%PDF-1.7
%
1 0 obj
<>>>
endobj
2 0 obj
<>stream
2016-02-02T15:51:42+01:00
2016-02-02T15:51:44+01:00
2016-02-02T15:51:44+01:00
Adobe InDesign CC 2015 (Macintosh)
uuid:dc499e6d-9ba0-bf43-86ad-b9c026f4c0c5
adobe:docid:indd:fcb9a818-0da7-11df-9ef4-fd63258e77a3
xmp.id:856d7315-8b00-4632-9f25-465d753a8058
proof:pdf
xmp.iid:fe601bc4-8a41-4fad-8e50-a91f191cbed3
xmp.did:AE24270F2F20681195FE82630BB5523D
adobe:docid:indd:fcb9a818-0da7-11df-9ef4-fd63258e77a3
default
converted
from application/x-indesign to application/pdf
Adobe InDesign CC 2015 (Macintosh)
/
2016-02-02T15:51:42+01:00
application/pdf
Adobe PDF Library 15.0
False
endstream
endobj
3 0 obj
<>
endobj
8 0 obj
<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Thumb 15 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
9 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Thumb 18 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
10 0 obj
<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Thumb 21 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
19 0 obj
[22 0 R]
endobj
20 0 obj
<>stream
q
0 0 595.276 841.89 re
W n
0.1 0.045 0 0.045 k
/GS0 gs
q 1 0 0 1 -18.8839 567.7794 cm
0 0 m
-11.339 0 -11.339 -11.339 v
-11.339 -107.717 l
-11.339 -119.055 0 -119.055 v
548.713 -119.055 l
560.051 -119.055 560.051 -107.717 v
560.051 -11.339 l
560.051 0 548.713 0 v
h
f
Q
Q
q
/GS0 gs
0 TL/Fm0 Do
Q
BT
0.8 0.36 0 0.36 k
/GS0 gs
/T1_0 1 Tf
13 0 0 13 53.8582 583.6535 Tm
[(J)25 (akie s\036 najbli\033sze per)10.1 (spektywy dla P)55 (a\035stwa \025r)10.1 (odka?)]TJ
0 0 0 1 k
/GS1 gs
/T1_1 1 Tf
11 0 0 11 53.8582 552.9055 Tm
[(Ostatnie odczyty wska\026nika PMI dla przemys\034u i\032us\034ug \(a\032\
tak\036e)0.5 ( inne dane makro\) nie nastrajaj\037 pozytywnie )]TJ
0 -1.443 TD
[(do inwestow)18.1 (ania w\032Chinach.)37.1 ( )55 (T)37 (ym bardziej je\035li we\026miemy pod uw)18 (ag\033)37 (,)37 ( \036e interwencjonistyczna polityka )]TJ
0 -1.443 TD
[(chi\031skiego rz\037du i\032regulatora na d\034u\036sz\037 met\033 nie m\
a szans na)0.5 ( skuteczne powstrzymanie gie\034dowych )]TJ
0 -1.443 TD
[(spadk)37 (\363w.)37 ( Bezsilno\035\030 antyspadk)37.2 (owych regulacji obrazuj\037 ponad 20-procentowe spadki w\032Chinach,)37 ( kt\363re )]TJ
0 -1.443 TD
[(obserwow)18 (ali\035my w\032styczniu,)37.2 ( w\032ci\037gu zaledwie kilku tygodni)55.3 (.)37 ( )55 (T)74 (rzeba pami\033ta\030,)37 ( \036e 70\22680% obrot\363w na )]TJ
T*
[(chi\031skim parkiecie generuj\037 inwestorzy indywidualni)55.5 (.)37 ( Gdy b\033dzie si\033 zbli\036a\030 k)37 (olejny moment zniesienia )]TJ
0 -1.443 TD
[(ogranicze\031,)37.1 ( mo\036emy by\030 \035wiadkami nast\033pnej fali sprzeda\036y akcji chi\031\
skich sp\363\034ek.)37 ( )]TJ
/T1_0 1 Tf
-0.01 Tc 12 0 0 12 53.5039 26.2627 Tm
(Masz pytania?)Tj
0.01 Tw 10 0 0 10 428.9764 33.8994 Tm
(t\026@union-investment.pl)Tj
0 -1.35 TD
[(www.dor)10 (adcy.unionklub)37 (.pl)]TJ
1 0.45 0 0.45 k
/GS0 gs
0 Tc 0 Tw 21.25 0 0 21.25 407.4803 22.7939 Tm
(@)Tj
0 0 0 1 k
/GS1 gs
-0.01 Tc 10 0 0 10 164.0265 33.7627 Tm
(800 567 662)Tj
T*
(\(22\) 449 03 33)Tj
/T1_1 1 Tf
[( \(od poniedzia\034ku do pi\037tku,)37 ( od 8.00 do 18.00\))-9.9 (\032)]TJ
1 0.45 0 0.45 k
/GS0 gs
/C2_0 1 Tf
0 Tc 28 0 0 28 135.9163 20.126 Tm
<0008>Tj
ET
endstream
endobj
21 0 obj
<>stream
8;Z\496MO'$uE,%Q$nMU\l[-m-5U(oG;1W1/ni44FIeNslAlT+Nh+D_+[%]+2\\\X
JG>ajO"i9[(sk/_6&ID9[6B^O6'+FWoX%SS1?2&H;;UcBp>p5SA2Y<>Gf_6>9L=eC
1'qK?Vp("e:1spSR(>=lo4X&9k:SeSe!3tke^iB]8kW!H3H5hs`]PB/"9oKXkkk\M
F32OkJ8jYgPukRMOMpQ?JZZ=oX$/>:qSn;f9/f/44OI$;"^$Q!>[IL7m!Ph%*XUI/dW=Q1VS>WK&]&2UB+I!d+q
*:9+ZL2[eVFLI-A%JPp+>g`*-Bjs!m\T4E5#)AM:hG=fbR25%!Jo_&)::I71<^<+G
g52sTbfVpeB3iY/&/iA`T/"bi(n+'d>#1G4[-1IFaD.)@+AT4XB/\qH]\L%L-WWj>
3D*Of-eCI,S.,;:]^Sj6Vm#o1\c!L$Ya,qQ+H;1jO>n=1"od6S:Ka]>u$P-W`o?IA(*L`UbdqcGb
qHNuT0W?D5#UE(iCfK]i_4W<7CYffos8QenpV[NlI((R:d(+]i%eh91?#P>8ZZ<(D
q-HPFS)A:Oo"k_$jj_;eVs@!5WgMo!XEuGAUC=S0MI;T;h
h=57\kKl7\~>
endstream
endobj
23 0 obj
[/Indexed/DeviceRGB 255 24 0 R]
endobj
24 0 obj
<>stream
8;X]O>EqN@%''O_@%e@?J;%+8(9e>X=MR6S?i^YgA3=].HDXF.R$lIL@"pJ+EP(%0
b]6ajmNZn*!='OQZeQ^Y*,=]?C.B+\Ulg9dhD*"iC[;*=3`oP1[!S^)?1)IZ4dup`
E1r!/,*0[*9.aFIR2&b-C#soRZ7Dl%MLY\.?d>Mn
6%Q2oYfNRF$$+ON<+]RUJmC0InDZ4OTs0S!saG>GGKUlQ*Q?45:CI&4J'_2j$XKrcYp0n+Xl_nU*O(
l[$6Nn+Z_Nq0]s7hs]`XX1nZ8&94a\~>
endstream
endobj
13 0 obj
<>/ProcSet[/PDF/ImageC]/XObject<>>>/Subtype/Form>>stream
0.1 0 0 0 k
/GS0 gs
q
1 0 -0.2125566 -1 297.6377869 420.9448853 cm
q 1 0 0 1 -429.8577 -371.7979 cm
0 0 m
-7.361 0 -7.361 7.361 v
-7.361 155.287 l
-7.361 162.648 0 162.648 v
628.863 162.648 l
636.225 162.648 636.225 155.287 v
636.225 7.361 l
636.225 0 628.863 0 v
h
f
Q
Q
q
-15.591 792.742 m
-15.591 630.094 l
541.1 630.094 l
548.461 630.094 550.026 637.456 v
550.026 637.456 l
576.449 761.767 l
576.449 792.713 l
576.201 792.732 575.943 792.742 575.672 792.742 c
575.672 792.742 l
h
W n
q
592.0396246 0 0 164.830252 -15.5905457 629.007139 cm
/Im0 Do
Q
Q
0.4 0.18 0 0.18 k
q
1 0 -0.2125566 -1 297.6377869 420.9448853 cm
q 1 0 0 1 114.1984 -399.4183 cm
0 0 m
-7.361 0 -7.361 7.361 v
-7.361 60.731 l
-7.361 68.093 0 68.093 v
144.121 68.093 l
151.482 68.093 151.482 60.731 v
151.482 7.361 l
151.482 0 144.121 0 v
h
f
Q
Q
1 0.45 0 0.45 k
q 1 0 0 1 574.4575 752.2736 cm
0 0 m
8.609 40.488 l
-90.95 40.488 l
-97.993 7.362 l
-99.558 0 -92.194 0 v
h
f
Q
0 0 0 0 k
q 1 0 0 1 537.6072 766.6055 cm
0 0 m
0.842 0 l
0.571 -1.286 l
0.465 -1.769 0.429 -1.997 0.429 -2.229 c
0.429 -3.187 1.073 -3.582 1.884 -3.582 c
2.196 -3.582 2.535 -3.547 2.867 -3.493 c
3.046 -2.447 l
2.878 -2.508 2.7 -2.578 2.535 -2.578 c
2.215 -2.578 2.017 -2.376 2.017 -2.071 c
2.017 -1.849 2.076 -1.621 2.148 -1.276 c
2.421 0 l
3.571 0 l
3.767 1.108 l
2.676 1.108 l
2.991 2.542 l
1.32 2.094 l
1.101 1.108 l
0.191 1.108 l
h
-4.489 -2.263 m
-4.805 -3.345 l
-4.311 -3.486 -3.568 -3.59 -2.875 -3.582 c
-1.684 -3.566 -0.724 -3.001 -0.724 -1.865 c
-0.724 -0.713 -2.705 -0.748 -2.705 -0.237 c
-2.705 0.079 -2.318 0.157 -1.965 0.157 c
-1.489 0.157 -1.099 0.07 -0.695 -0.098 c
-0.363 0.942 l
-0.934 1.125 -1.489 1.214 -1.886 1.214 c
-2.951 1.214 -4.202 0.782 -4.202 -0.29 c
-4.202 -1.806 -2.309 -1.471 -2.309 -2.121 c
-2.309 -2.499 -2.943 -2.527 -3.201 -2.527 c
-3.641 -2.527 -4.083 -2.438 -4.489 -2.263 c
-8.095 -0.748 m
-7.981 -0.309 -7.609 0.157 -6.923 0.157 c
-6.343 0.157 -6.15 -0.255 -6.15 -0.748 c
h
-9.684 -1.487 m
-9.684 -2.64 -8.861 -3.582 -7.329 -3.582 c
-6.869 -3.582 -6.282 -3.493 -5.728 -3.327 c
-5.522 -2.21 l
-5.966 -2.422 -6.537 -2.527 -6.96 -2.527 c
-7.926 -2.527 -8.173 -2.14 -8.189 -1.647 c
-4.944 -1.647 l
-4.881 -1.373 -4.829 -0.969 -4.829 -0.784 c
-4.829 0.607 -5.738 1.214 -6.94 1.214 c
-8.981 1.214 -9.684 -0.423 -9.684 -1.487 c
-12.974 1.108 m
-14.567 1.108 l
-13.82 -3.477 l
-12.016 -3.477 l
-9.323 1.108 l
-11.03 1.108 l
-12.641 -2.156 l
-12.657 -2.156 l
h
-19.91 -0.088 m
-20.624 -3.477 l
-19.039 -3.477 l
-18.589 -1.364 l
-18.476 -0.687 -18.079 -0.105 -17.411 -0.105 c
-16.97 -0.088 -16.795 -0.36 -16.795 -0.635 c
-16.795 -0.872 -16.854 -1.101 -16.899 -1.329 c
-17.34 -3.477 l
-15.703 -3.477 l
-15.281 -1.338 l
-15.183 -0.853 -15.158 -0.677 -15.158 -0.369 c
-15.158 0.528 -15.66 1.214 -16.583 1.214 c
-17.42 1.214 -17.894 0.871 -18.353 0.359 c
-18.371 0.359 l
-18.245 1.108 l
-19.716 1.108 l
-19.759 0.695 -19.832 0.308 -19.91 -0.088 c
-28.314 13.513 m
-28.314 15.095 -29.395 16.032 -30.942 16.032 c
-32.871 16.032 -34.339 14.561 -34.339 12.644 c
-34.339 11.029 -33.36 10.026 -31.734 10.026 c
-29.706 10.026 -28.314 11.496 -28.314 13.513 c
-26.663 4.356 m
-24.816 13.153 l
-27.044 13.153 l
-28.54 5.933 l
-29.135 2.96 -30.769 1.361 -33.164 1.093 c
-35.544 0.827 -37.636 2.485 -36.942 5.744 c
-36.674 7.005 -36.258 8.995 -35.906 10.684 c
-42.457 10.684 l
-43.786 4.356 l
-44.794 -0.459 -41.687 -4.212 -36.909 -4.212 c
-32.1 -4.212 -27.885 -1.864 -26.663 4.356 c
-20.216 2.667 m
-21.871 2.667 l
-23.146 -3.477 l
-21.492 -3.477 l
h
-15.415 7.795 m
-14.818 10.655 l
-16.446 10.655 l
-17.052 7.875 l
-17.265 6.889 -17.432 5.622 -18.489 5.622 c
-19.068 5.622 -19.359 6.01 -19.359 6.513 c
-19.359 6.653 -19.307 6.889 -19.246 7.181 c
-18.505 10.655 l
-20.169 10.655 l
-20.864 7.505 l
-20.926 7.223 -20.996 6.828 -20.996 6.344 c
-20.996 4.904 -19.914 4.41 -18.532 4.41 c
-16.296 4.41 -15.821 5.843 -15.415 7.795 c
-9.945 6.653 m
-9.848 7.138 -9.822 7.313 -9.822 7.618 c
-9.822 8.516 -10.323 9.203 -11.246 9.203 c
-12.083 9.203 -12.558 8.861 -13.016 8.349 c
-13.034 8.349 l
-12.911 9.097 l
-14.38 9.097 l
-14.425 8.683 -14.495 8.295 -14.572 7.9 c
-15.287 4.517 l
-13.703 4.517 l
-13.253 6.627 l
-13.138 7.304 -12.745 7.885 -12.074 7.885 c
-11.635 7.9 -11.458 7.63 -11.458 7.355 c
-11.458 7.119 -11.52 6.889 -11.563 6.662 c
-12.003 4.517 l
-10.367 4.517 l
h
-7.022 9.097 m
-8.625 9.097 l
-9.575 4.517 l
-7.976 4.517 l
h
-6.679 10.67 m
-6.679 11.127 -6.991 11.397 -7.438 11.397 c
-7.996 11.397 -8.422 10.971 -8.422 10.417 c
-8.422 9.95 -8.138 9.66 -7.666 9.66 c
-7.081 9.66 -6.679 10.085 -6.679 10.67 c
-3.124 7.172 m
-3.124 6.133 -3.592 5.518 -4.333 5.518 c
-4.869 5.51 -5.194 5.923 -5.194 6.539 c
-5.194 7.268 -4.72 8.094 -3.952 8.094 c
-3.335 8.094 -3.124 7.645 -3.124 7.172 c
-1.484 7.154 m
-1.484 8.304 -2.312 9.203 -3.875 9.203 c
-5.672 9.203 -6.832 8.112 -6.832 6.502 c
-6.832 5.35 -6.149 4.41 -4.447 4.41 c
-2.726 4.41 -1.484 5.246 -1.484 7.154 c
3.932 6.653 m
4.027 7.138 4.053 7.313 4.053 7.618 c
4.053 8.516 3.551 9.203 2.63 9.203 c
1.792 9.203 1.318 8.861 0.857 8.349 c
0.839 8.349 l
0.965 9.097 l
-0.505 9.097 l
-0.548 8.683 -0.62 8.295 -0.7 7.9 c
-1.414 4.517 l
0.173 4.517 l
0.623 6.627 l
0.737 7.304 1.134 7.885 1.799 7.885 c
2.242 7.9 2.417 7.63 2.417 7.355 c
2.417 7.119 2.354 6.889 2.31 6.662 c
1.87 4.517 l
3.509 4.517 l
h
11.454 -1.179 m
11.525 -0.853 11.558 -0.449 11.558 -0.151 c
11.558 0.871 10.842 1.214 10.137 1.214 c
9.475 1.214 8.885 0.86 8.497 0.281 c
8.375 0.904 7.83 1.214 7.291 1.214 c
6.651 1.214 6.059 0.86 5.672 0.281 c
5.654 0.273 l
5.83 1.108 l
4.425 1.108 l
4.38 0.695 4.306 0.308 4.23 -0.088 c
3.518 -3.477 l
5.101 -3.477 l
5.55 -1.364 l
5.654 -0.872 5.83 -0.105 6.491 -0.105 c
6.863 -0.105 7.002 -0.283 7.002 -0.581 c
7.002 -0.767 6.967 -1.012 6.915 -1.249 c
6.454 -3.477 l
8.039 -3.477 l
8.488 -1.364 l
8.595 -0.872 8.771 -0.105 9.428 -0.105 c
9.802 -0.105 9.941 -0.283 9.941 -0.581 c
9.941 -0.767 9.905 -1.012 9.851 -1.249 c
9.395 -3.477 l
10.981 -3.477 l
h
15.492 -0.748 m
13.546 -0.748 l
13.662 -0.309 14.033 0.157 14.717 0.157 c
15.298 0.157 15.492 -0.255 15.492 -0.748 c
16.698 -1.647 m
16.76 -1.373 16.812 -0.969 16.812 -0.784 c
16.812 0.607 15.905 1.214 14.699 1.214 c
12.659 1.214 11.951 -0.423 11.951 -1.487 c
11.951 -2.64 12.781 -3.582 14.312 -3.582 c
14.773 -3.582 15.361 -3.493 15.911 -3.327 c
16.117 -2.21 l
15.678 -2.422 15.102 -2.527 14.683 -2.527 c
13.716 -2.527 13.465 -2.14 13.451 -1.647 c
h
22.276 -1.338 m
22.369 -0.853 22.397 -0.677 22.397 -0.369 c
22.397 0.528 21.895 1.214 20.969 1.214 c
20.136 1.214 19.66 0.871 19.201 0.359 c
19.184 0.359 l
19.308 1.108 l
17.837 1.108 l
17.792 0.695 17.725 0.308 17.643 -0.088 c
16.931 -3.477 l
18.517 -3.477 l
18.965 -1.364 l
19.079 -0.687 19.474 -0.105 20.145 -0.105 c
20.584 -0.088 20.759 -0.36 20.759 -0.635 c
20.759 -0.872 20.698 -1.101 20.654 -1.329 c
20.214 -3.477 l
21.849 -3.477 l
h
25.599 1.108 m
25.917 2.542 l
24.244 2.094 l
24.027 1.108 l
23.119 1.108 l
22.926 0 l
23.772 0 l
23.497 -1.286 l
23.391 -1.769 23.356 -1.997 23.356 -2.229 c
23.356 -3.187 23.998 -3.582 24.809 -3.582 c
25.127 -3.582 25.457 -3.547 25.793 -3.493 c
25.972 -2.447 l
25.802 -2.508 25.63 -2.578 25.457 -2.578 c
25.141 -2.578 24.941 -2.376 24.941 -2.071 c
24.941 -1.849 25.001 -1.621 25.07 -1.276 c
25.344 0 l
26.496 0 l
26.693 1.108 l
h
f
Q
endstream
endobj
25 0 obj
<>stream
Adobe d
X
e !1AQa"3qr#2BRs%5bc$DUV 4CEdt
&'()*6789:FGHIJSTWXYZefghijuvwxyz s !1q2AQa"Rr3S#BbC
$%&'()*456789:DEFGHIJTUVWXYZcdefghijstuvwxyz ? <^K{#AɣA@ j[`
t`&5t] Ɍq FրN'1-xƀmu%D H(kÓ ?5ɀxr`hpzm: [=I.: )@y ,-4?6îM#Ẅ6
DWNqT8:rQ"A6X^X+ÚQ-u9K%:u)*T,E\TTtU88
9iVvTtb4QrZ=Ѣd"N1l)(bfNꕯXMMB\c71NvT|o0!B=Y-:naR3+)mەglW?Y"ꇋtƟƫ{UM+#OW0
oKBˌv\|K%^ULk#z͡*3tp8TޓS
-9D9Kl`V*ѫlI;mSFNaMF6mR
цFе6CQ҂[9U
s2bvJUf[(~ 6#x19\,4Z-ܑJCjzT\jJsWblD
Sp+
gUTu:|{QX|;;{t(J%a22t`M =,`EހOdOi@V*5kW%v:svY"tQ$7i#[.7Hk)zVyt4#gMjV)CR-]-y.0
Y9&
MPD`.xJX],l~ЩGv᱁Bru+ǯp 7J a(` ƈ <( 0,$ < ށ@