*5$1729e6&+e0$32'3258-Ë&Ë'52%1e amp;.&lt

$QGUHD+iMNRYi

%DNDOi VNiSUiFH

VNpKRNUDMH9WHRUHWLFNpþiVWLMHY\PH]HQ=OtQVNêNUDM6523DY\VY WOHQ\Q NWHUp]i NODGQtFKSRMP\FRMHJUDQWRYpVFKpPDDGRWDFH9DQDO\WLFNpþiVWLMVRXSRSViQDMHGQRWOLYi JUDQWRYiVFKpPDWD=OtQVNpKRNUDMHDDORNDFHILQDQþQtFKSURVW HGN Y UiPFLMHGQRWOLYêFK JUDQWRYêFKVFKpPDW'iOHSDNMVRXSRSViQ\GYDY\EUDQpSURMHNW\ILQDQFRYDQp]*6SRGSR UXMtFtKRVRFLiOQtLQWHJUDFL1D]iY U MHSURYHGHQDNRPSDUDFHV2ORPRXFNêPNUDMHPDVKU QXWt

.OtþRYiVORYD

=OtQVNêNUDMJUDQWRYpVFKpPDGRWDFH6523NRPSDUDFH

$%675$&7

7KHDLPRIP\%DFKHORUWKHVLVLVWRGHVFULEHLVVXHZLWK3URJUDPDQGGRWDWLRQWLWXOHVRI

=OLQ UHJLRQ,QWKHRU\SDUW,GHVFULEH=OLQUHJLRQ6523DQGRWKHUEDVLFWHUPVVXFKDVJUDQW VFKHPHDQGJUDQW,QDQDO\WLFDOSDUW,GHVFULEHLQGLYLGXDOJUDQWVFKHPHVRI=OLQUHJLRQDQG DOORFDWLRQ RI PRQH\ UHJDUGLQJ WKLV JUDQW VFKHPHV , DOVR GHVFULEH WZR SDUWLFXODU SURMHFW ILQDQFHGE\*6ZKLFKVXSSRUWVRFLDOLQWHJUDWLRQ,QFRQOXVLRQ,FRPSDUH=OLQUHJLRQZLWK 2ORPRXFUHJLRQUHJDUGLQJJUDQWVFKHPHVDQGVXPPDU\

.H\ZRUGV

7KH=OLQUHJLRQJUDQWVFKHPHGRWDWLRQ6523FRPSDUH

Y QRYDO NRQ]XOWDFtP RKOHGQ Pp EDNDOi VNp SUiFH =YOiãWQt SRG NRYiQt WDNp SDW t SDQX ,QJ3DYOX=HPiQNRYL]2GG OHQtUHDOL]DFHJUDQWRYêFKVFKpPDW.UDMVNpKR~ DGXNWHUêPL RFKRWQ SRVN\WOYHãNHUpLQIRUPDFHDPDWHULiO\SRW HEQpGRPpSUiFH

, 7(25(7,&.ÈýÈ67

9<0(=(1Ë=/Ë16.e+2.5$-(

=È./$'1Ë,1)250$&(.(632/(ý1e085(*,21È/1Ë08

23(5$ý1Ë08352*5$08

32-(0*5$1729e6&+e0$'27$&(

*5$1729e6&+e0$

'27$&(

,, 35$.7,&.ÈýÈ67

*5$1729È6&+e0$7$9<+/$â29$1È9(=/Ë16.e0.5$-, *5$1729e6&+e0$32'3258-Ë&Ë'52%1e32'1,.$7(/(9(.2120,&.<

6/$%é&+5(*,21(&+=/Ë16.e+2.5$-(

$ORNDFHILQDQþQtFKSURVW HGN

*5$1729e6&+e0$32'3258-Ë&Ë0$/e$67 ('1Ë32'1,.$7(/(

9 (.2120,&.<6/$%é&+5(*,21(&+=/Ë16.e+2.5$-(

$ORNDFHILQDQþQtFKSURVW HGN

*5$1729e6&+e0$32'3258-Ë&Ë62&,È/1Ë,17(*5$&,9(=/Ë16.e0.5$-,

$ORNDFHILQDQþQtFKSURVW HGN

*5$1729e6&+e0$32'3258-Ë&Ë5(*,21È/1Ë$0Ë671Ë6/8ä%<

&(67291Ë+258&+83529( (-1e68%-(.7<9(=/Ë16.e0.5$-,

$ORNDFHILQDQþQtFKSURVW HGN

*5$1729e6&+e0$32'3258-Ë&Ë5(*,21È/1Ë$0Ë671Ë6/8ä%<

&(67291Ë+258&+83520$/e$67 ('1Ë32'1,.$7(/(9(=/Ë16.e0.5$-,

$ORNDFHILQDQþQtFKSURVW HGN

*5$1729e6&+e0$32'3258-Ë&Ë5(*,21È/1Ë$0Ë671Ë,1)5$6758.7858

&(67291Ë+258&+83520$/e$67 ('1Ë32'1,.$7(/(9(=/Ë16.e0.5$-,

$ORNDFHILQDQþQtFKSURVW HGN

*5$1729È6&+e0$7$9<+/$â29$1È1$352*5$029e2%'2%Ë 9<%5$1e352-(.7<),1$1&29$1e=*632'3258-Ë&Ë

62&,È/1Ë,17(*5$&, 0$6$5<.29$9( (-1È.1,+291$-$.2,167,78&(.2081,71Ë&+$.7,9,7

$ &(/2ä,9271Ë+29=' /È1Ë9(96(7Ë1

1È95$72%<9$7(/$=</29e+2'20835208ä(9.520 Ëä,'2

632/(ý1267,$1$75+35È&(

.203$5$&(9<8äË9È1Ë*662/2028&.é0.5$-(0

6+5187Ë

=È9 5 6(=1$0328ä,7e/,7(5$785<

6(=1$0328ä,7é&+6<0%2/ $ =.5$7(.

6(=1$02%5È=.

6(=1$07$%8/(.

6(=1$03 Ë/2+

Ò92'

3URVYRXEDNDOi VNRXSUiFLMVHPVLY\EUDODWpPDÄ3URJUDPRYpDGRWDþQtWLWXO\=OtQVNpKR NUDMHµµ=PpKRSRKOHGXMHWDWRSUREOHPDWLNDYHOPL]DMtPDYiDWDNpSURWRMVHPVHUR]KRGOD MLEOtåHVSHFLILNRYDWYHVYpEDNDOi VNpSUiFL

3UiFLMVHPUR]G OLODGRGYRXþiVWtQDþiVWWHRUHWLFNRXDþiVWSUDNWLFNRX

9 SUYQtþiVWLEXGXGHILQRYDWG OHåLWpSRMP\NWHUpMVHPYSUiFLSRXåLOD3URWRåHVHSUiFH WêNi SURJUDPRYêFK D GRWDþQtFK WLWXO =OtQVNpKR NUDMH MH YWpWR þiVWL XYHGHQR Y\PH]HQt

=OtQVNpKRNUDMH'iOHSDNREMDV XMLSRMHP6523MHKRREODVWLDSULRULW\9UiPFL6523 MVRX ILQDQFRYiQDJUDQWRYiVFKpPDWDNG\IRUPRXGRWDFt]tVNiYDMtMHGQRWOLYêåDGDWHOpIL QDQþQtSURVW HGN\QDVSROXILQDQFRYiQtSURMHNW 3RNXVtPVHWHG\REMDVQLW]iNODGQtSRMP\

GDQp SUREOHPDWLN\

3UDNWLFNi þiVW Pp SUiFH VH EXGH VRXVW HGLW MLå QD Y\PH]HQi JUDQWRYi VFKpPDWD YUiPFL

=OtQVNpKRNUDMH8NDåGpKRJUDQWRYpKRVFKpPDWXEXGHXUþHQFtONGRMHNRQHþQêPXåLYDWH OHP MDNêREMHPSURVW HGN PRåQRþHUSDWDSRW HEQpQiOHåLWRVWLS L SRGiYiQtåiGRVWL1H ER JUDQWRYiVFKpPDWDVHWêNDMtSURJUDPRYpKRREGREt±EXGHYPpSUiFLWDNp XYHGHQDDORNDFHILQDQþQtFKSURVW HGN Y UiPFLMHGQRWOLYêFKJUDQWRYêFKVFKpPDW

9 SUDNWLFNpþiVWLPpSUiFHS HGVWDYtPGYDY\EUDQp~VS ãQpSURMHNW\NWHUpMVRXILQDQFRYi Q\ SUiY ] JUDQWRYpKRVFKpPDWXYUiPFL65233RGUREQ SRStãLFtOY\EUDQêFKSURMHNW UHDOL]DFLXGUåLWHOQRVWDGRSDG\QDFtORYRXVNXSLQX

9]KOHGHPNWRPXåHYH=OtQVNpPNUDMLMVRXY\KODãRYiQDQDSURJUDPRYpREGREt VKRGQiJUDQWRYiVFKpPDWDMDNRY2ORPRXFNpPNUDMLDWDNVHSRNXVtPRVURYQiQt Y\XåLWtILQDQþQtFKSURVW HGN PH]LRE PDNUDML

9 ]iY UXSUiFHVHSRNXVtPVKUQRXWMHGQRWOLYi*6DMHMLFKY\XåLWtYUiPFL=OtQVNpKRNUDMH

, 7(25(7,&.ÈýÈ67

9<0(=(1Ë=/Ë16.e+2.5$-(

=OtQVNêNUDME\OXVWDQRYHQNOHGQXQD]iNODG ~VWDYQtKR]iNRQDþ6ER Y\WYR HQtY\ããtFK~]HPQtFKVDPRVSUiYQêFKFHON 9]QLNOVORXþHQtPRNUHV =OtQ.URP

tåD8KHUVNp+UDGLãW NWHUpSDW LO\N-LKRPRUDYVNpPXNUDMLDRNUHVX9VHWtQNWHUêVSDGDO GR6HYHURPRUDYVNpKRNUDMH

>@

1DFKi]tVHQDYêFKRG UHSXEOLN\NGHMHKRYêFKRGQtRNUDMWYR t KUDQLFLVH6ORYHQVNHP1D MLKR]iSDG VRXVHGtVNUDMHP-LKRPRUDYVNêPQDVHYHUR]iSDG V 2ORPRXFNêPDYVHYHUQt þiVWLVNUDMHP0RUDYVNRVOH]VNêP6YRXUR]ORKRXNPMHþWYUWêPQHMPHQãtPNUDMHP Y UHSXEOLFH0iFHONHPREFt]WRKRP VWYHNWHUêFKNHNRQFLURNXåLOR RE\YDWHO+XVWRWD]DOLGQ QtRE\YDWHONP YêUD]Q S HY\ãXMHUHSXEOLNRYêSU P U 1HMY\ããt]DOLGQ QRVWMHYRNUHVH=OtQRE\YDWHONP DQHMQLåãtYRNUHVH9VHWtQ RE\YDWHONP

>@

2EU=OtQVNêNUDM

=GURM>@

3UR SRW HE\ VSRMHQp VNRRUGLQDFtDUHDOL]DFtSROLWLN\KRVSRGi VNpDVRFLiOQtVRXGUåQRVWL VSRþtYDMtFt]HMPpQDYHY\XåtYiQtILQDQþQtFKSURVW HGN ]HVWUXNWXUiOQtFKIRQG (YURSVNp XQLHE\ORYýHVNpUHSXEOLFHY\PH]HQRRVP5HJLRQ VRXGUåQRVWL1876,,=OtQVNêNUDM VSROX VNUDMHP2ORPRXFNêPY\WYi t UHJLRQVRXGUåQRVWL1876,,6W HGQt0RUDYD2GURNX QDYtFQiOHåtNHXURUHJLRQX%tOp.DUSDW\]DP HQpKRQDUR]YRMS HVKUDQLþQtVSROX SUiFHUHJLRQ QD~]HPt&+.2%tOp.DUSDW\

=OtQVNêNUDME\OYPLQXORVWLLQDSRþiWNXWUDQVIRUPDFHSRURFHSUiYHPSRYDåRYiQ]D HNRQRPLFN\VLOQRXREODVWVH]DVWRXSHQtPYHONêFKSU P\VORYêFKSRGQLN 2EXYSQHXPD WLN\VWURMHDOHWDGODWRE\O\SURGXNW\VSRMRYDQpVNUDMHP9SRORYLQ OHWVHKRVSRGi VNi VLWXDFH YêFKRGQt 0RUDY\ YG VOHGNX SULYDWL]DFH D UHVWUXNWXUDOL]DFH SU P\VOX ]DþDOD UDSLGQ P QLW1HJDWLYQtUROL]DKUiO]S VRESULYDWL]DFHYý5YHOPLãSDWQiGRSUDYQtGR VWXSQRVWDREVOXåQRVW~]HPtUR]G OHQtUHSXEOLN\D]S HWUKiQtREFKRGQtFKY]WDK VH6OR YHQVNHPDURYQ å UR]SDGY WãLQ\Y GHFNRYê]NXPQêFKSUDFRYLã 9]QLNDMtFtVHNWRUPD OpKRDVW HGQtKRSRGQLNiQt]DYêãHSRSVDQêFKSRGPtQHNEUiQtFtFKMHKRG\QDPLFNpPXUR]

YRMLQHE\OVFKRSHQQDKUDGLWYHONpSU P\VORYpSRGQLN\VHãLURNêP]i]HPtP9êVOHGNHPMH SRGSU P UQiWYRUEDKUXEpKRGRPiFtKRSURGXNWXW HEDåHMHUHJLRQYQtPiPMDNRERKDWiD G\QDPLFNiREODVW

3R HNRQRPLFNpVWUiQFHSDW t =OtQVNêNUDMPH]L]DRVWDOpNUDMH-HWRG VOHGNHPSROLWLFNêFK XGiORVWtSRURFH]DS tþLQ QêKODYQ YQ MãtPLYOLY\(NRQRPLNDYNUDMLE\ODDMH]D P HQDS HGHYãtP QD]KRGQRFRYiQtYVWXSQtFKVXURYLQDSRORWRYDU ([SRUWYNUDMLMHQHJD WLYQ SR]QDPHQiQSRORKRXNUDMHYUiPFLý5DMHKRãSDWQRXGRSUDYQtS tVWXSQRVWt

'RVDYDGQt SU P\VORYê SRWHQFLiO NUDMH MH ]DORåHQ QD H[LVWHQFL G tYH NOtþRYêFK VWURMtUHQ VNêFK YêUREQtFK SRGQLN =QDþQê Yê]QDP PDMt ]iYRG\ ]SUDFRYDWHOVNpKR SU P\VOX ]HMPpQDREXYQLFNpKRG HYR]SUDFXMtFtKRNRåHG OQpKRDGiOHFKHPLHJXPiUHQVWYtSRWUD YLQi VWYt7\GRVXGSDW t NS HGQtP]iVRERYDWHO P VSRW HEQtKR]ERåtQDþHVNpPWUKX1H PDMtYãDNSRW HEQRXYêNRQQRVWVYêMLPNRXW FKGRQLFKåYVWRXSLO]DKUDQLþQtLQYHVWRU

>@

1\QtE\FKUiGDS LEOtåLOD6SROHþQêUHJLRQiOQtRSHUDþQtSURJUDPGiOHMHQ65236523MH SURJUDPRYêP GRNXPHQWHP ]DKUQXMtFtP UR]YRMRYp SULRULW\ VHGPL UHJLRQ VRXGUåQRVWL ýHVNpUHSXEOLN\9UiPFL6523MVRXILQDQFRYiQDJUDQWRYiVFKpPDWDMHMLFKåREVDKDY\X åLWtMVRXQiSOQtPpEDNDOi VNpSUiFH

=È./$'1Ë,1)250$&(.(632/(ý1e085(*,21È/1Ë08 23(5$ý1Ë08352*5$08

6SROHþQêUHJLRQiOQtRSHUDþQtSURJUDP6523MHMHGQtP]S WLSURJUDP NWHUpMVRXUHDOL ]RYiQ\YýHVNpUHSXEOLFHQD]iNODG 5iPFHSRGSRU\6SROHþHQVWYtSUR&tO'DOãtPLRSH UDþQtPLSURJUDP\MVRX

x 3U P\VOD3RGQLNiQt x 5R]YRMOLGVNêFK]GURM x ,QIUDVWUXNWXUD

x 5R]YRMYHQNRYDDPXOWLIXQNþQt]HP G OVWYt

6523 MH SURJUDPRYêP GRNXPHQWHP ]DKUQXMtFtP UR]YRMRYp SULRULW\ VHGPL UHJLRQ VRXGUåQRVWL ýHVNp UHSXEOLN\ NWHUp PRKRX EêW QDSRMHQ\ QD VWUXNWXUiOQt IRQG\ (YURSVNp XQLHYUiPFL&tOH

x 6W HGQtýHFK\

x -LKR]iSDG x 6HYHUR]iSDG x 6HYHURYêFKRG x 6W HGQtýHFK\

x 6W HGQt0RUDYD x 0RUDYVNRVOH]VNR

5HJLRQ\VRXGUåQRVWLMVRXGHNODURYiQ\Y]iNRQ þ6ERSRGSR H UHJLRQiOQtKR UR]YRMHNGHSURSRW HE\VSRMHQpVNRRUGLQDFtDUHDOL]DFtKRVSRGi VNpDVRFLiOQtVRXGUåQRV WLVSRþtYDMtFt]HMPpQDYHY\XåtYiQtILQDQþQtFKSURVW HGN ] S HGYVWXSQtFKDVWUXNWXUiOQtFK IRQG (YURSVNêFK VSROHþHQVWYt VH ] L]XMt UHJLRQ\ MHMLFKå ~]HPQt Y\PH]HQt MH WRWRåQp V ~]HPQtPLVWDWLVWLFNêPLMHGQRWNDPL1876

1D ]iNODG S LSRPtQHNDMHGQiQtV(YURSVNRXNRPLVtE\O6523YêUD]Q XSUDYHQ'RãORN UHGXNFLS YRGQtKRILQDQþQtKRSOiQXSURJUDPXSRWHQFLiOQtS HNU\YVRVWDWQtPLRSHUDþQtPL SURJUDP\E\ORGVWUDQ QVWUXNWXUDSULRULWDRSDW HQtE\OD]MHGQRGXãHQDDGRãORLN~SUDYiP MHGQRWOLYêFKþiVWt6523

6 XSODWQ QtPXYHGHQêFKYêFKRGLVHNMH6523WYR HQþW\ PLSULRULWDPLUR]SUDFRYDQêPLGR GHYtWLRSDW HQtEH]WHFKQLFNpDVLVWHQFH

SRGSRUDPDOêFKDVW HGQtFKSRGQLN YHY\EUDQêFKUHJLRQHFK ]OHSãHQtLQIUDVWUXNWXU\YUHJLRQHFK

UR]YtMHQtLQIUDVWUXNWXU\SURUR]YRMOLGVNêFK]GURM SRGSRUD FHVWRYQtKRUXFKX

1DYUKRYDQpSULRULW\6523UHVSHNWXMtKODYQtRVXSRPRFL6SROHþHQVWYtUHJLRQ P &tOH S LVStYDWYê]QDPQêP]S VREHPNHVQLåRYiQtKRVSRGi VNêFKDVRFLiOQtFKGLVSDULWUHJLRQ Y SRURYQiQtVSU P UHP(8LPH]LUHJLRQ\XYQLW ý5

6SROHþQêUHJLRQiOQtRSHUDþQtSURJUDPMHNRQFLSRYiQMDNRSURJUDPFtOHQêFKLQWHUYHQFtSUR HãHQt]HMPpQDVSROHþQêFKSUREOpP UHJLRQ VRXGUåQRVWLý55R]ViKOHMãtRULHQWDFH6523 QD VSHFLILFNpSUREOpP\MHGQRWOLYêFKUHJLRQ QHQtY]KOHGHPNH]NUiFHQpPXSOiQRYDFtPX REGREt DGLVSRQLELOQtPXREMHPXILQDQþQtFK]GURM UHiOQi

>@

)LQDQFRYiQt6523MH]DEH]SHþHQR]YH HMQêFK]GURM (8XY WãLQ\RSDW HQtS tVS YHN (8 GRViKQH YH HMQêFK ]GURM SURJUDPX S LþHPå VH SRþtWi URYQ å VH ]DSRMHQtP VRXNURPêFK ]GURM 8GRWDFtSRGQLNDWHOVNêPVXEMHNW P QHVPtFHONRYiGRWDFHS HNURþLW FHONRYêFKX]QDWHOQêFKQiNODG 9H HMQp]GURMHý5MVRX]DMLãW Q\S HGHYãtP]HVWiW QtKR UR]SRþWX005D]UR]SRþWXNUDM D REFt

>@

6SROHþQêUHJLRQiOQtRSHUDþQtSURJUDPUHJLRQ VRXGUåQRVWLýHVNpUHSXEOLN\6523MH]D VW HãXMtFtPSURJUDPHPVHGPLUHJLRQ 1876VSDGDMtFtFKGR&tOH

0tUD SRNU\Wt ýHVNp UHSXEOLN\ 6SROHþQêP UHJLRQiOQtP RSHUDþQtP SURJUDPHP MH SDWUQi ] QiVOHGXMtFtPDS\

2EU 2EODVW&tOHYýHVNpUHSXEOLFH

=GURM>@

= FHOpKR~]HPtý5QHQtGR6523]DKUQXWSRX]HUHJLRQ18763UDKDNWHUêMHKRVSRGi VN\ QHMYêNRQQ MãtP UHJLRQHP YQ På MH GORXKRGRE Y\WYi HQD WpP þWYUWLQD KUXEpKR GRPiFtKRSURGXNWXýHVNpUHSXEOLN\

6523LQWHJUXMHUR]YRMRYpSULRULW\UHJLRQ 6HYHUR]iSDG-LKR]iSDG6W HGQtýHFK\6HYH URYêFKRG -LKRYêFKRG6W HGQt0RUDYDD0RUDYVNRVOH]VNR7\WRUHJLRQ\]DXMtPDMt SORFK\ýHVNpUHSXEOLN\QDNWHUpåLMHPLORE\YDWHOWRMHFFDYãHKRRE\YDWHO VWYDVWiWX

8YHGHQêFK UHJLRQ VRXGUåQRVWL NWHUp VSDGDMt SRG &tO UHJLRQ\ 1876 ]KOHGLVND SRGUREQ MãtKR þOHQ Qt]DKUQXMH

D ~]HPtNUDM ~URYH 1876VRUJiQ\UHJLRQiOQtVDPRVSUiY\

E RNUHV ~URYH 1876EH]RUJiQ VDPRVSUiY\

F REFt~URYH 1876VRUJiQ\PtVWQtVDPRVSUiY\

18766W HGQt0RUDYD

5HJLRQ18766W HGQt0RUDYD]DKUQXMHGYDNUDMHVHVtGOHPY2ORPRXFLD=OtQ 3ORFKRX NPSDW t NPHQãtPUHJLRQ PSRþWHPWLVRE\YDWHOMHW HWtQHMOLGQDW Mãt 5HJLRQ GRVDKXMH YREODVWL KRVSRGi VNpKR SRWHQFLiOX P HQpKR +'3 QD RVREX Y URFHSU P UX]DFHORXý5DMHWDNGUXKêPQHMPpQ UR]YLQXWêPUHJLRQHPYHVOH GRYDQpP REGREt 7HQWR YêVOHGHN ]S VREXMH S HGHYãtP 2ORPRXFNê NUDM NWHUê GRVDKXMH QHMQLåãtFKKRGQRWPH]LYãHPLNUDML

>@

32-(0*5$1729e6&+e0$'27$&(

*UDQWRYpVFKpPD

*UDQWRYpVFKpPDMHIRUPRXÄVNXSLQRYpKR³SURMHNWXNWHUêYVRE ]DKUQXMHPQRåVWYtPHQ ãtFK SURMHNW &tOHPMHS HUR]G ORYDWILQDQþQtSURVW HGN\]H6WUXNWXUiOQtFKIRQG (8DOH L ]HVWiWQtKRUR]SRþWXDUR]SRþWXNUDMHMLQêPVXEMHNW P QHMþDVW MLWRMVRXSRGQLNDWHOp QHVWiWQtQH]LVNRYpRUJDQL]DFHREFHþLY]G OiYDFtLQVWLWXFHQDMHMLFKYODVWQtSURMHNW\NWH Up QDSO XMtFtOHJUDQWRYpKRVFKpPDWX

>@

$E\Y EHFPRKOLåDGDWHOpYQ NWHUêFKRSDW HQtFKS HGNOiGDWSURMHNW\PXVtNUDM]SUDFR YDWVSROXILQDQFRYDWY\KOiVLWDDGPLQLVWURYDWW]YJUDQWRYiVFKpPDWD

&tOHJUDQWRYpKRVFKpPDWXMVRX

x SRGSRURYDW YH Y\EUDQêFK UHJLRQHFK KRVSRGi VNRX D VRFLiOQt VRXGUåQRVW ]DP HQRX ]HMPpQD QDUHJHQHUDFLUHJLRQ 1876,,SUR&tO

x SRGSR LWS tSUDYXSURY\XåtYiQtSURVW HGN ]HVWUXNWXUiOQtFKIRQG 6SROHþQêUHJLRQiO Qt RSHUDþQtSURJUDPUR]YRMHPRGSRYtGDMtFtDEVRUSþQtNDSDFLW\UHJLRQ WM

‚ RY LW D SRVLORYDW YêNRQQRVW UHOHYDQWQtFK UHJLRQiOQtFK VWUXNWXU D REFt Y DGPLQLVWUDWLY t]HQtPRQLWRURYiQtDKRGQRFHQtSURMHNW W\SX6)

‚ RY LWDSRVLORYDWVFKRSQRVWSRWHQFLRQiOQtFKS HGNODGDWHO SURMHNW ]D~þHOHPS t SUDY\DLPSOHPHQWDFHMHGQRWOLYêFKSURMHNW

9 UiPFL 6SROHþQpKR UHJLRQiOQtKR RSHUDþQtKR SURJUDPX MVRX Y\KODãRYiQD QiVOHGXMtFt JUDQWRYiVFKpPDWD

*UDQWRYp VFKpPD SRGSRUXMtFt PDOp D VW HGQt SRGQLNDWHOH YHNRQRPLFN\ VODEêFK UHJLRQHFK=OtQVNpKRNUDMH 6SHFLILFNêPFtOHPJUDQWRYpKRVFKpPDWXMHUR]YRMVWiYDMtFtFK PDOêFK D VW HGQtFK SRGQLNDWHO V FtOHP Y\WYi HQt QRYêFK SUDFRYQtFK PtVWYHY\EUDQêFK SUREOpPRYêFKUHJLRQHFK=OtQVNpKRNUDMH=GURMHY\þOHQ QpQDVSROXILQDQFRYiQt*6þLQt PLO.þ

*UDQWRYpVFKpPDSRGSRUXMtFtGUREQpSRGQLNDWHOHYHNRQRPLFN\VODEêFKUHJLRQHFK

=OtQVNpKRNUDMH 6SHFLILFNêPFtOHPJUDQWRYpKRVFKpPDWXMHUR]YRMVWiYDMtFtFKGUREQêFK SRGQLNDWHO V FtOHPY\WYi HQtQRYêFKSUDFRYQtFKPtVWYHY\EUDQêFKSUREOpPRYêFKUHJL RQHFK =OtQVNpKR NUDMH =GURMH Y\þOHQ Qp QD VSROXILQDQFRYiQt *6 þLQt PLO .þ

*UDQWRYpVFKpPDSRGSRUXMtFtVRFLiOQtLQWHJUDFLYH=OtQVNpPNUDML6SHFLILFNêPFtOHP JUDQWRYpKRVFKpPDWXMHVQtåHQtVRFLiOQtL]RODFHVNXSLQRE\YDWHOVWYDRKURåHQêFKVRFLiO QtPY\OXþRYiQtPUHLQWHJUDFH]QHYêKRGQ QêFKVNXSLQRE\YDWHOVWYDGRNRPXQLW\DNSUD FRYQtPXXSODWQ QtSUHYHQFHNULPLQDOLW\DVRFLiOQ SDWRORJLFNêFKMHY D ]PtUQ QtVRFLiO QtKR]QHYêKRGQ QtRE\YDWHOYPpQ UR]YLQXWêFKREODVWHFK=GURMHY\þOHQ QpQDVSROXIL QDQFRYiQt*6þLQtPLO.þ

*UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKRUXFKXSURYH HM Qp VXEMHNW\YH=OtQVNpPNUDML 6SHFLILFNêPFtOHPJUDQWRYpKRVFKpPDWXMHYêUD]Qp]NYD OLWQ QtVSROHþQêFKVOXåHEYFHVWRYQtPUXFKX]NYDOLWQ QtLQIRUPDþQtREVOXK\YFHVWRYQtP UXFKX D ]NYDOLWQ Qt PDUNHWLQJX FHVWRYQtKR UXFKX =GURMH Y\þOHQ Qp QDVSROXILQDQFRYiQt

*6 þLQtPLO.þ

*UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKRUXFKXSURPDOpD VW HGQtSRGQLNDWHOHYH=OtQVNpPNUDML 6SHFLILFNêPFtOHPJUDQWRYpKRVFKpPDWXMHYê UD]Qp]NYDOLWQ QtVSROHþQêFKVOXåHEYFHVWRYQtPUXFKX]NYDOLWQ QtLQIRUPDþQtREVOXK\Y FHVWRYQtPUXFKXD]NYDOLWQ QtPDUNHWLQJXFHVWRYQtKRUXFKX=GURMHY\þOHQ QpQDVSROXIL QDQFRYiQt*6þLQtPLO.þ

*UDQWRYp VFKpPD SRGSRUXMtFt UHJLRQiOQt D PtVWQt LQIUDVWUXNWXUX FHVWRYQtKR UXFKX SUR PDOpDVW HGQtSRGQLNDWHOHYH=OtQVNpPNUDML 6SHFLILFNêPFtOHPJUDQWRYpKRVFKp PDWXMHUR]YRMLQIUDVWUXNWXU\S tPRRYOLY XMtFtDWUDNWLYQRVW=OtQVNpKRNUDMHMHGQRWOLYêFK ORNDOLW MDNR GHVWLQDFH FHVWRYQtKR UXFKX =GURMH Y\þOHQ Qp QD VSROXILQDQFRYiQt *6 þLQt PLO.þ

>@

'RWDFH

'RWDFtVH UR]XP MtSHQ åQtSURVW HGN\]UR]SRþW FHQWUiOQt~URYQ ]HVWiWQtKRUR]SRþWX VWiWQtFKIRQG ]UR]SRþW ~]HPQt~URYQ ]UR]SRþWXDIRQG NUDMH]UR]SRþWXDIRQG

VWDWXWiUQtFKP VWP VWVNêPREYRG P DP VWVNêPþiVWHP]H]DKUDQLþtQDS ]HVWUXNWX UiOQtFKIRQG (YURSVNpXQLH

-HGQiVHRQHQiYUDWQ SRVN\WQXWpSURVW HGN\]DNWHUpQHH[LVWXMHÄSURWLSOQ Qt³1HQiYUDWQp MVRX Y WRP VP\VOX åH SRNXG S tMHPFH VSOQt SRGPtQN\ ]D NWHUêFK PX E\O\ SRVN\WQXW\

QHY]QLNiPXY þLSRVN\WRYDWHOLåiGQê]iYD]HN3 tMP\YSRGRE GRWDFH]HVWiWQtKRUR]

SRþWX D VWiWQtFK IRQG WYR t QHRSRPLQXWHOQRX þiVW S tMP REHFQtKRUR]SRþWXDEXGRXML WYR LWLYQHMEOLåãtFKOHWHFKQHERåiGQiREHFQHQtDDQLYQHMEOLåãtGRE QHEXGHSOQ IL QDQþQ VRE VWDþQi

'RWDFHO]HþOHQLW]U ]QêFKKOHGLVHNNWHUiO]HNRPELQRYDW+ODYQtUR]OLãHQtMH]GDMVRX SRVN\WRYiQ\GRE åQêFKUR]SRþW E åQpGRWDFHþLGRNDSLWiORYêFKUR]SRþW NDSLWiORYp GRWDFHQHER]GDVHPDMtþLQHPDMtSRGPL RYDWILQDQþQtVSROX~þDVWtS tMHPFHGRWDFH'RWD FH EH]VSROX~þDVWtMHREHFQRXQH~þHORYRXGRWDFtGRWDFHVHVSROX~þDVWtMH~þHORYRXGRWDFt 'RWDFH]HVWiWQtKRUR]SRþWXDVWiWQtFKIRQG VHRGURNXSRVN\WXMtSRX]HMDNR~þHORYp GRWDFH

% åQp~þHORYp GRWDFHVH SRVN\WXMtQDWDNRYpGUXK\SRW HE

NWHUp~]HPQtVDPRVSUiYD]DMLã XMHQD]iNODG S HQHVHQpRGSRY GQRVWL]D]DEH]SH þHQtSRåDGRYDQpKRUR]VDKXDNYDOLW\XUþLWpYH HMQpVOXåE\]HVWiWX-GH]HMPpQDR SUHIHURYDQpYH HMQpVWDWN\QDS ]iNODGQtãNROVWYtDSRG

XQLFKåMHQXWQp]DMLVWLWVWDQGDUGQt~URYH YH HMQêFKVWDWN 1DGVWDQGDUGQt~URYH VOXåHE PRKRX REFH ]DEH]SHþLW MHQ WHKG\ PDMtOL GRVWDWHþQp YODVWQt ILQDQþQt SUR VW HGN\DWRQHMHQGD RYpDOHLQHGD RYp

QDY\URYQiQtUR]GtO Y GD RYpNDSDFLW

.DSLWiORYp~þHORYpGRWDFHMVRXY WãLQRXQHSUDYLGHOQpMDNYþDVHWDNLYSURVWRUX-HMLFK þHUSiQtMHYi]iQRMHQQDILQDQFRYiQtDNFHQDNWHURXE\O\SRVN\WQXW\3RVN\WXMtVH]iORKR Y D SRGOpKDMt SR XNRQþHQt UR]SRþWRYpKR URNX Y\~þWRYiQt 1D SRVN\WQXWt GRWDFH QHQt SUiYQtQiURNDDQLQHQt]DUXþHQRåHSRVN\WQXWtGDOãtGRWDFHEXGHSRNUDþRYDWLYGDOãtFK OHWHFK3 L SRVN\WQXWtGRWDFHVHS HYiåQ Y\åDGXMHXUþLWiILQDQþQtVSROX~þDVWåDGDWHOHDWR GOH SRGPtQHNNWHUpVLVWDQRYtSRVN\WRYDWHO3RVN\WXMtVHQDLQYHVWLþQtYêVWDYEXNWHUiOpSH XPRåQt XVSRNRMRYDW PtVWQt Y WãLQRX XS HGQRVW RYDQp YH HMQp VWDWN\ QDS ãNRO\þLQD LQYHVWLFHS HVDKXMtFtVYêPYê]QDPHPGDQRXORNDOLWXNG\XåLWHN]QLFKPDMtLGDOãtXåLYD

WHOpQHMHQPtVWQtQDS VLOQLFHQHERQDUHDOL]DFLXUþLWêFKSURJUDP VWiWX1HY\XåLWpGR WDFHWRKRWRGUXKXVHYUDFHMtGRUR]SRþWX]HNWHUpKRE\O\SRVN\WQXW\

3URWRåH MVRX GRWDFH QiVWURMHP S HUR]G ORYiQt ILQDQþQtFK ]GURM MH W HED UHVSHNWRYDW L VSUDYHGOQRVWYWRPWRVP UX3RVN\WRYiQtGRWDFtVHXVNXWHþ XMHSURWRQD]iNODG VSOQ Qt XUþLWêFKNULWpULtUR]G ORYiQtNWHUiMVRX]DNRWYHQDY]iNRQ R UR]SRþWRYêFKSUDYLGOHFKD ]iNRQ R VWiWQtPUR]SRþWXQDS tVOXãQêURN

>@

,, 35$.7,&.ÈýÈ67

*5$1729È6&+e0$7$9<+/$â29$1È9(=/Ë16.e0 .5$-,

1\QtE\FKVHUiGD]DP LODQDSRGUREQêSRSLVMHGQRWOLYêFKJUDQWRYêFKVFKpPDW9QiVOH GXMtFtNDSLWROHSRSLVXMLFRMHMHMLFKQiSOQtFtOHPNGRMHNRQHþQêPXåLYDWHOHPDMDNGR FKi]tNDORNDFLILQDQþQtFKSURVW HGN Y UiPFLMHGQRWOLYêFK*6

.DåGp *6MHGRSOQ QRRJUDINWHUêQiPXND]XMHMDNiSURFHQWXiOQtþiVWMLåE\ODYUiPFL

*6þHUSiQDDNROLNMHãW ]EêYiY\þHUSDW9S tOR]HSDNP åHPHYLG W VH]QDPS tMHPF Y UiPFLMHGQRWOLYêFK*6

*UDQWRYpVFKpPDSRGSRUXMtFtGUREQpSRGQLNDWHOHYHNRQRPLFN\

VODEêFKUHJLRQHFK=OtQVNpKRNUDMH

&tOHPJUDQWRYpKRVFKpPDWXMHUR]YRMVWiYDMtFtFKGUREQêFKSRGQLNDWHO V FtOHPY\WYi HQt QRYêFK SUDFRYQtFKPtVWYHY\EUDQêFKSUREOpPRYêFKUHJLRQHFK=OtQVNpKRNUDMH

3RGSRURYiQ\ MVRX YêKUDGQ SURMHNW\ NWHUp Y\WYi HMt QRYp VWDELOQt SUDFRYQt S tOHåLWRVWL SRVN\WXMt URYQpSUDFRYQtS tOHåLWRVWLSURPXåHDåHQ\3RGSRUDVHWêNiYêKUDGQ MHQH[LVWX MtFtFKSRGQLNDWHO NWH t PDMtX]DY HQR~þHWQLFWYtPLQLPiOQ ]DSRVOHGQtW L URN\

3RGSRUD QHVPtEêWSRXåLWDQD]iFKUDQXQHåLYRWDVFKRSQêFKSRGQLN NWHUpQHMVRXVFKRSQ\

UHVWUXNWXUDOL]RYDWVYRXSURGXNFL5RYQ å QHQtSRVN\WRYiQDSRGSRUDQDS tPp]DKUDQLþQt LQYHVWLFH

&KDUDNWHUSRGSRU\YUiPFLWRKRWRJUDQWRYpKRVFKpPDWXMHVOXþLWHOQêVYH HMQRXSRGSRURX PDOpKRUR]VDKXSUDYLGORÄGHPLQLPLV³

9 S tSDG YH HMQpSRGSRU\PDOpKRUR]VDKXSRGSRU\ÄGHPLQLPLV³SODWtåHFHONRYiYêãH SRGSRU\ ÄGH PLQLPLV³ SRVN\WQXWi MHGQRPX VXEMHNWX QHVPt YREGREt W t OHW S HViKQRXW þiVWNXY.þRGSRYtGDMtFt(857HQWROLPLWSODWtEH]RKOHGXQDIRUPXSRGSRU\

QHERMHMtVOHGRYDQêFtO8YãHFKSRVN\WQXWêFKþiVWHNVHMHGQiRKUXERXLQWHQ]LWXSRPRFL WR ]QDPHQiS HGVUiåNRXS tPpGDQ

2G åDGDWHOHSRGSRU\MVRXY\åiGiQ\~SOQp~GDMHRSRGSR H ÄGHPLQLPLV³NWHURXåDGDWHO þHUSDOE KHPSRVOHGQtFKW t OHWSRþtWiVHRGHGQHNG\E\ORSRVN\WRYiQtYH HMQpSRGSRU\

Y WRPWRW tOHWpPREGREt]DKiMHQR'ROLPLWXSRGSRU\ÄGHPLQLPLV³VHQH]DSRþtWiYiS t SDGQi SRGSRUD NWHUi E\OD SRVN\WQXWD PLPR UiPHF SUDYLGOD ÄGH PLQLPLV³ QDS SRNXG

åDGDWHOREGUåHOGRWDFHYUiPFLUHåLPXUHJLRQiOQtSRPRFLQHERYUiPFLVNXSLQRYpYêMLP N\

.RQHþQêXåLYDWHOPiSURVS FK]SRVN\WQXWpGRWDFHUHDOL]XMHSURMHNWDS LMtPiSURVW HGN\

]H VWUXNWXUiOQtFKIRQG SURVW HGQLFWYtPNRQHþQpKRS tMHPFHNUDMH

D 0XVtEêWGUREQêSRGQLNDWHOSUiYQLFNiQHERI\]LFNiRVREDNWHUê]DP VWQiYiPpQ QHå ]DP VWQDQF D VSO XMH S LWRP GDOãt NULWpULD VWDQRYHQi SUR PLNURSRGQLN\

Y UiPFLQD t]HQt.RPLVH(6þDDNWHUêVHYHVYpåiGRVWL]DYiåH N Y\WYR HQtDOHVSR QRYpKRSUDFRYQtKRPtVWDNWHUpXGUåtPLQLPiOQ OHWRGHGQH RG SRGSLVXVPORXY\RSRVN\WQXWtSRPRFL

E 0XVtPtWVtGORQD~]HPtýHVNpUHSXEOLN\SUiYQLFNpRVRE\þLEêWREþDQHPýHVNpUH SXEOLN\VWUYDOêPSRE\WHPQD~]HPtýHVNpUHSXEOLN\I\]LFNpRVRE\

F 0XVtEêWRVRERX]DSVDQRXYREFKRGQtPUHMVW tNXQHERRVRERXNWHUiSRGQLNiQD]i NODG åLYQRVWHQVNpKR RSUiYQ Qt QHER RVRERX NWHUi SRGQLNi QD ]iNODG MLQpKR QHå åLYQRVWHQVNpKRRSUiYQ QtSRGOH]YOiãWQtFKS HGSLV 1HVPtEêWSRGQLNDWHOHPNWHUê SURYR]XMH]HP G OVNRXYêUREXþLSUYRYêUREXDMH]DSViQGRHYLGHQFHSRGOH]YOiãWQt KR S HGSLVX 9UiPFL WRKRWR JUDQWRYpKR VFKpPDWX QHMVRX SRGSRURYiQL SRGQLNDWHOp Y FHVWRYQtPUXFKX

G 0XVtEêWRSUiYQ Q NSRGQLNiQtQD~]HPtýHVNpUHSXEOLN\RGSRYtGDMtFtS HGORåHQpPX SURMHNWX

H 0XVtPtWX]DY HQR~þHWQLFWYtPLQLPiOQ ]DSRVOHGQtW L ~þHWQtURN\

I 0XVt EêW NH GQL SRGiQt åiGRVWL UHJLVWURYiQ MDNR SOiWFH GDQ ] S tMPX QD ILQDQþQtP

~ DG SRGOH†RGVW]iNRQDþ6ERVSUiY GDQtDSRSODWN Y SODWQpP ]Q Qt

J 0XVtPtWNHGQLSRGiQLåiGRVWLSRGOHVYpKRþHVWQpKRSURKOiãHQtY\SR iGiQ\YãHFKQ\

]iYD]N\ Y þL NUDML ILQDQþQtPX ~ DGX ýHVNp VSUiY VRFLiOQtKR ]DEH]SHþHQt &HOQt VSUiY ]GUDYRWQtP SRMLã RYQiP 3R]HPNRYpPX IRQGX )RQGX QiURGQtKRPDMHWNXD 6WiWQtPX IRQGX åLYRWQtKR SURVW HGt 3RVHþNiQt V~KUDGRX ]iYD]N QHER GRKRGD R

~KUDG ]iYD]N VHSRYDåXMt]DY\SR iGDQp]iYD]N\

K .RQHþQêPXåLYDWHOHPQHP åHEêWåDGDWHOSRNXGNHGQLSRGiQtåiGRVWL x MHQDMHKRPDMHWHNSURKOiãHQNRQNXUV

x MHPXSRYROHQRY\URYQiQtVY LWHOL

x E\O ]DPtWQXWQiYUKQDSURKOiãHQtNRQNXUVXQDMHKRPDMHWHNSURQHGRVWDWHNPDMHW NX

x MH SURWLQ PXYHGHQYêNRQUR]KRGQXWtQHERMHYOLNYLGDFL

9HVP\VOXþOiQNX1D t]HQt.RPLVHþP åHEêWYH HMQiSRGSRUDPDOpKRUR]VDKX ÄGH PLQLPLV³SRVN\WQXWDSRGQLN P YHYãHFKRGY WYtFKVYêMLPNRX

D RERUXGRSUDY\DþLQQRVWtNWHUpVHWêNDMtYêURE\]SUDFRYiQtDXYiG QtQDWUKYêUREN XYHGHQêFKYH6PORXY R ]DORåHQt(YURSVNpKRVSROHþHQVWYt

E SRGSRU\S L þLQQRVWLVSRMHQpVYêYR]HP]HMPpQDSRGSRU\S tPR VSRMHQpVY\YiåHQêP PQRåVWYtPVH]DYHGHQtPDSURYR]HPGLVWULEXþQtVtW QHERVMLQêPLE åQêPLYêGDMLS L YêYR]QtþLQQRVWL

F SRGSRU\SRGPL XMtFtSRXåLWtGRPiFtKR]ERåtQD~NRUGRYiåHQpKR]ERåt

3RGSRUDMHSRVN\WRYiQDIRUPRXGRWDFH'RWDFHP åHEêWSRVN\WQXWDDåGRYêãH X]QDWHOQêFKQiNODG 'RWDFHMHQHS HYRGLWHOQiDQHQtQDQLSUiYQtQiURN

'RWDFH MHSRVN\WQXWDY\EUDQêPNRQHþQêPXåLYDWHO P YåG\]HGYRX]GURM

x MHGQDN]SURVW HGN VWUXNWXUiOQtFKIRQG NWHUpMVRXVRXVW HG Q\Y1iURGQtPIRQ GX QDW\WRSURVW HGN\MHYHVP\VOX†RGVW]iNRQDþ6EQDKOtåHQR MDNR QD S tMP\ VWiWQtKR UR]SRþWX S L SRVN\WRYiQt GRWDFt ]1iURGQtKR IRQGX VH SRVWXSXMHREGREQ MDNRYS tSDG †]iNRQDþ6E

x MHGQDN ]YH HMQêFK SURVW HGN ý5 YS tSDG WRKRWR JUDQWRYpKR VFKpPDWX ] UR]SRþWX NUDMH ]iNRQ þ 6E R UR]SRþWRYêFK SUDYLGOHFK ~]HPQtFK UR]SRþW

9êãHGRWDFHVHXUþXMHQD]iNODG

x Y\SOQ QpKRIRUPXOi H åiGRVWL(/=$

x S tVOXãQêFKSRYLQQêFKS tORK

>@

$ORNDFHILQDQþQtFKSURVW HGN

9 3URJUDPRYpP REGREt E\OR þHUSiQR .þ NG\ ILQDQþQt SRGSRUD E\ODY\þOHQ QDSRX]HQDMHGHQSURMHNW=FHONRYêREMHPSURVW HGN Y\þOHQ QêQDVSROXIL QDQFRYiQtS HGVWDYXMH.þ

2EUýHUSiQtILQDQþQtFKSURVW HGN ] GDQpKR*6 ýHUSiQt]*6SRGSRUXMtFtKRGUREQpSRGQLNDWHOHY

HNRQRPLFN\VODEêFKUHJLRQHFK=/.

Y\þHUSiQR QHY\þHUSiQR

=GURMYODVWQtY\þHUSiQRNHGQL

*UDQWRYpVFKpPDSRGSRUXMtFtPDOpDVW HGQtSRGQLNDWHOH Y HNRQRPLFN\VODEêFKUHJLRQHFK=OtQVNpKRNUDMH

&tOHP JUDQWRYpKR VFKpPDWX MH ]YêãLW SURVSHULWX YH Y\EUDQêFK SUREOpPRYêFK UHJLRQHFK

=OtQVNpKRNUDMHY\WYi HQtPQRYêFKSUDFRYQtFKS tOHåLWRVWtXPDOêFKDVW HGQtFKSRGQLNDWH O

3RGSRURYiQ\ MVRX YêKUDGQ SURMHNW\ NWHUp Y\WYi HMt QRYp VWDELOQt SUDFRYQt S tOHåLWRVWL SRVN\WXMt URYQpSUDFRYQtS tOHåLWRVWLSURPXåHDåHQ\3RGSRUDVHWêNiYêKUDGQ MHQH[LVWX MtFtFK SRGQLNDWHO NWH t PDMt X]DY HQR ~þHWQLFWYt QHER GD RYRX HYLGHQFL PLQLPiOQ ]D SRVOHGQtW L URN\

3RGSRUDQHVPtEêWSRXåLWDQD]iFKUDQXQHåLYRWDVFKRSQêFKSRGQLN NWHUpQHMVRXVFKRSQ\

UHVWUXNWXUDOL]RYDWVYRXSURGXNFL5RYQ å QHQtSRVN\WRYiQDSRGSRUDQDS tPp]DKUDQLþQt LQYHVWLFH

.RQHþQêXåLYDWHOPiSURVS FK]SRVN\WQXWpGRWDFHUHDOL]XMHSURMHNWDS LMtPiSURVW HGN\

]H VWUXNWXUiOQtFKIRQG SURVW HGQLFWYtPNRQHþQpKRS tMHPFHNUDMH

0XVtEêWPDOêDVW HGQtSRGQLNDWHOSUiYQLFNiQHERI\]LFNiRVREDNWHUê]DP VWQiYiPp Q QHå]DP VWQDQF D VSO XMHS LWRPGDOãtNULWpULDVWDQRYHQiSURPDOpDVW HGQtSRGQL NDWHOHYUiPFLQD t]HQt.RPLVH(6þDþDNWHUêVHYHVYpäiGRVWL ]DYiåHåHY\WYR t DOHVSR QRYiSUDFRYQtPtVWDPDOêSRGQLNUHVSQRYêFKSUDFRY QtFKPtVWVW HGQtSRGQLN

0XVtPtWVtGORQD~]HPtýHVNpUHSXEOLN\SUiYQLFNpRVRE\þLEêWREþDQHPýHVNpUHSXEOL N\ VWUYDOêPSRE\WHPQD~]HPtýHVNpUHSXEOLN\I\]LFNpRVRE\

0XVtEêWRVRERX]DSVDQRXYREFKRGQtPUHMVW tNXQHERRVRERXNWHUiSRGQLNiQD]iNODG åLYQRVWHQVNpKRRSUiYQ QtQHERRVRERXNWHUiSRGQLNiQD]iNODG MLQpKRQHååLYQRVWHQVNp KR RSUiYQ QtSRGOH]YOiãWQtFKS HGSLV 1HVPtEêWSRGQLNDWHOHPNWHUêSURYR]XMH]HP G O VNRX YêUREX þL SUYRYêUREX D MH ]DSViQ GR HYLGHQFH SRGOH ]YOiãWQtKR S HGSLVX 9UiPFL WRKRWRJUDQWRYpKRVFKpPDWXQHEXGRXSRGSRURYiQLSRGQLNDWHOpYFHVWRYQtPUXFKX

0XVtEêWRSUiYQ Q NSRGQLNiQtQD~]HPtýHVNpUHSXEOLN\RGSRYtGDMtFtS HGORåHQpPXSUR MHNWX

0XVtPtWX]DY HQR~þHWQLFWYtPLQLPiOQ ]DSRVOHGQtW L ~þHWQtURN\

0XVtEêWNHGQLSRGiQtåiGRVWLUHJLVWURYiQMDNRSOiWFHGDQ ] S tMPXQDILQDQþQtP~ DG SRGOH†RGVW]iNRQDþ6ERVSUiY GDQtDSRSODWN Y SODWQpP]Q Qt 0XVtPtWNHGQLSRGiQLåiGRVWLSRGOHVYpKRþHVWQpKRSURKOiãHQtY\SR iGiQ\YãHFKQ\]i

YD]N\Y þLNUDMLREFtPDVYD]N P REFtILQDQþQtPX~ DGXýHVNpVSUiY VRFLiOQtKR]DEH]

SHþHQt &HOQt VSUiY ]GUDYRWQtP SRMLã RYQiP 3R]HPNRYpPX IRQGX )RQGX QiURGQtKR PDMHWNXDVWiWQtPIRQG P DURYQ å L]iYD]N\]MLQêFKSURMHNW ILQDQFRYDQêFK]HVWUXNWX UiOQtFKIRQG Y þLRUJiQ PNWHUpSURVW HGN\]W FKWRIRQG SRVN\WXMt3RVHþNiQtV~KUDGRX ]iYD]N QHERGRKRGDR~KUDG ]iYD]N VHSRYDåXMt]DY\SR iGDQp]iYD]N\

.RQHþQêPXåLYDWHOHPQHP åHEêWåDGDWHOSRNXGNHGQLSRGiQtåiGRVWL x MH QDMHKRPDMHWHNSURKOiãHQNRQNXUV

x MH PXSRYROHQRY\URYQiQtVY LWHOL

x E\O ]DPtWQXWQiYUKQDSURKOiãHQtNRQNXUVXQDMHKRPDMHWHNSURQHGRVWDWHNPDMHWNX

x MHSURWLQ PXYHGHQYêNRQUR]KRGQXWtQHERMHYOLNYLGDFL

3RGSRURYiQ\ MVRX DNWLYLW\ åDGDWHO YH ]SUDFRYDWHOVNpP SU P\VOX þLQQRVWL åDGDWHO Y REODVWLYêSRþHWQtWHFKQLN\Yê]NXPDYêYRM

6RXVW HG Qp~VLOtMHY QRYiQRUR]YRMLPDOêFKDVW HGQtFKSRGQLN NWHUpS HGVWDYXMt]QDþQp SURFHQWRFHONRYpKRSRGQLNiQtDPRKRXS LVS W NHNRQRPLFNpSURVSHULW UHJLRQ

7DWRSULRULWDMH]DP HQD]HMPpQDQDWDNRYpSRGQLN\NWHUpS LVStYDMtNVRXGUåQRVWLUHJLR Q Y\WYi HQtP]DP VWQDQRVWLYHY\EUDQêFKSUREOpPRYêFKUHJLRQHFK.OtþRYRXRWi]NRXY KRGQRFHQt SURMHNW MH NYDOLWD QDEt]HQêFK SUDFRYQtFK PtVW XPtVW Qt SUDFRYQtFK PtVW Y]KOHGHPNSULRULWQtP~]HPtPDS tVS YHNSURMHNW N FtO P URYQêFKS tOHåLWRVWt

3ULRULWDMHVRKOHGHPQDWUYDOHXGUåLWHOQêUR]YRMRULHQWRYiQDQD

x SRGSRUX PDOêFK D VW HGQtFK SRGQLN YH Y\EUDQêFK SUREOpPRYêFK UHJLRQHFK FKDUDNWHUL]RYDQêFKUR]PDQLWRVWtDSUXåQRVWt

x XGUåLWHOQpSRGQLNiQtY\WYi HMtFtQRYpSUDFRYQtS tOHåLWRVWL x XGUåLWHOQpXåLWtS tURGQtFK]GURM V RKOHGHPQDEXGRXFQRVW

3RGSRURYiQ\MVRXUR]YRMRYpSURMHNW\SRGQLNDWHO NWHUpY\WYi HMtQRYpGORXKRGRE VWDELO Qt SUDFRYQtS tOHåLWRVWLSRVN\WXMtURYQpSUDFRYQtS tOHåLWRVWLSURPXåHDåHQ\]DP XMtVH QD DNWLYLW\ ]SUDFRYDWHOVNpKR SU P\VOX VY\VRNRX S LGDQRX KRGQRWRX SRVLOXMt VSROXSUiFL SRGQLN D VWLPXOXMtH[SRUWPtVWQtFKYêUREN

3RGSRUD MHSRVN\WRYiQDIRUPRXGRWDFH'RWDFHP åHEêWSRVN\WQXWDDåGRYêãH X]QDWHOQêFKQiNODG 'RWDFHMHQHS HYRGLWHOQiDQHQtQDQLSUiYQtQiURN

'RWDFH MHSRVN\WQXWDY\EUDQêPNRQHþQêPXåLYDWHO P YåG\]HGYRX]GURM

x MHGQDN]SURVW HGN VWUXNWXUiOQtFKIRQG NWHUpMVRXVRXVW HG Q\ Y1iURGQtPIRQGX QD W\WRSURVW HGN\MHYHVP\VOX†RGVW]iNRQDþ6EQDKOtåHQRMDNRQD S tMP\VWiWQtKRUR]SRþWXS L SRVN\WRYiQtGRWDFt]1iURGQtKRIRQGXVHSRVWXSXMH REGREQ MDNRYS tSDG †]iNRQDþ6E

x MHGQDN ]YH HMQêFK SURVW HGN ý5 YS tSDG WRKRWR JUDQWRYpKR VFKpPDWX ] UR]SRþWXNUDMH

6SROX~þDVWQiURGQtFKYH HMQêFKSURVW HGN MHYHVP\VOXSULQFLSXGRSO NRYRVWLMHGQtP]H

]iNODGQtFK SULQFLS ILQDQFRYiQt SURJUDP VWUXNWXUiOQtFK IRQG D SURWR MH YH VP\VOX VFKYiOHQpKRILQDQþQtKRSOiQX6523]DMLãW QDXNDåGpKRSURMHNWX

'RWDFH]H]GURM 1iURGQtKRIRQGXDUR]SRþWXNUDMHMHSRVN\WQXWDQD]iNODG x Y\SOQ QpKRIRUPXOi H åiGRVWL(/=$

x S tVOXãQêFKSRYLQQêFKS tORK

>@

$ORNDFHILQDQþQtFKSURVW HGN

9 3URJUDPRYpPREGREtE\ORþHUSiQRYSUYQtPNROHYê]Y\.þ ] FHONRYpKRREMHPXY\þOHQ QpKRQDVSROXILQDQFRYiQtFRåS HGVWDYXMH.þ 9 GDOãtFKNROHPWMDYê]Y\]DWtPQHE\O\SRVN\WQXW\åiGQpILQDQþQtSURVW HGN\

9 SURFHQWXiOQtPY\MiG HQtWYR t REMHPY\þHUSDQêFKSURVW HGN FHONHP 2EUýHUSiQtILQDQþQtFKSURVW HGN ] GDQpKR*6

ýHUSiQt]*6SRGSRUXMtFtKR063YHNRQRPLFN\

VODEêFKUHJLRQHFK=/.

Y\þHUSiQR QHY\þHUSiQR

=GURMYODVWQtY\þHUSiQRNH

*UDQWRYpVFKpPDSRGSRUXMtFtVRFLiOQtLQWHJUDFLYH=OtQVNpPNUDML

&tOHP JUDQWRYpKR VFKpPDWX MH SRGSR LW VRFLiOQ RKURåHQpVNXSLQ\RE\YDWHOVWYDVP UHP N MHMLFK VRFLiOQt LQWHJUDFL D SUDFRYQtPX XSODWQ Qt SURVW HGQLFWYtP RUJDQL]DFt SUDFXMtFtFK Y MHMLFKSURVS FK

2þHNiYiVHåHQD]iNODG SRVN\WRYDQêFKVOXåHEVH]YêãtVFKRSQRVW]QHYêKRGQ QêFKVNX SLQ ]tVNDWDXGUåHW]DP VWQiQt DSRVtOLWVYpHNRQRPLFNpS tMP\8G WtPOiGHåHDURGLQVH RþHNiYiVRFLiOQtLQWHJUDFHYHVP\VOXVQtåHQtQHJDWLYQtFKMHY SRVtOHQtGRYHGQRVWtVP UHP N REþDQVNpPXDSUDFRYQtPXXSODWQ Qt

3RGSRUDMHSRVN\WRYiQDQDUHDOL]DFLU ]QêFKQHLQYHVWLþQ ]DP HQêFKSURJUDP NXU] QD SRUDGHQVWYtDQDVOXåE\REþDQ PYþHWQ SRVN\WRYiQtUHKDELOLWDþQtFKSRP FHNXþHEQtFK SRP FHNSR iGiQtLQWHJUDþQ ]DP HQêFKDNFtDSRG-H]DP HQDQDSRVN\WRYDWHOHW FKWR VOXåHE NWH t UHDOL]XMtSURMHNW\SRGSRUXMtFt]QHYêKRGQ QpVNXSLQ\RE\YDWHOVWYD3RGSRUR YiQ\ MVRXWDNpDNWLYLW\VSRMHQpVWYRUERXNRPXQLWQtFKSOiQ

3RGSRUD MHSRVN\WRYiQDIRUPRXILQDQþQtSRPRFLGRWDFH'RWDFHP åHEêWSRVN\WQXWDDå GR YêãHX]QDWHOQêFKQHLQYHVWLþQtFKQiNODG 3 L VSOQ QtSRGPtQN\Y\WYR HQtDOHVSR MHGQRKRSUDFRYQtKRPtVWDNWHUpEXGHXGUåHQRSRGREXOHWRGSRGSLVX6PORXY\P åHEêW Y S tSDG 112 D +RVSRGi VNp NRPRU\ ý5 D MHMLFK VORåHN SRVN\WQXWD GRWDFH Då GR YêãH YS tSDG REFtVYD]N REFtRUJDQL]DFt] L]RYDQêFKREFHPLþLNUDMLP åHEêWGRWDFH SRVN\WQXWD GRYêãHX]QDWHOQêFKQHLQYHVWLþQtFKQiNODG

.RQHþQêXåLYDWHOPiSURVS FK]SRVN\WQXWpGRWDFHUHDOL]XMHSURMHNWDS LMtPiSURVW HGN\]H VWUXNWXUiOQtFKIRQG SURVW HGQLFWYtPNRQHþQpKRS tMHPFHNUDMH

)LQDQþQt SRGSRUD SRVN\WRYDQi Y UiPFL WRKRWR JUDQWRYpKR VFKpPDWX MH XUþHQD NRQHþQêP XåLYDWHO PNWHUêPLMVRX

x REHF]iNRQþ6E

x VYD]HNREFtSRGOH†DGDOãtFK]iNRQDþ6ERREFtFK

x RUJDQL]DFH] L]RYDQpNUDML†]iNRQDþ6ERUR]SRþWRYêFKSUDYL GOHFK~]HPQtFKUR]SRþW

x RUJDQL]DFH] L]RYDQpREFHPL†]iNRQDþ6ERUR]SRþWRYêFKSUDYL GOHFK~]HPQtFKUR]SRþW

x +RVSRGi VNiNRPRUDý5DMHMtVORåN\] t]HQpSRGOH]iNRQDþ6ER +RVSRGi VNpNRPR H ý5D$JUiUQtNRPR H ý5

x QHVWiWQtQH]LVNRYpRUJDQL]DFH

REþDQVNpVGUXåHQtY\YtMHMtFtþLQQRVWSRGOH]iNRQDþ6ERVGUX åRYiQt REþDQ

REHFQ SURVS ãQp VSROHþQRVWL ] t]HQp SRGOH ]iNRQD þ 6E R REHFQ SURVS ãQêFKVSROHþQRVWHFK

FtUNHYQtSUiYQLFNpRVRE\] t]HQpSRGOH]iNRQDþ6ERFtUNYtFKD QiERåHQVNêFK VSROHþQRVWHFK DWDNpMLPL] L]RYDQpRUJDQL]DFHSRNXGSR VN\WXMt]GUDYRWQtNXOWXUQtY]G OiYDFtDVRFLiOQtVOXåE\QHERVRFLiOQ SUiYQt RFKUDQXG Wt

QDGDFHDQDGDþQtIRQG\] t]HQpSRGOH]iNRQDþ6E

7\WR RUJDQL]DFH PXVt Y\VWXSRYDW YUROL NRQHþQêFK XåLYDWHO GRWDFH QLNROL MDNR QRVLWHOp JUDQWRYêFKVFKpPDWNWH t S HUR]G OXMt GRWDFHMLQêPXåLYDWHO P

.RQHþQê XåLYDWHO PXVt EêW VFKRSHQ SURNi]DW åH Pi RGSRYtGDMtFt YD]E\ QD UHJLRQ D MH VFKRSHQSURMHNWUHDOL]RYDWD]DMLVWLWDE\P O SURMHNWSURUHJLRQWUYDOHXGUåLWHOQêS tQRV .RQHþQêXåLYDWHOPXVtS tPR]RGSRYtGDW]DS tSUDYXD t]HQtSURMHNWXQHVPtS VRELWMDNR SURVW HGQtN

.RQHþQêPXåLYDWHOHPQHP åHEêWåDGDWHOSRNXGNHGQLSRGiQtåiGRVWL MH QDMHKRPDMHWHNSURKOiãHQNRQNXUV

MH PXSRYROHQRY\URYQiQtVY LWHOL

E\O]DPtWQXWQiYUKQDSURKOiãHQtNRQNXUVXQDMHKRPDMHWHNSURQHGRVWDWHNPDMHWNXMH SURWLQ PXYHGHQYêNRQUR]KRGQXWtQHERMHYOLNYLGDFL

'RWDFHMHSRVN\WQXWDY\EUDQêPNRQHþQêPXåLYDWHO P YåG\]HGYRX]GURM

D MHGQDN]SURVW HGN VWUXNWXUiOQtFKIRQG NWHUpMVRXVRXVW HG Q\Y1iURGQtPIRQGXY S tSDG WRKRWR JUDQWRYpKR VFKpPDWX VH MHGQi R VWUXNWXUiOQt IRQG (6) QD W\WR SUR VW HGN\MHYHVP\VOX†RGVW]iNRQDþ6EQDKOtåHQRMDNRQDS tMP\VWiWQt KR UR]SRþWX S L SRVN\WRYiQt GRWDFt ]1iURGQtKR IRQGX VH SRVWXSXMH REGREQ MDNR Y S tSDG †]iNRQDþ6E

E MHGQDN]YH HMQêFKSURVW HGN ý5]iNRQþ6EYS tSDG WRKRWRJUDQWRYp KR VFKpPDWX ]H VWiWQtKRUR]SRþWX D WDNp ]UR]SRþWX NUDMH ]iNRQ þ 6E R UR]SRþWRYêFKSUDYLGOHFK~]HPQtFKUR]SRþW

6SROX~þDVW QiURGQtFKYH HMQêFKSURVW HGN MHYHVP\VOXSULQFLSXGRSO NRYRVWLMHGQtP]H ]iNODGQtFK SULQFLS ILQDQFRYiQt SURJUDP VWUXNWXUiOQtFKIRQG D SURWREXGHYHVP\VOX VFKYiOHQpKRILQDQþQtKRSOiQX6523]DMLãW QDXNDåGpKRSURMHNWX

9êãHGRWDFHVHXUþXMHQD]iNODG

x Y\SOQ QpKRIRUPXOi H åiGRVWL(/=$

x S tVOXãQêFKSRYLQQêFKS tORK

>@

$ORNDFHILQDQþQtFKSURVW HGN

9 3URJUDPRYpP REGREt E\OR FHONHP QD GDQp JUDQWRYp VFKpPDY\QDORåHQR ]FHONRYpKR REMHPX ILQDQþQtFK SURVW HGN NG\ FHONRYê REMHP ILQDQþQtFK SUR VW HGN XUþHQêQDVSROXILQDQFRYiQtVFKYiOHQêFKSURMHNW MH.þ

2EU ýHUSiQtILQDQþQtFKSURVW HGN ] GDQpKR*6 ýHUSiQt]*6SRGSRUXMtFtKRVRFLiOQtLQWHJUDFLY=/.

Y\þHUSiQR QHY\þHUSiQR

=GURMYODVWQtY\þHUSiQRNH

*UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKR UXFKXSURYH HMQpVXEMHNW\YH=OtQVNpPNUDML

&tOHPJUDQWRYpKRVFKpPDWXMH]YêãLWLQIRUPRYDQRVWRQDEtGFHFHVWRYQtKRUXFKXYH=OtQ VNpP NUDMLSURS tWRPQpþLS tSDGQpQiYãW YQtN\

3RGSRUD SURWRVP XMHNHY]QLNXPDUNHWLQJRYêFKSURGXNW D WDNWLN2þHNiYiVHVSROXSUi FH YtFHVXEMHNW QDLQIRUPDþQtFKSURSDJDþQtFKUH]HUYDþQtFKDGDOãtFKV\VWpPHFKDPDWH ULiOHFK &tORYp KRGQRW\ PXVt RGUiåHW Y]QLN SDUWQHUVNêFK D NRRSHUDþQtFK Y]WDK ~]HPt ]OHSãHQt QDEtGN\ VOXåHE D LQIRUPDFt R QLFK D VDPR] HMPRX Y\ããt VSRNRMHQRVW XåLYDWHO W FKWRVOXåHE

.RQHþQêXåLYDWHOPiSURVS FK]SRVN\WQXWpILQDQþQtSRPRFLUHDOL]XMHSURMHNWDS LMtPi SURVW HGN\]HVWUXNWXUiOQtFKIRQG SURVW HGQLFWYtPNRQHþQpKRS tMHPFHNUDMH

2SUiYQ QtNRQHþQtXåLYDWHOp

x REFH ]iNRQþ6E

x VYD]N\REFtSRGOH†DGDOãtFK]iNRQDþ6ERREFtFK x NUDMYL] ]iNRQþ6ERNUDMtFK±NUDMVNp] t]HQt

x RUJDQL]DFH] L]RYDQpNUDML†]iNRQDþ6ERUR]SRþWRYêFKSUDYL GOHFK~]HPQtFKUR]SRþW

x RUJDQL]DFH] L]RYDQpREFHPL†]iNRQDþ6ERUR]SRþWRYêFKSUDYL GOHFK~]HPQtFKUR]SRþW

x QHVWiWQtQH]LVNRYpRUJDQL]DFH

REþDQVNiVGUXåHQtY\YtMHMtFtþLQQRVWSRGOH]iNRQDþ6ERVGUXåRYiQt REþDQ

REHFQ SURVS ãQpVSROHþQRVWL] t]HQpSRGOH]iNRQDþ6ERREHFQ SURVS ãQêFKVSROHþQRVWHFK

FtUNHYQtSUiYQLFNpRVRE\] t]HQpSRGOH]iNRQDþ6ERFtUNYtFKDQiER åHQVNêFK VSROHþQRVWHFKWDNpMLPL] L]RYDQpRUJDQL]DFHSRNXGSRVN\WXMt]GUDYRWQt NXOWXUQtY]G OiYDFtDVRFLiOQtVOXåE\QHERVRFLiOQ SUiYQtRFKUDQXG Wt

QDGDFHDQDGDþQtIRQG\] t]HQpSRGOH]iNRQDþ6E7\WRRUJDQL]DFH PXVtY\VWXSRYDWYUROLNRQHþQêFKXåLYDWHO GRWDFHQLNROLMDNRQRVLWHOpJUDQWR YêFK VFKpPDWNWH t S HUR]G OXMtGRWDFHMLQêPXåLYDWHO P

+RVSRGi VNiNRPRUDý5DMHMtVORåN\XVWDQRYHQt†]iNRQDþ6ER +RVSRGi VNpNRPR H ý5D$.ý5

.RQHþQêXåLYDWHO

x 0XVtEêWVFKRSHQSURNi]DWåHPiRGSRYtGDMtFtYD]E\QDUHJLRQDMHVFKRSHQSUR MHNWUHDOL]RYDWD]DMLVWLWDE\P O SURMHNWSURUHJLRQWUYDOHXGUåLWHOQêS tQRV

x 0XVt S tPR]RGSRYtGDW]DS tSUDYXD t]HQtSURMHNWXQHVPtS VRELWMDNRSURVW HG QtN

x .RQHþQêP XåLYDWHOHPQHP åHEêWåDGDWHOSRNXGNHGQLSRGiQtåiGRVWL MHQDMHKRPDMHWHNSURKOiãHQNRQNXUV

MHPXSRYROHQRY\URYQiQtVY LWHOL

E\O]DPtWQXWQiYUKQDSURKOiãHQtNRQNXUVXQDMHKRPDMHWHN MHSURWLQ PXYHGHQYêNRQUR]KRGQXWtQHERMHYOLNYLGDFL

3RGSRUDMHSRVN\WRYiQDQDUHDOL]DFLY\EUDQêFKSURMHNW NRQHþQêFKXåLYDWHO IRUPRXGRWD FH

9 S tSDG SRGSRU\SURMHNW QHSRGQLNDWHOVNêFKVXEMHNW NWHUpQHY\ND]XMt]LVNREFHNUDMH QH]LVNRYpRUJDQL]DFHDWGP åHYêãHSRGSRU\]H6)GRViKQRXWDåFHONRYêFKX]QD WHOQêFKQiNODG SURMHNWX0tUDVSROXILQDQFRYiQt]QiURGQtFK]GURM þLQtPLQLPiOQ ] QLFKå PLQLPiOQ PXVt S LVS W NRQHþQê XåLYDWHO 3RGQLNDWHOVNê VXEMHNW VH P åH Y UiPFLSDUWQHUVWYtSRGtOHWLQDVSROXILQDQFRYiQtDNFHNWHURXS HGNOiGDMtMLQtNRQHþQtXåL YDWHOpQDS YH HMQpVXEMHNW\MDNRSDUWQH L1HPRKRXYãDNEêWSURGDQêSURMHNWS tMHPFL ILQDQþQtSRPRFL]H6)DQL]QiURGQtFKYH HMQêFK]GURM

'RWDFHMHQHS HYRGLWHOQiDQHQtQDQtSUiYQtQiURN'RWDFHMHSRVN\WQXWDY\EUDQêPNRQHþ QêP XåLYDWHO P YåG\]HGYRX]GURM

D MHGQDN]SURVW HGN VWUXNWXUiOQtFKIRQG NWHUpMVRXVRXVW HG Q\Y1iURGQtPIRQGXY S tSDG WRKRWRJUDQWRYpKRVFKpPDWXVHMHGQiRVWUXNWXUiOQtIRQG(5')QDW\WRSUR VW HGN\MHYHVP\VOX†RGVW]iNRQDþ6EQDKOtåHQRMDNRQDS tMP\VWiWQt

KRUR]SRþWXS L SRVN\WRYiQtGRWDFt]1iURGQtKRIRQGXVHSRVWXSXMHREGREQ MDNRY S tSDG †]iNRQDþ6E

E MHGQDN]YH HMQêFKSURVW HGN ý5YS tSDG WRKRWR*6]HVWiWQtKRUR]SRþWX]iNRQþ 6EDWDNp]UR]SRþWXNUDMH]iNRQþ6ERUR]SRþWRYêFKSUDYL GOHFK~]HPQtFKUR]SRþW

9êãHGRWDFHVHXUþXMHQD]iNODG

Y\SOQ QpKRIRUPXOi H åiGRVWL(/=$

S tVOXãQêFKSRYLQQêFKS tORK

>@

$ORNDFHILQDQþQtFKSURVW HGN

9 3URJUDPRYpPREGREtE\ORþHUSiQRYSUYQtPNROHYê]Y\.þ FRå YSURFHQWXiOQtPY\MiG HQtWYR t ]FHONRYpKRREMHPXY\þOHQ QpKRQDVSROXIL QDQFRYiQtFRåS HGVWDYXMH.þ

2EU ýHUSiQtILQDQþQtFKSURVW HGN ] GDQpKR*6 ýHUSiQt]*6SRGSXUXMtFtKRUHJLRQiOQtDPtVWQt VOXåE\FHVWRYQtKRUXFKXSURYH HMQpVXEMHNW\Y=/.

Y\þHUSiQR QHY\þHUSiQR

=GURMYODVWQtY\þHUSiQRNH

*UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKR UXFKXSURPDOpDVW HGQtSRGQLNDWHOHYH=OtQVNpPNUDML

&tOHPJUDQWRYpKRVFKpPDWXMHUR]YRMHPVOXåHE]YêãLWSRGtOFHVWRYQtKRUXFKXQDKRVSRGi VNp SURVSHULW UHJLRQXDY\WYi HWQRYpSUDFRYQtS tOHåLWRVWLYH=OtQVNpPNUDML

3RGSRUD SURWRVP XMHNHY]QLNXPDUNHWLQJRYêFKSURGXNW D WDNWLN2þHNiYiVHVSROXSUi FH YtFHVXEMHNW QDLQIRUPDþQtFKSURSDJDþQtFKUH]HUYDþQtFKDGDOãtFKV\VWpPHFKDPDWH ULiOHFK &tORYp KRGQRW\ PXVt RGUiåHW YêUD]Qp ]NYDOLWQ Qt VSROHþQêFK VOXåHE YFHVWRYQtP UXFKX]NYDOLWQ QtLQIRUPDþQtREVOXK\YFHVWRYQtPUXFKX]NYDOLWQ QtPDUNHWLQJXFHVWRYQtKR UXFKXDVDPR] HMPRXY\ããtVSRNRMHQRVWXåLYDWHO W FKWRVOXåHE

0DOêPDVW HGQtPSRGQLNDWHO P MHSRVN\WRYiQDYH HMQiSRGSRUDPDOpKRUR]VDKXNWHUiEXGH NRPSDWLELOQtVSUDYLGOHPGHPLQLPLVQD t]HQt.RPLVH(6þ

9 S tSDG YH HMQpSRGSRU\PDOpKRUR]VDKXSRGSRU\GHPLQLPLVSODWtåHFHONRYiYêãH SRGSRU\GHPLQLPLVSRVN\WQXWiMHGQRPXSRGQLNXQHVPtYREGREtW t OHWS HViKQRXWþiVWNX Y .þRGSRYtGDMtFt(857HQWROLPLWSODWtEH]RKOHGXQDIRUPXSRGSRU\QHERMHMt VOHGRYDQêFtO8YãHFKSRVN\WQXWêFKþiVWHNVHMHGQiRKUXERXLQWHQ]LWXSRPRFLWR]QDPH Qi S HGVUiåNRXS tPpGDQ

-HOLSRVN\WQXWDYUiPFL6523SRGSRUDGHPLQLPLVPXVtS tVOXãQêSRGQLNGRORåLW~SOQp

~GDMHRSRGSR H GHPLQLPLVNWHURXE KHP SRVOHGQtFKW HFKOHW]tVNDOSRþtWiVHRGHGQH NG\ E\ORSRVN\WRYiQtYH HMQpSRGSRU\YWRPWRW tOHWpPREGREt]DKiMHQR'ROLPLWXSRGSR U\ GHPLQLPLVVHQH]DSRþtWiYiS tSDGQiSRGSRUDNWHUiE\ODSRVN\WQXWDPLPRUiPHFSUDYL GOD GHPLQLPLVQDS SRNXGSRGQLNREGUåHOGRWDFHYUiPFLUHåLPXUHJLRQiOQtSRPRFLQHER Y UiPFLVNXSLQRYpYêMLPN\

.RQHþQêXåLYDWHOPiSURVS FK]SRVN\WQXWpILQDQþQtSRPRFLUHDOL]XMHSURMHNWDS LMtPi SURVW HGN\]HVWUXNWXUiOQtFKIRQG SURVW HGQLFWYtPNRQHþQpKRS tMHPFHNUDMH

D 0XVtEêWPDOêDVW HGQtSRGQLNDWHOSUiYQLFNiQHERI\]LFNiRVREDNWHUê]DP VW QiYiPpQ QHå]DP VWQDQF D VSO XMHS LWRPGDOãtNULWpULDVWDQRYHQiSURPDOp D VW HGQt SRGQLNDWHOH YUiPFL QD t]HQt .RPLVH (6 þ YH ]Q Qt QD t]HQt .RPLVH(6þ

E 0XVtPtWVtGORQD~]HPtýHVNpUHSXEOLN\SUiYQLFNpRVRE\þLEêWREþDQHPýHVNp UHSXEOLN\VWUYDOêPSRE\WHPQD~]HPtýHVNpUHSXEOLN\I\]LFNpRVRE\

F 0XVtEêWRVRERX]DSVDQRXYREFKRGQtPUHMVW tNXQHERRVRERXNWHUiSRGQLNiQD ]iNODG åLYQRVWHQVNpKR RSUiYQ Qt QHER RVRERX NWHUi SRGQLNi QD ]iNODG MLQpKR QHååLYQRVWHQVNpKRRSUiYQ QtSRGOH]YOiãWQtFKS HGSLV 3RGSRUDVHEXGHWêNDWYê KUDGQ MHQ H[LVWXMtFtFK SRGQLNDWHO QLNROLY ]DþtQDMtFtFK SRGQLNDWHO NWH t PDMt X]DY HQR~þHWQLFWYtPLQLPiOQ ]DSRVOHGQtGYD~þHWQtURN\QHERLQRYêFKSRGQLND WHOVNêFK VXEMHNW ]DORåHQêFK VXEMHNW\ VSO XMtFt SRGPtQNX S HGFKR]t H[LVWHQFH NDåGê]H]DNOiGDMtFtFKWHG\PLQURN\

G 0XVtEêWRSUiYQ Q NSRGQLNiQtQD~]HPtýHVNpUHSXEOLN\RGSRYtGDMtFtS HGORåH QpPXSURMHNWX

H 0XVtEêWNHGQLSRGiQtåiGRVWLUHJLVWURYiQMDNRSOiWFHGDQ ] S tMPXQDILQDQþQtP

~ DG SRGOH † RGVW ]iNRQD þ 6E R VSUiY GDQt D SRSODWN Y SODWQpP]Q Qt

I 0XVt PtW X]DY HQR ~þHWQLFWYt PLQLPiOQ ]D SRVOHGQt GYD ~þHWQt URN\ 9S tSDG QRYêFKSRGQLNDWHOVNêFKVXEMHNW ]DORåHQêFKVXEMHNW\VSO XMtFtSRGPtQNXS HGFKR ]t H[LVWHQFH NDåGê ]H ]DNOiGDMtFtFK WHG\ PLQ URN\ L YS tSDG WUDQVIRUPDFH SRGQLNXQDS ]HVSROHþQRVWLVUXþHQtPRPH]HQêPQDDNFLRYRXVSROHþQRVWNG\

QRY Y]QLNOêVXEMHNWSOQ S HEtUi]iYD]N\S YRGQtKRVXEMHNWXVHSRþtWiFHONRYi GRED YHGHQt~þHWQLFWYtXYãHFKVXEMHNW WHG\L]DNOiGDMtFtFK

.RQHþQêPXåLYDWHOHPQHP åHEêWåDGDWHOSRNXGNHGQLSRGiQtåiGRVWL MH QDQ KRSURKOiãHQNRQNXUV

MH PXSRYROHQRY\URYQiQtVY LWHOL

E\O ]DPtWQXWQiYUKQDSURKOiãHQtMHKRNRQNXUVXSURQHGRVWDWHNPDMHWNX MH SURWLQ PXYHGHQYêNRQUR]KRGQXWtQHERMHYOLNYLGDFL

9H VP\VOXþOiQNX1D t]HQt.RPLVHþVHYH HMQiSRGSRUDPDOpKRUR]VDKXGH PLQLPLVY]WDKXMHQDSRGSRUXSRVN\WQXWRXSRGQLN P YHYãHFKRGY WYtFKVYêMLPNRX D RERUXGRSUDY\DþLQQRVWtNWHUpVHWêNDMtYêURE\]SUDFRYiQtDXYiG QtQDWUKYêUREN

XYHGHQêFKYH6PORXY R ]DORåHQt(YURSVNpKRVSROHþHQVWYt

E SRGSRU\S L þLQQRVWLVSRMHQpVYêYR]HP]HMPpQDSRGSRU\S tPRVSRMHQpVY\YiåHQêP PQRåVWYtPVH]DYHGHQtPDSURYR]HPGLVWULEXþQtVtW QHERVMLQêPLE åQêPLYêGDMLS L YêYR]QtþLQQRVWL

F SRGSRU\SRGPL XMtFtSRXåLWtGRPiFtKR]ERåtQD~NRUGRYiåHQpKR]ERåt

3RGSRUDMHSRVN\WRYiQDIRUPRXGRWDFH'RWDFHP åHEêWSRVN\WQXWDDåGRYêãH FHONRYêFKX]QDWHOQêFKQiNODG SURMHNWX

'RWDFH MHSRVN\WQXWDY\EUDQêPNRQHþQêPXåLYDWHO P YåG\]HGYRX]GURM

D MHGQDN]SURVW HGN VWUXNWXUiOQtFKIRQG NWHUpMVRXVRXVW HG Q\Y1iURGQtPIRQGXY S tSDG WRKRWRJUDQWRYpKRVFKpPDWXVHMHGQiRVWUXNWXUiOQtIRQG(5')QDW\WRSUR VW HGN\MHYHVP\VOX†RGVW]iNRQDþ6EQDKOtåHQRMDNRQDS tMP\VWiWQt KR UR]SRþWX S L SRVN\WRYiQt GRWDFt ]1iURGQtKR IRQGX VH SRVWXSXMH REGREQ MDNR Y S tSDG †]iNRQDþ6E

E MHGQDN ]YH HMQêFK SURVW HGN ý5 YS tSDG WRKRWR JUDQWRYpKR VFKpPDWX ]UR]SRþWX NUDMH]iNRQþ6ERUR]SRþWRYêFKSUDYLGOHFK~]HPQtFKUR]SRþW

9êãHGRWDFHVHXUþXMHQD]iNODG

x Y\SOQ QpKRIRUPXOi H åiGRVWL(/=$

x S tVOXãQêFKSRYLQQêFKS tORK

>@

$ORNDFHILQDQþQtFKSURVW HGN

9 SURJUDPRYpPREGREtGRSRVXGQHE\ORþHUSiQRYUiPFLY\SVDQpKRJUDQWR YpKR VFKpPDWX =H VWUDQ\ PDOêFK D VW HGQtFK SRGQLNDWHO QHE\ORWRWRJUDQWRYpVFKpPD YHONê]iMHPY]KOHGHPN]DP HQtVFKpPDWXILQDQþQtQiURþQRVWLS tSUDY\SURMHNWXDQt]Np HIHNWLYLW\SURS HGNOiGDMtFtVXEMHNW\0H]LSRGSRURYDQpDNWLYLW\SDW t ]HMPpQDSURSDJDþQt D LQIRUPDþQt NDPSDQ WYRUED SURSDJDþQtFK PDWHULiO WYRUED ZHERYêFK VWUiQHN DSRG ýiVWNDNWHUiMHSURWRWRJUDQWRYpVFKpPDY\þOHQ QiQDVSROXILQDQFRYiQtWHG\S HGVWDYX MH FHONRYRXþiVWNX.þ

2EU ýHUSiQtILQDQþQtFKSURVW HGN ] GDQpKR*6 ýHUSiQt]*6SRGSRUXMtFtKRUHJLRQiOQtD PtVWQtVOXåE\FHVWRYQtKRUXFKXSUR063

Y =/.

QHY\þHUSiQR

=GURMYODVWQtY\þHUSiQRNH

*UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtLQIUDVWUXNWXUX FHVWRYQtKRUXFKXSURPDOpDVW HGQtSRGQLNDWHOHYH=OtQVNpPNUDML

&tOHP JUDQWRYpKR VFKpPDWX MH UR]YRM LQIUDVWUXNWXU\ S tPR RYOLY XMtFt DWUDNWLYQRVW =OtQ VNpKR NUDMHMHGQRWOLYêFKORNDOLWMDNRGHVWLQDFHFHVWRYQtKRUXFKX

ÒþHORY MVRX]YROHQD]DP HQtQDUR]ãt HQtGRSO NRYpLQIUDVWUXNWXU\SURVSRUWRYQ UHNUH DþQt DNWLYLW\ QiYãW YQtN ]DKUQXMtFt YãHFKQD URþQt REGREt =DKUQXWR MH WHG\ L NDSDFLWQt SRVtOHQtSURGOXåXMtFtVH]yQX'iOH]DP HQtQDREQRYXþLY]QLNWHPDWLFNêFKDWUDNFtSUR Yi]DQêFKQDKLVWRULFNpNXOWXUQtS tURGQtWHFKQLFNpG GLFWYt=OtQVNpKRNUDMH3RGSRURYiQ\

MVRX WpåDNWLYLW\VP XMtFtNH]OHSãHQtNYDOLW\XE\WRYDFtFKDVWUDYRYDFtFKVOXåHEGRSOQ QtP

R ]D t]HQt SUR G WL ]GUDYRWQ SRVWLåHQp EDULpU\ VHQLRU\ =DKUQXWD MVRX L K\JLHQLFNi D VRFLiOQtRSDW HQtYVRXODGXVHVWDQGDUG\YãHFKNDWHJRULtXE\WRYDFtFK]D t]HQt

3RGSRUD VHWêNiYêKUDGQ MHQH[LVWXMtFtFKSRGQLNDWHO NWH t SRGQLNDMtYFHVWRYQtPUXFKXD PDMtX]DY HQR~þHWQLFWYtQHERGD RYRXHYLGHQFLPLQLPiOQ ]DSRVOHGQtGYD~þHWQtURN\

QHER LQRYêFKSRGQLNDWHOVNêFKVXEMHNW ]DORåHQêFKVXEMHNW\VSO XMtFtPLSRGPtQNXS HG FKR]t H[LVWHQFHNDåGê]H]DNOiGDMtFtFKWHG\PLQURN\9êãHYH HMQpSRGSRU\MHXUþRYi QD GOHPtVWDUHDOL]DFHSURMHNWXQLNROLGOHVtGODþLPtVWDE\GOLãW SRGQLNDWHOVNpKRVXEMHNWX .RQHþQêXåLYDWHOPiSURVS FK]SRVN\WQXWpGRWDFHUHDOL]XMHSURMHNWDS LMtPiSURVW HGN\

]H VWUXNWXUiOQtFKIRQG SURVW HGQLFWYtPNRQHþQpKRS tMHPFHNUDMH0XVtVSO RYDWQiVOH GXMtFtSRGPtQN\

D 0XVtEêWPDOêDVW HGQtSRGQLNDWHOWHG\I\]LFNiQHERSUiYQLFNiRVREDY\PH]HQi REFKRGQtP]iNRQtNHPSRGQLNDMtFtYFHVWRYQtPUXFKXNWHUiVSO XMHNULWpULDVWDQR YHQi SUR PDOp D VW HGQt SRGQLNDWHOH YUiPFL QD t]HQt .RPLVH (6 þ YH ]Q QtQD t]HQt.RPLVH(6þ=DPDOpKRDVW HGQtKRSRGQLNDWHOHVHSR YDåXMHSRGQLNDWHOSRNXG

]DP VWQiYiPpQ QHå]DP VWQDQF

MHKR DNWLYDXYHGHQiYUR]YD]HQHS HVDKXMtNRUXQRYêHNYLYDOHQWþiVWN\

PLO(85QHERPiþLVWêREUDW]DSRVOHGQtX]DY HQp~þHWQtREGREtQHS HVD KXMtFtNRUXQRYêHNYLYDOHQWþiVWN\PLO(85

VSO XMHSRGPtQN\QH]iYLVORVWL

E 0XVtPtWVtGORQD~]HPtýHVNpUHSXEOLN\SUiYQLFNpRVRE\þLEêWREþDQHPþHVNp UHSXEOLN\VWUYDOêPSRE\WHPQD~]HPtýHVNpUHSXEOLN\I\]LFNpRVRE\

F 0XVtEêWRVRERX]DSVDQRXYREFKRGQtPUHMVW tNXQHERRVRERXNWHUiSRGQLNiQD ]iNODG åLYQRVWHQVNpKR RSUiYQ Qt QHER RVRERX NWHUi SRGQLNi QD ]iNODG MLQpKR QHååLYQRVWHQVNpKRRSUiYQ QtSRGOH]YOiãWQtFKS HGSLV 1HVPtEêWSRGQLNDWHOHP NWHUêSURYR]XMH]HP G OVNRXYêUREXDSUYRYêUREXDMH]DSViQGRHYLGHQFHSRGOH ]YOiãWQtKRS HGSLVX

G 0XVtEêWRSUiYQ Q NSRGQLNiQtQD~]HPtýHVNpUHSXEOLN\RGSRYtGDMtFtS HGORåH QpPXSURMHNWX

H .RQHþQêXåLYDWHOPXVtS tPR]RGSRYtGDW]DS tSUDYXD t]HQtSURMHNWXQHVPtS VRELW MDNRSURVW HGQtN

I 0XVtEêWNHGQLSRGiQtåiGRVWLUHJLVWURYiQMDNRSOiWFHGDQ ] S tMPXQDILQDQþQtP

~ DG SRGOH † RGVW ]iNRQD þ 6E R VSUiY GDQt D SRSODWN Y SODWQpP]Q Qt

J 3RGSRUDVHWêNiH[LVWXMtFtFKSRGQLNDWHO NWH t PDMtX]DY HQR~þHWQLFWYtPLQLPiOQ ]DSRVOHGQtGYD~þHWQtURN\QHERLQRYêFKSRGQLNDWHOVNêFKVXEMHNW ]DORåHQêFK VXEMHNW\ VSO XMtFtPL SRGPtQNX S HGFKR]t H[LVWHQFH NDåGê ]H ]DNOiGDMtFtFK WHG\

PLQURN\

.RQHþQêPXåLYDWHOHPQHP åHEêWåDGDWHOSRNXGNHGQLSRGiQtåiGRVWL MH QDQ KRSURKOiãHQNRQNXUV

MHPXSRYROHQRY\URYQiQtVY LWHOL

E\O]DPtWQXWQiYUKQDSURKOiãHQtMHKRNRQNXUVXSURQHGRVWDWHNPDMHWNX MH SURWLQ PXYHGHQYêNRQUR]KRGQXWtQHERMHYOLNYLGDFL

3RGSRUDMHSRVN\WRYiQDIRUPRXILQDQþQtSRPRFL'RWDFHP åHEêWSRVN\WQXWDDåGRYêãH X]QDWHOQêFKQiNODG

'RWDFH MHSRVN\WQXWDY\EUDQêPNRQHþQêPXåLYDWHO P YåG\]HGYRX]GURM

D MHGQDN]SURVW HGN VWUXNWXUiOQtFKIRQG NWHUpMVRXVRXVW HG Q\Y1iURGQtPIRQGXY S tSDG WRKRWRJUDQWRYpKRVFKpPDWXVHMHGQiRVWUXNWXUiOQtIRQG(5')QDW\WRSUR VW HGN\MHYHVP\VOX†RGVW]iNRQDþ6E1DKOtåHQRMDNRQDS tMP\VWiWQt KR UR]SRþWX S L SRVN\WRYiQt GRWDFt ]1iURGQtKR IRQGX VH SRVWXSXMH REGREQ MDNR Y S tSDG †]iNRQDþ6E

E MHGQDN ]YH HMQêFK SURVW HGN ý5 YS tSDG WRKRWR JUDQWRYpKR VFKpPDWX ]UR]SRþWX NUDMH]iNRQþ6ERUR]SRþWRYêFKSUDYLGOHFK~]HPQtFKUR]SRþW

9êãHGRWDFHVHXUþXMHQD]iNODG

x Y\SOQ QpKRIRUPXOi H åiGRVWL(/=$

x S tVOXãQêFKSRYLQQêFKS tORK

>@

$ORNDFHILQDQþQtFKSURVW HGN

9 SURJUDPRYpPREGREtE\ORþHUSiQRYSUYQtPNROHYê]Y\FHONHP .þ =FHONRYpKR REMHPX SURVW HGN XUþHQêFK QD VSROXILQDQFRYiQt þiVWND Y\þHUSDQi Y SUYQtPNROHþLQt&HONRYêREMHPSURVW HGN XUþHQêFKQDWRWRJUDQWRYpVFKpPD þLQLORFHONHP.þ

2EU ýHUSiQtILQDQþQtFKSURVW HGN ] GDQpKR*6 ýHUSiQt]*6SRGSRUXMtFtKRUHJLRQiOQtDPtVWQt LQIUDVWUXNWXUXFHVWRYQtKRUXFKXSUR063Y=/.

Y\þHUSiQR QHY\þHUSiQR

=GURMYODVWQtY\þHUSiQRNH

*UDQWRYiVFKpPDWDY\KODãRYDQiQDSURJUDPRYpREGREt

*UDQWRYiVFKpPDWDYQiVOHGXMtFtPSURJUDPRYpPREGREtWMQHEXGRXYWDNRYp VWUXNWX H MDNRYSURJUDPRYpPREGREt1HO]HWHG\VSHFLILNRYDWREMHPILQDQþ QtFKSURVW HGN QDMHGQRWOLYiJUDQWRYiVFKpPDWD

>@

9<%5$1e352-(.7<),1$1&29$1e=*632'3258-Ë&Ë 62&,È/1Ë,17(*5$&,

3RGSRUDVRFLiOQtLQWHJUDFHYUHJLRQHFK6SROHþQpKRUHJLRQiOQtKRRSHUDþQtKRSURJUDPXSDW t PH]L WD RSDW HQt NWHUi VH VQDåt ]OHSãLW NYDOLWX åLYRWD ]HMPpQD W FK VNXSLQ RE\YDWHO MHå VWRMt QDRNUDMLVSROHþQRVWLQHERMVRXQ MDNêP]S VREHP]QHYêKRGQ Q\

3RGSRUD VRFLiOQt LQWHJUDFH D UR]YRMH OLGVNêFK ]GURM MH YUiPFL 6523 ILQDQFRYiQD ] (YURSVNpKR VRFLiOQtKR IRQGX (6) Pi SRPRFL HãLW ]HMPpQD RWi]N\ QH]DP VWQDQRVWL SRPiKDWS L ]DSRMRYiQtPODGêFKOLGtGRSUDFRYQtKRSURFHVXSRGSRURYDWURYQpS tOHåLWRVWL QD WUKXSUiFHSRPiKDWVWDELOL]RYDWU VW]DP VWQDQRVWL3RGSRUDVRFLiOQtLQWHJUDFHXPRå X MH NRPELQRYDWLQYHVWLþQtLQHLQYHVWLþQtDNWLYLW\DS L S HGNOiGiQtSURMHNW V WtPWR]DP H QtP O]HRSURWLRVWDWQtPSRGSRUiP]tVNDW]IRQGXQHMY WãtSURFHQWXiOQtSRGtODåSUR VW HGN QH]E\WQêFKSURUHDOL]DFLVFKYiOHQpKRSURMHNWX=EêYDMtFtSURVW HGN\MVRX]DMLã R YiQ\ S HGHYãtP ]H VWiWQtKR UR]SRþWX WHG\ 0LQLVWHUVWYHP SUR PtVWQt UR]YRM ý5 D GiOH ] UR]SRþW NUDM D REFt3RþtWiVHYãDNLVH]DSRMHQtPVRXNURPêFK]GURM

-HGQtP]SU YRGQtFK]QDN þHVNpVSROHþQRVWLVHYVRXþDVQpGRE VWiYiVRFLiOQtY\ORXþHQt Q NWHUêFKVNXSLQRE\YDWHOVWYDQDFKi]HMtFtFKVHYREWtåQpåLYRWQtVLWXDFLQHERMHMLFK]QHYê KRGQ QtQDWUKXSUiFHDYHVSROHþQRVWL1 NWHUpUHJLRQ\Y\ND]XMtVWiOêY\VRNêSRþHWQH]D P VWQDQêFKRVRES HGHYãtPOLGtEH]Y]G OiQtVH]iNODGQtPþLQHXNRQþHQêPY]G OiQtP 7 PWRVRFLiOQ ]QHYêKRGQ QêPVNXSLQiPOLGtO]HSRGDWSRPRFQRXUXNXNQiYUDWXQDWUK SUiFHDGRNRPXQLW\VQtåLWPtUXMHMLFKVRFLiOQtL]RODFHDVRFLiOQtKRY\ORXþHQtWtPåHMLP EXGRXSRVN\WQXW\Y]G OiYDFtVRFLiOQtDYROQRþDVRYpVOXåE\$WRPXPiQDSRPRFL]PtQ Qi SRGSRUDVRFLiOQtLQWHJUDFHYUHJLRQHFK3UiY Y UiPFLWpWRSRGSRU\MVRXILQDQFRYiQ\

SURJUDP\ SUR GORXKRGRE QH]DP VWQDQp MHGLQFH ]GUDYRWQ SRVWLåHQp RVRE\ S tVOXãQtN\

HWQLFNêFK PHQãLQ DOH L GURJRY ]iYLVOp þL REþDQ\ QDYUDFHMtFt VH ]YêNRQX WUHVWX 9 QHSRVOHGQt DG WDWR SRGSRUD ]RKOHG XMH Yê]QDPS LUR]HQpKRSURVW HGtREþDQVNpVSR OHþQRVWLSURVSROXY\WYi HQtVRFLiOQtKRDNXOWXUQtKRUR]YRMHYUHJLRQHFK=WRKRWRG YRGX MVRX ]MHKR ]GURM ILQDQFRYiQ\ WDNp SURMHNW\ ]DP HQp QD EXGRYiQt PtVWQtFK NRPXQLW D Y\WYi HQtPtVWQtFKSDUWQHUVWYt

$þNROLY RG URNX MLå EXGRX QRYp RSHUDþQt SURJUDP\ GR RSDW HQt SRGSRU\ VRFLiOQt LQWHJUDFHEXGHPRåQRYUiPFL*6VWiOHS HGNOiGDWSURMHNWRYpåiGRVWL,QVSLUDFtDSRY]EX

]HQtPSURSRGiQtSURMHNWXD]tVNiQtILQDQþQtFKSURVW HGN ] (8PRKRXEêWGYDQiVOHGXMtFt SURMHNW\

>@

0DVDU\NRYDYH HMQiNQLKRYQDMDNRLQVWLWXFHNRPXQLWQtFKDNWLYLWD FHORåLYRWQtKRY]G OiQtYH9VHWtQ

=DVUGFH9DODãVNDMHSRNOiGiQ9VHWtQP VWRVRE\YDWHOL3URQiYãW YQtN\MHWRPtV WR VQiGKHUQRX S tURGRX D ERKDWêP IRONORUHP DOH SUR PtVWQt RE\YDWHOH L UHJLRQ V SUREOHPDWLFNRXVRFLiOQtVLWXDFt1D9DODãVNXNWHUpMHVRXþiVWt=OtQVNpKRNUDMHSUREtKDMt YHONpVWUXNWXUiOQt]P Q\YSU P\VORYpREODVWLNWHUpYêUD]Q RYOLY XMt]DP VWQDQRVW]GHM ãtFK OLGtDSRW HE\UHNYDOLILNDFH'ORXKRGRE UHJLVWURYiQRMHWXOLGtEH]SUiFH

3R REGREtNG\E\OLPtVWQtOLGp]Y\NOtS LMtPDWSURMHNW\]PLQLVWHUVWHYVHWXQDãOLLQLFLD WLYQt OLGp RFKRWQL ]P QLW VWHUHRW\S\ VYpKR P\ãOHQt SXVWLW VH GR VDPRVWDWQpKR SURMHNWX V Qi]YHPÄ0DVDU\NRYDYH HMQiNQLKRYQDMDNRLQVWLWXFHNRPXQLWQtFKDNWLYLWDFHORåLYRWQt KR Y]G OiQtYH9VHWtQ ³

>@

0DVDU\NRYDYH HMQiNQLKRYQDNWHUiMHS tVS YNRYRXRUJDQL]DFtS VREtYHP VW V W LFHWL WLVtFLRE\YDWHO0iþWHQi D URþQ MLQDYãWtYtNOLHQW .QLKRYQDVYRXUROL QHYLGtMHQYHYêS MþQtDLQIRUPDþQtþLQQRVWLDOHWDNpYFHORåLYRWQtPY]G OiYiQtREþDQ D SRVN\WRYiQtSURVWRUXQHMU ]Q MãtPDNWLYLWiPNRPXQLW\-LåRGOHWVHNQLKRYQDYRPH ]HQpPt H RULHQWRYDODQDSUiFLVHVSHFLILFNêPLVNXSLQDPLRE\YDWHOMDNRMVRXG WLDPOiGHå QH]DP VWQDQt]GUDYRWQ SRVWLåHQtPDPLQN\QDPDWH VNpGRYROHQpQHERVHQLR LDWDNpQD VSROXSUiFLVQH]LVNRYêPLRUJDQL]DFHPLYUHJLRQX

>@

' YRGHPUHDOL]DFHSURMHNWXMHSUREOHPDWLFNiVRFLiOQtVLWXDFHYUHJLRQXSRW HEDNRQFHQW UDFHNRPXQLWQtFKDNWLYLWYHP VW D DNWLYLWQDSRPRFREþDQVNpVSROHþQRVWLYH9VHWtQ D RNROt QRYp WUHQG\ SURSRMHQt UR]W tãW QpKR QH]LVNRYpKR VHNWRUX D Y\WYR HQtNRQWDNWQtKR PtVWDSURYH HMQp]iOHåLWRVWLREþDQ

9]G OiYDFtVHPLQi HOHNFHDNXU]\]DP HQpQDLQIRUPDþQtJUDPRWQRVWDPRWLYDFLSURW L FtORYpVNXSLQ\QH]DP VWQDQpPDWN\VPDOêPLG WPLDG WLRKURåHQpVRFLiOQtH[NOX]t

$EVROYHQWLW FKWRDNFtVLWXPRKRXRSDNRYDQ SUDNWLFN\]NRXãHWSURFYLþRYDWYSUD[LVYp Y GRPRVWL.GLVSR]LFLMH]GHSURIHVLRQiOQtWêPSUDFRYQtN NWHUêVHY QXMHYHOPLPDOêP VNXSLQiPY]iYLVORVWLQDPRåQRVWHFKFtORYêFKVNXSLQVFKRSQRVWLVRXVW HG QtDQD~URYQL ]QDORVWt ~þDVWQtN Y W FKWR VNXSLQiFK S tSDGQ ]YROtLQGLYLGXiOQtS tVWXS9]G OiYDFtD NRPXQLWQtDNWLYLW\SURG WLDPOiGHåVHYHVSROXSUiFLVHãNRODPL]DP XMtS HGHYãtPQD LQWHJUDFLRKURåHQêFKG WtDPOiGHåHGRNRPXQLW\QDSUHYHQFLVRFLiOQ SDWRORJLFNêFKMHY DOHWDNpQDS tSUDYXNEXGRXFtSURIHVLDYêFKRYXNREþDQVNpDVRFLiOQtJUDPRWQRVWL

=KRUãXMtFtVHVLWXDFHURGLQVG WPLWRWLå]S VREXMH åH DGDG WtQHPiGREUpVRFLiOQtDHPR FLRQiOQt]i]HPtYURGLQ 0QRKpMVRXEH]SUL]RUQpQXGtVHDQHPDMtåiGQp]iMPRYpþLQQRV WL -H ORJLFNp åH MVRX SDN YHOPL VQDGQR RKURåHQ\ QHJDWLYQtPL MHY\ ]iãNROiFWYt GURJ\

ãLNDQDDM3URJUDP\SRþtWDMtLVSRþHWQRXURPVNRXPHQãLQRX±GRVSHFLiOQtãNRO\WX]H G WtGRFKi]t5RP

5HDOL]DFLSURMHNWXS HGFKi]HORSRGiQtSURMHNWXNWHUêPXVHORGSRYtGDWNRQNUpWQtPRSDW H QtP RSHUDþQtKRSURJUDPX6WUXNWXUiOQtFKIRQG (83URMHNWQDþiVWNXS HGORåL OR P VWR9VHWtQGR6523MDNRPDMLWHOQHE\WRYêFKSURVWRUQD]iNODG Yê]Y\005ý51D SURMHNWXVHWDNpSRGtOHO=OtQVNêNUDMNWHUêSURMHNWSRGSR LOGRWDFt]*6SRGSRUXMtFtKRVR FLiOQtLQWHJUDFLYH=OtQVNpPNUDMLþiVWNRXWpP PLOLRQ .þ

&tOSURMHNWX

.QLKRYQD FRE\ YtFH~þHORYp Y]G OiYDFt FHQWUXP VWUYDOêP S LSRMHQtP QD LQWHUQHW VH WDN PRKOD VWiW ]i]HPQtP DSRUDGHQVNêPPtVWHPLGHiOQtPSURVW HGtPSURLQWHJUDFLRKURåH QêFK VNXSLQGRVSROHþQRVWLDSRGSRUXSDUWQHUVWYtPtVWQtFKLQLFLDWLY

&tOHPSURMHNWXMHWHG\LQWHJUDFH]QHYêKRGQ QêFKVNXSLQRE\YDWHOVWYDGRNRPXQLW\SUD FRYQt XSODWQ QtDVQtåHQtMHMLFKVRFLiOQtL]RODFHSURVW HGQLFWYtPNRPSDWLELOQtQDEtGN\FH ORåLYRWQtKRY]G OiYiQtYNRPXQLWQtNQLKRYQ YH9VHWtQ

5HDOL]DFHSURMHNWX

5HDOL]DFHSURMHNWXSUREtKiRGOHGQDGRGXEQD&KRGFHOpKRSURMHNWXMH ]DMLã RYiQUHDOL]DþQtPWêPHPNWHUêWYR t ]DP VWQDQF ] WRKRQDSOQê~YD]HN

OHGHQ±þHUYHQ]DKiMHQtUHDOL]DFHLQYHVWLþQtKRDQHLQYHVWLþQtKRSURMHNWX5HDOL]DFH Y]G OiYDFtFKDNWLYLWSURFtORYpVNXSLQ\YHVWiYDMtFtFKSURVWRUiFKNQLKRYQ\VHPLQi H SUR

PDPLQN\QH]DP VWQDQpDG WL9WRPWRREGREtGRFKi]tN]D L]RYiQtDY\EDYRYiQtQRYêFK SURVWRU

þHUYHQUHDOL]DFHLQYHVWLþQtKRSURMHNWXXNRQþHQD

3OiQ QHLQYHVWLþQt SURMHNW EXGH SRNUDþRYDW YH VYêFK Y]G OiYDFtFK DNWLYLWiFK FHONHP YH þW\ HFKHWDSiFKDåGRGXEQD

8GUåLWHOQRVWSURMHNWX

3URMHNW]DMLVWtXGUåLWHOQRVWSUDFRYQtFKPtVWSRGREXW t OHW9êVOHGN\Y]G OiYDFtFKDNWLYLW E\ P O\RYOLYQLWLSRGSRUX]HVWUDQ\SDUWQHU GRGDOãtFKOHWDXPRåQLWS HGMHGQiQtGDOãt VSROXSUiFH SDUWQHU\ 3 HGSRNODGHP NWRPX MH L Y\XåLWt GDOãtFK SURJUDP (8 ]HMPpQD 235/=WHG\SURJUDPXQDSRGSRUXDNWLYQtSROLWLN\]DP VWQDQRVWLDUR]YRMHGDOãtKRSUR IHVQtKRY]G OiYiQt

=iUXNRX XGUåLWHOQRVWL SURMHNWX MHNURP JDUDQFt]HVWUDQ\SDUWQHU WDNpQHSRFK\EQiSR W HEQRVW Y]G OiYDFtKR SURMHNWX YUHJLRQX SUR Y\W\þHQp FtORYp VNXSLQ\ DOH L S HGSRNODG QDYi]iQtQDGDOãtSURJUDP\(6)3URMHNWQDEt]tVYêPNOLHQW P PRGHUQt]S VREY]G OiYiQt Y S tMHPQpPSURVW HGtMHå]DUXþXMHYD]EDQDLQYHVWLþQtSURMHNW

'RSDG\SURMHNWXQDFtORYRXVNXSLQX

= FtOHSURMHNWXY\FKi]HMtS HGSRNOiGDQpGRSDG\9NUDMLNGHMHWYRUED+'3RSRG FHORVWiWQtPSU P UHPDPtUDUHJLVWURYDQpQH]DP VWQDQRVWLVHSRK\EXMHNROHPPR KRX Y]G OiYDFtDNWLYLW\]YêãLWSURIHVQtY\EDYHQRVWVNXSLQNWHUpMVRXQDRNUDMLVSROHþQRVWL D SRPRFLMLPOpSHXVS W QDWUKXSUiFH=OHSãtVHLQIRUPDþQtDVRFLiOQtJUDPRWQRVWXRKUR åHQêFKVNXSLQPOiGHåHDPDWHNVPDOêPLG WPLSURMHNWS LVS MHNSUHYHQFLVRFLiOQ SDWR ORJLFNêFKMHY D QiVOHGQpPRåQpNULPLQDOLW\

1DPtVW MH]PtQLWDVSR NRQNUpWQtOLGVNêRVXGVSRMHQêVHYVHWtQVNRXNQLKRYQRXNG\WDWR LQVWLWXFHSRPRKODXOHKþLWQHVQDGQRXVLWXDFL'YDFHWLOHWiQH]DP VWQDQiDEVROYHQWNDãNRO\

0DUFHODS LFKi]HODGRNQLKRYQ\WUiYLWþDVXLQWHUQHWXSUDFRYDODQDSRþtWDþLYH:RUGXD ([HOX1DXþLODVHY\WYi HWU ]QpGRNXPHQW\DQDNRQHFMHGQDSUDFRYQtQDEtGNDMtY\ãOD

>@

3RGOH PpKR Qi]RUX WHQWR SURMHNW NWHUê MH UHDOL]RYiQ WDNp GtN\ ILQDQþQtP SURVW HGN P ] *6SRGSRUXMtFtKRVRFLiOQtLQWHJUDFLYNUDMLMHSUiY Y WpWRREODVWLNUDMHVSUREOHPDWLFNRX VRFLiOQtVLWXDFtYHOPLSRW HEQê6RKOHGHPQDVRFLiOQtH[NOX]LYUHJLRQXMVRXMHKRDNWLYLW\

]DP HQ\S HGHYãtPQDPRWLYDFLNSUiFLSRþtWDþRYRXJUDPRWQRVWDQDVRFLiOQtDREþDQVNp GRYHGQRVWL-HGQtP]XND]DWHO WRKRWRSURMHNWXMHWDNpY\WYR HQtSUDFRYQtFKPtVW]WRKR QDSOQê~YD]HN3URMHNWYQHSRVOHGQt DG SRP åHSURSRMHQtPVYêFK]iP U VMHGQRWLW DNWLYLW\REþDQVNpVSROHþQRVWLDQDSRP åHUHDOL]RYDWP\ãOHQNXPtVWQtKRSDUWQHUVWYt7tPWR GORXKRGREêP DQHYåG\MHGQRGXFKêP~VLOtPFKFHS LVS W NWRPXåHOLGpVNXWHþQ ]DþQRX VDPL HãLWVYpSUREOpP\DNWLYQ MLYVWXSRYDWGRG QtDSRVWXSQ WDNEXGRXY\WYi HWREþDQ VNRX VSROHþQRVWYSUDYpPVORYDVP\VOX

1iYUDWRE\YDWHO$]\ORYpKRGRPXSURPXåHY.URP tåLGRVSROHþ QRVWLDQDWUKSUiFH

7DNpQiVOHGXMtFtSURMHNWY]QLNOYH=OtQVNpPNUDML.URP tåP VWRVHRE\YDWHOLVH P åH SRFKOXELW QHMHQ KLVWRULtDOHLVRXþDVQRVWt0 VWRVHGORXKRGRE VQDåtRY\WYR HQt S tY WLYêFKSRGPtQHNSURYãHFKQ\VNXSLQ\RE\YDWHOLQiYãW YQtN $SRFKRSLWHOQ VLYãt Pi LREþDQ NWH t VHGRVWDOLQDRNUDMVSROHþQRVWLDMLPåMHW HEDSRPRFLS L QiYUDWXGRVSR OHþQRVWLDQDWUKSUiFH

1D Ò DGXSUiFHY.URP tåLY\ND]XMtVWiOêQiU VWRVREQH]DP VWQDQêFKGpOHQHåP Vt F -HGQiVHS HGHYãtPROLGLEH]Y]G OiQtVH]iNODGQtPþLQHXNRQþHQêPY]G OiQtPS t SDGQ QH SOQ JUDPRWQp 8 PQRKêFK MH WHG\ PRWLYDFH SUR KOHGiQt ]DP VWQiQt SRP UQ Qt]Ni D ORJLFN\ DVSLUXMt QD ]D D]HQt GR NDWHJRULH EH]GRPRYF %H]GRPRYHFWYtP MVRX RKURåHQLLREþDQpYUDFHMtFtVH]YêNRQXWUHVWXRGQ WtVYRERG\$WDNY]QLNODP\ãOHQNDSUR MHNWXMHQåE\P O VQtåLWPtUXVRFLiOQtL]RODFHDY\ORXþHQtRVREYREWtåQpåLYRWQtVLWXDFL 2GURNXSRVN\WXMHP VWRVOXåE\PXå P EH]GRPRYDYD]\ORYpPGRP %\OSRVWXSQ ] L]RYiQRNUHVQtPDNUDMVNêP~ DGHPDP VWHP.URP tåDRGMHQHVWiWQtQH ]LVNRYRXRUJDQL]DFt' P MHMHGLQêP]D t]HQtPWRKRWRW\SXQD~]HPtRNUHVX.URP tå 0i NDSDFLWXO åHND]DP VWQiYiOLGt

'R GRE\S HGORåHQtSURMHNWXSRVN\WRYDOG P RE\YDWHO PPXå P EH]GRPRYDS HGHYãtP PRåQRVW XE\WRYiQtYD HQtXPRå RYDOMLP]iNODGQtK\JLHQLFNRXSpþL

>@

2EU9 NRYpVORåHQtNOLHQW

OHW OHW OHW

=GURM>@

7DEXONDY NRYpKRVORåHQtNOLHQW XND]XMHåHS HYDåXMtRVRE\YSURGXNWLYQtPY NXWHG\

PH]L D OHW\ 1DMGHPH WX YãDN L LQYDOLGQt D VWDUREQt G FKRGFH 1 NWH t SURåLMt Y D]\ORYpPGRP L OHW

5HDOL]DFLSURMHNWXS HGFKi]HORSRGiQtSURMHNWXNWHUêPXVHORGSRYtGDWNRQNUpWQtPRSDW H QtP&HONRYpQiNODG\QDSURMHNWþLQtFFDPLOLRQX.þNG\]SURVW HGN *6QDSRGSRUX VRFLiOQtLQWHJUDFHYH=OtQVNpPNUDMLE\ORSRVN\WQXWRPLOLRQX.þ

2G OHGQDE\OR] t]HQRPtVWRRUJDQL]DþQtKRPDQDåHUDNWHUêGRKOtåtQDFKRGSURMHNWX2G þHUYHQFHSDNY]QLNODGDOãtGY SUDFRYQtPtVWD±SUDFRYQtNSURGRKOHGDPRWLYDFLSUD FRYQt VNXSLQ D SUDFRYQtNQt]NRSUDKRYpKRFHQWUD

&tOSURMHNWX

3URMHNWMH]DP HQ]HMPpQDQDGRVS OpPXåHEH]GRPRYDDRVRE\GORXKRGRE QH]DP VW QDQpQDRVRE\VQt]NêPY]G OiQtPS tSDGQ SRYêNRQXWUHVWX3URMHNWVLNODGH]DFtO]tV NiQt þLREQRYHQtSUDFRYQtFKQiY\N D Y]G OiYiQtPXå NWH t Y\KOHGDOLXE\WRYiQtDSRPRF Y $]\ORYpPGRP SURPXåHY.URP tåL

5HDOL]DFHSURMHNWX

5HDOL]DFHSURMHNWXE\OD]DKiMHQD

+ODYQt QiSOQtSURMHNWXMHYãDNP\ãOHQNDY\WYR LWYD]\ORYpPGRP S WLþOHQQRXSUDFRYQ PRWLYDþQtVNXSLQXQDY\NRQiYiQtSRPRFQêFKSUDFt7DWRVNXSLQDPiSRPiKDWS L ~NOLGR YêFKSUDFtFKDGUREQp~GUåE WHG\þLQQRVWHFKNWHUpEXGRXPtWVHVYpPG VOHGNXYOLYQD

]OHSãHQtåLYRWQtKRSURVW HGtYHP VW ÒþDVWQtFLSURMHNWXGRVWiYDMtVPORXYXDMVRX]DSUiFL SODFHQL3RGPtQNRXSUR]tVNiQtPtVWDYHVNXSLQ MHUHJLVWUDFHQD~ DGXSUiFHSRYLQQRVW EêW VPOXYQtPNOLHQWHPD]\ORYpKRGRPXD]iMHP

3URMHNWEXGHUHDOL]RYiQYHþW\ HFKHWDSiFKYREGREtOHGHQ~QRU 8GUåLWHOQRVWSURMHNWX

3URMHNWMHNRQFLSRYiQWDNDE\MHKRDNWLYLW\PRKO\VORXåLWMDNRYêFKR]tSR]LFHSURUR]YRM GDOãtFKY]G OiYDFtFKDSUDFRYQ PRWLYDþQtFKDNWLYLWSURVWDQRYHQpFtORYpVNXSLQ\.RP SOH[Qt HãHQt Y]G OiYDFtFK PRWLYDþQtFK D SUDFRYQtFK DNWLYLW EXGH S tPR SURSRMHQR V UHiOQêPSUDFRYQtPSURFHVHP

'RSDG\SURMHNWXQDFtORYRXVNXSLQX

9 D]\ORYpPGRP VH]YêãtNYDOLWDSRVN\WRYDQêFKVOXåHE3UiFHEXGHUR]ãt HQD RY]G OiYD Ft DPRWLYDþQtSUYN\EXGHPRåQpUHDOL]RYDWSRUDGHQVWYt.OLHQWL]tVNDMtSUDFRYQtQiYLN\

]iNODGQt]UXþQRVWSURYêNRQSRPRFQêFKSUDFRYQtFKþLQQRVWt6\VWpPPRWLYDþQtSRGSRU\

E\ P O SURFtORYRXSRGSR HQRXVNXSLQX]QDPHQDWYLGLWHOQp]OHSãHQtåLYRWQtKRVW\OXP O E\ SURKORXELWVQDKXQDOp]WVLDXGUåHWWUYDOp]DP VWQiQtS tSDGQ Y]EXGLW]iMHPR]Y\ãR YiQt NYDOLILNDFH $EVROYHQWL SURMHNWX E\ VH P OL VQi]H LQWHJURYDW GR åLYRWD NRPXQLW\

ÒVS ãQp~þDVWQtN\SURMHNWSRGSR t YHVQD]H]tVNDWE\GOHQtYQ NWHUpP]REHFQtFKE\W FRå MH SURPXåHEH]GRPRYDYHONRXPRWLYDFt

>@

3RGOH PpKR Qi]RUX WHQWR SURMHNW NWHUê MH UHDOL]RYiQ WDNp GtN\ ILQDQþQtP SURVW HGN P ] *6SRGSRUXMtFtKRVRFLiOQtLQWHJUDFLYNUDMLQDãHOUHFHSWQDWRMDNFRQHMOpSH]DþOHQLWQH ]DP VWQDQp NOLHQW\ GR VSROHþQRVWL D MDN MH QDXþLW SUDYLGHOQêP SUDFRYQtP QiY\N P 'tN\ WRPXWRSURMHNWXGRãORN] t]HQt SUDFRYQtSR]LFHSURSUDFRYQtNDQt]NRSUDKRYpKRSR UDGHQVWYt~YD]NXDWHUpQQtKRSUDFRYQtNDSURSUDFRYQtGRKOHG~YD]NX

3RNXG VKUQHPH RED Y\EUDQp SURMHNW\ NWHUp E\O\ VSROXILQDQFRYiQ\ ]*6 SRGSRUXMtFtKR VRFLiOQtLQWHJUDFLYH=OtQVNpPNUDMLMHW HEDSRGRWNQRXWåHGRSDG\W FKWRSURMHNW QDVSR OHþQRVWQHPDMtRNDPåLWêFKDUDNWHUDQ NG\WUYiDåQ NROLNOHWQHåMVPHVFKRSQLSOQ MH RFHQLW SRFKRSLW MHMLFK Yê]QDP D ]D]QDPHQDW SRNURN NWHUê S LQHVO\ -VRX ]DP HQ\ QD VNXSLQ\ RVRE NWHUp PRKRX EêW SUREOHPDWLFNp þL QHS tVWXSQp NRPXQLNDFL D WDN QHPXVt YåG\ S LQpVWSRåDGRYDQêHIHNW3 HVWRMVRXWDNRYpSURMHNW\YHOPLSRW HEQpýtPYtFHWDNR

YêFKWRSURMHNW VHEXGHUHDOL]RYDWWtPY WãtMHãDQFHåHSRYHGRXNH]NYDOLWQ QtåLYRWD QHMHQ NRQNUpWQtFtORYpVNXSLQ\DOHFHOpVSROHþQRVWL

.203$5$&(9<8äË9È1Ë*662/2028&.é0.5$-(0

9 S HGSRVOHGQt NDSLWROH Pp EDNDOi VNp SUiFH VH ]DP XML QD VURYQiQt *6 =OtQVNpKR D 2ORPRXFNpKRNUDMH-GHRVURYQiQt*6NWHUiMVRXILQDQFRYiQD]65236URYQiQtVHWêNi SRþWX*6REMHPXSURVW HGN Y UiPFLMHGQRWOLYêFK*6DY\XåtYiQtILQDQþQtFKSURVW HGN Y MHGQRWOLYêFK*6

&KDUDNWHULVWLND2ORPRXFNpKRNUDMH

2ORPRXFNê NUDM VH UR]NOiGi YHVW HGQt þiVWL 0RUDY\ D ]DVDKXMH L GRMHMt VHYHUQt þiVWL

= KOHGLVND~]HPQ VSUiYQtKRWYR t VSROXVH=OtQVNêPNUDMHPREODVW6W HGQt0RUDY\ýOHQt VH QDS W RNUHV -HVHQtN2ORPRXF3URVW MRY3 HURYDâXPSHUN.FHONRYi

YêP UDNUDMHGRViKODNP WM]FHONRYpUR]ORK\ý5.P O

NUDMFHONHPRE\YDWHOWM]FHONRYpKRSRþWXRE\YDWHOýHVNpUHSXEOLN\

= HNRQRPLFNpKRKOHGLVNDMH2ORPRXFNêNUDMREODVWtSU P\VORYRXVUR]YLQXWêPLVOXåEDPL (NRQRPLNDKDQiFNêFKRNUHV MHYtFHVWDELOQtDGRVWDWHþQ UR]PDQLWiRNUHV-HVHQtNDVH YHUQt þiVWRNUHVXâXPSHUNYãDNERKXåHOGtN\VYpSROR]HGRSUDYQtGRVWXSQRVWLLQDUXãHQtP VRFLiOQtKRDKRVSRGi VNpKRåLYRWDSRGUXKpVY WRYpYiOFHY\VtGOHQtQ PHFNpKRRE\YDWHO VWYD SDW t NHNRQRPLFN\VODEãtPUHJLRQ P

1D WYRUE KUXEpKRGRPiFtKRSURGXNWXYýHVNpUHSXEOLFHVH2ORPRXFNêNUDMSRGtOHOYURFH SRX]HYS HSRþWXQDRE\YDWHOHGRVDKRYDOMHQUHSXEOLNRYpKRSU P UXFRåMHQHMKRUãtSR]LFHPH]LNUDML

>@

6URYQiQtJUDQWRYêFKVFKpPDWPH]LMHGQRWOLYêPLNUDMLDMHMLFKY\X åLWt

9 SURJUDPRYpPREGREtE\O\Y2ORPRXFNpPNUDMLYUiPFL6523Y\KOiãHQD QiVOHGXMtFt*6

x *UDQWRYpVFKpPDSRGSRUXMtFtGUREQpSRGQLNDWHOHYHNRQRPLFN\VODEêFKUHJLRQHFK x *UDQWRYp VFKpPD SRGSRUXMtFt PDOp D VW HGQt SRGQLNDWHOH YHNRQRPLFN\ VODEêFK

UHJLRQHFK

x *UDQWRYp VFKpPDSRGSRUXMtFtVRFLiOQtLQWHJUDFL

x *UDQWRYp VFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKRUXFKXSURYH HMQpVXEMHNW\

x *UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKRUXFKXSURPDOp D VW HGQtSRGQLNDWHOH

x *UDQWRYpVFKpPDSRGSRUXMtFtUHJLRQiOQtDPtVWQtLQIUDVWUXNWXUXFHVWRYQtKRUXFKX SURPDOpDVW HGQtSRGQLNDWHOH

>@

9 SURJUDPRYpPREGREt±E\ODY2ORPRXFNpPNUDMLY\KOiãHQDVWHMQiJUDQWRYi VFKpPDWDMDNRY=OtQVNpPNUDML

3UR VURYQiQtMVHPY\SUDFRYDODQiVOHGXMtFtWDEXONXNGHP åHPHYLG W DNROLNSURFHQWE\OR Y\þHUSiQRDMDNêREMHPSURVW HGN E\OSRVN\WQXWYUiPFLMHGQRWOLYêFK*6

9 SUYQtP*6SRGSRUXMtFtKRGUREQpSRGQLNDWHOHYHNRQRPLFN\VODEêFKUHJLRQHFKGDQpKR NUDMHYLGtPHåH]DWtPFRY=/.E\O\Y\þHUSiQ\MHQ]FHONRYpKRREMHPXSURVW HGN Y 2ORPRXFNpPNUDMLE\ORY\þHUSiQRREMHPXSURVW HGN QDGDQp*67HG\SURFHQWX iOQt REMHP ILQDQþQtFK SURVW HGN Y\þHUSDQêFK YMHGQRWOLYêFK NUDMtFK QD GDQp *6 VH ]QDþQ OLãt

9 GUXKpP*6SRGSRUXMtFtKRPDOpDVW HGQtSRGQLNDWHOHYHNRQRPLFN\VODEêFKUHJLRQHFK GDQpKRNUDMHYLGtPHåHY20.E\ORY\þHUSiQRREMHPXSURVW HGN XUþHQêFKQDGDQp

*6=DWtPFRYH=OtQVNpPNUDMLE\ORY\þHUSiQRMHQREMHPXILQDQþQtFKSURVW HGN QD GDQp *6

1DRSDN YW HWtP *6 SRGSRUXMtFtP VRFLiOQt LQWHJUDFL E\OR YH =OtQVNpP NUDML Y\þHUSiQR REMHPXSURVW HGN FRåþLQtFHONHP.þ=DWtPFRY2ORPRXFNpPNUDML E\OR Y\þHUSiQR SRX]H REMHPX SURVW HGN XUþHQêFK QD GDQp *6 FRå þLQt FHONHP .þ8*6SRGSRUXMtFtKRUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKRUXFKXSURYH HM Qp VXEMHNW\MHYLGLWHOQêUR]GtOREMHPXSURVW HGN Y\þOHQ QêFKQDGDQp*6

=DWtPFRYH=OtQVNpPNUDMLE\ODUR]G OHQDþiVWND.þFRåþLQtFHONRYpKR REHMPX SURVW HGN 92ORPRXFNpP NUDML E\OD UR]G OHQD þiVWND FRå WYR t REMHPXSURVW HGN NWHUpE\O\YUiPFLGDQpKR*6Y\þHUSiQ\

1HM]DMtPDY MãtSURP E\OR]SUDFRYiYDWVWDWLVWLNXX*6SRGSRUXMtFtKRUHJLRQiOQtDPtVWQt VOXåE\FHVWRYQtKRUXFKXSURPDOpDVW HGQtSRGQLNDWHOH.G\YH=OtQVNpPNUDMLGRSRVXGWM GOHS tVWXSQêFKLQIRUPDFtQHE\ODSRVN\WQXWDGRWDFH=HVWUDQ\PDOêFKDVW HG QtFK SRGQLNDWHO QHE\O R WRWR JUDQWRYp VFKpPD YHONê ]iMHP SUDYG SRGREQ Y]KOHGHP N ]DP HQtVFKpPDWXILQDQþQtQiURþQRVWLS tSUDY\SURMHNWXDQt]NpHIHNWLYLW\SURS HGNOi GDMtFtVXEMHNW\0H]LSRGSRURYDQpDNWLYLW\SDW t ]HMPpQDSURSDJDþQtDLQIRUPDþQtNDPSD Q WYRUEDSURSDJDþQtFKPDWHULiO WYRUEDZHERYêFKVWUiQHNDSRG

9 2ORPRXFNpPNUDMLE\ORXGDQpKR*6Y\þHUSiQR]FHONRYpKRREMHPXSURVW HGN XUþHQêFKQDGDQp*6FRåS HGVWDYXMH.þ

8 SRVOHGQtKR*6SRGSRUXMtFtKRUHJLRQiOQtDPtVWQtLQIUDVWUXNWXUXP åHPHYLG WåHMGHR

*6XNWHUpKRE\ORY\þHUSiQRMDNYH=OtQVNpPNUDMLWDNY2ORPRXFNpPNUDMLWpP REMHPXYãHFKSURVW HGN XUþHQêFKQDGDQp*6

1XWQR YãDN SRGRWNQRXW åHYSURJUDPRYpPREGREt±MVRXVWiOHS HGNOiGiQ\

SURMHNW\NHVFKYiOHQtYRERXNUDMtFK

7DE6URYQiQtY\XåtYiQtILQDQþQtFKSURVW HGN PH]L=/.D20.

1È=(9*6 =/. 20.

9\þHUSiQR

2EMHPSUR

VW HGN 9\þHUSiQR

2EMHPSUR VW HGN

*6SRGSRUXMtFtGUREQpSRG QLNDWHOH YHNRQRPLFN\ VOD EêFKUHJLRQHFK

*6 SRGSRUXMtFt 063 Y HNRQRPLFN\ VODEêFK UHJL RQHFK

*6 SRGSRUXMtFt VRFLiOQt LQ

WHJUDFL

*6SRGSRUXMtFtUHJLRQiOQtD PtVWQtVOXåE\&5SURYH HM Qp VXEMHNW\

*6SRGSRUXMtFtUHJLRQiOQtD

PtVWQtVOXåE\&5SUR063

*6SRGSRUXMtFtUHJLRQiOQtD PtVWQtLQIUDVWUXNWXUX&5SUR 063

=GURMYODVWQtãHW HQtLQIRUPDFHNH

6+5187Ë

1\QtVHSRNXVtPVKUQRXWSUREOHPDWLNX*6NWHUpMVHPVHY QXMLYHVYpEDNDOi VNpSUiFL 1HMSUYHMHSRW HED]RSDNRYDWåH*6Y\KOiãHQiYH=OtQVNpPNUDMLQDSURJUDPRYpREGREt ± MVRX ILQDQFRYiQD ]SURVW HGN (YURSVNp XQLHYWRPWRS tSDG ] SURJUDPX 65233RW HE\UHJLRQ QDQ å VH6523RULHQWXMHMVRXUR]G OHQ\GRþW\ REODVWtKODYQtFK SULRULW -GH R SULRULW\ ]DP HQp QD SRGSRUX SRGQLNiQt UHJLRQiOQt UR]YRM LQIUDVWUXNWXU\

UR]YRM OLGVNêFK]GURM Y UHJLRQHFKDUR]YRMFHVWRYQtKRUXFKX.DåGi]HþW\ KODYQtFKSULR ULW PiGiOHQ NROLNRSDW HQt

3RGOHPpKRQi]RUX*6YH=OtQVNpPNUDMLSOQ SRNUêYDMtSRW HE\UHJLRQXD]iURYH MVRX Y VRXODGXVSULRULWDPL6523

9]KOHGHPNWRPXåHYH=OtQVNpPNUDMLMHY\KOiãHQRJUDQWRYêFKVFKpPDWSRNXVtPVH Y\MiG LWYODVWQtPQi]RUHPNHNDåGpPX*6]YOiã

3UYQt *6MH]DP HQpQDSRGSRUXGUREQêFKSRGQLNDWHO Y HNRQRPLFN\VODEêFKUHJLRQHFK

=OtQVNpKR NUDMH &tOHP *6 MH UR]YRM VWiYDMtFtFK GUREQêFK SRGQLNDWHO V FtOHP Y\WYi HQt QRYêFK SUDFRYQtFKPtVWYHY\EUDQêFKSUREOpPRYêFKUHJLRQHFK9WRPWR*6E\ORSRXåLWR SRX]H SRGSRU\Y\þOHQ QpQDVSROXILQDQFRYiQtSURMHNW FRåMHVNXWHþQ YHOPLPiOR 0 åHWREêWQDS tNODG]S VREHQRQH]iMPHP]HVWUDQ\GUREQêFKSRGQLNDWHO DOHWDNpDG PLQLVWUDWLYQtQiURþQRVWtS L S HGNOiGiQtSURMHNW

'UXKp*6MH]DP HQRQDSRGSRUX063YHNRQRPLFN\VODEêFKUHJLRQHFK=OtQVNpKRNUDMH

&tOHP*6MH]YêãLWSURVSHULWXYHY\EUDQêFKSUREOpPRYêFKUHJLRQHFK=OtQVNpKRNUDMHY\

WYi HQtPQRYêFKSUDFRYQtFKS tOHåLWRVWtXPDOêFKDVW HGQtFKSRGQLNDWHO 7DNpYWRPWR

*6 E\OR Y\þHUSiQR SRX]H SURVW HGN Y\þOHQ QêFK QD VSROXILQDQFRYiQt SURMHNW 9]KOHGHPNWRPXåHYê]Y\YUiPFL*6MHãW SRNUDþXMtDSURMHNW\MVRXVWiOHS HGNOiGiQ\

QHO]HS HVQ VWDQRYLW]GDEXGRXYHãNHUpSURVW HGN\Y\þHUSiQ\-HYãDNQDPtVW ]DP\VOHW VH ]GDQDSRGSRUXSRGQLNDWHO Y HNRQRPLFN\VODEêFKUHJLRQHFKE\QHSRNU\ORMHGQR*6 VSROHþQpMDNSURGUREQpSRGQLNDWHOHWDNSUR063

7 HWt*6MH]DP HQRQDVRFLiOQtLQWHJUDFLYH=OtQVNpPNUDML&tOHP*6MHSRGSR LWVRFLiO Q RKURåHQpVNXSLQ\RE\YDWHOVWYDVP UHPNMHMLFKVRFLiOQtLQWHJUDFLDSUDFRYQtPXXSODW Q QtSURVW HGQLFWYtPRUJDQL]DFtSUDFXMtFtFKYMHMLFKSURVS FK&HONHPE\ORQDGDQpJUDQ WRYp VFKpPDY\QDORåHQR]FHONRYpKRREMHPXILQDQþQtFKSURVW HGN =GHP åHPH YLG WåHGRãORWpP N ~SOQpPXY\þHUSiQtSURVW HGN XUþHQêFKQDVSROXILQDQFRYiQtSUR

MHNW 0 åHPH WHG\ XVRXGLW åH *6 VSOQLOR VY M ~þHO D ILQDQþQt SRGSRURX QDSRPRKOR N UHDOL]DFLDNWLYLW]DP HQêFKQDVRFLiOQtLQWHJUDFL

ýWYUWp*6MH]DP HQpQDSRGSRUXUHJLRQiOQtFKDPtVWQtFKVOXåHEFHVWRYQtKRUXFKXSUR YH HMQpVXEMHNW\Y=/.&tOHP*6MH]YêãLWLQIRUPRYDQRVWRQDEtGFHFHVWRYQtKRUXFKXYH

=OtQVNpPNUDMLSURS tWRPQpþLS tSDGQpQiYãW YQtN\9\þHUSiQRYWRPWR*6E\OR SURVW HGN FRåP\VOtPþiVWHþQ VSOQLORVY M ~þHOY]KOHGHPNWRPXåH*6VWiOHSRNUDþXMH 3iWp *6MH]DP HQpQDSRGSRUXUHJLRQiOQtFKDPtVWQtFKVOXåHEFHVWRYQtKRUXFKXSUR063 Y =/.&tOHPJUDQWRYpKRVFKpPDWXMHUR]YRMHPVOXåHE]YêãLWSRGtOFHVWRYQtKRUXFKXQD KRVSRGi VNp SURVSHULW UHJLRQX D Y\WYi HW QRYp SUDFRYQt S tOHåLWRVWL YH =OtQVNpP NUDML 7RWR*6E\ORSURP QHM]DMtPDY MãtQHER Y UiPFLQ M QHE\ODSRVN\WQXWDåiGQiSRGSRUD ' YRGHPE\O]HVWUDQ\PDOêFKDVW HGQtFKSRGQLNDWHO PDOê]iMHPY]KOHGHPN]DP HQt VFKpPDWXILQDQþQtQiURþQRVWLS tSUDY\SURMHNWXDQt]NpHIHNWLYLW\SURS HGNOiGDMtFtVXEMHN W\ 3RGOHPpKRQi]RUXE\PRKOREêWGRVWDþXMtFtMHGQR*6SURYH HMQpVXEMHNW\L063]D P HQpSUiY QDUHJLRQiOQtDPtVWQtVOXåE\FHVWRYQtKRUXFKX

3RVOHGQt*6MH]DP HQp QDUHJLRQiOQtDPtVWQtLQIUDVWUXNWXUXFHVWRYQtKRUXFKXSUR063 Y =/.&tOHP*6MHUR]YRMLQIUDVWUXNWXU\S tPRRYOLY XMtFtDWUDNWLYQRVW=OtQVNpKRNUDMH MDNRGHVWLQDFHFHVWRYQtKRUXFKX9WRPWR*6E\ORY\þHUSiQRSURVW HGN Y\þOHQ QêFK QDVSROXILQDQFRYiQtSURMHNW =GHP åHPHWHG\YLG WåHRWRWR*6E\OYHONê]iMHP ]H VWUDQ\åDGDWHO D WpP YãHFKQ\SURVW HGN\E\O\SRXåLW\QDNRQNUpWQtSURMHNW\

0 åHPHWHG\YLG W åHSRGSRUDNWHUiMHSRVN\WQXWD]6523YUiPFL*6MH]DORåHQDQDY\

XåLWtYêKRGSURHNRQRPLFNêU VWDQDHOLPLQDFLYãHKRFRUR]YRMLSRWHQFLiOXUHJLRQXS HNi åt