1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRLQIRUPDFM 1DURN 3RGVWDZDSUDZQD8VWDZD]GQLDVW\F]QLDURSRGDWNDFKLRSáDWDFKORNDOQ\FK7HNVWMHGQ']8]U1USR] ]H]P 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyEIL]\F]Q\FKE G F\FKZáD FLFLHODPLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKSRVLDGDF]DPL VDPRLVWQ\PLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKX \WNRZQLNDPLZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLQLHUXFKRPR FLOXELFK F] FLDOERRELHNWyZEXGRZODQ\FKOXELFKF] FLVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR 7HUPLQVNáDGDQLD:WHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE ]DLVWQLHQLD]GDU]HQLDPDM FHJRZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\ZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLD :ymw*plq\.ádm 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]qZVSyáSRVLDGDF] 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]QXPHU\G]LDáHN 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZ 1D]ZLVNRSLHUZV]HLPL GDWDXURG]HQLD,PL RMFDLPL PDWNL 1XPHU3(6(/.UDM *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RZLDW 1XPHUGRPX1XPHUORNDOX 3RF]WD 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qlqirupdfmdvnádgdqdsrud]slhuzv]\qdgdq\urnqnruhnwdxsu]hgqlr]ár RQHMLQIRUPDFMLZ\ND]X PLHV]NDOQ\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP P Pð Pð

]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM RUD]RGF] FLEXG\QNyZPLHV]NDOQ\FK]DM W\FKQD ]DM SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMRJyáHP WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ P ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P P RJyáHP ]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLH ZLDGF]HQLDXVáXJP HG\F]Q\FKRJyáHP P ð SR]RVWDá\FKEXG\QNyZ P 'RSRZLHU]FKQLX \WNRZHMEXG\QNXOXEMHJRF] FLQDOH \]DOLF]\üSRZLHU]FKQL PLHU]RQ SRZHZQ WU]QHMGáXJR FL FLDQQDZV]\VWNLFK NRQG\JQDFMDFK]Z\M WNLHPSRZLHU]FKQLNODWHNVFKRGRZ\FKRUD]V]\EyZG ZLJRZ\FK=DNRQG\JQDFM XZD DVL UyZQLH JDUD HSRG]LHPQHSLZQLFH VXWHUHQ\LSRGGDV]DX \WNRZH SRGMH]LRUDPL]DM ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMEH]Z]Já GXQD VSRVyE]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWyZLEXG\QNyZ W\FKQD]ELRUQLNLZRGQHUHWHQF\MQHOXE HOHNWURZQLZRGQ\FK SR]RVWDáHJUXQW\ ZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fk P P P SRGDüSRZLHU]FKQL E G ZDUWR üexgrzolsu]hgplrwyz]zroqlrq\fkrud]su]hslvsudzd±]mdnlhjrw\wxáxz\vw SXMH]ZROQLHQLH 1DSRGVWDZLHDUWD8VWDZ\RSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']81U]U,QIRUPDFMD QLQLHMV]DVWDQRZLSRGVWDZ GRSRGM FLDHJ]HNXFMLDGPLQLVWUDF\MQ\FK 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRLQIRUPDFM 3RGVWDZDSUDZQD8VWDZD]GQLDOLVWRSDGDURSRGDWNXUROQ\P7HNVWMHGQ']8]U1USR]]H]P 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyEIL]\F]Q\FKE G F\FKZáD FLFLHODPLJUXQWyZSRVLDGDF]DPLVDPRLVWQ\PLJUXQWyZX \WNRZQLNDPL ZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLJUXQWyZQDSRGVWDZLHXPRZ\]DZDUWHMVWRVRZQLHGRSU]HSLVyZRXEH]SLHF]HQLXVSRáHF]Q\P UROQLNyZRUD]SRVLDGDF]DPLJUXQWyZVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR 7HUPLQVNáDGDQLD:WHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE ]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\ZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDJUXQWyZ :ymw*plq\.odm 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]qZVSyáSRVLDGDF] 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]QXPHU\G]LDáHN 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZ 1D]ZLVNRSLHUZV]HLPL GDWDXURG]HQLD,PL RMFDLPL PDWNL 1XPHU3(6(/.UDM *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RZLDW 1XPHUGRPX1XPHUORNDOX 3RF]WD 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qlqirupdfmdvnádgdqdsrud]slhuzv]\qdgdq\urnqnruhnwdxsu]hgqlr]ár RQHMLQIRUPDFML.ODV\X \WNyZZ\QLNDM FH] HZLGHQFMLJUXQWyZLEXG\QNyZ *UXQW\RUQH,,,,,,D,,,E

,9D,9E 9 9,= 6DG\,,,,,,D,,,E,9D,9E 9 9, 9,] 8 \WNL]LHORQH,,,,,,,9 9 9, 9,] *UXQW\UROQH]DEXGRZDQH,,,,,,D,,,,,,E,9D,9,9E 9 9, 9,] *UXQW\SRGVWDZDPL D]DU\ELRQHáRVRVLHPWURFL JáRZDFLF SDOL LSVWU JLHP E]DU\ELRQHLQQ\PLJDWXQNDPLU\E QL ZSR]D FJUXQW\SRGVWDZDPL QLH]DU\ELRQ\PL

5RZ\ *UXQW\]DGU]HZLRQHL]DNU]DF]RQH SRáR RQHQD85,,,,,,D,,,,,,E,9D,9 9 9, 9,] 5D]HP (,1)250$&-$235=('0,27$&+=:2/1,21<&+ SRGDüURG]DMNODV LSRZLHU]FKQL JUXQWyZ]ZROQLRQ\FKRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH 1DSRGVWDZLHDUWD8VWDZ\RSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']81U]U,QIRUPDFMD QLQLHMV]DVWDQRZLSRGVWDZ GRSRGM FLDHJ]HNXFMLDGPLQLVWUDF\MQ\FK )2 :,$'&=(1,(,32'3,66.à$'$- &(*2262%<5(35(=(178- &(- 6.à$'$- &(*2 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL F±URN *$'127$&-(25*$1832'$7.2:(*2 8ZDJLRUJDQXSRGDWNRZHJR 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

3 R G V W D Z D S UD Z Q D 8 V WD Z D ] G Q L D S D G ] L H U Q LN D U R S R G D WN X O H Q \ P ' ] 8 1 U S R ] 6 N á D G D M F \ ) R U P X O D U ] S U ] H ] Q D F ] R Q \ G O D R V y E I L ] \ F ] Q \ F K E G F \ F K Z á D F L F L H O D P L O D V y Z S R V L D G D F ] D P L VD P R L V W Q \ P L O D V y Z X \ W N R Z Q L N D P L Z L H F ] \ V W \ P L O D V y Z S R V L D G D F ] D P L O D Vy Z V W D Q R Z L F \ F K Z á D V Q R ü 6 N D UE X 3 D V W Z D O X E M H G Q R V WN L V D P R U ] G X W H U \ W R U L D O Q H J R 7H U P L Q VN á D G D Q L D : W H U P LQ L H G Q L RG ] D L V WQ L H Q LD R N R O L F ] Q R F L P D M F \ F K Z S á \ Z Q D S R Z V W D Q L H E G Z \ J D Q L F L H R E R Z L ] N X S R G D WN R Z H J R O X E ] D L V WQ L H Q L D ] G D U] H P D M F \ F K Z S á \ Z Q D Z \ V R N R ü S R G D WN X 0 L H M VF H V N á D G D Q LD : y M W * P L Q \ Z á D F L Z \ ] H Z ] J O G X Q D P L H M VF H S R á R H Q L D O D V X 5 R G ] D M Z á D V Q R F L S R V LD G D Q L D ] D ] Q D F ] \ ü Z á D F L Z N U D WN Z V S yá Z á D F L F LH O q S R V LD G D F ] V D P RL V WQ \ q 0 L H M VF H D D G U H V \ S R á R H Q L D O D V X R U D ] Q X P H U \ G ] L D á H N 1 X P H U \ N V L J L Z L H F ] \ V W H M O X E ] E L RU X y Z G R N X P H Q W y Z 0 L H M VF R Z R ü 2 N R O L F ] Q R F L ] D ] Q D F ] \ ü Z á D F L Z N UD WN Z V S y á S R V L D G D F ] VD P R L V WQ \ q : R M H Z y G ] W Z R 3 R Z L D W 8 O L F D 1 U G R P X 1 U O R N D O X. R G S R F ] W R Z \ 3 R F ] W D X \ W N R Z Q L N 1 X P H U,G H Q W \ I L N D F ML 3 R G D WN R Z H M V N ád G D M F H J R L Q I R U P D F M 5 R N :ymw*plq\.ádm %'$1(,'(17<),.$&<-1( q Z á D F L F L H O q 1 D ] Z L V N R S L H U Z V ] H L P L G D W D X U RG ] H Q L D,P L R M F D L P L P D WN L 1 X P H U 3 ( 6 ( / %$'5(6=$0,(6=.$1,$. U D M * P L Q D q,q I R U P D F M D VN á D G D Q D S R U D ] S L H U Z V ] \ Q D G D Q \ U R N q N R U H N WD ] á R R Q H M X S U ] H G Q L R LQ I R U P D F M L

'=:<- 7.,(0=:2/1,21<&+ :\V]F]HJyOQLHQLH 3RZLHU]FKQLDZKHNWDUDFKIL]\F]Q\FK /DV\ZFKRG] FHZVNáDGUH]HUZDWyZ SU]\URG\LSDUNyZQDURGRZ\FK /DV\SR]RVWDáHQLHZ\PLHQLRQH ZZL SRGDüSRZLHU]FKQL ODVX]ZROQLRQHJRRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH >@1DSRGVWDZLHDUWD8VWDZ\RSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']81U]U,QIRUPDFMD QLQLHMV]DVWDQRZLSRGVWDZ GRSRGM FLDHJ]HNXFMLDGPLQLVWUDF\MQ\FK>@ 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHM VNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM 3RGVWDZDSUDZQD8VWDZD]GQLDOLVWRSDGDURSRGDWNXUROQ\P7HNVWMHGQ']8]U1USR]]H]P 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHME G F\FK ZáD FLFLHODPLJUXQWyZSRVLDGDF]DPLVDPRLVWQ\PLJUXQWyZX \WNRZQLNDPLZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLJUXQWyZ VWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJRRUD]GODRVyEIL]\F]Q\FKE G F\FKZVSyáZáD FLFLHODPL OXEZVSyáSRVLDGDF]DPL]RVREDPLSUDZQ\PLE G ]LQQ\PLMHGQRVWNDPLRUJDQL]DF\MQ\PLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHMOXE]H VSyáNDPLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHM 7HUPLQVNáDGDQLD'RVW\F]QLDND GHJRURNXSRGDWNRZHJRZWHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\ZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDJUXQWyZ :ymw*plq\.ádm QLHSRWU]HEQHVNUH OLü ùgrw\f]\vnádgdm FHJRGHNODUDFM QLHE G FHJRRVRE IL]\F]Q GRW\F]\VNáDGDM FHJRGHNODUDFM E G FHJRRVRE IL]\F]Q 5RG]DMVNáDGDM FHJRGHNODUDFM ]D]QDF]\üZáD FLZ NUDWN qrvredil]\f]qdqrvredsudzqdqmhgqrvwndrujdql]df\mqd qvsyándqlhpdm FDRVRERZR FLSUDZQHM 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]qZVSyáSRVLDGDF] 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]QXPHU\G]LDáHN 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZ 1D]ZDSHáQD1D]ZLVNRSLHUZV]HLPL GDWDXURG]HQLD 1D]ZDVNUyFRQDLPL RMFDLPL PDWNL,GHQW\ILNDWRU5(*211XPHU3(6(/.UDM *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RZLDW 1XPHUGRPX1XPHUORNDOX 3RF]WD 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qghnodudfmdurf]qdqnruhnwdghnodudfmlurf]qhm

.ODV\X \WNyZ Z\QLNDM FH] HZLGHQFML JUXQWyZL EXG\QNyZ 1LHSRGOHJDM FH SU]HOLF]HQLXQDKD SU]HOLF]HQLRZH 3RGOHJDM FH SU]HOLF]HQLXQD KHNWDU\ SU]HOLF]HQLRZH /LF]ED KHNWDUyZ SU]HOLF]H QLRZ\FK 6WDZND]KD SU]HOLF]H QLRZHJROXE IL]\F]QHJR Z]áJU *UXQW\RUQH,,,,,,D,,,E,9D,9E 9 9, 9,] 6DG\,,,,,,D,,,E,9D,9E 9 9, 9,] 8 \WNL]LHORQH,,,,,,,9 9 9, 9,] *UXQW\UROQH ]DEXGRZDQH,,,,,,D,,,,,,E,9D,9,9E 9 9, 9,] *UXQW\SRG VWDZDPL D]DU\ELRQH árvrvlhpwurfl JáRZDFLF SDOL L SVWU JLHP :\PLDU SRGDWNX UROQHJRZ ]áju

E]DU\ELRQH LQQ\PLJDWXQNDPL U\EQL ZSR]D FJUXQW\SRG VWDZDPL QLH]DU\ELRQ\PL 5RZ\ *UXQW\ ]DGU]HZLRQHL ]DNU]DF]RQH SRáR RQHQD85,,,,,,D,,,,,,E,9D,9 9 9, 9,] 5D]HP EH] ]ZROQLH SRGDüURG]DMNODV LSRZLHU]FKQL JUXQWyZ]ZROQLRQ\FKRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH 1DSRGVWDZLHDUWD8VWDZ\RSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']81U]U,QIRUPDFMD QLQLHMV]DVWDQRZLSRGVWDZ GRSRGM FLDHJ]HNXFMLDGPLQLVWUDF\MQ\FK 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL F±URN 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM 5RN 3RGVWDZDSUDZQD8VWDZD]GQLDSD G]LHUQLNDURSRGDWNXOH Q\P']81USR] 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHM E G F\FKZáD FLFLHODPLODVyZSRVLDGDF]DPLVDPRLVWQ\PLODVyZX \WNRZQLNDPLZLHF]\VW\PLODVyZSRVLDGDF]DPLODVyZ VWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJRRUD]GODRVyEIL]\F]Q\FKE G F\FK ZVSyáZáD FLFLHODPLOXEZVSyáSRVLDGDF]DPL]RVREDPLSUDZQ\PLE G ]LQQ\PLMHGQRVWNDPLRUJDQL]DF\MQ\PL QLHSRVLDGDM F\PLRVRERZR FLSUDZQHMOXE]VSyáNDPLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHM 7HUPLQVNáDGDQLD'RGQLDVW\F]QLDND GHJRURNXSRGDWNRZHJRZWHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQD SRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\ZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLD :ymw*plq\.ádm QLHSRWU]HEQHVNUH OLü GRW\F]\VNáDGDM FHJRGHNODUDFM QLHE G FHJRRVRE IL]\F]Q GRW\F]\VNáDGDM FHJRGHNODUDFM E G FHJRRVRE IL]\F]Q %'$1(,'(17<),.$&<-1( 5RG]DMVNáDGDM FHJRGHNODUDFM ]D]QDF]\üZáD FLZ NUDWN qrvredil]\f]qdqrvredsudzqdqmhgqrvwndrujdql]df\mqd qvsyándqlhpdm FDRVRERZR FLSUDZQHM 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]qZVSyáSRVLDGDF] 0LHMVFHDDGUHV\SRáR HQLDODVXRUD]QXPHU\G]LDáHN 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZ 1D]ZDSHáQD1D]ZLVNRSLHUZV]HLPL GDWDXURG]HQLD 1D]ZDVNUyFRQD,PL RMFDLPL PDWNL,GHQW\ILNDWRU5(*211XPHU3(6(/ %$'5(66,('=,%<$'5(6=$0,(6=.$1,$.UDM :RMHZyG]WZR 3RZLDW *PLQD 8OLFD 1UGRPX1UORNDOX 0LHMVFRZR ü.rgsrf]wrz\ 3RF]WD

&2.2/,&=12 &,32:2'8- &(.21,(&=12 û=à2 (1,$'(./$5$&-, 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qghnodudfmdurf]qdqnruhnwdghnodudfmlurf]qhm ''$1('27<&= &(35=('0,27Ï:232'$7.2:$1,$ '=:<- 7.,(0=:2/1,21<&+ 3RZLHU]FKQLDZ 6WDZNDSRGDWNX 3RGDWHNZ]áJU :\V]F]HJyOQLHQLH KHNWDUDFK IL]\F]Q\FK P GUHZQD;FHQD GUHZQD Z]áJU QDOH \]DRNU JOLüGR SHáQ\FKG]LHVL WHN JURV]\ UXEU[UXEU /DV\RFKURQQH /DV\ZFKRG] FHZVNáDGUH]HUZDWyZ SU]\URG\LSDUNyZQDURGRZ\FK /DV\SR]RVWDáHQLHZ\PLHQLRQH ZZL 5D]HPZ± (,1)250$&-$235=('0,27$&+=:2/1,21<&+ SRGDüSRZLHU]FKQL ]ZROQLRQHJRODVXRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH 1D SRGVWDZLH DUW D 8VWDZ\ R SRVW SRZDQLX HJ]HNXF\MQ\P Z DGPLQLVWUDFML '] 8 1U ] U,QIRUPDFMDQLQLHMV]DVWDQRZLSRGVWDZ GRSRGM FLDHJ]HNXFMLDGPLQLVWUDF\MQ\FK )2 :,$'&=(1,(,32'3,66.à$'$- &(*2262%<5(35(=(178- &(- 6.à$'$- &(*2 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN *$'127$&-(25*$1832'$7.2:(*2 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHM VNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

1 X P H U,G H Q W \ I L N D F ML 3 R G D WN R Z H M V N á D G D M F H J R G H N O D U D F M 3 R G V W D Z D S UD Z Q D 8 V W D Z D ] G Q LD VW \ F ]Q L D U R S R G D WN D F K L RS á D WD F K O R N D O Q \ F K 7H N V W M H G Q ' ] 8 ] U 1 U S R ] ] H ] P 6 N á D G D M F \ ) R U P X O D U ] S U ] H ] Q D F ] R Q \ G O D R V y E S U D Z Q \ F K M H G Q R VW H N RU J D Q L ] D F \ M Q \ F K R U D ] V S y á H N Q L H P D M F \ F K R VR E R Z R F L S U D Z Q H M E G F \ F K Z á D F L F L H O D P L Q L H U X F K R P R F L O X E R E LH N W y Z E X G R Z O D Q \ F K S R V L D G D F ] D P L VD P R L V W Q \ P L Q L H U X F K R P R F L O X E R E L H N W yz E X G R Z O D Q \ F K X \ W N R Z Q L N D P L Z L H F ] \ V W \ P L J U X Q W y Z S R VL D G D F ] D P L Q L H U X F K R P R F L O X E L F K F ] F L D O E R R E L H N W y Z EX G R Z O D Q \ F K O X E LF K F ] F L V W D Q R Z L F \ F K Z á D V Q R ü 6 N D UE X 3 D V WZ D O X E M H G Q R V WN L V D P R U ] G X W H U \ W R U L D O Q H J R R U D ] G O D R V y E I L ] \ F ] Q \ F K E G F \ F K Z V S y á Z á D F L F L H O D P L O X E Z V S y á S R V L D G D F ] D P L ] R V R E D P L S U D Z Q \ P L E G ] LQ Q \ P L M H G Q R VW N D P L R U J D Q L ] D F \ M Q \ P L Q L H S R V LD GD M F \ P L R V R E R Z R F L S U D Z Q H M O X E ] V S y á N D P L Q L H S R V LD G D M F \ P L R V R E R Z R F L S U D Z Q H M ] Z \ M W N L H P R V y E W Z R U ] F \ F K Z V S y O Q R W P L H V ] N D Q LR Z 7H U P L Q VN á D G D Q L D ' R V W \ F ] Q L D N D G H J R U R N X S R G D W N R Z H J R Z W H U P L Q L H G Q L R G ] D L VW Q L H Q LD R N R O L F ] Q R F L P D M F \ F K Z S á \ Z Q D S R Z V W D Q L H E G Z \ J D Q L F L H R E R Z L ] N X S RG D WN R Z H J R O X E ] D L V WQ L HQ L D ] G D U ] H P D M F \ F K Z S á \ Z Q D Z \ V R N R ü S RG D WN X 5 R G ] D M VN á D G D M F H J R G H N O D U D FM ] D ] Q D F ] \ ü Z á D F L Z N U D WN R V R E D I L ] \ F ] Q D " R V R E D S U D Z Q D " M H G Q R VW N D R U J D Q L ] D F \ M Q D V S y á N D Q L H P D M F D R V R E R Z R F L S UD Z Q H M 5 R G ] D M Z á D V Q R F L S R V LD G D Q L D ] D ] Q D F ] \ ü Z á D F L Z N U D WN S R V L D G D F ] q S R VL D G D F ] V D P R L VW Q \ q Z V S y á S R V L D G D F ] 0 L H M V F H D D G U H V \ S R á R H Q L D S U ] H G P L R W y Z R S R G D WN R Z D Q L D R U D ] Q X P H U \ G ] L D á H N 1 X P H U \ N V L J L Z L H F ] \ V W H M O X E ] E L RU X y Z G R N X P H Q W y Z 1 D ] Z D S H á Q D 1 D ] Z L V N R S LH U Z V ] H L P L G D WD X U R G ] H Q L D 1 D ] Z D V N U y F R Q D P L R M FD L P L P D WN L,G H Q W \ I L N D W R U 5 ( * 2 1 1 X P H U 3( 6 ( /. U D M * P L Q D 0 L H M VF R Z R ü 2 N R O L F ] Q R F L ] D ] Q D F ] \ ü Z á D F L Z N UD WN q G H N O D U D F MD U R F ]Q D q Z V S y á S R V L D G D F ] V D P R L VW Q \ q : R M H Z y G ] W Z R 3 R Z L D W X \ W N R Z Q L N Z L H F ] \ V W \ 8 O L F D 1 X P H U G R P X 1 X P H U O R N D O X. R G S R F ] W R Z \ 3 R F ] W D N R U H N W D G H N O D U D F ML U R F ] Q H M 0 L H M VF H V N á D G D Q LD : y M W * P L Q \ Z á D F L Z \ ] H Z ] J O G X Q D P L H M VF H S R á R H Q L D S U ] H G P L R W y Z R S R G D W N R Z D Q L D :ymw*plq\.ádm QLHSRWU]HEQHVNUH OLü G R W \ F ] \ V N á D G D M F H J R G H N O D U D F M Q L H E G F H J R R V R E I L ] \ F ] Q G R W \ F ] \ V N á D G D M F H J R G H N O D U D F M E G F H JR R V R E I L ] \ F ] Q " " q Z á D F L F L H O q Z V S y á Z á D F L F L H Oq q Z V S y á X \ W N R Z Q L N Z L H F ]\ V W \ q L

W \ P N R Q G \ J Q D F ML R Z \ V R N R F L R G G R P ] D O L F ] \ ü È S R Z L H U ] F K Q L N R Q G \ J Q D F ML R Z \ V R N R F L S R Z \ H M P SR]RVWDá\FKEXG\QNyZRJyáHP P R J á R V ] R Q D Z ' ] 8 U ] G R Z \ P : R M H Z y G ] W Z D Z U R N X S R S U ] H G ] D M F \ P G D Q \ N R Q G \ J Q D F M D F K ] Z \ M W N L H P S R Z L H U ] F K Q L N O D W H N V F K R G R Z \ F K R U D ] V ] \ E y Z G Z L J R Z \ F K = D N R Q G \ J Q D F M X Z D D V L U y Z Q L H J D U D H S R G ] L H P Q H S L Z Q L F H V X W H U H Q \ L S R G G D V ] D X \ W N R Z H S R G M H ] L R U D P L ] D M W \ F K Q D ] E L R UQ LN L Z R G Q H U H W H Q F \ M Q H O X E H O H N W U R Z Q L Z R G Q \ F K S R ] R V W D á H J U X Q W \ Z D U W R ü R N W y U H M P R Z D Z S U ] H S L VD F K R S RG D W N D F K G R F K R G R Z \ F K :\V]F]HJyOQLHQLH 3RGVWDZD RSRGDWNRZDQLD 6WDZNDSRGDWNX Z\QLNDM FD] 8FKZDá\5DG\ *PLQ\.ZRWDSRGDWNX Z]áJU QDOH \ ]DRNU JOLüGR SHáQ\FK G]LHVL WHNJURV]\ PLHV]NDOQ\FKRJyáHP P : Pð Pð U R N S R G D WN R Z \ Z]áJU ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM RUD]RGF] FLEXG\QNyZPLHV]NDOQ\FK]DM W\FKQD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMRJyáHP P ]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P P RJyáHP ]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLH ZLDGF]HQLDXVáXJPHG\F]Q\FKRJyáHP P ' R S R Z L H U ] F K Q L X \ W N R Z H M E X G \ Q N X O X E M H J R F ] F L Q D O H \ ] D O L F ] \ ü S R Z L H U ] F K Q L P L H U ] R Q S R Z H Z Q W U ] Q H M G á X J R F L F L D Q Q D Z V ] \ V W N L F K ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM EH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML P JUXQWyZLEXG\QNyZ P P

.ZRWDSRGDWNX 6XPDNZRW]NRO'QDOH \]DRNU JOLüGRSHáQ\FKG]LHVL WHNJURV]\ SRGDüSRZLHU]FKQL E G ZDUWR üexgrzolsu]hgplrwyz]zroqlrq\fkrud]su]hslvsudzd]mdnlhjrw\wxáxz\vw SXMH]ZROQLHQLH 1DSRGVWDZLHDUWD8VWDZ\RSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']81U]U,QIRUPDFMD QLQLHMV]DVWDQRZLSRGVWDZ GRSRGM FLDHJ]HNXFMLDGPLQLVWUDF\MQ\FK 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

/S 3U]HGPLRWRSRGDWNRZDQLD 3RGVWDZDRSRGDWNRZDQLD 6WDZND 3RGDWNX D E F D E F G H *UXQW\ ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFL JRVSRGDUF]HMEH]Z]JOàGXQDVSRVÍE ]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWÍZ LEXG\QNÍZ SRGMH]LRUDPL]DMàWHQD]ELRUQLNL ZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FK SR]RVWDãHZW\P]DMàWHQD SURZDG]HQLH RGSãDWQHMVWDWXWRZHMG]LDãDOQRçFL SRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMH SRë\WNXSXEOLF]QHJR %XG\QNLOXELFKF]àçFL 0LHV]NDOQH ]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFL JRVSRGDUF]HMRUD]EXG\QNLPLHV]NDOQH OXELFKF]àçFL]DMàWHQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HM ]DMàWHQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDãHPVLHZQ\P ]DMàWHQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD çzldgf]hå]gurzrwq\fk SR]RVWDãHZW\P]DMàW\FKQD SURZDG]HQLHRGSãDWQHMVWDWXWRZHM G]LDãDOQRçFLSRë\WNXSXEOLF]QHJRSU]H] RUJDQL]DFMHSRë\WNXSXEOLF]QHJR %XGRZOHOXELFKF]àçFL]ZLÜ]DQH] SURZDG]HQLHPG]LDãDOQRçÞL JRVSRGDUF]HM 3RZLHU]FKQLD P 3RZLHU]FKQLD eeeeeeeeekd 3RZLHU]FKQLD eeeeeeeeep 3RZLHU]FKQLDXë\WNRZD eeeeeeeeep 3RZLHU]FKQLDXë\WNRZD eeeeeeeeep 3RZLHU]FKQLDXë\WNRZD P 3RZLHU]FKQLDXë\WNRZD P 3RZLHU]FKQLD P ZDUWRçÞRNUHçORQDQDSRGVWDZLH DUWXVWSNWLXVW ]ã.zrwd 3RGDWNX]ã 5$=(0 ;

=:2/1,(1,$=32'$7.82'1,(58&+202æ&,QDSRGVWDZLHDUWXVWDUWXVWXVW 3U]HGPLRW]ZROQLHQLD %XGRZOHNROHMRZHVWDQRZLÜFHFDãRçÞWHFKQLF]QRXë\WNRZÜZUD]] LQVWDODFMDPLLXU]ÜG]HQLDPLVãXëÜFHGRUXFKXSRMD]GÍZNROHMRZ\FK RUJDQL]DFMLLVWHURZDQLDW\PUXFKHPXPRëOLZLDMÜFHGRNRQ\ZDQLH SU]HZR]ÍZRVÍEOXEU]HF]\Z\NRU]\VW\ZDQHZ\ãÜF]QLHQDSRWU]HE\ SXEOLF]QHJRWUDQVSRUWXDWDNëH]DMàWHSRGQLHJUXQW\ %XG\QNLJRVSRGDUF]HOXELFKF]àçFL DVãXëÜFHZ\ãÜF]QLHG]LDãDOQRçFLOHçQHMLU\EDFNLHM ESRãRëRQHQDJUXQWDFKJRVSRGDUVWZUROQ\FKVãXëÜFHZ\ãÜF]QLH G]LDãDOQRçFLUROQLF]HM F]DMàWHQDSURZDG]HQLHG]LDãÍZVSHFMDOQ\FKSURGXNFMLUROQHM 1LHUXFKRPRçFLOXELFKF]àçFL]DMàWHQDSRWU]HE\SURZDG]HQLDSU]H] VWRZDU]\V]HQLDVWDWXWRZHMG]LDãDOQRçFLZçUÍGG]LHFLLPãRG]LHë\Z ]DNUHVLHRçZLDW\Z\FKRZDQLDQDXNLLWHFKQLNLNXOWXU\IL]LVSRUWX] Z\MÜWNLHPZ\NRU]\VW\ZDQ\FKGRSURZDG]HQLDG]LDãDOQRçFL JRVSRGDUF]HMRUD]JUXQW\]DMàWHWUZDOHQDRER]RZLVNDLED]\ Z\SRF]\QNRZHG]LHFLLPãRG]LHë\ *UXQW\LEXG\QNLZSLVDQHLQG\ZLGXDOQLHGRUHMHVWUX]DE\WNÍZSRG ZDUXQNLHPLFKXWU]\PDQLDLNRQVHUZDFML]JRGQLH]SU]HSLVDPLR RFKURQLH]DE\WNÍZ]Z\MÜWNLHPF]àçFL]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HM *UXQW\LEXG\QNLZHZãDGDQLXPX]HÍZUHMHVWURZ\FK %XG\QNLLEXGRZOHZSDUNDFKQDURGRZ\FKRUD]UH]HUZDWDFKSU]\URG\ VãXëÜFHEH]SRçUHGQLRRVLÜJDQLXFHOÍZ]]DNUHVXRFKURQ\SU]\URG\RUD] JUXQW\REMàWHRFKURQÜçFLVãÜF]àçFLRZÜOXENUDMREUD]RZÜ %XGRZOHZDãÍZRFKURQQ\FKJUXQW\SRGZDãDPLRFKURQQ\PLL SRãRëRQHZPLà]\ZDODFK]Z\MÜWNLHP]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HMSU]H]LQQHSRGPLRW\QLëVSÍãNLZRGQHLFK ]ZLÜ]NLRUD]]ZLÜ]NLZDãRZH *UXQW\VWDQRZLÜFHQLHXë\WNLXë\WNLHNRORJLF]QHJUXQW\]DGU]HZLRQHL ]DNU]HZLRQH]DZ\MÜWNLHP]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HM *UXQW\LEXG\QNLSUDFRZQLF]\FKRJUÍGNÍZG]LDãNRZ\FK]Z\MÜWNLHP ]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM %XG\QNLLEXGRZOHQRZRZ\EXGRZDQHEÜGé]PRGHUQL]RZDQHRGGDQH GRXë\WNRZDQLDZ\NRU]\VW\ZDQHSU]H]JUXSàSURGXFHQWÍZUROQ\FKQD G]LDãDOQRçÞVWDWXWRZÜSRX]\VNDQLXZSLVXGRUHMHVWUXJUXSZRNUHVLH ODWRGGQLDX]\VNDQLDZSLVXJUXS\GRUHMHVWUX 1LHUXFKRPRçFLOXELFKF]àçFL]DMàW\FKQDSURZDG]HQLHQLHRGSãDWQHM VWDWXWRZHMG]LDãDOQRçFLSRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSRë\WNX SXEOLF]QHJR 3RZLHU]FKQLDOXE ZDUWRçÞ QLHUXFKRPRçFL *UXQWXP :DUWRçÞ]ã P P P *U\QWXP %XGP :DUWRçÞ]ã *UXQWXP %XGP *UXQWXP %XGP *UXQWXP %XGP :DUWRçÞ]ã *UXQWXP :DUWRçÞ]ã *UXQWXP *UXQWXP %XGP :DUWRçÞ]ã %XGP *UXQWXP 1LHUXFKRPRçFLOXELFKF]àçFL]DMàWHQDSRWU]HE\RUJDQÍZMHGQRVWHN *UXQWXP VDPRU]ÜGXWHU\WRULDOQHJRZW\PXU]àGÍZJPLQVWDURVWZSRZLDWRZ\FK %XGP LXU]àGÍZPDUV]DãNRZVNLFK :DUWRçÞ]ã *UXQW\SRGZRGDPLSã\QÜF\PLLNDQDãDPLëHJORZQ\PL]Z\MÜWNLHP MH]LRURUD]JUXQWÍZ]DMàW\FKQD]ELRUQLNLZRGQHUHWHQF\MQHOXE HOHNWURZQLZRGQ\FK %XGRZOHGUÍJSXEOLF]Q\FKZUD]]SDVDPLGURJRZ\PLRUD]]DMàWHSRG QLHJUXQW\ :ODWDFK]ZDOQLDVLàRGSRGDWNXRGQLHUXFKRPRçFLSRãRëRQH SRGQDSRZLHWU]Q\PLOLQLDPLHQHUJHW\F]Q\PLJUXQW\NWÍU\PL]DU]ÜG]D 3DåVWZRZH *RVSRGDUVWZR/HçQH/DV\3DåVWZRZH =ZROQLHQLD]SRGDWNXRGQLHUXFKRPRçFLrQDSRGVWDZLHDUWXVW XVWDZ\ *UXQWXP *UXQWXP :DUWRçÞ]ã *UXQWXP *UXQWXP %XGP :DUWRçÞ]ã 5$=(0 ;.ZRWD ]ZROQLHQLD

/S 3RGPLRWRSRGDWNRZDQLD :\V]F]HJÍOQLHQLH 3RGVWDZDRSRGDWNRZDQLD *UXQW\ 3RZLHU]FKQLD D]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMEH]Z]JNOàGXQD VSRVÍE]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWÍZLEXG\QNÍZ P ESRGMH]LRUDPL]DMàWHQD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQLZRGQ\FK KD FSR]RVWDãHZW\P]DMàW\FKQDSURZDG]HQLHRGSãDWQHMVWDWXWRZHMG]LDãDOQRçFL SRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSRë\WNXSXEOLF]QHJR P %XG\QNLOXELFKF]àçFL SRZLHU]FKQLDXë\WNRZD DPLHV]NDOQH P E]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM P FEXG\QNLPLHV]NDOQHOXELFKF]àçFL]DMàWHQDSURZDG]HQLHG]LDãDOQRçFL P JRVSRGDUF]HM G]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDãHPVLHZQ\P P H]DMàWHQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD çzldgf]hå]gurzrwq\fk P ISR]RVWDãHZW\P]DMàWHQDSURZDG]HQLHRGSãDWQHMVWDWXWRZHMG]LDãDOQRçFL SRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSRë\WNXSXEOLF]QHJR P %XGRZOHOXELFKF]àçFL]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HM ZDUWRçÞ RNUHçORQD QD SRGVWDZLH DUW XVW SNWLXVW ]ã

/S 3U]HGPLRW]ZROQLHQLD %XG\QNLJRVSRGDUF]HOXELFKF]àçFL DVãXëÜFHG]LDãDOQRçFLOHçQHMOXEU\EDFNLHM ESRãRëRQHQDJUXQWDFKJRVSRGDUVWZUROQ\FKVãXëÜFHZ\ãÜF]QLHG]LDãDOQRçFL UROQLF]HM F]DMàWHQDSURZDG]HQLHG]LDãÍZVSHFMDOQ\FKSURGXNFMLUROQHM 1LHUXFKRPRçFLOXELFKF]àçFL]DMàWHQDSRWU]HE\SURZDG]HQLDSU]H] VWRZDU]\V]HQLDVWDWXWRZHMG]LDãDOQRçFLZçUÍGG]LHFLLPãRG]LHë\Z]DNUHVLH RçZLDW\Z\FKRZDQLDQDXNLLWHFKQLNLNXOWXU\IL]\F]QHMLVSRUWX]Z\MÜWNLHP Z\NRU]\VW\ZDQ\FKGRSURZDG]HQLDG]LDãDOQRçFLJRVSRGDUF]HMRUD]JUXQW\]DMàWH WUZDOHQDRER]RZLVNDLED]\Z\SRF]\QNRZHG]LHFLLPãRG]LHë\ *UXQW\LEXG\QNLZSLVDQHLQG\ZLGXDOQLHGRUHMHVWUÍZ]DE\WNÍZSRGZDUXQNLHP LFKXWU]\PDQLDLNRQVHUZDFML]JRGQLH]SU]HSLVDPLRRFKURQLH]DE\WNÍZ] Z\MÜWNLHPF]àçFL]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM *UXQW\VWDQRZLÜFHQLHXë\WNLXë\WNLHNRORJLF]QHJUXQW\]DGU]HZLRQHL ]DNU]HZLRQH]DZ\MÜWNLHP]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM %XGRZOHZDãÍZRFKURQQ\FKJUXQW\SRGZDãDPLRFKURQQ\PLLSRãRëRQHZ PLàG]\ZDODFK]Z\MÜWNLHP]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM SU]H]LQQHSRGPLRW\QLëVSÍãNLZRGQHLFK]ZLÜ]NLRUD]]ZLÜ]NLZDãRZH %XG\QNLLEXGRZOHQRZRZ\EXGRZDQHEÜGé]PRGHUQL]RZDQHRGGDQHGR Xë\WNRZDQLDZ\NRU]\VW\ZDQHSU]H]JUXSàSURGXFHQWÍZUROQ\FKQDG]LDãDOQRçÞ VWDWXWRZÜSRX]\VNDQLXZSLVXGRUHMHVWUXJUXSZRNUHVLHODWRGGQLD X]\VNDQLDZSLVXJUXS\GRUHMHVWUX *UXQW\SRGZRGDPLSã\QÜF\PLLNDQDãDPLëHJORZQ\PL 1LHUXFKRPRçFLOXELFKF]àçFL]DMàW\FKQDSURZDG]HQLHQLHRGSãDWQHMVWDWXWRZHM G]LDãDOQRçFLSRë\WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSRë\WNXSXEOLF]QHJR 3RZLHU]FKQLD P P P P P P P P P P

3U]HGPLRWRSRGDWNRZDQLD *UXQW\VNODV\ILNRZDQHZ HZLGHQFMLJUXQWÍZLEXG\QNÍZ MDNRXë\WNLUROQHOXEMDNR JUXQW\]DGU]HZLRQHL ]DNU]HZLRQHQDXë\WNDFK UROQ\FK]Z\MÜWNLHPJUXQWÍZ ]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HMLQQHM QLëG]LDãDOQRçÞUROQLF]D 3RZJUXQWXZ KDIL]\F]Q\FK 3RZJUXQWX ZKDSU]HO 6WDZND SRGDWNX 3RGDWHN SU]HGXOJÜ 3RGDWHNSR XOJDFK

7UHçÞ :\V]F]HJÍOQLH 8OJDJÍUVND 3RZZKD SU]HOLF] XOJDJÍUVNDÈ 8OJDJÍUVNDÈ.ZRWDXOJL 8OJDLQZHVW\F\MQD.ZRWDXOJL

/S 1D]ZLVNRLLPLà $GUHV]DPNRG 3(6(/ 1,3 5RG]DMZ\NRQ\ZDQHM G]LDãDOQRçFLLGDWDUR]SRF]àFLD ZEXG\QNDFKPLHV]NDOQ\FK SRZLHU]FKQLDZP ZLQQ\FKEXG\QNDFK ZROQRVWRMÜFHSRZZP

1UG]LDãNL2EUàE ']LHOQLFD&KDUDNWHU 3RZLHU]FKQLDXë\WNRZD JUXQWX 3RZLHU]FKQLDXë\WNRZD SRV]F]HJÍOQ\FKEXG\QNÍZ $GUHVQLHUXFKRPRçFL ZãDGDQLD

/S :\V]F]HJÍOQLHQLH 3RGVWDZD RSRGDWNRZDQLD 6WDZNDSRGDWNX.ZRWDSRGDWNXZ]ã 2GSRZLHU]FKQLEXG\QNÍZPLHV]NDOQ\FKOXELFK F]àçFL 3RZLHU]FKQLDP 2GSRZLHU]FKQLOXELFKF]àçFL]ZLÜ]DQ\FK] G]LDãDOQRçFLÜJRVSRGDUF]ÜRUD]RGEXG\QNÍZOXELFK F]àçFL]DMàW\FKQDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HM 3RZLHU]FKQLD 2GSRZLHU]FKQLEXG\QNÍZSR]RVWDã\FKOXELFKF]àçFL DJDUDëHZROQRVWRMÜFHESR]RVWDãH 3RZLHU]FKQLD 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL]DMàW\FKQD SURZDG]HQLHG]LDãDOQRçFLZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDãHPVLHZQ\P 3RZLHU]FKQLD 2GEXG\QNÍZOXELFKF]àçFL]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD çzldgf]hå]gurzrwq\fk 3RZLHU]FKQLD

*UXQW\D]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFL JRVSRGDUF]HMLQQHMQLëUROQLF]D 3RZJUXQWÍZ P EEàGÜF\FKG]LDãNDPLUHNUHDF\MQ\P P F3R]RVWDãH P GSRGMH]LRUDPLDWDNëHJUXQW\]DMàWHSRG]ELRUQLNL SRZJUXQWÍZ ZRGQHUHWHQF\MQHOXEHOHNWURZQLHZRGQH 5$=(0

/S :\V]F]HJÍOQLHQLH 2GSRZLHU]FKQLEXG\QNÍZPLHV]NDOQ\FKOXELFKF]àçFL 2GSRZLHU]FKQLOXELFKF]àçFL]ZLÜ]DQ\FK]G]LDãDOQRçFLÜ JRVSRGDUF]DRUD]RGEXG\QNÍZOXELFKF]àçFL]DMàW\FKQD SURZDG]HQLHG]LDãDOQRçFLJRVSRGDUF]HM 2GSRZLHU]FKQLEXG\QNÍZSR]RVWDã\FKOXELFKF]àçFL F JDUDëHZROQRVWRMÜFH GSR]RVWDãH 2GSRZLHU]FKQLEXG\QNÍZOXELFKF]àçFL]DMàW\FKQD SURZDG]HQLHG]LDãDOQRçFL?Y]DNUHVLHREURWXNZDOLILNRZDQ\P PDWHULDãHPVLHZQ\P 2GEXG\QNÍZOXELFKF]àçFL]DMàW\FKQDSURZDG]HQLH G]LDãDOQRçFLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLDçZLDGF]Hå ]GURZRWQ\FK 2GZDUWRçFLEXGRZOLOXELFKF]àçFL]DMàW\FK]SURZDG]HQLHP G]LDãDOQRçFLJRVSRGDUF]HM %XGRZOHZ\NRU]\VW\ZDQHEH]SRçUHGQLRGRZ\WZDU]DQLD HQHUJLLHOHNWU\F]QHMOXEFLHSãDOLQLHHOHNWURHQHUJHW\F]QH SU]HV\ãRZHLUR]G]LHOF]HUXURFLÜJLLSU]HZRG\VLHFLUR]G]LHOF]HM JD]ÍZFLHSãDSDOLZLZRG\EXGRZOHVãXëÜFHGR RGSURZDG]DQLDLRF]\V]F]DQLDçFLHNÍZEXG\QNÍZOXELFK F]àçFLEH]SRçUHGQLR]ZLÜ]DQH]SURFHVHPSRERUXZRG\ *UXQW\ H]ZLÜ]DQH]SURZDG]HQLHPG]LDãDOQRçFLJRVSRGDUF]HMLQQHM QLëUROQLF]D 3RGVWDZDRSRGDWNRZDQLD 3RZLHU]FKQLDP 3RZLHU]FKQLDP 3RZLHU]FKQLDP 3RZLHU]FKQLD 3RZLHU]FKQLDP :DUWRçÞP :DUWRçÞXVWDORQDGODFHOÍZ DPRUW\]DFMLP 3RZJUXQWÍZ 6WDZNDSRGDWNX.ZRWDSRGDWNXZ]ã IEàGÜF\FKG]LDãNDPLUHNUHDF\MQ\PL P JSR]RVWDãH P KSRGMH]LRUDPLDWDNëHJUXQW\]DMàWHSRG]ELRUQLNLZRGQH UHWHQF\MQHOXEHOHNWURZQLHZRGQH SRZJUXQWÍZKD 5$=(0

3U]HGPLRWRSRGDWNRZDQLD 3RZLHU]FKQLD 3RZLHU]FKQLDXë\WNÍZ 6WDZND.ZRWD Xë\WNÍZUROQ\FKZ UROQ\FKZKD SRGDWNX SRGDWNX KDIL]\F]Q\FK SU]HOLF]HQLRZ\FK 8ë\WNLUROQHJUXQW\RUQH VDG\ãÜNLSDVWZLVNDJUXQW\ UROQH]DEXGRZDQHJUXQW\ SRGVWDZDPLURZ\] Z\MÜWNLHPJUXQWÍZ]DMàW\FK QDSURZDG]HQLHG]LDãDOQRçFL JRVSRGDUF]HMLQQHMQLë G]LDãDOQRçÞUROQLF]D 5D]HP

3U]HGPLRWRSRGDWNRZDQLD 3RZLHU]FKQLDODVÍZZ KHNWDUDFKIL]\F]Q\FK 6WDZNDSRGDWNX.ZRWDSRGDWNX /DV\RFKURQQHRUD]ZFKRG]ÜFHZVNãDG UH]HUZDWÍZSU]\URG\LSDUNÍZ QDURGRZ\FK ÈVWDZNL /DV\SR]RVWDãH ÈVWDZNL 5$=(0