SLHUZLDVWHN &G &X 1L 3E =Q LORçÞ>PJNJ@ QRUPDJOHE\ OHNNLH QRUPDJOHE\ FLàëNLH

7\SXë\WNRZQLN 7(6/$$+35 793ROVDW 7936$3U5HJ 7936$3U =$5$7($3Sç 7936$3U.$7+5(,1Sç 3ROVNLH5DGLR:ZD3U 3ROVNLH5DGLR:ZD3U 5DGLR.UDNÍZ 5DGLR3OXV 5DGLR=HW 50) &2(/&28Sç 793OXV 79 &]àvwrwol ZRçÞ >0+]@ $]\PXW SURPLHQLR ZDQLD > @ $QWHQ\VHNWRURZH :\VRNRçÞ çurgnd HOHNWU\F]QHJR >PQSW@ 0RF Z\MçFLRZD QDGDMQLND >:@ GRRNÍOQD 'RRNÍOQD 'RRNÍOQD $QWHQ\OLQLLUDGLRZ\FK 0RF SURPLHQLRZDQLD L]RWURSRZR >:@ 1(&$3$+3 8U]ÜG]HQLD RGELRUF]HrQLH SURPLHQLXMÜ

/S 2VWRMD 5DQJD RVWRL 0RW\ZDFMD Z\]QDF]HQLDRVWRL IDXQD IORUD.UDMREUD] 7\S 1DWXUD.UDLQD :LçOLVNR3U]HZÍ] : ' êzlurzqlh%u]hjl : ' 6WDURU]HF]H*UDELH : ' âünlå1lhg]lhov]f]\]qdå 1 ' 6WXG]LMVND 1 ' 3XUFKDZLFDROEU]\PLD 1 3 6NU]\SZ=DEDZLH / 3 6LHUF]DNDPLHQLHÞ 1 3 6WDZ\6DOLQDUQH : 3.DPLHQLHF6\JQHF]ÍZ 1 3 'ROLQD:LOJL Ä : 3 0LHWQLÍZ3RG%U]HJLHP 1 3.DPLHQLHFSU]\/DVNRZFX 1 3 /DVNRZLFHZ3DZOLNRZLFDFK / 3 :LOJD.RéPLFH0DãH 1 3 0ã\QSRG.RéPLFDPL : 3 'Rã\5DFLERUVNLH 1 3 &]DUQ\/DV Ä / 3 /DV'REUDQRZLFH / 3 /DV:LGPR / 3 /DV:ROQLN / 3 2JÍãHP : 1 / ' 3

PLHMVFRZRçÞ NDQDOL]DFMDGHV]F]RZD NDQDOL]DFMDVDQLWDUQD %\V]\FH Z\ORWVNLHURZDQ\GRSRWRNXd3RG.RSDQLDPLpSUDZREU]HëQHJRGRSã\ZXU]HNL :ROQLF\ Z\ORWVNLHURZDQ\GRSRWRNXd3RG.RSDQLDPLpSUDZREU]HëQHJRGRSã\ZXU]HNL :ROQLF\ &KRUÜJZLFD Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZX1LëRZVNLHJRSRWRNXQDOHëÜFHJRGR ]OHZQLU]HNL5DE\ Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZX1LëRZVNLHJRSRWRNXQDOHëÜFHJRGR ]OHZQLU]HNL5DE\ 'REUDQRZLFH Z\ORWVNLHURZDQ\GRSRWRNX6XãÍZND OHZREU]HëQHJRGRSã\ZX1LëRZVNLHJR SRWRNXQDOHëÜFHJRGR]OHZQLU]HNL5DE\ Z\ORWVNLHURZDQ\GRSRWRNX6XãÍZND OHZREU]HëQHJRGRSã\ZX1LëRZVNLHJRSRWRNX QDOHëÜFHJRGR]OHZQLU]HNL5DE\ *RONRZLFH Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJLGUXJLrGRU]HNL:LOJL *RU]NÍZ Z\ORWVNLHURZDQ\GROHZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GROHZREU]HëQHJRGRSã\ZX 0ã\QÍZNLQDOHëÜFHMGR]OHZQLU]HNL5DE\ *UDEÍZNL Z\ORWVNLHURZDQ\GROHZREU]HëQHJR GRSã\ZXU]HNL6HUDI\ ZãÜF]RQDGRLVWQLHMÜFHMZ:LHOLF]FH *UDMÍZ Z\ORWVNLHURZDQ\GROHZREU]HëQHJR GRSã\ZXSRWRNX.DP\NQDOHëÜFHJRGR ]OHZQLU]HNL5DE\GUXJLZ\ORWGR SUDZREU]HëQHJRGRSã\ZX1LëRZVNLHJR SRWRNXQDOHëÜFHJRGR]OHZQLU]HNL5DE\ Z\ORWVNLHURZDQ\MHVWGRSUDZREU]HëQHJR GRSã\ZX1LëRZVNLHJRSRWRNXQDOHëÜFHJRGR ]OHZQLU]HNL5DE\ -DQNÍZND Z\ORWVNLHURZDQ\GROHZREU]HëQHJR GRSã\ZX0ã\QÍZNLQDOHëÜFHMGR]OHZQLU]HNL 5DE\ Z\ORWVNLHURZDQ\GROHZREU]HëQHJRGRSã\ZX 0ã\QÍZNLQDOHëÜFHMGR]OHZQLU]HNL5DE\ -DQRZLFH Z\ORWVNLHURZDQ\GRU]HNL:LOJLLMHM OHZREU]HëQHJRGRSã\ZX Z\ORWVNLHURZDQ\GRU]HNL:LOJL.RéPLFH0DãH Z\ORWVNLHURZDQ\GRU]HNL:LOJLLMHM SUDZREU]HëQHJRGRSã\ZX Z\ORWVNLHURZDQ\GRU]HNL:LOJL.RéPLFH:LHONLH Z\ORWVNLHURZDQ\GROHZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GROHZREU]HëQHJRGRSã\ZX U]HNL:LOJL /HGQLFD*ÍUQD Z\ORWVNLHURZDQ\GROHZREU]HëQHJR GRSã\ZX0LRGÍZNL]OHZQLD'UZLQL'ãXJLHM Z\ORWVNLHURZDQ\GRSRWRNX0LRGÍZNDL OHZREU]HëQHJRGRSã\ZX=DEDZNL]OHZQLD 'UZLQL'ãXJLHM 0LHWQLÍZ Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL 3DZOLNRZLFH Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL 3RGVWROLFH Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GRU]HNL:LOJL 5DFLERUVNR Z\ORWVNLHURZDQ\GRSRWRNX.DP\NLGR MHJRGRSã\ZX]OHZQLDU]HNL5DE\ Z\ORWVNLHURZDQ\GRSRWRNX.DP\N]OHZQLD U]HNL5DE\ 5RëQRZD Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GRSUDZREU]HëQHJR GRSã\ZXU]HNL:LOJL 6LHUF]D Z\ORWVNLHURZDQ\GRSRWRNX.DPLHQLHF SUDZREU]HëQHJRGRSã\ZXU]HNL:LOJL Z\ORWVNLHURZDQ\GRSRWRNX.DPLHQLHF SUDZREU]HëQHJRGRSã\ZXU]HNL:LOJL 6XãNÍZ Z\ORWVNLHURZDQ\GROHZREU]HëQHJRGRSã\ZX SRWRNX%RJXVãDZD]OHZQLDU]3RGãàëDQNL 6\JQHF]ÍZ Z\ORWVNLHURZDQ\GRNDQDãX WHFKQRORJLF]QHJRRGSURZDG]DMÜFHJRZRGà ]H]ELRUQLNÍZGRU]HNL:LOJL Z\ORWVNLHURZDQ\GRU]HNL:LOJL =DEDZD Z\ORWVNLHURZDQ\GRSRWRNX=DEDZND SUDZREU]HëQHJRGRSã\ZXU]HNL'UZLQL'ãXJLHM

7HUPLQ UHDOL]DFML 2EV]DU =DJRVSRGDURZDQLH DNWXDOQH =DJRVSRGDURZDQLH GRFHORZH 2ULHQWDF\MQH NRV]W\QHWWR >W\V]ã@ 3DUN%ã.LQJLZUD]]EXG\QNLHPGDZQ\FKãD]LHQHNVDOLQDUQ\FK 6WUHID' VNãDG\LPDJD]\Q\]ZLÜ]DQH ]G]LDãDOQRçFLÜNRSDOQL RELHNW\XVãXJRZHKDQGHO JDVWURQRPLD]ZLÜ]DQH] WXU\VW\NÜ 6WUHID) RELHNW\SU]HP\VãRZH ]ZLÜ]DQH]SURFHVHP Z\GRE\FLDLXW\OL]DFML VRODQNL HNVSR]\FMHPX]HDOQHL Z\VWDZLHQQLFWZR]ZLÜ]DQH ]G]LDãDOQRçFLÜNRSDOQL 6WUHID& VNãDG\LPDJD]\Q\ RELHNW\]ZLÜ]DQH]REVãXJÜ WXU\VW\F]QÜ JDVWURQRPLF]QÜL UR]U\ZNRZRUHNUHDF\MQÜ EUDNGDQ\FK 6WUHID% XU]ÜG]HQLD]ZLÜ]DQH] G]LDãDOQRçFLÜNRSDOQL RELHNWVDQDWRU\MQ\] XVãXJDPLWRZDU]\V]ÜF\PL EUDNGDQ\FK 6WUHID( EXG\QNLELXURZR PDJD]\QRZHLZDUV]WDWRZH NRPSOHNVJDVWURQRPLF]QR UR]U\ZNRZ\RELHNW ELXURZRDGPLQLVWUDF\MQ\ EXG\QHNZ\VWDZLHQQLF]\ EUDNGDQ\FK

2EV]DU G]LDãDå =DGDQLH 7HUPLQ UHDOL]D FML 6]DFXQNRZHNRV]W\ >W\V]ã@.UÍWNRWHUPLQRZDSHUVSHNW\ZDF]DVRZD èuígãdilqdqvrzdqld :VNDéQLNLUHDOL]DFML 5HDOL]DFMDSURJUDPXUR]EXGRZ\ *PLQD IXQGXV]H GãXJRçÞ VLHFL NDQDOL]DF\MQHM È NDQDOL]DFMLZSRãXGQLRZHMSÍãQRFQHML HNRORJLF]QH L XQLMQH L PLHV]NDåFÍZ REMàW\FK ZVFKRGQLHMF]àçFLJPLQ\ LQQH NDQDOL]DFMÜ =DPLDQD V\VWHPX NDQDOL]DFML Z *PLQD IXQGXV]H GãXJRçÞ VLHFL NDQDOL]DFML :LHOLF]FH ] RJÍOQRVSãDZQHJR QD HNRORJLF]QHLXQLMQH UR]G]LHOF]HM UR]G]LHOF]\ RFKURQD ZÍG RFKURQD SU]HG KDãDVHP RFKURQD SRZLHWU]D OLNZLGDFMD QLVNLHM HPLVML 0RGHUQL]DFMD RF]\V]F]DOQL çflhníz Z :àju]fdfk:lhonlfk 0RGHUQL]DFMD XMàÞ ZRG\ SLWQHM %LHëDQÍZ :àju]fh 0DãD :LHç SRãÜF]RQD]EXGRZÜPRGHUQL]DFMÜVWDFML X]GDWQLDQLD %XGRZD NP VLHFL ZRGRFLÜJRZHM Z *RONRZLFDFK 3RGVWROLFDFK 6LHUF]\ L 0LHWQLRZLH ZUD] ]H ]ELRUQLNLHP ZRG\ SLWQHMLK\GURIRUQLDPL 0RGHUQL]DFMD LVWQLHMÜFHM VLHFL ZRGRFLÜJRZHM 2JUDQLF]DQH KDãDVX L HPLVML ]DQLHF]\V]F]Hå NRPXQLNDF\MQ\FK SRSU]H]QDSUDZ\QDZLHU]FKQLGUÍJ 3URPRFMD UR]ZRMX LQVWDODFML HQHUJHW\NL RGQDZLDOQHM L RELHNWÍZ R Z\VRNLP VWDQGDUG]LH HIHNW\ZQRçFL HQHUJHW\F]QHM WHUPRPRGHUQL]DFKD 7HUPRPRGHUQL]DFMD EXG\QNÍZ NRPXQDOQ\FK 5HDOL]DFMD SURJUDPX XQLHV]NRGOLZLDQLD Z\UREÍZ L RGSDGÍZ NRQVWUXNF\MQ\FK ]DZLHUDMÜF\FKD]EHVW *PLQD IXQGXV]H HNRORJLF]QHLXQLMQH *PLQD IXQGXV]H HNRORJLF]QHLXQLMQH *PLQD IXQGXV]H HNRORJLF]QHLXQLMQH *PLQD IXQGXV]H HNRORJLF]QHLXQLMQH *PLQD IXQGXV]H HNRORJLF]QH *PLQD RUJDQL]DFMH SR]DU]ÜGRZH IXQGXV]H HNRORJLF]QH LORçÞ çflhníz RF]\V]F]DQ\FK QD RF]\V]F]DOQLZ:àJU]FDFK:ON URG]DM SURFHVX X]GDWQLDQLD ZRG\ GãXJRçÞVLHFLZRGRFLDJRZH ÈVWUDWZRG\QDVLHFL GãXJRçÞ RGFLQNÍZ GUÍJ ]PRGHUQL]RZDQ\FK LORçÞ RELHNWÍZ REMàW\FK WHUPRL]RODFMÜ LORçÞ LQVWDODFML HQHUJHW\NLRGQDZLDOQHM *PLQD IXQGXV]H ELODQV]Xë\FLDSDOLZLHQHUJLLH HNRORJLF]QHLXQLMQH *PLQD6WDURVWZRçURGNL LORçÞ XVXQLàW\FK RGSDGÍZ ZãDVQH XF]HVWQLNÍZ D]EHVWRZ\FK SURJUDPX

RFKURQD SU]\URG\ RFKURQD SRZLHU] FKQL]LHPL 2SLHNDQDGSRPQLNDPLSU]\URG\ :RMHZRGD *PLQD VWDQ ]GURZRWQ\ SRPQLNÍZ IXQGXV]H HNRORJLF]QH SU]\URG\LORçÞSRPQLNÍZ RUJDQL]DFMHSR]DU]ÜGRZH *PLQD *)2æL*: 5HDOL]DFMD 3URJUDPX 5HZLWDOL]DFML VWRSLHå Z\NRQDQLD SUDF IXQGXV]H HNRORJLF]QH =LHOHQL:LHOLF]NL UHZLWDOL]DF\MQ\FK RUJDQL]DFMHSR]DU]ÜGRZH *PLQD *)2æL*:.RQVHUZDFMD ]LHOHQL Z\VRNLHM QD LORçÞ Z\NRQDQ\FK SUDF IXQGXV]H HNRORJLF]QH REV]DU]HJPLQ\ NRQVHUZDF\MQ\FK RUJDQL]DFMHSR]DU]ÜGRZH *PLQD *)2æL*: 1DVDG]HQLDGU]HZLNU]HZÍZ IXQGXV]H HNRORJLF]QH LORçÞQDVDG]Hå RUJDQL]DFMHSR]DU]ÜGRZH *PLQD IXQGXV]H 5HQRZDFMD VWDZÍZ Z SDUNX LP HNRORJLF]QH RUJDQL]DFMH 0LFNLHZLF]D SR]DU]ÜGRZH *PLQD IXQGXV]H 6WZRU]HQLH HGXNDF\MQ\FK çflhëhn HNRORJLF]QH L XQLMQH LORçÞçFLHëHN SU]\URGQLF]\FK RUJDQL]DFMHSR]DU]ÜGRZH :\NXS ]DQLHGEDQ\FK WHUHQÍZ FHQQ\FK *PLQD IXQGXV]H SU]\URGQLF]R]SU]H]QDF]HQLHPQDXë\WNL HNRORJLF]QH L XQLMQH ZLHONRçÞZ\NXSLRQHJRWHUHQX HNRORJLF]QH RUJDQL]DFMHSR]DU]ÜGRZH 8WZRU]HQLH Xë\WNÍZ HNRORJLF]Q\FK *PLQD RUJDQL]DFMH LORçÞXWZRU]RQ\FKXë\WNÍZ d'rolqd:lojlpld/dvqd*udeízndfkp SR]DU]ÜGRZH *PLQD RUJDQL]DFMH 8WZRU]HQLHVLHFLRVWRLSU]\URG\ LORçÞXWZRU]RQ\FKRVWRL SR]DU]ÜGRZH *PLQD IXQGXV]H LORçÞ SU]HSURZDG]RQ\FK DNFML (GXNDFMD Z ]DNUHVLH SURHNRORJLF]QHJR HNRORJLF]QH RUJDQL]DFMH HGXNDF\MQ\FK Z\GDQ\FK UROQLFWZD SR]DU]ÜGRZH PDWHULDãÍZ *PLQD 6WDURVWZR /LNZLGDFMD]DJURëHåRVXZLVNRZ\FK IXQGXV]H HNRORJLF]QH 3)2æL*: *PLQD IXQGXV]H /LNZLGDFMDdG]LNLFKpZ\V\SLVNRGSDGÍZ HNRORJLF]QH RUJDQL]DFMH LORçÞ]OLNZLGRZDQ\FKZ\V\SLVN SR]DU]ÜGRZH

UR]ZÍM WXU\VW\NL RFKURQD SU]HFLZSR ZRG]LRZD HGXNDFMD HNRORJLF] QD ]DU]ÜG]D QLH çurgrzlv NLHP *PLQD IXQGXV]H 6WZRU]HQLHVLHFLçFLHëHNURZHURZ\FK HNRORJLF]QH RUJDQL]DFMH GãXJRçÞçFLHëHNURZHURZ\FK SR]DU]ÜGRZH *PLQD IXQGXV]H HNRORJLF]QH LORçÞ Z\GDQ\FK PDWHULDãÍZ 3URPRFMDWXU\VW\F]Q\FKZDORUÍZJPLQ\ RUJDQL]DFMHSR]DU]ÜGRZH SURPRF\MQ\FK OLF]ED WXU\VWÍZ RUD] HGXNDFMD HNRORJLF]QD Z W\P SRGPLRW\ SURZDG]ÜFH RGZLHG]DMÜF\FK JPLQà OLF]ED ]DNUHVLH G]LDãDOQRçÞ Z ]DNUHVLH JRVSRGDUVWZDJURWXU\VW\F]Q\FK WXU\VW\NL 8]XSHãQLDQLHL]DEH]SLHF]HQLHZDãÍZ *PLQD 5=*: IXQGXV]H SRZRG]LRZ\FKZ]GãXëU]HNRUD] HNRORJLF]QH 0DãRSROVNL GãXJRçÞZDãÍZ UHDOL]DFMDSURJUDPXEH]SLHF]Q\ZDã =0L8: 5R]ZÍM V\VWHPX PDOHM UHWHQFML ZRGQHM *PLQD 5=*: IXQGXV]H XSRU]ÜGNRZDQLH V\VWHPÍZ HNRORJLF]QH 0DãRSROVNL LORçÞRELHNWÍZPDãHMUHWHQFML PHOLRUDF\MQ\FK =0L8: (GXNDFMD HNRORJLF]QD Z IRUPLH *PLQD *)2æL*: Z\GDZQLFWZ SXEOLNDFML QD VWURQLH IXQGXV]H HNRORJLF]QH LORçÞDNFMLZ\GDZQLFWZ LQWHUQHWRZHMNRQNXUVÍZIHVW\QÍZ RUJDQL]DFMHSR]DU]ÜGRZH ']LDãDOQRçÞ HGXNDF\MQD L *PLQD IXQGXV]H DGPLQLVWUDF\MQD Z NLHUXQNX ]ZDOF]DQLD HNRORJLF]QH RUJDQL]DFMH LORçÞDNFMLZ\GDZQLFWZ Z\SDODQLD WUDZ L RJUDQLF]DQLD VSDODQLD SR]DU]ÜGRZH çplhflzjrvsrgduvwzdfk.rqwurod ]JRGQRçFL ]DLQZHVWRZDQLD WHUHQX ] ]DSLVDPL 03=3 SUDZHP RFKURQ\ çurgrzlvnd RUD] SU]\MàW\PL ]DVDGDPL JRVSRGDURZDQLD QD WHUHQDFK FKURQLRQ\FK 2SUDFRZDQLH V\VWHPX LQIRUPRZDQLD VSRãHF]HåVWZD R Z\VWÜSLHQLX VWDQÍZ QDG]Z\F]DMQHJR ]DJURëHQLD ]GURZLD OXG]LLçURGRZLVND *PLQD IXQGXV]H HNRORJLF]QH 6XPDZSRV]F]HJÍOQ\FKODWDFK 2JÍãHP]DGDQLDNUÍWNRWHUPLQRZH æuhgqlrwhuplqrzdshuvshnw\zdf]dvrzd VSUDZQRçÞV\VWHPX

RFKURQD ZÍG RFKURQD SU]HG KDãDVHP GãXJRçÞ VLHFL NDQDOL]DF\MQHM È 5HDOL]DFMD SURJUDPX UR]EXGRZ\ *PLQD IXQGXV]H PLHV]NDåFÍZ REMàW\FK NDQDOL]DFML HNRORJLF]QHLXQLMQH NDQDOL]DFMÜ %XGRZDRF]\V]F]DOQLçFLHNÍZ*UDELH 0RGHUQL]DFMD LVWQLHMÜFHM VLHFL *PLQD IXQGXV]H ÈVWUDWZRG\QDVLHFL ZRGRFLÜJRZHM HNRORJLF]QHLXQLMQH 2JUDQLF]DQH KDãDVX L HPLVML *PLQD IXQGXV]H GãXJRçÞ RGFLQNÍZ GUÍJ ]DQLHF]\V]F]Hå NRPXQLNDF\MQ\FK HNRORJLF]QH ]PRGHUQL]RZDQ\FK SRSU]H]QDSUDZ\QDZLHU]FKQLGUÍJ 3URPRFMD UR]ZRMX LQVWDODFML HQHUJHW\NL *PLQD RUJDQL]DFMH LORçÞ RELHNWÍZ REMàW\FK RGQDZLDOQHM L RELHNWÍZ R Z\VRNLP SR]DU]ÜGRZH IXQGXV]H WHUPRL]RODFMÜ LORçÞ LQVWDODFML VWDQGDUG]LH HIHNW\ZQRçFL HQHUJHW\F]QHM HNRORJLF]QH HQHUJHW\NLRGQDZLDOQHM WHUPRPRGHUQL]DFMD RFKURQD SRZLHWU]D OLNZLGDFMD 7HUPRPRGHUQL]DFMD EXG\QNÍZ *PLQD IXQGXV]H ELODQV]Xë\FLDSDOLZLHQHUJLLH QLVNLHM NRPXQDOQ\FK HNRORJLF]QHLXQLMQH HPLVML 5HDOL]DFMD SURJUDPX XQLHV]NRGOLZLDQLD *PLQD6WDURVWZRçURGNL LORçÞ XVXQLàW\FK RGSDGÍZ Z\UREÍZ L RGSDGÍZ NRQVWUXNF\MQ\FK ZãDVQH XF]HVWQLNÍZ D]EHVWRZ\FK ]DZLHUDMÜF\FKD]EHVW SURJUDPX 2SLHNDQDGSRPQLNDPLSU]\URG\ :RMHZRGD *PLQD VWDQ ]GURZRWQ\ SRPQLNÍZ IXQGXV]H HNRORJLF]QH SU]\URG\LORçÞSRPQLNÍZ RUJDQL]DFMHSR]DU]ÜGRZH *PLQD *)2æL*:.RQVHUZDFMD ]LHOHQL Z\VRNLHM QD LORçÞ Z\NRQDQ\FK SUDF IXQGXV]H HNRORJLF]QH REV]DU]HJPLQ\ NRQVHUZDF\MQ\FK RFKURQD RUJDQL]DFMHSR]DU]ÜGRZH SU]\URG\ *PLQD *)2æL*: 1DVDG]HQLDGU]HZLNU]HZÍZ IXQGXV]H HNRORJLF]QH LORçÞQDVDG]Hå RUJDQL]DFMHSR]DU]ÜGRZH :\NXS ]DQLHGEDQ\FK WHUHQÍZ FHQQ\FK *PLQD IXQGXV]H SU]\URGQLF]R]SU]H]QDF]HQLHPQDXë\WNL HNRORJLF]QH L XQLMQH ZLHONRçÞZ\NXSLRQHJRWHUHQX HNRORJLF]QH RUJDQL]DFMHSR]DU]ÜGRZH RFKURQD *PLQD 6WDURVWZR /LNZLGDFMD]DJURëHåRVXZLVNRZ\FK IXQGXV]HHNRORJLF]QH SRZLHU] *PLQD IXQGXV]H FKQL]LHPL /LNZLGDFMDdG]LNLFKpZ\V\SLVNRGSDGÍZ LORçÞ]OLNZLGRZDQ\FKZ\V\SLVN HNRORJLF]QH RUJDQL]DFMH SR]DU]ÜGRZH

UR]ZÍM WXU\VW\NL RFKURQD SU]HFLZSR ZRG]LRZD HGXNDFMD HNRORJLF] QD ]DU]ÜG]D QLH çurgrzlv NLHP RFKURQD ZÍG RFKURQD SU]HG KDãDVHP (GXNDFMD Z ]DNUHVLH SURHNRORJLF]QHJR UROQLFWZD 3URPRFMDWXU\VW\F]Q\FKZDORUÍZJPLQ\ RUD] HGXNDFMD HNRORJLF]QD Z W\P ]DNUHVLH 8]XSHãQLDQLH L ]DEH]SLHF]HQLH ZDãÍZ SRZRG]LRZ\FKZ]GãXëU]HN 5R]ZÍM V\VWHPX PDOHM UHWHQFML ZRGQHM XSRU]ÜGNRZDQLH V\VWHPÍZ PHOLRUDF\MQ\FK (GXNDFMD HNRORJLF]QD Z IRUPLH Z\GDZQLFWZ SXEOLNDFML QD VWURQLH LQWHUQHWRZHMNRQNXUVÍZIHVW\QÍZ ']LDãDOQRçÞ HGXNDF\MQD L DGPLQLVWUDF\MQD Z NLHUXQNX ]ZDOF]DQLD Z\SDODQLD WUDZ L RJUDQLF]DQLD VSDODQLD çplhflzjrvsrgduvwzdfk.rqwurod ]JRGQRçFL ]DLQZHVWRZDQLD WHUHQX ] ]DSLVDPL 03=3 SUDZHP RFKURQ\ çurgrzlvnd RUD] SU]\MàW\PL ]DVDGDPL JRVSRGDURZDQLD QD WHUHQDFK FKURQLRQ\FK 2JÍãHP]DGDQLDçUHGQLRWHUPLQRZH 5HDOL]DFMD SURJUDPX UR]EXGRZ\ NDQDOL]DFML 2JUDQLF]DQH KDãDVX L HPLVML ]DQLHF]\V]F]Hå NRPXQLNDF\MQ\FK SRSU]H]QDSUDZ\QDZLHU]FKQLGUÍJ *PLQD IXQGXV]H LORçÞ SU]HSURZDG]RQ\FK DNFML HNRORJLF]QH RUJDQL]DFMH HGXNDF\MQ\FK Z\GDQ\FK SR]DU]ÜGRZH PDWHULDãÍZ *PLQD IXQGXV]H HNRORJLF]QH LORçÞ Z\GDQ\FK PDWHULDãÍZ RUJDQL]DFMHSR]DU]ÜGRZH SURPRF\MQ\FK OLF]ED WXU\VWÍZ SRGPLRW\ SURZDG]ÜFH RGZLHG]DMÜF\FK JPLQà OLF]ED G]LDãDOQRçÞ Z ]DNUHVLH JRVSRGDUVWZDJURWXU\VW\F]Q\FK WXU\VW\NL *PLQD 5=*: IXQGXV]H HNRORJLF]QH 0DãRSROVNL GãXJRçÞZDãÍZ =0L8: *PLQD 5=*: IXQGXV]H HNRORJLF]QH 0DãRSROVNL LORçÞRELHNWÍZPDãHMUHWHQFML =0L8: *PLQD *)2æL*: IXQGXV]H HNRORJLF]QH LORçÞDNFMLZ\GDZQLFWZ RUJDQL]DFMHSR]DU]ÜGRZH *PLQD IXQGXV]H HNRORJLF]QH RUJDQL]DFMH LORçÞDNFMLZ\GDZQLFWZ SR]DU]ÜGRZH 'ãxjrwhuplqrzdshuvshnw\zdf]dvrzd *PLQD IXQGXV]H HNRORJLF]QHLXQLMQH *PLQD IXQGXV]H HNRORJLF]QH GãXJRçÞ VLHFL NDQDOL]DF\MQHM È PLHV]NDåFÍZ REMàW\FK NDQDOL]DFMÜ GãXJRçÞ RGFLQNÍZ GUÍJ ]PRGHUQL]RZDQ\FK

RFKURQD SRZLHWU]D OLNZLGDFMD QLVNLHM HPLVML RFKURQD SU]\URG\ RFKURQD SRZLHU] FKQL]LHPL UR]ZÍM WXU\VW\NL RFKURQD SU]HFLZSR ZRG]LRZD HGXNDFMD HNRORJLF] QD ]DU]ÜG]D QLH çurgrzlv NLHP 3URPRFMD UR]ZRMX LQVWDODFML HQHUJHW\NL RGQDZLDOQHM L RELHNWÍZ R Z\VRNLP VWDQGDUG]LH HIHNW\ZQRçFL HQHUJHW\F]QHM WHUPRPRGHUQL]DFMD *PLQD RUJDQL]DFMH SR]DU]ÜGRZH IXQGXV]H HNRORJLF]QH LORçÞ RELHNWÍZ REMàW\FK WHUPRL]RODFMÜ LORçÞ LQVWDODFML HQHUJHW\NLRGQDZLDOQHM 2SLHNDQDGSRPQLNDPLSU]\URG\ :RMHZRGD *PLQD VWDQ ]GURZRWQ\ SRPQLNÍZ IXQGXV]H HNRORJLF]QH SU]\URG\LORçÞSRPQLNÍZ RUJDQL]DFMHSR]DU]ÜGRZH *PLQD *)2æL*:.RQVHUZDFMD ]LHOHQL Z\VRNLHM QD LORçÞ Z\NRQDQ\FK SUDF IXQGXV]H HNRORJLF]QH REV]DU]HJPLQ\ NRQVHUZDF\MQ\FK RUJDQL]DFMHSR]DU]ÜGRZH *PLQD *)2æL*: 1DVDG]HQLDGU]HZLNU]HZÍZ IXQGXV]H HNRORJLF]QH LORçÞQDVDG]Hå RUJDQL]DFMHSR]DU]ÜGRZH :\NXS ]DQLHGEDQ\FK WHUHQÍZ FHQQ\FK *PLQD IXQGXV]H SU]\URGQLF]R]SU]H]QDF]HQLHPQDXë\WNL HNRORJLF]QH L XQLMQH ZLHONRçÞZ\NXSLRQHJRWHUHQX HNRORJLF]QH RUJDQL]DFMHSR]DU]ÜGRZH *PLQD 6WDURVWZR /LNZLGDFMD]DJURëHåRVXZLVNRZ\FK IXQGXV]HHNRORJLF]QH *PLQD IXQGXV]H LORçÞ SU]HSURZDG]RQ\FK DNFML (GXNDFMD Z ]DNUHVLH SURHNRORJLF]QHJR HNRORJLF]QH RUJDQL]DFMH HGXNDF\MQ\FK Z\GDQ\FK UROQLFWZD SR]DU]ÜGRZH PDWHULDãÍZ *PLQD IXQGXV]H HNRORJLF]QH LORçÞ Z\GDQ\FK PDWHULDãÍZ 3URPRFMDWXU\VW\F]Q\FKZDORUÍZJPLQ\ RUJDQL]DFMHSR]DU]ÜGRZH SURPRF\MQ\FK OLF]ED WXU\VWÍZ RUD] HGXNDFMD HNRORJLF]QD Z W\P SRGPLRW\ SURZDG]ÜFH RGZLHG]DMÜF\FK JPLQà OLF]ED ]DNUHVLH G]LDãDOQRçÞ Z ]DNUHVLH JRVSRGDUVWZDJURWXU\VW\F]Q\FK WXU\VW\NL *PLQD 5=*: IXQGXV]H 8]XSHãQLDQLH L ]DEH]SLHF]HQLH ZDãÍZ HNRORJLF]QH 0DãRSROVNL SRZRG]LRZ\FKZ]GãXëU]HN =0L8: GãXJRçÞZDãÍZ (GXNDFMD HNRORJLF]QD Z IRUPLH *PLQD *)2æL*: Z\GDZQLFWZ SXEOLNDFML QD VWURQLH IXQGXV]H HNRORJLF]QH LORçÞDNFMLZ\GDZQLFWZ LQWHUQHWRZHMNRQNXUVÍZIHVW\QÍZ RUJDQL]DFMHSR]DU]ÜGRZH.RQWUROD ]JRGQRçFL ]DLQZHVWRZDQLD WHUHQX ] ]DSLVDPL 03=3 SUDZHP RFKURQ\ çurgrzlvnd RUD] SU]\MàW\PL ]DVDGDPL JRVSRGDURZDQLD QD WHUHQDFK FKURQLRQ\FK 2JÍãHP]DGDQLDGãXJRWHUPLQRZH

:VNDéQLN MHGQRVWND ZDUWRçÞ U -DNRçÞZÍGJRVSRGDUNDZRGQRçFLHNRZD ]ZRGRFLÜJRZDQLHJPLQ\ È GãXJRçÞVLHFLZRGRFLÜJRZHM NP OXGQRçÞSRGãÜF]RQDGRNDQDOL]DFMLQDWHUHQDFKZLHMVNLFK È LORçÞSU]\GRPRZ\FKRF]\V]F]DOQLçFLHNÍ V]W NODVDF]\VWRçFLZÍGZU]HNDFK :LOJD 6HUDID =DEDZND 3RGãàëDQND :àju]fdqnd,,, SR]DNODV,,,,,,,,, -DNRçÞSRZLHWU]DRGQDZLDOQHéUÍGãDHQHUJLL OLF]EDLQVWDODFMLRJU]HZDQLDLSRGJU]HZDQLDZRG\JRVSRGDUF]HMZ\NRU]\VWXMÜF\FK RGQDZLDOQHéUÍGãDHQHUJLL V]W *RVSRGDUNDRGSDGDPL LORçÞZ\WZDU]DQ\FKRGSDGÍZNRPXQDOQ\FKRJÍãHP 0JU LORçÞZ\WZDU]DQ\FKRGSDGÍZNRPXQDOQ\FKQDPLHV]NDåFD NJ0U RGVHWHNRGSDGÍZNRPXQDOQ\FKVNãDGRZDQ\FKQDZ\V\SLVNDFK È SR]LRPRG]\VNXRGSDGÍZ]ELHUDQ\FKVHOHNW\ZQLHZVWRVXQNXGRFDãNRZLWHMLORçFL W\FKRGSDGÍZ]DZDUW\FKZRGSDGDFKNRPXQDOQ\FK 2FKURQDSU]\URG\ELRUÍëQRURGQRçFLLNUDMREUD]X OHVLVWRçÞJPLQ\ È OLF]EDQDVDG]HåGU]HZQDWHUHQDFKJPLQQ\FKNWÍUHSU]HWUZDã\ODWD V]W EG OLF]EDSRPQLNÍZSU]\URG\ZJPLQLH V]W (GXNDFMDHNRORJLF]QD OLF]EDRVÍERGZLHG]DMÜF\FKVHUZLVLQWHUQHWRZ\SRçZLàFRQ\çURGRZLVNX*PLQ\ RV EG OLF]EDRVÍEELRUÜF\FKXG]LDãZDNFMDFKHNRORJLF]Q\FKQDWHUHQLHJPLQ\ RV EG *RVSRGDUNDLLQIUDVWUXNWXUD OLF]EDPLHMVFQRFOHJRZ\FK V]W OLF]EDPLHMVFSDUNLQJRZ\FKQDREV]DU]HJPLQ\ZW\PVH]RQRZ\FK REVãXJXMÜF\FKUXFKWXU\VW\F]Q\ GãXJRçÞçFLHëHNURZHURZ\FK NP EG XG]LDãJRVSRGDUVWZSRVLDGDMÜF\FKDWHVW\HNRORJLF]QHZRJÍOQHMOLF]ELH JRVSRGDUVWZ LORçÞJRVSRGDUVWZDJURWXU\VW\F]Q\FK V]W È V]W È EG EG

5RN =DGDQLD 6SUDZR]GDQLH]UHDOL]DFML*32æ ; ; ; ; ; ; $NWXDOL]DFMD*32æ ; ; ; =DNUHV\F]DVRZH*32æ

5RG]DM RGSDGX.RG,ORçÞRGSDGÍZ Z\WZDU]DQ\FKZ SRV]F]HJÍOQ\FKODWDFK>0J@ 2GSDG\ NRPXQDOQH,ORçÞ PLHV]NDåFÍZ ZURNX :VNDéQLN >NJ0U@GOD URNX,ORçÞ RGSDGÍZ NRPXQDOQ\F KZURNX >0J@ 0LDVWR 7HUHQ\ ZLHMVNLH 5D]HP *PLQD :LHOLF]ND

/S 6WUXPLHåRGSDGÍZ NRPXQDOQ\FK :VNDéQLN GODZVL >NJ0U@,ORçÞRGSDGÍZ SRZVWDMÜF\FK QDWHUHQDFK ZLHMVNLFK>0J@ :VNDéQLN GOD REV]DUÍZ PLHMVNLFK >NJ0U@,ORçÞRGSDGÍZ SRZVWDMÜF\FK QDWHUHQDFK PLHMVNLFK>0J@,ORçÞRGSDGÍZ SRZVWDMÜFDQD WHUHQLHFDãHM JPLQ\>0J@ 8G]LDã SURFHQWRZ\ >È@ 2GSDG\NXFKHQQHXOHJDMÜFH ELRGHJUDGDFML 2GSDG\]LHORQH 3DSLHULWHNWXUD QLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUX LWHNWXU\ 2SDNRZDQLD ZLHORPDWHULDãRZH 2SDNRZDQLD]WZRU]\Z V]WXF]Q\FK 7ZRU]\ZDV]WXF]QH QLHRSDNRZDQLRZH 7HNVW\OLD 6]NãRQLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\ VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRNRMRZD 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH 5D]HP

/S.RG 2GSDG,ORçÞRGSDGÍZ]HEUDQDZSRV]F]HJÍOQ\FKODWDFK>0J@ 3DSLHU WHNWXUD 6]NãR 7ZRU]\ZD V]WXF]QH 5RG]DM RGSDGX.RG,ORçÞRGSDGÍZVNãDGRZDQ\FKZSRV]F]HJÍOQ\FKODWDFK>0J@ 2GSDG\ NRPXQDOQH

6WDQRVRERZ\ 2JÍãHP 3URFHQWRZH]PLDQ\ZVNDéQLNDHPLVMLRGSDGÍZGODREV]DUÍZ PLHMVNLFK ZLHMVNLFK 1D]ZDVWUXPLHQLD 2GSDG\RUJDQLF]QHURçOLQQH 2GSDG\RUJDQLF]QH]ZLHU]àFH 2GSDG\RUJDQLF]QHLQQH 2GSDG\]LHORQH 3DSLHULWHNWXUDQLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLDZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QH QLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 7HNVW\OLD 6]NãRQLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRSLRãRZD 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH /S 6WUXPLHåRGSDGÍZNRPXQDOQ\FK,ORçÞRGSDGÍZSRZVWDMÜF\FKZODWDFK>0J@ 2GSDG\NXFKHQQHXOHJDMÜFH ELRGHJUDGDFML 2GSDG\]LHORQH 3DSLHULWHNWXUDQLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLDZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QH QLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 7HNVW\OLD

2SDNRZDQLD]HV]NãD 6]NãRQLHRSDNRZDQLRZH 0HWDOH 2SDNRZDQLD]EODFK\VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 2GSDG\]RSDODQLDPLHV]NDå 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH 5D]HP

:\V]F]HJÍOQLHQLH :\WZRU]RQHRGSDG\XOHJDMÜFH ELRGHJUDGDFML 'RSXV]F]DOQDLORçÞ VNãDGRZDQ\FKRGSDGÍZ XOHJDMÜF\FKELRGHJUDGDFML,ORçÞ]DJRVSRGDURZDQ\FK RGSDGÍZ]LHORQ\FK,ORçÞ]DJRVSRGDURZDQ\FK RGSDGÍZRSDNRZDQLRZ\FK,ORçÞGRPRZ\FKRGSDGÍZ RUJDQLF]Q\FK ]DJRVSRGDURZDQ\FKZH ZãDVQ\P]DNUHVLH 'RGDWNRZ\NRQLHF]Q\ UHF\NOLQJRGSDGÍZ XOHJDMÜF\FKELRGHJUDGDFML :\V]F]HJÍOQLHQLH 7ZRU]\ZDV]WXF]QH 3DSLHULWHNWXUD 6]NãR 0HWDOH 2SDNRZDQLD ZLHORPDWHULDãRZH 5D]HPRSDNRZDQLD :\V]F]HJÍOQLHQLH 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH :\V]F]HJÍOQLHQLH,ORçÞZ\WZRU]RQ\FKRGSDGÍZ NRPXQDOQ\FK,ORçÞRGSDGÍZSR]RVWDã\FK SU]H]QDF]RQ\FKGRVNãDGRZDQLD ÈZ\WZRU]RQ\FK

,ORçÞRGSDGÍZZ0J /S =DNãDG 5RG]DMRGSDGÍZ Z\WZRU]RQ\FK Z\NRU]\VWDQ\FK XQLHV]NRGOLZLRQ\FK VNãDGRZDQ\FK.RSDOQLD6ROL :LHOLF]ND33 V]ODP]RF]\V]F]DQLD VRODQNL ëxëholsrslíã ZW\P 0J QLHEH]SLHF]Q\F KROHMH DNXPXODWRU\ ZW\P RGSDGÍZ QLHEH]SLHF]Q\FK VNãDGRZLVNR %DU\F] RGSDG\ NRPXQDOQH =DNãDG 3URGXNF\MQ\ :HVVHP ]ãrpëhod]d NRORURZ\ RVDG\ SRQHXWUDOL]DF\MQH ZW\P 0J QLHEH]SLHF] Q\FK %DU\F]

/S 2SLVSU]HGVLàZ]LàFLD -HGQRVWNL UHDOL]XMÜFH 6]DFXQNRZHNRV]W\ZW\V3/1 3RWHQFMDOQHéUÍGãDILQDQVRZDQLD %XGRZDNRPSRVWRZQL SDUW\F\SDFMD 808*]ZLÜ]NL FHORZH LQZHVWRU]\ çurgnlzãdvqhixqgxv]h HNRORJLF]QHçURGNLSRPRFRZH 8(çURGNLLQZHVWRUÍZ %XGRZDVRUWRZQLRGSDGÍZ GOD]DSHZQLHQLDUHF\NOLQJX RGSDGÍZ]VHOHNW\ZQHM]ELÍUNL RGSDGÍZSDUW\F\SDFMD 808*]ZLÜ]NL FHORZH LQZHVWRU]\ IXQGXV]HHNRORJLF]QHçURGNL SRPRFRZH8(çURGNL LQZHVWRUÍZ %XGRZDLQVWDODFMLGHPRQWDëX RG]\VNXLXQLHV]NRGOLZLDQLD RGSDGÍZ ZLHONRJDEDU\WRZ\FK SDUW\F\SDFMD 808*]ZLÜ]NL FHORZH IXQGXV]HHNRORJLF]QHçURGNL SRPRFRZH8(çURGNL LQZHVWRU]\ LQZHVWRUÍZ %XGRZD]DNãDGXRG]\VNXL ]DJRVSRGDURZDQLHRGSDGÍZ EXGRZODQ\FKSDUW\F\SDFMD SRGPLRW\ çurgnlzãdvqhixqgxv]h JRVSRGDUF]H HNRORJLF]QHçURGNLSRPRFRZH8( /LNZLGDFMDLUHNXOW\ZDFMD dg]lnlfkz\v\slvnp 8U]ÜG*PLQ\ çurgnlzãdvqhixqgxv]h HNRORJLF]QH 5D]HPZ]ã âüf]qlhvhnwrunrpxqdoq\z]ã :\V]F]HJÍOQLHQLH 6]DFXQNRZHNRV]W\ZW\V3/1 3RMD]G\VSHFMDOLVW\F]QH.RQWHQHU\

:\V]F]HJÍOQLHQLH SR]RVWDãH ]DEXGRZD]ZDUWD RGSDG\ NRPXQDOQH ]DEXGRZD UR]SURV]RQD =ELHUDQLH IUDNFMD RUJDQLF]QD ]DEXGRZD]ZDUWD ]DEXGRZD]ZDUWD VXURZFH ]DEXGRZD ZWÍUQH UR]SURV]RQD 5D]HP 7UDQVSRUW SR]RVWDãH ]DEXGRZD]ZDUWD RGSDG\ NRPXQDOQH ]DEXGRZD UR]SURV]RQD IUDNFMD RUJDQLF]QD ]DEXGRZD]ZDUWD ]DEXGRZD]ZDUWD VXURZFH ZWÍUQH ]DEXGRZD UR]SURV]RQD 5D]HP VXURZFH ZWÍUQH UD]HP NRPSRVWRZD QLH UD]HP =DJRVSRGDURZDQLH VNãDGRZDQLH UD]HP WHUPLF]QHSU]HNV]WDãFDQLH 5D]HP âüf]qlh]ã 1D0DURN]ã 1D0JRGSDGÍZURN]ã ]ã0dplhvlüf ]ã0jplhvlüf

:\V]F]HJÍOQLHQLH ]ELHUDQLHLZ\ZÍ] RG]\VNL ]DJRVSRGDURZDQLD 2GSDG\EXGRZODQH 2GSDG\ ]ELHUDQLHLZ\ZÍ] ZLHONRJDEDU\WRZH RG]\VNL ]DJRVSRGDURZDQLH 2GSDG\ ]ELHUDQLHLZ\ZÍ] RG]\VNL ]DJRVSRGDURZDQLH 5D]HP]ã QLHEH]SLHF]QH :\V]F]HJÍOQLHQLH =DNXSUÍëQRNRORURZ\FKZRUNÍZQDVHJUHJRZDQHRGSDG\dXéUÍGãDp 5HPRQW\NRQWHQHUÍZQDRGSDG\ 5D]HP]ã

/S 2SLVSU]HGVLàZ]LàFLD 2NUHV 6]DFXQNRZHNRV]W\ZW\V3/1 3RWHQFMDOQHéUÍGãD UHDOL]DFML ILQDQVRZDQLD 2SUDFRZDQLHJPLQQHJR SODQXJRVSRGDUNLRGSDGDPL æurgnlzãdvqh :)2æL*: (GXNDFMD]]DNUHVX JRVSRGDUNLRGSDGDPLPLQ FHOHLVSRVRE\VHJUHJDFML =DGDQLH FLÜJãH )XQGXV]H HNRORJLF]QHçURGNL ZãDVQH 5D]HPVHNWRUNRPXQDOQ\

0RQLWRURZDQDG]LHG]LQD )XQNFMRQRZDQLH]RUJDQL]RZDQHJR V\VWHPX]ELHUDQLD]PLHV]DQ\FKRGSDGÍZ NRPXQDOQ\FK )XQNFMRQRZDQLHV\VWHPXVHOHNW\ZQHJR ]ELHUDQLDLRG]\VNXVXURZFÍZZWÍUQ\FK WZRU]\ZV]WXF]Q\FK V]NãD SDSLHUXLWHNWXU\ PHWDOL RSDNRZDåZLHORPDWHULDãRZ\FK )XQNFMRQRZDQLHV\VWHPXVHOHNW\ZQHJR ]ELHUDQLDLRG]\VNX RGSDGÍZZLHONRJDEDU\WRZ\FK RGSDGÍZEXGRZODQ\FK RGSDGÍZQLHEH]SLHF]Q\FK )XQNFMRQRZDQLHV\VWHPX ]DJRVSRGDURZDQLHRGSDGÍZ RUJDQLF]Q\FK 6SRVÍESRVWàSRZDQLD]SR]RVWDã\PL RGSDGDPLNRPXQDOQ\PL VNãDGRZDQLH WHUPLF]QHSU]HNV]WDãFDQLH 6SRVÍESRVWàSRZDQLD]RVDGDPL çflhnrz\pl NRPSRVWRZDQH Z\NRU]\VWDQHUROQLF]R Z\NRU]\VWDQHGRUHNXOW\ZDFML SU]HNV]WDãFRQHWHUPLF]QLH JURPDG]RQHQDWHUHQLHRF]\V]F]DOQL GHSRQRZDQHQDVNãDGRZLVNDFK 6SRVÍERFHQ\ZVNDéQLN Ô,ORçÞJRVSRGDUVWZGRPRZ\FKNWÍUH]DZDUã\XPRZ\QDZ\ZÍ]RGSDGÍZ Ô ÈJRVSRGDUVWZGRPRZ\FKSRVLDGDMÜF\FKSRMHPQLNLQDRGSDG\ Ô 8G]LDãRGSDGÍZ]HEUDQ\FKLZ\ZLH]LRQ\FKZVWRVXQNXGRZ\WZRU]RQ\FKÈ Ô,ORçÞ]HEUDQ\FKVXURZFÍZZWÍUQ\FKZ0JURNRUD]ÈZVWRVXQNXGRFDãRçFL Z\WZRU]RQ\FKRGSDGÍZNRPXQDOQ\FK Ô,ORçÞVXURZFÍZZWÍUQ\FKSRGGDQ\FKRG]\VNRZLZ0JURN Ô 3R]LRPRG]\VNXrÈSRV]F]HJÍOQ\FKVXURZFÍZZWÍUQ\FK]HEUDQ\FK LSRGGDQ\FKRG]\VNRZLZVWRVXQNXGRFDãNRZLWHMLORçFLSRV]F]HJÍOQ\FK VXURZFÍZ]DZDUW\FKZRGSDGDFKNRPXQDOQ\FK Ô Ô,ORçÞRGSDGÍZ]HEUDQ\FKLSU]HND]DQ\FKGRRG]\VNX0JURN 3R]LRPRG]\VNXrÈSRV]F]HJÍOQ\FKURG]DMÍZRGSDGÍZ]HEUDQ\FK LSRGGDQ\FKRG]\VNRZLZVWRVXQNXGRFDãNRZLWHMLORçFLSRV]F]HJÍOQ\FK URG]DMÍZRGSDGÍZ]DZDUW\FKZRGSDGDFKNRPXQDOQ\FK Ô,ORçÞRGSDGÍZ]HEUDQ\FKLSU]HND]DQ\FKGRNRPSRVWRZDQLD0JURN Ô 3R]LRPRG]\VNXrÈRGSDGÍZ]HEUDQ\FKLSU]HND]DQ\FK GRNRPSRVWRZDQLDZVWRVXQNXGRFDãNRZLWHMLORçFLRGSDGÍZRUJDQLF]Q\FK ]DZDUW\FKZRGSDGDFKNRPXQDOQ\FK Ô,ORçÞRGSDGÍZSU]HND]DQ\FKGRXQLHV]NRGOLZLHQLDSU]H]VNãDGRZDQLHOXE VSDODQLH Ô ÈRGSDGÍZSRGGDQ\FKVNãDGRZDQLXOXEVSDODQLXZVWRVXQNXGRFDãRçFL ]HEUDQ\FKRGSDGÍZ Ô,ORçÞZ\WZRU]RQ\FKRVDGÍZçFLHNRZ\FK0JURN Ô ÈRGSDGÍZSRGGDQ\FKSRV]F]HJÍOQ\PPHWRGRP]DJRVSRGDURZDQLD ZVWRVXQNXGRLORçFLZ\WZRU]RQ\FK

0RQLWRURZDQDG]LHG]LQD :\WZDU]DQLHRGSDGÍZ =DJRVSRGDURZDQLHRGSDGÍZ ]ELÍUNDWUDQVSRUW PDJD]\QRZDQLH RG]\VNZ\NRU]\VWDQLHJRVSRGDUF]H XQLHV]NRGOLZLDQLHVNãDGRZDQLH 0RQLWRURZDQDG]LHG]LQD 0DWHULDã\EXGRZODQH]DZLHUDMÜFHD]EHVW 2GSDG\]DZLHUDMÜFHVXEVWDQFMH URSRSRFKRGQH Z\WZRU]RQH Z\NRU]\VWDQH XQLHV]NRGOLZLRQH 6SRVÍERFHQ\ZVNDéQLN Ô )LUP\Z\WZDU]DMÜFHRGSDG\rSR]ZROHQLDGHF\]MH LQIRUPDFMH]H]ZROHQLDQDSURZDG]HQLDG]LDãDOQRçFL Ô,ORçÞZ\WZRU]RQ\FKRGSDGÍZQLHEH]SLHF]Q\FKLLQQ\FKQLë QLHEH]SLHF]QH0JURN Ô,ORçÞZ\WZRU]RQ\FKRGSDGÍZZJNRGÍZ0JURN Ô )LUP\SURZDG]ÜFHG]LDãDOQRçÞZ]DNUHVLH]ELÍUNLWUDQVSRUWX RG]\VNXLXQLHV]NRGOLZLDQLDrSR]ZROHQLD Ô,ORçÞRGSDGÍZQLHEH]SLHF]Q\FKLLQQ\FKQLëQLHEH]SLHF]Q\FK ]ELHUDQ\FKWUDQVSRUWRZDQ\FKPDJD]\QRZDQ\FK RG]\VNLZDQ\FKLVNãDGRZDQ\FK0JURN Ô,ORçÞRGSDGÍZ]DJRVSRGDURZ\ZDQ\FKZJNRGÍZ0JURN 6SRVÍERFHQ\ZVNDéQLN Ô,ORçÞRGSDGÍZ]HEUDQ\FKLSU]HND]DQ\FKGRXQLHV]NRGOLZLHQLDZ0JU Ô ÈXQLHV]NRGOLZLRQ\FKRGSDGÍZ]DZLHUDMÜF\FKD]EHVWZVWRVXQNX GRFDãRçFL]LQZHQWDU\]RZDQ\FKQDWHUHQLH0LDVWDL*PLQ\ Ô Ô Ô 0JU 0JUÈZVWRVXQNXGRFDãRçFLZ\WZRU]RQ\FK 0JUÈZVWRVXQNXGRFDãRçFLZ\WZRU]RQ\FK

&HOHV]F]HJÍãRZH =ELHUDQLHRGSDGÍZ ÈPLDVWR È È ÈWHUHQ\ZLHMVNLH 'HSRQRZDQLHRGSDGÍZNRPXQDOQ\FKQD È È È VNãDGRZLVNDFK 6NLHURZDQLHQDVNãDGRZLVNDRGSDGÍZNRPXQDOQ\FK È È È XOHJDMÜF\FKELRGHJUDGDFMLZVWRVXQNXGRURNX /LPLW\RG]\VNXLUHF\NOLQJX RSDNRZDQLD]SDSLHUXLWHNWXU\ È È È RSDNRZDQLD]HV]NãD È È È RSDNRZDQLD]WZRU]\ZV]WXF]Q\FK È È È RSDNRZDQLDPHWDORZH È È È RSDNRZDQLDZLHORPDWHULDãRZH È È È RGSDG\ZLHONRJDEDU\WRZH È È È RGSDG\EXGRZODQH È È È RGSDG\QLHEH]SLHF]QH]JUXS\RGSDGÍZ NRPXQDOQ\FK È È È