32/7$;

32/$-$61(:<3(à1,$3à$71,.32/$&,(01(:<3(à1,$85='6.$5%2:<:<3(à1,û1$0$6=<1,(.20387(52:2/8%5 &=1,('8)<0,

'58.2:$1<0,/,7(5$0,&=$51<0/8%1,(%,(6.,0.2/25(035=(':<3(à1,(1,(0=$32=1$û6, =2%-$1,(1,$0,

0LQ)LQ,,$

3,75







1XPHU,GHQW\ILNDFML3RGDWNRZHMSáDWQLND

JFFFFOFFFFOFFFFK



JFFFFOFFFFK



JFFFFOFFFFK



JFFFFOFFFFOFFFFK

3,75

,1)250$&-$2:<3à$&21<&+32'$71,.2:,.:27$&+=7<78à8

3(à1,(1,$2%2:,=.Ï:632à(&=1<&+,2%<:$7(/6.,&+

]DRNUHV

2GG]LHPLHVLFURN

JFFFFOFFFFK



JFFFFOFFFFK



JFFFFOFFFFOFFFFOFFFFK

'R G]LHPLHVLFURN

JFFFFOFFFFK



JFFFFOFFFFK



JFFFFOFFFFOFFFFOFFFFK

,QIRUPDFMDVSRU]G]RQDSU]H]SáDWQLNyZGRNRQXMF\FKZ\SáDWRVRERPIL]\F]Q\P]W\WXáXSHáQLHQLDRERZL]NyZVSRáHF]Q\FK
L RE\ZDWHOVNLFKDUWSNWLXVWDZ\]GQLDOLSFDURSRGDWNXGRFKRGRZ\PRGRVyEIL]\F]Q\FK']8]U1U
SR]]Sy(Q]P]ZDQHMGDOHM´XVWDZ´

$'$1(3à$71,.$
$'$1(,'(17<),.$&<-1(

1D]ZDSHáQD

$$'5(66,('=,%<

.UDM

:RMHZyG]WZR

3RZLDW

*PLQD

8OLFD

1UGRPX

1UORNDOX

0LHMVFRZRü

.RGSRF]WRZ\

3RF]WD

%'$1(32'$71,.$

%'$1(,'(17<),.$&<-1(

1XPHU,GHQW\ILNDFML3RGDWNRZHM

JFFFFOFFFFOFFFFK



JFFFFOFFFFOFFFFK



JFFFFOFFFFK



JFFFFOFFFFK

1D]ZLVNR

3LHUZV]HLPL

'DWDXURG]HQLDG]LH PLHVLFURN

JFFFFOFFFFK



JFFFFOFFFFK



JFFFFOFFFFOFFFFOFFFFK

%$'5(6=$0,(6=.$1,$

.UDM

:RMHZyG]WZR

3RZLDW

*PLQD

8OLFD

1UGRPX

1UORNDOX

0LHMVFRZRü

.RGSRF]WRZ\

3RF]WD

32/7$;

32/$-$61(:<3(à1,$3à$71,.32/$&,(01(:<3(à1,$85='6.$5%2:<:<3(à1,û1$0$6=<1,(.20387(52:2/8%5 &=1,('8)<0,

'58.2:$1<0,/,7(5$0,&=$51<0/8%1,(%,(6.,0.2/25(035=(':<3(à1,(1,(0=$32=1$û6, =2%-$1,(1,$0,

3,75







&,1)250$&-$2.:27$&+:<3à$&21<&+32'$71,.2:,

0LHVLF

.ZRWDZROQDRG

SRGDWNXGRFKRGRZHJR

QDSRGVWDZLH

.ZRWDZROQDRG

SRGDWNX GRFKRGRZHJR

QDSRGVWDZLH

.ZRWDSRGOHJDMFD

RSRGDWNRZDQLX

3REUDQD]DOLF]ND

QDSRGDWHN

]D NWyU\

GRNRQDQR

Z\SáDW\

.ZRWDZ\SáDFRQD

DUW XVWSNW

XVWDZ\

DUW XVWSNW

XVWDZ\

E FG

GRFKRGRZ\

]á



JU

]á



JU

]á



JU

]á



JU

]á



JU

D

E

F

G

H

I

6W\F]H





















/XW\





















0DU]HF





















.ZLHFLH





















0DM





















&]HUZLHF





















/LSLHF





















6LHUSLH





















:U]HVLH





















3D(G]LHUQLN





















/LVWRSDG





















*UXG]LH





















5D]HP

















'2:,$'&=(1,(3à$71,.$/8%262%<2'32:,('=,$/1(-=$2%/,&=(1,(

,32%5$1,(32'$7.8

2ZLDGF]DP*HV PL]QDQHSU]HSLV\.RGHNVXNDUQHJRVNDUERZHJRRRGSRZLHG]LDOQRFL]DSRGDQLHGDQ\FKQLH]JRGQ\FK]U]HF]\ZLVWRFL

,PL

1D]ZLVNR

'DWDZ\SHáQLHQLDLQIRUPDFMLG]LH PLHVLFURN

3RGSLVLSLHF]WNDRVRE\RGSRZLHG]LDOQHM]DREOLF]HQLHLSREUDQLHSRGDWNX

2EMDQLHQLD

,QIRUPDFM 3,75PDM RERZL]HNZ\SHáQLüSáDWQLF\RNWyU\FKPRZDZDUWXVWXVWDZ\GRNRQXMF\Z\SáDWQDOH*QRFLZROQ\FKRGSRGDWNX

QDSRGVWDZLHDUWXVWSNWLXVWDZ\RVRERP]W\WXáXSHáQLHQLDRERZL]NyZVSRáHF]Q\FKLRE\ZDWHOVNLFKDUW SNW  L  XVWDZ\

:F] FL&

 Z NROXPQLH E  SáDWQLN Z\ND]XMH RJyOQ NZRW Z\SáDW GRNRQDQ\FK QDOH*QRFL Z GDQ\P PLHVLFX ] XZ]JO GQLHQLHP NZRW ZROQ\FK RG

SRGDWNXGRFKRGRZHJRQDSRGVWDZLHDUWXVWSNWLXVWDZ\

 Z NROXPQLH F  SáDWQLN Z\ND]XMH NZRW GLHW L LQQ\FK QDOH*QRFL ZROQ\FK RG SRGDWNX GRFKRGRZHJR Z\SáDFRQ\FK RVRERP SHáQLF\P

RERZL]NLVSRáHF]QHLRE\ZDWHOVNLH]DF]DVSRGUy*\VáX*ERZHMDUWXVWSNWXVWDZ\

 Z NROXPQLH G  SáDWQLN Z\ND]XMH NZRW\ GLHW RUD] NZRW\ VWDQRZLFH ]ZURW NRV]WyZ Z\SáDFDQH RVRERP SHáQLF\P RERZL]NL VSRáHF]QH

L RE\ZDWHOVNLH ZROQH RG SRGDWNX GRFKRGRZHJR QD SRGVWDZLH DUW XVW SNW  XVWDZ\ NZRW\ ZROQH RG SRGDWNX QLH PRJ MHGQDN

SU]HNURF]\ü NZRW\ R NWyUHM PRZD Z SRZRáDQ\FK SU]HSLVDFK WM NZRW\ GR Z\VRNRFL QLH SU]HNUDF]DMFHM PLHVL F]QLH WU]\NURWQHJR

QDMQL*V]HJRZ\QDJURG]HQLD]DSUDF RJáDV]DQHJRQDSRGVWDZLHRGU EQ\FKSU]HSLVyZ]DJUXG]LH URNXSRSU]HG]DMFHJRURNSRGDWNRZ\

 ZNROXPQLHHSáDWQLNZ\ND]XMHQDGZ\*N PL G]\NZRW Z\SáDFRQ\FKQDOH*QRFLDVXP NZRWZROQ\FKRGSRGDWNXGRFKRGRZHJRNWyUD

SRGOHJDRSRGDWNRZDQLXSRGDWNLHPGRFKRGRZ\P

 ZNROXPQLHISáDWQLNZ\ND]XMHNZRW ]DOLF]HNSREUDQ\FKQDSRGDWHNGRFKRGRZ\

6XP NZRWZ\ND]DQ\FKZNROXPQLHHRUD]VXP NZRWZ\ND]DQ\FKZNROXPQLHISáDWQLNZ\ND]XMHRGSRZLHGQLRZ LQIRUPDFMDFK3,7%3,7

RUD]ZURF]Q\PREOLF]HQLXSRGDWNX3,7

:V\WXDFMLJG\SáDWQLNZ\SáDFDRVRELHIL]\F]QHMMHG\QLHQDOH*QRFL]W\WXáXSHáQLHQLDRERZL]NyZVSRáHF]Q\FKLRE\ZDWHOVNLFKLQDOH*QRFLWH

QLH SU]HNUDF]DM NZRW ZROQ\FK RG SRGDWNX GRFKRGRZHJR SáDWQLN QLH PD RERZL]NX VSRU]G]DQLD LQIRUPDFML 3,7% OXE 3,7 SáDWQLN PD

RERZL]HN VSRU]G]Lü MHG\QLH LQIRUPDFM 3,75 -HGHQ HJ]HPSODU] LQIRUPDFML SáDWQLN SU]HV\áD GR XU] GX VNDUERZHJR ZáDFLZHJR ZHGáXJ

PLHMVFD]DPLHV]NDQLDSRGDWQLNDGUXJLHJ]HPSODU]SU]HND]XMHSRGDWQLNRZL