQW\EĊGąFHSU]HGPLRWHPREURWXZ\áąF]QLHPLĊG]\
LQZHVWRUDPLNZDOLILNRZDQ\PL
=DU]ąG*LHáG\UR]SR]QDMąFZQLRVHNRGRSXV]F]HQLHLQVWUXPHQWXGRRE
URWXJLHáGRZHJRDQDOL]XMHSU]HGHZV]\VWNLP
x V\WXDFMĊ ILQDQVRZą HPLWHQWD L MHM SURJQR]Ċ D ]ZáDV]F]D Sá\QQRĞü
UHQWRZQRĞüL]GROQRĞüGRREVáXJL]DGáXĪHQLD
x SHUVSHNW\Z\UR]ZRMXHPLWHQWD]HV]F]HJyOQ\PXZ]JOĊGQLHQLHP
UHDOL]DFML]DPLHU]HĔLQZHVW\F\MQ\FKRUD]ĨUyGHáLFKILQDQVRZDQLD
x GRĞZLDGF]HQLHRUD]NZDOLILNDFMHF]áRQNyZRUJDQyZ]DU]ąG]DMąF\FK
LQDG]RUF]\FKHPLWHQWD
x ZDUXQNLL]DVDG\QDMDNLFKHPLWRZDQHE\á\LQVWUXPHQW\ILQDQVRZH
x EH]SLHF]HĔVWZRREURWXJLHáGRZHJRLLQWHUHVyZMHJRXF]HVWQLNyZ
2EUyW JLHáGRZ\ SURZDG]RQ\ MHVW MDN ZF]HĞQLHM ZVND]DQR QD GZyFK
U\QNDFKWMSRGVWDZRZ\PLUyZQROHJá\P
:DUXQNLNRQLHF]QHGRSXV]F]HQLDLQVWUXPHQWXGRREURWXJLHáGRZHJR
QD Z]PLDQNRZDQ\FK U\QNDFK SU]HGVWDZLRQR Z SRQLĪV]\P ]HVWDZLHQLX SU]\
F]\PDNFMHGRSXV]F]DQHQDU\QHNSRGVWDZRZ\PXV]ąVSHáQLüGRGDWNRZHZD
UXQNLNZDOLILNDF\MQHWM
x SRZLQQ\]RVWDüREMĊWHZQLRVNLHPZV]\VWNLHZ\HPLWRZDQHDNFMH
GDQHJRURG]DMXDZGDFLHMHJR]áRĪHQLDLVWQLHMHUR]SURV]HQLHDNFML
]DSHZQLDMąFHSá\QQRĞüLFKREURWX
x SRZLQQ\]QDMGRZDüVLĊZHZáDGDQLXDNFMRQDULXV]\]NWyU\FKNDĪG\
PDQLHZLĊFHMQLĪRJyOQHMOLF]E\JáRVyZQDZDOQ\P]JURPDG]H
QLXVWDQRZLąFRQDMPQLHMZV]\VWNLFKDNFMLVSyáNLDOWHUQDW\Zą
GODWHJRSRVWDQRZLHQLDMHVWUR]ZLą]DQLHĪHZSRVLDGDQLXDNFMRQD
ULXV]\ ] NWyU\FK NDĪG\ OHJLW\PXMH VLĊ QLH ZLĊFHM QLĪ RJyOQHM
OLF]E\ JáRVyZ QD ZDOQ\P ]JURPDG]HQLX ]QDMGXMH VLĊ FR QDMPQLHM
DNFML VSyáNL R áąF]QHM ZDUWRĞFL Z\QRV]ąFHM UyZQRZDUWRĞü
Z]áRW\FKFRQDMPQLHMHXUR
x SRZ\ĪV]\ ZDUXQHN QLH PXVL E\ü VSHáQLRQ\ JG\ OLF]ED DNFML REMĊ
W\FKZQLRVNLHPLFKVXEVNU\SFMDOXEVSU]HGDĪSR]ZDODMąX]QDüĪH
REUyW QLPL ]DSHZQL Sá\QQRĞü QD U\QNX RILFMDOQ\FK QRWRZDĔ OXE
UR]SURV]HQLH]RVWDáRRVLąJQLĊWHQDU\QNDFKQRWRZDĔWHMDNFMLZSDĔ
VWZDFKF]áRQNRZVNLFK
x HPLWHQWSXEOLNRZDáVSUDZR]GDQLDILQDQVRZHZUD]]RSLQLąSRGPLRWX
XSUDZQLRQHJRGRLFKEDGDQLDSU]H]FRQDMPQLHMWU]\NROHMQHODWDRE
URWRZHSRSU]HG]DMąFH]áRĪHQLHZQLRVNXRGRSXV]F]HQLH
=DU]ąG*LHáG\SRZLQLHQSRGMąüGHF\]MĊRGRSXV]F]HQLXZDORUyZGRRE
URWXJLHáGRZHJRZFLąJXGQLRG]áRĪHQLDZQLRVNXELHJF]DVXXOHJD]PLDQLH
SU]\]DVWU]HĪHQLDFKLNRQLHF]QRĞFLX]XSHáQLHQLDGRNXPHQWDFML3RW\PHWDSLH
HPLWHQW MHVW ]REOLJRZDQ\ GR SU]HGáRĪHQLD ZQLRVNX R ZSURZDG]HQLH SDSLHUyZ
ZDUWRĞFLRZ\FKGRQRWRZDĔJLHáGRZ\FK:QLRVHNWHQSRZLQLHQPLĊG]\LQQ\PL
VSHF\ILNRZDü
x R]QDF]HQLHQD]Z\HPLWHQWDRUD]MHJRNRGX/(,
x NRGSRGMDNLPEĊGąUHMHVWURZDQHDNFMHZGHSR]\FLH,6,1
x OLF]EĊDNFMLLFKZDUWRĞüQRPLQDOQąURG]DM
x R]QDF]HQLHVHULLGDW\HPLVMLZUD]]FHQąLZDUWRĞFLąHPLV\MQą
x OLF]EĊJáRVyZQDZDOQ\P]JURPDG]HQLXRJyáHP
x VWUXNWXUĊZáDVQRĞFLDNFML
x U\QHNRUD]SURSR]\FMĊWHUPLQXZSURZDG]HQLDDNFMLGRREURWX
x ]HVWDZRĞZLDGF]HĔHPLWHQWD]ZLą]DQ\FK]ZSURZDG]HQLHPLQVWUX
PHQWyZGRREURWXJLHáGRZHJR
'RZVND]DQHJRZQLRVNXGRáąF]DQHVą]DáąF]QLNL1DMLVWRWQLHMV]H]QLFK
WRRGSLV]UHMHVWUXVSyáNLDNWXDOQ\WHNVWVWDWXWXHPLWHQWDRUD]GRNXPHQWDFMDGR
W\F]ąFDUHMHVWUDFMLSDSLHUyZZGHSR]\FLHSDSLHUyZZDUWRĞFLRZ\FK:\PDJDQH
MHVW WDNĪH SU]HGáRĪHQLH RGSLVX GHF\]ML ZáDĞFLZHJR RUJDQX QDG]RUX Z VSUDZLH
]DWZLHUG]HQLDGRNXPHQWXLQIRUPDF\MQHJR*LHáGDZ\PDJDWDNĪHRĞZLDGF]HQLD
]HVWURQ\HPLWHQWD]NWyUHJRZ\QLNDĪH]DSHZQLáRQVRELHGRVWĊSGRUR]ZLą]DĔ
WHFKQLF]Q\FKVáXĪąF\FKGRSU]HND]\ZDQLDLQIRUPDFMLSRXIQ\FKUDSRUWyZELH
ĪąF\FKLRNUHVRZ\FK
=DU]ąG*LHáG\±SR]áRĪHQLXZQLRVNXSU]H]HPLWHQWD±Z\GDMHXFKZDáĊ
QDSRGVWDZLHNWyUHMZSURZDG]DLQVWUXPHQW\ILQDQVRZHGRREURWXJLHáGRZHJR
RNUHĞODMąFZV]F]HJyOQRĞFLVHVMĊJLHáGRZąQDNWyUHMQDVWąSLLFKSLHUZV]HQRWR
ZDQLH(WDSWHQILQDOL]RZDQ\MHVWSU]HND]DQLHPLQIRUPDFMLGRW\F]ąFHMGHELXWX
LQVWUXPHQWyZILQDQVRZ\FKGRZLDGRPRĞFLXF]HVWQLNyZREURWX
:DUXQNLGRSXV]F]HQLDDNFMLQD5\QHN*áyZQ\*3:Z:DUV]DZLH
x :VWRVXQNXGRHPLWHQWDQLHWRF]\VLĊSRVWĊSRZDQLHXSDGáRĞFLRZHOXE
OLNZLGDF\MQH
x =E\ZDOQRĞüLQVWUXPHQWXQLHMHVWRJUDQLF]RQD
x (PLWHQW]RERZLą]DáVLĊGRSU]HVWU]HJDQLDSU]HSLVyZRERZLą]XMąF\FKQD
JLHáG]LH
x 3U]HGVWDZLRQRSURJQR]Ċ]\VNXQHWWRRLOHE\áDRQDSRGDZDQDGRSX
EOLF]QHMZLDGRPRĞFL
x 'RáąF]RQR GR GRNXPHQWDFML RSLQLĊ F]áRQND *LHáG\ RUD] RĞZLDGF]HQLD
HPLWHQWDZVSUDZLHSU]HVWU]HJDQLD]DVDGáDGXNRUSRUDF\MQHJR
x .DSLWDOL]DFMDVSyáNLUR]XPLDQDMDNRLORF]\QOLF]E\DNFMLLLFKSURJQR
]RZDQHMFHQ\U\QNRZHMSRZLQQDZ\QRVLüFRQDMPQLHMHXUR
SU]\F]\PQLĪV]DZDUWRĞüGRSXV]F]HQLRZDZZ\VRNRĞFLHX
URGRW\F]\VSyáHNNWyU\FKDNFMHFRQDMPQLHMRGSyáURNXVąSU]HGPLR
WHPREURWXQDLQQ\PU\QNXUHJXORZDQ\POXEQD1HZ&RQQHFW
x .DSLWDáUR]SURV]RQ\XSUDZQLDMąF\GRZ\NRQ\ZDQLDPQLHMQLĪJáR
VyZQDZDOQ\P]JURPDG]HQLXHPLWHQWDVWDQRZLFRQDMPQLHMDNFML
LZDORUyZREMĊW\FKZQLRVNLHPRGRSXV]F]HQLHGRREURWXJLHá
GRZHJRRZDUWRĞFLUyZQHMFRQDMPQLHMHXUROLF]RQHMZHGáXJ
RVWDWQLHMFHQ\VSU]HGDĪ\OXEHPLV\MQHM
x (PLWHQW]RERZLą]DQ\MHVWGRSU]HND]DQLD*3:ZSURFHGXU]HGRSXV]
F]HQLRZHMW]Z Ä2SLQLL ILUP\ LQZHVW\F\MQHM´ GRW\F]ąFHM VSHáQLHQLD
Z\PRJyZGRSXV]F]HQLDGRREURWXJLHáGRZHJR
'REUH3UDNW\NL6SyáHN1RWRZDQ\FKQD*3:QDMQRZV]HRERZLą]XMąRGVW\F]QLD
URNXVWDQRZLą]ELyU]DVDGáDGX NRUSRUDF\MQHJR RUD] UHJXá RNUHĞODMąF\FK QRUP\
NV]WDáWRZDQLD UHODFML SU]HGVLĊELRUVWZ JLHáGRZ\FK ] LFK RWRF]HQLHP U\QNRZ\P
:]PDFQLDMą RQH NRQNXUHQF\MQRĞü U\QNX L Vą QRĞQLNLHP LQQRZDF\MQHJR SRGHMĞFLD GR
ZLHOX SUREOHPyZ U\QNX JLHáGRZHJR WDNĪH HW\F]Q\FK D SU]H] WR GR EXGRZ\ MHJR
DWUDNF\MQRĞFLZZ\PLDU]HPLĊG]\QDURGRZ\P
Szczegóáowe zasady obrotu gieádowego w systemie UTP RSLVXMą WDNĪH
ZDUXQNLZSURZDG]DQLDLREURWXDNFMDPLHPLWHQWyZDPHU\NDĔVNLFKW]ZUHJXOD
FMDÄ6´1DOHĪ\WRRFHQLDüMDNVLĊZ\GDMHQLHW\ONRSU]H]SU\]PDWRERZLą]XMą
F\FK DNWyZ SUDZQ\FK DOH WDNĪH UR]SDWU\ZDü Z ĞZLHWOH JOREDOL]DFML U\QNyZ
HZHQWXDOQ\FKDOLDQVyZVWUDWHJLF]Q\FKLFKĊFL]ZLĊNV]HQLDJáĊERNRĞFLSROVNLHJR
SDUNLHWX
$NFMH *3: Z :DUV]DZLH NZDOLILNRZDQH Vą QDMF]ĊĞFLHM GR VHJPHQWX
PDá\FKĞUHGQLFKEąGĨGXĪ\FKVSyáHNNU\WHULXPNDSLWDOL]DFMLVSyáNL=QDMGXMH
WRRG]ZLHUFLHGOHQLHZQD]ZDFKLVNáDG]LHLQGHNVyZJLHáGRZ\FK
'RGDWNRZRLQVW\WXFMDWDGEDMąFREH]SLHF]HĔVWZRREURWyZVWZRU]\áD
VXEVHJPHQW R QD]ZLH /LVWD $OHUWyZ RUD] 6WUHIĊ 1LĪV]HM 3á\QQRĞFL 1D /LVWĊ
$OHUWyZVąSU]HQRV]RQHILUP\PDMąFHDNFMHSRQLĪHMJURV]\FKDUDNWHU\]XMą
FHVLĊGXĪą]PLHQQRĞFLąNXUVXRUD]VSyáNLZVWDQLHXSDGáRĞFL,VWRWQHMHVWWRĪH
LQVWUXPHQW\WHVąZ\FHQLDQHZV\VWHPLHNXUVXMHGQROLWHJRLQLHVąXZ]JOĊGQLDQH
SU]\XVWDODQLXLQGHNVyZJLHáGRZ\FK
'R6WUHI\1LĪV]HM3á\QQRĞFLVąNZDOLILNRZDQHDNFMHW\FKVSyáHNNWyUH
QLH SU]\VWąSLá\ GR 3URJUDPX :VSLHUDQLD 3á\QQRĞFL PLPR ĪH ĞUHGQLD ZDUWRĞü
REURWyZZDORUHPMHVWQLĪV]DDQLĪHOL]áQDVHVMĊDĞUHGQLDOLF]EDWUDQVDN
FMLQLHSU]HNUDF]DUHZL]MDVSyáHNRGE\ZDVLĊFRNZDUWDá:]PLDQNRZDQ\
3URJUDP SU]HZLGXMH PLĊG]\ LQQ\PL ]DZDUFLH XPRZ\ PLĊG]\ HPLWHQWHP
D$QLPDWRUHP(PLWHQWDRUD]SURZDG]HQLHUHODFMLLQZHVWRUVNLFKQDVWURQLHLQWHU
QHWRZHMVSyáNL=QDOH]LHQLHVLĊZ6WUHILH1LĪV]HM3á\QQRĞFLVNXWNXMHXVXQLĊFLHP
DNFMLGDQHJRSRGPLRWX]SRUWIHODLQGHNVyZJLHáGRZ\FKLSU]HQLHVLHQLHPLFKGR
QRWRZDĔMHGQROLW\FKDWDNĪHV]F]HJyOQ\PR]QDF]HQLHPLQVWUXPHQWyZZVHUZL
VDFKLQIRUPDF\MQ\FK*3:
3U]HGPLRWHPREURWXQD5\QNX*áyZQ\PRSUyF]DNFMLPRJąE\üWDNĪH
LQQHLQVWUXPHQW\ILQDQVRZHOXESUDZDNWyU\FKHPLWHQFLVSHáQLOLZDUXQNLNZDOL
ILNDF\MQHGRSXV]F]HQLD'RLQVWUXPHQWyZW\FK]DOLF]\üPRĪQDPLĊG]\LQQ\PL
SUDZDSRERUX]DNFMLSUDZDGRQRZ\FKDNFMLOLVW\]DVWDZQHFHUW\ILNDW\LQZH
VW\F\MQHFHUW\ILNDW\(7)REOLJDFMH]DPLHQQHREOLJDFMH]SUDZHPSLHUZV]HĔ
VWZDZDUUDQW\VXEVNU\SF\MQHZDUUDQW\RSF\MQH
, :\ELHU]SUDZLGáRZąRGSRZLHGĨ
2IHUWDSXEOLF]QDVNLHURZDQDMHVWGR
D FRQDMPQLHMRVyE
E FRQDMPQLHMRVyE
F GRQLHR]QDF]RQHJRDGUHVDWD
G ĪDGQD]RGSRZLHG]L
5\QHNUHJXORZDQ\QDWHU\WRULXP3ROVNLREHMPXMH
D U\QHNJLHáGRZ\
E %RQG6SRW
F WRZDURZ\U\QHNLQVWUXPHQWyZILQDQVRZ\FK
G ZV]\VWNLHRGSRZLHG]LPRJąE\üSUDZLGáRZH
,,5R]ZLąĪ]DGDQLD
:\OLF]SXQNW\UDQNLQJX]PRG\ILNRZDQHJRGODQDVWĊSXMąF\FKVSy
áHNJLHáGRZ\FK/27263.125/(13.23*(
2EOLF] W\JRGQLRZH VWRS\ ]ZURWX ] DNFML QD SRGVWDZLH RVWDWQLHJR
SHáQHJRW\JRGQLDQRWRZDĔVSyáHNZVND]DQ\FKZSLHUZV]\P]DGD
QLX
3U]HDQDOL]XM Z\NUHV LQGHNVX P:,* ] RVWDWQLHJR PLHVLąFD QRWR
ZDĔ2NUHĞOQDSRGVWDZLH]PLDQNXUVyZRUD]XG]LDáXVSyáHNZSRUW
IHOX LQGHNVX NWyUH ] QLFK ZSá\QĊá\ Z GHF\GXMąF\ VSRVyE QD MHJR
ZDUWRĞü
2EOLF]PLHVLĊF]QąVWRSĊ]ZURWX]LQGHNVX:,*RVWDWQLPLHVLąF
DQDVWĊSQLHSRUyZQDMMą]PLHVLĊF]Q\PLVWRSDPL]ZURWX]SRV]F]H
JyOQ\FKDNFMLZFKRG]ąF\FKZVNáDGLQGHNVX
3U]HDQDOL]XM W\JRGQLRZą G\QDPLNĊ ZDUWRĞFL L ZROXPHQX REURWyZ
QDVWĊSXMąF\FKVSyáHNJLHáGRZ\FK81,&5(',7/(1$'52=$
32/ 6$17$1'(5 -DNLH ZQLRVNL QDVXZDMą VLĊ QD SRGVWDZLH
SU]HSURZDG]RQ\FKREVHUZDFML"
2NUHĞO MDN ]PLHQLDá\ VLĊ Z FLąJX RVWDWQLFK SLĊFLX ODW QDVWĊSXMąFH
ZVNDĨQLNL*3:Z:DUV]DZLHZXMĊFLXNZDUWDOQ\P
x NRQFHQWUDFML
x OLF]E\VSyáHNJLHáGRZ\FK
x NDSLWDOL]DFMLGR3.%
x Sá\QQRĞFL
&]\]DREVHUZRZDQH]PLDQ\SR]ZDODMąVWZLHUG]LüĪH*3:UR]ZL
MDVLĊG\QDPLF]QLH"-DNLZSá\ZQDX]\VNDQHZ\QLNLPLDáDJOREDOQD
V\WXDFMDQDU\QNDFKJLHáGRZ\FK"
,,,2PyZSUREOHP\
2NUHĞOUyĪQLFHZGRERU]HVSyáHNGRSRV]F]HJyOQ\FKLQGHNVyZJLHá
GRZ\FKVXELQGHNVyZVHNWRURZ\FKLQGHNVyZSRFKRGQ\FK
3U]HDQDOL]XMUyĪQLFHZNRQVWUXNFMLLQGHNVyZSXEOLNRZDQ\FKSU]H]
*3:Z:DUV]DZLH
3RUyZQDMZVNDĨQLNLUR]ZRMX*3:Z :DUV]DZLH ]HZVNDĨQLNDPL
Z\EUDQ\FK JLHáG HXURSHMVNLFK QDOHĪąF\FK GR U\QNyZ ZVFKRG]ą
F\FKLUR]ZLQLĊW\FK2NUHĞOPLHMVFH*3:QDU\QNXHXURSHMVNLPRG
URNX
3U]HDQDOL]XMHWDS\NRQVWUXNFMLLQGHNVX:,*
.WyUH ] SROVNLFK LQGHNVyZ JLHáGRZ\FK PRĪQD ]DOLF]\ü GR LQGHN
VyZ
D V]HURNLHJRSRUWIHOD
E ZąVNLHJRSRUWIHOD
F SHáQLąF\FKIXQNFMHZ]RUFyZLQZHVWRZDQLD
G SHáQLąF\FKIXQNFMHLQVWUXPHQWXED]RZHJR
3U]\EOLĪ NRQVWUXNFMĊ VNáDG RUD] ]QDF]HQLH DQDOLW\F]QH LQGHNVyZ
VHNWRURZ\FK
&]\NDSLWDOL]DFMDU\QNXDNFMLMHVWGREU\PPLHUQLNLHPUR]ZRMXJLHá
G\"8]DVDGQLMVZRMąZ\SRZLHGĨELRUąFSRGXZDJĊ]PLDQ\FHQSD
SLHUyZ ZDUWRĞFLRZ\FK RUD] OLF]EĊ QRWRZDQ\FK DNFML Z ODWDFK
±
&]\ SRZLQQ\ QDVWąSLü ]PLDQ\ Z NRQVWUXNFML L GRERU]H VSyáHN GR
LQGHNVX:,*"8]DVDGQLMVZRMąRGSRZLHGĨ
/LWHUDWXUD
'ĊEVNL:Rynek finansowy i jego mechanizmy:\GDZQLFWZR1DXNRZH
3:1:DUV]DZD
IndeksyZZZJSZSO
5RF]QLNLLVWDW\VW\NL*3:Z:DUV]DZLH6$SXEOLNDFMH*3:Z:DUV]DZLH6$
ZZZJSZSO
6RFKD - 5\QHN SDSLHUyZ ZDUWRĞFLRZ\FK Z 3ROVFH 2/<0386 :DU
V]DZD
6RSRüNR $ Rynkowe instrumenty finansowe :\GDZQLFWZR 1DXNRZH
3:1:DUV]DZD
Szczegóáowe zasady obrotu gieádowego w systemie UTP WHNVW ZHGáXJ VWDQX
SUDZQHJRQDPDMDURNXZZZJSZSO
$QDOL]DWHFKQLF]QD
$QDOL]DWHFKQLF]QDMHVWMHGQą]QDMF]ĊĞFLHMVWRVRZDQ\FKPHWRGXPRĪ
OLZLDMąF\FK SUHG\NFMĊ SU]\V]á\FK FHQ LQVWUXPHQWyZ U\QNX NDSLWDáyZ SLHQLĊĪ
Q\FKĝURGRZLVNDQDXNRZH]GXĪ\PVFHSW\F\]PHPRGQRV]ąVLĊGRVNXWHF]QR
ĞFLZ]PLDQNRZDQHMDQDOL]\RNUHĞODMąFMąMDNRÄEXGRZDQLH]DPNyZQDSLDVNX´
,QQHVSRMU]HQLHFKDUDNWHU\]XMHSUDNW\NyZJLHáGRZ\FKFHQLąF\FKQDU]ĊG]LDRSL
VDQHSU]H]ÄWHFKQLNyZ´
$QDOL]DWHFKQLF]QD]DNáDGDĪH]MDZLVNDJLHáGRZHZ\SU]HG]DMąZF]DVLH
]MDZLVNDHNRQRPLF]QHDU\QHNG\VNRQWXMHSU]\V]áRĞü:PHWRG]LHWHMRGU]XFD
QHVąGDQHVWDW\VW\F]QHQDWRPLDVWXZ\SXNOHQLXSRGOHJDDQDOL]DWUHQGXU\QNX
Ä7HFKQLF\´ XZDĪDMą ĪH RNUHĞODQLH FHQ\ U\QNRZHM DNFML QD SRGVWDZLH DQDOL]\
IXQGDPHQWDOQHM MHVW G\VNXV\MQH &HQD WD RG]ZLHUFLHGOD ERZLHP UyĪQH RSLQLH
IXQGDPHQWDOLVWyZGRW\F]ąFHZDUWRĞFLZHZQĊWU]QHMLQVWUXPHQWXSRUyZQ\ZDQHM
]ZDUWRĞFLąU\QNRZą
$QDOL]DWHFKQLF]QDRSDUWDMHVWQDZLHOXUHJXáDFK]NWyU\FKGRQDMLVWRW
QLHMV]\FKQDOHĪ\]DOLF]\üQDVWĊSXMąFHVWZLHUG]HQLD
x ]PLDQ\SRS\WXLSRGDĪ\QDJLHáG]LH]QDMGXMąVZRMHRG]ZLHUFLHGOHQLH
ZFHQDFKDNFML
x ]PLDQDNXUVyZDNFMLSRGOHJDXWU]\PXMąF\PVLĊSU]H]GáXĪV]\F]DV
WUHQGRPNWyUHPRJąSRGOHJDüQLHZLHONLPIOXNWXDFMRP
x FHQDU\QNRZDDNFMLGHWHUPLQRZDQDMHVWSU]H]F]\QQLNL]DUyZQRUD
FMRQDOQHMDNLLUUDFMRQDOQH
x SURFHV\]DFKRG]ąFHQDJLHáG]LHSRZWDU]DMąVLĊ
x ]PLDQ\ZSRS\FLHLSRGDĪ\PRĪQD]QDOHĨüZZ\NUHVDFK]PLDQFHQ
DNFMLLU\QNRZHJRZROXPHQXREURWyZ
: RSLV\ZDQHM PHWRG]LH Z\NRU]\VW\ZDQH Vą SU]HGH ZV]\VWNLP KLVWR
U\F]QHZ\NUHV\]PLDQFHQNXUVyZDNFMLLFKWUHQG\LZROXPHQ\REURWyZ6]H
URNLH]DVWRVRZDQLHSUDNW\F]QH]QDMGXMąWDNĪHZVNDĨQLNLWHFKQLF]QH
7HFKQLF\VWRVXMąQDMF]ĊĞFLHMZ\NUHV\VáXSNRZHDZGDOV]HMNROHMQRĞFL
OLQLRZHSXQNWRZRV\PEROLF]QHLĞZLHFRZH:\NUHV\VáXSNRZHPRJąGRW\F]\ü
UyĪQ\FK RNUHVyZ QRWRZDĔ : SU]\SDGNX DQDOL] SU]HSURZDG]DQ\FK Z RSDUFLX
RG]LHQQHNXUV\DNFMLQDRVLRGFLĊW\FK]D]QDF]DVLĊGQLQRWRZDĔDQDRVLU]ĊG
Q\FKNXUV\ZDORUX.DĪG\G]LHĔQRWRZDĔQDQRV]RQ\MHVWQDZ\NUHVLHSU]H]SR
áąF]HQLHSLRQRZąOLQLąQDMZ\ĪV]HJRLQDMQLĪV]HJRNXUVXGQLD6áXSHNWHQSU]H
FLQDSRSU]HF]QDNUHVNDZDUWRĞFLNXUVX]DPNQLĊFLD3RQLĪHMZ\NUHVX]D]QDF]D
VLĊ G]LHQQ\ REUyW GDQą DNFMą :\NUHV WDNL SUH]HQWXMH U\VXQHN 1LHNLHG\ QD
VáXSNXZLGQLHMąGZLHNUyWNLHNUHVNL.UHVNDSRSUDZHMVWURQLHR]QDF]DZyZF]DV
FHQĊ]DPNQLĊFLDDSROHZHMFHQĊRWZDUFLD
=NROHLQDZ\NUHVLHVáXSNRZ\PGRW\F]ąF\PRNUHVyZW\JRGQLRZ\FKRĞ
RGFLĊW\FKVWDQRZLąSRV]F]HJyOQHW\JRGQLHQRWRZDĔàąF]\RQQDMZ\ĪV]\LQDM
QLĪV]\ NXUV W\JRGQLD D SU]HFLQD JR NUHVHF]ND ZVND]XMąFD NXUV ]DPNQLĊFLD
]SLąWNX 'RGDWNRZR QDQRV]RQH Vą REURW\ DQDOL]RZDQHM DNFML RG SRQLHG]LDáNX
GRSLąWNX,GHQW\F]QH]DVDG\GRW\F]ąNRQVWUXNFMLZ\NUHVyZRGQRV]ąF\FKVLĊGR
GDQ\FKPLHVLĊF]Q\FK:\NUHV\OLQLRZHSRZVWDMą]SRáąF]HQLDNXUVyZ]DPNQLĊ
FLDDNFMLZSRV]F]HJyOQ\FKGQLDFKMHMQRWRZDĔ
5\VXQHN:\NUHVVáXSNRZ\ZDQDOL]LHWHFKQLF]QHM
:\NUHV\ SXQNWRZRV\PEROLF]QH ]DZLHUDMą W\ONR LVWRWQH ]PLDQ\ FHQ
ZLĊNV]HRG]JyU\RNUHĞORQHM]PLDQ\MHGQRVWNRZHM1LHXZ]JOĊGQLDMąRQHF]DVX
DQLZDUWRĞFLREURWyZ3U]\MĊWDVNDODFHQ\DNFML]D]QDF]DQDMHVWQDRVLSLRQRZHM
:\NUHV NUHRZDQ\ MHVW RG QDQLHVLHQLD NXUVX ZDORUX Z FKZLOL UR]SRF]ĊFLD RE
VHUZDFML:SU]\SDGNXJG\FHQDDSUHFMRQRZDáDRRNUHĞORQąMHGQRVWNĊSRPLDUX
]D]QDF]DQHMHVWWRSU]H];ZNUDWFHSRáRĪRQHMQDGSR]LRPHPNXUVXZ\MĞFLRZH
JR=NROHLVSDGHNQRWRZDĔRRNUHĞORQąMHGQRVWNĊSRPLDUXV\JQDOL]RZDQ\MHVW
MDNRXPLHV]F]RQHZNZDGUDFLHSRQLĪHMSR]LRPXNXUVXZ\MĞFLRZHJR6\PER
OH WH ZVND]XMą NLHUXQHN ]PLDQ FHQ U\QNRZ\FK DNFML =PLDQD WUHQGX VWDQRZL
SRGVWDZĊZ\NUHVXNROHMQHMNROXPQ\3RV]F]HJyOQHNROXPQ\]DZLHUDMąZLĊF;
SU]\]Z\ĪNDFKQRWRZDĔEąGĨSU]\]QLĪNDFKNXUVyZ
.RQVWUXNFMD G]LHQQ\FK Z\NUHVyZ ĞZLHFRZ\FK ED]XMH QD NXUVDFK
RWZDUFLDL]DPNQLĊFLDDNFMLDWDNĪHQDLFKG]LHQQ\PPDNVLPXPLPLQLPXPFH
QRZ\PĝZLHFDW\JRGQLRZDRGQRWRZXMHSRQLHG]LDáNRZHRWZDUFLHQRWRZDĔGD
QHMDNFMLSLąWNRZH]DPNQLĊFLHRUD]ZDUWRĞFLVNUDMQH]W\JRGQLD
5\VXQHN-DSRĔVNLHĞZLHFH
DĂŬƐŝŵƵŵ
'ſƌŶLJ ĐŝĞŷ
KƚǁĂƌĐŝĞ
ŽůŶLJ ĐŝĞŷ ĂŵŬŶŝħĐŝĞ
DŝŶŝŵƵŵ
DĂŬƐŝŵƵŵ 'ſƌŶLJĐŝĞŷ
ĂŵŬŶŝħĐŝĞ
ŽůŶLJĐŝĞŷ KƚǁĂƌĐŝĞ
DŝŶŝŵƵŵ
%LDá\NRUSXV
&]DUQ\ NRUSXV