-:39003

6]ypVV]yOiVPDJ\DUi]DWRN WpQ ~MDEDQ D MXJRV]OiYLDL PDJ\DUViJ Q\HOYpEHQ HUV|G|WW PHJ´ L P -yPDJDP 7LV]DPHOOpNPHJMHO|OpVDODWWWDOiONR]WDPH]]HODNLIHMH]pVVHO6]DEROFVPHJ\pEHQ01\

+DPiUPHJDONRWWXNpVKDV]QiOMXNDWiMQHYHWDIHQWHEEKLiQ\ROWMHO]WSO]HPSOpQLERGURJN|]L FpOV]HU&YROQDPHJMHO|OQL(]WDI|OGUDM]WXGRPiQ\EDQLJHQLVQDJ\N|YHWNH]HWHVVpJJHORO\NRUIH OHVOHJHVWXGiOpNRVViJJDOLVPHJWHV]LN± Ä$ERGURJN|]LWHOHSOpVHNV]LQWHPDLVNO|QiOOyUpV]H D%RGURJ]~JQDN>NLHPHOpVWOHP± 0/@QHYH]HWWWHUOHWHQNLDODNXOW.HQp]O9LVV=DONRG +RVV]~ LGHLJ >D NH]GHWHNWO LJ ± 0/@6]DEROFVYiUPHJ\HUpV]HNpQWpOWHDPDJDpOHWpW´

1$*<LP,JD]DYDQ-8+È6='(=6QHNDPLNRUH]WtUMDHUUODWiMQpYUOÄ9DOyV]tQ&OHJ~MNRUL PHVWHUVpJHV WiMQpY´ L P $ ÄYDOyV]tQ&OHJ´ V]yW Q\XJRGWDQ W|U|OKHWMN D N|Q\YEOKLV]HQ HQQHNDWiMQDNPiUEHQPHJYROWDWHPpV]HWHVHOQHYH]pVH6]LJHW0,=6(501\±

9HJ\N ILJ\HOHPEH KRJ\ YROWDN LOOHWOHJ YDQQDN WHUPpV]HWHV WiMQHYHLQN 7ULDQRQ H]HNHQ QpPLNpSSHQYiOWR]WDWRWWpV~MDEEQHYHNM|QQHNOpWUHPHVWHUVpJHVRO\NRUPHVWHUNpOW~WRQLV(]HN NHOLVOHKHWQHVWNHOOHQHYDODPLO\HQIRUPiEDQIRJODONR]QL

0,=6(5/$-26

$]Ï06E\XQWHOHQV]DYiUyO

$]LVPHUHWOHQHUHGHW&E&QV]ypVV]iUPD]pNDLDUpJL VpJEHQE&QEtQDODNEDQV]HUHSHOQHN+%EXQHWVWEHJ\HWOHQNLYpWHOOHOD]ÏPDJ\DU0iULD VLUDORPE\XQWHOHQtUiV~V]DYiQDNW|YpEHQD]YDJ\LPDJiQKDQJ]yKHO\HWW±NHWWVKDQJ]yYDOWD OiONR]XQNDPHO\HVHWOHJKHWHURV]LOODELNXVDQLYROQDHMWHQGDULWPXVNHGYppUWPLQW%(1.

/25È1'PHJMHJ\]LÈUS6]|Y

0LQWKRJ\DUpJLVpJEHQV]yNH]G]iUWV]yWDJEDQQHPV]HUHSHOQHNNHWWVKDQJ]yNH]D]DODN KDQJWDQLODJ LV HJ\HGOiOOy /HJHJ\V]HU&EEHQ WDOiQ tUiVKLEDNpQW PDJ\DUi]KDWy $ NyGH[EHQ V]H UHSO VLUDORPV]|YHJ iOWDOiQRVDQ HOIRJDGRWW YpOHPpQ\ V]HULQW QHP D V]HU]NH]H tUiVD KDQHP DVFULSWRUYDJ\pOV]yEyOLVPHUWHDPLQWHJ\IpOpYV]i]DGGDONRUiEEDQNHOHWNH]HWWIRUGtWiVWYDJ\

DPLYDOyV]tQ&EEUpJHEELNp]LUDWUyOPiVROWD+DWHNLQWHWEHYHVV]NKRJ\DV]|YHJEHQW|EEtUiV KLEDYDQpVDNRUDEHOLIpONXU]tYJyWLNXVEDQpSS~J\PLQWDN|YHWNH]EDV]WDUGiEDQpSSHQD]

QpVD]XJ\DNUDQDOLJNO|QE|]WHWKHWPHJHJ\PiVWyOHJ\E\QXWHOHQtUiV~V]yEDQN|QQ\&V]HUUHO IHOFVHUpOKHWWHDNpWHJ\PiVPHOOHWWLEHW&WDNiUDNyGH[VFULSWRUDDNiUYDODPHO\LNHOGMH(UUHPXWDW DYiOQXPKHO\HWWLXDOPXQtUiVKLEDLV

$EtQDODNPHJOpWpWV]yYpJLPDJiQKDQJ]yYDOD.|QLJVEHUJL7|UHGpNEtQWWiUJ\HVHWHLVEL ]RQ\tWMD8J\DQtJ\PHJYDQDV]yYpJLDV]|YHJEHQDWKXUXWK>W&UW@¶WUW¶V]yEDQ(]]HOD]ROYDVDW WDODULWPXVLVKHO\UHiOODWUYpQWHOHQQpJ\V]yWDJRVUtPV]yQDNSRQWRVDQPHJIHOHODEtQWHOHQDODN +DVRQOytUiVKLEiWIHOWpWHOH]KHWQNDULWPXVDODSMiQDZLUXGKLROOQpJ\V]yWDJRVQDNPXWDWNR]y IpOVRUEDQDKROKiURPV]yWDJRVYtUGKXOOROYDVDW~WHPQHNNHOOiOOQLDpVDKXOODODNRWEL]RQ\tWMD IHQWHEEDZHUXGKXOORWK\DtUiV~V]yNDSFVRODW8J\DQtJ\KHO\UHiOODULWPXVDVFULSWRUiOWDOLVMDYtWRWW TXLVXPKDQ\PN\XOK\XOVRUEDQDK&OROYDVDWHVHWpEHQDWKHUWKHW\NN\XOUtPHOVRUV]yWD JRVWHPH]pVpQHNPHJIHOHOHQ

9(.(5'<-Ï=6()

9t]NHOHW\$QGUiVQDNWDUWR]RPN|V]|QHWWHOWDQiFVDLpUW