:\V]F]HJÍOQLHQLH 3U]HP\Vã %XGRZQLFWZR 5ROQLFWZR ãrzlhfwzr OHçQLFWZR *PLQD6LHSUDZ 7

5RN /LVWDG]LDãDå 2JÍãHP 3UDFHSU]\JRWRZDZF]HRF]\V]F]DOQL GODZVL6LHSUDZ 2SUDFRZDQLHSURMHNWXNDQDOL]DFML ZVL6LHSUDZ $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL 1DNãDG\QDZ\ZÍ]LXW\OL]DFMà QLHF]\VWRçFL]WHUHQX*PLQ\.DQDOL]DFMDZVL=DNOLF]\Q %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLX $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL %XG *P.DQDOL]DFMDZVL=DNOLF]\Q.DQDOL]DFMDZVL6LHSUDZ %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLXFG.RQW\QXRZDQLHNDQDOL]DFMLZVL 6LHSUDZHWDS, $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLXFG %XGRZDNDQDOL]DFMLZVL6LHSUDZ HWDS,FG.DQDOL]DFMDZVL=DNOLF]\Q 'RILQDQVRZDQLH GR 3URJUDPX

5RN /LVWDG]LDãDå 2JÍãHP %XGRZDNDQDOL]DFMLZVL 6LHSUDZHWDS,]DNRåF]HQLH 5R]SRF]àFLHEXGRZ\ NDQDOL]DFMLZVL6LHSUDZHWDS,, 5R]SRF]àFLHEXGRZ\NDQDOL ]DFMLZVL6LHSUDZHWDS,,, %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLX]DNRåF]HQLH %XGëH *PLQ.DQDOL]DFMDZVL=DNOLF]\Q $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL %XGRZDNDQDOL]DFMLZVL 6LHSUDZHWDS,,,FG %XGRZDNDQDOL]DFMLZVL 6LHSUDZHWDS,9FG 5D]HP /S =DJDGQLHQLD 6WDQSRZLHWU]D DWPRVIHU\F]QHJR :VNDéQLNLSUHVML 6WàëHQLH]DQLHF]\V]F]HåS\ã ]DZLHV]RQ\ HPLVMD]DQLHF]\V]F]Hå JD]RZ\FKGRSRZLHWU]D ]]DNãDGÍZ VWàëHQLHGZXWOHQNXVLDUNL VWàëHQLHWOHQNÍZD]RWX HPLVMDGZXWOHQNXZàJOD ]]DNãDGÍZ HPLVMDGZXWOHQNXZàJOD]H çurgnízwudqvsruwx HPLVMDWOHQNXZàJOD ]]DNãDGÍZ EUDN EUDN EUDN EUDN

/S =DJDGQLHQLD :VNDéQLNLSUHVML LQQH]DQLHF]\V]F]HQLD JD]RZH FDãNRZLWDHPLVMD62 ]WHUHQXSRZLDWX FDãNRZLWDHPLVMD12 ]WHUHQXPLDVWDZW\P]H éuíghãpreloq\fk FDãNRZLWDHPLVMDORWQ\FK ]ZLÜ]NÍZRUJDQLF]Q\FK FDãNRZLWDHPLVMDPHWDOL FLàëNLFK DUVHQ FKURP F\QN NDGP PLHGé QLNLHO RãÍZ UWàÞ EUDN EUDN EUDN EUDN EUDN

/S =DJDGQLHQLD =DQLNDQLHR]RQX VWUDWRVIHU\F]QHJR :VNDéQLNLSUHVML ELHëÜFDNRQVXPSFMD ]ZLÜ]NÍZ&)& (XWURIL]DFMD ELHëÜFDNRQVXPSFMD QDZR]ÍZV]WXF]Q\FK PLHU]RQDZMHGQRVWNDFK 1L3 ]Xë\FLHQDZR]ÍZ V]WXF]Q\FK13.QDKD Xë\WNÍZUROQ\FK çflhnlnrpxqdoqh LSU]HP\VãRZHZ\PDJDMÜFH RF]\V]F]HQLD>È@ çflhnlnrpxqdoqh LSU]HP\VãRZHRF]\V]F]RQH Z>È@ çflhnlnrpxqdoqh LSU]HP\VãRZHRF]\V]F]RQH FKHPLF]QLHELRORJLF]QH L]SRGZ\ëV]RQ\P XVXZDQLHPELRJHQÍZZÈ OXGQRçÞNRU]\VWDMÜFD ]RF]\V]F]DOQLçFLHNÍZZÈ EUDN EUDN EUDN EUDN

/S =DJDGQLHQLD =DWUXFLHJOHELZÍG WRNV\F]Q\PL RGSDGDPL :VNDéQLNLSUHVML 2GSDG\]Z\ãÜF]HQLHP NRPXQDOQ\FKZ\WZRU]RQH ZFLÜJXURNXRJÍãHP>W\V 0J@ RGSDG\NRPXQDOQHVWDãH Z\WZRU]RQHZFLÜJXURNX >0J@ RGSDG\NRPXQDOQHVWDãH Z\ZLH]LRQHZFLÜJXURNX >W\V0J@ZW\P VNãDGRZDQHZFLÜJX URNXZÈ Z\ZLH]LRQ\FK,ORçÞSRZVWDMÜF\FKRVDGÍZ çflhnrz\fk>0jurn@ 6NãDGRZLVNDRGSDGÍZ SU]HP\VãRZ\FKF]\QQH 6NãDGRZLVNDRGSDGÍZ NRPXQDOQ\FKF]\QQH 2GSDG\QLHEH]SLHF]QH Z\WZRU]RQHZFLÜJXURNX >0J@ZW\P XQLHV]NRGOLZLRQR RG]\VNDQR,ORçÞPRJLOQLNÍZRGSDGÍZ çurgnízurçolqq\fk EUDN

/S =DJDGQLHQLD :VNDéQLNLSUHVML

/S =DJDGQLHQLD 5ÍëQRURGQRçÞ ELRORJLF]QD :VNDéQLNLSUHVML RGVWU]DãZDëQLHMV]\FK ]ZLHU]ÜWãRZQ\FK MHOHQLH VDUQ\ G]LNL OLV\ ]DMÜFH EDëDQW\ NXURSDWZ\ NDF]NL.UDMREUD] Z\NRU]\VWDQLHSRZLHU]FKQL *PLQ\>KD@ Xë\WNLUROQH ODV\L]DGU]HZLHQLD JUXQW\ ]XUEDQL]RZDQH EUDN

/S =DJDGQLHQLD :VNDéQLNLSUHVML =DVRE\ZRGQH,QWHQV\ZQRçÞXë\WNRZDQLD ]DVREÍZZRGQ\FK SREÍUZRG\QDSRWU]HE\ JRVSRGDUNLQDURGRZHM LOXGQRçFL>W\VP @ SREÍUZRG\QDFHOH SURGXNF\MQHSR]D UROQLFWZHPLOHçQLFWZHP ZÈ SREÍUZRG\QD QDZRGQLHQLDZUROQLFWZLH LOHçQLFWZLHRUD] X]XSHãQLHQLHVWDZÍZ U\EQ\FK SREÍUZRG\QD ]DRSDWU]HQLHZRGRFLÜJÍZ NRPXQDOQ\FK SREÍUZRG\]ZÍG SRZLHU]FKQLRZ\FK SREÍUZRG\]ZÍG SRG]LHPQ\FK ]Xë\FLHZRG\QDSRWU]HE\ JRVSRGDUNLQDURGRZHM RJÍãHP ]Xë\FLHZRG\QDSRWU]HE\ SU]HP\VãX ]Xë\FLHZRG\QD ]DRSDWU]HQLHZRGRFLÜJÍZ VLHFLRZ\FK EUDN EUDN EUDN EUDN

/S =DJDGQLHQLD :VNDéQLNLSUHVML ]Xë\FLHZRG\ ZJRVSRGDUVWZDFK GRPRZ\FKZ\SRVDëRQ\FK ZVLHÞZRGRFLÜJRZÜ QDPLHV]NDåFD EUDN =DVRE\OHçQH VWRVXQHN NUÍWNRRNUHVRZHJR EUDN WUZDãHJRSU]\FKRGXGR ZDUWRçFLELHëÜFHJRZ\UàEX Xë\WNRZDQLHODVX Z3DåVWZRZ\P EUDN *RVSRGDUVWZLH/HçQ\P /DV\3DåVWZRZHZW\P SR]\VNDQLHRJÍãHP SR]\VNDQLHGUHZQD ]]DGU]HZLHå EUDN SRZLHU]FKQLDSRëDUÍZ ODVÍZZURNX EUDN /LF]EDSRëDUÍZODVÍZ RJÍãHP EUDN ]F]HJRSRGSDOHQLD 'HJUDGDFMDJOHE Z\NRU]\VWDQLH SRZLHU]FKQL*PLQ\>KD@ Xë\WNLUROQH ODV\L]DGU]HZLHQLD JUXQW\]DEXGRZDQH L]XUEDQL]RZDQH XE\WHNJUXQWÍZUROQ\FK LOHçQ\FK EUDN

/S =DJDGQLHQLD :VNDéQLNLSUHVML =DVRE\]ãÍëNRSDOLQ HNVSORDWDFMDNRSDOLQ HQHUJHW\F]Q\FKZW\V0J ZàJLHONDPLHQQ\ URSDQDIWRZD JD]]LHPQ\ HNVSORDWDFMDNRSDOLQ VNDOQ\FKZW\V0J VXURZFHLODVWH FHUDPLNLEXGRZODQHM

&HOHVWUDWHJLF]QH &HOHRSHUDF\MQH =DG 8U]ÜG]DQLHV]ODNÍZSLHOJU]\ PLHMVFZ\SRF]\QNXGODPLH XU]ÜG]HQLHV]ODNXSLHOJU] EXGRZDFKRGQLNDGODSLH SRZLDWRZHMZ6LH UR]EXGRZDQRZRSRZVWD QDUFLDUVNLHML]DJRVSRGDU SU]\OHJDMÜFHJRGRWHMVWD F]\QLHQLHVWDUDåRZ\EXG UHWHQFMLZHZVL6LHSUDZ 8U]ÜG]HQLHFHQWUXPZVLZ d2gqrzdfhqwuxpzvlp XU]ÜG]HQLHçFLHëHNURZHU WHUHQDFKJPLQQ\FKZ6L LLQIUDVWUXNWXU\WRZDU]\V NRQFHSFMÜ 8GRVWàSQLHQLH]DWRNL]DNOLF] GRVWRVRZDQLHSODQX]DJ SU]HVWU]HQQHJRGRSRWU]H ]DWRNLGRFHOÍZWXU\VW\F] EXGRZDSDUNLQJÍZZRNÍ XU]ÜG]HQLHSODë 8G]LHODQLHSRPRF\ZUR]ZR DJURWXU\VW\F]Q\FKSRSU]H] SRPRFRZ\FKSURZDG]RQÜS 7ZRU]HQLH]DFKàWSRGDWNRZ WZRU]ÜF\FKED]àQRFOHJRZÜ :\VRNLVWDQGDUG ë\fldgod PLHV]NDåFÍZ LDWUDNF\MQH ZDUXQNLGOD WXU\VWÍZ 2GSRZLHGQLD ED]DVSRUWRZR UHNUHDF\MQD 8U]ÜG]HQLHSÍOELZDNRZ\FK

&HOHVWUDWHJLF]QH &HOHRSHUDF\MQH =DG 'REU]H ]RUJDQL]RZDQD LIXQNFMRQXMÜFD JRVSRGDUND ZRGQRçFLHNRZD %XGRZDNDQDOL]DFML %XGRZDNDQDOL]DFMLHWD SU]\VLÍãNL:LHç,,,F]àçÞ F]àçÞ %XGRZDNDQDOL]DFMLrHWDS SU]\VLÍãHN*UDELHF]àçÞ,,F]àçÞ.DZàFLQ\LZF 5R]EXGRZDRF]\V]F]DOQL %XGRZDNDQDOL]DFMLrHWD SU]\VLÍãNL,,F]àçÞ*UDELD =Dã\F]DQNDL=DUXVLQNLF %XGRZDNDQDOL]DFMLrHWD SU]\VLÍãNL%U]HJ*UDQLFH %XGRZDNDQDOL]DFMLZHZ SU]\VLÍãHN3DVWHUQLN %XGRZDNDQDOL]DFMLZHZ %XGRZDSU]\GRPRZ\FK W\FKWHUHQDFKJG]LHQLH VLHÞNDQDOL]DF\MQD 3RGHMPRZDQLHG]LDãDåF RGELRUXLZ\ZR]XçFLHNÍ &]\VWH çurgrzlvnr =DJRVSRGDURZD QLHRGSDGÍZ VWDã\FK 2SUDFRZDQLHLUHDOL]DFMDSU RGSDGÍZVWDã\FK &LÜJãDNRQWURODZ\ZR]XRG LUHMHVWUDFMDRUD]OLNZLGDFMD 5R]V]HU]DQLHVHJUHJDFMLçP 3RPRFSU]HGVLàELRUFRPZ RGSDGÍZSRSURGXNF\MQ\FK SRPRF\GODW\FKSU]HGVLàEL 2EQLëHQLH NRV]WÍZ SRQRV]R

&HOHVWUDWHJLF]QH &HOHRSHUDF\MQH =DG :SURZDG]HQLHVHJUHJDFMLç 6NXWHF]QD HGXNDFMD HNRORJLF]QD 3URSDJRZDQLHZçUÍGPLHV] 0RGHUQL]DFMDGUÍJJPLQQ\F XG]LDã*PLQ\ZEXGRZLHGU SRSUDZLDMÜF\FKNRPXQLNDFM ]ZãDV]F]D.UDNRZHP XG]LDãZPRGHUQL]DFMLGURJ æzlüwqlnl*íuqhr5dfleru PRGHUQL]DFMDGUÍJZHZQà PRGHUQL]DFMDGUÍJJPLQQ\F =PRGHUQL]RZD QHGURJL SRZLDWRZH JPLQQH LZHZQàWU]QH 3URZDG]HQLHUHPRQWÍZELH Z]DOHëQRçFLRGVWRSQLD]QLV =PRGHUQL]RZD QDVLHÞ HQHUJHW\F]QD 3RGHMPRZDQLHVWDUDåE\= GRNRQ\ZDãELHëÜF\FKUHPR HQHUJHW\F]QHM 8DNW\ZQLHQLHçURGRZLVND* URG]LQQHJRU]HPLRVãDZãDV PLHMVFSUDF\ZW\PGODQLH Z\VWÜSLHQLH]LQLFMDW\ZÜSUD /HDGHU 8WU]\PDQLHZ8U]àG]LH*P *PLQ\L.RPXQLNDFML6SRãHF 3RPRFRZ\FK 'RJRGQHZDUXQNL GRSURZDG]HQLD G]LDãDOQRçFL JRVSRGDUF]HM LLQZHVW\FML 6NXWHF]QD LQIRUPDFMD JRVSRGDUF]D LHIHNW\ZQD SURPRFMD*PLQ\ 6IRUPDOL]RZDQLHG]LDãDMÜFHM XWZRU]HQLHLSRPRFZG]LDã 6HNWRUÍZ :\GDZDQLH,QIRUPDWRUD*P (IHNW\ZQD JRVSRGDUND UROQD 3URPRFMDSRZVWDMÜF\FKJRV DJURWXU\VW\F]Q\FK %H]SLHF]QH %XGRZD RçZLHWOHå XOLF]Q\FK %H]SLHF]QD

3UREOHPHNRORJLF]Q\ IRUPDGHJUDGDFML çurgrzlvnd *ãízqhsu]\f]\q\ Z\VWàSRZDQLDSUREOHPX 2JÍOQHPHWRG =DQLHF]\V]F]HQLH SRZLHWU]D DWPRVIHU\F]QHJR LVWQLHQLHPDã\FK]DNãDGÍZ SURGXNF\MQ\FK VWRVRZDQLH LQG\ZLGXDOQHJRRJU]HZDQLD ZàJORZHJR ]ZLàNV]DMÜF\VLàUXFK NRPXQLNDF\MQ\Z*PLQLH ZVSÍãSUDFDQD ]]DNãDGÍZSU]HP SU]HFKRG]HQLH QRZRF]HVQ\FKE WZRU]HQLHLUR]V SURZDG]HQLHQ QLHXë\WNÍZ SRSUDZLHQLHSã +DãDV QLHZLHONLH]DNãDG\ SU]HP\VãRZHLRELHNW\ XVãXJRZH ]ZLàNV]DMÜF\VLàUXFK NRPXQLNDF\MQ\Z*PLQLH SU]HEXGRZD]ã\ PRGHUQL]DFMD] =DQLHF]\V]F]HQLHZÍG SRZLHU]FKQLRZ\FK EUDNVNDQDOL]RZDQLDFDãHJR WHUHQX*PLQ\ SHãQHVNDQDOL]R EXGRZDLQG\Z GRSURZDG]HQLH ]HZ]JOàGXQDE =DQLHF]\V]F]HQLHZÍG SRG]LHPQ\FK QLHV]F]HOQH]ELRUQLNL EH]RGSã\ZRZHOXELFKEUDN SHãQHVNDQDOL]R NRQWURODV]F]HO 'HJUDGDFMDV]DW\ URçOLQQHM GHJUDGDFMDJOHE RJUDQLF]HQLHHP ZãDçFLZDSLHOàJ VWRVRZDQLHJDW ]DOHVLDQLHQLHX Z]ERJDFDQLHJ

5RN /LVWDG]LDãDå 2JÍãHP 3UDFHSU]\JRWRZDZF]HRF]\V]F]DOQL GODZVL6LHSUDZL 2SUDFRZDQLHSURMHNWXNDQDOL]DFML ZVL6LHSUDZ $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL 1DNãDG\QDZ\ZÍ]LXW\OL]DFMà QLHF]\VWRçFL]WHUHQX*PLQ\.DQDOL]DFMDZVL=DNOLF]\Q %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLX $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL %XG *P.DQDOL]DFMDZVL=DNOLF]\Q.DQDOL]DFMDZVL6LHSUDZ %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLXFG.RQW\QXRZDQLHNDQDOL]DFMLZVL 6LHSUDZHWDS, $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLXFG %XGRZDNDQDOL]DFMLZVL6LHSUDZ HWDS,FG.DQDOL]DFMDZVL=DNOLF]\Q 'RILQDQVRZDQLHGR3URJUDPX (GXNDFML(NRORJLF]QHMSURZDG]RQHM SU]H] =*'*5L.

%XGëH *PLQ\ 5RN /LVWDG]LDãDå 2JÍãHP %XGRZDNDQDOL]DFMLZVL 6LHSUDZHWDS,]DNRåF]HQLH 5R]SRF]àFLHEXGRZ\ NDQDOL]DFMLZVL6LHSUDZHWDS,, 5R]SRF]àFLHEXGRZ\NDQD OL]DFMLZVL6LHSUDZHWDS,,, %XGRZDRF]\V]F]DOQLçFLHNÍZ Z6LHSUDZLX]DNRåF]HQLH.DQDOL]DFMDZVL=DNOLF]\Q $NFMDÅVSU]ÜWDQLHçZLDWDÅ RUJDQL]RZDQDSU]H]V]NRã\ LZ\ZÍ]QLHF]\VWRçFL %XGRZDNDQDOL]DFMLZVL 6LHSUDZHWDS,,,FG %XGRZDNDQDOL]DFMLZVL 6LHSUDZHWDS,9FG 5D]HP

:\V]F]HJÍOQLHQLH 3U]HP\Vã %XGRZQLFWZR 5ROQLFWZR ãrzlhfwzr OHçQLFWZR *PLQD6LHSUDZ 7

*PLQQD /S 0LHMVFRZRçÞ *PLQD 2GELRUQLN 6LHSUDZ 6LHSUDZ 6LHSUDZND

/S :VNDéQLNSUHVML :,ORçÞZ\WZRU]RQ\FKRGSDGÍZNRPXQDOQ\FK >0JURN@ 8G]LDãRGSDGÍZ]VHNWRUDNRPXQDOQHJR VNãDGRZDQ\FKQDVNãDGRZLVNDFK>È@ 8G]LDãRGSDGÍZNRPXQDOQ\FKXOHJDMÜF\FK ELRGHJUDGDFMLVNãDGRZDQ\FKQDVNãDGRZLVNX Z>È@,ORçÞZ\WZRU]RQ\FKRGSDGÍZRSDNRZDQLRZ\FK >0J@ZW\P WZRU]\ZDV]WXF]QH SDSLHULWHNWXUD V]NãR RSDNRZDQLD]EODFK\VWDORZHM RSDNRZDQLD]DOXPLQLXP RSDNRZDQLDZLHORPDWHULDãRZH

/S :VNDéQLNSUHVML :,ORçÞSRZVWDMÜF\FKRVDGÍZçFLHNRZ\FK>0J@,ORçÞZ\WZDU]DQ\FKRGSDGÍZZVHNWRU]H JRVSRGDUF]\P>W\V0J@ZW\P QLHEH]SLHF]Q\FK>0J@ 1DJURPDG]HQLHRGSDGÍZ>W\V0J@]F]HJR Z\NRU]\VWDQR,ORçÞRGSDGÍZSRZVWDMÜF\FKZSODFÍZNDFK PHG\F]Q\FK>0JURN@ RGSDG\RFKDUDNWHU]HNRPXQDOQ\P RGSDG\LQIHNF\MQHLVSHFMDOQH,ORçÞRGSDGÍZPHG\F]Q\FKSRZVWDMÜF\FK

/S èuígãdsrzvwdzdqldrgsdgíz 2GSDG\]JRVSRGDUVWZGRPRZ\FK 2GSDG\]RELHNWÍZLQIUDVWUXNWXU\ 2GSDG\ZLHONRJDEDU\WRZH

/S )UDNFMHRGSDGÍZ 2GSDG\ GRPRZH ZLHç ] 2GSDG\RUJDQLF]QHSRFKRG]HQLD URçOLQQHJR 2GSDG\RUJDQLF]QHSRFKRG]HQLD ]ZLHU]àFHJR,QQHRGSDG\RUJDQLF]QH 3DSLHULWHNWXUD 7ZRU]\ZDV]WXF]QH 0DWHULDã\WHNVW\OQH 6]NãR 0HWDOH 2GSDG\PLQHUDOQH )UDNFMDGUREQDPP 5D]HP /S 6WUXPLHåRGSDGÍZNRPXQDOQ\FK D E F 'RPRZHRGSDG\RUJDQLF]QHZW\P RGSDG\RUJDQLF]QHURçOLQQH RGSDG\RUJDQLF]QH]ZLHU]àFH RGSDG\RUJDQLF]QHLQQH 2GSDG\]LHORQH 3DSLHULWHNWXUDQLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLDZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QHQLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 7HNVW\OLD

/S :\V]F]HJÍOQLHQLH 'UHZQR 0HWDOH,QQHEDODVWRZHPDWHUDFHSODVWLNLWS 5D]HP 6SU]àW 6WDO ëhod]r 6WRS\ PLHG]L 'XUDOH,QQH PHWDOH NRORURZH 7ZRU] V]WXF.XFKQLH JD]RZH 3UDONL ZLUÍZNL 3UDONL DXWRPDW &KãRG]LDUNL ]DPUDëDUNL 2GNXU]DF]H 0DV]\Q\GR V]\FLD /S :\V]F]HJÍOQLHQLH &HJãD %HWRQ 7ZRU]\ZDV]WXF]QH %LWXPLF]QDSRZLHU]FKQLDGUÍJ 'UHZQR 0HWDOH 3LDVHN,QQH 5D]HP

/S :\V]F]HJÍOQLHQLH 2GSDG\RUJDQLF]QH 2GSDG\PLQHUDOQH 5D]HP /S :\V]F]HJÍOQLHQLH 2GSDG\PLQHUDOQH

5RG]DMRGSDGÍZ,ORçÞRGS 2GSDG\EXGRZODQHr&HJãD 2GSDG\EXGRZODQHr%HWRQ 2GSDG\EXGRZODQHr7ZRU]\ZD V]WXF]QH 2GSDG\EXGRZODQHr%LWXPLF]QD SRZLHU]FKQLDGUÍJ 2GSDG\EXGRZODQHr'UHZQR 2GSDG\EXGRZODQHr0HWDOH 2GSDG\EXGRZODQHr3LDVHN 2GSDG\EXGRZODQHr,QQH 2GSDG\EXGRZODQH

5RG]DMRGSDGÍZ,ORçÞRGS 2GSDG\QLHEH]SLHF]QHr=Xë\WHROHMH 2GSDG\QLHEH]SLHF]QHr,QQH ZW\PLQQHVXEVWDQFMHFKHPLF]QH QSNZDV\L]DVDG\SHVW\F\G\ FKHPLF]QHSURGXNW\ODERUDWRU\MQH 2GSDG\QLHEH]SLHF]QH 5RG]DMRGSDGÍZ 2GSDG\ZLHONRJDEDU\WRZH.XFKQLH JD]RZHJD]RZRHOHNWU\F]QH 2GSDG\ZLHONRJDEDU\WRZHr3UDONL DXWRPDW\F]QHSUDONRrVXV]DUNL 2GSDG\ZLHONRJDEDU\WRZHr &KãRG]LDUNL]DPUDëDUNL 2GSDG\ZLHONRJDEDU\WRZHr 2GNXU]DF]H 2GSDG\ZLHONRJDEDU\WRZHr0DV]\Q\ GRV]\FLD 2GSDG\ZLHONRJDEDU\WRZHr3UDONL ZLUÍZNL,ORçÞRGS 2GSDG\ZLHONRJDEDU\WRZH

5RG]DMRGSDGÍZ 2GSDG\NRPXQDOQH 2GSDG\RUJDQLF]QH URçOLQQH 2GSDG\RUJDQLF]QH ]ZLHU]àFH 2GSDG\RUJDQLF]QHLQQH 2GSDG\]LHORQH 3DSLHULWHNWXUD QLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUX LWHNWXU\ 2SDNRZDQLD ZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QH QLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\Z V]WXF]Q\FK 7HNVW\OLD 6]NãRQLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\ VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRSLRãRZD 5RG]DMRGSDGÍZ 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\ZLHONRJDEDU\WRZH.XFKQLHJD]RZHJD]RZR HOHNWU\F]QH 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH6WDO ëhod]r

5RG]DMRGSDGÍZ 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH 6WRS\PLHG]L 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH 'XUDOH 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH,QQH PHWDOHNRORURZH 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH 7ZRU]\ZDV]WXF]QH 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH 6]NãR 2GSDG\ZLHONRJDEDU\WRZH r.xfkqlhjd]rzh JD]RZRHOHNWU\F]QH,QQH PDWHULDã\ 5RG]DMRGSDGÍZ 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNL 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNLr6WDO ëhod]r 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNLr6WRS\ PLHG]L 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNLr 7ZRU]\ZDV]WXF]QH

5RG]DMRGSDGÍZ 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNLr6]NãR 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNLr0DW HOHNWURWHFKQLF]QH 2GSDG\ZLHONRJDEDU\WRZH r3udonldxwrpdw\f]qh SUDONRrVXV]DUNLr,QQH PDWHULDã\ 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunl 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunlr 6WDOëHOD]R 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunlr 6WRS\PLHG]L 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunlr 'XUDOH 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunlr 7ZRU]\ZDV]WXF]QH 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunlr 6]NãR 2GSDG\ZLHONRJDEDU\WRZH r&kãrg]ldunl]dpudëdunlr,qqhpdwhuldã\ 2GSDG\ZLHONRJDEDU\WRZH r 2GNXU]DF]H

5RG]DMRGSDGÍZ 2GSDG\ZLHONRJDEDU\WRZH r2gnxu]df]hr7zru]\zd V]WXF]QH 2GSDG\ZLHONRJDEDU\WRZH r2gnxu]df]hr,qqh PDWHULDã\ 2GSDG\ZLHONRJDEDU\WRZH r0dv]\q\grv]\fld 2GSDG\ZLHONRJDEDU\WRZH r0dv]\q\grv]\fldr6wdo ëhod]r 2GSDG\ZLHONRJDEDU\WRZH r0dv]\q\grv]\fldr,qqh PHWDOHNRORURZH 2GSDG\ZLHONRJDEDU\WRZH r0dv]\q\grv]\fldr 7ZRU]\ZDV]WXF]QH 2GSDG\ZLHONRJDEDU\WRZH r0dv]\q\grv]\fldrlqqh PDWHULDã\ 2GSDG\ZLHONRJDEDU\WRZH r3udonlzluíznl 2GSDG\ZLHONRJDEDU\WRZH r3udonlzluíznlr6wdo ëhod]r 2GSDG\ZLHONRJDEDU\WRZH r3udonlzluíznlr6wrs\ PLHG]L 2GSDG\ZLHONRJDEDU\WRZH r3udonlzluíznlr,qqh PHWDOHNRORURZH 2GSDG\ZLHONRJDEDU\WRZH 3 ONL L Í NL

5RG]DMRGSDGÍZ 2GSDG\EXGRZODQH 2GSDG\EXGRZODQHr &HJãD 2GSDG\EXGRZODQHr %HWRQ 2GSDG\EXGRZODQHr 7ZRU]\ZDV]WXF]QH 2GSDG\EXGRZODQHr%LWX PLF]QDSRZLHU]FKQLDGUÍJ 2GSDG\EXGRZODQHr 'UHZQR 2GSDG\EXGRZODQHr 0HWDOH 2GSDG\EXGRZODQHr 3LDVHN 2GSDG\EXGRZODQHr,QQH 5RG]DMRGSDGÍZ 2GSDG\QLHEH]SLHF]QH 2GSDG\QLHEH]SLHF]QHr $HUR]ROH 2GSDG\QLHEH]SLHF]QHr $NXPXODWRU\ 2GSDG\QLHEH]SLHF]QHr %DWHULH 2GSDG\QLHEH]SLHF]QHr )DUE\L/DNLHU\ 2GSDG\QLHEH]SLHF]QHr )DUPDFHXW\NL 2GSDG\QLHEH]SLHF]QHr 5R]SXV]F]DOQLNL 2GSDG\QLHEH]SLHF]QHr æzlhwoíznl 2GSDG\QLHEH]SLHF]QHr =Xë\WHROHMH 2GSDG\QLHEH]SLHF]QHr,QQHZW\PLQQHVXEVWDQ FMHFKHPLF]QHQSNZDV\ L]DVDG\SHVW\F\G\FKHPL F]QHSURGXNW\ODERUDWRU\MQH

5RG]DMRGSDGX /LPLWÈ,ORçÞ0J /LPLWÈ 2GSDG\ELRGHJUDGRZDOQH W0LHMVNLH 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLD]HV]NãD 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 2SDNRZDQLDPHWDORZH 2SDNRZDQLDZLHORPDWHULDãRZH

/S =DGDQLDGRUHDOL]DFML -HG UHDO 2SUDFRZDQLHL]DWZLHUG]HQLHJPLQQHJRSODQX JRVSRGDUNLRGSDGDPL XU]ÜG :SURZDG]HQLHVHOHNW\ZQHM]ELÍUNLVXURZFÍZ ZWÍUQ\FKZ*PLQLH]XZ]JOàGQLHQLHP]ELÍUNL RGSDGÍZNRPXQDOQ\FKXOHJDMÜF\FKELRGHJUDGDFML XU]ÜG SU]HGV :SURZDG]HQLH]ELÍUNLRGSDGÍZQLHEH]SLHF]Q\FK XU]ÜG SU]HGV :SURZDG]HQLH]ELÍUNLRGSDGÍZZLHONRJDEDU\WRZ\FK RUD]Z\FRI\ZDQ\FK ]HNVSORDWDFMLXU]ÜG]HåHOHNWU\F]Q\FKLHOHNWURQLF]Q\FK XU]ÜG SU]HGV %XGRZD*PLQQHJR3XQNWX*URPDG]HQLD2GSDGÍZ 1LHEH]SLHF]Q\FK XU]ÜG SU]HGV 2NUHçOHQLHéUÍGHãSRZVWDZDQLDRGSDGÍZ ZHWHU\QDU\MQ\FKRUJDQL]DFMDV\VWHPXRGELRUX XU]ÜG SU]HGV :GURëHQLHV\VWHPX]ELHUDQLDSDGã\FK]ZLHU]ÜW XU]ÜG

/S =DGDQLDGRUHDOL]DFML -HG UHD %XGRZD3RZLDWRZHJR3XQNWX*URPDG]HQLD 3DGã\FK=ZLHU]ÜW XU]ÜG SU]HG 3RGQRV]HQLHçZLDGRPRçFLHNRORJLF]QHM VSRãHF]HåVWZDZ]DNUHVLHJRVSRGDUNLRGSDGDPL 6WDURVW 8VXZDQLHZ\UREÍZD]EHVWRZRFHPHQWRZ\FK PLHV * %XGRZDVWDFMLVHJUHJDFML]VRUWRZQLÜRGSDGÍZ LRELHNWDPLWRZDU]\V]ÜF\PLWMOLQLÜGHPRQWDëX RGSDGÍZZLHONRJDEDU\WRZ\FKRG]\VNXLUHF\NOLQJX RGSDGÍZEXGRZODQ\FKLUHPRQWRZ\FKDWDNëH PDJD]\QRZDQLDRGSDGÍZQLHEH]SLHF]Q\FK = *RV 2GS 5R]ZÍMVHOHNW\ZQHM]ELÍUNLVXURZFÍZZWÍUQ\FK XU]ÜG SU]HG 5R]ZÍMVHOHNW\ZQHM]ELÍUNLRGSDGÍZ ELRGHJUDGRZDOQ\FK XU]ÜG SU]HG 5R]ZÍMVHOHNW\ZQHM]ELÍUNLRGSDGÍZ QLHEH]SLHF]Q\FK XU]ÜG SU]HG 5R]ZÍMVHOHNW\ZQHM]ELÍUNLRGSDGÍZZLHONR JDEDU\WRZ\FKRUD]Z\FRI\ZDQ\FK]HNVSORDWDFML XU]ÜG]HåHOHNWU\F]Q\FKLHOHNWURQLF]Q\FK XU]ÜG SU]HG 8VXZDQLHZ\UREÍZD]EHVWRZRrFHPHQWRZ\FK PLH * 5R]EXGRZDVWDFMLVHJUHJDFML]VRUWRZQLÜRGSDGÍZ LRELHNWDPLWRZDU]\V]ÜF\PLWMOLQLÜGHPRQWDëX RGSDGÍZZLHONRJDEDU\WRZ\FKRG]\VNXLUHF\NOLQJX RGSDGÍZEXGRZODQ\FKLUHPRQWRZ\FKDWDNëH PDJD]\QRZDQLDRGSDGÍZQLHEH]SLHF]Q\FK = *RV 2G

/S :VNDéQLNFKDUDNWHU\]XMÜF\JRVSRGDUNàRGSDGDP JRVSRGDUF]\,ORçÞZ\WZDU]DQ\FKRGSDGÍZZVHNWRU]HJRVSRGDUF]\ ZW\P QLHEH]SLHF]Q\FK 6SRVÍE]DJRVSRGDURZDQLDRGSDGÍZ]VHNWRUDJRVSRG ZW\P PDJD]\QRZDQH RG]\VNDQH XQLHV]NRGOLZLRQHSR]DVNãDGRZDQLHP VNãDGRZDQH 6SRVÍE]DJRVSRGDURZDQLDRGSDGÍZQLHEH]SLHF]Q\FK SRZVWDMÜF\FKZSU]HP\çOH>È@ZW\P PDJD]\QRZDQH RG]\VNDQH XQLHV]NRGOLZLRQHSR]DVNãDGRZDQLHP VNãDGRZDQH 1DJURPDG]HQLHRGSDGÍZ>W\V0J@]F]HJR Z\NRU]\VWDQR 7HUHQ\VNãDGRZLVNQDREV]DU]H*PLQ\>KD@ QLH]UHNXOW\ZRZDQ\FK ]UHNXOW\ZRZDQ\FK 2ELHNW\JRVSRGDUNLRGSDGDPL>V]WZ\GDMQRçÞ@ ]DNãDG\WHUPLF]QHMXW\OL]DFMLRGSDGÍZ VNãDGRZLVNDRGSDGÍZQLHQLHEH]S ZW\PVNãDGRZLVNDRGSDGÍZQLHEH]SLHF]Q\FK LQQHLQVWDODFMH,ORçÞRGSDGÍZSRZVWDMÜF\FKZSODFÍZNDFKPHG\F]Q\ RGSDG\RFKDUDNWHU]HNRPXQDOQ\P RGSDG\LQIHNF\MQHLVSHFMDOQH

/S :VNDéQLNFKDUDNWHU\]XMÜF\JRVSRGDUNàRGSDGDP JRVSRGDUF]\,ORçÞ]DNãDGÍZWHUPLF]QHMXW\OL]DFMLRGSDGÍZPHG\F]Q >V]WZ\GDMQRçÞ@,ORçÞRGSDGÍZSRZVWDMÜF\FKZSODFÍZNDFKZHWHU\QDU,ORçÞRGSDGÍZ]DZLHUDMÜF\FKD]EHVW>W\V0J@,ORçÞVNãDGRZLVNRGSDGÍZD]EHVWRZ\FK>V]W@ 1DJURPDG]HQLHRGSDGÍZZPRJLOQLNDFK>0J@

5RN 6WUXPLHåRGSDGÍZ 0J 2GSDG\SRZVWDMÜFH ZSODFÍZNDFKVãXëE\ ]GURZLD 2GSDG\]JUXS\$ 2GSDG\]JUXS\%&' :W\P]JUXS\% :W\P]JUXS\&' 2GSDG\PHG\F]QH SRZVWDMÜFH ZSU\ZDWQ\FK JDELQHWDFKOHNDUVNLFK RNÈ 2GSDG\ZHWHU\QDU\MQH RNÈVWUXPLHQLD RGSDGÍZSRZVWDMÜF\FK ZSODFÍZNDFKVãXëE\ ]GURZLD 5D]HP

5RG]DMRGSDGX /LPLWÈ,ORçÞ0J /LPLWÈ 2GSDG\ELRGHJUDGRZDOQH W0LHMVNLH 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLD]HV]NãD 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 2SDNRZDQLDPHWDORZH 2SDNRZDQLDZLHORPDWHULDãRZH

/S :VNDéQLNFKDUDNWHU\]XMÜF\JRVSRGDUNàRGSDGDPLrVHNW,ORçÞZ\WZRU]RQ\FKRGSDGÍZNRPXQDOQ\FK>0JURN@,ORçÞ]HEUDQ\FKRGSDGÍZNRPXQDOQ\FK>0JURN@,ORçÞRGSDGÍZREMàW\FK]RUJDQL]RZDQÜ]ELÍUNÜ>È@,ORçÞZ\WZRU]RQ\FKRGSDGÍZNRPXQDOQ\FKQDPLHV] >NJ0URN@,ORçÞ]HEUDQ\FKRGSDGÍZNRPXQDOQ\FKQDPLHV]NDåF >NJ0URN@ 8G]LDãRGSDGÍZ]VHNWRUDNRPXQDOQHJRVNãDGRZDQ\FK VNãDGRZLVNDFK>È@ 8G]LDãRGSDGÍZNRPXQDOQ\FKXOHJDMÜF\FKELRGHJUDGDF VNãDGRZDQ\FKQDVNãDGRZLVNDFKZ>È@,ORçÞ]HEUDQ\FKRGPLHV]NDåFÍZRGSDGÍZELRGHJUDGRZ,ORçÞZ\WZRU]RQ\FKRGSDGÍZRSDNRZDQLRZ\FK>0J@Z WZRU]\ZDV]WXF]QH SDSLHULWHNWXUD V]NãR RSDNRZDQLD]EODFK\VWDORZHM RSDNRZDQLD]DOXPLQLXP RSDNRZDQLDZLHORPDWHULDãRZH 8G]LDãRG]\VNLZDQ\FKVXURZFÍZZWÍUQ\FKZFDãNRZLW\ ]HEUDQ\FKRGSDGÍZNRPXQDOQ\FKLNRPXQDOQRSRGREQ,ORçÞRG]\VNLZDQ\FKVXURZFÍZZWÍUQ\FK>0J@ZW\P WZRU]\ZDV]WXF]QH SDSLHULWHNWXUD Nã

/S :VNDéQLNFKDUDNWHU\]XMÜF\JRVSRGDUNàRGSDGDP JRVSRGDUF]\,ORçÞZ\WZDU]DQ\FKRGSDGÍZZVHNWRU]HJRVSRGDUF]\ ZW\P QLHEH]SLHF]Q\FK 6SRVÍE]DJRVSRGDURZDQLDRGSDGÍZ]VHNWRUDJRVSRG ZW\P PDJD]\QRZDQH RG]\VNDQH XQLHV]NRGOLZLRQHSR]DVNãDGRZDQLHP VNãDGRZDQH 6SRVÍE]DJRVSRGDURZDQLDRGSDGÍZQLHEH]SLHF]Q\FK SRZVWDMÜF\FKZSU]HP\çOH>È@ZW\P PDJD]\QRZDQH RG]\VNDQH XQLHV]NRGOLZLRQHSR]DVNãDGRZDQLHP VNãDGRZDQH 1DJURPDG]HQLHRGSDGÍZ>W\V0J@]F]HJR Z\NRU]\VWDQR 7HUHQ\VNãDGRZLVNQDREV]DU]H*PLQ\>KD@ QLH]UHNXOW\ZRZDQ\FK ]UHNXOW\ZRZDQ\FK 2ELHNW\JRVSRGDUNLRGSDGDPL>V]WZ\GDMQRçÞ@ ]DNãDG\WHUPLF]QHMXW\OL]DFMLRGSDGÍZ VNãDGRZLVNDRGSDGÍZQLHQLHEH]S ZW\PVNãDGRZLVNDRGSDGÍZQLHEH]SLHF]Q\FK LQQHLQVWDODFMH,ORçÞRGSDGÍZSRZVWDMÜF\FKZSODFÍZNDFKPHG\F]Q\ RGSDG\RFKDUDNWHU]HNRPXQDOQ\P RGSDG\LQIHNF\MQHLVSHFMDOQH,ORçÞ]DNãDGÍZWHUPLF]QHMXW\OL]DFMLRGSDGÍZPHG\F]Q >V]WZ\GDMQRçÞ@,ORçÞRGSDGÍZSRZVWDMÜF\FKZSODFÍZNDFKZHWHU\QDU,ORçÞRGSDGÍZ]DZLHUDMÜF\FKD]EHVW>W\V0J@