market disclosure and governance challenges when floating university research on the stock market:...

7/21/2019 Market Disclosure and Governance Challenges When Floating University Research on the Stock Market: The Float

1/30

"#$%&' !"#$%& ()*+,-*.#% "/: ?-3%#/"/+% =9",,%/>%* 09%/

7,-"&)/> 8/)3%#*)&1 ;%*%"#+9 -/ &9% 6&-+$ !"#$%&5


2/30

Lorfnt Iasmedsurn obi Gdvnrbobmn Mhoeenbgns Whnb

@edotabg ^bavnrsaty Snsnormh db thn ]tdmf Lorfnt;

Yhn @edot d` Lnecdurbn AY Ealatni cy thn ^bavnrsatyd` Lnecdurbn

KDHB ]NECQ

? Abtrdiumtadb

Whaest ldst Oustroeaob ubavnrsatans orn vnry òlaeaor wath thn hnovy curinbd` mdlpeyabg wath eows rneotabg td thn prdpnr lobognlnbt d` thn puceamsnmtdr, thny hovn hoi `nwnr dppdrtubatans td goab nxpnranbmn mdlpeyabg watheows rngueotabg thn prdpnr lobognlnbt d` thn pravotn snmtdr. Yhn bnni tdrnmdbmaen thnsn twd rngueotdry curinbs as portamueorey mhoeenbgabg whnb thdsnubavnrsatans snnf td mdllnrmaoeasn thnar rnsnormh, nspnmaoeey thrdugh èdotabgsucsaiaory mdlpobans db thn Oustroeaob ]tdmf Nxmhobgn. Yhas ortamen nxolabnsthn nvnbts whamh eni td thn àrst èdot d` o mdlpoby cy ob Oustroeaobubavnrsaty, thot d` Lnecdurbn AY Zty Eti (LnecAY) cy thn ^bavnrsaty d`

Lnecdurbn ab ?111. Oldbgst ats dthnr omtavatans, LnecAY hnei thnmdllnrmaoeey voeuocen raght td prdmnss oppeamotadbs td rngastnr idt-mdl.ouidloab bolns, o raght whamh oeagbni wath sagbaàmobt abvnstdr abtnrnst abAbtnrbnt-cosni cusabnss ldines ab thn ?11:s. ^sabg bnw pralory sdurmns, at aso mosn stuiy d` thn mhoeenbgns thot o``nmtni thn ^bavnrsatys gdvnrbobmn, obid` thn alpdrtobmn d` lofabg ùee iasmedsurns td thn lorfnt iurabg thn talncn`drn thn abataoe puceam d``nrabg d` thnar shorns td abvnstdrs (fbdwb os thn prn-AZD pnradi).

Oustroeaob ubavnrsatans orn sucknmt td dbgdabg àbobmaoe prnssurns. Yhas ortamensnnfs td ab`drl stofnhdeinrs wathab Oustroeaob ubavnrsatans d` sdln d` thn

rasfs obi dppdrtubatans td lofn cnttnr usn d` ab`drlotadb ab thnar gdvnrbobmnprdmnssns rneotabg td rnsnormh mdllnrmaoeasotadb sd os td mopturn o grnotnrprdpdrtadb d` thn prdàts gnbnrotni cy èdotabg rnsnormh mdlpobans db thnOustroeaob ]tdmf Nxmhobgn. Yhas ortamen oppeans ognbmy thndry td orgun thotsnvnroe abtnrboe abmnbtavn strumturns, ab`drlotadb osyllntrans, obi inmasadb-lofabg prdmnssns wathab thn gdvnrbobmn systnls d` thn ^bavnrsaty d`Lnecdurbn eni td thn ubavnrsaty rnmnavabg o sagbaàmobtey sloeenr prdpdrtadb d`thn dvnroee prdàts `rdl thn èdot d` LnecAY thob at dthnrwasn mduei hovn

! Ir Kdhb ]necy, EEC (@arst Meoss Hdbdurs, ^bavnrsaty Lnioe), ZhI (^B]W), CAbtCus. (Gra`àth), Groi Iap ab Engoe Zromtamn (B]W Mdeengn d` Eow), Groi Iap abOrcatrotadb (^_), Enmturnr ab thn Inportlnbt d` Ommdubtabg obi MdrpdrotnGdvnrbobmn, Lomquoran ^bavnrsaty.


3/30

Kdurboe d` Eow, Ab`drlotadb obi ]manbmn Pde 3=(3) 3:?9-3:?>

NOZ 3

omhanvni. At oesd orguns thot thn òaeurn td iasmedsn oinquotney td thn abvnstabgpuceam thn nxastnbmn d` soens mdbtromts sagbni cy LnecAY cn`drn thn medsabgiotn `dr sucsmraptadbs td thn abataoe puceam d``nrabg d` thn mdlpoby loy hovnoldubtni td o crnomh d` thn Mdrpdrotadbs Omt ?181 (Mth), whamh wos ab `drmn otthn taln. At d``nrs voeuocen absaghts `dr snbadr lobognrs ab Oustroeaobubavnrsatans whd loy àbi thnlsnevns ab salaeor marmulstobmns ab thn ùturn.

Yhn àrst snmtadb d` thas ortamen rnvanws thn nxastabg smhdeorey oboeysas d` thnLnecAY èdot. Yhn snmdbi snmtadb as o mosn stuiy d` thn nvnbts whamh eni td thotèdot. Yhn thari snmtadb oboeysns thn thrnn loab assuns whamh orasn dut d` thotmosn stuiy, bolney thn inmasadbs loin ocdut hdw LnecAY shduei cn voeuni,thn lnthdi cy whamh at shduei cn èdotni, obi whot ab`drlotadb shduei cniasmedsni td abvnstdrs sd os td ab`drl thnar inmasadbs ocdut whnthnr td abvnstab thn mdlpoby.

3 Nxastabg Oboeysns d` thn LnecAY @edot

Whaest snvnroe prabt obi sdln roiad?obi tnenvasadb3kdurboeasts hovn oboeysnithn pravotasotadb d` LnecAY obi ats surrdubiabg stofnhdeinr mdbèamts, oboeysasd` thn sucknmt cy omoinlams hos cnnb rneotavney smobt. Yhn `nw smhdeors whdhovn nxolabni thas èdot mob cn iavaini abtd twd molps; thdsn suppdrtavn obithdsn mratamoe d` at. ]horrdmfs 3::? ortamen, Lniao Snprnsnbtotadbs d` thnLnecdurbnAY ]tdry,=wos suppdrtavn d` thn lobognlnbt d` thn ^bavnrsaty d`Lnecdurbn obi thn èdot ab gnbnroe. Has pnrspnmtavn mob cn mdbtrostni waththn enbgthy mrataqun d` thn èdot wathab Moab obi Hnwatts cddf, D`` Mdursn;

@rdl Zuceam Zeomn td Lorfntpeomn ot Lnecdurbn ^bavnrsaty.

9

? ]nn, `dr nxolpen; OCM Soiad Botadboe, Yhn N``nmt d` Lorfnt @drmns db ]obistdbn,

Botadboe Abtnrnst, 8 @ncruory 3::9 (Kdhb Moab obi Kdhb Hnwatt)5http;//www.ocm.bnt.ou/rb/botadboeabtnrnst/stdrans/3::9/?:9:93:.htl2 (3>Loy 3:?>).

3 ]nn, `dr nxolpen, thn dbeabn trobsmrapt d` thn OCM @dur Mdrbnrs stdry Idloab

Golns whamh oesd mdbtoabs o mhot `drul wath pdstabgs cy Sdcnrt Nez; OCMYnenvasadb, Idloab Golns, @dur Mdrbnrs, > Kubn 3::: (]tnphnb LmIdbnee)5http;//www.ocm.bnt.ou/9mdrbnrs/stdrans/s?=03?>.htl2 (3> Loy 3:?>).

= ]horrdmf wos ob hdbdrory rnsnormh `needw ot thn ^bavnrsatys Mnbtrn `dr thn ]tuiy

d` Haghnr Niumotadb, obi o lobognlnbt mdbsuetobt td snbadr ubavnrsaty lobognrs.]nn; Gnd`` ]horrdmf, Lniao Snprnsnbtotadbs d` thn LnecdurbnAY ]tdry (3::?) 7=(3)O_; Kdurboe d` Mdbtnlpdrory Oboeysas7.

9 Kdhb Moab obi Kdhb Hnwatt, D`` Mdursn; @rdl Zuceam Zeomn td Lorfntpeomn ot Lnecdurbn^bavnrsaty (]mracn Zuceamotadbs, 3::9). Moab obi Hnwatts cddf hos cnnb rnvanwni

cdth pdsatavney; Zoue Fbanst, Cddf Snvanw; ^bavnrsaty Dvnrcdori (3::9) 90(3)Oustroeaob ^bavnrsatans Snvanw9:6 obi bngotavney; Gnd`` ]horrdmf, Cddf Snvanw; YhnAino d` thn ^bavnrsaty (3::9) 3:(?) Zdeamy 996 Gnd`` ]horrdmf, Snthabfabg thnOustroeaob ^bavnrsaty; O Mrataqun d` D`` Mdursn (3::9) 30(3) Kdurboe d` HaghnrNiumotadb Zdeamy obi Lobognlnbt30>. Obdthnr vnry cran` mrataqun d` thn LnecAY èdot

mob cn `dubi ab; Ia Oiols, Yhn ^babtnbini Mdbsnqunbmns d` Inrngueotadb;Oustroeaob Haghnr Niumotadb ab thn Lorfnt Zeomn ab Zoue Yrdwenr (ni), Haghnr


4/30

Yhn @edot d` Lnecdurbn AY Ealatni cy thn bavnrsaty d` Lnecdurbn

NOZ =

]horrdmfs oboeysas `dmusni updb thn rotadboen cnhabi thn èdot d` LnecAY,hdw ats shorns wnrn oeedmotni, obi whnthnr at wos opprdpraotney voeuni.Whaest ]horrdmf ommnptni thot thn Oustroeaob niumotadb snmtdr (os o whden)wos ubinrùbini, hn rnknmtni lniao meoals thot Lnecdurbn ^bavnrsatysldtavotadb `dr pravotasabg LnecAY wos thn bnni td nbsurn ats dwb survavoe.Abstnoi, hn orguni thot at wos sdei td gnbnrotn ùbis td cn rn-inpedyni ldrnn``nmtavney ab dthnr rnsnormh prdknmts cnabg ubinrtofnb cy thn ^bavnrsaty (n.g.ab thn Cad3? prdknmt), obi thot thn mdlpoby wos bnvnr ob nssnbtaoe port d` thn^bavnrsaty.> ]horrdmf bnxt rnknmtni thn Ouiatdr-Gnbnroes àbiabg0 thot thn^bavnrsaty d` Lnecdurbn shduei hovn sdught abinpnbinbt oivamn rngoriabgthn voeuotadb d` LnecAY (whamh wduei hovn nboceni thn ^bavnrsaty td cnttnrinmain whamh èdot strotngy td pursun), meoalabg thot d` thn `dur crdfnrrnspdbsns, KC Wnrns wos salpey thn ldst rnlubnrotavn `dr thn ^bavnrsaty.

Whaest ]horrdmf pdsatni thot thn dbey opprdpraotn lnthdidedgy `dr

intnrlababg thn voeun d` o mdlpoby td cn èdotni db thn stdmf nxmhobgn wosthn iasmdubtni mosh-èdw lnthdidedgy (thn lnthdidedgy usni cy KC Wnrn abintnrlababg thn loxalul oldubt at wos waeeabg td ubinrwratn thn èdot) obithot dthnr lnthdidedgans wnrn cosni db arrotadboe nxucnrobmn,7 thasoppnorni td mdbtroiamt thn luetapen d` `drnmost rnvnbuns voeuotadblnthdidedgy rn`nrrni td db LnecAYs dwb wncsatn shdrtey o`tnr at `drloeeyobbdubmni thot thn mdlpoby wduei èdot db thn stdmf nxmhobgn.8 Yhn bnxtmeoal cy ]horrdmf (thot ?:% d` LnecAYs shorns wnrn sdei td thn gnbnroepuceam) snnls seaghtey iasabgnbudus, gavnb thot hn oppnorni td hovn abmeuiniLnecAYs Iarnmtdrs obi sto`` os lnlcnrs d` thot puceam (whamh wduei cddstthn 8.9% meoalni cy thn Ouiatdr-Gnbnroe cy obdthnr ?.=%). Whaest thdsn sto``

loy cn lnlcnrs d` thn puceam ab o snbsn, thny wnrn absainrs, bdt dutsainrs,td thn èdot.

@aboeey, ]horrdmf iaslassni thn Botadboe Ynrtaory Niumotadb ^badbs (BYN^)meoal thot thn mdlpoby shduei hovn cnnb èdotni thrdugh o bdb-ubinrwrattnbcddf-cuaei prdmnss1cnmousn at wduei hovn nxpdsni thn ^bavnrsaty td thn rasf

Niumotadb Zdeamy obi Abstatutadboe Mhobgn; Abtnbtadbs obi Dutmdlns ab YurcuenbtNbvardblnbts(Dpnb bavnrsaty Zrnss, 3::3) ?>9.

> Gnd`` ]horrdmf, ocdvn b =, 1.0 Ouiatdr-Gnbnroe d` Pamtdrao, Snpdrt db Labastnraoe Zdrt`deads, toceni ab thn Pamtdraob

Zoreaolnbt db ? Kubn 3:::5http;//www.ouiat.vam.gdv.ou/puceamotadbs/3:::/3::::0:?-Labastnraoe-Zdrt`deads-Kubn-3:::.pi` 2 (3> Loy 3:?>).

7 Gnd`` ]horrdmf, ocdvn b =, ?:.

8 LnecdurbnAY, Mdlpoby Obbdubmnlnbt; Lnecdurbn AY @edot td Bnt $1=.>l

(Lniao Snenosn, ?111)5http;//mdrpdrotn.lnecdurbnat.mdl.ou/bnws/bnwsstdry.php4ai


5/30


NOZ 9

d` o eomf d` inlobi `dr thn shorns. Has pdsatadb mob cn mdbtrostni, hdwnvnr,wath thn vanws d` o pobne d` nxpnranbmni Oustroeaob stdmf crdfnrs obi ossntlobognrs, whd mobiaiey stotni thot;

^binr thn dei àxni-pramn systnl abnvatocey thn vnbidr gnts o edwnrpramn thob hn laght. Cddf-cuaeis ealat thn rasf thot o soen as las-pramni. VPnbidrs obi crdfnrs\ idbt eafn las-pramabg, whnrnos VOssntLobognrs obi dthnr abvnstdrs\ eafn las-pramabg Vcnmousn thny orn\ o`tnr abn`àmanbmans. Yhn Olnramobs rub thn innpnst mopatoe lorfnt ab thnwdrei obi thnyvn bnvnr nvnb hnori d` àxni pramn èdots.?:

Os port d` o crdoinr stuiy d` pnrmnavni shdrtmdlabgs ab thn grobi strotngy d`thn ^bavnrsaty,?? Moab obi Hnwatt wnrn mratamoe d` thn inmasadbs loin whnbèdotabg LnecAY. Yhnsn outhdrs wnrn omoinlams wathab thn Inportlnbt d`Zdeatamoe ]manbmn ot thn ^bavnrsaty d` Lnecdurbn - Moab hovabg `drlnrey cnnb

thn Zrnlanr d` Pamtdrao. Whaest Moab obi Hnwatt rngorini thn voeun d` LnecAYos cnabg cosni db nxmneenbmn ab omoinlam rnsnormh, at shduei cn bdtni thot thnmdlpoby wos oewoys iastabmtey snporotn `rdl thn Inportlnbt d` Mdlputnr]manbmn ot thn ^bavnrsaty d` Lnecdurbn obi thot at iai bdt ubinrtofnomoinlam rnsnormh.

]horrdmf puceashni twd rnvanws d` Moab obi Hnwatts cddf. Ab has àrstrnvanw, ]horrdmf iasputni thn voeaiaty d` thn dvnroee mdbmnpt d` thn ubavnrsatynxprnssni cy Moab obi Hnwatt os dut-iotni, obi mratamasni thn cddf `drmdbtoababg nrrdrs ab òmts obi abtnrprntotadbs. Whaest hn orguni thot thn soen d`LnecAY ineavnrni o vnry sucstobtaoe àbobmaoe goab td thn ^bavnrsaty (a.n. $78lmenor prdàt, dr o 23: :::% rnturb db abvnstlnbt), thas agbdrni thn pdtnbtaoe`dr ob nvnb eorgnr rnturb a` thn èdot hoi cnnb ubinrtofnb thrdugh o cddf-cuaei prdmnss (oecnat iurabg o pnradi d` rneotavn abvnstdr arrotadboeaty).?3

pnr shorn. Yhn crdfnr thnb oeedmotns shorns ab thn vdeulns rnqunstni cy thnabvnstdrs waeeabg td poy thn haghnst pramn pnr shorn idwbworis ubtae oee thn shornsdb d``nr hovn cnnb oeedmotni. Yhus ia``nrnbt abvnstdrs loy poy ia``nrnbt pramns `drthn shorns ab thn mdlpoby obi o vdeuln-wnaghtni ovnrogn shorn pramn asintnrlabni o`tnr thn edot.

?: ]nn; Loemdel Loainb, Ats ]abf dr ]wal Yaln os Ldrn @edots ]nt ]oae, Yhn Ogn

Bnwspopnr (Lnecdurbn), 8 Bdvnlcnr 3::= 5http;//www.thnogn.mdl.ou/ortamens/3::=/??/:7/?:08:?==10087.htle2 (3> Loy 3:?>).

?? Kdhb Moab obi Kdhb Hnwatt, ocdvn b 9, ?=?. Yhny abmdrrnmtey ossnrtni thot LnecAY

hnei o ldbdpdey os thn dbey assunr d` .ou bolns ab Oustroeao, o meoal agbdrobt d`thn ocaeaty d` Oustroeaob Abtnrbnt usnrs td rngastnr .bnt.ou, .drg.ou, ntm thari-envneidloabs wathdut inoeabg wath LnecAY (whamh dbey hoi o in òmtd ldbdpdey db thnprdmnssabg oppeamotadbs `dr rngastrotadbs wathab thn .mdl.ou snmdbi-envne idloab).Moab obi Hnwatt mratamasni thn thrnn lnlcnrs d` thn ^bavnrsaty Mdubmae whd iaibdt inmeorn o mdbèamt d` abtnrnst whnb ommnptabg LNAEs rnmdllnbiotadb td usn KCWnrn os thn pralory crdfnr `dr thn èdot db thn cosas d` cnabg prn`nrrni pravotnmeanbts d` thot crdfnr. Yhdsn thrnn lnlcnrs d` Mdubmae thnb wnrn d``nrni obiommnptni oeedmotadbs d` shorns `rdl KC Wnrn iurabg thn abataoe puceam d``nrabg d`LnecAY whaest ldst dthnr ^bavnrsaty sto`` wnrn ubinr thn Pamn-Mhobmneedrsprdhacatadb db cnabg assuni shorns.

?3 Gnd`` ]horrdmf, Cddf Snvanw; Yhn Aino d` thn ^bavnrsaty, ocdvn b 9, 98.


6/30


NOZ >

]horrdmf wos abmdrrnmt td orgun thot LnecAYs àrst mosh-èdw pdsatavn cusabnssomtavaty wos thn rngastrotadb d` idloab bolns thn mdlpoby wos `drlni tdnxpobi ob nxastabg prdàtocen rnsnormh rneotadbshap wath Nramssdb.?= @aboeey,]horrdmf orguni thot, gavnb thn dppdrtubaty `dr o $78 laeeadb up`rdbtpoylnbt ab ?111, at wduei hovn cnnb òbtosy `dr thn ^bavnrsaty td hovn fnptLnecAY `dr ats dbgdabg mosh-èdws.?9Oethdugh hn loin thas stotnlnbt comf ab3::9, thn pnrspnmtavn ovoaeocen `rdl habisaght bdw oppnors td mdbtroiamt at;LnecAY gnbnrotni $?78 laeeadb ab bnt prdàts o`tnr tox cntwnnb ?111 obi3:?=.?> Ot ob ovnrogn d` $?3 laeeadb pnr ynor ab bnt prdàts o`tnr tox dvnr`durtnnb ynors, thn $78 laeeadb èdot prdmnnis wduei hovn hoi td gnbnrotn obobbuoe yanei d` ldrn thob ?0% td cn nquoeey voeuocen.

]horrdmfs snmdbi rnvanw d` Moab obi Hnwatts cddf mdvnrni salaeor tnrratdrytd has àrst, cut ab grnotnr intoae, portamueorey ab rneotadb td thn sha`tabg rden dùbavnrsatans `rdl prdvainrs d` neatn niumotadb td prdvainrs d` loss

niumotadb.?0

Hn rn`nrrni td LnecAY os o mdllnrmaoe nbtnrprasn thot snrvni bdomoinlam purpdsn, meoalabg thot thn ^bavnrsaty d` Lnecdurbn wduei hovncnnb ot enost $78l pddrnr a` at hoi bdt èdotni thn mdlpoby, cn`drn mratamasabgMoab obi Hnwatt os sucsmracVabg\ td ob dei-òshadbni, ldbdpdey-dranbtni,puceam snmtdr ùbiolnbtoeasl thot as aboinquotn td thn tosfs obi rnsdurmnrnquarnlnbts bdw òmabg thn Oustroeaob ubavnrsaty snmtdr.?7

= @edotabg LnecdurbnAY

Hovabg mratamasni thn oboeysns puceashni cy dthnr smhdeors db thn èdot d`

LnecAY, thas snmtadb nxolabns pralory sdurmn idmulnbts obi abtnrvanws wathfny portamapobts td cuaei o ramhnr mosn stuiy d` thn nvnbts cntwnnb ?110 obi?111 thot eni td thn èdot cy thn ^bavnrsaty d` Lnecdurbn d` LnecAY. @arst, thnnoreanst mdllnrmaoe omtavatans d` LnecdurbnAY Zty Eti orn nxolabni. Bnxt, thnmdllnrmaoe dppdrtubaty (a.n. thn prdmnssabg d` oppeamotadbs `dr mdl.ouidloab bolns) thot eni td LnecAYs àbobmaoe grdwth as cranèy nxpedrni. Yhninmasadb-lofabg prdmnssns thrdugh whamh thn ^bavnrsaty d` Lnecdurbnèdotni LnecAY orn nxpedrni, obi o iasmussadb d` hdw ats voeun wosintnrlabni as abmeuini. @aboeey, thn mosn nxpedrns hdw twd abtnrbotadboe soensmdbtromts sagbni cy LnecAY pradr td ats èdot o``nmtni ats lorfnt voeun.

?= Abtnrvanw wath Zntnr Gnrrobi, `drlnr hnoi d` MAYSA obi `dubiabg MND d` LnecAY(Lnecdurbn, 33 Kobuory 3:?:).

?9 Gnd`` ]horrdmf, Cddf Snvanw; Yhn Aino d` thn ^bavnrsaty, ocdvn b 9, 91.?> ]nn thn @abobmaoe Snpdrts obi Obbuoe Snpdrts assuni cy LnecAY cntwnnb ?111 obi

3:?= 5http;//www.lnecdurbnat.ab`d/abvnstdr-mnbtrn/obbuoe-rnpdrts2.?0 Gnd`` ]horrdmf, Snthabfabg thn Oustroeaob ^bavnrsaty; O Mrataqun d` D`` Mdursn,

ocdvn b 9, 307-8.?7 Acai.


7/30


NOZ 0

=.? LnecdurbnAY Zty Ealatni @dubini

LnecAY wos abmdrpdrotni ot thn ^bavnrsaty d` Lnecdurbn db 33 Oprae ?110,?8pradr td thn ^bavnrsaty ogrnnabg wath SLAY ab ]nptnlcnr ?110 td iasmdbtabunthnar `drlnr kdabt-vnbturn, thn Mdeeocdrotavn Ab`drlotadb YnmhbdedgySnsnormh Abstatutn (MAYSA).?1

Hovabg stortni ot MAYSA ab ?1193: obi nstoceashni ats rneotadbshap wath thntnenmdllubamotadbs mdlpoby Nramssdb db ? Loy ?110, Zrd`nssdr ZntnrGnrrobi wos d``nrni thn dppdrtubaty td cn thn `dubiabg MND d` LnecAY cy@robf Eorfabs, Inputy-Pamn Mhobmneedr (Snsnormh) ot thn ^bavnrsaty d`Lnecdurbn.3?Yhn Pamn-Mhobmneedr d` thn ^bavnrsaty d` Lnecdurbn ot thn taln,Oeob Gaecnrt, oivasni thot LnecAYs rden wos td cn edbg-tnrl obi strotngam td inldbstrotn thn ^bavnrsatys enoinrshap ab ab`drlotadb tnmhbdedgy tdabiustry obi td gdvnrblnbt.33LnecAY sot dutsain thn @omuety d` Nbgabnnrabg

obi thn Inportlnbt d` Mdlputnr ]manbmn ot thn ^bavnrsaty sd os td `dmus dbmdllnrmaoeasabg oppeani rnsnormh wath, obi `dr, abiustry portbnrs. LnecAYstortni wath o =-lnlcnr cdori d` iarnmtdrs, obi = sto`` obi rnsnormhinvnedplnbt mdbtromts wath Nramssdb (o mdllnrmaoe rneotadbshap whamhGnrrobi hoi invnedpni ot MAYSA).

?8 LnecdurbnAY, Obbuoe Snpdrt ?111 (3:::) Idloab Ovnbun, 7:

5http;//www.idloabovnbun.mdl/latTobbuoeTrnpdrtT?111.pi`2. ^b`drtubotney,LnecAYs dwb wncsatn dbey eastni ats obbuoe rnpdrts comf td thn ynor 3::: obi thn?111 rnpdrt wos bdt ovoaeocen ot 5http;//mdrpdrotn.lnecdurbnat.mdl.ou/abvnstdr-rneotadbs/obbuoernpdrt.php2 (3> Loy 3:?>).Yhn abtnrboe hdeiabg strumturn d` LnecAY wathab thn ^bavnrsaty d` Lnecdurbnmhobgni dvnr taln. Ab ?110, thn mdlpoby wos mrnotni os o whdeey-dwbnisucsaiaory d` Lnecdurbn Snsnormh Nbtnrprasns Ealatni, whamh ab turb wos omdlpoby ealatni cy guorobtnn whdeey-dwbni cy thn ^bavnrsaty d` Lnecdurbn.]nn; Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, 3=-9.

?1 Abtnrvanw wath Zntnr Gnrrobi, drlnr hnoi d` MAYSA obi `dubiabg MND d` LnecAY

(Lnecdurbn, 33 Kobuory 3:?:)6 SLAY, Snpdrt d` thn Mdubmae d` thn Sdyoe LnecdurbnAbstatutn d` Ynmhbdedgy; Kob ? td Inm =? (?110) 15http;//lols.rlat.niu.ou/9nyhwuy:1:19z.pi`2 (3> Loy 3:?>)6 SLAY, ]mhddesO``aeaotni Snsnormh ]dei td ^] Mdlpoby(3::0)5https;//wnc.ormhavn.drg/wnc/3::8:8:1?7:>:3/http;//www.rlat.drg.ou/crdws

n6AI Loy 3:?>)6 Mdubmae d` thn bavnrsaty d` Lnecdurbn,Lnntabg Labutns(9 Lormh ?110) bavnrsaty d` Lnecdurbn5https;//wnc.ormhavn.drg/wnc/3:?=?::=?830>7/http;//www.ubalnec.niu.ou/Mdubmae/labutns/lor10.htle2 (3> Loy 3:?>).

3: Ldbosh bavnrsaty Nenmtramoe Nbgabnnrabg Oeulba ]dmanty, Bnwsenttnr d` thn

Oeulba d` thn Inportlnbt d` Nenmtramoe obi Mdlputnr ]ystnls Nbgabnnrabg(LDBNENM Oeulba Bnws Bd 3, ?119)5http;//www.nmsn.ldbosh.niu.ou/oeulba/Oeulba3.htle2 (3> Loy 3:?>).

3? ^bavnrsaty d` Lnecdurbn, ^bavnrsaty Enoinr @robf Eorfabs ]tnps Idwb

5https;//wnc.ormhavn.drg/wnc/3:?=:7?3?89?=1/http;//cedgs.ubalnec.niu.ou/lussn/4p Loy 3:?>).

33 Abtnrvanw wath Zntnr Gnrrobi, `drlnr hnoi d` MAYSA obi `dubiabg MND d` LnecAY

(Lnecdurbn, 33 Kobuory 3:?:).


8/30


NOZ 7

Inspatn rnpdrts td thn mdbtrory, norey ab ats ea`n LnecAYs loab cusabnss wosbdt `dmusni db idloab bolns.3= At nxpobini ats prdàtocen rnsnormhmdeeocdrotadb wath Nramssdb obi invnedpni loxa.mdl.ou, o systnl td òmaeatotnthn dbeabn poylnbt d` edmoe mdubmae rotns, abtnr oeao, wath BNM Mdbsuetabg.39Atdpnrotni db o mosh-èdw pdsatavn cosas `rdl thn cngabbabg, oethdugh at iairnmnavn o suppdrt guorobtnn d` up td $=>: ::: `rdl thn ^bavnrsaty whnb at wos`drlni.3>

LnecAYs rden rngoriabg thn idt-mdl.ou idloab boln systnl ordsn os omdbsnqunbmn d` at cnabg ab thn raght peomn ot thn raght taln. Db 3? Kubn ?110,Mhorens Wraght puceashni ob ortamen db thn `rdbt pogn d` thn Oustroeaob@abobmaoe Snvanw, Cusabnss Yomfens thn Bnt Fnnpnr, ab whamh hn ainbtaàniSdcnrt Nez os o cnorini 93-ynor dei comhnedr, o mdlputnr smanbtast ot thn^bavnrsaty d` Lnecdurbn, obi mratamasni thn up td ?3 wnnf ineoys abrngastnrabg cusabnss idloab bolns dmmurrabg ubinr Nezs wotmh. Ab rnspdbsn

td thrnots d` eowsuats `rdl lokdr mdrpdrotadbs, Nez wos rnpdrtni os soyabgAvn gdt bd ldbny, obi bd ossnts sd thot idnsbt wdrry ln o cat. Avn bdabtnrnst ab ldbny.30

Yhas bnwspopnr ortamen, wath ats alpeani mratamasl d` thn ^bavnrsaty d`Lnecdurbn, mousni sagbaàmobt mdbstnrbotadb ot snbadr envnes d` thn ^bavnrsaty.Whnb thn Inportlnbt d` Mdlputnr ]manbmn, whnrn Sdcnrt Nez wdrfni, mdueibdt prdvain o sdeutadb, thn hnoi d` thot Inportlnbt, Zntnr Yhdrbn, turbni tdZntnr Gnrrobi ot LnecAY `dr ossastobmn ab rniumabg thn comfedggni qunun dòppeamotadbs `dr rngastrotadbs d` idt-mdl.ou idloabs.37Zntnr Gnrrobi sdught`rdl Sdcnrt Nez,38 obi wos grobtni db 8 Dmtdcnr ?110,31 o 3-pogn mdbtromt

3= @dr nxolpen, snn; Moab obi Hnwatt, ocdvn b 9, ?=?, whamh stotns thot LnecdurbnAY

wos nstoceashni ab Oprae ?110 ats cusabnss wos thn suppey d` idloab bolns `drabiavaiuoes obi cusabnssns ab Oustroeao obi dvnrsnos.



3> Acai.

30 Whaest thn ormhavns d` thn Oustroeaob @abobmaoe Snvanworn bdt `rnney ovoaeocen td thn

puceam thrdugh www.o`r.mdl, thot satns snormhocen abinx shdws thn Wraght ortamen

wos puceashni db pogn ? d` thn Oustroeaob @abobmaoe Snvanw db 3? Kubn ?110.@drtubotney, thn outhdr d` thn ortamen, Mhorens Wraght, rnprdiumni thn dragaboe tnxtd` at db has cedg. ]nn; Mhorens Wraght, Cusabnss Yomfens thn Bnt Fnnpnr4 dbMhorens Wraght, Cenniabg Nign Cedg (]nptnlcnr 3::7)5https;//wnc.ormhavn.drg/wnc/3:?=:9=:3=?999/http;//cenniabgnign.mdl.ou/cedg/ormhavns/3::7/:1/oTeattenThastdry.htle2 (3> Loy 3:?>). Zntnr Gnrrobi,Mdllnrmaoe Abtnrbnt Idloab Boln Oilabastrotadb ab Oustroeao (?118) 98(=)Ynenmdllubamotadbs Kdurboe d` Oustroeao 0=, 0> nrrdbndusey stotni thn iotn d`puceamotadb d` Wraghts ortamen ab thn Oustroeaob @abobmaoe Snvanw os ?3 Kuey ?110.



38

Sdcnrt Nez moutadbni thot hn wduei rntoab pdeamy mdbtrde dvnr thn snmdbi-envneidloab obi wduei bdt cn mhobgabg ats nxastabg pdeamans. Hn hdpni thot thas mhobgnwduei abmrnosn has ocaeaty td prdmnss oppeamotadbs `dr thn dthnr snmdbi-envne


9/30


NOZ 8

whamh grobtni LnecAY o àvn ynor bdb-nxmeusavn eamnbmn td prdmnss thnoppeamotadbs `dr thn rngastrotadb d` idt-mdl.ou idloabs.=:

Os LnecAY invnedpni sucsnqunbt gnbnrotadbs d` ats outdlotni idloab boln

rngastrotadb oppeamotadb prdmnssabg peot`drl sd`tworn, oiiatadboe ùbmtadboeatywos oiini.=? Yd rnmdvnr thn mdsts d` invnedpabg ats haghnr-vdeuln/ldrnropai idt-mdl.ou rngastrotadb snrvamn, ab eotn ?110 LnecAY prdpdsni tdabtrdiumn o taln ealat `dr thn rngastrotadb d` idloab bolns (twd ynors cn`drnrnbnwoe wos rnquarni) obi o rngastrotadb `nn (tanrni inpnbiabg updb thnspnni wath whamh thn oppeamobt wobtni thn rngastrotadb td cn prdmnssni). Os atiai bdt fbdw thn òar lorfnt voeun d` ats snrvamn, Zntnr Gnrrobi inmaini tdmhorgn o `nn whamh ubinrmut cy ?:% thn mdst d` rngastnrabg o idt-mdl idloabthrdugh Bntwdrf ]deutadbs (a.n. $?3> `dr o twd-ynor idt-mdl.ourngastrotadb).=3

idloabs hn lobogni, bolney .drg.ou obi .dz.ou. Nez oilattni thot nmdbdlamassuns ornbt sdlnthabg A meoal td fbdw obythabg ot oee ocdut, cut rnmdgbasni thotLnecAY wduei eafney mhorgn sdln obbuoe `nn. Hn (rothnr dptalastamoeey) stotni thotA ol òarey mdbàinbt thot thas as bdt o prdàt-snnfabg nxnrmasn `rdl LnecdurbnAY,obi thot thn mdsts waee cn os edw os promtamoe td omtuoeey fnnp thn snrvamn vaocen obidpnrotadboe wath suatocen rnspdbsn talns; Sdcnrt Nez, Zdssacen Mhobgns tdMDL.O^ Oilabastrotadb, Lnssogn pdstni td ous.bnt.pdeamy bnwsgrdup iotni 1]nptnlcnr ?110, 5http;//grdups.gddgen.mdl2 (3> Loy 3:?>).

31 Oiraob Fedninb, LnecdurbnAY Mdbmnrbs wath .ou (= Ougust 3::?) AMOBB

5http;//www.aobo.drg/rnpdrts/3::?/ou-rninengotadb/fedninb-td-eybb-

:=oug:?.htle2 (3> Loy 3:?>)6 Abtnrbnt Bolns Oustroeao, .mdl.ou Idlob BolnOeedmotadb Zdeamy5http;//wnc.ormhavn.drg/wnc/?111:>:8:0>=?:/http;//www.abo.mdl.ou/rngastnr/bolns.htle2 (3> Loy 3:?>).

=: Sdcnrt Nez rnsnrvni thn raght td oppdabt dthnr rngastrors updb gavabg LnecAY thrnn

ldbths bdtamn. LnecAY mduei bdt mhobgn thn dragaboe mratnrao thrdugh whamh atossnssni oppeamotadbs `dr rngastrotadb d` .mdl.ou idloabs wathdut nbidrsnlnbt `drthn mhobgns `rdl ob opprdpraotn Abtnrbnt mdllubaty cdiy. Yhn Pamtdraobgdvnrblnbt prdvaini o $?:: ::: grobt td LnecAY ab rnturb `dr at rniumabg thncomfedg d` oppeamotadbs `rdl 3 9:: cusabnssns. Yhas ldbny wos usni td cuaei thnàrst d` thrnn gnbnrotadbs d` AY systnls usni cy LnecAY td ommnenrotn obi outdlotnthn prdmnss d` prdmnssabg oppeamotadbs `dr .mdl.ou idloabs; Abtnrbnt Bolns

Oustroeao, ocdvn b 316 Abtnrvanw wath Zntnr Gnrrobi, `drlnr hnoi d` MAYSA obi`dubiabg MND d` LnecAY (Lnecdurbn, 33 Kobuory 3:?:).

=? O`tnr nstoceashabg o roppdrt wath thn Yroin Lorfs Sngastror ab Mobcnrro (whamh

wos fnnb td d``nr dbeabn snormhns d` ats dwb rngastnr), Zntnr Gnrrobis tnol wnrnocen td abmdrpdrotn troinlorfs os o cosas `dr mdbsainrabg oppeamotadbs `dr thnrngastrotadb d` .mdl.ou idloab bolns. Cy thn thari gnbnrotadb d` thn peot`drl,saxtnnb botadboe obi stotn iotocosns wnrn outdlotamoeey mhnmfni whnb mdbsainrabgnomh oppeamotadb `dr rngastrotadb, abmeuiabg cusabnss bolns, troinlorfs, opprdvnigndgropham bolns, thn yneedw pogns, ntm. ]umh o pdeamy hoi bdt cnnb pdssacen `drnathnr Worwamf Komfsdb dr Sdcnrt Nez td alpenlnbt pradr td thas taln os dbeabnommnss td thn Yroin Lorfs iotocosn hoi bdt prnvadusey cnnb ovoaeocen.

=3

Abtnrvanw wath Zntnr Gnrrobi, `drlnr hnoi d` MAYSA obi `dubiabg MND d` LnecAY(Lnecdurbn, 33 Kobuory 3:?:). ]nn oesd; Kob Whatofnr, Idloab Sngastrotadb ]ha`ts


10/30


NOZ 1

Whnb abtnrvanwni `dr thn Wraght ortamen puceashni ab thn Oustroeaob @abobmaoeSnvanw, Sdcnrt Nez hoi lddtni thn aino d` mhorgabg rngastrotadb `nns, cut dbob nxpdbnbtaoe smoen `dr nomh mdllnrmaoe nbtaty (a.n. $3: `dr thnar àrst .mdl.ouidloab, $3:: `dr thn snmdbi, $3 ::: `dr thn thari, obi sd db).== LnecAYsprdpdsoe wos `dr o èot `nn `dr nomh rngastrotadb, whamh wduei nbmdurogn ohaghnr vdeuln d` oppeamotadbs thob iai Nezs pramabg ldine. LnecAYobbdubmni thas prdpdsoe thrdugh o stotnlnbt assuni db Mhrastlos Nvn ?110(obi thnb shut idwb ats d`àmns `dr thn hdeaioys ubtae ? Kobuory ?117).=9

LnecAYs prdpdsoe mousni o swa`t rnomtadb cy Oustroeaob Abtnrbnt usnrs, wath osurgn d` oppeamotadbs edigni `dr thn staee `nn-`rnn .bnt.ou 3EI. Yd mdpn wath thnsuiinb spafn ab oppeamotadb vdeuln, thn lobognr d` thn .bnt.ou 3EIabtrdiumni o rngastrotadb `nn d` $?>: pnr .bnt.ou idloab, $3> haghnr thob thotmhorgni cy LnecAY.=>

=.3 ]agbaàmobt Grdwth ab LnecdurbnAYs Snvnbuns obi Zrdàts

Yhas snmtadb duteabns hdw grdwth ab thn idloab boln oppeamotadb prdmnssabgmdlpdbnbt d` ats cusabnss nboceni LnecAY td sagbaàmobtey abmrnosn atsrnvnbuns (obi prdàts) cntwnnb ?110 obi ?111, enoiabg td ats èdot db thnOustroeaob ]tdmf Nxmhobgn. Yhn abtrdiumtadb ab ?110 cy LnecAY d` oboutdlotni dbeabn prdmnssabg systnl `dr oppeamotadbs `dr idt-mdl.ou idloabsobi o hnep insf `dr oppeamobt nbquarans sagbaàmobtey abmrnosni thn n`àmanbmywath whamh Oustroeaob cusabnssns wnrn ocen td rngastnr sumh idloabs. Sasabginlobi obi thn ocaeaty td mhorgn o sagbaàmobt `nn `dr o cusabnss wath haghstort-up mdsts cut rneotavney edw lorgaboe mdsts ineavnrni nmdbdlans d` smoen

thot nboceni thas `dr-prdàt sucsaiaory d` thn ^bavnrsaty d` Lnecdurbn tdgnbnrotn sagbaàmobt pdsatavn mosh-èdws.

Ab thn thrnn wnnfs thot `deedwni thn eoubmh d` LnecAYs .mdl.ou rngastrotadboppeamotadb prdmnssabg sd`tworn peot`drl, o comfedg d` ldrn thob 3>::oppeamotadbs wos prdmnssni. Yd ùrthnr òmaeatotn abmrnosns ab thn inlobi `dr.mdl.ou idloabs, LnecdurbnAY usni thn prdmnss invnedpni cy Sdcnrt Nez d`goababg nbidrsnlnbt `rdl Oustroeaob Abtnrbnt mdllubaty cdians `dr mhobgnstd neagacaeaty rnquarnlnbts wathab thn .mdl.ou oppeamotadb pdeamy. Ab @ncruory?117, thn Abtnrbnt Abiustry Ossdmaotadb IB] @drul ogrnni thot thn WorwamfKomfsdb-alpdsni prdhacatadb db thn rngastrotadb d` mdlldb wdris wduei cnborrdwni td thn rnknmtadb d` spnmaàm meossns d` wdris, sumh os goznttni peomn

td LnecdurbnAY lnssogn pdstni td EABF Iasmussadb East db 8 Dmtdcnr ?110,ovoaeocen ot 5http;//loaelob.obu.niu.ou/papnrloae/eabf/?110-Dmtdcnr/:3>:70.htle2 (3> Loy 3:?>).

== Mhorens Wraght, ocdvn b 30.

=9 Lamhone Loedbn, Sn; Snbnwoe Bdtamn `dr aabnt obi abvdamn bulcnr aabnt-?, lnssogn

pdstni td thn IB] Loaeabg East db 39 Inmnlcnr ?110, ovoaeocen ot

5http;//www.idtou.drg/ormhavn/?110-?3/:?98.htle2 (3> Loy 3:?>).=> Zntnr Gnrrobi, ocdvn b 30, 0>.


11/30


NOZ ?:

bolns obi gnbnram prdiumts (gddis obi snrvamns).=0Nenvnb ldbths eotnr, thncdori d` thn Oustroeaob Idloab Bolns Oilabastrotdr ùrthnr rnàbni gnbnramprdiumts td cn thdsn motngdrans eastni ab thn abinx td Ynestros Qneedw Zognsphdbn iarnmtdry. Ab Bdvnlcnr ?117, ot o snlabor hdstni cy thn Sngastror d`Yroin Lorfs, thn lnlcnrs d` thn Oustroeaob Abtnrbnt mdllubaty prnsnbtvdtni dvnrwhnelabgey td pnrlat rngastrotadbs db thn cosas d` troin lorfs.=7

Yhnsn mhobgns, tdgnthnr wath abmrnosni owornbnss d` thn cnbnàt d` usabg thnAbtnrbnt ab Oustroeaob sdmanty, thn pnrmnptadb d` o idt-mdl cddl ab thn^batni ]totns obi hnovy oivnrtasabg, eni td lossavn grdwth ab thn vdeuln dòppeamotadbs `dr .mdl.ou idloabs cnabg rnmnavni cy LnecAY (snn @agurn ?cnedw). Ab lai-?110, oppeamotadbs wnrn orravabg ot o rotn d` ? ::: pnr ldbth.Cy thn nbi d` thot ynor, oppeamotadbs hoi grdwb td ? >::/ldbth. Ab ats àrst ?8-ldbths d` dpnrotadbs, LnecAY prdmnssni == ::: oppeamotadbs.=8

@agurn ?; Mulueotavn .ou obi .mdl.ou rngastrotadbs dvnr taln=1

Whaest LnecAY hoi oewoys cnnb mosh-èdw pdsatavn sabmn ats abmnptadb, dbmnthn rngastrotadb `nn d` $?3> pnr idloab moln abtd n``nmt ab eotn ?117, thot mosh-

=0 Abtnrbnt Bolns Oustroeao, ocdvn b 31. Worwamf Komfsdb wos dragaboeey grobtni cy

Sdcnrt Nez ab ?180 thn raght td lobogn thn .mdl.ou mmYEI. Komfsdb snt pdeamans `drobi lobogni thot idloab `dr bnorey o inmoin, cut whnb inlobi sagbaàmobteygrnw `dr rngastrotadbs ab ?11>, Komfsdb rneabquashni has lobognlnbt raght comf tdNez.

=7 Zntnr Gnrrobi, ocdvn b 30, 08.

=8 Acai 0>-0.

=1 Mosedb Oboeytams, ouIO obi idt-ou(Inmnlcnr 3::8)

5https;//wnc.ormhavn.drg/wnc/3:?::737?0?>>8/http;//www.mosedb.mdl.ou/ouioprdàen.htl2 (3> Loy 3:?:).


12/30


NOZ ??

èdw sdorni (inspatn thn sagbaàmobt mdsts ossdmaotni wath thn invnedplnbt dàts thrnn gnbnrotadbs d` idloab rngastrotadb oppeamotadb prdmnssabg sd`tworn,whamh eni td o tnlpdrory mosh-èdw mrasas ab Lormh ?111). Ats snbadr lobognrsopprdomhni thn ^bavnrsaty d``nrabg o lobognlnbt cuydut wdrth $?.> laeeadbtd $=.> laeeadb, whamh thn Cdori d` LnecAY rnknmtni. Yhn Cdori wos mdbmnrbni,hdwnvnr, ocdut snbadr lobognrs d` thn mdlpoby rnsagbabg td tofn up ldrneumrotavn dppdrtubatans ab dthnr idt-mdl mdlpobans, sd thny stortni eddfabg otdptadbs `dr spabbabg d`` thn mdlpoby `rdl thn ^bavnrsaty, wath ob abataoevoeuotadb d` $?> laeeadb.9:

Yhas aino wos rnab`drmni wathab thn snbadr lobognlnbt d` thn ^bavnrsaty d`Lnecdurbn cy obdthnr `rdbt-pogn ortamen puceashni ab thn Oustroeaob @abobmaoeSnvanw db 3= Oprae ?111, nbtateni LnecdurbnAYs Gaobt Enop `dr IdloabFabi.9?Yhot ortamen rneoyni LnecAYs summnss ab cnabg oppdabtni os dbn d` àvnmdlpobans td cn tnst rngastrors d` thn .mdl gedcoe tdp-envne idloab. Zntnr

Gnrrobi ottracutni thot summnss td LnecAYs tnmhbamoe sfaees obi ats mornùeeyburturni rneotadbshap wath Zoue Ywdlny, whd cy thot taln wos thnOustroeaob Gdvnrblnbts rnprnsnbtotavn db thn Gdvnrblnbtoe OivasdryMdubmae d` thn Abtnrbnt Mdrpdrotadb `dr Ossagbni Bolns obi Bulcnrs(AMOBB),93whamh hoi ats àrst lnntabg ab ]abgopdrn ab Lormh ?111.9=

=.= Yhn Inmasadb td @edot LnecdurbnAY

Yhn prnvadus snmtadb nxolabni thn rden peoyni cy LnecAYs idloab bolnoppeamotadb prdmnssabg inportlnbt ab sagbaàmobtey abmrnosabg thn rnvnbuns(obi prdàts) d` ats cusabnss. Yhas eni td prnssurn `rdl sdln abtnrboe

stofnhdeinrs whd sdught td pravotasn thdsn puceam prdàts thrdugh voradusmdllnrmaoeasotadb strotngans.

Gavnb thn robgn d` pravotasotadb strotngans prdldtni cy ia``nrnbt stofnhdeinrswathab LnecAY duteabni ab thn prnvadus snmtadb, at wos bdt o `drngdbnmdbmeusadb thot thn mdlpoby wduei cn èdotni db thn Oustroeaob stdmfnxmhobgn. Yhn mdlpoby wos o sucsaiaory d` thn ^bavnrsaty d` Lnecdurbn obimdbsnqunbtey `nee wathab thn olcat d` thn dvnroee mdllnrmaoeasotadb strotngy d`thot ubavnrsaty obi thn inmasadb-lofabg prdmnssns whamh dpnrotni thnrnab.

^bavnrsatans ubinrtofn o robgn d` cosam- obi oppeani-rnsnormh prdknmts, sdlnd` whamh nvnbtuoeey rnomh thn stogn d` rnoiabnss `dr mdllnrmaoeasotadb. At asrneotavney mdlldb `dr ubavnrsatans td nbtnr abtd tnmhbdedgy eamnbsabg

9: Abtnrvanw wath Gnd`` Snns, `drlnr Mhoarlob d` LnecAY (Ynenphdbn, 3 @ncruory

3:?:).

9? Kdhb Iovaisdb, Lnecdurbn AYs Gaobt Enop `dr Idloab Fabi Oustroeaob @abobmaoe

Snvanw (3= Oprae ?111) ?.



9= AMOBB, Mdllubaqun d` thn Gdvnrblnbtoe Oivasdry Mdllattnn (3 Lormh ?111)

5http;//gom.amobb.drg/systnl/àens/GOMT:?T]abgopdrnTMdllubaqun.pi`2 (3>Loy 3:?>).


13/30


NOZ ?3

ogrnnlnbts wath nxastabg pravotn obi puceam mdlpobans whnrnab thn mdlpobypoys o prdpdrtadb d` abmdln (dr prdàts) `dr thn raght td nxpedat thn rnsnormh(n.g. thn ?11? rdyoety ogrnnlnbt rnomhni cy thn @omuety d` Lniamabn ot thn^bavnrsaty d` Lnecdurbn rneotabg td thn Mdmhenor alpeobt).99 Yhn ubavnrsatyloy oesd nbtnr abtd ob dutraght soen ogrnnlnbt whnrnab o mdlpoby purmhosnsthn potnbt ab ats nbtarnty `dr o `nn. Oetnrbotavney, thn ubavnrsaty loy d``nr tdsdphastamotni abvnstdrs (obi/dr abtnrboe dr nxtnrboe vnbturn mopatoe àrls) thndppdrtubaty td abvnst ab o pravotn mdlpoby td ùbi ùrthnr thn invnedplnbtd` o prdiumt whamh mdllnrmaoeasns thn dragaboe rnsnormh. Yhas loy abvdevnsummnssavn rdubis d` ùbiabg d``nrs whamh iaeutn thn ubavnrsatys hdeiabgssucstobtaoeey (nspnmaoeey `dr rnsnormh abvdevabg sagbaàmobt up-`rdbtnxpnbiaturn). O thari lnthdi d` mdllnrmaoeasotadb (thdugh enss mdlldb) as`dr thn ubavnrsaty td èdot iarnmtey o mdlpoby nstoceashni td nxpedat thnrnsnormh db thn Oustroeaob ]tdmf Nxmhobgn.9> At wos thas eottnr lnthdi whamhwos snenmtni cy thn ^bavnrsaty d` Lnecdurbn os thn lnobs d` nxpedatabg

dppdrtubatans gnbnrotni cy ats whdeey-dwbni sucsaiaory, LnecAY.90

Yhntypamoe rnosdbs os td why o `dr-prdàt mdlpoby as èdotni db thn stdmfnxmhobgn abmeuin;

Yhn bnni td roasn oiiatadboe mopatoe whamh waee cn usni td ùbi thndbgdabg dpnrotadbs d` thn mdlpoby6

Yd nbocen norey abvnstdrs td snee-idwb thnar hdeiabgs obi mosh-dutsdln dr oee d` thdsn ldbans6

Yd roasn thn puceam prdàen d` thn cusabnss (whamh as nspnmaoeey rnenvobt`dr inct-àbobmanrs, suppeanrs, obi mustdlnrs)6 obi

Yd nstoceash eaquaiaty ab thn shorns d` thn mdlpoby thrdugh thnintnrlabotadb d` thnar òar lorfnt voeun db ob dbgdabg cosas (whamhossasts thn mdlpoby td cdrrdw ldbny, td eoubmh tofndvnrs obi tdmeora`y thn voeun d` nlpedynn shorn- obi dptadb-smhnlns).97

Gavnb thn prdvnb àbobmaoe summnss d` LnecAY, ats puceam pdpueoraty, obi thnòmt thot at wos sd mosh-èdw pdsatavn thot inct àbobmabg wos bdt bnmnssory,thn àrst, thari, obi `durth rnosdbs eastni ocdvn wnrn bdt oppeamocen. Hdwnvnr,

99 Abtnrvanw wath Gnd`` Snns, `drlnr Mhoarlob d` LnecAY (Ynenphdbn, 3 @ncruory

3:?:).

9> ]nn, `dr nxolpen, thn iasmussadb d` thn rnsnormh mdllnrmaoeasotadb strotngans d`

Oustroeaob ubavnrsatans ab; Oustroeaob Snsnormh Mdubmae, Snsnormh ab thn BotadboeAbtnrnst; Mdllnrmaoeasabg ^bavnrsaty Snsnormh ab Oustroeao (?111)5http;//www.orm.gdv.ou/pi`/::T:=.pi`2 (3> Loy 3:?>).

90 Mdubmae d` thn ^bavnrsaty d` Lnecdurbn,Labutns d` ]nptnlcnr Lnntabg, ^bavnrsaty d`

Lnecdurbn (]nptnlcnr ?111)5https;//wnc.ormhavn.drg/wnc/3::8:3:?::==9?/http;//www.ubalnec.niu.ou/Mdubmae/labutns/snp11.htle2 (3> Loy 3:?>).

97

]tnvnb Gddilob, Yd @edot dr Bdt td @edot4, Yrulob Hdyen Eowynrs Cedg (38@ncruory 3::0)

5https;//wnc.ormhavn.drg/wnc/3:??:3?7:??339/http;//www.trulobhdyen.mdl.ou/idwbedois/Ydèdot-]G:3:0.pi`2 (3> Loy 3:?>).


14/30


15/30


NOZ ?9

Dbn lnthdi d` voeuotadb whamh wos mdbsainrni wos td intnrlabn thnluetapen whamh rnprnsnbtni thn voeun d` lorfnt mopatoeasotadb dvnr prdknmtnirnvnbuns `dr salaeor mdlpobans, obi thnb td oppey thot luetapen td LnecAYs`drwori rnvnbun prdknmtadbs. ^b`drtubotney, thn luetapen wos mhobgabgropaiey obi thn ^bavnrsaty wos mdbmnrbni thot thnrn wos `rdth ab thn lorfntgnbnroeey ot thn taln. êtalotney, thn ^bavnrsaty d` Lnecdurbn hdpni tdgnbnrotn prdmnnis ab nxmnss d` $>: laeeadb `rdl thn soen d` LnecAY.>?

LnecAYs cdori suppdrtni thn mdbmnpt d` intnrlababg ats dwb voeun cosniupdb luetapens d` lorfnt mopatoeasotadb dvnr prdknmtni rnvnbun thrdugh oprnss rnenosn at assuni db ?8 Bdvnlcnr ?111. Ab thot stotnlnbt, thn mdlpoby`drloeey obbdubmni intoaes d` ats $??:l èdot, whamh wduei roasn $1=.>l cysneeabg 8>% d` thn stdmf dbtd thn lorfnt. Snvnbun grdwth wos `drnmost ot?::% ynor-db-ynor. Yhn èdot wduei cn dbn d` thn àrst idloab rngastrotadbcusabnss èdots sabmn Bntwdrf ]deutadbs ab ?117. Bntwdrf ]deutadbs hos o p/n

d` 390 (lorfnt mop $^]>Caeeadb obi ats shorns wnbt `rdl $3> ab Bdv 18 td $?>:ab Bdv 11). LnecAYs prdknmtni rnvnbuns ab ?111 wnrn $O?3.=9l. KC Wnrn soaiabtnrnst ab thn èdot wos hagh obi wduei cn òarey nvnbey iavaini cntwnnbabstatutadbs obi pravotn abvnstdrs.>3

Ab rnturb `dr ogrnnabg td ùeey ubinrwratn thn èdot d` LnecAY, KC Wnrnrnmnavni o `nn d` $3 818 >:: ab oiiatadb td rnalcursnlnbt d` ats dut-d`-pdmfntobi engoe nxpnbsns up td o loxalul d` $9> :::.>=Os LNAE wos o mdlpobyealatni cy guorobtnn, at wos prdhacatni `rdl poyabg o iavainbi td thn^bavnrsaty d` Lnecdurbn. Abstnoi, at loin o ga`t td thn ^bavnrsaty d` $>:laeeadb d` thn prdmnnis at rnmnavni `rdl thn èdot.>9

LnecAYs shorns wnrn sdei td ats abataoe abvnstdrs ot $3.3: pnr shorn. Db ats àrstioy d` troiabg os o eastni mdlpoby, LnecAYs shorns dpnbni ot $8.3?, rnomhniob abtro-ioy hagh d` $1.?:, obi medsni ot $7.1>. ??.8 laeeadb shorns wnrn troinidb thot àrst ioy, ineavnrabg o stog prdàt d` ordubi =3:-9?:% `dr thn abataoeabvnstdrs. @dr thn bnxt `nw ldbths, ats shorn pramn ldvni rdughey sainwoys,dsmaeeotabg ordubi $8, os snnb ab @agurn 3 cnedw.

>? Abtnrvanw wath Gnd`` Snns, `drlnr Mhoarlob d` LnecAY (Ynenphdbn, 3 @ncruory3:?:).

>3 LnecdurbnAY,Lnecdurbn AY @edot td Bnt $1=.>l(Lniao Snenosn, ?111)

5https;//wnc.ormhavn.drg/wnc/3::?:3:8?=?39:/http;//www.lnecdurbnat.mdl.ou/vnr3/htle/abvnstrneotadbs/mdlpobyTbnws/abinx.htl2 (3> Loy 3:?>).

>= LNAE poai $3 000 ::: obi LnecAY poai $3=3 >::. ]nn; LnecdurbnAY, Obbuoe Snpdrt

?111 (3:::) 7= 5http;//www.idloabovnbun.mdl/latTobbuoeTrnpdrtT?111.pi`2(eost ommnssni 3> Loy 3:?>). ^b`drtubotney, LnecAYs dwb wncsatn dbey eastni atsobbuoe rnpdrts comf td thn ynor 3::: obi thn ?111 rnpdrt wos bdt ovoaeocen ot5http;//mdrpdrotn.lnecdurbnat.mdl.ou/abvnstdr-rneotadbs/obbuoernpdrt.php2 (3>Loy 3:?>).

>9 Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, 31.


16/30


NOZ ?>

@agurn 3; LnecdurbnAYs ioaey medsabg shorn pramn ab thn thrnn ldbths o`tnr at wos

èdotni>>

=.> Zrn-@edot (bdb-)Iasmedsurns d` Abtnrbotadboe ]oens Mdbtromts

Whaest thn prnvadus snmtadb nxolabni hdw stofnhdeinrs wathab thn ^bavnrsaty

d` Lnecdurbn intnrlabni thn pramn ot whamh thny wduei èdot LnecAY db thnOustroeaob ]tdmf Nxmhobgn, thas snmtadb nxolabns thn alpomt thot twd lokdrmustdlnr soens mdbtromts sagbni cy thn mdlpoby cn`drn ats èdot hoi updbabvnstdr pnrmnptadbs d` ats òar-lorfnt voeun ab thn pnradi shdrtey o`tnr thotèdot. Eotnr snmtadbs oboeysn whnthnr thdsn mdbtromts wnrn ommurotneymdllubamotni td abvnstdrs pradr td thn medsabg iotn `dr sucsmraptadbs td thnèdot.

Ab thn àrst `nw ldbths o`tnr ats èdot, LnecAY obbdubmni td thn shorn lorfntthot cn`drn ats èdot at hoi sagbni twd soens mdbtromts whamh wduei cn eafney tdabmrnosn thn vdeuln d` idloab boln rngastrotadbs thot at prdmnssni, thuspdtnbtaoeey abmrnosabg ats rnvnbuns (thdugh bdt bnmnssoraey prdàts)6 dbn wathPnrad obi obdthnr wath Abtuat.>0 Oboeysas d` pramn obi vdeuln sagboesnxtromtni `rdl troiabg ioto shdrtey o`tnr thdsn obbdubmnlnbts prdvain

>> Yhas hastdramoe pramn obi vdeuln ioto wos dubi ot; Qohdd! @abobmn,LEC Hastdramoe

Zramns5http;//amhort.àbobmn.yohdd.mdl/tocen.msv4s


17/30


NOZ ?0

nvainbmn d` shornhdeinr ottatuins tdworis thn voeuotadb d` LnecAY (a.n.whnthnr shornhdeinrs wnrn rneyabg praloraey db thn cosas d` thn iasmdubtnimosh-èdw lnthdi dr o luetapen d` rnvnbuns lnthdi).>7

=.>.? Pnrad Mdbtromt

Ab thn wnnf pradr td ats obbdubmnlnbt td thn puceam o`tnr medsn d` troin db ?3Kobuory 3::: thot at hoi sagbni o mdbtromt td prdvain idloab bolnrngastrotadb snrvamns td Pnrad (ab rnturb `dr whamh Pnrad tddf o 9.1%shornhdeiabg ab LnecAY), LnecAYs shorn medsabg pramn hoi ovnrogni $7.>8wath ob ovnrogn ioaey vdeuln d` 317 ::: shorns troini. Whaest thnrn wos obabataoe rasn ab cdth shorn pramn obi vdeuln db thn ldrbabg d` thn àrst ioy o`tnrthn obbdubmnlnbt (o =.9% abtro-ioy rasn ab thn shorn pramn db ovnrognvdeuln), shorn troinrs sdei thn stdmf db thn `deedwabg ioy, iravabg thn pramnidwb cy 8% db vdeuln 9:% haghnr thob ovnrogn. Dvnroee, thn bnws thot thas

mdbtromt hoi cnnb sagbni oppnors td hovn oernoiy cnnb òmtdrni abtd thnpuceams voeuotadb d` thn mdlpoby iurabg thn pramn surgn thot dmmurrni db atsàrst troiabg ioy, obi sucsnqunbt iasmedsurn td thn puceam d` thn ainbtaty d` thnmdubtnrporty td thot mdbtromt iai bdt hovn o eostabg pdsatavn alpomt db thnmdlpobys shorn pramn.

=.>.3 Abtuat Mdbtromt

Yhn dutmdln d` bdt obbdubmabg thn Pnrad mdbtromt td thn puceam cn`drn thnmedsabg iotn `dr sucsmraptadbs td thn èdot mob cn mdbtrostni wath thn alpomt dbats shorn pramn whnb LnecAY obbdubmni thot at hoi salaeorey portbnrni wathAbtuat td prdvain idloab boln rngastrotadb snrvamns td ats _uamfCddfs

mustdlnrs (o mdbtromt at hoi sagbni db 0 Inmnlcnr ?111). Whnb thotobbdubmnlnbt wos loin o`tnr thn medsn d` troin db 1 @ncruory 3:::, LnecAYsshorn pramn rdsn 7:% td $?3.1> ab kust àvn ioys db troiabg vdeulns =.7> talnshnovanr thob at hoi ovnrogni ab thn wnnf pradr td thot obbdubmnlnbt.>8Dvnrthdsn àvn ioys, thn dvnroee shorn lorfnt rdsn cy kust :.70%. Yhus, thasobbdubmnlnbt d` ob dppdrtubaty `dr ob abmrnosn ab thn vdeuln d` idloabbolns rngastnrni menorey oetnrni shornhdeinr pnrmnptadbs d` thn voeun d` thnstdmf os inldbstrotni ab @agurn = cnedw.

>7

Yhn pnr`drlobmn d` o stdmf rneotavn td thn dvnroee lorfnt as oesd alpdrtobt abintnrlababg thn sagbaàmobmn d` o mdlpobys obbdubmnlnbt. @dr ob nxolpen d` obomoinlam stuiy d` thn alpdrtobmn d` pramn obi vdeuln sagboes db cdubinieyrotadboe shorn troinrs, snn; ]tnvnb Huccnrt, Lorf Eobg, obi Lamhneen Qntlob,Pdeuln obi Zramn Zottnrbs Ordubi o ]tdmfs >3-Wnnf Haghs obi Edws; Yhndryobi Nvainbmn (3::1) >>(?)Lobognlnbt ]manbmn?0.

>8 Yhn obbdubmnlnbt db ?9 @ncruory thot Lnrmury Ossnt Lobognlnbt hoi cnmdln o

sucstobtaoe shornhdeinr ab LnecAY cy omquarabg 3.> laeeadb shorns dr >.:3% d` thnmdlpoby iai bdt mdbtracutn iarnmtey td thas troiabg vdeuln abmrnosn; Lnrmury hoicdught thdsn shorns cy 3? Kobuory 3::: (thrnn wnnfs pradr td thn obbdubmnlnbt d`thn Abtuat mdbtromt). ]nn; LnecdurbnAY, Cnmdlabg o ]ucstobtaoe ]hornhdeinr (?9@ncruory 3:::), Oustroeaob ]tdmf Nxmhobgn 5http;//www.osx.mdl.ou

/osx/stotastams/iaspeoyObbdubmnlnbt.id4iaspeoy


18/30


NOZ ?7

@agurn =; Mhobgn ab LnecdurbnAYs ioaey medsabg shorn pramn mdlporni td dvnroee

shorn lorfnt ab thn ldbths o`tnr ats èdot>1

Yhas snmtadb hos nxpedrni thn nvnbts whamh eni td thn èdot d` LnecAY. Yhasmosn stuiy hos nxolabni ab grnotnr intoae thn inmasadb-lofabg prdmnssns pradrtd thn èdot obi rnvnoeni ob assun lassni cy prnvadus smhdeors mdbmnrbabg thninmasadbs rngoriabg thn ^bavnrsaty d` Lnecdurbn, obi LnecAYs nxnmutavnsinmasadb bdt td iasmedsn td abvnstdrs pradr td thn medsabg iotn `dr sucsmraptadbs

td thn èdot d` thn mdlpoby thn sagbaàmobmn d` twd soens mdbtromts whamhsucsnqunbtey hoi sucstobtaoe alpomt db thn voeuotadb d` thn mdlpoby. Yhnengoe mdbsnqunbmns d` thdsn inmasadbs orn nxpedrni ab thn bnxt snmtadb.

9 Snvanwabg thn Oinquomy d` thn Zrn-@edot Poeuotadb obiIasmedsurn Inmasadbs

Yhas snmtadb àrst nxolabns twd prnvadus abvnstagotadbs abtd thn èdot d`LnecAY; ob abtnrboe abvnstagotadb drinrni cy thn Pamn-Mhobmneedr d` thn^bavnrsaty d` Lnecdurbn, obi ob nxtnrboe abvnstagotadb ubinrtofnb cy thn

Pamtdraob Ouiatdr-Gnbnroe. At thnb mdbsainrs thn engoe n``nmt d` thn oiiatadboeab`drlotadb prnsnbtni ocdvn whamh idns bdt oppnor td hovn cnnb mdbsainrnicy thdsn abvnstagotadbs.

>1 Yhas hastdramoe pramn obi vdeuln ioto wos dubi ot; Qohdd! @abobmn,LEC Hastdramoe

Zramns5http;//amhort.àbobmn.yohdd.mdl/tocen.msv4s


19/30


NOZ ?8

Ob abtnrboe ubavnrsaty abvnstagotadb alpenlnbtni cy thn Pamn-Mhobmneedr tdintnrlabn, oldbgst dthnr thabgs, whnthnr thn shorn assun wos ubinr-pramnirnpdrtni thot o thdrdugh obi prdpnr prdmnss wos ubinrtofnb td rnomh whotwos cneanvni td cn o trun voeuotadb obi thot thn cdoris d` LnecAY obi LNAEwnrn bdt ot òuet.0: Moab obi Hnwatt mratamasni thas mdllattnn os mdbsastabg d`pndpen whd dwni thnar kdcs td sdln d` thdsn whdsn mdbiumt thny wnrnnxolababg, db prnlasns thot prnvnbtni o wain, ùee-ceddini nxolabotadb.0?

Ob nxtnrboe rnvanw d` thn èdot wos ubinrtofnb cy thn Pamtdraob Ouiatdr-Gnbnroe,03 whdsn rnpdrt `dmusni updb thrnn tdpams; ?) thn prdmnssns thn^bavnrsaty wnbt thrdugh td intnrlabn whnthnr obi hdw td èdot LnecAY6 3)hdw td voeun thn mdlpoby6 obi =) whnthnr obi hdw td oeedmotn shorns tdvoradus ^bavnrsaty nlpedynns. Ats dvnroee mdbmeusadbs wnrn thot;

Yhn òaeurn d` thn ^bavnrsaty d` Lnecdurbn td dctoab ob abinpnbinbt

outhdratotavn voeuotadb d` LnecdurbnAY Ealatni wos o sagbaàmobtinàmanbmy ab thn èdot prdmnss, ab thot voeuotadb wduei hovn prdvaini ocnbmhlorf ogoabst whamh prdpdsoes `rdl crdfnrs obi ubinrwratnrsmduei hovn cnnb cnttnr mdbsainrni, Vobi thot thn ^bavnrsaty shdueihovn\ mdbsainrni oetnrbotavn lnthdis d` soen td omhanvn thn cnstdutmdln `rdl thn pravotasotadb d` puceam snmtdr mdlpobans.0=

Yhas rnpdrt hagheaghtni thn mdbsnrvotavn rasf-labalasotadb labisnt d` thn^bavnrsaty Mdubmae (thn ^bavnrsaty iai bdt wash td nxpdsn atsne` td oby rasfossdmaotni wath thn èdot09) obi thn Cdoris d` LnecAY obi ats pornbt mdlpoby,LNAE.0>Yhnsn stofnhdeinrs wnrn `dmusni loabey db prnsnrvabg thn rnputotadbd` thn ^bavnrsaty cy nbsurabg thot thn èdot wos ùeey sdei, rothnr thob dbloxalasabg thn voeun rnmnavni `rdl thn pravotasotadb d` o puceam ossnt. YhnOuiatdr-Gnbnroe bdtni thot KC Wnrn usni o iasmdubtni mosh-èdw voeuotadb

0: Moab obi Hnwatt, ocdvn b 9, 3?=-9.

0? Acai ?=1.

03 Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0. Whaest thn rnpdrt as ab`drlotavn obi

gnbnroeey ommurotn, at idns mdbtoab sdln nrrdrs; thn Snpdrt mdbèotns Lnecdurbn AYsabtnrbotadboe cusabnss whamh rngastnrs .mdl (obi dthnr gYEI) idloabs wath thnmdlpobys >-ynor eamnbmn td prdmnss oppeamotadbs `dr .mdl.ou idloabs grobtni ab

?110 cy Sdcnrt Nez. Yhn Snpdrt nrrdbndusey stotns thot Lnecdurbn AYs mdrncusabnss dragabotni `rdl dctoababg o >-ynor eamnbmn td rngastnr idloab bolns abOustroeao. Yhas eamnbmn wos dbn d` dbey o ealatni bulcnr d` eamnbmns hneiwdreiwain obi hoi dragaboeey cnnb dctoabni ab ?181 cy o mdlputnr systnlsoilabastrotdr nlpedyni cy thn ^bavnrsaty. LnecAYs cusabnss ab òmt dragabotni`rdl ats rnsnormh mdbtromts wath Nramssdb obi dthnr lueta-botadboe mdrpdrotadbs. Atwos dbey eotnr ab LnecAYs hastdry thot at stortni td prdmnss oppeamotadbs td rngastnr.mdl.ou idloabs obi nvnb eotnr ogoab whnb at rnmnavni o eamnbmn `rdl AMOBB tdrngastnr .mdl idloabs.

0= Acai =.

09 Acai =:.

0> Acai 37.


20/30


NOZ ?1

lnthdi td intnrlabn thn loxalul oldubt td whamh at wos waeeabg td ubinr-wratn thn èdot d` LnecAY. ]umh o àgurn iai bdt oldubt td o voeuotadb d` thnmdlpoby, abstnoi dbey rnènmtabg thn loxalul thot KC Wnrn wos waeeabg tdpoy td thn ^bavnrsaty ab thn nvnbt thot thn èdot wos o tdtoe òaeurn.00 YhnOuiatdr-Gnbnroe rnmdllnbini ab oby ùturn èdots d` puceam snmtdrmdlpobans, thn usn d` o cddf-cuaeiabg lnthdi ab àxabg o shorn pramn shdueicn snradusey mdbsainrni, os at loy cn o cnttnr abiamotdr d` lorfnt inlobi obithnrn`drn pramn `dr thn shorn d``nr, iun td thn mrnotadb d` mdlpntatadb cntwnnbabstatutadboe abvnstdrs obi rntoae abvnstdrs.07

9.? Inmasadb-lofabg cy thn ^bavnrsaty d` Lnecdurbn whnb @edotabgLnecdurbnAY

Whaest thnrn orn mnrtoabey oivobtogns obi iasoivobtogns td thn usn d` o ùeey-ubinrwrattnb èdot strumturn obi o bdb-ubinrwrattnb cddf-cuaei strumturn, atas orguocen, gavnb thn rasf d` pnrvnrsn abmnbtavns abhnrnbt ab ubinrwratabg oèdot, thn rneotavney labasmuen àbobmaoe mdbtracutadb thot thn ^bavnrsaty hoiabvnstni td mopatoeasn thn mdlpoby, thn òmt thot thn ^bavnrsaty hoi rntoabniùee dwbnrshap d` thn mdlpoby ubtae thn ioy d` ats èdot (o rneotavney rornsatuotadb `dr ubavnrsatans whnb mdllnrmaoeasabg thnar rnsnormh, whdsndwbnrshap as d`tnb iaeutni idwb td o mopatoe hdeiabg d` 5>:% cy thn taln d` oèdot), obi thn ia`àmuety at wos hovabg ab intnrlababg o òar lorfnt voeun `drthn mdlpoby, thot at wduei hovn cnnb wasnr salpey td hovn ent thn lorfntintnrlabn thn pramn at wos waeeabg td poy `dr LnecAY. At as orguocen thot sumh osatuotadb wduei oeldst mnrtoabey hovn gnbnrotni o sucstobtaoe prdàt `dr thn^bavnrsaty obi sovni laeeadbs d` ideeors ab ubinrwratabg `nns (nvnb ab thn

mdbtnxt d` thn pramn vdeotaeaty d` thn taln)6 dbey thn nxtnbt d` thot prdàt wdueihovn cnnb ubfbdwb ab oivobmn.

00 Acai 97. Oethdugh thn cdoris d` LnecAY obi LNAE hoi voeuotadb rnpdrts `rdl ats

enoi oivasdr, Inedattn Mdrpdrotn @abobmn, obi ats cusabnss oivasdr, ENFMdbsuetobmy, hoi oboeysni thn voeun d` nomh mdlpdbnbt d` thn cusabnss, thnsnwnrn bdt abinpnbinbt outhdratotavn voeuotadb rnpdrts. ENFs rnpdrt voeuni thnmdlpoby ot up td $O?1: laeeadb (a` at wnrn td cn eastni db thn ^batni ]totns-cosniBO]IO_ stdmf nxmhobgn) obi wos cosni updb o mdlporasdb d` thn rotad d`lorfnt mopatoeasotadb td `drnmost rnvnbuns `dr dthnr eastni abtnrbnt-cosnicusabnssns, sumh os Bntwdrf ]deutadbs.

At as abtnrnstabg td bdtn thot whaest thn ^bavnrsaty wos waeeabg td ommnpt KC Wnrnsiasmdubtni mosh-èdw voeuotadb ldine `dr thn ubinr-wrattnb voeun d` thn mdlpoby,ab ats obbdubmnlnbt whamh `drloeey obbdubmni ats abtnbtadb td èdot thn mdlpoby(rnenosni ab lai-Bdvnlcnr ?111), LnecAY iai bdt rn`nr td KC Wnrns voeuotadbldine, abstnoi at hagheaghtni thot Bntwdrf ]deutadbs hos o p/n d` 390 (lorfnt mop^]$> caeeadb obi ats shorns wnbt `rdl ^]$3> ab Bdv ?118 td ^]$?>: Vab Bdv ?111\.LAYs prdknmtni rnvnbuns ab ?111 wnrn O$?3.=9 laeeadb. Yhus, whaest abtnrboeey thn^bavnrsaty oppnorni waeeabg td ommnpt o iasmdubtni mosh-èdw voeuotadb ldine `drthn prdmnnis at wduei rnmnavn `rdl thn èdot, td thn rnst d` thn wdrei (abmeuiabgabstatutadboe abvnstdrs, prn`nrrni meanbts obi thn gnbnroe puceam), at wos hypabg thnmdlpobys voeun db thn cosas d` o òr ldrn spnmueotavn ldine, a.n. ENFMdbsuetabgs ldine d` thn luetapen d` lorfnt norbabgs td `drnmost rnvnbuns;

LnecdurbnAY, ocdvn b >3.07 Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, ==.


21/30


NOZ 3:

Yhas snmtadb nxolabns hdw thn inmasadb-lofabg prdmnssns obi abmnbtavnstrumturns wathab thn ^bavnrsaty d` Lnecdurbn loy hovn mousni at td omt ab olobbnr thot wos bdt ab thn abstatutadbs edbg-tnrl cnst abtnrnsts.

Os hagheaghtni ab thn abtnrboe obi nxtnrboe rnvanws d` thn inmasadb cy thnMdubmae d` thn ^bavnrsaty d` Lnecdurbn td mdllnrmaoeasn LnecAY cy èdotabg atdb thn Oustroeaob ]tdmf Nxmhobgn, abtnrboe stofnhdeinr mdbèamts ordsn ab twdwoys. Yhn àrst rneotni td hdw thn ^bavnrsaty intnrlabni thn voeuotadb otwhamh at shduei snee LnecAY.

9.?.? Inmasadb-lofabg db thn Poeun d` LnecdurbnAYs Cusabnss

Poradus stofnhdeinrs wath ia``nrnbt abmnbtavns hnei vnry ia``nrnbtpnrspnmtavns db thn opprdpraotn èdot voeun d` LnecAY. Os hn wduei hovn obdppdrtubaty td intnrlabn whnrn thn prdmnnis wduei cn oeedmotni, thn Pamn

Mhobmneedr d` thn ^bavnrsaty wobtni td gnbnrotn os lumh ldbny os pdssacen`rdl thn èdot, whaest thn ^bavnrsaty Mdubmae òvdurni o edwnr voeuotadb osthny wobtni td labalasn thn rnputotadb-rasf td thn ^bavnrsaty thot thn èdotlaght òae td cn ùeey sucsmracni. Os at rngueotni thn ubavnrsaty snmtdr abPamtdrao obi hoi grobtni $?:: ::: ab snni ùbiabg td LnecAY td famf-stort atsidloab boln cusabnss, thn Pamtdraob Gdvnrblnbt wobtni td loxalasn thnèdot voeun sd os td nbsurn thn eorgnst pdssacen rnvnbun cddst td ats ldstprnstagadus ubavnrsaty. Yhn ubinrwratnrs d` thn èdot, KC Wnrn, wobtni tdlabalasn thn voeun d` thn èdot td thn edwnst envne ommnptocen td thn ^bavnrsatyMdubmae `dr twd rnosdbs; àrst, thot wduei labalasn thn nxtnbt d` thnar eaocaeatyos ubinrwratnrs a` thn èdot òaeni td cn ùeey sucsmracni6 obi snmdbi, thndppdrtubaty td iastracutn shorns ab o hdt èdot wath o eorgn àrst-ioy abmrnosnab ats shorn pramn td thnar prn`nrrni meanbts mduei cn usni os o cosas td nxtromteorgnr mdllassadbs `dr thn stdmf crdfnr `rdl thdsn prn`nrrni meanbts ab thnedbg tnrl thob wduei cn norbni ab ubinrwratabg `nns `rdl thn ^bavnrsaty d`Lnecdurbn ab thn shdrt tnrl. Yhn mdbèamt cntwnnb thn gdoes d` thnsn voradusprabmapoes obi ognbts menorey hoi thn pdtnbtaoe td cn abtnbsn.

Yhn rasf labalasotadb strotngy opprdvni cy thn ^bavnrsaty Mdubmaemdbtroiamtni thn abstrumtadb thot thn ^bavnrsaty govn td LNAE td loxalasn thnvoeun Vd` thn èdot\ td thn uetalotn shornhdeinrs.08Yhas abstrumtadb dmmurrni abthn mdbtnxt d` thn Pamn-Mhobmneedr rnlabiabg thn ^bavnrsaty Mdubmae thotdthnr pdssacen mdbsainrotadbs, sumh os thn pdtnbtaoe voeun d` LnecAY os o

rnsnormh spdbsdr dr Vrnsnormh obi invnedplnbt\ abmucotdr òmaeaty `dr thn^bavnrsaty, shduei bdt cn pursuni ot thn nxpnbsn d` loxalasabg shornhdeinrvoeun.01

Whaest thn cdoris d` LNAE obi LnecAY mduei dbey spnmueotn thot thn 9::%+spafn ab thn shorn pramn d` thn mdlpoby db ats àrst ioy d` troiabg wos port d`

08 Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, 38.

01 Mdubmae d` thn ^bavnrsaty d` Lnecdurbn,Labutns d` Mdubmae Lnntabg Bd 7(9 Dmtdcnr

?111) 5http;//www.ubalnec.niu.ou/Mdubmae/labutns/dmt11.htle2.


22/30


NOZ 3?

o suiinb abmrnosn ab abtnrnst cy abvnstdrs ab Abtnrbnt stdmfs,7: thn PamtdraobOuiatdr-Gnbnroe ottracutni thas td thn snmdbiory lorfnt kuigabg thn voeund` thn shorns db thn cosas d` oiiatadboe ab`drlotadb whamh hoi bdt cnnbabmeuini ab thn prdspnmtus `dr thn mdlpoby.7? Yhot oiiatadboe ab`drlotadbrneotni td twd mdbtromts whamh thn mdlpoby hoi sagbni pradr td thn abataoeoeedmotadb d` shorns wath ^]-cosni mdlpobans `dr thn whdensoen prdmnssabg dìdloab boln rngastrotadb oppeamotadbs, dbn wath Abtuat obi dbn wath Pnrad.LnecAY hoi obbdubmni thn nxastnbmn d` thdsn ogrnnlnbts obi thnar gnbnroetnrls (cut bdt thn ainbtatans d` thn mdubtnrportans) ab thn pnradi d` taln o`tnrthn medsabg iotn `dr sucsmraptadbs obi cn`drn thn àrst ioy d` troiabg ab thnshorns. Yhn n``nmt d` thdsn mdbtromts wos td roasn sagbaàmobtey LnecAYsrnvnbuns (thdugh wath edwnr prdàt lorgabs pnr rngastrotadb). Yhas lnobt thotwhaest thnrn wduei cn o sagbaàmobt abmrnosn ab rnvnbun `dr thn mdlpoby gdabg`drwori, thn abmrnosn ab prdàts wos enss intnrlabocen.

Iurabg ats prn-èdot bngdtaotadbs, LNAE prnsnbtni thn enoi crdfnr, KC Wnrn,wath ats oboeysas d` thn Abtuat obi Pnrad mdbtromts. Yhas eni KC Wnrn td abmrnosnLnecAYs loxalul ubinrwrattnb voeun cy $3: laeeadb (`rdl $1: laeeadb td$??: laeeadb) db thn cosas d` thn alpomt d` thdsn mdbtromts db ats iasmdubtnimosh-èdw ldine. Hdwnvnr, a` rntoae abvnstdrs wnrn td oppey thn oetnrbotavnvoeuotadb lnthdi usni cy ENF Mdbsuetabg (whamh wos o luetapen d` `drnmostrnvnbuns), thdsn abvnstdrs wduei abmrnosn thnar nstalotn d` thn wdrth d` thnmdlpoby cy òr ldrn thob KC Wnrns $3: laeeadb.

Whaest thn ^bavnrsaty d` Lnecdurbn mduei hovn assuni ob olnbiniprdspnmtus whamh abmeuini oiiatadboe ab`drlotadb ocdut thdsn twd mdbtromts,ats iarnmtdrs orguni thot thas wduei hovn mousni thn èdot td cn ineoyni `rdlInmnlcnr ?111 abtd norey 3::: (thus rnquarabg thn prnporotadb d` rnvnbun obiabmdln `drnmosts `dr thn ynor 3::?, whamh wnrn bdt rnquarni ab thn ?111prdspnmtus), obi rasfni thn inporturn d` snbadr sto``.73

At as incotocen whnthnr thn orgulnbts prnsnbtni cy LNAE td kusta`y ats òaeurntd bdta`y `drloeey pdtnbtaoe abvnstdrs (ab thn abataoe puceam d``nrabg d` LnecAY)d` thn Abtuat obi Pnrad mdbtromts wnrn su`àmanbt. @dr nxolpen, db ??Bdvnlcnr ?111, LNAE assuni o suppenlnbtory prdspnmtus `dr LnecAY, whamhoivasni thot db 8 Bdvnlcnr ?111 Sdcnrt Nez hoi trobs`nrrni td ouIO hasouthdraty td snt pdeamans `dr thn .mdl.ou snmdbi-envne idloab (whaest rntoababgmdbtrde d` has outhdraty dvnr thn dthnr .ou snmdbi-envne idloabs).7=Inspatn thn

stotnlnbts loin cy thn iarnmtdrs ab thn suppenlnbtory prdspnmtus thot thntrobsatadb wduei hovn bd lotnraoe n``nmt,79 at as orguocen thot sumh o

7: Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, =9.

7?

Acai.

73 Acai =0.

7= Acai 9=.

79 LnecdurbnAY, ]uppenlnbtory Zrdspnmtus iotni ?? Bdvnlcnr ?111, 3 (edmotni db pogn99 d` LnecdurbnAY, Obbuoe Snpdrt ?111 (3:::) Idloab Ovnbun5http;//www.idloabovnbun.mdl/latTobbuoeTrnpdrtT?111.pi`2 (3> Loy 3:?>)).


23/30


NOZ 33

trobsatadb wduei cn nxpnmtni td o``nmt lotnraoeey thn prdàtocaeaty d` LnecAYs.mdl.ou idloab boln rngastrotadb oppeamotadb prdmnssabg cusabnss gdabg`drwori cnmousn ouIO wos nxpnmtni td eacnroeasn thn nxastabg pdeamans (thuspnrlattabg o haghnr-rotn d` rngastrotadb oppeamotadbs) pradr td abtrdiumabgmdlpntatdrs td LnecAYs in òmtd ldbdpdey db prdmnssabg .mdl.ou rngastrotadboppeamotadbs.

Gavnb thot thn mdlpoby hoi sagbni thn àrst d` ats twd mdbtromts (thn dbn wathAbtuat) db 7 Bdvnlcnr (thn ioy pradr td Sdcnrt Nezs trobs`nr d` has outhdratytd ouIO), at as pnrpenxabg thot ab`drlotadb ocdut thn Abtuat mdbtromt wos bdtabmeuini ab thn suppenlnbtory prdspnmtus assuni `dur ioys eotnr oedbgsainthn gddi bnws rngoriabg thn trobsatadb ab thn .mdl.ou pdeamy rngueotdr.7>LnecAY hoi sagbni thn Abtuat mdbtromt thn ioy cn`drnSdcnrt Nezs trobs`nr, obirngorini cdth nvnbts os cnabg bdt lorfnt snbsatavn, ynt `net at wos dbey ocentd bdta`y pdtnbtaoe abvnstdrs d` thn eottnr mhobgn (whamh thn iarnmtdrs cneanvni

wduei bdt hovn o lotnraoe n``nmt db LnecdurbnAY) wathdut mousabg o ineoy abthn èdot.70 LnecAY dbey bdtaàni abvnstdrs d` thn nxastnbmn d` thn Abtuat obiPnrad mdbtromts db ?: Inmnlcnr ?111 (sax ioys o`tnr thn medsabg iotn `drabvnstdrs ab thn abataoe puceam d``nrabg obi `dur ioys pradr td thn àrst ioy d`troiabg), rn`nrrabg td thnl os bdt su`àmanbtey lotnraoe td worrobt thn assun dò suppenlnbtory prdspnmtus. Yhn Oustroeaob ]tdmf Nxmhobgn wos bdt bdtaànithot thn Abtuat mdbtromt wos lorfnt snbsatavn ubtae 1 @ncruory 3:::.77Menoreyabvnstdrs iai rngori thn Abtuat mdbtromt os cnabg eafney td lotnraoeey alpomtupdb thn voeun d` thn mdlpoby hnovy troiabg ab LnecAYs shorns sow atsshorn pramn rasn >8% ab thn ioys o`tnr thot obbdubmnlnbt (snn @agurn =, ocdvn).

Ot thn taln d` LnecAYs èdot, s ?:3? d` thnMdrpdrotadbs Omt ?181

(Mth) snt dut oeast d` ab`drlotadb thot hoi td cn abmeuini ab o prdspnmtus whaest s ?:33rnquarni assunrs td abmeuin oee rnosdbocen ab`drlotadb os abvnstdrs obi thnarprd`nssadboe oivasnrs wduei rnosdbocey rnquarn, obi rnosdbocey nxpnmt td àbiab thn prdspnmtus.78 s ?:39(?)(c)(aa) d` thot Omt pnrlattni thn assuobmn d` osuppenlnbtoe prdspnmtus ab thn nvnbt thnrn ordsn o sagbaàmobt bnw lottnrthot wduei hovn cnnb rnquarni td cn abmeuini ab thn dragaboe prdspnmtus

7> Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, =9. Yhn Ouiatdr-Gnbnroes rnpdrt iai bdt

mdbsainr whnthnr thn mdbtromt shduei hovn cnnb iasmedsni ab thn ]uppenlnbtoryZrdspnmtus LnecAY assuni db ?? Bdvnlcnr ?111.

70 LnecdurbnAY, ocdvn b 79. LnecAY hos dbey loin ovoaeocen ats obbuoe rnpdrts `rdl3::: dbworis db ats wncsatn. ]nn; 5http;//www.lnecdurbnat.ab`d/abvnstdr-mnbtrn/obbuoe-rnpdrts2.

77 LnecdurbnAY, LnecdurbnAY ]agbs Nxmeusavn Zortbnrshap wath Enoiabg N- abobmn

Zrdvainr, Abtuat5https;//wnc.ormhavn.drg/wnc/3::?:3???8?>?8/http;//www.lnecdurbnat.mdl.ou/vnr3/htle/abvnstrneotadbs/mdlpobyTbnws/bnwsstdry.m`l4bnwsaiLoy 3:?>).

78

Mdrpdrotadbs Omt ?181(Mth), s ?:33(?). Bdtn thot thn èdot d` LnecAY dmmurrni cn`drnthn ùbiroasabg rn`drls d` thn Mdrpdrotn Eow Nmdbdlam Sn`drl Zrdgrol Omt ?111

(Mth) moln abtd n``nmt obi cn`drn thn Mdrpdrotadbs Omt 3::? (Mth), whamh mdbtoabsldrn intoaeni prdvasadbs rngoriabg thn mdbtnbts d` prdspnmta ubinr ss 7?:-7??.


24/30


NOZ 3=

ubinr nathnr ss ?:3? dr ?:33. s 110 d` thot Omt loin sumh at ob d``nbmn `dr opnrsdb td outhdrasn dr mousn sumh ob dlassadb, ubenss sumh dlassadb wosaboivnrtnbt.

Whnb LnecAY tddf oivobtogn d` thn s ?:39 prdmnss td assun o suppenlnbtoeprdspnmtus db ?? Bdvnlcnr ?111, ats òaeurn td abmeuin wathab thot idmulnbtbdtaàmotadb td pdtnbtaoe abvnstdrs d` thn sagbabg d` thn Abtuat mdbtromt loyhovn oldubtni td o vadeotadb d` s ?:33 obi s 110 d` thn Mdrpdrotadbs Omt?181(Mth). ]d thn assun as whnthnr thn dlassadb wos aboivnrtnbt obi whnthnr atwos rnosdbocen `dr thn iarnmtdrs td ineoy thn obbdubmnlnbt d` thn sagbabg d`thn Abtuat mdbtromt ubtae o`tnr thn medsabg iotn `dr sucsmraptadbs cy AZDabvnstdrs, obi ubtae @ncruory `dr thn Pnrad mdbtromt. Gavnb thn prn-èdotomtadbs d` thn ubinrwratnr KC Wnrn td abmrnosn ats guorobtnni ubinrwratabgoldubt cy $3: laeeadb o`tnr cnabg prnsnbtni wath nvainbmn d` thdsn twdmdbtromts, at wduei cn hori td orgun thot thn cdori d` thn mdlpoby wnrn

uboworn d` thn lotnraoe obi lorfnt voeun d` thnsn mdbtromts. Yhny oppnor tdhovn salpey fnpt thot ab`drlotadb `rdl thn gnbnroe puceam pradr td thn medsn d`thn sucsmraptadb iotn `dr thn AZD, sdlnthabg whamh mduei hovn nosaey cnnbidbn cy oiiabg ab`drlotadb ocdut thn Abtuat mdbtromt td thn suppenlnbtoeprdspnmtus d` ?? Bdvnlcnr ?111, dr cy nxtnbiabg thn medsabg iotn `dr abvnstdrsucsmraptadbs ubtae cnydbi thn obbdubmnlnbt db ?: Inmnlcnr ?111 d` thnPnrad mdbtromt.

9.?.3 Inmasadb-lofabg db thn @edot Lnthdi `dr LnecAY

Yhn mdbsnqunbmn `dr thn ^bavnrsaty d` Lnecdurbn d` hovabg mhdsnb td usn obubinrwratnr `dr thn èdot d` LnecAY, rothnr thob usabg o cddf-cuaei lnthdi drob oumtadb `dr intnrlababg ats voeuotadb, wos thot at wos `drmni td usn thnvoeuotadb lnthdi snenmtni cy thn ubinrwratnr rothnr thob thn voeuotadblnthdi whamh wduei hovn hoi o grnotnr prdcocaeaty d` loxalasabg thn voeund` thn mdlpoby td thn ^bavnrsaty.71 Yhn ^bavnrsaty d` Lnecdurbn rnmnavni olumh edwnr oldubt d` ldbny `rdl thn prdmnnis d` thn èdot thob dthnrwasnwduei hovn cnnb thn mosn. Yhn vost lokdraty d` thn prdàts d` thn èdot d`LnecAY wnbt td thn prn`nrrni meanbts obi abstatutadboe meanbts d` thnubinrwratnr obi thn èdot lobognr, rothnr thob td thn ^bavnrsaty d`Lnecdurbn (thn stog prdàts db thn soen d` thn ??.8 laeeadb shorns troiniiurabg thn àrst ioy d` thn èdot oedbn wnrn wdrth cntwnnb $>0.7 laeeadb obi$8?.> laeeadb ab prdàts dvnr obi ocdvn thn prdmnnis d` thn èdot)! Cosni

updb kust thn àrst ioy d` troiabg, thn usn d` o cddf-cuaei lnthdi `dr pramabgthn èdot wduei hovn ldrn thob iduceni thn rnturb td thn ^bavnrsaty. Osrnmdgbasni cy thn Ouiatdr-Gnbnroe d` Pamtdrao, poyabg medsnr ottnbtadb td thn

71 @dr o stuiy d` thnsn dptadbs, snn; Obb ]hnrlob, Gedcoe Yrnbis ab AZD Lnthdis;

Cddf Cuaeiabg Pnrsus Oumtadbs wath Nbidgnbdus Nbtry (3::>) 78 Kdurboe d`@abobmaoe Nmdbdlams 0?>. ]hnrlob ainbtaàni thn gedcoe AZD trnbi owoy `rdlubinrwratabg obi nvnb cddf cuaeiabg tdworis puceam oumtadbs, bdtabg Gddgensn``nmtavn usn d` thot prdmnss td ldrn n`àmanbtey loxalasn thn rnvnbuns at gnbnrotni`rdl ats èdot.


25/30


NOZ 39

rasfs gnbnrotni cy ognbmy mdsts mduei hovn ineavnrni o lumh grnotnr rnturb`dr thn ^bavnrsaty d` Lnecdurbn.8:

Yhn edbg-tnrl obi shdrt-tnrl abtnrnsts d` stofnhdeinrs ab ob abstatutadb loy

d`tnb cn ab mdbèamt.8? A` dbn stofnhdeinr (thn prabmapoe) as inpnbinbt updbobdthnr stofnhdeinr (thn ognbt) thrdughdut rnpnotni rdubis d` trobsomtadbs,thnrn as o rasf thot thn ognbt loy nxpedat thn ab`drlotadb osyllntry obiabmdlpentn ab`drlotadb prdcenls whamh peogun thnar prabmapoe sd os tdloxalasn thnar dwb abtnrnsts ab thn shdrt tnrl.

9.?.= ]tofnhdeinrs wath Mdbèamtabg Abmnbtavns

@arst, at as orguocen thot Oustroeaob ubavnrsatans, abmeuiabg thn ^bavnrsaty d`Lnecdurbn, wnrn cnsnt cy o ùbiolnbtoe prdcenl cdth abtnrboeey obi ab thnarcrdoinr abstatutadboe nbvardblnbt, thn sdeutadb td whamh wos iasputni cy

Moab obi Hnwatt, obi ]horrdmf.83

Yhot prdcenl as thot whaest thn ^bavnrsatanshovn loby gddi thabgs abtd whamh thny mduei abvnst rnsdurmns (taln, labis,ldbny, òmaeatans, ntm), thdsn abstatutadbs eomf thn àbobmaoe rnsdurmns tdalpenlnbt oee d` thdsn gddi thabgs. Mdbsnqunbtey, snbadr ubavnrsatyoilabastrotdrs orn peomni ab thn ubnbvaocen pdsatadb d` hovabg td snenmt obisuppdrt o sucsnt d` oetnrbotavns abtd whamh thny inpedy rnsdurmns, wath oee d`thn znrd-sul pdeatamoe goln-peoyabg thot thas abvdevns. Ab lofabg sumhinmasadbs, thn (ainoeasni) gdoe shduei cn td gnbnrotn o rnturb db sdlnwabbnrs su`àmanbt td mdvnr thdsn snenmtni whamh id bdt summnni obi tdnxpobi thn sazn d` thn dvnroee pdt d` rnsdurmns `dr sucsnqunbt rdubis d` thngoln.

Yhn snmdbi abtnrboe òmtdr as thot thdsn snbadr oilabastrotdrs, eafn vamn-mhobmneedrs, orn oppdabtni db rneotavney shdrt àxni-tnrl mdbtromts wathabmnbtavn cdbusns `dr omhanvabg mnrtoab fny pnr`drlobmn abiamotdrs. At asorguocen thot thas mdlcabotadb d` òmtdrs enois td o strdbg abmnbtavn `dr vamn-mhobmneedrs td squnnzn pnrmnavni mosh mdws `dr shdrt-lniaul tnrl goab,rothnr thob cn stnwori d` thnl ab o lobbnr whamh wduei loxalasn edbg-tnrl

8: Acai. Hovabg ainbtaàni sagbaàmobt in`nmts ab thn dpnrotadbs d` thn ^bavnrsaty d`

Lnecdurbn whamh ordsn ab thn mdbtnxt d` ob abbdvotavn strotngy cy ats lobognlnbt(thn àrst èdot d` o mdlpoby ottnlptni cy o Pamtdraob ^bavnrsaty), os prniamtni cyognbmy thndry, ab ob ottnlpt td rniumn ognbmy mdsts, thn Ouiatdr-Gnbnroesàbiabgs `dmusni db abmrnosabg thn dvnrsaght d` ^bavnrsaty lobognlnbt cy thnstotn thrdugh; ?) thn abvdevnlnbt d` thn Inportlnbt d` Yrnosury obi @abobmn abvoeuotadb assuns, oedbgsain abinpnbinbt thari porty pravotn snmtdr voeunrs6 3) thnbnni td snporotn thn rden d` thn enoi oivasdr obi crdfnr6 obi =) thn bnni `drstrdbgnr rasf lobognlnbt prabmapens wathab thn ^bavnrsaty.

8? ]nn gnbnroeey; Meouin Lnbori obi Lory ]hareny (nis.), Hobicddf d` Bnw

Abstatutadboe Nmdbdlams, (]prabgnr, 3::>)6 @robf inb Cuttnr obi ]kdnri tnb WdeinYhn Abstatutadboe Nmdbdlams d` ]tofnhdeinr Mdbsuetotadb; SniumabgAlpenlnbtotadb Mdsts Yhrdugh Lotmhabg [dbns (3:??) Yabcnrgnb AbstatutnIasmussadb Zopnr Bd. ??-?03/=, 3.

83 ]nn; ocdvn b 9.


26/30


NOZ 3>

rnsuets (thn cnbnàts d` whamh wduei èdw td, obi cn nxpedatocen `dr shdrt tnrlgoabs cy, sucsnqunbt tnols d` snbadr oilabastrotdrs).8=

Iurabg thn lai-?11:s, thn snbadr lobognlnbt d` thn ^bavnrsaty d` Lnecdurbn

wos òmni wath mdlpntabg inlobis `dr rnsdurmns ab nxmnss d` thnar mopomaty tdsuppey sumh rnsdurmns. @dr nxolpen, thn Pamn-Mhobmneedr ot thn talnsuppdrtni thrnn nxpnbsavn strotngans; Lnecdurbn ^bavnrsaty Zravotn6 Cad3?6obi ^bavnrsatos 3? Gedcoe.89 Whnb òmni wath thn dppdrtubaty td gnbnrotnsagbaàmobt rnvnbuns ab thn shdrt-tnrl thrdugh èdotabg LnecAY, whamhrnvnbuns mduei cn inpedyni td àbobmn sdln d` thnsn strotngans, at as pnrhopsbdt surprasabg thot o vamn-mhobmneedr db o ealatni mdbtromt wduei cn tnlptnitd oidpt thot shdrt-tnrl strotngy. Whaest enovabg LnecAY td mdbtabun tddpnrotn os o mosh-mdw wathab thn ^bavnrsaty mduei pdtnbtaoeey gnbnrotn grnotnrdvnroee cnbnàts ab thn lniaul td edbg tnrl, thn eafneahddi d` sumh o rnsuetwduei cn ubmnrtoab. Gavnb thn shdrt-tnrl boturn d` nlpedylnbt mdbtromts `dr

snbadr ubavnrsaty lobognlnbt, o edbg-tnrl stnworishap strotngy `dr LnecAYwduei oesd hovn cnnb prdbn td thn whals d` ùturn vamn-mhobmneedrs whdmduei cn tnlptni td snee d`` thn mdlpoby iurabg thnar dwb tnburn sd os tdgoab thn shdrt tnrl cnbnàts d` thn dppdrtubaty td oeedmotn thdsn prdmnnis tdthnar dwb prn`nrrni strotngans. At as bdt surprasabg, thnb, thot thn vamn-mhobmneedr ot thn taln, Oeob Gaecnrt, inpedyni thn eorgnst prdpdrtadb d` thnprdmnnis gnbnrotni cy thn èdot d` LnecAY tdworis o grdup hn hoimholpadbni, thn Cad3? Abstatutn, td suppdrt thnar lniamoe, ogramueturoe, obicadtnmhbdedgy rnsnormh prdknmts.

Yhari, o mhoeenbgn `dr thn ubavnrsaty snmtdr whamh ordsn dut d` thn strumturn d`thnsn gdvnrbobmn abstatutadbs wos thn alpomt d` thnsn shdrt tnrl prnssurns dbthn edbg tnrl sustoabocaeaty d` thn ubavnrsaty systnl. Whaest Sdcnrt Nez wosbdt rnspdbsacen `dr thn systnls invnedpni wathab LnecAY td prdmnss haghvdeulns d` oppeamotadbs `dr thn rngastrotadb d` .mdl.ou idloab bolns, hn iaiwdrf `dr snvnroe inmoins wathab thn Inportlnbt d` Mdlputnr ]manbmn ot thot^bavnrsaty. Wathdut thn ab-fabi suppdrt Sdcnrt Nez rnmnavni `rdl thotInportlnbt td `dmus db has bntwdrf rnsnormh, inpedylnbt obi lobognlnbtomtavatans `dr thn .ou, .drg.ou, obi .mdl.ou idloabs (whamh wnrn gnbnroeeydutsain d` thn smdpn d` has nlpedylnbt), thn Abtnrbnt ab Oustroeao wosubeafney td hovn invnedpni ab thn summnssùe lobbnr ab whamh at iai. Yhot thn

8=

Moab obi Hnwatt, ocdvn b 9, =? inmrani thas satuotadb obi moeeni `dr ob abmrnosn abgdvnrblnbt ùbiabg td sdevn thn assun d` smormaty obi stnwori thn (`nw) mosh mdws`dr thn edbg-tnrl. Whnb eddfabg ot thn crdoinr abstatutadboe nbvardblnbt, ]horrdmfrnmdgbasni thot summnssavn Oustroeaob gdvnrblnbts (d` cdth pdeatamoe pnrsuosadbs)òmn o salaeor prdcenl (ot o eorgnr smoen) obi mdbsnqunbtey Oustroeaob ubavnrsatanshovn cnnb tosfni wath àbiabg thnar dwb sdeutadb (thrdugh thn shdrt-tnrl-`dmusnilorfnt). Whaest ]horrdmf wos mdrrnmt td orgun thot ab ocsdeutn tnrls, thn ùbiabgprdvaini td Oustroeaob ubavnrsatans cy `ninroe obi stotn gdvnrblnbts wos ot ob oee-taln hagh, Moab obi Hnwatt wnrn oesd mdrrnmt td pdabt dut thot ab cdth rneotavn obirnoe tnrls, thot ùbiabg hos sagbaàmobtey inmeabni dvnr taln. ]d thn incotn cntwnnbthdsn outhdrs mob cn iastaeeni idwb td o mdbèamt dvnr whnthnr ubavnrsatans shdueicnor rnspdbsacaeaty thnlsnevns `dr rnsdevabg thnsn àbobmaoe tnbsadbs abtnrboeey, dr

shduei thdsn tnbsadbs cn rneoxni thrdugh ob nxpobsadb d` stotn ubiabg.89 Acai.


27/30


NOZ 30

Inportlnbt d` Mdlputnr ]manbmn rnmnavni bdt o sabgen pnbby d` thn prdmnnis`rdl thn soen d` LnecAY (ot thn nxprnss drinr d` thn Pamn-Mhobmneedr 8>) as osagbaàmobt iasabmnbtavn `dr thot Inportlnbt, dr dthnrs eafn at, td abvnst thnarsmormn rnsdurmns td suppdrt edbg-tnrl cosam rnsnormh, prdsneytasabg, obi/drsfaees invnedplnbt oldbgst thnar sto`` td eoy thn grdubiwdrf `dr thn bnxtgnbnrotadb d` tnmhbdedgans, ofab td thn Abtnrbnt, obi thn bnxt gnbnrotadb d`cusabnssns eafn LnecAY.

Yhas prdhacatadb db òmuetans dr inportlnbts cnbnàtabg iarnmtey `rdl thnprdmnnis d` thn mdllnrmaoeasotadb d` tnmhbdedgy invnedpni cy thnar sto`` wosmenorey bdt thn mosn `dr oee òmuetans wathab thn ^bavnrsaty d` Lnecdurbn os thn@omuety d` Lniamabn wos rnmnavabg $7>: ::: pnr ynor ab rdyoetans `rdlMdmhenor pradr td thn èdot d` LnecAY. Znrhops at wos o mosn d` thn Inportlnbtd` Mdlputnr ]manbmn lassabg ob dppdrtubaty, dr mhddsabg bdt td nxpedat atsnlpedynns dutsain wdrf `dr Inportlnbtoe goab os o lottnr d` prabmapen4 Yhn

mdbsnqunbmn, hdwnvnr, wos o sagbaàmobt iasabmnbtavn td mholpadbs d` edbg-tnrl summnss ab mdlputnr smanbmn (dr, ldrn ommurotney, thn trobs`nr d` thotabmnbtavn td thn cad-lniamoe rnsnormhnrs ab thn Cad3? prdknmt whdsn rnsnormhobi dppdrtubatans wnrn turcd-mhorgni cy thn prdmnnis d` LnecAY).

@durth, at as orguocen thot cdth thn crdoinr abstatutadboe nbvardblnbt obi thndppdrtubatans prnsnbtni cy thn hagh ognbmy mdsts insmracni ocdvn mrnotniabmnbtavns `dr thn snbadr lobognlnbt d` thn ^bavnrsaty d` Lnecdurbn tdnxpnralnbt wath abbdvotavn strotngans, sumh os thn àrst puceam èdot d` omdlpoby cosni updb ubavnrsaty rnsnormh ab Pamtdrao. Yhn nxastabg mdbstroabtsdb puceam snmtdr cnbnàts `rdl dptadbs obi shorn oeedmotadbs hoi bdt cnnbinàbni cy thn Pamtdraob gdvnrblnbt ab ats mdin d` promtamn, thus prdvaiabgabmnbtavn td thn lobognlnbt obi sto`` d` LNAE td abataotn thn prdpdsoe td èdotthn mdlpoby (o`tnr thnar ottnlpt ot o lobognlnbt cuydut wos rnknmtni cy thn^bavnrsaty).

At as ubmenor whnthnr thn lnlcnrs d` thn ^bavnrsaty Mdubmae whd wnrn eastnidb KC Wnrns prn`nrrni pravotn meanbts east wnrn salaeorey ldtavotni, cut thnyid bdt oppnor td hovn tofnb omtavn stnps td iasmedsn thn nxastnbmn d` thnarmdbèamt d` abtnrnst td thn ^bavnrsaty Mdubmae whnb at mdbsainrni thn prdpdsoetd èdot LnecAY thrdugh KC Wnrn. Yhn Pamn Mhobmneedrs insarn td stalueotncad-lniamoe rnsnormh ot thn ^bavnrsaty d` Lnecdurbn thrdugh o puceam-pravotnportbnrshap ubinr thn Cad3? abataotavn wos mdbstroabni cy o eomf d` ùbis ubtae

thn dppdrtubaty td gnbnrotn o eorgn shdrt-tnrl rnturb thrdugh thn èdot LnecAYprnsnbtni atsne`.

Yhn ldrn abtnrnstabg qunstadb as whnthnr thnsn òmtdrs oesd abèunbmni thnmhdamn d` thn ^bavnrsaty Mdubmae td mdllnrmaoeasn LnecAY thrdugh o ùeeyubinrwrattnb èdot os dppdsni td o cddf-cuaei. Nlpedyabg thn cnbnàts d`habisaght, at oppnors thot Oustroeaob abvnstdrs orn quatn waeeabg td abvnst abmdlpobans èdotni td mdllnrmaoeasn ubavnrsaty-cosni rnsnormh, nvnb a` thdsnmdlpobans orn ot quatn ob alloturn stogn ab thnar cusabnssns (dr hovabg, `drnxolpen, eorgn ommulueotni edssns obi bngotavn dpnrotabg mosh-èdws).

8> Ouiatdr-Gnbnroe d` Pamtdrao, ocdvn b 0, >:.


28/30


NOZ 37

]ucsnqunbt èdots d` snvnroe mosh-èdw-bngotavn rnsnormh mdlpobans (n.g.Sngnbnro, Alpnialni obi _rxZhorlo) cy Oustroeaob ubavnrsatans hovn cnnbùeey sucsmracni (sdln hovn nvnb cnnb dvnr-sucsmracni).80Yhus, thn bnni `drùeey-ubinrwrattnb èdots hos bdt cnnb inldbstrotni ab atsne` ab promtamn, obithn mdbmnrb d` thn ^bavnrsaty Mdubmae thot thn èdot d` LnecAY loy bdt hovnrnmnavni su`àmanbt inlobi `rdl abvnstdrs wduei oppnor td hovn cnnbubsuppdrtni cy thn nvainbmn (inspatn thn vdeotaeaty whamh nxastni ab thn shornlorfnt ot thn taln). D` mdursn, thn ^bavnrsaty Mdubmae wduei bdt hovn fbdwbthas nx obtn.

Yhn cnbnàt d` o ùeey ubinrwrattnb àxni pramn pnr shorn èdot wos thot atguorobtnni cnbnàts `dr cdth thn lobognlnbt obi sto`` d` LnecAY (àbobmaoe)obi `dr thn snbadr lobognlnbt d` thn ^bavnrsaty (a.n. o guorobtnni envne d`ùbiabg whamh mduei cn rn-inpedyni td Cad3?, abtnr oeao). ^b`drtubotney, thndppdrtubaty mdst d` thdsn cnbnàts wos thn mhobmn `dr thn ^bavnrsaty td rnmnavn

thn ùee voeun whamh thn Oustroeaob puceam wos waeeabg td poy `dr thn mdlpoby(whnthnr rotadboeey dr dthnrwasn). Cy snenmtabg o ùeey-ubinrwrattnb èdot os ostrotngy, thn ^bavnrsaty wos prnmeuini `rdl tofabg oivobtogn d` thndppdrtubatans prnsnbtni cy LnecAYs grdwabg ats rnvnbuns thrdugh sagbabgdvnrsnos mdbtromts. Yhdsn oivobtogns mduei hovn cnnb prnssni cy bdta`yabgpdtnbtaoe abvnstdrs d` thn mdbtromt LnecAY hoi sagbni wath Abtuat vao thnsuppenlnbtory prdspnmtus `dr LnecAY whamh wos assuni cy thn ^bavnrsaty,obi ocdut thn Pnrad mdbtromt cy nxtnbiabg thn medsabg iotn `dr sucsmraptadbs.Yhn abmrnosni rnvnbuns (thdugh bdt bnmnssoraey abmrnosni prdàts) ovoaeocen tdLnecAY `rdl thdsn mdbtromts wduei hovn sagbaàmobtey abmrnosni ats pnrmnavnimopatoe voeun oldbgst thdsn pdtnbtaoe Oustroeaob abvnstdrs whd voeuni

tnmhbdedgy mdlpobans db thn cosas d` o luetapen d` thnar prdknmtni rnvnbuns(os dppdsni td o mosh-èdw dr prdàt cosas), obi mduei hovn abmrnosnimdbsnqunbtey thn pramn pnr shorn cais whamh wduei hovn cnnb rnmnavnithrdugh o cddf-cuaei èdot.

@rdl ob nmdbdlam pnrspnmtavn, at as orguocen thot thn ^bavnrsaty d` Lnecdurbnshduei hovn èdotni LnecAY thrdugh o cddf-cuaei rothnr thob o ùeey ubinr-wrattnb èdot. Hdwnvnr, thn mdbèunbmn d` òmtdrs orasabg dut d` thn^bavnrsatys haghnr-envne gdvnrbobmn abstatutadbs obi thn ognbmy mdstsalpdsni cy aboinquotn supnrvasadb d` ats snbadr lobognlnbt cy thn Pamtdraob]totn Gdvnrblnbt, pnrlattni sagbaàmobt voeun td cn trobs`nrrni `rdl thn^bavnrsaty td abstatutadboe abvnstdrs obi thn prn`nrrni pravotn meanbts d` thn

crdfnrs KC Wnrn obi Mdllsnm thrdugh thn abataoe puceam d``nrabg d` thnshorns ab LnecAY ot cnedw thn pramn whamh wduei dthnrwasn hovn cnnb poai cyOustroeaob abvnstdrs ot thn taln. Lumh d` thdsn stog prdàts mduei (obiorguocey shduei) hovn èdwni td thn ^bavnrsaty d` Lnecdurbn.

Os ubinrwratnrs obi AZD lorfntabg oivasdrs nbgogn ab luetapen rdubis d`cusabnss wath abstatutadboe abvnstdrs obi prn`nrrni meanbts nomh ynor, whaest oubavnrsaty nbgogns sd rorney wath thdsn abvnstdrs thot nomh abtnromtadb laghtoeldst cn mdbsainrni o snporotn nvnbt, thn abmnbtavns `dr thn twd portans ia``nr

80 Abvnstlort, @edot Intoaes `dr Eastni Mdlpobans5http;//www.abvnstlort.mdl.ou2 (3>Loy 3:?>).


29/30


NOZ 38

sagbaàmobtey, pdsabg sucstobtaoe rasfs `dr o ubavnrsaty whamh òaes tdopprdpraotney ldbatdr obi mdbstroab ats ubinrwratnrs obi AZD lorfntabgoivasdrs. Yhn ubinrwratnrs obi AZD lorfntabg oivasdrs hovn ob abmnbtavn tdubinr-stotn thn lorfnt voeun d` o ubavnrsatys rnsnormh sd os td ineavnrrnpnotniey stog prdàts td thnar abstatutadboe abvnstdrs obi prn`nrrni meanbts whd waee thnb mdbtabun td usn thdsn oivasdrs db ob dbgdabg cosas. Db thndthnr hobi, o ubavnrsaty wobts td loxalasn thn pramn at rnmnavns `rdl oeeabvnstdrs `dr thn rnsnormh at mdllnrmaoeasns thrdugh ob abataoe puceam d``nrabg.Yhn cddf-cuaei lnthdi d``nrs o ubavnrsaty o lnobs d` intnrlababg thn òarvoeun d` ats rnsnormh wathdut thn rasf d` dppdrtubastam cnhovadur cy atsoivasdrs. Orguocey, a` thn èdot d` o cusabnss salaeor td LnecAY wnrn td dmmurab thn ùturn (a.n. wnrn o ubavnrsaty snnfabg td mdllnrmaoeasn ats rnsnormh waththn gdoe d` moshabg dut ldbny `rdl ob nstoceashni prdàtocen cusabnss), ocddf-cuaei lnthdi wduei cn o ldrn opprdpraotn lnthdi `dr intnrlababg thnvoeun d` thn cusabnss thob o ùeey-ubinrwrattnb èdot.

> Mdbmeusadb

Yhas ortamen hos prnsnbtni o ldrn intoaeni mosn stuiy d` thn `dubiotadb, noreydpnrotadbs, obi èdot cy thn ^bavnrsaty d` Lnecdurbn d` LnecAY thob hos prn-nxastabg eatnroturn. At hos rnmdbmaeni thn mdlpntabg pnrspnmtavns d` ]horrdmf,obi Moab obi Hnwatt dvnr thn rotadboen `dr thn èdot d` thn mdlpoby thrdughob oboeysas d` thn alpomt d` thn crdoinr abstatutadboe nbvardblnbt db thnsnbadr lobognlnbt d` thn ^bavnrsaty d` Lnecdurbn, obi hos nxolabni thnmdbsnqunbmns d` thn ognbmy mdsts whamh ordsn iun td aboinquotn supnrvasadb

cy thn Pamtdraob Gdvnrblnbt d` thot snbadr lobognlnbt.Inàmanbmans ab thn prn-èdot iasmedsurn d` ab`drlotadb td abvnstdrs hovn cnnbainbtaàni, oedbg wath thn sagbaàmobt dppdrtubaty `dr àbobmaoe goabs whamhwnrn lassni cy thn ^bavnrsaty d` Lnecdurbn os o mdbsnqunbmn d` thdsninàmanbmans. O grnotnr owornbnss cy ubavnrsaty snbadr lobognlnbt d` thnarrasfs d` eaocaeaty `dr dlassadbs wathab prdspnmtus idmulnbts ubinr s ?:33 d`thn thnb Mdrpdrotadbs Eow (bdw ss 7?:-7?? d` thn Mdrpdrotadbs Omt 3::?(Mth))loy cn ldrn eafney td nbmdurogn ldrn talney iasmedsurn d` trobsomtadbs,whamh loy hovn o sucstobtaoe alpomt updb thn voeuotadb d` o mdlpoby cnabgèdotni cy o ubavnrsaty, nspnmaoeey a` thn cddf-cuaei lnthdi as usni ab thnèdot.

Mdbtrory td ]horrdmfs pdsatadb, at as orguocen thot thnrn as lnrat ab thnmdbmeusadb irowb cy thn Ouiatdr-Gnbnroe d` Pamtdrao thot whnb mdbsainrabgùturn mdllnrmaoeasotadbs d` ubavnrsaty rnsnormh thrdugh èdotabg o mdlpobydb thn stdmf nxmhobgn, thdsn ubavnrsatans shduei mdbsainr usabg o cddf-cuaeidr ob oumtadb prdmnss rothnr thob o ùeey-ubinrwrattnb èdot, nspnmaoeey absatuotadbs whnrn thn nbtaty cnabg mdllnrmaoeasni hos oernoiy rnomhni thnstogn d` cnabg dpnrotadboeey mosh-èdw-pdsatavn. Yhas lust cn thn mosn, nvnb a`sumh o prdmnss waee bdt bnmnssoraey guorobtnn o summnssùe èdot dr o summnssùemdlpoby thn mdllnrmaoeasotadb d` ubavnrsaty rnsnormh as abhnrnbtey rasfy,nspnmaoeey a` thn mdlpoby as `drlni whnb thot rnsnormh as ot tdd norey o stogn

ab ats invnedplnbt.


30/30


Hdwnvnr, sumh oivamn as ubeafney td rnmnavn sagbaàmobt suppdrt wathab thnsnbadr lobognlnbt d` Oustroeaob ubavnrsatans a` thny mdbtabun td cn sucknmtnitd ob abstatutadboe nbvardblnbt whamh peomns updb thnl nxtrnln prnssurn tdomhanvn shdrt-tnrl àbobmaoe rnturbs whamh mob cn rn-inpedyni abtd dthnrornos d` thdsn ubavnrsatans. Yhn mdbsnqunbmn d` sumh o strotngy, hdwnvnr, asthn rasf d` ubinrlababg thn edbg-tnrl summnss d` thdsn ubavnrsatans iun, os hoscnnb iasmussni, td thn shdrt-tnrl abtnrnsts d` thn mdbtromtni lobognlnbt d`thn ubavnrsatans, obi thn iasabmnbtavn thas prdvains td thn tnburni òmuetansobi rnsnormhnrs (portamueorey thdsn dutsain thn cad-lniamoe obiphorlomnutamoe iasmapeabns) td invnedp mdllnrmaoeey vaocen rnsnormh wathdutsu`àmanbt rnwori.

market disclosure and governance challenges when floating university research on the stock market:...

Documents