,0LHMVFH]áR HQLDLQIRUPDFML,1)250$&-$21,(58&+202 &,$&+,2%,(.7$&+%8'2:/$1<&+ VNáDGDQDSU]H]RVRE\IL]\F]QH 1D]ZDLDGUHVRUJDQXSRGDWNRZHJR %850,675=*0,1<' %52:$7$512:6.$5<1(.' %52:$7$512:6.$,,2NROLF]QR FLSRZRGXM FH]áR HQLHLQIRUPDFML SRZVWDQLHRERZL ]NXSRGDWNRZHJR Z\JD QL FLHRERZL ]NXSRGDWNRZHJR,,,'DQHGRW\F] FHSRGDWQLND 1D]ZLVNRLLPL,PLRQDURG]LFyZ 1XPHU1,3 1XPHU3(6(/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $GUHV]DPLHV]NDQLD 'DQHZVSyáZáD FLFLHOLZVSyáSRVLDGDF]\±GRW\F]\WH ZVSyáPDá RQND D QD]ZLVNRLLPL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB E QD]ZLVNRLLPL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F QD]ZLVNRLLPL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB G QD]ZLVNRLLPL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,9'DQHGRW\F] FHSU]HGPLRWXRSRGDWNRZDQLD 0LHMVFHSRáR HQLDQLHUXFKRPR FLRELHNWXEXGRZODQHJR 'DWDQDE\FLDREM FLDZSRVLDGDQLH ']LH BBBBBBBBPLHVL FBBBBBBBBURNBBBBBBBBBBBBBBBB 1XPHU\.:/ZK ]GDU]HQLHPDM FHZSá\ZQDZ\VRNR ü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áHN UyGáRSRZVWDQLDRERZL ]NXSRGDWNRZHJRDUWXVWLXVWDZ\ D ZáD FLFLHO ZVSyáZáD FLFLHO E SRVLDGDF] VDPRLVWQ\ FX \WNRZQLN ZLHF]\VW\ G SRVLDGDF] QLHUXFKRPR FL OXE LFK F] FL DOER RELHNWyZEXGRZODQ\FKOXELFKF] FLVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR]]D]QDF]HQLHP F]\SRVLDGDQLHZ\QLND]XPRZ\F]\MHVWEH]W\WXáXSUDZQHJRHDUWXVWXVWDZ\ 9:\V]F]HJyOQLHQLHQLHUXFKRPR FLLRELHNWyZEXGRZODQ\FK /S 5RG]DMSRGVWDZ\RSRGDWNRZDQLD 3RZLHU]FKQLD, *UXQW\ 3RZLHU]FKQLD =ZL ]DQH ] G]LDáDOQR FL JRVSRGDUF] EH] Z]JO GX QD VSRVyE LFK ]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWyZLEXG\QNyZ BBBBBBBBBBBBBBBP 3RG MH]LRUDPL ]DM WH QD ]ELRUQLNL ZRGQH UHWHQF\MQH OXE HOHNWURZQL ZRGQ\FK BBBBBBBBBBBBBBBP 3R]RVWDáHZW\P]DM WHQDSURZDG]HQLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FL SR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR BBBBBBBBBBBBBBBP *UXQW\RJyáHP BBBBBBBBBBBBBBBP

5RG]DMSRZLHU]FKQL,,, %XG\QNLOXELFKF] FL 2Z\VRNR FLSRZ\ HM P 2Z\VRNR FLP±P %XG\QNLPLHV]NDOQHOXELFKF] FL BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP D EXG\QNL OXE LFK F] FL ]ZL ]DQH ] SURZDG]HQLHP G]LDáDOQR FL JRVSRGDUF]HM RUD] EXG\QNL PLHV]NDOQH OXE LFK F] FL ]DM WH QD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP E EXG\QNL OXE LFK F] FL ]ZL ]DQH ] SURZDG]HQLHP G]LDáDOQR FL SURGXNF\MQHM RUD] EXG\QNL PLHV]NDOQH OXE LFK F] FL ]DM WH QD SURZDG]HQLHG]LDáDOQR FLSURGXNF\MQHM BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP FEXG\QNLOXELFKF] FL]ZL ]DQHRUD]EXG\QNLPLHV]NDOQHOXELFKF] FL ]DM WH QD SURZDG]HQLH G]LDáDOQR FL XVáXJRZHM Z ]DNUHVLH NUDZLHFWZD PDJODUVWZD V]HZVWZD V]NODUVWZD ]HJDUPLVWU]RVWZD QDSUDZ\ VSU] WX 579L$*' BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP G EXG\QNL OXE LFK F] FL ]ZL ]DQH ] SURZDG]HQLHP SR]RVWDáHM G]LDáDOQR FLXVáXJRZHMRUD]EXG\QNLPLHV]NDOQHOXELFKF] FL]DM WHQD SURZDG]HQLHSR]RVWDáHMG]LDáDOQR FLXVáXJRZHM BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP %XG\QNLOXELFKF] FL]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP %XG\QNLOXELFKF] FL]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FK BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP D SR]RVWDáH EXG\QNL OXE LFK F] FL Z W\P ]DM WH QD SURZDG]HQLH RGSáDWQHM VWDWXWRZHM G]LDáDOQR FL SR \WNX SXEOLF]QHJR SU]H] RUJDQL]DFMH SR \WNXSXEOLF]QHJR BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP E JDUD H L EXG\QNL JRVSRGDUF]H QLH]ZL ]DQH ] SURZDG]HQLHP G]LDáDOQR FLJRVSRGDUF]HM BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP F VWDMQLH L VWRGRá\ ]ZL ]DQH ] SURGXNFM UROQ SRáR RQH QD JUXQWDFK NWyUH QLH VWDQRZL JRVSRGDUVWZ UROQ\FK Z UR]XPLHQLX SU]HSLVyZ R SRGDWNXUROQ\P BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP 2JyáHP BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP,,, %XGRZOHOXELFKF] FL :DUWR ürnuh ORQD]JRGQLH]DUWXVWSNWXVWDZ\ %XGRZOH OXE LFK F] FL ]ZL ]DQH ] SURZDG]HQLHP G]LDáDOQR FL JRVSRGDUF]HM BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB]á 9D1LHUXFKRPR FLLRELHNW\EXGRZODQHSRGOHJDM FH]ZROQLHQLXQDPRF\SU]HSLVyZXVWDZ\, *UXQW\ 3RZLHU]FKQLD *UXQW\]ZROQLRQHQDSRGVWDZLHDUWXVWDZ\ BBBBBBBBBBBBBBBP 'RNáDGQHRNUH OHQLHSRGVWDZ\]ZROQLHQLD $UWXVWSNWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,, %XG\QNLOXELFKF] FL 3RZLHU]FKQLD 2Z\VRNR FLSRZ\ HM P 2Z\VRNR FLP±P %XG\QNLOXELFKF] FL]ZROQLRQHQDSRGVWDZLHDUWXVWDZ\ BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP 'RNáDGQHRNUH OHQLHSRGVWDZ\]ZROQLHQLD $UWXVWSNWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,, %XGRZOHOXELFKF] FL :DUWR ü %XGRZOHOXELFKF] FL]ZROQLRQHQDSRGVWDZLHDUWXVWDZ\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB]á 'RNáDGQHRNUH OHQLHSRGVWDZ\]ZROQLHQLD $UWXVWSNWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 2 ZLDGF]DP H ]QDQD MHVW PL WUH ü DUW XVWDZ\ ] GQLD ZU]H QLD U.RGHNV NDUQRVNDUERZ\ '] 8 QU SR] ] Sy Q]P $UW ±3RGDWQLN NWyU\ VNáDGDM F RUJDQ RZL SRGDWNRZHPX OXE SáDWQLNRZL GHNODUDFM OXER ZLDGF]HQLH SRGDMH QLHSUDZG OXE ]DWDMD SUDZG DOER QLHGRSHáQLD RERZL ]NX ]DZLDGRPLHQLD R ]PLDQLH REM W\FK QLPL GDQ\FK SU]H] FR QDUD D 6NDUE 3D VWZD OXE MHGQRVWN VDPRU] GX WHU\WRULDOQHJR QD XV]F]XSOHQLH SRGDWNX SRGOHJD NDU]H JU]\ZQ\ GR VWDZHN G]LHQQ\FK DOER NDU]H SR ]EDZLHQLDZR OQ R FLGRODWDOERREXW\PNDURPá F]QLH ± NDU]H JU]\ZQ\ SRGOHJD WDN H WHQ SRGDWQLN NWyU\ PLPR XMDZQLHQLD SU]HGPLRWX OXE SRGVWDZ\ RSRGDWNRZDQLD QLH VNáDGD Z WHUPLQLHRUJDQRZLSRGDWNRZHPXOXESáDWQLNRZLGHNODUDFMLOXER ZLDGF]HQLD SRGSLV

3RGVWDZDSUDZQD 8VWDZD]GQLDVW\F]QLDURNXRSRGDWNDFKLRSáDWDFKORNDOQ\FKWHNVWMHGQROLW\']81U SR]]Sy Q]P]ZDQDGDOHMÄXVWDZ 6NáDGDM F\ )RUPXODU]SU]H]QDF]RQ\MHVWGODRVyEIL]\F]Q\FK 7HUPLQVNáDGDQLD GQL RG GQLD Z\VW SLHQLD RNROLF]QR FL X]DVDGQLDM F\FK SRZVWDQLH DOER Z\JD QL FLH RERZL ]NX SRGDWNRZHJROXE]DLVWQLHQLD]PLDQPDM F\FKZSá\ZQDZ\VRNR ürsrgdwnrzdqld 0LHMVFHVNáDGDQLD 2UJDQSRGDWNRZ\VLHG]LEDRUJDQXSRGDWNRZHJR±VLHG]LEDXU] GXPLDVWDZáD FLZ\]H Z]JO GXQD PLHMVFHSRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLD 2EMD QLHQLDGRF]9 *UXQW\ D QDOH \SRGDüSRZLHU]FKQL ZPHWUDFKNZDGUDWRZ\FK E JUXQW\ SR]RVWDáH WR JUXQW\ QLH]ZL ]DQH ] G]LDáDOQR FL JRVSRGDUF] QLHVNODV\ILNRZDQH Z HZLGHQFMLJUXQWyZMDNRX \WNLUROQHOXEJUXQW\]DGU]HZLRQHL]DNU]HZLRQHQDX \WNDFKUROQ\FKOXE ODV\LQLHSRGOHJDM FH]ZROQLHQLXRGSRGDWNXQDPRF\XVWDZ\ %XG\QNL D EXG\QHN WR RELHNW EXGRZODQ\ Z UR]XPLHQLX SU]HSLVyZ SUDZD EXGRZODQHJR NWyU\ MHVW WUZDOH ]ZL ]DQ\ ]JUXQWHPZ\G]LHORQ\]SU]HVWU]HQL]DSRPRF SU]HJUyGEXGRZODQ\FKRUD]SRVLDGD IXQGDPHQW\LGDFK E QDOH \SRGDüSRZLHU]FKQL X \WNRZ EXG\QNXOXEMHJRF] FLPLHU]RQ SRZHZQ WU]QHMGáXJR FL FLDQQDZV]\VWNLFKNRQG\JQDFMDFK]Z\M WNLHPNODWHNVFKRGRZ\FKRUD]V]\EyZG ZLJRZ\FK]D NRQG\JQDFM XZD D VL UyZQLH JDUD H SRG]LHPQH SLZQLFH VXWHUHQ\ L SRGGDV]D X \WNRZH SRZLHU]FKQL SRPLHV]F]H OXELFKF] FLRUD]F] ünrqg\jqdfmlrz\vrnr FLZ ZLHWOHRG P GR P ]DOLF]D VL GR SRZLHU]FKQL X \WNRZHM EXG\QNX Z È D MH HOL Z\VRNR ü MHVW PQLHMV]DQL PSRZLHU]FKQL W SRPLMDVL F EXG\QNL SR]RVWDáH WR EXG\QNL QLH]ZL ]DQH ] G]LDáDOQR FL JRVSRGDUF] QLHE G FH EXG\QNDPL PLHV]NDOQ\PL L QLHSRGOHJDM FH ]ZROQLHQLX RG SRGDWNX QD PRF\ XVWDZ\ D WDN H QLH E G FH JDUD DPLLLEXG\QNDPLJRVSRGDUF]\PLDQLWH VWDMQLDPLLVWRGRáDPLRNWyU\FKPRZDZ SNW OLWDLEXFKZDá\ G Z\PLHQLRQHZ\ HMVWDMQLHLVWRGRá\REHMPXM VWDMQLHLVWRGRá\NWyUHV ]ZL ]DQH]SURGXNFM UROQ DOH QLH V SRáR RQH QD JUXQWDFK JRVSRGDUVWZ UROQ\FK W]Q ZáD FLFLHO OXE SRVLDGDF] WDNLFK EXG\QNyZQLHMHVWZáD FLFLHOHPOXESRVLDGDF]HPJRVSRGDUVWZDUROQHJR %XGRZOH D EXGRZODWRRELHNWEXGRZODQ\ZUR]XPLHQLXSU]HSLVyZSUDZDEXGRZODQHJRQLHE G F\EXG\QNLHP OXE RELHNWHPPDáHM DUFKLWHNWXU\D WDN H XU] G]HQLH EXGRZODQH Z UR]XPLHQLX SU]HSLVyZ SUDZD EXGRZODQHJR]ZL ]DQH]RELHNWHPEXGRZODQ\PNWyUH]DSHZQLDPR OLZR üx \WNRZDQLDRELHNWX ]JRGQLH]MHJRSU]H]QDF]HQLHP E QDOH \ SRGDü ZDUWR ü EXGRZOL OXE LFK F] FL ]ZL ]DQ\FK ] SURZDG]HQLHP G]LDáDOQR FL JRVSRGDUF]HMW]QZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fkxvwdorqdqd G]LH VW\F]QLD URNX SRGDWNRZHJR VWDQRZL FD SRGVWDZ REOLF]DQLD DPRUW\]DFML Z W\P URNX QLHSRPQLHMV]RQDRRGSLV\DPRUW\]DF\MQHDZSU]\SDGNXEXGRZOLFDáNRZLFLH]DPRUW\]RZDQ\FK LFKZDUWR ü]gqldvw\f]qldurnxznwyu\pgrnrqdqrrvwdwqlhjrrgslvxdpruw\]df\mqhjr F MH HOL EXGRZOD MHVW SU]HGPLRWHP XPRZ\ OHDVLQJX L RGSLVyZ DPRUW\]DF\MQ\FK GRNRQXMH NRU]\VWDM F\ Z SU]\SDGNX SU]HM FLD MHM SU]H] ZáD FLFLHOD GR FHOyZ RNUH OHQLD SRGVWDZ\ RSRGDWNRZDQLD SU]\MPXMH VL ZDUWR ü SRF] WNRZ SU]HG ]DZDUFLHP SLHUZV]HM XPRZ\ OHDVLQJX ]DNWXDOL]RZDQ L SRZL NV]RQ R GRNRQDQH XOHSV]HQLD RUD] QLHSRPQLHMV]RQ R VSáDW ZDUWR FL SRF] WNRZHM G MH HOL RG EXGRZOL OXE LFK F] FL QLH GRNRQXMH VL RGSLVyZ DPRUW\]DF\MQ\FK ± SRGVWDZ RSRGDWNRZDQLDVWDQRZLLFKZDUWR üu\qnrzdrnuh ORQDSU]H]SRGDWQLND *UXQW\EXG\QNLLEXGRZOH]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMWRJUXQW\EXG\QNL L EXGRZOH E G FH Z SRVLDGDQLX SU]HGVL ELRUF\ OXE LQQHJR SRGPLRWX SURZDG] FHJR G]LDáDOQR ü JRVSRGDUF] ] Z\M WNLHP EXG\QNyZ PLHV]NDOQ\FK RUD] JUXQWyZ ]ZL ]DQ\FK ] W\PL EXG\QNDPL FK\ED HSU]HGPLRWRSRGDWNRZDQLDQLHMHVWLQLHPR HE\üZ\NRU]\VW\ZDQ\GRSURZDG]HQLDWHM G]LDáDOQR FL]HZ]JO GyZWHFKQLF]Q\FK 2EMD QLHQLDGRF] FL9D =JRGQLH]DUWXVWXVWDZ\RERZL ]HNVNáDGDQLDLQIRUPDFMLRQLHUXFKRPR FLDFKLRELHNWDFK EXGRZODQ\FKGRW\F]\UyZQLH SRGDWQLNyZNRU]\VWDM F\FK]H]ZROQLH QDPRF\XVWDZ\ D JUXQW\QDOH \SRGDüSRZLHU]FKQL ]ZROQLRQ RGSRGDWNXZPHWUDFKNZDGUDWRZ\FK E EXG\QNLQDOH \SRGDüSRZLHU]FKQL X \WNRZ ]ZROQLRQ RGSRGDWNXZPHWUDFKNZDGUDWRZ\FK F EXGRZOHQDOH \SRGDüZDUWR üexgrzol]zroqlrq\fkrgsrgdwnx G Z RGQLHVLHQLX GR ZV]\VWNLFK URG]DMyZ SU]HGPLRWyZ RSRGDWNRZDQLD QDOH \ RNUH OLü SRGVWDZ ]ZROQLHQLD]ZROQLHQLDRGSRGDWNXRGQLHUXFKRPR FLV ]DZDUWHZDUWXVWLXVWDZ\

S RGD W N X '(./$5$&-$1$32'$7(.2'1,(58&+202 &,1$52. VNáDGDQDSU]H]RVRE\SUDZQHMHGQRVWNLRUJDQL]DF\MQHRUD]VSyáNLQLHPDM FHRVRERZR FLSUDZQHM,0LHMVFH]áR HQLDGHNODUDFML 1D]ZDLDGUHVRUJDQXSRGDWNRZHJR %850,675=*0,1<' %52:$7$512:6.$5<1(.' %52:$7$512:6.$,,2NROLF]QR FLSRZRGXM FH]áR HQLHGHNODUDFML 3RZVWDQLHRERZL ]NXSRGDWNRZHJR,,,'DQHGRW\F] FHSRGDWQLND Z\JD QL FLHRERZL ]NXSRGDWNRZHJR ]GDU]HQLHPDM FHZSá\ZQDZ\VRNR ü RSRGDWNRZDQLDDUWXVWXVWDZ\ 3HáQDQD]ZD $GUHVVLHG]LE\ 1XPHU1,3 1XPHU5(*21 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'DQH ZVSyáZáD FLFLHOL ZVSyáSRVLDGDF]\ ± RVRE\ SUDZQHM MHGQRVWNL RUJDQL]DF\MQHM RUD] VSyáNL QLHSRVLDGDM FHM RVRERZR FL SUDZQHM D SHáQDQD]ZDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB DGUHVVLHG]LE\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU5(*21BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB E SHáQDQD]ZDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB DGUHVVLHG]LE\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHUZ5(*21BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'DQHZVSyáZáD FLFLHODZVSyáSRVLDGDF]D±RVRE\IL]\F]QHM G QD]ZLVNRLLPL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB DGUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU3(6(/BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB G QD]ZLVNRLLPL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB DGUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU1,3BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1XPHU3(6(/BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,9'DQHGRW\F] FHSU]HGPLRWXRSRGDWNRZDQLD 0LHMVFHSRáR HQLDQLHUXFKRPR FLRELHNWXEXGRZODQHJR 'DWDQDE\FLDREM FLDZSRVLDGDQLH ']LH BBBBBBBBPLHVL FBBBBBBBBURNBBBBBBBBBBBBBBBB 1XPHU\.:/ZK 'DWDUR]SRF] FLDX \WNRZDQLDRELHNW\QRZRZ\EXGRZDQH G]LH BBBBBBBBPLHVL FBBBBBBBBURNBBBBBBBBBBBBBBBB 1XPHU\G]LDáHN UyGáRSRZVWDQLDRERZL ]NXSRGDWNRZHJRDUWXVWLXVWDZ\ D ZáD FLFLHO ZVSyáZáD FLFLHO E SRVLDGDF] VDPRLVWQ\ FX \WNRZQLN ZLHF]\VW\ G SRVLDGDF] QLHUXFKRPR FL OXE LFK F] FL DOER RELHNWyZEXGRZODQ\FKOXELFKF] FLVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR]]D]QDF]HQLHP F]\SRVLDGDQLHZ\QLND]XPRZ\F]\MHVWEH]W\WXáXSUDZQHJRHDUWXVWXVWDZ\ 9:\V]F]HJyOQLHQLHQLHUXFKRPR FLLRELHNWyZEXGRZODQ\FK /S 5RG] DM SRGVWDZ \ RSRGDWN RZ DQL D 3RZ LHU ]FK QL D 6WDZ N D.Z RWD, *UXQW\ =ZL ]DQH ] G]LDáDOQR FL JRVSRGDUF] EH] Z]JO GX QD VSRVyE LFK]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWyZLEXG\QNyZ 3RGMH]LRUDPL]DM WHQD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FK 3R]RVWDáH Z W\P ]DM WH QD SURZDG]HQLH RGSáDWQHM VWDWXWRZHM G]LDáDOQR FL SR \WNX SXEOLF]QHJR SU]H] RUJDQL]DFMH SR \WNX SXEOLF]QHJR BBBBBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBBBBP ]á ]á ]á BBBBBBBB]á BBBBBBBB]á BBBBBBBB]á

5RG]DMSRZLHU]FKQL,,, %XG\QNLOXELFKF] FL :\VSRZ :\V P P±P %XG\QNLPLHV]NDOQHOXELFKF] FL BBBBBBBBP BBBBBBBBP DEXG\QNLOXELFKF] FL]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FL JRVSRGDUF]HM RUD] EXG\QNL PLHV]NDOQH OXE LFK F] FL ]DM WH QD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM BBBBBBBBP BBBBBBBBP EEXG\QNLOXELFKF] FL]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FL SURGXNF\MQHM RUD] EXG\QNL PLHV]NDOQH OXE LFK F] FL ]DM WH QD SURZDG]HQLHG]LDáDOQR FLSURGXNF\MQHM BBBBBBBBP BBBBBBBBP FEXG\QNL OXELFK F] FL]ZL ]DQHRUD]EXG\QNLPLHV]NDOQHOXE LFK F] FL ]DM WH QD SURZDG]HQLH G]LDáDOQR FL XVáXJRZHM Z ]DNUHVLH NUDZLHFWZD PDJODUVWZD V]HZVWZD V]NODUVWZD ]HJDUPLVWU]RVWZDQDSUDZ\VSU] WX579L$*' BBBBBBBBP BBBBBBBBP G EXG\QNL OXE LFK F] FL ]ZL ]DQH ] SURZDG]HQLHP SR]RVWDáHM G]LDáDOQR FL XVáXJRZHM RUD] EXG\QNL PLHV]NDOQH OXE LFK F] FL ]DM WHQDSURZDG]HQLHSR]RVWDáHMG]LDáDOQR FLXVáXJRZHM BBBBBBBBP BBBBBBBBP %XG\QNL OXE LFK F] FL ]DM WH QD SURZDG]HQLH G]LDáDOQR FL JRVSRGDUF]HM Z ]DNUHVLH REURWX NZDOLILNRZDQ\P PDWHULDáHP VLHZQ\P BBBBBBBBP BBBBBBBBP %XG\QNL OXE LFK F] FL ]DM WH QD SURZDG]HQLH G]LDáDOQR FL JRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FK DSR]RVWDáHEXG\QNLOXELFKF] FLZW\P]DM WHQDSURZDG]HQLH RGSáDWQHM VWDWXWRZHM G]LDáDOQR FL SR \WNX SXEOLF]QHJR SU]H] RUJDQL]DFMHSR \WNXSXEOLF]QHJR E JDUD H L EXG\QNL JRVSRGDUF]H QLH]ZL ]DQH ] SURZDG]HQLHP G]LDáDOQR FLJRVSRGDUF]HM FVWDMQLHLVWRGRá\]ZL ]DQH ] SURGXNFM UROQ SRáR RQH QD JUXQWDFKNWyUH QLH VWDQRZL JRVSRGDUVWZ UROQ\FK Z UR]XPLHQLX SU]HSLVyZXVWDZ\RSRGDWNXUROQ\P,,, %XGRZOHOXELFKF] FL %XGRZOH OXE LFK F] FL ]ZL ]DQH ] SURZDG]HQLHP G]LDáDOQR FL JRVSRGDUF]HM BBBBBBBBP BBBBBBBBP BBBBBBBBP BBBBBBBBP BBBBBBBBP BBBBBBBBP BBBBBBBBP BBBBBBBBP :DUWR üexgrzolrnuh ORQD ]JRGQLH]DUWXVWDZ\ BBBBBBBBBBBBBBBBBB]á 6WDZND.ZRWDSRGDWNX ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á ]á BBBBBBBB]á.ZRWDSRGDWNX BBBBBBBBBBBBBBBBBB]á 5$=(032'$7(.=$URNBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB]á 9D1LHUXFKRPR FLLRELHNW\EXGRZODQHSRGOHJDM FH]ZROQLHQLXQDPRF\SU]HSLVyZXVWDZ\, *UXQW\ 3RZLHU]FKQLD *UXQW\]ZROQLRQHQDSRGVWDZLHDUWXVWDZ\ BBBBBBBBBBBBBBBP 'RNáDGQHRNUH OHQLHSRGVWDZ\]ZROQLHQLD $UWXVWBBBBBBSNWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,, %XG\QNLOXELFKF] FL 3RZLHU]FKQLD 2Z\VRNR FLSRZ\ HM P 2Z\VRNR FLP± P %XG\QNLOXELFKF] FL]ZROQLRQHQDSRGVWDZLHDUWXVWDZ\ BBBBBBBBBBBBBBBP BBBBBBBBBBBBBBBP 'RNáDGQHRNUH OHQLHSRGVWDZ\]ZROQLHQLD $UWXVWBBBBBBSNWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB,, %XGRZOHOXELFKF] FL :DUWR ü %XGRZOHOXELFKF] FL]ZROQLRQHQDSRGVWDZLHDUWXVWDZ\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB]á 'RNáDGQHRNUH OHQLHSRGVWDZ\]ZROQLHQLD $UWXVWBBBBBBSNWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBOLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3RGVWDZDSUDZQD 6NáDGDM F\ 8VWDZD]GQLDVW\F]QLDURNXRSRGDWNDFKLRSáDWDFKORNDOQ\FKWHNVWMHGQROLW\']81U SR]]Sy Q]P]ZDQDGDOHMÄXVWDZ )RUPXODU]SU]H]QDF]RQ\MHVWGODRVyESUDZQ\FKMHGQRVWHNRUD]VSyáHNQLHSRVLDGDM F\FKRVRERZR FL SUDZQHM FR GRW\F]\ WDN H MHGQRVWHN RUJDQL]DF\MQ\FK $JHQFML :ádvqr FL 5ROQHM 6NDUEX 3D VWZD D WDN HMHGQRVWHNRUJDQL]DF\MQ\FK3D VWZRZHJR*RVSRGDUVWZD/H QHJR/DV\3D VWZRZHRERZL ]HN VNáDGDQLD GHNODUDFML GRW\F]\ WDN H V\WXDFML JG\ QLHUXFKRPR ü OXE RELHNW EXGRZODQ\ MHVW ZH ZVSyáZáDVQR FL OXE ]QDMGXMH VL Z SRVLDGDQLX RVyE IL]\F]Q\FK RUD] RVyE SUDZQ\FK MHGQRVWHN RUD] VSyáHNQLHSRVLDGDM F\FKRVRERZR FLSUDZQHM 7HUPLQVNáDGDQLD 'HNODUDFM QD GDQ\ URN SRGDWNRZ\ QDOH \ ]ár \ü GR GQLD VW\F]QLD GDQHJR URNX D MH HOL RERZL ]HNSRGDWNRZ\SRZVWDáSRW\PGQLXZWHUPLQLHGQLRGGQLD]DLVWQLHQLDRNROLF]QR FL X]DVDGQLDM F\FKSRZVWDQLHWHJRRERZL ]NX 0LHMVFHVNáDGDQLD 'HNODUDFM QDOH \RGSRZLHGQLRVNRU\JRZDüZWHUPLQLHGQLRGGQLD]DLVWQLHQLD]PLDQPDM F\FK ZSá\ZQDZ\VRNR ürsrgdwnrzdqld 2UJDQSRGDWNRZ\VLHG]LEDRUJDQXSRGDWNRZHJR±VLHG]LEDXU] GXPLDVWDZáD FLZ\]HZ]JO GXQD PLHMVFHSRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLD 2EMD QLHQLDGRF]9 *UXQW\ D QDOH \SRGDüSRZLHU]FKQL ZPHWUDFKNZDGUDWRZ\FK E D JUXQW\ SR]RVWDáH WR JUXQW\ QLH]ZL ]DQH ] G]LDáDOQR FL JRVSRGDUF] QLHVNODV\ILNRZDQH Z HZLGHQFMLJUXQWyZMDNRX \WNLUROQHOXEJUXQW\]DGU]HZLRQHL]DNU]HZLRQHQDX \WNDFKUROQ\FKOXE ODV\LQLHSRGOHJDM FH]ZROQLHQLXRGSRGDWNXQDPRF\XVWDZ\ %XG\QNL EXG\QHN WR RELHNW EXGRZODQ\ Z UR]XPLHQLX SU]HSLVyZ SUDZD EXGRZODQHJR NWyU\ MHVW WUZDOH ]ZL ]DQ\]JUXQWHPZ\G]LHORQ\]SU]HVWU]HQL]DSRPRF SU]HJUyGEXGRZODQ\FKRUD]SRVLDGD IXQGDPHQW\LGDFK E QDOH \SRGDüSRZLHU]FKQL X \WNRZ EXG\QNXOXEMHJRF] FLPLHU]RQ SRZHZQ WU]QHMGáXJR FL FLDQQDZV]\VWNLFKNRQG\JQDFMDFK]Z\M WNLHPNODWHNVFKRGRZ\FKRUD]V]\EyZG ZLJRZ\FK]D NRQG\JQDFM XZD D VL UyZQLH JDUD H SRG]LHPQH SLZQLFH VXWHUHQ\ L SRGGDV]D X \WNRZH SRZLHU]FKQL SRPLHV]F]H OXELFKF] FLRUD]F] ünrqg\jqdfmlrz\vrnr FLZ ZLHWOHRG P GR P ]DOLF]D VL GR SRZLHU]FKQL X \WNRZHM EXG\QNX Z È D MH HOL Z\VRNR ü MHVW PQLHMV]DQL PSRZLHU]FKQL W SRPLMDVL F G D EXG\QNL SR]RVWDáH WR EXG\QNL QLH]ZL ]DQH ] G]LDáDOQR FL JRVSRGDUF] QLHE G FH EXG\QNDPL PLHV]NDOQ\PL L QLHSRGOHJDM FH ]ZROQLHQLX RG SRGDWNX QD PRF\ XVWDZ\ D WDN H QLH E G FH JDUD DPLLLEXG\QNDPLJRVSRGDUF]\PLDQLWH VWDMQLDPLLVWRGRáDPLRNWyU\FKPRZDZ SNW OLWDLEXFKZDá\ Z\PLHQLRQHZ\ HMVWDMQLHLVWRGRá\REHMPXM VWDMQLHLVWRGRá\NWyUHV ]ZL ]DQH]SURGXNFM UROQ DOH QLH V SRáR RQH QD JUXQWDFK JRVSRGDUVWZ UROQ\FK W]Q ZáD FLFLHO OXE SRVLDGDF] WDNLFK EXG\QNyZQLHMHVWZáD FLFLHOHPOXESRVLDGDF]HPJRVSRGDUVWZDUROQHJR %XGRZOH EXGRZODWRRELHNWEXGRZODQ\ZUR]XPLHQLXSU]HSLVyZSUDZDEXGRZODQHJRQLHE G F\EXG\QNLHP OXE RELHNWHPPDáHM DUFKLWHNWXU\D WDN H XU] G]HQLH EXGRZODQH Z UR]XPLHQLX SU]HSLVyZ SUDZD EXGRZODQHJR]ZL ]DQH]RELHNWHPEXGRZODQ\PNWyUH]DSHZQLDPR OLZR üx \WNRZDQLDRELHNWX ]JRGQLH]MHJRSU]H]QDF]HQLHP E QDOH \ SRGDü ZDUWR ü EXGRZOL OXE LFK F] FL ]ZL ]DQ\FK ] SURZDG]HQLHP G]LDáDOQR FL JRVSRGDUF]HMW]QZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fkxvwdorqdqd G]LH VW\F]QLD URNX SRGDWNRZHJR VWDQRZL FD SRGVWDZ REOLF]DQLD DPRUW\]DFML Z W\P URNX QLHSRPQLHMV]RQDRRGSLV\DPRUW\]DF\MQHDZSU]\SDGNXEXGRZOLFDáNRZLFLH]DPRUW\]RZDQ\FK LFKZDUWR ü]gqldvw\f]qldurnxznwyu\pgrnrqdqrrvwdwqlhjrrgslvxdpruw\]df\mqhjr F MH HOL EXGRZOD MHVW SU]HGPLRWHP XPRZ\ OHDVLQJX L RGSLVyZ DPRUW\]DF\MQ\FK GRNRQXMH NRU]\VWDM F\ Z SU]\SDGNX SU]HM FLD MHM SU]H] ZáD FLFLHOD GR FHOyZ RNUH OHQLD SRGVWDZ\ RSRGDWNRZDQLD SU]\MPXMH VL ZDUWR ü SRF] WNRZ SU]HG ]DZDUFLHP SLHUZV]HM XPRZ\ OHDVLQJX ]DNWXDOL]RZDQ LSRZL NV]RQ R GRNRQDQH XOHSV]HQLD RUD] QLHSRPQLHMV]RQ R VSáDW ZDUWR FL SRF] WNRZHM G MH HOL RG EXGRZOL OXE LFK F] FL QLH GRNRQXMH VL RGSLVyZ DPRUW\]DF\MQ\FK ± SRGVWDZ RSRGDWNRZDQLDVWDQRZLLFKZDUWR üu\qnrzdrnuh ORQDSU]H]SRGDWQLND *UXQW\EXG\QNLLEXGRZOH]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMWRJUXQW\EXG\QNL L EXGRZOH E G FH Z SRVLDGDQLX SU]HGVL ELRUF\ OXE LQQHJR SRGPLRWX SURZDG] FHJR G]LDáDOQR ü JRVSRGDUF] ] Z\M WNLHP EXG\QNyZ PLHV]NDOQ\FK RUD] JUXQWyZ ]ZL ]DQ\FK ] W\PL EXG\QNDPL FK\ED HSU]HGPLRWRSRGDWNRZDQLDQLHMHVWLQLHPR HE\üZ\NRU]\VW\ZDQ\GRSURZDG]HQLDWHM G]LDáDOQR FL]HZ]JO GyZWHFKQLF]Q\FK 2EMD QLHQLDGRF] FL9D =JRGQLH ] DUW XVW XVWDZ\ RERZL ]HN VNáDGDQLD GHNODUDFML QD SRGDWHN RG QLHUXFKRPR FL D E F G GRW\F]\UyZQLH SRGDWQLNyZNRU]\VWDM F\FK]H]ZROQLH QDPRF\XVWDZ\ JUXQW\QDOH \SRGDüSRZLHU]FKQL ]ZROQLRQ RGSRGDWNXZPHWUDFKNZDGUDWRZ\FK EXG\QNLQDOH \SRGDüSRZLHU]FKQL X \WNRZ ]ZROQLRQ RGSRGDWNXZPHWUDFKNZDGUDWRZ\FK EXGRZOHQDOH \SRGDüZDUWR üexgrzol]zroqlrq\fkrgsrgdwnx Z RGQLHVLHQLX GR ZV]\VWNLFK URG]DMyZ SU]HGPLRWyZ RSRGDWNRZDQLD QDOH \ RNUH OLü SRGVWDZ ]ZROQLHQLD±]ZROQLHQLDRGSRGDWNXRGQLHUXFKRPR FLV ]DZDUWHZDUWXVWLXVWDZ\

ZL ]DQ \ F K]SUR ZDG]HQLH P G]LDáDOQR FLJRVSRGDUF]HM EH] Z]JO G XQD VSRVyE]DN ZD OLIL NR Z DQ LD ZH Z LGHQFML JUX QWy Z LEXG \ Q Ny Z P KD V]ND OQ \ F KRJyáH P P P 1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRLQIRUPDFM 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\ $GUHV 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 ] 5RN PLH

ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP 'RSRZLHU]FKQLX \WNRZHMEXG\QNXOXEMHJRF] P P 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 ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM ]DM RUD]RGF] FLEXG\QNyZPLHV]NDOQ\FK]DM W\FKQD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ P P P ]DM ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P RJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLH ZLDGF]HQLDXVáXJP HG\F]Q\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP SR]RVWDá\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fk P P P P P P P P P SRGDüSRZLHU]FKQL E G ZDUWR üexgrzolsu]hgplrwyz]zroqlrq\fkrud]su]hslvsudzd±]mdnlhjrw\wxáxz\vw SXMH]ZROQLHQLH 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 FHJRGHNODUDFM 3RGVWDZDSUDZQD8VWDZD]GQLDVW\F]QLDURSRGDWNDFKLRSáDWDFKORNDOQ\FK7HNVWMHGQ']8]U1USR] ]H]P 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHME G F\FK ZáD FLFLHODPLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKSRVLDGDF]DPLVDPRLVWQ\PLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FK X \WNRZQLNDPLZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLQLHUXFKRPR FLOXELFKF] FLDOERRELHNWyZEXGRZODQ\FKOXELFKF] FL 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] VSyáNDPLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHM]Z\M WNLHPRVyEWZRU] F\FKZVSyOQRW PLHV]NDQLRZ 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 HQLDSU]HGPLRWyZRSRGDWNRZDQLD :ymw*plq\ $GUHV QLHSRWU]HEQHVNUH OLü GRW\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 5RN.RGSRF]WRZ\ 3RZLDW 1XPHUGRPX1XPHUORNDOX 3RF]WD 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qghnodudfmdurf]qdqnruhnwdghnodudfmlurf]qhm :\V]F]HJyOQLHQLH 3RGVWDZD RSRGDWNRZDQLD 6WDZNDSRGDWNX Z\QLNDM FD] 8FKZDá\5DG\ *PLQ\ RJáRV]RQDZ'] 8U] GRZ\P :RMHZyG]WZD ZURNX SRSU]HG]DM F\P GDQ\URN SRGDWNRZ\ Z]áJU.ZRWDSRGDWNX Z]áJU QDOH \ ]DRNU JOLüGR SHáQ\FK G]LHVL WHN JURV]\

]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM EH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWyZLEXG\QNyZ P KD P PLHV]NDOQ\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP P P 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 ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM ]DM RUD]RGF] FLEXG\QNyZPLHV]NDOQ\FK]DM W\FKQD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ P P P ]DM ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P RJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLH ZLDGF]HQLDXVáXJPHG\F]Q\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP SR]RVWDá\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fk.zrwdsrgdwnx P P P P P P 6XPDNZRW]NRO'QDOH \]DRNU JOLüGRSHáQ\FKG]LHVL WHNJURV]\ P P P SRGDüSRZLHU]FKQL E G ZDUWR üexgrzolsu]hgplrwyz]zroqlrq\fkrud]su]hslvsudzd]mdnlhjrw\wxáxz\vw SXMH]ZROQLHQLH

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\ $GUHV 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] HZLGHQFMLJUXQWyZL EXG\QNyZ *UXQW\RUQH,,,,,,D,,,E,9D,9E 9 5RN

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,]

SRGDüURG]DMNODV LSRZLHU]FKQL JUXQWyZ]ZROQLRQ\FKRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH 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 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\ $GUHV QLHSRWU]HEQHVNUH OLü GRW\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 5RN 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 :\PLDU SRGDWNX UROQHJRZ ]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 LSVWU JLHP E]DU\ELRQH LQQ\PL JDWXQNDPLU\E QL ZSR]D FJUXQW\SRG VWDZDPL QLH]DU\ELRQ\PL

*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.ZRWDSRGDWNX 5y QLFDNZRW]'±)QDOH \]DRNU JOLüGRSHáQ\FKG]LHVL WHNJURV]\ 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 5RN 3RGVWDZDSUDZQD8VWDZD]GQLDSD G]LHUQLNDURSRGDWNXOH Q\P']81USR] 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyEIL]\F]Q\FKE G F\FKZáD FLFLHODPLODVyZSRVLDGDF]DPLVDPRLVWQ\PLODVyZX \WNRZQLNDPL ZLHF]\VW\PLODVyZSRVLDGDF]DPLODVyZVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR 7HUPLQVNáDGDQLD:WHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJR OXE]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\ZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDODVX :ymw*plq\ $GUHV %'$1(,'(17<),.$&<-1( 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]ZLVNRSLHUZV]HLPL GDWDXURG]HQLD,PL RMFDLPL PDWNL 1XPHU3(6(/ %$'5(6=$0,(6=.$1,$.UDM *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RF]WD 3RZLDW 1UGRPX1UORNDOX 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN q,qirupdfmdvnádgdqdsrud]slhuzv]\qdgdq\urnqnruhnwd]ár RQHMXSU]HGQLRLQIRUPDFML '=:<- 7.,(0=:2/1,21<&+ :\V]F]HJyOQLHQLH /DV\ZFKRG] FHZVNáDGUH]HUZDWyZ SU]\URG\LSDUNyZQDURGRZ\FK /DV\SR]RVWDáHQLHZ\PLHQLRQH ZZL 3RZLHU]FKQLDZKHNWDUDFKIL]\F]Q\FK

SRGDüSRZLHU]FKQL ODVX]ZROQLRQHJRRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH 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 FHJRGHNODUDFM 5RN 3RGVWDZDSUDZQD8VWDZD]GQLDSD G]LHUQLNDURSRGDWNXOH Q\P']81USR] 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHME G F\FK ZáD FLFLHODPLODVyZSRVLDGDF]DPLVDPRLVWQ\PLODVyZX \WNRZQLNDPLZLHF]\VW\PLODVyZSRVLDGDF]DPLODVyZVWDQRZL F\FK ZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJRRUD]GODRVyEIL]\F]Q\FKE G F\FKZVSyáZáD FLFLHODPLOXE ZVSyáSRVLDGDF]DPL]RVREDPLSUDZQ\PLE G ]LQQ\PLMHGQRVWNDPLRUJDQL]DF\MQ\PLQLHSRVLDGDM 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 HQLDODVX :ymw*plq\ $GUHV 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 *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RF]WD 3RZLDW 1UGRPX1UORNDOX 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qghnodudfmdurf]qdqnruhnwdghnodudfmlurf]qhm '=:<- 7.,(0=:2/1,21<&+ :\V]F]HJyOQLHQLH 3RZLHU]FKQLDZ KHNWDUDFK IL]\F]Q\FK 6WDZND SRGDWNX P GUHZQD;FHQD GUHZQD Z]áJU 3RGDWHNZ]áJU QDOH \]DRNU JOLüGR SHáQ\FKG]LHVL WHN JURV]\ UXEU[UXEU

/DV\ZFKRG] FHZVNáDGUH]HUZDWyZ SU]\URG\LSDUNyZQDURGRZ\FK /DV\SR]RVWDáHQLHZ\PLHQLRQH ZZL SRGDüSRZLHU]FKQL ]ZROQLRQHJRODVXRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 1D]ZLVNR 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHM VNáDGDM FHJR 1DSRGVWDZLHDUWDXVWDZ\]GQLDOLSFDRSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']8WHNVWMHGQROLW\SR]1LQLHMV]D GHNODUDFMDVWDQRZLSRGVWDZ GRZ\VWDZLHQLDW\WXáXZ\NRQDZF]HJREH]NRQLHF]QR FLZ\GDZDQLDGHF\]MLRNUH ODM FHMZ\VRNR ü]dohjár FLSRGDWNRZHM 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

8U] G0LHMVNL SLHF] üqdjáyznrzdsrgdwqlnd1,35(*21 Z/LEL X '(./$5$&-$1$32'$7(.2'1,(58&+202 &, QDURN 32'67$:$ 67$:.$.:27$ /3 :<6=&=(*Ï/1,(1,( 232'$7.2:$1,$ 32'$7.8 32'$7.8 %XG\QNLPLHV]NDOQH OXELFKF] FL %XG\QNLOXELFKF] FL]ZL ]DQH] SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMRUD] EXG\QNLPLHV]NDOQHOXELFKF] FL]DM WHQD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM %XG\QNLOXELFKF] FL]DM WHQDSURZDG]HQLH G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P %XG\QNLOXELFKF] FL]DM WHQDSURZDG]HQLH G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FK 3R]RVWDáHEXG\QNLOXELFKF] FLZW\P]DM WH QDSURZDG]HQLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FL SR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNX SXEOLF]QHJR %XGRZOHOXELFKF] FL]ZL ]DQH]SURZDG]HQLHP G]LDáDOQR FLJRVSRGDUF]HM *UXQW\]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FL JRVSRGDUF]HMEH]Z]JO GXQDVSRVyE ]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWyZLEXG\QNyZ *UXQW\SRGMH]LRUDPL]DM WHQD]ELRUQLNLZRGQHOXE HOHNWURZQLZRGQ\FK 3RZLHU]FKQLDX \WNRZDZP SRZLHU]FKQLDX \WNRZDZP SRZLHU]FKQLDX \WNRZDZP 3RZLHU]FKQLDX \WNRZDZP 3RZLHU]FKQLDX \WNRZDZP :DUWR üxvwdorqd]jrgqlh] DUWXVWSNWLXVW XVWDZ\RSRGDWNDFKLRSáDWDFK ORNDOQ\FKZW\V]áRW\FK 3RZLHU]FKQLDJUXQWyZZP 3RZLHU]FKQLDJUXQWyZZKD *UXQW\SR]RVWDáHZW\P]DM WHQDSURZDG]HQLH RGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNX SXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR 3RZLHU]FKQLDJUXQWyZZP 5$=(0 =:2/1,(1,$2'32'$7.8 /3 :<6=&=(*Ï/1,(1,( 32'67$:$ 67$:.$.:27$32'$7.8±, %XGRZOH NROHMRZH VWDQRZL FH FDáR ü WHFKQLF]QR X \WNRZ ZUD]]LQVWDODFMDPLLXU] G]HQLDPLVáX FHGR UXFKX SRMD]GyZ NROHMRZ\FK RUJDQL]DFML L VWHURZDQLD W\P UXFKHP XPR OLZLDM FH GRNRQ\ZDQLH SU]HZR]yZ RVyE OXE U]HF]\ ± Z\NRU]\VW\ZDQH Z\á F]QLH QD SRWU]HE\ SXEOLF]QHJR WUDQVSRUWX NROHMRZHJR D WDN H ]DM WHSRGQLHJUXQW\ 32'$7.8 =:2/1,21$ :DUWR üzw\v]árw\fk

%XGRZOHLQIUDVWUXNWXU\SRUWRZHMEXGRZOHLQIUDVWUXNWXU\ :DUWR üzw\ ]árw\fk ]DSHZQLDM FHM GRVW S GR SRUWyZ L SU]\VWDQL PRUVNLFK RUD]]DM WHSRGQLHJUXQW\ %XG\QNL EXGRZOH L ]DM WH SRG QLH JUXQW\ QD REV]DU]H %XG\QNL±SRZX \WNRZDZP F] FLORWQLF]\FKORWQLVNX \WNXSXEOLF]QHJR %XGRZOH±ZDUWR üzw\ =á *UXQW\±SRZLHU]FKQLDZP %XG\QNLJRVSRGDUF]HOXELFKF] FL D VáX FHG]LDáDOQR FLOH QHMOXEU\EDFNLHM E SRáR RQH QD JUXQWDFK JRVSRGDUVWZ UROQ\FK VáX FHZ\á F]QLHG]LDáDOQR FLUROQLF]HM F ]DM WH QD SURZDG]HQLH G]LDáyZ VSHFMDOQ\FK SURGXNFMLUROQHM 1LHUXFKRPR FL OXE LFK F] FL ]DM WH QD SRWU]HE\ SURZDG]HQLD SU]H] VWRZDU]\V]HQLD VWDWXWRZHM G]LDáDOQR FLZ UyGG]LHFLLPáRG]LH \Z]DNUHVLHR ZLDW\ Z\FKRZDQLDQDXNLLWHFKQLNLNXOWXU\IL]\F]QHMLVSRUWX ] Z\M WNLHP Z\NRU]\VW\ZDQ\FK GR SURZDG]HQLD G]LDáDOQR FL JRVSRGDUF]HM RUD] JUXQW\ ]DM WH WUZDOH QD RER]RZLVNDLED]\Z\SRF]\QNRZHG]LHFLLPáRG]LH \ %XG\QNL±SRZX \WNRZDZP %XG\QNL±SRZX \WNRZDZP %XGRZOH±ZDUWR üzw\ ]á *UXQW\±SRZLHU]FKQLDZP *UXQW\ L EXG\QNL ZSLVDQH LQG\ZLGXDOQLH GR UHMHVWUX %XG\QNL±SRZX \WNRZDZP ]DE\WNyZSRGZDUXQNLHPLFKXWU]\PDQLDLNRQVHUZDFML ]JRGQLH]SU]HSLVDPLRRFKURQLH]DE\WNyZ]Z\M WNLHP F] FL]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM *UXQW\±SRZLHU]FKQLDZP *UXQW\LEXG\QNLZHZáDGDQLXPX]HyZUHMHVWURZDQ\FK %XG\QNL±SRZX \WNRZDZP *UXQW\SRZLHU]FKQLDZP %XG\QNL L EXGRZOH Z SDUNDFK QDURGRZ\FK RUD] %XG\QNL±SRZX \WNRZDZP UH]HUZDWDFK SU]\URG\ VáX FH EH]SR UHGQLR RVL JDQLX FHOyZ ] ]DNUHVX RFKURQ\ SU]\URG\ RUD] JUXQW\ REM WH %XGRZOH±ZDUWR üzw\ ]á RFKURQ FLVá F] FLRZ OXENUDMREUD]RZ *UXQW\SRZLHU]FKQLDZP *UXQW\SRZLHU]FKQLDZP %XGRZOH ZDáyZ RFKURQQ\FK JUXQW\ SRG ZDáDPL RFKURQQ\PL L SRáR RQH Z PL G]\ZDODFK ] Z\M WNLHP ]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMSU]H] LQQH SRGPLRW\ QL VSyáNL ZRGQH LFK ]ZL ]NL RUD] ]ZL ]NLZDáRZH %XGRZOH±ZDUWR üzw\ ]á *UXQW\VWDQRZL FHQLHX \WNLX \WNLHNRORJLF]QHJUXQW\ *UXQW\SRZLHU]FKQLDZP ]DGU]HZLRQH L ]DNU]HZLRQH ] Z\M WNLHP ]DM W\FK QD SURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM *UXQW\ VWDQRZL FH G]LDáNL SU]\]DJURGRZH F]áRQNyZ VSyáG]LHOQL SURGXNF\MQ\FK NWyU]\ VSHáQLDM ZDUXQNL RNUH ORQHZDUWXVWSNWOLWDGXVWDZ\RSRGDWNDFK LRSáDWDFKORNDOQ\FK %XG\QNL SRáR RQH QD WHUHQLH SUDFRZQLF]\FK RJURGyZ G]LDáNRZ\FK QLHSU]HNUDF]DM FH QRUP SRZLHU]FKQL XVWDORQ\FKZSU]HSLVDFK3UDZDEXGRZODQHJRGODDOWDQL RELHNWyZ JRVSRGDUF]\FK ] Z\M WNLHP ]DM W\FK QD G]LDáDOQR üjrvsrgduf] %XG\QNL L EXGRZOH QRZR Z\EXGRZDQH E G ]PRGHUQL]RZDQH RGGDQH GR X \WNRZDQLD Z\NRU]\V W\ZDQHSU]H]JUXS SURGXFHQWyZUROQ\FKQDG]LDáDOQR ü VWDWXWRZ SR X]\VNDQLX ZSLVX GR UHMHVWUX JUXS ± ZRNUHVLHODWRGGQLDX]\VNDQLDZSLVXJUXS\GRUHMHVWUX *UXQW\SRZLHU]FKQLDZP %XG\QNL±SRZX \WNRZDZP %XG\QNL±SRZX \WNRZDZP %XGRZOH±ZDUWR üzw\ ]á 1LHUXFKRPR FL OXE LFK F] FL ]DM WH QD SURZDG]HQLH QLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJR SU]H] RUJDQL]DFMH SR \WNX SXEOLF]QHJR %XG\QNL±SRZX \WNRZDZP

,, 6]NRá\ Z\ V]H Z\ V]H V]NRá\ ]DZRGRZH RUD] Z\ V]H V]NRá\ZRMVNRZH]]DVWU]H HQLHPDUWXVWSNWXVWDZ\ RSRGDWNDFKLRSáDWDFKORNDOQ\FK 6]NRá\ SODFyZNL ]DNáDG\ NV]WDáFHQLD L SODFyZNL GRVNRQDOHQLDQDXF]\FLHOL±SXEOLF]QHLQLHSXEOLF]QHRUD] RUJDQ\ SURZDG] FH WH V]NRá\ SODFyZNL L ]DNáDG\ RGSRZLHGQLR ] W\WXáX ]DU] GX X \WNRZDQLD OXE X \WNRZDQLD ZLHF]\VWHJR QLHUXFKRPR FL V]NROQ\FK ± ]ZROQLHQLH QLH GRW\F]\ SU]HGPLRWyZ RSRGDWNRZDQLD ]DM W\FKQDG]LDáDOQR üjrvsrgduf] LQQ QL G]LDáDOQR ü R ZLDWRZD %XG\QNL±SRZX \WNRZDZP %XGRZOH±ZDUWR üzw\ ]á *UXQW\±SRZLHU]FKQLDZP %XG\QNL±SRZX \WNRZDZP %XGRZOH±ZDUWR üzw\ ]á *UXQW\±SRZLHU]FKQLDZP 3ODFyZNLQDXNRZH3ROVNLHM$NDGHPLL1DXN±]ZROQLHQLH %XG\QNL±SRZX \WNRZDZP QLH GRW\F]\ SU]HGPLRWyZ RSRGDWNRZDQLD ]DM W\FK QD G]LDáDOQR üjrvsrgduf] %XGRZOH±ZDUWR üzw\ ]á *UXQW\±SRZLHU]FKQLDZP %XG\QNLSRZLHU]FKQLDZP 3URZDG] F\ ]DNáDG\ SUDF\ FKURQLRQHM OXE ]DNáDG\ DNW\ZQR FL ]DZRGRZHM Z ]DNUHVLH SU]HGPLRWyZ RSRGDWNRZDQLD ]JáRV]RQ\FK ZRMHZRG]LH MH HOL ]JáRV]HQLH ]RVWDáR SRWZLHUG]RQH GHF\]M Z VSUDZLH SU]\]QDQLDVWDWXVX]DNáDGXSUDF\FKURQLRQHMOXE]DNáDGX DNW\ZQR FL ]DZRGRZHM DOER ]D ZLDGF]HQLHP ± ]DM W\FK QD SURZDG]HQLH WHJR ]DNáDGX ] Z\á F]HQLHP SU]HGPLRWyZ RSRGDWNRZDQLD ]QDMGXM F\FK VL Z SRVLDGDQLX ]DOH Q\P SRGPLRWyZ QLHE G F\FK SURZDG] F\PL ]DNáDG SUDF\ FKURQLRQHM OXE ]DNáDG DNW\ZQR FL]DZRGRZHM %XGRZOH±ZDUWR üzw\ ]á *UXQW\±SRZLHU]FKQLDZP -HGQRVWNL EDGDZF]RUR]ZRMRZH ] Z\M WNLHP %XG\QNL±SRZX \WNRZDZP SU]HGPLRWyZ RSRGDWNRZDQLD ]DM W\FK QD G]LDáDOQR ü JRVSRGDUF] %XGRZOH±ZDUWR üzw\ ]á *UXQW\±SRZLHU]FKQLDZP 3ROVNL=ZL ]HN']LDáNRZFyZ]Z\M WNLHPSU]HGPLRWyZ %XG\QNL±SRZX \WNRZDZP RSRGDWNRZDQLD]DM W\FKQDG]LDáDOQR üjrvsrgduf] *UXQW\±SRZLHU]FKQLDZP,,, *UXQW\ NWyU\PL ]DU] G]D 3D VWZRZH *RVSRGDUVWZR /H QH /DV\ 3D VWZRZH SRáR RQH SRG QDSRZLHWU]Q\PL OLQLDPLHQHUJHW\F]Q\PL]ZROQLHQLHRERZL ]XMHZODWDFK 3RZLHU]FKQLDZP,9 *UXQW\ EXGRZOH EXG\QNL OXE LFK F] FL]ZROQLRQH RG SRGDWNX RG QLHUXFKRPR FL QD SRGVWDZLH XFKZDá\ 5DG\ 0LHMVNLHM %XG\QNL±SRZX \WNRZDZP %XGRZOH±ZDUWR üzw\v]á *UXQW\±SRZLHU]FKQLDZP 5$=(0.:27$=:2/1,21$