warranty na gpw - sposób na zmienność

2
EDUKACJA C zym jest warrant? Szczególnie ^OX N\_QS SX]^\_WOX^ L£NMc W§YN]dcW L\K^OW YZMTS WYŗO YUKdKó ]S£ SX^O\O]_TMc NVK SXaO]^Y\K SXNcaSN_KVXO- QY AK\\KX^ NKTO Z\KaY XKLcMSK aK\- \KX^ MKVV V_L dLcMSK aK\\KX^ Z_^ SX]^\_WOX^_ LKdYaOQY KUMTK V_L SXNOU] ZY d Qä\c YU\OĺVYXcW U_\]SO ]^\SUO S ^O\WSXSO NK^K acUYXKXSK AK\\KX^ NKTO aS£M WYŗVSaYĺó dK\KLSKXSK dK\äaXY XK ad\YĺMSO TKU S XK ]ZKNU_ MOX acL\KXcMR KUMTS V_L aK\^YĺMS SXNOU- ]äa AK\\KX^ TO]^ Z\Y]^cW SX]^\_WOX- ^OW U^ä\c U_Z_TOWc S ]Z\dONKTOWc ^KU TKU KUMTO ]U§KNKTM dVOMOXSO a NYW_ WKUVO\]USW 7YŗOWc aS£M \YdZYMdó SXaO]^YaKXSO LOd NYNK^UYacMR PY\WKV- XYĺMS XZ daSdKXcMR d _\_MRYWSOXSOW Y]YLXOQY \KMR_XU_ NVK SX]^\_WOX^äa ZYMRYNXcMR AKŗXcW OVOWOX^OW UYX]^\_UMTS aK\ - \KX^_ TO]^ WXYŗXSU SXPY\W_TMc SVO aK\- \KX^äa YNZYaSKNK TONXOW_ SX]^\_WOX- ^YaS LKdYaOW_ .VK aS£U]dYĺMS aK\\KX- ^äa XY^YaKXcMR XK 1:A WXYŗXSU acXY]S KVLY ^dX TONOX aK\\KX^ YNZYaSKNK KVLY SX]^\_WOX^_ LKdYaOQY ŖOLc aK\^Yĺó aOaX£^\dXK aK\\KX^_ dWSOXSK§K ]S£ aS£M NYU§KNXSO Y ^cVO ]KWY MY SX]^\_WOX^_ LKdYaOQY ^\dOLK WSOó YNZYaSONXSY aS£MOT aK\- \KX^äa :\KU^cMdX UYX]OUaOXMT ^KUSOT UYX]^\_UMTS TO]^ WS£Ndc SXXcWS XS]UK MOXK aK\\KX^_ Y\Kd _dc]UKXSO OPOU^_ NŕaSQXS PSXKX]YaOT U^ä\K WYŗO Z\dc- XSOĺó dc]US aSOVYU\Y^XSO acŗ]dO XSŗ a Z\dcZKNU_ SXaO]^cMTS a SX]^\_WOX^ LKdYac =^\K^c XK^YWSK]^ YQ\KXSMdYXO ] NY ac]YUYĺMS dKSXaO]^YaKXOQY UKZS^K- §_ 4O]^ ^Y S]^Y^XK MOMRK ZYXSOaKŗ aS£U- ]dYĺó SX]^\_WOX^äa d NŕaSQXS _WYŗVS- aSKTMcMR dK\KLSKXSO XK ad\Y]^KMR V_L ]ZKNUKMR MOX KUMTS acWKQK aZ§KMKXSK NOZYdc^äa dKLOdZSOMdKTMcMR U^ä\O a Z\dcZKNU_ MRcLSYXOT SXaO]^cMTS WYQ ]U_^UYaKó ]^\K^KWS dXKMdXSO acŗ]dcWS XSŗ dKSXaO]^YaKXO ZSOXSNdO -DNLH ZDUUDQW\ VĎ QRWRZDQH na GPW? 8K aK\]dKa]USOT QSO§NdSO XY^YaKXcMR TO]^ # aK\\KX^äa XK KUMTO Y\Kd XK SXNOU] XKTaS£U]dcMR S XKTZ§cXXSOT]dcMR ]Zä§OU A31 3XaO]^_TM a aK\\KX^c MKVV WKWc WYŗVSaYĺó dK\KLSKó XK ad\Y- ĺMSO U_\]äa KUMTS :OUKY =+ 5127 :O^\YVSX`O]^ :1/ :18S1 :58 9\VOX :59 ,: :D? >K_\YX >: =+ Y\Kd SXNOU- ]_ A31 -RMM ]UY\dc]^Kó XK ]ZKN- UKMR V_L dKLOdZSOMdcó ]S£ Z\dON XSWS WYŗOWc acL\Kó XK]^£Z_TMO aK\\KX^c Z_^$ 5127 :1/ :18S1 :58 9\VOX :59 ,: :D? >: =+ S SXNOU] A31 AK\\KX^c XK ZYNKXO SX]^\_WOX^c LKdY- aO WKT aSOVO U_\]äa acUYXKXSK ]^\S- UO S USVUK NK^ acUYXKXSK ObZS\c NK^O MY NKTO WYŗVSaYĺó dXKVOdSOXSK a§KĺMSaO- QY SX]^\_WOX^_ NVK SXaO]^Y\äa dKU§KNK- TMcMR LK\NdY d\äŗXSMYaKXO ]MOXK\S_]dO dKMRYaKXSK ]S£ \cXU_ a Z\dc]d§YĺMS -DN G]LDãD ZDUUDQW" AK\\KX^ MKVV TO]^ YNZYaSONXS NVK SXaO- ]^Y\K U^ä\c Z\dOaSN_TO ad\Y]^ U_\]_ V_L dWSOXXYĺMS SX]^\_WOX^_ LKdYaOQY KUMTS KVLY SXNOU]_ :Y]SKNKMd aK\\KX^_ MKVV dKMdcXK dK\KLSKó QNc U_\] aK\\KX^_ Z\OWSK ad\YĺXSO ZYacŗOT UY]d^_ XKLc- Warranty na GPW ]ZY]äL XK dWSOXXYĺó ,YQNKX 5Y\XKMUS 7K\MSX :\dO]d§Ya]US 1SO§NK :KZSO\åa AK\^YĻMSYacMR a AK\]dKaSO =+ 36 Akcjonariusz 3/2011 2NUHV\ GXijHM ]PLHQQRħFL QD U\QNX DNFML SRWUDÀĎ VSēG]DĄ VHQ ] SRZLHN QDMEDUG]LHM GRħZLDGF]RQ\P LQZHVWRURP .DijG\ Z QDSLēFLX DQDOL]XMH LQIRUPDFMH Sã\QĎFH ] U\QNX L ]DVWDQDZLD VLē F]\ MHJR DNWXDOQD HNVSR]\FMD L VWUDWHJLD VĎ RGSRZLHGQLH GR ELHijĎFHM V\WXDFML 1LHNWyU]\ GHF\GXMĎ VLē Z\FRIDĄ ] U\QNX DNFML L SU]HF]HNDĄ EXU]OLZ\ RNUHV LQZHVWXMĎF Z REOLJDFMH OXE ORNDWē EDQNRZĎ 3U]HG SRGMēFLHP WDNLHM GHF\]ML ZDUWR MHGQDN ]DVWDQRZLĄ VLē F]\ QLH Z]ERJDFLĄ VZRMHM VWUDWHJLL R PRijOL - ZRħĄ ]DURELHQLD QD ]PLHQQRħFL LQZHVWXMĎF Z QRWRZDQH QD ZDUV]DZVNLHM JLHãG]LH RSFMH OXE ZDUUDQW\ $OH[H\ *RRVHY )RWROLDFRP Opcje Warranty 7\S LQVWUXPHQWX ,QVWUXPHQW SRFKRGQ\ 3DSLHU ZDUWRħFLRZ\ PD HPLWHQWD L RNUHħORQĎ ZLHONRħĄ HPLVML 5DFKXQHN Z '0 ,QVWUXPHQWyZ SRFKRGQ\FK 1.. 3DSLHUyZ ZDUWRħFLRZ\FK Z QLHNWyU\FK '0 UyZQLHij ,.( (PLWHQW %UDN -HVW 3R]\FMD GãXJDNUyWND 7DN PRijOLZH NXSQR L Z\VWDZLDQLH RSFML 7\ONR GãXJD NXSQR ZDUUDQWX DOH PRijQD ]DUDELDĄ QD VSDGNDFK G]LēNL ZDUUDQWRP VSU]HGDij\ =\VNL 7HRUHW\F]QLH QLHRJUDQLF]RQH 7HRUHW\F]QLH QLHRJUDQLF]RQH 6WUDW\ 'OD SR]\FML GãXJLHM RJUDQLF]RQH GR Z\VRNRħFL ]DSãDFRQHM SUHPLL GOD SR]\FML NUyWNLHM Z\VWDZFD RSFML QLHRJUDQLF]RQH 2JUDQLF]RQH GR Z\VRNRħFL ]DLQZHVWRZDQHM NZRW\ NRV]W QDE\FLD ZDUUDQWX Tab. 1 Warranty vs. Opcje [ZOZMTPĩ^_bL T ]æśYTNP

Upload: stowarzyszenie-inwestorow-indywidualnych

Post on 10-Mar-2016

234 views

Category:

Documents


0 download

DESCRIPTION

Artykuł edukacyjny o warrantach.

TRANSCRIPT

Page 1: Warranty na GPW - sposób na zmienność

EDUKACJA

Czym jest warrant? Szczególnie

^OX�N\_QS�SX]^\_WOX^��L£N�Mc��W§YN]dcW� L\K^OW�� YZMTS��WYŗO�YUKdKó�]S£�SX^O\O]_T�Mc�NVK�SXaO]^Y\K�SXNcaSN_KVXO-

QY�� AK\\KX^� NKTO� Z\KaY� XKLcMSK� �aK\-\KX^� MKVV�� V_L� dLcMSK� �aK\\KX^� Z_^��SX]^\_WOX^_� LKdYaOQY� �KUMTK� V_L�SXNOU]�� ZY� d� Qä\c� YU\OĺVYXcW� U_\]SO��]^\SUO�� S� ^O\WSXSO� �NK^K� acUYXKXSK���AK\\KX^�NKTO�aS£M�WYŗVSaYĺó�dK\KLSKXSK�dK\äaXY� XK� ad\YĺMSO�� TKU� S� XK� ]ZKNU_�MOX�acL\KXcMR�KUMTS�V_L�aK\^YĺMS�SXNOU-

]äa�� AK\\KX^� TO]^� Z\Y]^cW� SX]^\_WOX-

^OW��U^ä\c�U_Z_TOWc�S�]Z\dONKTOWc�^KU�TKU� KUMTO� �� ]U§KNKT�M� dVOMOXSO� a� NYW_�WKUVO\]USW�� 7YŗOWc� aS£M� \YdZYMd�ó�SXaO]^YaKXSO�LOd�NYNK^UYacMR�PY\WKV-XYĺMS��XZ��daS�dKXcMR�d�_\_MRYWSOXSOW�Y]YLXOQY� \KMR_XU_� NVK� SX]^\_WOX^äa�

ZYMRYNXcMR�AKŗXcW� OVOWOX^OW� UYX]^\_UMTS� aK\-\KX^_�TO]^�WXYŗXSU�SXPY\W_T�Mc��SVO�aK\-\KX^äa�YNZYaSKNK�TONXOW_�SX]^\_WOX-

^YaS�LKdYaOW_��.VK�aS£U]dYĺMS�aK\\KX-

^äa� XY^YaKXcMR� XK� 1:A� WXYŗXSU�acXY]S�����KVLY������^dX��TONOX�aK\\KX^�YNZYaSKNK� ���� KVLY� ���� SX]^\_WOX^_�LKdYaOQY��� ŖOLc� aK\^Yĺó� aOaX£^\dXK�aK\\KX^_� dWSOXSK§K� ]S£�aS£M� NYU§KNXSO�Y�^cVO�]KWY��MY� SX]^\_WOX^_�LKdYaOQY��^\dOLK� WSOó� YNZYaSONXSY� aS£MOT� aK\-\KX^äa��:\KU^cMdX��UYX]OUaOXMT��^KUSOT�UYX]^\_UMTS� TO]^� WS£Ndc� SXXcWS� XS]UK�MOXK� aK\\KX^_� Y\Kd� _dc]UKXSO� OPOU^_�NŕaSQXS� PSXKX]YaOT�� U^ä\K� WYŗO� Z\dc-

XSOĺó� dc]US� aSOVYU\Y^XSO� acŗ]dO� XSŗ�a� Z\dcZKNU_� SXaO]^cMTS� a� SX]^\_WOX^�LKdYac��=^\K^c�XK^YWSK]^�YQ\KXSMdYXO�]��NY�ac]YUYĺMS� dKSXaO]^YaKXOQY�UKZS^K-

§_��4O]^�^Y�S]^Y^XK�MOMRK��ZYXSOaKŗ�aS£U-

]dYĺó� SX]^\_WOX^äa�d�NŕaSQXS��_WYŗVS-aSKT�McMR� dK\KLSKXSO� XK� ad\Y]^KMR� V_L�]ZKNUKMR� MOX� KUMTS� acWKQK� aZ§KMKXSK�NOZYdc^äa� dKLOdZSOMdKT�McMR�� U^ä\O�a�Z\dcZKNU_�MRcLSYXOT�SXaO]^cMTS�WYQ��]U_^UYaKó� ]^\K^KWS� dXKMdXSO� acŗ]dcWS�XSŗ�dKSXaO]^YaKXO�ZSOXS�NdO�

-DNLH�ZDUUDQW\�V�QRWRZDQH� na GPW?

8K� aK\]dKa]USOT� QSO§NdSO� XY^YaKXcMR�TO]^� #�� aK\\KX^äa� XK� KUMTO� Y\Kd� XK�SXNOU]� XKTaS£U]dcMR� S� XKTZ§cXXSOT]dcMR�]Zä§OU� A31���� 3XaO]^_T�M� a� aK\\KX^c�MKVV��WKWc�WYŗVSaYĺó�dK\KLSKó�XK�ad\Y-

ĺMSO� U_\]äa� KUMTS� :OUKY� =+�� 5127��:O^\YVSX`O]^�� :1/�� :18S1�� � :58�9\VOX��:59�,:��:D?��>K_\YX��>:�=+�Y\Kd�SXNOU-

]_� A31���� -RM�M� ]UY\dc]^Kó� XK� ]ZKN-

UKMR� �V_L� dKLOdZSOMdcó� ]S£� Z\dON� XSWS���WYŗOWc� acL\Kó� XK]^£Z_T�MO� aK\\KX^c�Z_^$� 5127�� :1/�� :18S1�� :58�9\VOX��:59�,:��:D?��>:�=+�S�SXNOU]�A31���AK\\KX^c�XK�ZYNKXO� SX]^\_WOX^c�LKdY-

aO�WKT��aSOVO�U_\]äa�acUYXKXSK� �]^\S-UO�� S�USVUK�NK^�acUYXKXSK��ObZS\c�NK^O���MY�NKTO�WYŗVSaYĺó�dXKVOdSOXSK�a§KĺMSaO-QY�SX]^\_WOX^_�NVK�SXaO]^Y\äa�dKU§KNK-

T�McMR�LK\NdY�d\äŗXSMYaKXO�]MOXK\S_]dO�dKMRYaKXSK�]S£�\cXU_�a�Z\dc]d§YĺMS�

-DN�G]LDãD�ZDUUDQW"

AK\\KX^� MKVV� TO]^� YNZYaSONXS� NVK� SXaO-]^Y\K��U^ä\c�Z\dOaSN_TO�ad\Y]^�U_\]_�V_L�dWSOXXYĺMS�SX]^\_WOX^_�LKdYaOQY��KUMTS�KVLY� SXNOU]_��� :Y]SKNKMd� aK\\KX^_� MKVV�dKMdcXK� dK\KLSKó�� QNc� U_\]� aK\\KX^_��Z\OWSK��ad\YĺXSO�ZYacŗOT�UY]d^_�XKLc-

Warranty na GPW ��]ZY]äL�XK�dWSOXXYĺó

��,YQNKX�5Y\XKMUS��7K\MSX�:\dO]d§Ya]US��1SO§NK�:KZSO\åa�AK\^YĻMSYacMR�a�AK\]dKaSO�=�+�

36 Akcjonariusz 3/2011

2NUHV\�GXijHM�]PLHQQRħFL�QD�U\QNX�DNFML�SRWUDÀĎ�VSēG]DĄ�VHQ�]�SRZLHN�QDMEDUG]LHM� GRħZLDGF]RQ\P�LQZHVWRURP��.DijG\�Z�QDSLēFLX�DQDOL]XMH�LQIRUPDFMH�Sã\QĎFH�]�U\QNX�L�]DVWDQDZLD�VLē��F]\�MHJR�DNWXDOQD�HNVSR]\FMD�L�VWUDWHJLD�VĎ�RGSRZLHGQLH�GR�ELHijĎFHM�V\WXDFML��1LHNWyU]\�GHF\GXMĎ�VLē�Z\FRIDĄ�]�U\QNX�DNFML�L�SU]HF]HNDĄ�EXU]OLZ\�RNUHV��LQZHVWXMĎF�Z�REOLJDFMH�OXE�ORNDWē�EDQNRZĎ��3U]HG�SRGMēFLHP�WDNLHM�GHF\]ML�ZDUWR�MHGQDN�]DVWDQRZLĄ�VLē��F]\�QLH�Z]ERJDFLĄ�VZRMHM�VWUDWHJLL�R�PRijOL-ZRħĄ�]DURELHQLD�QD�]PLHQQRħFL��LQZHVWXMĎF�Z�QRWRZDQH�QD�ZDUV]DZVNLHM�JLHãG]LH�RSFMH�OXE�ZDUUDQW\�

��$OH[H\�*RR

VHY���)R

WROLD

�FRP

Opcje Warranty

7\S�LQVWUXPHQWX ,QVWUXPHQW�SRFKRGQ\ 3DSLHU�ZDUWRħFLRZ\��PD�HPLWHQWD�L�RNUHħORQĎ�ZLHONRħĄ�HPLVML�

5DFKXQHN�Z�'0 ,QVWUXPHQWyZ�SRFKRGQ\FK��1..�

3DSLHUyZ�ZDUWRħFLRZ\FK� �Z�QLHNWyU\FK�'0�UyZQLHij�,.(�

(PLWHQW %UDN -HVW

3R]\FMD�GãXJD�NUyWND 7DN��PRijOLZH�NXSQR� L�Z\VWDZLDQLH�RSFML�

7\ONR�GãXJD� �NXSQR�ZDUUDQWX���DOH�PRijQD�]DUDELDĄ�QD�VSDGNDFK�G]LēNL�

ZDUUDQWRP�VSU]HGDij\

=\VNL 7HRUHW\F]QLH�QLHRJUDQLF]RQH 7HRUHW\F]QLH�QLHRJUDQLF]RQH

6WUDW\

'OD�SR]\FML�GãXJLHM� RJUDQLF]RQH�GR�Z\VRNRħFL�

]DSãDFRQHM�SUHPLL��GOD�SR]\FML�NUyWNLHM��Z\VWDZFD�RSFML��

QLHRJUDQLF]RQH

2JUDQLF]RQH�GR�Z\VRNRħFL�]DLQZHVWRZDQHM�NZRW\� �NRV]W�QDE\FLD�ZDUUDQWX�

Tab. 1 Warranty vs. Opcje ��[ZOZMTPĩ^_bL�T�]æśYTNP

Page 2: Warranty na GPW - sposób na zmienność

a� Z\dcZKNU_� _^\dcWKXSK� ZYdcMTS� NY�NK^c�acQKĺXS£MSK�AK\\KX^�Z_^� TO]^�YNZYaSONXS�NVK� SXaO-]^Y\K�� U^ä\c� Z\dOaSN_TO� ]ZKNOU� U_\]_�SX]^\_WOX^_� LKdYaOQY�� :Y]SKNKMd� aK\-\KX^_� Z_^� dKMdcXK� dK\KLSKó�� QNc� U_\]�aK\\KX^_�ad\YĺXSO�ZYacŗOT�UY]d^_�TOQY�XKLcMSK� �a^ONc� dc]USOW� TO]^� \äŗXSMK�WS£Ndc� MOX�� ]Z\dONKŗc� S� MOX�� XKLcMSK�aK\\KX^_���A�Z\dcZKNU_�Z\dO^\dcWKXSK�aK\\KX^_�Z_^�NY�NK^c�acQKĺXS£MSK�SXaO-]^Y\�dK\YLS��TOĺVS�U_\]�SX]^\_WOX^_�LKdY-

aOQY�]ZKNXSO�ZYXSŗOT�U_\]_�]^\SUO�WSX_]�UY]d^�XKLcMSK�aK\\KX^_��^da��,\OKU�/`OX�:YSX^���:YXSŗ]dc�Z\dcU§KN�SV_]^\_TO�Z\YPSV�acZ§K^c�NVK�aK\\KX^_�Z_^�_^\dcWKXOQY�NY� ^O\WSX_�acQKĺXS£-MSK�5_\]�aK\\KX^_��KXKVY-

QSMdXSO� TKU� Z\OWSK�a� Z\dcZKNU_� YZMTS��dKVOŗc� YN�aSOV_� MdcX-

XSUäa�s�XKTaKŗXSOT]dO�d�XSMR�^Y$� zmiana ceny instru-

WOX^_� LKdYaOQY��ad\Y]^�TO]^�UY\dc]^-Xc� NVK� ZY]SKNKMdc�aK\\KX^äa� U_ZXK��

]ZKNOU� NVK� ZY]SKNKMdc� aK\\KX^äa�]Z\dONKŗc��

����ad\Y]^� V_L�]ZKNOU�dWSOXXYĺMS� SX]^\_-

WOX^_� LKdYaOQY� �^Y� Lc§Y� NY]UYXKVO�aSNYMdXO�a�MdK]SO�]SO\ZXSYacMR�QaK§-^YaXcMR� dWSKX� U_\]äa� XK� 1:A�%�ad\Y]^� dWSOXXYĺMS� ZYaYN_TO� ad\Y]^�aK\^YĺMS�Z\OWSS��MdcVS�MOXc�aK\\KX^äa��dK\äaXY�U_ZXK��TKU�S�]Z\dONKŗc��

����MdK]�ZYdY]^K§c�NY�acQKĺXS£MSK�aK\\KX^_�

AS£MOT�SXPY\WKMTS�Y�aK\\KX^KMR�XY^YaK-

XcMR�XK�1:A$�aaa�QZa�ZV�aK\\KX^cAS£MOT�SXPY\WKMTS�Y�MdcXXSUKMR�aZ§caK-

T�McMR� XK� MOX£� YZMTS� �S� aK\\KX^äa�$� aaa�ZYMRYNXO�QZa�ZV

EDUKACJA

3/2011 Akcjonariusz 37

MSK� V_L� �a� Z\dcZKNU_�Z\dO^\dcWKXSK� aK\\KX^_�

NY� ^O\WSX_� acQKĺXS£MSK�� TOŗOVS� U_\]�SX]^\_WOX^_�LKdYaOQY�Z\dOU\YMdc�aK\-^Yĺó� ]^\SUO� �� UY]d^� XKLcMSK� aK\\KX^_��^da�� ,\OKU� /`OX� :YSX^�� ,/:��� 5Y]d^OW�XKLcMSK� aK\\KX^_� TO]^� Z\OWSK� S� YZ§K^K�^\KX]KUMcTXK��a�aS£U]dYĺMS�Z\dcZKNUäa�TO]^� YXK� dLVSŗYXK� NY� YZ§K^c� dK� XKLcMSO�KUMTS���A�Z\dcZKNU_�MRcLSYXOT�SXaO]^c-

MTS��TOĺVS�U_\]�SX]^\_WOX^_�LKdYaOQY�XSO�Z\dOU\YMdc� ,/:� NY� NK^c� acUYXKXSK��SXaO]^Y\� ^\KMS� UY]d^� XKLcMSK� aK\\KX^_��KVO�XSO�aS£MOT���9MdcaSĺMSO�a�YU\O]SO�NY�^O\WSX_� acQKĺXS£MSK� aK\\KX^_� WYŗXK�QY� ]Z\dONKó�� dKWcUKT�M� ZYdcMT£�d�dc]USOW��V_L�]^\K^����:YXSŗ]dc�Z\dcU§KN�SV_]^\_TO�Z\YPSV�acZ§K^c�NVK�aK\\KX^_�MKVV�

Warrant na skróty���ZYN]^KaYaO�ZYT£MSK$� ZDUUDQW�NXSQD��FDOO��²�SDSLHU�ZDUWRħFLRZ\��NWyU\�SR]ZDOD�

]DUDELDĄ�QD�Z]URħFLH�NXUVX�OXE�]PLHQQRħFL�LQVWUXPHQWX�ED]R-ZHJR�

� ZDUUDQW�VSU]HGDij\��SXW��²�SDSLHU�ZDUWRħFLRZ\��NWyU\�SR]ZDOD�]DUDELDĄ�QD�VSDGNX�NXUVX�OXE�Z]URħFLH�]PLHQQRħFL�LQVWUXPHQ-WX�ED]RZHJR��

� �LQVWUXPHQW�ED]RZ\��XQGHUO\LQJ��²�ZHGãXJ�NXUVX�L�]PLHQQRħFL�WHJR�LQVWUXPHQWX��QS��DNFMH��LQGHNV\��Z\FHQLDQ\�MHVW�RNUHħOR-Q\�ZDUUDQW��SU]HZLG\ZDQH�]PLDQ\�NXUVX�LQVWUXPHQWX�ED]RZH-JR�VĎ�SRGVWDZĎ�GR�GHF\]ML�LQZHVWRUD�R�QDE\FLX�ZDUUDQWX�NXSQD�OXE�VSU]HGDij\��

� PQRijQLN��VXEVFULSWLRQ�UDWLR��²�OLF]ED�SRND]XMĎFD��MDNLHM�F]ēħFL�LQVWUXPHQWX�ED]RZHJR�RGSRZLDGD��GRW\F]\��GDQ\�ZDUUDQW��VĎ�WR�SU]HZDijQLH�ZDUWRħFL�XãDPNRZH�RG�������GR������ijHE\�PLHĄ�HNVSR]\FMē�QD�MHGQRVWNē�LQVWUXPHQWX�ED]RZHJR��QDOHij\�QDE\Ą�RGSRZLHGQLR�ZLēFHM�ZDUUDQWyZ�QD�GDQ\�LQVWUXPHQW�ED]RZ\��

� NXUV�ZDUUDQWX��SUHPLD��²�FHQD��SR�MDNLHM�NXSXMHP\�OXE�VSU]H-GDMHP\�LQVWUXPHQW��]DOHijQD�RG�ZLHOX�F]\QQLNyZ��QDMZDijQLHM-V]H�WR�FHQD�LQVWUXPHQWX�ED]RZHJR��]PLHQQRħĄ�LQVWUXPHQWX�ED]RZHJR�L�F]DV�SR]RVWDã\�GR�Z\JDħQLēFLD����

� FHQD�Z\NRQDQLD��VWULNH�SULFH����FHQD��NWyUD�Z�WHUPLQLH�Z\JD-VDQLD�VWDQRZL�SRGVWDZē�GR�REOLF]HQLD�]\VNyZ�LQZHVWRUD��MHijH-OL�ZDUUDQW�Z\JDħQLH�ÅZ�FHQLHµ�²�,70���ZDUUDQW�MHVW�ÅZ�FHQLHµ��MHijHOL�NXUV�]DPNQLēFLD�LQVWUXPHQWX�ED]RZHJR�Z�GQLX�Z\JD-VDQLD�MHVW�Z\ijV]\�RG�FHQ\�Z\NRQDQLD��VWULNH�SULFH��²�GOD�ZDU-UDQWX�NXSQD�OXE�MHijHOL�NXUV�]DPNQLēFLD�LQVWUXPHQWX�ED]RZHJR�MHVW�QLijV]\�RG�FHQ\�Z\NRQDQLD�²�GOD�ZDUUDQWyZ�VSU]HGDij\�

� GDWD�Z\NRQDQLD��H[SLU\�GDWH��²�GDWD��Z�NWyUHM�RNUHħORQ\�ZDU-UDQW�Z\JDVD��LQZHVWRU]\��NWyU]\�WHJR�GQLD�SRVLDGDMĎ�ZDUUDQW\��Z�FHQLH���]RE��FHQD�Z\NRQDQLD�L�ZDUWRħĄ�ZHZQēWU]QD���UHDOL-]XMĎ�VZyM�]\VN�

� ZDUWRħĄ�ZHZQēWU]QD� ±��GOD�ZDUUDQWX�NXSQD�²�UyijQLFD�PLēG]\�FHQĎ�LQVWUXPHQWX�ED]R-

ZHJR�L�FHQĎ�Z\NRQDQLD�ZDUUDQWX� ±��GOD�ZDUUDQWX�VSU]HGDij\�²�UyijQLFD�PLēG]\�FHQĎ�Z\NRQDQLD�

ZDUUDQWX�L�FHQĎ�LQVWUXPHQWX�ED]RZHJR�:DUUDQW�PD�ZDUWRħĄ�ZHZQēWU]QĎ��MHijHOL�MHVW�ÅZ�FHQLHµ��7\ONR�ZDUUDQW\�SRVLDGDMĎFH�ZDUWRħĄ�ZHZQēWU]QĎ�ZLēNV]Ď�RG�]HUD�PRJĎ�E\Ą�SU]HGVWDZLRQH�HPLWHQWRZL�GR�Z\NXSX�

1 LONG CALLZysk���

6WUDWD���

&HQD�Z\NRQDQLD

%(3

:DUWRħĄ�LQVWUXPHQWX�ED]RZHJR

6SDGHN����:]URVW

2 LONG PUTZysk���

6WUDWD���

&HQD�Z\NRQDQLD

%(3

:DUWRħĄ�LQVWUXPHQWX�ED]RZHJR

6SDGHN����:]URVW