$QGU]HM.8/$:,.

%8'2:$%(7212:(*202678à8.2:(*2

: UHIHUDFLH RPyZLRQR QLHVWDQGDUGRZ\ VSRVyE EXGRZ\ G ZLJDUyZ áXNRZ\FK PRVWX 3ROHJD RQ QD EXGRZLH

SRG]LHORQ\FK QD GZLH F] FL G ZLJDUyZ Z SRáR HQLX REUyFRQ\P Z]JO GHP IXQGDPHQWyZ =DSHZQLD WR ]QDF] FH

]PQLHMV]HQLHZLHONR FLUXV]WRZD LEHWRQRZDQLHNRQVWUXNFMLEH]GHVNRZDQLDJyUQHMSRZLHU]FKQLG ZLJDUDáXNRZHJR

'ZLHF] FLG ZLJDUD]DSRPRF SUDVSU]HORWRZ\FKXVWDZLRQ\FKQDZLH DFKUXV]WRZDQLRZ\FKV REUDFDQHZ]JO GHP

IXQGDPHQWX QD VSHFMDOQLH VNRQVWUXRZDQ\FK SU]HJXEDFK %XGRZ G ZLJDUD áXNRZHJR NR F]\ Z\NRQDQLH XFL JOHQLD

ZF] FLNOXF]RZHMáXNXLREHWRQRZDQLHSU]HJXEyZ

3U]HEXGRZ\ZDQDREHFQLHÄ=DNRSLDQND´±GURJDNUDMRZDQURVL JDVWDWXVGURJLHNVSUHVRZHM1D

RGFLQNX RNRáR NP RSXV]F]D VWDU\ ODG L PLHMVFRZR ü /XELH SRáR RQ Z GROLQLH U]HNL /XELH NL

RPLMDSRVWRNDFKZ]JyU]DQDSRáXGQLRZ\ZVFKyGRGQLHM3RVWRNDFKZ]JyU]DVSá\ZDM SRWRNLNWyUH

Z\ áRELá\ GROLQNL -HGQ ] QLFK GURJD SU]HNUDF]D RNRáR P QDG ELHJQ F\P MHM GQHP SRWRNLHP

3RGáR H JUXQWRZH GROLQNL EXGXM JUXQW\ VáDEH D QD GRGDWHN REV]DU WHQ ]DOLF]RQR GR SRWHQFMDOQLH

RVXZLVNRZ\FK 'ODWHJR SRVWDQRZLRQR SU]HNURF]\ü GQR GROLQNL MHGQ\P SU] VáHP =DSURMHNWRZDQR

PRVWRSRPR FLHSá\WRZ\PRSDUW\PZ URGNRZHMF] FLQDG ZLJDUDFKáXNRZ\FK

5\V3URMHNWRZDQ\PRVW

'ZD G ZLJDU\ áXNRZH SRGSLHUDM SRPRVW MHGQHM MH]GQL 0DM SU]HNUyM SURVWRN WQ\ R Z\PLDUDFK

QD PHWUD 6NRQVWUXRZDQR MH ] EHWRQX NODV\ % ]EURMRQHJR SU WDPL ]H VWDOL %6W6

' ZLJDU\ RSDUWR EH]SU]HJXERZR QD IXQGDPHQWDFK SRVDGRZLRQ\FK QD PLNURSDODFK 7DN H

NDEOREHWRQRZD Sá\WD SRPRVWX R JUXER FL P MHVW SRá F]RQD V]W\ZQR ] G ZLJDUDPL áXNRZ\PL

.OXF]RZ VSUDZ GODNRV]WyZEXGRZ\PRVWXZW\PF]DVXEXGRZ\E\áVSRVyEEXGRZ\G ZLJDUyZ

áXNRZ\FK=DSURSRQRZDQR:\NRQDZF\±,0%3RGEHVNLG]LHRSUDFRZDQLHSURMHNWXWHFKQRORJLF]QHJR

RSDUWHJRQDQLHNRQZHQFMRQDOQ\PSRP\ OH

3U]\ EXGRZLH G ZLJDUyZ áXNRZ\FK Z\VW SXM GZLH SRGVWDZRZH WUXGQR FL -HGQD WR ZLHONR ü

UXV]WRZD GUXJDWRNRQLHF]QR üGHVNRZDQLDFDáHJRSU]HNURMXG ZLJDUDQDF] FLDFKJG]LHPLHV]DQND

EHWRQRZDQLHPR HVL XWU]\PDüEH]GHVNRZDQLD:W\FKPLHMVFDFKWUXGQRMHVWX]\VNDüRGSRZLHGQL

MDNR üSRZLHU]FKQLEHWRQX$E\RPLQ üWHWUXGQR FLSU]HFL WRG ZLJDUZNOXF]XLSRZVWDáHGZLHF] FL

REUyFRQR QD SU]HJXEDFK XIRUPRZDQ\FK QDG IXQGDPHQWDPL 'HVNRZDQLD PR QD E\áR RSU]Hü QD

UXV]WRZDQLDFK QLHZLHOH Z\VWDM F\FK SRQDG GQR GROLQNL D JyUQD SRZLHU]FKQLD EHWRQX QLH Z\PDJDáD

GHVNRZDQLD.RU]\ FL]WHJRZ\QLNDM FHQLHZ\PDJDM NRPHQWDU]D

3U]HJXE\ XPR OLZLDM FH REUyFHQLH VNRQVWUXRZDQ\FK F] FL G ZLJDUD ]DSURMHNWRZDQR ]H VWDOL

EODFK\UXU\LSU W\DREOLF]HQLDRSW\PDOL]XM FHLFKZ\PLDU\V EDUG]RREV]HUQH3U]HJXE\SRGZD

GODND GHJRNR FDG ZLJDUD]RVWDá\RVDG]RQHZIXQGDPHQWDFKPRVWX=IXQGDPHQWyZZ\SXV]F]RQR

PJULQ $5&$',63URILO6S]RR

92JöOQRSROVND.RQIHUHQFMD0RVWRZFöZ .RQVWUXNFMDL:\SRVD HQLH0RVWöZ

:LVïDOLVWRSDGDU

SU W\ ]EURMHQLD GR SRá F]HQLD ]H ]EURMHQLHP G ZLJDUyZ 8VWDZLHQLH GHVNRZD L SU WyZ ]EURMHQLD

Z\NRQ\ZDQHM F] FL G ZLJDUD Z]JO GHP Z\SXV]F]RQHJR ]EURMHQLD L SU]HJXEyZ Z\PDJDáR WDNLHM

SUHF\]MLDE\SRSRGQLHVLHQLXNRQVWUXNFMD]QDOD]áDVL GRNáDGQLHZSURMHNWRZDQ\PSRáR HQLX

5\V&] FLG ZLJDUyZSU]HGSRGQRV]HQLHP

3RGQRV]HQLH G ZLJDUD ]DSURMHNWRZDQR ]D SRPRF NRQVWUXNFML ]áR RQHM ] ZLH UXV]WRZDQLRZ\FK

EHONL L SUDV SU]HORWRZ\FK :LH H UXV]WRZDQLRZH ]DSURMHNWRZDQR QD Z]yU W\FK VWRVRZDQ\FK SU]\

EXGRZLH HVWDNDG\ Z 0LOyZFH W\ONR O HMV]H PR OLZH GR Z\NRQDQLD SU]H] :\NRQDZF RELHNWX

2VWDWHF]QLH :\NRQDZFD Z\SR \F]\á WH ] 0LOyZNL :LH H RSDUWR QD SDODFK IXQGDPHQWRZ\FK FR

JZDUDQWRZDáRRGSRZLHGQL VWDWHF]QR üLEUDNRVLDGD ZF]DVLHRSHUDFMLSRGQRV]HQLD

%HON QD NWyUHM RSLHUDáD VL SRGQRV]RQD NRQVWUXNFMD ]DSURMHNWRZDQR ] UXU\ VWDORZHM R UHGQLF\

PQDNWyUHMNR FDFKVNRQVWUXRZDQRSURVWHSU]HJXE\3Rá F]HQLHEHONL]SRGQRV]RQ NRQVWUXNFM

]DSURMHNWRZDQR]DSRPRF UXELVNOHMNRZHMSU]HNáDGNLSRPL G]\VLRGáHP]EODFKVNRQVWUXRZDQ\PQD

EHOFHLEHWRQHPG ZLJDUDáXNRZHJR

5\V%HOND

1DSRPRVWDFKXORNRZDQ\FKQDZLH DFKXVWDZLRQRSUDV\SU]HORWRZHMDNLH]Z\NOHV X \ZDQHGR

VSU DQLD NRQVWUXNFML EHWRQRZ\FK NDEODPL OLQRZ\PL :L ]ND OLQ / ]RVWDáD ]DNR F]RQD

VWDQGDUGRZ JáRZLF NRWZL F RVDG]RQ Z VSHFMDOQLH ]DSURMHNWRZDQ\P ÄJDUQNX´ ] EODFK VWDORZ\FK

SRá F]RQ\PSU]HJXERZR]NR FDPLEHONL

5\V)UDJPHQWEHONL

7DNSU]\JRWRZDQ\]HVWDZNRQVWUXNFMLDZáD FLZLHPHFKDQL]PyZSR]ZROLáQDUR]SRF] FLHRSHUDFML

SRGQRV]HQLD 3RGQLHVLHQLH MHGQHM F] FL G ZLJDUD ]DM áR NLOND JRG]LQ 5R]SRF] áR VL RG XVWDZLHQLD

SUDV SU]HORWRZ\FK QDSL FLD FL JLHQ OLQRZ\FK L VDPHJR SRGQRV]HQLD NWyUH WUZDáR RNRáR JRG]LQ

=DNR F]\áRVL RSDUFLHPNR FyZUXURZHMEHONLQDZVXQL W\PSRGQL VWDORZ\PGZXWHRZQLNX

5\V3RF] WHNSRGQRV]HQLD

5\V3RGQLHVLRQDF] üG ZLJDUD

3R SRGQLHVLHQLX ZJ RSLVDQHJR VFKHPDWX GUXJLHM F] FL G ZLJDUD PR QD E\áR SU]\VW SLü GR

XFL JODQLD NRQVWUXNFML Z NRPSOHWQ\ G ZLJDU 3LHUZV]\P HWDSHP E\áR SRGZLHV]HQLH GR NR FyZ

SRGQLHVLRQ\FK F] FL GHVNRZDQLD NOXF]D áXNX XFL JOHQLH ]EURMHQLD L ]DEHWRQRZDQLH 3R Z\VW SLHQLX

ZV]\VWNLFK RGNV]WDáFH ]HVSDODQ\FK F] FL SRá F]RQR VSRLQDPL SDFKZLQRZ\PL ]EURMHQLH ZRNyá

SU]HJXEyZSU]\IXQGDPHQWDFKL]DEHWRQRZDQRRVWDWQLHIUDJPHQW\G ZLJDUD3U]HJXE\NWyUHVSHáQLá\

VZRM URO ZSURFHVLHEXGRZ\G ZLJDUDáXNRZHJR]RVWDá\]DEHWRQRZDQHZMHJRNRQVWUXNFML

5\V' ZLJDUSRXFL JOHQLX

3RZ\NRQDQLXGUXJLHJR]SDU\áXNRZ\FKG ZLJDUyZPR QDE\áRQDNRQLHFSU]\VW SLüGREXGRZ\

SRPRVWX 5XV]WRZDQLD Sá\W\ SRPRVWX Z F] FL QDG áXNDPL RSLHUDQR QD VWDORZ\FK VLRGHáNDFK

RVDG]DQ\FK Z EHWRQLH áXNyZ : W\P F]DVLH SU]\VW SLRQR GR EXGRZ\ GZyFK G ZLJDUyZ áXNRZ\FK

GUXJLHM MH]GQL GURJL HNVSUHVRZHM $QDOL]\ Z\ND]Dá\ H MHVW PR OLZH EXGRZDQLH W\P VSRVREHP

G ZLJDUyZáXNRZ\FKR]QDF]QLHZL NV]HMUR]SL WR FLQL RSLVDQHMWXWDMPHWURZHM

5\V0RVWQDQRZHMµ=DNRSLDQFH¶

3U]HGVWDZLRQ\SURMHNWRSDUW\QDSRP\ OHDXWRUDUHIHUDWX]RVWDáRSUDFRZDQ\QDZLRVQ URNX

ZSUDFRZQLSURMHNWRZHMÄ$QGU]HM.XODZLNELXURLQ \QLHUVNLH´Z=DEU]XQD]OHFHQLH:\NRQDZF\,0%

3RGEHVNLG]LH

&216758&7,212)&21&5(7($5&+%5,'*(

,QWKHIROORZLQJUHSRUWXQFRQYHQWLRQDOPDQQHURIFRQVWUXFWLRQDUFKJLUGHUVZDVGLVFXVVHG7ZRSDUWVRIWKHJLUGHUZHUH

FRQVWUXFWHGLQSRVLWLRQURWDWHGDJDLQVWWKHJLUGHUIRXQGDWLRQ,WSURYLGHVVLJQLILFDQWUHGXFWLRQRIVFDIIROG¶VVL]HDQG

FRQFUHWLQJWKHJLUGHUZLWKQRVFDIIROGLQJRQWKHXSSHUVXUIDFHRIWKHJLUGHU7ZRSDUWVRIWKHJLUGHUE\PHDQVRIMDFNV

VHW RQ D VFDIIROG¶V WRZHU DUH WXUQHG UHODWLYH WR WKH IRXQGDWLRQ RQ HVSHFLDOO\ FRQVWUXFWHG KLQJHV 7KH DUFK JLUGHU

FRQVWUXFWLRQHQGVFRQQHFWLRQRIWKHWZRSDUWVDWWKHFURZQDQGFRQFUHWLQJRIWKHWHPSRUDU\KLQJHV