Kommunfullmäktige — 13 april 2026

§22 Fastställande av dagordning Beslut Ärende 4 "Valärende" samt ärende 12 "Interpellation" i kommunfullmäktiges kallelse utgår från dagordningen. I övrigt godkänns föreliggande förslag till dagordning.Sida 4 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 1(2)

§23 Dnr: KS 2026/138 Avsägelse av uppdrag som ersättare i arbetsliv- och fritidsnämnden, Henrik Ekberg (SD) Beslut Henrik Ekbergs (SD) avsägelse godkänns. Morten Ljung (SD) väljs till ny ersättare i arbetsliv- och fritidsnämnden. Henrik Ekberg (SD) har lämnat in avsägelse för sitt uppdrag som ersättare i arbetsliv- och fritidsnämnden. Sverigedemokraterna nominerar Morten Ljung (SD) till ny ersättare i arbetsliv- och fritidsnämnden.  Avsägelse av uppdrag som ersättare i arbetsliv- och fritidsnämnden, Henrik Ekberg (SD), tjänsteskrivelse För kännedom Henrik Ekberg Morten Ljung Caroline Anderberg, nämndsekreterare, för notering i förtroendemannaregister LöneserviceSida 5 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(2) 2026-04-13 1(2)

§24 Dnr: KS 2026/48 Godkännande av årsredovisning för Kävlinge kommun år 2025, revisorernas berättelse samt fråga om ansvarsfrihet Beslut Årsredovisningen för 2025 godkänns, enligt bilaga Kf § 24/2026. Avsättning till resultatreserv görs med 20 mnkr. Styrelse, nämnder och enskilda ledamöter beviljas, i enlighet med revisorerna förslag, ansvarsfrihet för år 2025 års verksamhet. Kävlinge kommun redovisar 2025 ett positivt resultat på 229,2 mnkr (158,5). Resultatet exklusive återföring av orealiserade marknadsvärden uppgår till 262,1 mnkr (116,7). Det budgeterade resultatet uppgår till 38,5 mnkr (0) vilket ger en positiv budgetavvikelse på 190,7 mnkr (158,5). Resultatet fördelar sig på skattefinansierad verksamhet 215,4 mnkr och avgiftsfinansierad verksamhet 13,8 mnkr. Budgetavvikelser per nämnd och investeringsutfall kommenteras i avsnittet drift- och investeringsredovisning. I samband med prognosen per siste september prognostiserades resultatet till 163,8 mnkr exklusive orealiserade marknadsvärden på värdepapper. Budgetavvikelsen 2025 förklaras till stor del av: • + 94,6 mnkr realisationsvinster från fastighetsförsäljning, exploateringsresultat och exploateringsbidrag Signature reference: a4842e34-9c40-463d-bdd9-b2947382332d • + 26,5 mnkr pensionskostnader • – 17,3 mnkr nedskrivning projektkostnader • + 21,1 mnkr outnyttjade medel kommunstyrelsens övriga anslag • + 63,9 mnkr realisationsvinst värdepapper • – 57,0 mnkr återförda orealiserade vinster och förluster i värdepapper • + 24,2 mnkr orealiserade vinster och förluster värdepapper Kommunens resultat efter balanskravsjusteringar uppgår till 257,3 mnkr och därmed uppfyller kommunen kommunallagens krav på en ekonomi i balans vid årsbokslutet.Sida 7 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(2) Vid sammanträdet läser ordförande, Lars Andersson (SD), upp delar av "Revisionsberättelse för år 2025" då ordförande i kommunrevisionen Larserik Johansson (S) har anmält förhinder. Vid sammanträdet förtydligar ordförande, Lars Andersson (SD) att beslut om beviljande av ansvarsfrihet gäller för: Kommunstyrelsen, Arbetsliv- och fritidsnämnden, Bygg- och miljönämnden, Omsorgsnämnden, Utbildningsnämnden, Valnämnden, Samarbetsnämnderna samt Överförmyndare.  Kommunstyrelsens beslut § 36/2026, Årsredovisning för Kävlinge kommun år 2025  Årsredovisning för Kävlinge kommun år 2025, uppdaterad efter kommunstyrelsens beslut med ny statistik  Protokoll Kommunrevisionen 2026-03-23  Revisionsberättelse för år 2025  Revisorernas redogörelse för år 2025  Granskning av bokslut och årsredovisning för år 2025  Det sakkunniga biträdets yttrande  Arbetsordning för granskning av gemensamma nämnder Yrkande Annsofie Thuresson (M) yrkar med instämmande av Anette Bååth (L), Jesper Andersson (LB), Göran Larsson (L), Patrik Bengtsson (M), Johan Douglies (M), Peter Ljuslund (SD) och Anders Lindvall (M) bifall till kommunstyrelsens förslag. För kännedom Kommunrevisionen Omsorgsnämnden Utbildningsnämnden Samarbetsnämnd IT Victoria Galbe, ekonomichefSida 8 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 %LODJD.IiSida 9 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     ΖQQHK§OO ΖQQHK§OO .RPPXQVW\UHOVHQVRUGI¸UDQGHKDURUGHW ΖQOHGQLQJWLOOI¸UYDOWQLQJVEHU¦WWHOVHQ ˜YHUVLNW¸YHUYHUNVDPKHWHQVXWYHFNOLQJ 'HQNRPPXQDODNRQFHUQHQ 9LNWLJDI¸UK§OODQGHQI¸UUHVXOWDWRFKHNRQRPLVNVW¦OOQLQJ +¦QGHOVHUDYY¦VHQWOLJEHW\GHOVH 6W\UQLQJRFKXSSI¸OMQLQJDYGHQNRPPXQDODYHUNVDPKHWHQ *RGHNRQRPLVNKXVK§OOQLQJ .RPPXQ¸YHUJULSDQGHP§O %DODQVNUDYVUHVXOWDW 9¦VHQWOLJDSHUVRQDOI¸UK§OODQGHQ +§OOEDUKHW )¸UY¦QWDGXWYHFNOLQJ )LQDQVLHOODUDSSRUWHU 'ULIWRFKLQYHVWHULQJVUHGRYLVQLQJ 9$ȂYHUNVDPKHW     .RPPXQVW\UHOVHQVRUGI¸UDQGHKDURUGHW 9DGNRPPHUV¦WWDS§Y§UPLQQHVNDUWDLKLVWRULHE¸FNHUQD"6HUYLJOREDOWWURUMDJDWWGHIOHVWD VYDUDUDWWGHWYDU§UHWG§7UXPSWLOOWU¦GGHVRPSUHVLGHQWRFKDWWGHWWDILFNHQRUPS§YHUNDQS§ Y¦UOGVO¦JHW'HWWDWLOOVDPPDQVPHGIOHUDVWRUDNRQIOLNWHULRPY¦UOGHQVNDNDURPRFKV¦WWHUPHU IRNXVS§WU\JJKHWRFKFLYLOEHUHGVNDSG¦U\WWHUOLJDUHLQYHVWHULQJDURFKLQVDWVHUJMRUWVI¸UY§UGHO RFKIRUWV¦WWHUJ¸UDV)RNXVVRPUHGDQYLVDUJRWWUHVXOWDWL¸NDGWU\JJKHWKRVY§UDLQY§QDUH /RNDOWVHUYLKXUO§QJVLNWLJDVDWVQLQJDUJHUUHVXOWDW9¦[WKXVHWY§UQ\DP¸WHVSODWVI¸UEDUQRFK XQJDXSSUXVWQLQJHQDY/DOOHUVWHGWVNDVRPVW¦UNHUI¸UHQLQJVOLYRFKNXOWXUY§UWRSSODFHULQJL6YH ULJHLQRPKHPWM¦QVWHQILQDVNROUHVXOWDWHQPDUNDQWVWLJQLQJLI¸UHWDJVUDQNLQJRFKHQPHGERUJDU XQGHUV¸NQLQJVRPYLVDUS§Q¸MGDPHGERUJDUH9LVHURFNV§HWW§UPHGVWDELODUHVXOWDWG¦UDOODVHN WRUHULQWHEDUDOHYHUHUDUHQHNRQRPLLEDODQVXWDQRFNV§K¸JNYDOLWHW9§UDPELWLRQVLQULNWQLQJ JHQRPV\UDUYHUNVDPKHWHQRFKYLVDUY¦JHQIUDP§W (WWYLNWLJWDUEHWHI¸UE§GHNRPPXQRFKLQY§QDUH¦URPVW¦OOQLQJHQWLOOI¸OMGDYGHQQ\DVRFLDOWM¦QVW ODJHQ6RFLDOWM¦QVWHQKDUWLOOVDPPDQVPHGVDPDUEHWVSDUWQHUVP¸WWY§UDLQY§QDUHVW¦OOWRPNRP PXQHQVDUEHWHRFKYLJHQRPV\UDVQXDOOWW\GOLJDUHDYLQWHQWLRQHUQDLGHQI¸U¦QGUDGHODJVWLIW QLQJHQȂQ¦POLJHQI¸UHE\JJDQGHDUEHWHRFKVDPYHUNDQ 9LKDU¦YHQL§UYDULWXWHS§E§GHE\DVQDFNRFKVNROVQDFNȂIDQWDVWLVNDPHGERUJDUGLDORJHUG¦UYL YHUNOLJHQI§UWDGHODYY§UDLQY§QDUHV§VLNWHURFKHQJDJHPDQJȂIU§QXQJGRPDUWLOOVHQLRUHU6WRUW WDFNWLOOHUDOODVRPWRJHUWLGDWWNRPPDVDPWDODRFKGHODHUDYLNWLJD§VLNWHU-DJYLOORFNV§V¦UVNLOW O\IWD/LRQVRFKGHUDVVWLSHQGLHUVRPXSSP¦UNVDPPDUHOHYHURFKNODVVHUVRPELGUDUWLOOVDPK¦OOV XWYHFNOLQJHQRFKIUDPWLGHQ'HW¦UILQWDWWVHJO¦GMHQKRVPRWWDJDQGHNODVVHURFKVHDOOWJRWWGH J¸U 6SDQLQJHQIUDP§W"'HW¦UW\GOLJWDWWY¦UOGVO¦JHWIRUWVDWWNRPPHUS§YHUNDRVVLY§UYDUGDJȂLHNRQR PLQY§UWU\JJKHWLY§UDEHUHGVNDSVIU§JRURFKLY§UV\QS§IUDPWLGHQ0HQP\FNHWJ§U¦QG§§WU¦WW K§OORFKYLVW§US§HQVWDELOJUXQGΖY§UNRPPXQILQQVGHWDQOHGQLQJDWWN¦QQDIUDPWLGVWUR -DJ¦UVWROW¸YHU.¦YOLQJHNRPPXQRFKGHWDUEHWHVRPVNDSDVWLOOY§UDLQY§QDUHYDUMHGDJRDYVHWW \WWUHRPVW¦QGLJKHWHU'HWWDKDGHDOGULJNXQQDWJ¸UDVXWDQY§UDPHGDUEHWDUH.¦YOLQJHNRPPXQ¦U HQDUEHWVSODWVPHGHQRUJDQLVDWLRQVNXOWXUVRPYL¦UU¦GGDRP(QNXOWXUVRP¦UWLOO§WDQGHVRP XSSPXQWUDUQ\ILNHQKHWDWWPDQI§UI¸UV¸NDRFKSURYDQ\DY¦JDURFKVRPVNDSDUXWU\PPHI¸ULQ QRYDWLRQ'HWWDE\JJHUS§WLOOLWS§UHVSHNWRFKS§HQJHPHQVDPLQVLNWDYDWWYLILQQVK¦UI¸UY§UD LQY§QDUHȂRFKYLDUEHWDUS§GHUDVXSSGUDJ   $QQVRILH7KXUHVVRQ .RPPXQVW\UHOVHQVRUGI¸UDQGH            ΖQOHGQLQJWLOOI¸UYDOWQLQJVEHU¦WWHOVHQ ΖI¸UYDOWQLQJVEHU¦WWHOVHQO¦PQDVLQIRUPDWLRQRPI¸UYDOWQLQJHQDYNRPPXQHQRFKGHQNRPPXQDOD NRQFHUQHQLHQOLJKHWPHG/DJ  RPNRPPXQDOERNI¸ULQJRFKUHGRYLVQLQJNDSLWOHWRFK 5.55)¸UYDOWQLQJVEHU¦WWHOVH'HQV\IWDUWLOODWWJHHQ¸YHUJULSDQGHRFKW\GOLJELOGDY.¦YOLQJH NRPPXQVYHUNVDPKHW ˜YHUVLNW¸YHUYHUNVDPKHWHQVXWYHFNOLQJ 5HVXOWDWHWI¸UNRQFHUQHQXSSJ§UWLOOPQNU  .RQFHUQHQVLQYHVWHULQJDUXSSJ§UWLOO PQNU  WLOOI¸OMGDYGHPRJUDILVNDI¸U¦QGULQJDUQ\E\JJQDWLRQRFKI¸UQ\HOVHEHKRY.RQ FHUQHQVVROLGLWHWLQNOXVLYHDQVYDUVI¸UELQGHOVHQOLJJHUS§SURFHQW  .RQFHUQHQVHNRQRPLKDU VW¦UNWVW\GOLJWXQGHUGHQVHQDVWHIHP§UVSHULRGHQ‡UHWVUHVXOWDWKDU¸NDWIU§QPQNUWLOO PQNUPHGV¦UVNLOWVWDUNI¸UE¦WWULQJXQGHUGHWY§VHQDVWH§UHQΖQYHVWHULQJVQLY§QKDU PLQVNDWVXFFHVVLYWIU§QPQNUWLOOPQNUYLONHWLNRPELQDWLRQPHGI¸UE¦WWUDWUH VXOWDWKDUOHWWWLOOHQEHW\GDQGH¸NQLQJDYVM¦OYILQDQVLHULQJVJUDGHQ'HWWDVSHJODUHQPDUNDQWVW¦UNW I¸UP§JDDWWILQDQVLHUDLQYHVWHULQJDUPHGHJQDPHGHO6DPPDQWDJHWYLVDUSHULRGHQHQW\GOLJI¸U E¦WWULQJDYNRQFHUQHQVILQDQVLHOODVW¦OOQLQJG¦U¸NDGO¸QVDPKHWPLQVNDGLQYHVWHULQJVQLY§RFK VWDUNDUHEDODQVU¦NQLQJVDPYHUNDWWLOOHWWVWDELODUHRFKPHUK§OOEDUWHNRQRPLVNWO¦JH .RQFHUQHQ      ‡UHWVUHVXOWDWPQNU      1HWWRNRVWQDGHUQDVI¸U¦QGULQJ     Ȃ ΖQYHVWHULQJDUPQNU      6M¦OYILQDQVLHULQJVJUDG      5¦QWHE¦UDQGHO§QLEDQNHURFKO§QHLQVWLWXWPQNU      6ROLGLWHW      6ROLGLWHWLQNOXVLYHWRWDODSHQVLRQVI¸USOLNWHOVHU      ‡UKDULQWHMXVWHUDWVI¸UUHGRYLVQLQJDYILQDQVLHOODOHDVLQJDYWDO .RPPXQHQVHNRQRPLVNDXWYHFNOLQJXQGHUSHULRGHQȂSU¦JODVDYVWDELODVNDWWHLQW¦NWHU NRQWUROOHUDGHQHWWRNRVWQDGHUVDPWVWDUNDUHVXOWDWQLY§HUVDPWLGLJWVRPVROLGLWHWHQXWYHFNODWVSRVL WLYW+HOKHWVELOGHQ¦UHQNRPPXQPHGJRGILQDQVLHOOPRWVW§QGVNUDIWK¸JDVM¦OYILQDQVLHULQJVJUDGHU RFKP\FNHWO§JVNXOGV¦WWQLQJ %HIRONQLQJHQKDUYX[LWVYDJWPHQVWDELOW˜NQLQJHQJHUHWWO§QJVLNWLJWVWDELOWVNDWWHXQGHUODJ6NDW WHVDWVHQKDUYDULWRI¸U¦QGUDGXQGHUKHODSHULRGHQYLONHWLQQHE¦UDWW¸NDGHVNDWWHLQW¦NWHUIU¦PVW GULYLWVDYJHQHUHOOVNDWWHXQGHUODJVWLOOY¦[WRFKXWM¦PQLQJVV\VWHPHW6NDWWHLQW¦NWHUQDKDU§UOLJHQ ¸NDWȂSURFHQWYLONHW¸YHUWLGKDUJHWWNRPPXQHQHWWVWDELOWLQW¦NWVIO¸GH 9HUNVDPKHWHQVQHWWRNRVWQDGHUKDUXQGHUSHULRGHQYDULHUDWPHOODQȂSURFHQW'HWWDJHU VW¦UNWHNRQRPLRFKHWW¸NDWKDQGOLQJVXWU\PPH'HQO§JDQLY§QI¸UNODUDVDYNRVWQDGVNRQWUROOL Q¦PQGHUQDHIIHNWLYLVHULQJDURFKUHDOLVDWLRQVYLQVWHU .¦YOLQJHNRPPXQUHGRYLVDUHWWSRVLWLYWUHVXOWDWS§PQNU  'HWEXGJHWHUDGHUH VXOWDWHWXSSJ§UWLOOPQNU  YLONHWJHUHQSRVLWLYEXGJHWDYYLNHOVHS§PQNU  %XG JHWDYYLNHOVHQI¸UNODUDVWLOOVWRUGHODY x PQNUUHDOLVDWLRQVYLQVWHUIU§QIDVWLJKHWVI¸UV¦OMQLQJH[SORDWHULQJVUHVXOWDWRFKH[ SORDWHULQJVELGUDJ x PQNUSHQVLRQVNRVWQDGHU x ȂPQNUQHGVNULYQLQJSURMHNWNRVWQDGHU x PQNURXWQ\WWMDGHPHGHONRPPXQVW\UHOVHQV¸YULJDDQVODJ x PQNUUHDOLVDWLRQVYLQVWY¦UGHSDSSHU x ȂPQNU§WHUI¸UGDRUHDOLVHUDGHYLQVWHURFKI¸UOXVWHULY¦UGHSDSSHU x PQNURUHDOLVHUDGHYLQVWHURFKI¸UOXVWHUY¦UGHSDSSHUSida 12 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     1HWWRNRVWQDGHUQDVDQGHODYVNDWWHURFKELGUDJXSSJ§UWLOOSURFHQW   ΖQYHVWHULQJVYRO\PHQXSSJ§UWLOOPQNU  RFKVM¦OYILQDQVLHULQJVJUDGHQS§LQYHVWHULQJDUQD OLJJHUS§SURFHQW   .RPPXQHQ      $QWDOLQY§QDUH      6NDWWHVDWVNRPPXQHQ      9HUNVDPKHWHQVQHWWRNRVWQDGPQNU      1HWWRNRVWQDGHUQDVI¸U¦QGULQJ Ȃ    Ȃ 6NDWWHLQW¦NWHULQNOXVLYHXWM¦PQLQJRFKELGUDJPQNU      6NDWWHLQW¦NWHULQNOXVLYHXWM¦PQLQJRFKELGUDJI¸U¦QGULQJ      1HWWRNRVWQDGHUQDVDQGHODYVNDWWHURFKVWDWVELGUDJ      )LQDQVQHWWRPQNU  Ȃ    ‡UHWVUHVXOWDWPQNU      ΖQYHVWHULQJDUPQNU      6M¦OYILQDQVLHULQJVJUDGQHWWRLQYHVWHULQJDU      6ROLGLWHW      6ROLGLWHWLQNOXVLYHDQVYDUVI¸UELQGHOVH      /§QJIULVWLJSODFHULQJSHQVLRQVI¸USOLNWHOVH       /§QJIULVWLJO§QHVNXOGWLOONUHGLWLQVWLWXWPQNU      $QWDO§UVDUEHWDUH      ‡UKDULQWHMXVWHUDWVI¸UUHGRYLVQLQJDYILQDQVLHOODOHDVLQJDYWDO ‡UDQWRJVHQQ\)LQDQVSROLF\RFKILQDQVLHOODULNWOLQMHU9¦UGHSDSSHUVSRUWI¸OMHQVRPWLGLJDUHYDUNRSSODGWLOOSHQVLRQV§WDJDQ GHWILFNG§LQULNWQLQJHQDWWILQDQVLHUDNRPPDQGHO§QJVLNWLJDLQYHVWHULQJVEHKRY     -¦PI¸UHOVHPHGDQGUDNRPPXQHUILQDQVLHOOSURILO .¦YOLQJHNRPPXQJHQRPI¸UWLOOVDPPDQVPHGIOHUWDOHWNRPPXQHUL6N§QHRFKVDPPDQWDJHWHWW VWRUWDQWDONRPPXQHULULNHWHQILQDQVLHOODQDO\VHQOLJWHQPRGHOOIUDPWDJHQDY.RPPXQIRUVNQLQJ L9¦VWVYHULJH$QDO\VHQVRP¦UHWWNRPSOHPHQWWLOOGHQILQDQVLHOODDQDO\VVRP§WHUILQQVO¦QJUHIUDP L§UVUHGRYLVQLQJHQEHVNULYHUYDU.¦YOLQJHNRPPXQEHILQQHUVLJILQDQVLHOOWRFKKXUYLXWYHFNODVLI¸U K§OODQGHWLOOM¦PI¸UHOVHJUXSSHQΖHQDYVOXWDQGHNRPPHQWDULUDSSRUWHQVW§UI¸OMDQGHDWWO¦VDRP .¦YOLQJHNRPPXQ ȋ.¦YOLQJHVVWDUNDUHVXOWDWQLY§XQGHUSHULRGHQPHGHWWJHQRPVQLWWS§RFKHWWXWIDOOS§ XQGHUXWJ¸UHQW\GOLJVW\UNDLNRPPXQHQVILQDQVLHOODXWYHFNOLQJ'HQP§WWOLJDLQYHVWHULQJV YRO\PHQLNRPELQDWLRQPHGHQK¸JVNDWWHILQDQVLHULQJVJUDGKDUVNDSDWJRGDI¸UXWV¦WWQLQJDUI¸U SRVLWLYXWYHFNOLQJDYNRPPXQHQVILQDQVLHOODKDQGOLQJVXWU\PPH'HWWD§WHUVSHJODVLNRPPXQHQV K¸JDNDVVDOLNYLGLWHWRFKVWDUNDVROLGLWHW.RPPXQHQKDUJRGNRQWUROO¸YHUVLQHNRQRPLRFKKDUHWW DYGHE¦VWDILQDQVLHOODXWJ§QJVO¦JHQDL6N§QH.RPELQHUDUPDQGHWWDPHGHQP\FNHWO§JVNDWWVHU IUDPWLGHQOMXVXWI¸U.¦YOLQJHXUHWWILQDQVLHOOWSHUVSHNWLYȋ     'HQNRPPXQDODNRQFHUQHQ .¦YOLQJHNRPPXQDOD+ROGLQJ$% .¦YOLQJHNRPPXQDODKROGLQJ$%¦UHWWKHO¦JWKROGLQJERODJI¸UIDVWLJKHWVI¸UYDOWDQGHGRWWHUERODJ %RODJHWVV\IWH¦UDWWVYDUDI¸UVWUDWHJLVNVW\UQLQJLHQOLJKHWPHGNRPPXQHQV¸YHUJULSDQGHP§ORFK J¦OODQGH¦JDUGLUHNWLYVDPWDWWVYDUDI¸UEHUHGQLQJRFKVDPRUGQLQJDY¦UHQGHQLQRPNRPPXQNRQ FHUQHQVRPNU¦YHU¦JDUHQVJRGN¦QQDQGH.¦YOLQJHNRPPXQDODKROGLQJ$%¦JHU..%)DVWLJKHWHU $%RFK../)DVWLJKHWHU$% .RPPXQIXOOP¦NWLJH .RPPXQIXOOP¦NWLJH NI ¦U.¦YOLQJHNRPPXQVK¸JVWDEHVOXWDQGHRUJDQ8QGHUVLJKDUNRPPXQ IXOOP¦NWLJHHQNRPPXQVW\UHOVH NV RFKQ¦PQGHUVRPVNDEHUHGDRFKYHUNVW¦OODIXOOP¦NWLJHVEH VOXW.RPPXQIXOOP¦NWLJHEHVOXWDUL¦UHQGHQVRP¦UDYSULQFLSLHOOEHVNDIIHQKHWHOOHUS§DQQDWV¦WW ¦UDYVW¸UUHYLNW%HVOXWHQJ¦OOHUYDQOLJWYLVIU§JRUVRPU¸UNRPPXQHQVRUJDQLVDWLRQ¸YHUJULSDQGH SODQHUGHHNRQRPLVNDUDPDUQDYDOWLOOQ¦PQGHUQDVDPWYDGGHVVDQ¦PQGHUVNDDUEHWDPHG([ HPSHOS§¦UHQGHQLNRPPXQIXOOP¦NWLJH¦UEXGJHWRFKXWGHELWHULQJERNVOXWRFKDQVYDUVIULKHW UHJOHPHQWHQI¸UQ¦PQGHU¸YHUJULSDQGHWD[RU¸YHUVLNWVRFKGHWDOMSODQHU.RPPXQIXOOP¦NWLJH EHVW§UDYOHGDP¸WHURFKHUV¦WWDUH     0DQGDWI¸UGHOQLQJ Ȃ          0RGHUDWHUQD      6RFLDOGHPRNUDWHUQD      )RONSDUWLHW/LEHUDOHUQD      6YHULJHGHPRNUDWHUQD      &HQWHUSDUWLHW      0LOM¸SDUWLHW      .¦YOLQJHERU Ȃ  Ȃ Ȃ Ȃ .ULVWGHPRNUDWHUQD      9¦QVWHUSDUWLHW      /¸GGHE\JGHQ Ȃ Ȃ Ȃ Ȃ  6DP¦JGDRFKVDPYHUNDQGHERODJRFKRUJDQLVDWLRQHU .¦YOLQJHNRPPXQVDP¦JHUERODJRFKVDPYHUNDULNRPPXQDOI¸UEXQGPHGDQGUDNRPPXQHU 6DPRUGQLQJVI¸UEXQGHW 6DPRUGQLQJVI¸UEXQGHW)LQVDP6\GY¦VW¦UHWWNRPPXQDOWI¸UEXQGVRPVYDUDUI¸UILQDQVLHOOVDP RUGQLQJLQRPUHKDELOLWHULQJVRPU§GHW6DPRUGQLQJVI¸UEXQGHWVXSSJLIW¦ULI¸UVWDKDQGDWWILQDQVL HUDLQVDWVHUI¸UDWWPHGERUJDUHVNDI§VW¸GRFKUHKDELOLWHULQJVRPJHUGHPP¸MOLJKHWDWWI¸UV¸UMD VLJVM¦OYD .RPPXQDVVXUDQV6\G$% .RPPXQI¸UEXQGHW6N§QHEHYLOMDGHVNRQFHVVLRQI¸UHWWVNDGHI¸UV¦NULQJVERODJ.RPPX QDVVXUDQV6\G)¸UV¦NULQJV$%%RODJHWVNDYHUNDVRPI¸UV¦NULQJVERODJI¸UGHO¦JDQGHNRPPXQHU 5¦GGQLQJVWM¦QVWHQ6\G 5¦GGQLQJVWM¦QVWHQ6\G¦UHWWNRPPXQDOI¸UEXQGPHOODQNRPPXQHUQD%XUO¸Y(VO¸Y.¦YOLQJH/XQG RFK0DOP¸9HUNVDPKHWVRPU§GHWVNDYDUDLQULNWDWS§DWWJHP¦QQLVNRUVOLYK¦OVDRFKHJHQGRP VDPWPLOM¸QHWWPHGK¦QV\QWLOOGHORNDODI¸UK§OODQGHQDWLOOIUHGVVW¦OODQGHRFKOLNY¦UGLJWVN\GGPRW RO\FNRU 6\GYDWWHQ 6\GYDWWHQ¦UHWWNRPPXQ¦JWERODJVRPSURGXFHUDUGULFNVYDWWHQ%RODJHW¦JHURFKGULYHU%ROPHQ WXQQHOQYDWWHQYHUNHQ5LQJVM¸YHUNHWRFK9RPEYHUNHWVDPWKXYXGOHGQLQJVV\VWHPHWI¸UGLVWULEXWLRQ DYGULFNVYDWWHQ 6\VDY 6\VDY6\GVN§QHVDYIDOOVDNWLHERODJ¦UHWWNRPPXQ¦JWERODJPHGXSSJLIWDWWVYDUDI¸UGHQUHJLRQ DODDYIDOOVKDQWHULQJHQ§WGHNRPPXQHUQDLV¸GUD6N§QH)¸UHWDJHWDQVYDUDUI¸UDWWSURMHNWHUD E\JJDRFKGULYDGHUHJLRQDODEHKDQGOLQJVRFKDYIDOOVDQO¦JJQLQJDUVRPEHK¸YVI¸UDWWNXQQDRP K¦QGHUWD§WHUYLQQDRFKEHKDQGODDYIDOO ΖQHUD$% ΖQHUD¦JVDY6.5)¸UHWDJUHJLRQHURFKNRPPXQHU8SSGUDJHW¦UDWWVNDSDI¸UXWV¦WWQLQJDUI¸UDWW GLJLWDOLVHUDY¦OI¦UGHQJHQRPDWWI¸UVH¦JDUQDPHGJHPHQVDPGLJLWDOLQIUDVWUXNWXURFKDUNLWHNWXU .RPPXQLQYHVW .RPPXQLQYHVWL6YHULJH$%¦JVRFKVW\UVJHQRP.RPPXQLQYHVWHNRQRPLVNI¸UHQLQJ.RPPXQLQ YHVW¦UHQPHGOHPVRUJDQLVDWLRQVRPI¸UHWU¦GHUGHQNRPPXQDODVHNWRUQLILQDQVLHULQJVIU§JRUSida 16 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     6DPDUEHWVQ¦PQGHU .¦YOLQJHNRPPXQ6WDIIDQVWRUSVNRPPXQRFK%XUO¸YVNRPPXQVDPDUEHWDUJHQRPWY§VDPDU EHWVQ¦PQGHU6DPDUEHWVQ¦PQGHUQDVYDUDUI¸UGULIWRFKVN¸WVHODYGHROLNDNRPPXQLQWHUQDVW¸G RFKVHUYLFHIXQNWLRQHULIRUPDYΖ7RFKSHUVRQDODGPLQLVWUDWLRQ.¦YOLQJHRFK6WDIIDQVWRUSVDPDUEH WDU¦YHQNULQJJHRJUDILVNDLQIRUPDWLRQVV\VWHP.¦YOLQJHNRPPXQ¦UY¦UGNRPPXQI¸UVDPDUEHWV Q¦PQGΖ76DPDUEHWVQ¦PQGHQLQJ§UL.¦YOLQJHNRPPXQVSROLWLVNDRUJDQLVDWLRQ 3ULYDWDXWI¸UDUH 'HNRPPXQDODQ¦PQGHUQDVRFKERODJHQVYHUNVDPKHWHUNDQXWI¸UDVDYSULYDWDXWI¸UDUH0¸MOLJ KHWHQI¸UNRPPXQHQDWWVW\UD¸YHUKXUI¸UGHOQLQJHQPHOODQSULYDWDXWI¸UDUHRFKHJHQUHJLYDULHUDU XWLIU§QODJVWLIWQLQJLQRPROLNDRPU§GHQ$YVDPPDDQOHGQLQJYDULHUDUP¸MOLJKHWHQI¸UNRPPXQHQ DWWNRQWUROOHUDHOOHUS§YHUNDKXUGHSULYDWDXWI¸UDUQDJHQRPI¸UVLWWXSSGUDJ(QSULYDWXWI¸UDUH¦U HQMXULGLVNSHUVRQHOOHUHQHQVNLOGLQGLYLGVRPKDUKDQGRPVN¸WVHOQDYHQNRPPXQDODQJHO¦JHQ KHW %HW\GDQGHSULYDWDXWI¸UDUH 8WI¸UDUH 9HUNVDPKHW ‡UOLJNRVWQDG PQNU  )¸UHQDGHVHUYLFH$% 'DJOLJVW¦GQLQJRFKSHULRGLVNWXQGHUK§OO  3HDE$QO¦JJQLQJ 'ULIWRFKVN¸WVHODYDOOP¦QSODWVPDUN  %HUJNYDUDEXVV 6NROVNMXWVYHUNVDPKHW  %DUVHE¦FN0RQWHVVRUL )¸UVNRODJUXQGVNROD  1REODVNRODQ )¸UVNRODJUXQGVNROD  .XQVNDSVVNRODQ )¸UVNRODJUXQGVNROD  .\UNDQVI¸UVNROD )¸UVNRODJUXQGVNROD  $WWHQGR&DUH$% 6¦UVNLOWERHQGH  9DUGDJD†OGUHRPVRUJ 6¦UVNLOWERHQGH  1\WLGD7RSDVHQ %RHQGH/66  +XPDQD/66 %RHQGH/66  '%*<.URQDQ$% *\PQDVLXP  /¦UDQGHL6YHULJH *\PQDVLXP      9LNWLJDI¸UK§OODQGHQI¸UUHVXOWDWRFKHNRQRPLVNVW¦OOQLQJ 6DPK¦OOVHNRQRPLVNWO¦JH 6YHULJHEHILQQHUVLJLHWWIRUWVDWWRV¦NHUWVDPK¦OOVHNRQRPLVNWO¦JHΖQIODWLRQHQKDUIDOOLWWLOOEDND M¦PI¸UWPHGWRSSQLY§HUQDȂPHQSULVQLY§Q¦UIRUWVDWWK¸J'HWLQQHE¦UDWWE§GHKXVK§OO RFKNRPPXQHUP¸WHUNRVWQDGHUVRPOLJJHUNYDUS§HQK¸JUHQLY§¦QWLGLJDUH 5¦QWRUQDEHG¸PVKDQ§WWVLQWRSSPHQY¦QWDVOLJJDNYDUS§UHODWLYWK¸JDQLY§HUXQGHU)¸U NRPPXQHURFKNRPPXQDODERODJLQQHE¦UGHWWDIRUWVDWWK¸JDNRVWQDGHUI¸UO§QRFKLQYHVWHULQJDU VDPWLGLJWVRPXWU\PPHWLEXGJHWHQ¦UEHJU¦QVDW 'HQJHRSROLWLVNDVLWXDWLRQHQPHGNULJL(XURSDRFK¸NDGJOREDORV¦NHUKHWS§YHUNDUGHQHNRQR PLVNDXWYHFNOLQJHQ2V¦NHUKHWHQELGUDUWLOOI¸UVLNWLJKHWLLQYHVWHULQJDURFKKDQGHOVDPWULVNI¸UQ\D VW¸UQLQJDULSULVHURFKOHYHUDQVNHGMRU 6DPPDQWDJHWSU¦JODVGHVHQDVWH§UHQDYHNRQRPLVN§WHUK§OOVDPKHWΖQI¸UVHUGHWOMXVDUHXW HNRQRPLQI¸UY¦QWDVY¦[DVQDEEDUHPHGO¦JUHLQIODWLRQRFKVWDELODU¦QWRU'HWE\JJHUGRFNS§ P§QJDLQWHUQDWLRQHOODIDNWRUHURFKDWWGHQLQKHPVNDHIWHUIU§JDQVWLJHULWDNWPHGDWWDUEHWVPDUN QDGHQI¸UVW¦UNV .RPPXQVHNWRUQVHNRQRPLVNDO¦JH Ζ6.5VHNRQRPLUDSSRUWIU§QRNWREHUEHG¸PHUPDQDWWNRQMXQNWXUHQ¦US§Y¦JDWWVDNWDY¦QGD 0HQWLOOY¦[WHQ¦UIRUWIDUDQGHVYDJDUEHWVO¸VKHWHQK¸JRFKRV¦NHUKHWHQLRPY¦UOGHQVWRUΖNRP PXQHURFKUHJLRQHUS§J§UHQRPIDWWDQGHRPVW¦OOQLQJRFKDQSDVVQLQJI¸UDWWP¸WDQ\DGHPR JUDILVNDI¸UXWV¦WWQLQJDURFKLQY§QDUQDVI¸U¦QGUDGHEHKRYDYY¦OI¦UG%DUDVHGDQKDUQ¦UD NRPPXQDODI¸UVNROHHQKHWHUVW¦QJWVQHUWLOOVWRUGHOS§JUXQGDYPLQVNDGHEDUQNXOODU6DPWL GLJWEHK¸YHUYHUNVDPKHWHUXWYHFNODVRFKEHKRYHWDY¦OGUHRPVRUJNRPPHUDWW¸ND .¦YOLQJHNRPPXQVHNRQRPLVNDO¦JH .¦YOLQJHNRPPXQOLJJHULHQUHJLRQPHGI¸UGHODNWLJGHPRJUDILM¦PI¸UWPHGVWRUDGHODUDYODQGHW †YHQRPEHIRONQLQJVXWYHFNOLQJHQNOLQJDWDYXQGHUGHVHQDVWH§UHQV§Y¦[HUEHIRONQLQJHQPHG FLUNDSURFHQWXQGHU$QSDVVQLQJDULQRPI¸UVNROHYHUNVDPKHWHQKDUYDULWQ¸GY¦QGLJDGH VHQDVWH§UHQRFKVDPPDQODJWKDUDQWDOHWSODWVHUPLQVNDWPHGVW\FNHQI¸UGHODWPHOODQNRP PXQHQVW¦WRUWHUΖQRPVNROYHUNVDPKHWHQLQQHE¦UI¦UUHEDUQDWWGHOQLQJVWDOHQLNODVVHUQDXWPDQDU NRVWQDGVQLY§QΖQI¸UEXGJHWJHQRPO\VHVGHQNRPSHQVDWLRQVPRGHOOVRPDQY¦QWVI¸UI¸U VNROHRFKVNROYHUNVDPKHWHQ.¦YOLQJHNRPPXQKDUWURWVYLNDQGHDUEHWVPDUNQDGHQK¸JI¸UY¦UYV IUHNYHQVM¦PI¸UWPHGP§QJDDQGUDVN§QVNDNRPPXQHU%HKRYHWDYHNRQRPLVNWELVW§QGKDUGRFN IRUWVDWWDWWVWLJDXQGHURFKXQGHULQOHGQLQJHQDY$UEHWVPDUNQDGVUHJLRQHQLVLQKHOKHW ¦UKHOWDYJ¸UDQGHI¸UI¸UY¦UYVIUHNYHQVHQL.¦YOLQJHNRPPXQG§XWSHQGOLQJHQWLOODUEHWH¦UK¸JRFK LQJHQHQVNLOGDUEHWVJLYDUHHOOHUQ¦ULQJVW§UI¸UPHUSDUWHQDYDUEHWVWLOOI¦OOHQD 3RVLWLYEHIRONQLQJVXWYHFNOLQJI¸U.¦YOLQJH 1DWLRQHOOW 'HQGHFHPEHUYDUIRONERNI¸UGDL6YHULJHYLONHWLQQHE¦UDWWEHIRONQLQJHQ ¸NDGHPHGSHUVRQHUYLONHWPRWVYDUDUSURFHQW'HW¦UGHQO¦JVWDIRON¸NQLQJHQVRP XSSP¦WWVXQGHUWDOHWE§GHSURFHQWXHOOWRFKLDEVROXWDWDO 'HQVYDJDEHIRONQLQJV¸NQLQJHQI¸UNODUDVIU¦PVWDYHWWO§JWI¸GHOVHQHWWRRFKPLQVNDGLQYDQGULQJ 8QGHU§UHWI¸GGHVEDUQGHWO¦JVWDDQWDOHWS§§URFKHQPLQVNQLQJPHGEDUQ SURFHQW M¦PI¸UWPHG7UHQGHQDWWNYLQQRUL6YHULJHI¸GHUI¦UUHEDUQK§OOHULVLJ'HQ VXPPHUDGHIUXNWVDPKHWHQXSSJLFNWLOOEDUQSHUNYLQQDHQPDUJLQHOOPLQVNQLQJIU§Q §UHWI¸UHPHQGHQO¦JVWDQLY§VRPKLWWLOOVXSSP¦WWVL6YHULJHSida 18 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     $QWDOHWDYOLGQDXSSJLFNXQGHUWLOOSHUVRQHUYLONHW¦UIOHU¦Q'HQ¸NDQGHPH GHOOLYVO¦QJGHQELGUDUWLOOHQDOOW¦OGUHEHIRONQLQJ$QGHOHQEDUQRFKXQJDPLQVNDUVDPWLGLJWVRP DQGHOHQ¦OGUH¸NDU6&%EHG¸PHUDWW6YHULJHGHNRPPDQGH§UHQNDQI§SHULRGHUG¦UIOHUDYOLGHU ¦QI¸GVYLONHWVW¦OOHUNUDYS§O§QJVLNWLJSODQHULQJDY¦OGUHRPVRUJY§UGI¸UVNRODRFKVNROD ‡ULQYDQGUDGHSHUVRQHUWLOO6YHULJHHQPLQVNQLQJPHGSHUVRQHUHOOHUSUR FHQWM¦PI¸UWPHG'HQVW¸UVWDLQYDQGUDUJUXSSHQFLUNDSHUVRQHUYDU§WHULQYDQGUDGH SHUVRQHUI¸GGDL6YHULJH'HQPLQVNDGHLQYDQGULQJI¸UNODUDVIU¦PVWDYDWWI¦UUHSHUVRQHUI¸GGDL 8NUDLQDLQYDQGUDGH8QGHUNRPPHUPDVVIO\NWVGLUHNWLYHWDWWXSSK¸UD'LUHNWLYHWJMRUGHGHW P¸MOLJWI¸UP§QJDIU§QH[HPSHOYLV8NUDLQDDWWNRPPDWLOO6YHULJHS§NRUWWLGRFKKDGHG¦UI¸UHQ W\GOLJHIIHNWS§E§GHLQRFKXWIO\WWQLQJVDPWGHQWRWDODEHIRONQLQJV¸NQLQJHQXQGHUȂ 1¦UGLUHNWLYHWQXDYVOXWDVI¸UY¦QWDVGHQQDHIIHNWDWWPLQVND )RONP¦QJGHQPLQVNDGHLDYODQGHWVO¦QRFKLDYNRPPXQHUM¦PI¸UWPHGO¦QRFK NRPPXQHU§UHWLQQDQ9¦VWHUERWWHQVO¦QKDGHGHQVW¸UVWDSURFHQWXHOODPLQVNQLQJHQLNRQ WUDVWWLOOI¸UHJ§HQGH§UG§O¦QHWKDGHVW¸UVW¸NQLQJ'HWWDKDUKXYXGVDNOLJHQDWWJ¸UDPHG 1RUWKYROWVRPHIWHUHQWLGLJDUHNUDIWLJH[SDQVLRQJLFNLNRQNXUVXQGHU§UHW6W¸UVWSURFHQWXHOO¸N QLQJXQGHUKDGH8SSVDODO¦QPHGNQDSSWSURFHQWI¸OMWDY6WRFNKROPVO¦QVRP¸NDGH SURFHQW'¦UHIWHUNRPPHU6N§QH+DOODQGRFK9¦VWUD*¸WDODQGVO¦QVRPDOOD¸NDGHPHGXQJH I¦USURFHQW 5HJLRQDOW 8QGHUXSSJLFN6N§QHVEHIRONQLQJWLOOLQY§QDUHYLONHWLQQHE¦UHQ¸NQLQJPHGFLUND LQY§QDUH'HWWDPRWVYDUDUHQEHIRONQLQJV¸NQLQJPHGSURFHQW7LOOY¦[WHQ¦UG¦UPHGO¦JUH ¦QI¸UHJ§HQGH§URFKI¸OMHUGHQQHG§WJ§HQGHWUHQGVRPSU¦JODWGHVHQDVWH§UHQ'HQO§JDWLOOY¦[W WDNWHQEHURUWLOOVWRUGHOS§O§JWLQYDQGULQJVQHWWRRFKUHODWLYWI§DQWDOI¸GGDEDUQ 'HQIU¦PVWDDQOHGQLQJHQWLOODWW6N§QHVEHIRONQLQJLQWH¸NDUOLNDP\FNHWO¦QJUH¦UDWWQHWWRLQYDQG ULQJHQKDUPLQVNDWEHW\GOLJWGHVHQDVWH§UHQM¦PI¸UWPHGI¸UWLR§UVHGDQ8QGHUYDUQHWWRLQ YDQGULQJHQP\FNHWO§JHQGDVWFLUNDSHUVRQHUΖQWHVHGDQKDU6N§QHKDIWHQO¦JUHQHWWR LQYDQGULQJ (QDOOWVW¸UUHGHODY6N§QHVEHIRONQLQJV¸NQLQJEHURUS§HWWSRVLWLYWIO\WWQHWWRJHQWHPRWUHVWHQDY 6YHULJH8QGHUIO\WWDGHGU\JWSHUVRQHUIU§QDQGUDGHODUDYODQGHWWLOO6N§QHPHGDQ FLUNDIO\WWDGHIU§QO¦QHWΖQULNHVIO\WWQHWWRXSSJLFNG¦UPHGWLOOSHUVRQHU 'HVHQDVWH§UHQKDUDQWDOHWI¸GGDPLQVNDWRFKV§¦YHQ$QWDOHWI¸GGDEDUQKDUVXFFHVVLYW PLQVNDWVHGDQPHQPLQVNQLQJHQDYWDU3URJQRVHUQDYLVDUDWWVDQQROLNWPDUNHUDUERW WHQQLY§QLQHGJ§QJHQDYDQWDOHWI¸GGDEDUQ†YHQRPDQWDOHWI¸GGDEDUQSHUNYLQQDLQWHPLQVNDU PHUNDQDQWDOHWI¸GGDEDUQNRPPDDWWPLQVND'HWWDVRPHWWUHVXOWDWDYDWWI¦UUHNYLQQRUNRP PHUDWWYDUDLGHYDQOLJDVWHEDUQDI¸GDQGH§OGUDUQDIUDP¸YHU'HVVDNYLQQRUWLOOK¸UQ¦POLJHQGH JHQHUDWLRQHUVRPI¸GGHVS§VOXWHWDYWDOHWYLONHWYDUI¸UUDJ§QJHQYLKDGHHQVWRUQHGJ§QJL DQWDOHWI¸GGDEDUQ (QVWRUGHODYGHQSRVLWLYDEHIRONQLQJV¸NQLQJHQVNHGGHIU¦PVWLY¦VWUD6N§QH)¸UXWRPUHJLRQHQV VW¸UUHVW¦GHU0DOP¸/XQGRFK+HOVLQJERUJKDGH¦YHQ/DQGVNURQD(VO¸Y.¦YOLQJH6YHGDODRFK 6WDIIDQVWRUSHQVWDELO¸NQLQJ'HWY§NRPPXQHUVRP¸NDGHDOOUDPHVWYDU%XUO¸YRFK+¸¸U 6DPWLGLJWPLQVNDGHEHIRONQLQJHQLDYO¦QHWVNRPPXQHUQ§JRWI¦UUH¦QG§DQWDOHWYDU 0HVWPLQVNDGH˜VWUD*¸LQJHRFK3HUVWRUS'HNRPPXQHUVRPKDUHQQHJDWLYEHIRONQLQJV¸N QLQJ¦U6YDO¸Y˜VWUD*¸LQJH/RPPD+¸UE\2VE\3HUVWRUS.OLSSDQ.ULVWLDQVWDG6LPULVKDPQRFK +¦VVOHKROPYDUDY˜VWUD*¸LQJHRFK3HUVWRUSVNRPPXQHUPLQVNDGHDOOUDPHVWSida 19 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     )LJXU3URFHQWXHOOI¸U¦QGULQJDYDQWDOHWLQY§QDUHPHOODQȂSHUNRPPXQL6N§QH 5HJLRQ6N§QH .¦OOD 6&% .¦YOLQJH 'HQGHFHPEHUYDUௗSHUVRQHUIRONERNI¸UGDL.¦YOLQJHNRPPXQYLONHWLQQHE¦UDWWEH IRONQLQJHQ¸NDGHPHGSHUVRQHU'HWWDPRWVYDUDUHQSURFHQWXHOO¸NQLQJPHGSURFHQWYLO NHWNDQM¦PI¸UDVPHGGHQSURFHQWXHOOD¸NQLQJHQI¸UKHOD6N§QHS§SURFHQW)¸UHJ§HQGH§UYDU GHQSURFHQWXHOODIRON¸NQLQJHQL.¦YOLQJHNRPPXQSURFHQW )LJXU%HIRONQLQJVXWYHFNOLQJPHOODQȂRFKSURFHQWXHOOWLOOY¦[WWDNW .¦YOLQJHNRPPXQ .¦OOD6&%     'HQWUHQGEDVHUDGHEHIRONQLQJVSURJQRVHQSURJQRVWLVHUDGHHQO¦JUHEHIRONQLQJV¸NQLQJPHGHQ WRWDOIRONP¦QJGS§SHUVRQHUPHGDQGHQE\JJEDVHUDGHSURJQRVHQYLVDGHHQQ§JRWK¸JUH ¸NQLQJPHGHQEHIRONQLQJS§SHUVRQHU'HWIDNWLVNDXWIDOOHWI¸UKDPQDGHPHOODQGH WY§SURJQRVHUQD ‡UI¸GGHVGHWEDUQLNRPPXQHQ)¸GHOVHWDOHQ¦UIRUWVDWWO§JDQDWLRQHOOWUHJLRQDOWRFK ¦YHQLNRPPXQHQ'HWWDK¦QJHUIU¦PVWVDPPDQPHGE§GHGHQO§JDIUXNWVDPKHWHQRFKGHWPLQV NDGHDQWDOHWNYLQQRULEDUQDI¸GDQGH§OGHU'¸GVWDOHQOLJJHULQLY§PHGGHSURJQRVWLVHUDGHDQWD JDQGHQDRFKI¸OMHUGHWI¸UY¦QWDGHP¸QVWUHW ΖQIO\WWQLQJHQDYEDUQIDPLOMHUS§YHUNDUNRPPXQHQLSRVLWLYEHP¦UNHOVH)O\WWP¸QVWUHQYLVDUS§HQ VWDUNDUHXWYHFNOLQJ¦QSURJQRVWLVHUDWG¦UGHQWRWDODLQIO\WWQLQJHQ¸YHUVWHJSURJQRVHQVDPWLGLJW VRPXWIO\WWQLQJHQEOHYO¦JUH¦QY¦QWDW%ODQGJUXSSHQXQJDYX[QDL§OGHUQȂ§UV\QVHQ¸NDG U¸UOLJKHWYLONHWOHWWWLOOVW¸UUHXWIO\WWQLQJ¦QWLGLJDUHΖV\QQHUKHWIO\WWDUGHVVDSHUVRQHUIUDPI¸UDOOW WLOO/XQGRFK0DOP¸I¸UPRGOLJHQPHGDQOHGQLQJDYVWXGLHURFKDWWGHWNDQKDEOLYLWO¦WWDUHDWW RUGQDHQERVWDGS§GHVVDRUWHU )LJXU%HIRONQLQJVI¸U¦QGULQJDUPHOODQȂVHWWWLOOIO\WWQHWWRI¸GHOVHQHWWRDQWDOI¸GGDRFKDQWDOG¸GD .¦Y OLQJHNRPPXQ .¦OOD6&% %HIRONQLQJVXWYHFNOLQJHQI¸UROLND§OGHUVJUXSSHUL.¦YOLQJHNRPPXQSU¦JODVDYGHQQDWLRQHOODXW YHFNOLQJHQPHGIOHU¦OGUH ¸YHU§U RFKI¦UUHEDUQ)HUWLOLWHWHQL.¦YOLQJHNRPPXQOLJJHUQ§JRW ¸YHUULNHWRFKI¸UXSSJ§UDQWDOHW§ULQJDUWLOOLQGLYLGHU8QGHUSHULRGHQOLJJHU DQWDOHWI¸GGD§ULQJDULJHQRPVQLWWS§EDUQSHU§UI¸UDWWXQGHURFKVMXQNLWWLOO FLUND %HIRONQLQJVI¸U¦QGULQJDULROLND§OGHUVJUXSSHU DQWDO 3 3URJQRV  $QWDO $QWDO $QWDO $QWDO )¸U¦QGULQJ Ȃ§U     Ȃ §U     Ȃ Ȃ§U      Ȃ§U     Ȃ Ȃ§U      Ȃ§U     Ȃ Ȃ§U     Ȃ §UȂZ      )LJXU%HIRONQLQJVXWYHFNOLQJLROLND§OGHUVJUXSSHU.¦OOD6&%     %RVWDGVPDUNQDGHQ 8QGHUIRUWVDWWHGHQHNRQRPLVNDO§JNRQMXQNWXUHQRFKGHWRV¦NUDRPY¦UOGVO¦JHWDWWSU¦JOD ERVWDGVPDUNQDGHQL6YHULJH0RWVOXWHWDY§UHWE¸UMDGHGRFNO¦JHWDWWVWDELOLVHUDVQ¦ULQIODWLRQHQ JUDGYLVQ¦UPDGHVLJ5LNVEDQNHQVP§OS§RPNULQJSURFHQWRFKU¦QWHQLY§HUQDU¸UGHVLJPRWHWW PHUJ\QQVDPWO¦JHHIWHUIOHUD§UDYK¸JDERO§QHU¦QWRU0§QJDKXVK§OOXSSOHYHUIRUWIDUDQGHHNR QRPLVNSUHVVRFKI¸UGHPPHGK¸JDO§QHOOHUEHJU¦QVDGHPDUJLQDOHUNDQERO§QHNRVWQDGHUQDIRUW VDWWXWJ¸UDHWWKLQGHUI¸UERVWDGVN¸SRFKLQYHVWHULQJVEHVOXW ΖQI¸UILQQVIOHUDLQGLNDWRUHUS§DWWKXVK§OOHQVHNRQRPLNDQVW¦UNDVEODQGDQQDWJHQRPV¦QNW LQNRPVWVNDWWO¦JUHPDWPRPVRFKI¸U¦QGUDGHDPRUWHULQJVUHJOHU)¸UKRSSQLQJHQ¦UDWWGHWWDNDQ I§SRVLWLYDHIIHNWHURFKJHERVWDGVPDUNQDGHQHQY¦OEHK¸YOLJVNMXWV5HJHULQJHQVI¸UVODJRPDWW V¦QNDNRQWDQWLQVDWVNUDYHWIU§QWLOOSURFHQWRFKDWWVORSDGHWVN¦USWDDPRUWHULQJVNUDYHWEH G¸PVELGUDWLOO¸NDGU¸UOLJKHWS§PDUNQDGHQQ¦UUHJOHUQDY¦QWDVWU¦GDLNUDIWGHQDSULO 7URWVGHWWDNYDUVW§UHQGHORV¦NHUKHWVIDNWRUHUG¦ULEODQGGHQJHRSROLWLVNDRURQRFKHWWIRUWVDWW RV¦NHUWY¦UOGVO¦JHVRPULVNHUDUDWWG¦PSD§WHUK¦PWQLQJHQRFKS§YHUNDVYHQVNHNRQRPLQHJDWLYW '¦UHPRWW\GHUIOHUDLQGLNDWRUHUS§DWWERVWDGVPDUNQDGHQ¦US§Y¦JLQLHQ§WHUK¦PWQLQJVIDVXQGHU 8WEXGHWDYERVW¦GHUWLOOVDOXKDUPLQVNDWI¸UI¸UVWDJ§QJHQS§I\UD§URFKPDUNQDGHQYLVDU WHFNHQS§¸NDGDNWLYLWHW%DQNHUQDVRFKDQDO\WLNHUQDVSURJQRVHUSHNDUS§DWWERVWDGVSULVHUQDI¸U Y¦QWDVVWLJDXQGHUGHNRPPDQGHȂP§QDGHUQDI¸UVWS§YLOODPDUNQDGHQRFKG¦UHIWHUI¸UER VWDGVU¦WWHU .¦YOLQJHNRPPXQ 'HQQDWLRQHOODXWYHFNOLQJHQS§YHUNDU¦YHQ.¦YOLQJHNRPPXQ.RPPXQHQKDUXQGHUVHQDUH§U KDIWHWWERVWDGVE\JJDQGHVRPS§YHUNDWVDYGH¸NDQGHE\JJNRVWQDGHUQDRFKKXVK§OOHQVVYDJDUH N¸SNUDIW8QGHUI¦UGLJVW¦OOGHVVDPPDQODJWERVW¦GHUL.¦YOLQJHYDUDYO¦JHQKHWHURFK HQERVWDGVKXV'HWNRPPXQDODERVWDGVERODJHW..%I¦UGLJVW¦OOGHK\UHVU¦WWHUS§DWWUDNWLYW O¦JHL6WDWLRQVVWDGHQVDPWLGLJWVRP\WWHUOLJDUHHWWIOHUERVWDGVKXVL6WDWLRQVVWDGHQVWRGI¦UGLJW )LJXU$QWDOI¦UGLJVW¦OODERVW¦GHUPHOODQȂ .¦YOLQJHNRPPXQ      )LJXU)¸UY¦QWDWDQWDOI¦UGLJVW¦OODERVW¦GHUHQOLJWNRPPXQHQVE\JJSURJQRVȂ .¦YOLQJHNRPPXQ  1§JUDDYGHERVWDGVSURMHNWVRPI¸UY¦QWDVI¦UGLJVW¦OODV¦UIOHUERVWDGVKXVQ¦UDVWDWLRQHQL)XUX OXQGIRUWVDWWXWE\JJQDGDYIOHUERVWDGVKXVS§DWWUDNWLYWO¦JHL6WDWLRQVVWDGHQL.¦YOLQJHRFKL/¸G GHN¸SLQJHILQQVI¸UXWV¦WWQLQJDUI¸UDWWS§E¸UMDXWYHFNOLQJHQDY/¸GGHFHQWUXP8WE\JJQDGHQDY VP§KXVIRUWV¦WWHUS§$OPHOXQGL.¦YOLQJHVDPWLGLJWVRPXWYHFNOLQJHQL%DUVHE¦FNVE\RFK¸VWUD /¸GGHN¸SLQJHI¸UY¦QWDVS§E¸UMDVXQGHUSHULRGHQPHGLQULNWQLQJS§VP§KXVEHE\JJHOVH .¦YOLQJHNRPPXQKDUHQJRGSODQEHUHGVNDSRFKGHWILQQVJRGDI¸UXWV¦WWQLQJDUDWWP¸MOLJJ¸UDHQ IRUWVDWWYDULHUDGERVWDGVXWYHFNOLQJLNRPPXQHQVROLNDRUWHU3ODQEHUHGVNDSHQELGUDUWLOODWWV¦NHU VW¦OODDWWERVWDGVE\JJDQGHWNDQVNHLWDNWPHGHIWHUIU§JDQRFKVW¸GMHUHQO§QJVLNWLJRFKEDODQVHUDG WLOOY¦[WLKHODNRPPXQHQ 8QGHUDQWRJNRPPXQHQQ\D5LNWOLQMHUI¸UERVWDGVI¸UV¸UMQLQJHQ5LNWOLQMHUQDJHUHQW\GOLJLQ ULNWQLQJI¸UNRPPXQHQVO§QJVLNWLJDERVWDGVSODQHULQJRFKVNDV¦NHUVW¦OODDWWERVWDGVXWYHFNOLQJHQ P¸WHUEHKRYRFKHIWHUIU§JDQPHGHWWYDULHUDWXWEXGDYERVW¦GHURFKDWWUDNWLYDERHQGHPLOM¸HU %RVWDGVI¸UV¸UMQLQJVSURJUDPPHWEHWRQDUYLNWHQDYJRGSODQHULQJRFKPDUNEHUHGVNDSI¸UDWW NXQQDP¸WDGHWO§QJVLNWLJDEHKRYHWDYERVW¦GHURFKO\IWHURFNV§IUDPEHW\GHOVHQDYVDPYHUNDQ PHGE\JJDNW¸UHURFKDQGUDERVWDGVPDUNQDGVDNW¸UHUI¸UDWW¸NDWDNWHQLERVWDGVE\JJDQGHWRFK VNDSDHQPHULQNOXGHUDQGHRFKU¸UOLJERVWDGVPDUNQDG     %HIRONQLQJSHUW¦WRUWRFKRUW DQWDO         .¦YOLQJH      /¸GGHN¸SLQJH      )XUXOXQG      +RIWHUXS‡OVWRUS      %DUVHE¦FNVE\      '¸VMHEUR      %DUVHE¦FNVKDPQ      /LOOD+DUULH      9¦VWUD.DUDE\      -¦UDYDOOHQ      ‡OVWRUS      +¸JVE\      6¸GHUYLGLQJH      9LNK¸J      6WRUD+DUULH      /DQGVE\JG      7RWDOW      .¦OOD6&% (QOLJW2IIHQWOLJKHWVRFKVHNUHWHVVODJHQ 26/  NDSi26/ P§VWHVWDWLVWLNU¸MDQGHNRQWUROOHUDV)U§QRFKPHG UHIHUHQV§UHWLQI¸UVG¦UI¸UU¸MDQGHVN\GGLEHIRONQLQJVVWDWLVWLNHQ6\IWHW¦UDWWVN\GGDVWDWLVWLNY¦UGHQG¦UGHW ILQQVULVNDWWREMHNWNDQLGHQWLILHUDVHOOHUDWWLQIRUPDWLRQI¸UHWWHQVNLOWREMHNWNDQDYVO¸MDV .¦YOLQJHNRPPXQWLOO¦PSDU&HOO.H\0HWKRG &.0 VRP¦UHQPHWRGVRPWLOOI¸UEUXVLWDEHOOHUVRPYLVDUDQWDORE MHNW0HWRGHQLQQHE¦UDWWDOODVWDWLVWLNY¦UGHQWLOOI¸UVHQVOXPSP¦VVLJRV¦NHUKHW7LOOI¸OMGDYGHWWD¸YHUHQVVW¦PPHU LQWHDOOWLGHQVNLOGDVWDWLVWLNY¦UGHQPHGGHQWRWDODVXPPDQ Sida 24 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     /MXVQLQJS§DUEHWVPDUNQDGHQI¸UVWRUDGHODUDY6YHULJH 8QGHUKDUS§J§HQGHO§JNRQMXQNWXUIRUWVDWWVDWWVS§US§VYHQVNDUEHWVPDUNQDG8QGHUVLVWD NYDUWDOHWVN\PWDGHVHQOMXVQLQJ$QWDOHWLQVNULYQDDUEHWVO¸VDPLQVNDGHRFKGHQUHODWLYDDU EHWVO¸VKHWVQLY§QPLQVNDGHIU§QWLOOSURFHQW(QEUHGQHGJ§QJV\QVLKHODODQGHWPHG9¦VWHU ERWWHQVRPXQGDQWDJ/¦JVWDUEHWVO¸VKHWILQQVLGHQRUUDGHODUQDDY6YHULJHPHGDQ6N§QHOLJJHU S§GHQK¸JVWDQLY§Q(QXWPDQLQJS§DUEHWVPDUNQDGHQ¦UGHQV§NDOODGHPDWFKQLQJVSUREOHPDWL NHQGHWYLOOV¦JDDWWGHQNRPSHWHQVVRPDUEHWVJLYDUHV¸NHULQWHILQQVDWWI§WDJLVDPWLGLJWVRP O§QJWLGVDUEHWVO¸VKHWHQULVNHUDDWW¸ND 8WYHFNOLQJHQL.¦YOLQJHNRPPXQ $UEHWVO¸VKHWHQL.¦YOLQJHKDU¸NDWPDUJLQHOOWXQGHUM¦PI¸UWPHGRFK¸NQLQJVWDNWHQKDU VWDQQDWDYM¦PI¸UWPHGGHVHQDVWH§UHQVXWYHFNOLQJ'HWKDUGRFNVNHWWHQQ§JRWVW¸UUHSURFHQWXHOO ¸NQLQJDYO§QJWLGVDUEHWVO¸VKHWHQLNRPPXQHQ$UEHWVO¸VDVRPYDULWLQVNULYDS§$UEHWVI¸U PHGOLQJHQLPLQVWP§QDGHUU¦NQDVVRPO§QJWLGVDUEHWVO¸VDRFKGHWYDUSHUVRQHUIOHULGHQ NDWHJRULQM¦PI¸UWPHG$YWRWDOWDUEHWVO¸VDL.¦YOLQJHLGHFHPEHUYDUO§QJ WLGVDUEHWVO¸VD*HQHUHOOW¦UDUEHWVO¸VKHWHQK¸JUHEODQGSHUVRQHUPHGI¸UJ\PQDVLDOXWELOGQLQJRFK O¦JVWEODQGGHPHGHIWHUJ\PQDVLDOXWELOGQLQJGHWVNLOMHUSURFHQWHQKHWHU UHVSHNWLYHSUR FHQW 8QJGRPVDUEHWVO¸VKHWHQ §U YDUFLUNDHQSURFHQWHQKHW SHUVRQHU O¦JUHXQGHU M¦PI¸UWPHG $QWDOHWKXVK§OOPHGHNRQRPLVNWELVW§QG¸NDGHXQGHUM¦PI¸UWPHGRFKGHKXYXGVDNOLJD RUVDNHUQDEHG¸PVYDUDDUEHWVO¸VKHWRFKI¸UG\UDGHOHYQDGVRPNRVWQDGHU'HWYDULJHQRPVQLWW KXVK§OOSHUP§QDGVRPPRWWRJELVW§QGXQGHUHQ¸NQLQJPHGKXVK§OOSHUP§QDGM¦PI¸UW PHG§UHWLQQDQ˜NQLQJHQJ¦OOHUGHIOHVWDKXVK§OOVW\SHUQDRFKI¸UV¸UMQLQJVKLQGHU RUVDNHUWLOOEH KRYDYHNRQRPLVNWELVW§QG 'HWYDULJHQRPVQLWWEDUQSHUP§QDGLKXVK§OOPHGHNRQRPLVNWEL VW§QGXQGHUM¦PI¸UWPHGSHUP§QDGXQGHU $UEHWVO¸VKHWVVWDWLVWLNL.¦YOLQJHNRPPXQ ˜SSHWDUEHWVO¸VDRFKV¸NDQGHLSURJUDPPHGDNWLYLWHWVVW¸GDQGHODYGHQUHJLVWHUEDVHUDGHDUEHWVNUDIWHQ§U .¦OOD$) DUEHWVIRUPHGOLQJHQVH  ϱ͕ϱй ϳ͕ϰй ϭϯ͕ϴй Ϭ͕Ϭй Ϯ͕Ϭй ϰ͕Ϭй ϲ͕Ϭй ϴ͕Ϭй ϭϬ͕Ϭй ϭϮ͕Ϭй ϭϰ͕Ϭй ϭϲ͕Ϭй dŽƚĂůƚ hŶŐĂϭϴͲϮϰ hƚƌŝŬĞƐĨƂĚĚĂSida 25 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     .¦QVOLJKHWVDQDO\V (QN¦QVOLJKHWVDQDO\VYLVDUKXUROLNDI¸U¦QGULQJDUS§YHUNDUNRPPXQHQVILQDQVLHOODVLWXDWLRQ .¦QVOLJKHWVDQDO\V PQNU  NURQRUI¸U¦QGULQJLXWGHELWHULQJ  /¸QHI¸U¦QGULQJPHGSURFHQWSHU§U  *HQHUHOOSULVI¸U¦QGULQJPHGSURFHQWSHU§U  KHOWLGVWM¦QVWHU  8SSO§QLQJPQNU  %HIRONQLQJVI¸U¦QGULQJNRVWQDGVXWM¦PQLQJSHUVRQ  +XVK§OOVRPXSSE¦UHNRQRPLVNWELVW§QGKXVK§OO  5¦WWVOLJDWYLVWHU .¦YOLQJHNRPPXQKDULQWHQ§JRQS§J§HQGHU¦WWVOLJWYLVW )LQDQVLHULQJRFKERUJHQV§WDJDQGHQ .RQFHUQHQVXSSO§QLQJOLJJHUL../)DVWLJKHWHU$%RFK..%)DVWLJKHWHU$%..%)DVWLJKHWHU$%VO§ QHSRUWI¸OMXSSJLFNGHQGHFHPEHUWLOOPQNU PQNU YDUDYFLUNDPQNU PQNU PRWNRPPXQDOERUJHQRFKFLUNDPQNU PQNU PRWSDQWEUHY/§QHQ¦UI¸UGH ODGHS§WUHO§QJLYDUH+DQGHOVEDQNHQ6(%DQNHQRFK.RPPXQLQYHVW6DPWOLJDO§Q¦UXSSWDJQDL VYHQVNYDOXWDRFKQ§JUDILQDQVLHOODLQVWUXPHQWDQY¦QGVLQWH../)DVWLJKHWHU$%VO§QHSRUWI¸OMXSS JLFNYLG§UVVNLIWHWWLOOPQNU  RFKXWJ¸UVHQEDUWDYO§QKRV.RPPXQLQYHVWPHG NRPPXQDOERUJHQVRPV¦NHUKHW6DPWOLJDO§Q¦UXSSWDJQDLVYHQVNYDOXWDRFKQ§JUDILQDQVLHOOD LQVWUXPHQWDQY¦QGVLQWH/§QHVNXOGHQL../)DVWLJKHWHU$%PLQVNDGHXQGHUWLOOI¸OMGDYDWW IDVWLJKHWHQ([SRUWHQ NRPPXQKXVHW V§OGHVWLOO.¦YOLQJHNRPPXQ .¦YOLQJHNRPPXQVWRWDODERUJHQV§WDJDQGHQXSSJ§UWLOOPQNU+XYXGGHOHQDYERU JHQV§WDJDQGHQDDYVHU..%)DVWLJKHWHU$%RFK../)DVWLJKHWHU$%RFKXSSJ§UWLOOPQNU%RU JHQVDYJLIWI¸U..%)DVWLJKHWHU$%RFK../)DVWLJKHWHU$%WDVXWPHGSURFHQWS§IDNWLVNWXW Q\WWMDGERUJHQVUDP )LQDQVLHOOULVNKDQWHULQJ .¦YOLQJHNRPPXQVILQDQVSROLF\RPIDWWDUDOOILQDQVYHUNVDPKHWLNRPPXQNRQFHUQHQPHGYLONHQ DYVHV.¦YOLQJHNRPPXQPHGKHO¦JGDERODJ)LQDQVSROLF\QXWJ¸UGHW¸YHUJULSDQGHVW\UGRNXPHQWHW I¸UILQDQVYHUNVDPKHWHQGHWYLOOV¦JDXSSO§QLQJXWO§QLQJERUJHQOLNYLGLWHWVKDQWHULQJSODFHULQJDY ¸YHUVNRWWVOLNYLGLWHWO§QJIULVWLJPHGHOVI¸UYDOWQLQJ LQNOXVLYHI¸UYDOWQLQJDYGRQDWLRQHURFKVWLIWHOVHU  RFKILQDQVLHOOULVNKDQWHULQJ.RPPXQVW\UHOVHQRFKUHVSHNWLYHVW\UHOVHLKHO¦JWERODJVNDEHVOXWD RPILQDQVLHOODULNWOLQMHUI¸UGHQHJQDILQDQVYHUNVDPKHWHQLQRPUDPHQI¸UGHQQDILQDQVSROLF\ .RPPXQNRQFHUQHQKDUILQDQVLHOOVDPYHUNDQRFKJHPHQVDPEDQNPHGNRQFHUQNRQWRI¸UDWWRSWL PHUDLQRFKXWO§QLQJVU¦QWD /§QJIULVWLJDSODFHULQJDU .RPPXQHQKDUDYVDWWPHGHOVRPVNDDQY¦QGDVI¸UO§QJIULVWLJD¦QGDP§O !P§QDGHU )¸UYDO WDGHPHGHODYVHUP¸WDNRPPDQGHO§QJVLNWLJDLQYHVWHULQJVEHKRYG§NRPPXQHQVNDVVDIO¸GHQIU§Q GHQO¸SDQGHYHUNVDPKHWHQLQWHU¦FNHUWLOO.YDUYDUDQGHSHQVLRQV§WDJDQGHQ¦UKDQWHUDVLGHQO¸ SDQGHYHUNVDPKHWHQ .¦YOLQJHNRPPXQKDUVHGDQPHGHOSODFHUDGHLHQU¦QWHRFKDNWLHSRUWI¸OM8QGHUSHULRGHQ IU§QIUDPWLOO§UVVNLIWHWKDUGHWVDWWVLQWRWDOWPQNU0§ORFKULNWOLQMHUI¸USODFHULQJ DUQD¦UEHVOXWDGHLILQDQVLHOODULNWOLQMHU5DSSRUWHULQJRFKXSSI¸OMQLQJLUHODWLRQWLOOEHVOXWDGHOLPLWHU VNHUP§QDGVYLVVDPWWHUWLDORFK§UVYLV8QGHUKDUSODFHULQJDULU¦QWHIRQGHUUHVSHNWLYHDNWLH IRQGHUOHJDWPHGHQVYDJ¸YHUYLNWLDNWLHUM¦PI¸UWPHGQRUPDOYLNWQLQJHQLULNWOLQMHUQD$YNDVWQLQJV P§OHWI¸UO§QJIULVWLJDSODFHULQJDU¦USURFHQWUHDODYNDVWQLQJSHU§U0HGHQQRUPDOSida 26 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     LQIODWLRQVWDNWS§SURFHQWJHUGHWHQI¸UY¦QWDGQRPLQHOODYNDVWQLQJS§SURFHQWSHU§U$YNDVW QLQJVP§OHWVNDVHV¸YHUHQIOHU§UVSHULRG$YNDVWQLQJHQI¸UOLJJHU¸YHUP§OV¦WWQLQJHQRFK XSSJLFNWLOOSURFHQWVWUD[HIWHUM¦PI¸UHOVHLQGH[ SURFHQW S§WRWDOWNDSLWDO6YHQVNDDNWLHU VWRGI¸UGHWVW¸UVWDELGUDJHWPHGDQJOREDODDNWLHUW\QJGHVDYYDOXWDHIIHNWHU 0DUNQDGVY¦UGHWXSSJ§UYLG§UVVNLIWHWWLOOPQNU$QVNDIIQLQJVY¦UGHWXSSJ§UWLOOPQNU 'HWWDLQQHE¦UDWWRUHDOLVHUDGHY¦UGHQXSSJ§UWLOOPQNUSHUGHFHPEHU (QOLJW6)'5 6XVWDLQDEOH)LQDQFH'LVFORVXUH5HJXODWLRQ GHODVIRQGHULQLROLNDNDWHJRULHUEDVHUDW S§K§OOEDUKHWVIRNXV)RQGHUVRPIU¦PMDUPLOM¸UHODWHUDGHHOOHUVRFLDODHJHQVNDSHURPIDWWDVDY DUWLNHOPHGDQIRQGHUPHGK§OOEDUKHWVRPP§ONODVVLILFHUDVHQOLJWDUWLNHO.RPPXQHQKDU VRPNUDYDWWI¸UYDOWDUQDI¸OMHUXWYHFNOLQJHQDYUHJHOYHUNHWRFKV¦NHUVW¦OOHUDWWIRQGHUQD§W PLQVWRQHXSSI\OOHUNUDYHQI¸UDUWLNHO.RPPXQHQVIRQGHUXSSI\OOHUNUDYHQHQOLJWSROLF\ 7LOOJ§QJVI¸UGHOQLQJSURFHQW  1RUPDOYLNW  %RNVOXW %RNVOXW %RNVOXW 5¦QWHIRQGHU     $NWLHIRQGHU     1HXWUDOULVNHQOLJWILQDQVLHOODULNWOLQMHU0D[OLPLWI¸UDNWLHUXSSJ§UWLOOSURFHQW 8SSO§QLQJ .¦YOLQJHNRPPXQVILQDQVSROLF\DQJHUDWWUHVSHNWLYHVW\UHOVHVNDIDWWDEHVOXWRPILQDQVLHOODULNWOLQ MHUG¦UULVNHUDYVHHQGHILQDQVLHULQJU¦QWRURFKPRWSDUWVNDKDQWHUDV .¦YOLQJHNRPPXQKDUYLG§UVVNLIWHWHQGDVWHQNUHGLW PQNU YLONHQOLJJHULOLQMHPHGEHVOXWDGH ULNWOLQMHU ..%IDVWLJKHWHU$%RFK../)DVWLJKHWHU$%I¸OMHUO¸SDQGHXSSVLQDULVNHULUHODWLRQWLOOEHVOXWDGHIL QDQVLHOODULNWOLQMHU$QDO\VRFKUDSSRUWHULQJWLOOVW\UHOVHUQDJ¸UVNYDUWDOVYLVPHGVW¸GDYGHILQDQVL HOODULNWOLQMHUVRP¦UDQWDJQDDYI¸UHWDJHQVVW\UHOVHU )¸OMDQGHWDEHOOYLVDUDWWULVNI¸UU¦QWHMXVWHULQJDYO§QVDPWO§QHI¸UIDOO HQEDUW../ OLJJHULQRPEH VOXWDGHQLY§HUHQOLJWEHVOXWDGHULNWOLQMHULE§GDERODJHQ5¦QWHULVNHQLIRUPDYU¦QWHELQGQLQJHQL UHODWLRQWLOOHQEHVOXWDGQRUPDOSRUWI¸OMI¸OMVXSSO¸SDQGHRFKULNWOLQMHUQDI¸OMVLE§GDERODJHQ )LQDQVLHOOXSSI¸OMQLQJI¸UXSSO§QLQJ  3ROLF\ %RNVOXW %RNVOXW $QGHOU¦QWHMXVWHULQJDULQRPP§Q ../  0D[0LQ   $QGHOO§QPHGI¸UIDOOLQRPP§Q ../  0D[   $QGHOU¦QWHMXVWHULQJDULQRPP§Q ..%  0D[0LQ       3HQVLRQVI¸USOLNWHOVHU 3HQVLRQVNRVWQDGHUQDLNRQFHUQERODJHQEHWDODVO¸SDQGHRFKGHKDUG¦UPHGLQJDSHQVLRQVVNXOGHU .¦YOLQJHNRPPXQVWRWDODSHQVLRQVI¸USOLNWHOVHUXSSJ§UWLOOPQNU+XYXGGHOHQDYSHQVLRQVI¸U SOLNWHOVHUQDKDUWU\JJDWVLSHQVLRQVI¸UV¦NULQJDU'HQGHOVRPLQWHKDQWHUDVLSHQVLRQVI¸UV¦NULQJDU UHGRYLVDVVRPHQDYV¦WWQLQJLEDODQVU¦NQLQJHQRFKXSSJ§UWLOOPQNULQNOXVLYHO¸QHVNDWW 3HQVLRQVI¸USOLNWHOVHULQWM¦QDGHI¸UHUHGRYLVDVLQRPOLQMHQVRPHQDQVYDUVI¸UELQGHOVHRFK XSSJ§UWLOOPQNULQNOXVLYHO¸QHVNDWWΖRFKJMRUGHVSDUWLHOOLQO¸VHQS§DQVYDUVI¸UELQ GHOVHQ 3HQVLRQVI¸USOLNWHOVHUPQNU 3HQVLRQVI¸USOLNWHOVHU   $YV¦WWQLQJLQNOV¦UVNLOGO¸QHVNDWW   $QVYDUVI¸UELQGHOVHLQNOV¦UVNLOGO¸QHVNDWW   3HQVLRQVI¸USOLNWHOVHVRPWU\JJDWVLSHQVLRQVI¸UV¦NULQJ   6XPPDSHQVLRQVI¸USOLNWHOVHULQNOI¸UV¦NULQJRFKVWLIWHOVH   )¸UYDOWDGHSHQVLRQVPHGHOȂPDUNQDGVY¦UGH   3HQVLRQVI¸UV¦NULQJVNDSLWDO   YDUDY¸YHUVNRWWVIRQG   6XPPDI¸UYDOWDGHSHQVLRQVPHGHO   ‡WHUO§QDGHPHGHO Ȃ Ȃ .RQVROLGHULQJ   6DPPDQIDWWQLQJDY.¦YOLQJHNRPPXQVHNRQRPLVNDXWVLNWHU .¦YOLQJHNRPPXQWLOOVDPPDQVPHGKHO¦JGDERODJKDUI¸UVW¦UNWVLQHNRQRPLVNDVW¦OOQLQJXQGHU 6ROLGLWHWHQLNRQFHUQHQKDUVW¦UNWVWURWVK¸JDLQYHVWHULQJDULE§GHNRPPXQHQRFKL..%)DV WLJKHWHU$%VRPI¦UGLJVW¦OOWNYDUWHUHW3LOHYDOOPHGK\UHVU¦WWHUΖQI¸U¦UVDPWOLJDEXGJHWDU LEDODQVXWLIU§QXSSVDWWDILQDQVLHOODP§O /§QJVLNWLJWVW§U.¦YOLQJHNRPPXQVWDUNWUXVWDGILQDQVLHOOW.RPPDQGH§UVHNRQRPLVNDSODQHULQJ XWPDQDURFKSULRULWHULQJDU¦UDOOWLGQ¸GY¦QGLJD2PVW¦OOQLQJHQNRSSODWWLOOGHPRJUDILQG¦UVNRO YHUNVDPKHWHQPLQVNDURFK¦OGUHRPVRUJHQY¦[HUNRPPHUDWWYDUDHQVWRUDYJ¸UDQGHIDNWRUI¸U GHQIRUWVDWWDHNRQRPLVNDXWYHFNOLQJHQ .RPPXQHQKDUHQK¸JSODQEHUHGVNDSPHGP§QJDDWWUDNWLYDXWE\JJQDGVRPU§GHQ)¸UKRSSQLQJ DUQD¦UVWRUDS§DWWQ\E\JJQDWLRQVNDNRPPDLJ§QJLWDNWPHGVWDUNDUHNRQMXQNWXU     +¦QGHOVHUDYY¦VHQWOLJEHW\GHOVH )¸UVWDVSDGWDJHWI¸U0DOP¸'HVLJQHU9LOODJH 6NDQGLQDYLHQVIU¦PVWD2XWOHWVNDXQGHU¸SSQDEUHGYLG&HQWHU6\GL.¦YOLQJHNRPPXQ'HWWD NRPPHU¸NDLQWUHVVHWI¸UKHODKDQGHOVSODWVHQVDPWWLOOI¸UDP§QJDDUEHWVWLOOI¦OOHQ $QQVRILH7KXUHV VRQGHOWRJYLG I¸UVWDVSDGWDJHW DYGHVLJQHURXWOH WHQ0DOP¸'HVLJ QHU9LOODJHWLOO VDPPDQVPHG $QWRLQH)UH\9' RFKJUXQGDUHWLOO ERODJHW)UH\ VRP ¦JHURXWOHWHQ RFK 8OI6WHUQHUUHJ LRQFKHIS§ 9HLGHNNH%\JJ6\G VRPVNDE\JJD DQO¦JJQLQJHQ  )RWR)UHGHULN $QGUHDVHQ )¸UE¦WWUDGWU\JJKHWL.¦YOLQJHNRPPXQL§ULJHQ .¦YOLQJHNRPPXQDUEHWDUP§OLQULNWDWPHGDWWI¸UE¦WWUDWU\JJKHWHQLNRPPXQHQRFKDUEHWHWJHU UHVXOWDW7LOOVDPPDQVPHGSROLVHQRFKDQGUDVDPYHUNDQVSDUWHUSURYDVQ\DY¦JDULP¸WHWPHG E§GHVP§RFKVWRUDXWPDQLQJDU ‡UHWVVXSHUNRPPXQȂ.¦YOLQJHS§WRSS .¦YOLQJHNRPPXQSODFHUDUVLJS§SODWVWUHWWRQEODQGDOOD6YHULJHVNRPPXQHUL'DJHQV6DPK¦OOHV §UOLJDUDQNLQJ‡UHWV6XSHUNRPPXQΖY§UNDWHJRUL 6WRUVWDGVNRPPXQHU PHGWRWDOWNRPPXQHU NRPPHUYLS§HQKHGUDQGH§WWRQGHSODWV 9¦[WKXVHW¸SSQDGHVLVHSWHPEHU 9¦[WKXVHWVNDYDUDHQQDWXUOLJP¸WHVSODWVI¸UIDPLOMHUIU§QKHODNRPPXQHQ9HUNVDPKHWHUQDVDP YHUNDURFKVHUVWRUDP¸MOLJKHWHUDWWNXQQDHUEMXGDVW¸GRFKVHUYLFHWLOODOODNRPPXQHQVLQY§QDUH 'HQVHSWHPEHU LQYLJGHV9¦[WKXVHW PHGEDQGNOLSSQLQJ DY-RKDQ'RXJOLHV RUGI¸UDQGHLDUEHWV OLYVRFKIULWLGV Q¦PQGHQRFK6RILD /LQGEORPRUGI¸ UDQGHLXWELOGQLQJV Q¦PQGHQ)¸UXWRP GHWEOHYGHWRFNV§ W§UWNDODVRFKHQ P¦QJGIHVWOLJDDNWL YLWHWHUI¸UVWRUDRFK VP§ )RWR0DOLQ.UHW]Sida 29 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     6WDELODVNROUHVXOWDWL.¦YOLQJHNRPPXQ $QGHOHQQLRQGHNODVVDUHVRP¦UEHK¸ULJDWLOOJ\PQDVLHWOLJJHUL§US§VDPPDK¸JDQLY§VRPLIMRO RFKI¸U§UVNXUVVH[¦UGHWJHQRPVQLWWOLJDPHULWY¦UGHWGHWE¦VWDS§P§QJD§U )RUWVDWWJRWWRPG¸PHI¸UKHPWM¦QVWHQRFKI¸UE¦WWULQJI¸UV¦UVNLOW ERHQGHL.¦YOLQJHNRPPXQ 5HVXOWDWHQIU§Q6RFLDOVW\UHOVHQVXQGHUV¸NQLQJ9DGW\FNHUGH¦OGUHRP¦OGUHRPVRUJHQ"I¸U YLVDUS§JRGDUHVXOWDWI¸U.¦YOLQJHNRPPXQ+HPWM¦QVWHQOLJJHUVWDELOWNYDUS§K¸JDQLY§HU¦YHQL §URFKV¦UVNLOWERHQGHRFKYLVDUS§HQSRVLWLY¸NQLQJRFKI¸UE¦WWUDGHUHVXOWDW )¸UV¦OMQLQJDYPDUNRFKIDVWLJKHWHU .RPPXQHQVILQDQVLHOODVW¦OOQLQJKDUVW¦UNWVS§JUXQGDYDWWI¸UV¦OMQLQJDUDYPDUNRFKIDVWLJKHWHU VNHWWXQGHU§UHW5HVXOWDWHWVDPPDQWDJHWKDUS§YHUNDWVSRVLWLYWPHGPQNU5HVXOWDWHQIU§QI¸U V¦OMQLQJDUQDKDURFKNRPPHUIUDP¸YHUDWWILQDQVLHUDXWE\JJQDGDYLQIUDVWUXNWXU     6W\UQLQJRFKXSSI¸OMQLQJDYGHQNRPPXQDODYHUNVDPKHWHQ 6§VW\UVNRPPXQHQ 6W\UPRGHOOHQIXQJHUDUVRPHWWYHUNW\JI¸UDWWXWYHFNODRFKI¸OMDXSSP§OHQVDPWNYDOLWHWHQLYHUN VDPKHWHQLHQOLJKHWPHGSROLWLVNDEHVOXW0RGHOOHQEHWRQDUYLNWHQDYHQW\GOLJULNWQLQJVDPWHQ IDVWVW¦OOGNXOWXURFKVWUXNWXU .¦YOLQJHNRPPXQOHGVXWLIU§QYLVLRQHQGHVMXNRP PXQ¸YHUJULSDQGHP§OHQVDPWGHQSROLWLVNDSODWW IRUPHQVRPIDVWVW¦OOWVI¸UPDQGDWSHULRGHQ .RPPXQHQVVW\UPRGHOO¦ULQGHODGLROLNDGHODUYLV LRQHQPHGVLQDIRNXVRPU§GHQNRPPXQ¸YHUJUL SDQGHP§OI¸UXWV¦WWQLQJDUY¦UGHULQJDULY§URUJDQL VDWLRQVNXOWXURFKNYDOLWHWVOHGQLQJ 6W\UPRGHOOHQ¦USROLWLNHQVYHUNW\JI¸UVW\UQLQJRFK OHGQLQJRFKV\IWDUWLOODWWV¦NHUVW¦OODRFKNODUJ¸UD SROLWLVNDSULRULWHULQJDUYLONHWVNDSDUHWW¸NDWIRNXV S§XWYHFNOLQJRFKSURJUHVVLRQ$PELWLRQHQ¦UHQ PRGHOOVRPI¸UHQNODSURFHVVHUQDRFKVNDSDHWW VW¸UUH¦JDQGHVNDSRFKLQNOXGHULQJEODQGQ¦PQ GHUQD (QYLVLRQRFKULNWQLQJPHGK¸JDDPELWLRQHU ΖYLVLRQHQKDUSROLWLNHUQDEHVNULYLWGHROLNDGHODUQDVRPLQJ§ULGHQO§QJVLNWLJDXWYHFNOLQJHQDY NRPPXQHQ.¦YOLQJHNRPPXQVQ\DYLVLRQȋ9LIRUPDUIUDPWLGHQȋEHVNULYHUHQIRUWVDWWVWDUNXW YHFNOLQJPHGK¸JDDPELWLRQHUΖ.¦YOLQJHNRPPXQILQQVHQVWDUNGULYNUDIWDWWJ¸UDYHUNOLJKHWDY GU¸PPDU7LOOVDPPDQVVNDSDUYLGHE¦VWDP¸MOLJKHWHUQDI¸UDOODP¦QQLVNRUDWWXWYHFNODVRFKQMXWD DYHQK¸JOLYVNYDOLWHW9L¦UHQNRPPXQG¦UDOODWULYVRFKN¦QQHUVLJY¦ONRPQD+¦UILQQVVP§ VWDGHQVWU\JJKHWRFKQDWXUVN¸QDRPJLYQLQJDUPHGQ¦UKHWWLOOVWRUVW¦GHUQDVXWEXG0HGQ\VNDS DQGHLG«HUO¦JJHUYLJUXQGHQWLOOHQK§OOEDUWU\JJRFKPHQLQJVIXOOWLOOYDURRFKYLVWU¦YDUHIWHUDWWLQ VSLUHUDDQGUDPHGY§UDLQLWLDWLYௗ 'HQO§QJVLNWLJDULNWQLQJHQW\GOLJJ¸UVRFNV§LGHI\UDIRNXVRPU§GHQDVRPWLOOVDPPDQVPHGYLV LRQHQXWJ¸UJUXQGHQI¸UGHNRPPXQ¸YHUJULSDQGHP§OHQ'HI\UDIRNXVRPU§GHQD¦U  0¸MOLJJ¸UDGHE¦VWDI¸UXWV¦WWQLQJDUQDI¸UEDUQRFKXQJD  6NDSDHQVPDUWDUHNRPPXQJHQRPVDPVNDSDQGHRFKLQQRYDWLYDO¸VQLQJDU  9¦OMDK§OOEDUDO¸VQLQJDUI¸UJRGWLOOY¦[WRFKE¦WWUHNOLPDW  *HQRPVDPYHUNDQVNDSDHQWU\JJDUHRFKV¦NUDUHNRPPXQ .RPPXQ¸YHUJULSDQGHP§O 'HVMXP§OHQKDUVLQXWJ§QJVSXQNWLXWYHFNOLQJVRPU§GHQVRPYLVLRQHQRFKGHI\UDIRNXVRPU§GHQD O\IWHUIUDP0§OHQ¦UW\GOLJDULNWP¦UNHQVDWWDDYSROLWLNHQI¸UXWYHFNOLQJHQDYNRPPXQHQVRPKHO KHWRFKEHVNULYHUYDGYHUNVDPKHWHUQDVNDXSSQ§ 0§OHQ¦UVSHFLILNDRFKDYJU¦QVDGHI¸UDWWW\GOLJJ¸UDGHSROLWLVNDSULRULWHULQJDUQDYLONHWJ¸UDWWYL NDQVDPODY§UDUHVXUVHURFKV¦NHUVW¦OODHWWVW¸UUHIRNXVS§XWYHFNOLQJRFKI¸UIO\WWQLQJPRWE¦WWUH UHVXOWDW 0§OHQ¦UNRPPXQ¸YHUJULSDQGHRFKDGUHVVHUDVLQWHQHUWLOOQ¦PQGHUQD1¦PQGHULNRPPXQHQDQ VYDUDUI¸UDWWGULYDHQHIIHNWLYRFKNYDOLWDWLYYHUNVDPKHWPHGXWJ§QJVSXQNWLVLWWJUXQGXSSGUDJ VRP¦UVDWWLUHJOHPHQWHQRFKODJVWLIWQLQJRFKLGHNRPPXQ¸YHUJULSDQGHP§OHQVULNWQLQJSida 31 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     .RPPXQGLUHNW¸UHQRFKI¸UYDOWQLQJVOHGQLQJVJUXSSHQKDUHWWJHPHQVDPWDQVYDUI¸UP§OHQ9DUMH P§OKDUHQXWVHGGDQVYDULJVRPGULYHUVDPDUEHWHWSODQHULQJHQRFKXSSI¸OMQLQJHQWLOOVDPPDQV PHGVLWWP§OWHDP 6W\UGRNXPHQW 'HQSROLWLVNDVW\UQLQJHQEHVW§UI¸UXWRPDYYLVLRQIRNXVRPU§GHQRFKP§ORFNV§DYVW\UGRNXPHQ WHQVRPO¦JJHUIDVWRFKI¸UW\GOLJDUKXUNRPPXQHQVYHUNVDPKHWHUVNDI¸UK§OODVLJWLOOROLNDIU§JRU 'HVVDVW\UGRNXPHQWNDQLQNOXGHUDDOOWIU§QNRPPXQDODI¸UIDWWQLQJVVDPOLQJDUWLOODOOP¦QQDORNDOD RUGQLQJVI¸UHVNULIWHU'HLQQHK§OOHURIWDE§GHP§ORFKKDQGOLQJVSODQHUI¸UYDGVRPVND§WJ¦UGDV 7UHYLNWLJDI¸UXWV¦WWQLQJDU )¸UDWWQ§YLVLRQHQGHXSSVDWWDP§OHQRFKVNDSDEUDUHVXOWDWI¸UNRPPXQLQY§QDUQDDUEHWDUYL PHGWUHYLNWLJDI¸UXWV¦WWQLQJDU x 6XQGDILQDQVHU x $WWUDNWLYDUEHWVJLYDUH x +§OOEDUKHW )¸UDWWQ§P§OHQP§VWHYLVHWLOODWWYLKDUHQJRGDQY¦QGQLQJDYUHVXUVHUQDRFKDUEHWDI¸UHQK¸J HIIHNWLYLWHWRFKNYDOLWHW.RPPXQHQVPHGDUEHWDUHRFKOHGDUH¦UGHQDOOUDYLNWLJDVWHUHVXUVHQ9L NDQEDUDO\FNDVJHQRPDWWDUEHWDWLOOVDPPDQV +§OOEDUXWYHFNOLQJ¦UHQDQQDQYLNWLJI¸UXWV¦WWQLQJRFKGHJOREDODP§OHQL$JHQGD¦ULQWHJUH UDGHRFKRGHOEDUDRFKEDODQVHUDUGHWUHGLPHQVLRQHUQDDYK§OOEDUXWYHFNOLQJGHQHNRQRPLVND GHQVRFLDODRFKGHQPLOM¸P¦VVLJD $PELWLRQVLQULNWQLQJI¸UY¦OI¦UGHQ $PELWLRQVLQULNWQLQJHQVO§UIDVWDWWY§UNRPPXQVNDIRNXVHUDS§N¦UQXSSGUDJHWVDPWDWW YHUNVDPKHWHUQDVNDK§OODHQK¸JNYDOLWHW $PELWLRQVLQULNWQLQJHQYLVDUY§UDUHVXOWDWLM¦PI¸UHOVHPHG¸YULJD6YHULJHLQQHE¦UDWW.¦Y OLQJHNRPPXQLY¦OI¦UGVXSSGUDJHWKDUULNWQLQJDWWWLOOK¸UDGHSURFHQWNRPPXQHUPHGK¸JVW NYDOLWHWVDPWSURFHQWPHVWNRVWQDGVHIIHNWLYD 1¦PQGHUQDVIRNXVS§NYDOLWHWVVW\UQLQJ 'HWILQQVIOHUV¦WWDWWVW\UDYHUNVDPKHWHU¦QPHGP§OVW\UQLQJ1¦PQGHUQDKDUVLWWVW¸UVWDIRNXVS§ VLWWXSSGUDJRFKNYDOLWHWVDUEHWHRFKIOHUDYHUNVDPKHWHUKLWWDUVLQIU¦PVWDVW\UQLQJK¦ULIU§QQ¦USR OLWLNHQQX¦UP\FNHWW\GOLJDUHRFKVSHWVLJDUHLVLQVW\UQLQJ .YDOLWHWVDUEHWHWOHGVIU¦PVWDYQ¦PQGHUQDRFKKDQGODURPDWWVW\UDYHUNVDPKHWHQV§DWWYLO\FNDV LQRPY§UWXSSGUDJ$PELWLRQVLQULNWQLQJHQJHURFNV§Q¦PQGHUQDHQW\GOLJ¸YHUJULSDQGHULNW QLQJLVLWWDUEHWH 9HUNVDPKHWVSODQHU 1¦PQGHURFKYHUNVDPKHWHUXWDUEHWDUYHUNVDPKHWVSODQHUVRPEHVNULYHUKXUQ¦PQGHQRFKYHUN VDPKHWHQVNDJHQRPI¸UDJUXQGXSSGUDJELGUDWLOOP§OHQI¸UYHUNOLJDVW\UGRNXPHQWRFKI¸UGHODUH VXUVHUVRPNRPPXQIXOOP¦NWLJHKDUWLOOGHODW )UDPJ§QJVIDNWRUHU ΖY§UWVWUDWHJLVNDI¸UE¦WWULQJVDUEHWHVDPODUYLRVVNULQJGHWUHYLNWLJDIUDPJ§QJVIDNWRUHUQDPHG ERUJDUHQPHGDUEHWDUHQRFKJ¸UDU¦WWVDNHUU¦WW0HGVW¸GDYQXO¦JHVNROOYHUNVDPKHWVSODQHURFK GLDORJI¸UDWWSODQHUDRFKI¸OMDXSSVNDSDUYLPRWLYDWLRQRFKULNWQLQJDYY§UWDUEHWHPHGNRPSDV VHQLQVW¦OOWS§YLVLRQHQRFKP§OHQSida 32 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     8WYHFNOLQJVDUEHWH .YDOLWHWVRFKXWYHFNOLQJVDUEHWHKDQGODURPVW¦QGLJDI¸UE¦WWULQJDULYHUNVDPKHWHQS§EUHGIURQW 'HWKDQGODURPGDJOLJDI¸UE¦WWULQJDUI¸UDWWK§OODHQJHQHUHOOWEUDNYDOLWHWVQLY§PHQRFNV§DWWELGUD WLOOGHQPHULQQRYDWLYDXWYHFNOLQJHQI¸UDWWP¸WDIUDPWLGHQVXWPDQLQJDUG¦UYLVNDSDUQ\WWVRP VNDSDUQ\WWD9§UDJHPHQVDPPDRFKPHVWLQQRYDWLYDXWYHFNOLQJVSURMHNWVDPODUYLLNRPPXQHQV XWYHFNOLQJVSRUWI¸OM ΖQWHUQNRQWUROO .RQWUROOXSSGUDJI¸UKDU§WHUUDSSRUWHUDWVWLOONRPPXQVW\UHOVHQLMDQXDULΖQWHUQNRQWUROO ¦UHQYLNWLJGHODYHNRQRPLRFKYHUNVDPKHWVVW\UQLQJHQRFKV\IWDUEODQGDQQDWWLOODWWV¦NHUVW¦OOD DWWGHDYNRPPXQIXOOP¦NWLJHIDVWVW¦OOGDP§OHQXSSI\OOV ΖQWHUQNRQWUROO¦UHWWDUEHWHVRPEHU¸UDOOSHUVRQDOLRUJDQLVDWLRQHQRFKKDQGODURP x DWWKDJUHSSRPE§GHHNRQRPLRFKYHUNVDPKHW x VW\UDPRWHIIHNWLYLWHW x KDRUGQLQJRFKUHGD x VNDSDWU\JJKHW (QHIIHNWLYLQWHUQNRQWUROOE\JJHUS§DWWHQULVNRFKY¦VHQWOLJKHWVDQDO\VJ¸UVRFKXWLIU§QGHQQDEH G¸PVRFKSULRULWHUDVNRQWUROOHUQDVRPIDWWQLQJRFKXWIRUPQLQJ 8W¸YHUEHVOXWDGHLQWHUQDNRQWUROORPU§GHQLQRPUHVSHNWLYHQ¦PQGKDUNRQWUROOHUNULQJLQWHUQRFK H[WHUQUHSUHVHQWDWLRQJHQRPI¸UWVO¸SDQGHI¸UDWWV¦NHUVW¦OODDWWGRNXPHQWDWLRQHQI¸OMHUEHVOXWDGH UXWLQHU (IIHNWLYLWHW (QK¸JHIIHNWLYLWHWLQRPNRPPXQDOYHUNVDPKHWLQQHE¦UDWWVNDSDVW¸UVWDP¸MOLJDY¦OI¦UGI¸ULQY§ QDUQDXWLIU§QWLOOJ¦QJOLJDUHVXUVHU'HPRJUDILVNDI¸U¦QGULQJDUEHJU¦QVDGHHNRQRPLVNDUDPDURFK Q\DI¸UY¦QWQLQJDUS§VHUYLFHVNDSDUEHKRYDYDWWXWYHFNODRUJDQLVDWLRQHQVVW\UQLQJRFKDUEHWVPH WRGHU (IIHNWLYLWHWGHILQLHUDVVRPVW¸UVWDP¸MOLJDY¦UGHWLOOO¦JVWDP¸MOLJDNRVWQDGG¦UI¸UVW§HOVHQI¸UVDP VSHOHWPHOODQUHVXUVHUYRO\PHURFKNYDOLWHW¦UDYJ¸UDQGHI¸UHIIHNWLYLVHULQJVDUEHWHW 8QGHU§UHWKDU.¦YOLQJHNRPPXQIRUWVDWWDWWXSSP¦UNVDPPDVI¸UVLWWHIIHNWLYDDUEHWHΖ'DJHQV 6DPK¦OOHVUDQNLQJ‡UHWVVXSHUNRPPXQSODFHUDUVLJ.¦YOLQJHS§§WWRQGHSODWVEDVHUDWS§ IDNWRUHUV§VRPHNRQRPLVNVWDELOLWHWY¦OI¦UGVWM¦QVWHURFKLQY§QDUQDVXSSOHYGDNYDOLWHW9LGDUH IUDPK§OOHUDQDO\VHUIU§Q6YHQVNW1¦ULQJVOLYNRPPXQHQVHIIHNWLYLWHWLQRPJUXQGVNROD¦OGUHRPVRUJ RFKELEOLRWHNG¦UHQWROIWHSODFHULQJ\WWHUOLJDUHEHNU¦IWDUGHWIUDPJ§QJVULNDDUEHWHWPHGUHVXUVRS WLPHULQJRFKNYDOLWHWVOHYHUDQV (IIHNWLYLWHWVLQGH[IU§Q5.$ 5§GHWI¸UNRPPXQDODDQDO\VHU XWJ¸U\WWHUOLJDUHXQGHUODJPHGGDWD NULQJNYDOLWHWRFKUHVXUVHUMXVWHUDGHI¸UVWUXNWXUHOODVNLOOQDGHU'HVHQDVWHUHVXOWDWHQI¸UYL VDUS§K¸JUHODWLYHIIHNWLYLWHWM¦PI¸UWPHGDQGUDNRPPXQHUV¦UVNLOWDYVHHQGHO§JDNRVWQDGHU)¸U VNRODQRFKHNRQRPLVNWELVW§QGXSSYLVDUP\FNHWK¸JDLQGH[Y¦UGHQG¦UHIIHNWLYLWHWVLQGH[HWLQRP HNRQRPLVNWELVW§QGWLOOK¸UGHIU¦PVWDWLRSURFHQWHQQDWLRQHOOWΖQGH[UHVXOWDWHQSHNDURFNV§S§ P¸MOLJDI¸UE¦WWULQJVRPU§GHQLQRPYLVVDNYDOLWHWVDVSHNWHUPRWEDNJUXQGDYNRPPXQHQVVSHFLILND I¸UXWV¦WWQLQJDU (IIHNWLYLWHWVLQGH[     )¸UVNROD     .RPPXQDOJUXQGVNROD     (NRQRPLVNWELVW§QG     /66ERHQGHRFKGDJOLJYHUNVDPKHW     †OGUHRPVRUJ         .¦YOLQJHNRPPXQDUEHWDUNRQWLQXHUOLJWRFKP§OPHGYHWHWI¸UDWWEHK§OODRFKYLGDUHXWYHFNODVLQSR VLWLRQVRPHQDYODQGHWVPHVWHIIHNWLYDNRPPXQHUYLONHWJ\QQDUV§Y¦OLQY§QDUHVRPGHQNRPPX QDODYHUNVDPKHWHQ *RGHNRQRPLVNKXVK§OOQLQJ .RPPXQDOODJHQNU¦YHUDWWNRPPXQHUIDVWVW¦OOHUP§ORFKULNWOLQMHUI¸UJRGHNRQRPLVNKXVK§OOQLQJ )¸UDWWEHG¸PDRP.¦YOLQJHNRPPXQXSSI\OOHUGHWWDXWY¦UGHUDVP§OXSSI\OOHOVHYHUNVDPKHWHUQDV NYDOLWHWRFKHNRQRPLVNVWDELOLWHW'HQQDXSSI¸OMQLQJXWJ¸U¦YHQXQGHUODJI¸UNRPPXQVW\UHOVHQV XSSVLNWVSOLNW .¦YOLQJHNRPPXQKDUHQIRUWVDWWVWDUNHNRQRPLYLONHW§UHWVUHVXOWDW§WHULJHQYLVDURFKOHYHUHUDU VDPWLGLJWY¦OI¦UGVWM¦QVWHUDYJRGNYDOLWHWWLOOHQNRVWQDGVQLY§VRPOLJJHUEHW\GOLJWXQGHUULNVJHQRP VQLWWHW.¦YOLQJHNRPPXQVILQDQVLHOODVW¦OOQLQJKDUVW¦UNWVXQGHU1HWWRNRVWQDGVDQGHOHQDY VNDWWHURFKELGUDJOLJJHUS§HQJRGQLY§SURFHQWRFKVROLGLWHWHQLQNOXVLYHDQVYDUVI¸UELQGHOVH VWLJHUWLOOSURFHQW7LOOVDPPDQVPHGHQO§JVNDWWHVDWVYLVDUGHWWDS§P\FNHWJRGILQDQVLHOOVWDELOL WHW 8QGHU§UHWKDUHWWRPIDWWDQGHDUEHWHS§J§WWI¸UDWWRPV¦WWDGHVMXNRPPXQ¸YHUJULSDQGHP§OHQL SUDNWLVNKDQGOLQJ0§QJDNRQNUHWDRFKS§J§HQGHDNWLYLWHWHUILQQVS§SODWVRFKKDUVNDSDWJRGDI¸U XWV¦WWQLQJDUI¸UGHSRVLWLYDI¸UIO\WWQLQJDUVRP§UHWVXSSI¸OMQLQJYLVDU .¦YOLQJHNRPPXQXSSYLVDUHQVWDELORFKSRVLWLYXWYHFNOLQJLQRPIOHUDFHQWUDODYHUNVDPKHWVRPU§ GHQ'HQSROLWLVNDDPELWLRQVLQULNWQLQJHQLQQHE¦UDWW.¦YOLQJHNRPPXQLQRPY¦OI¦UGVXSS GUDJHWKDULQULNWQLQJHQDWWWLOOK¸UDGHSURFHQWDYNRPPXQHUQDPHGK¸JVWNYDOLWHWVDPWGH SURFHQWPHVWNRVWQDGVHIIHNWLYD$WWWLOOK¸UDGHSURFHQWHQ¦UHQP\FNHWDPELWL¸VQLY§RFKLQX O¦JHW¦UGHWIU¦PVWNRVWQDGHUQDI¸UNRPPXQHQVYHUNVDPKHWHUVDPWIOHUWDOHWVNROUHVXOWDWVRPQ§U GHQQDQLY§ %DUQRFKXQJD .RPPXQHQXSSYLVDUVDPPDQWDJHWHQVWDUNXWYHFNOLQJLQRPRPU§GHWEDUQRFKXQJD6NROUHVXOWD WHQ¦UJRGDRFKIOHUDUHVXOWDWK¸UWLOOGHE¦VWDLODQGHW(OHYHUQDVP§OUHVXOWDWLGHROLND§UVNXUVHUQD OLJJHUVWDELOWS§HQP\FNHWK¸JQLY§RFKEHK¸ULJKHWHQWLOOJ\PQDVLHWV\UNHVSURJUDP¦UIRUWVDWWHQ DYGHK¸JVWDLODQGHW 'HOWDJDQGHWLNXOWXURFKIULWLGVDNWLYLWHWHU¦UY¦OHWDEOHUDW¦YHQRPYLVVDGHODUDYYHUNVDPKHWHQ V§VRPI¸UVNRODQVSHUVRQDOW¦WKHWRFKELEOLRWHNHQVDNWLYLWHWVXWEXGI¸UEDUQRFKXQJDYLVDUEHKRY DYIRUWVDWWDQDO\VRFKXWYHFNOLQJ+HOKHWVELOGHQ¦UGRFNSRVLWLYPHGJRGNYDOLWHWLVNRORFKIULWLGV YHUNVDPKHWHUQD 6W¸GRFKRPVRUJ 6W¸GRFKRPVRUJVYHUNVDPKHWHQXSSYLVDU¸YHUODJVWDELODUHVXOWDW†OGUHRPVRUJHQK§OOHUJRGNYD OLWHWPHGHQK¸JDQGHOXQGHUVN¸WHUVNRULV¦UVNLOGDERHQGHQRFKI¸UE¦WWUDGHUHVXOWDWLEUXNDUEH G¸PQLQJDUQD+HPWM¦QVWHQIRUWV¦WWHUDWWXWYHFNODVSRVLWLYWRFKOHYHUHUDULQVDWVHUDYK¸JNYDOLWHW ‡UHWV+HPWM¦QVWLQGH[VRP¦UHQVDPPDQY¦JQLQJDYIOHUDNYDOLWHWVLQGLNDWRUHUSODFHUDU.¦YOLQJH S§VM¦WWHSODWVLODQGHWYLONHW\WWHUOLJDUHEHNU¦IWDUGHWJRGDDUEHWHWLQRPYHUNVDPKHWHQ 9¦QWHWLGHUQDWLOOV¦UVNLOWERHQGHKDUGRFN¸NDWIU§QDWWWLGLJDUHKDYDULWNRUWDUH¦QULNVVQLWWHWWLOODWW QXOLJJDLQLY§PHGULNHWΖQRPLQGLYLGRFKIDPLOMHRPVRUJHQOLJJHUIOHUDNYDOLWHWVLQGLNDWRUHU¸YHUJH QRPVQLWWHWEODQGDQQDWDQGHOHQYX[QDVRPDYVOXWDUO§QJYDULJWHNRQRPLVNWELVW§QG6DPWLGLJWILQQV XWYHFNOLQJVRPU§GHQLQRPGHODUDY/66YHUNVDPKHWHQ SURFHQWDYGH¦OGUHPHGKHPWM¦QVWXSSOHYHUDWWSHUVRQDOHQEHP¸WHUGHPS§HWWEUDV¦WW 6DPK¦OOHRFKPLOM¸ ΖQRPVDPK¦OOHRFKPLOM¸YLVDU.¦YOLQJHNRPPXQHQVWDELOXWYHFNOLQJPHGJRGDUHVXOWDWLQRPIOHUD RPU§GHQΖQY§QDUQDVXSSIDWWQLQJRPNRPPXQHQVRPHQEUDSODWVDWWOHYDS§¦UIRUWVDWWK¸JRFKSida 34 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     DUEHWVPDUNQDGVLQVDWVHUQDYLVDUJRGHIIHNWJHQRPDWWP§QJDGHOWDJDUHJ§UYLGDUHWLOODUEHWHHOOHU VWXGLHU .RPPXQHQV§WHUYLQQLQJDYKXVK§OOVDYIDOOEOLUDOOWE¦WWUHRFKPDMRULWHWHQDYNRPPXQHQVIRUGRQ¦U QXIRVVLOIULD 8WPDQLQJDUQDILQQVIU¦PVWLQRPEHP¸WDQGHYLGNRQWDNWPHGNRPPXQHQG¦UUHVXOWDWHQYLVDUHQ VYDJDUHXWYHFNOLQJ¦QWLGLJDUH§U†YHQXSSOHYHOVHQDYXQGHUK§OODYXWRPKXVPLOM¸HUVDPWNXOWXU RFKELEOLRWHNVXWEXGHWOLJJHUS§QLY§HUVRPLQQHE¦UEHKRYDYIRUWVDWWDLQVDWVHUI¸UDWWP¸MOLJJ¸UD SRVLWLYDI¸UIO\WWQLQJDU .RPPXQ¸YHUJULSDQGHP§O 'HNRPPXQ¸YHUJULSDQGHP§OHQXWJ§UIU§Q.¦YOLQJHNRPPXQVYLVLRQRFKIRNXVRPU§GHQRFKVND VW\UDNRPPXQHQVO§QJVLNWLJDXWYHFNOLQJ‡UDQWRJNRPPXQIXOOP¦NWLJHVMXQ\DP§OVRPY¦J OHGHUYHUNVDPKHWHUQDVDUEHWHRFKNRPPXQHQVW§UIDVWYLGVLQDPELWLRQDWWYDUDHQDYGHE¦VWDL ODQGHWI¸UDWWP¸WDIUDPWLGHQVXWPDQLQJDU 8QGHU§UHWKDUHWWRPIDWWDQGHDUEHWHS§J§WWI¸UDWWRPV¦WWDP§OHQLSUDNWLVNKDQGOLQJRFKP§QJD NRQNUHWDS§J§HQGHDNWLYLWHWHU¦US§SODWVVRPVNDSDUJRGDI¸UXWV¦WWQLQJDUI¸USRVLWLYDI¸UIO\WW QLQJDUPRWP§OHQ9LVHUIOHUDSRVLWLYDWHQGHQVHUEODQGDQQDW¸NDGJ\PQDVLHEHK¸ULJKHW¸NDG WU\JJKHWVW¦UNWI¸UHWDJVGLDORJVRPJHUUHVXOWDWI¸UE¦WWUDGGLJLWDOPRJQDGRFKO\FNDGEHPDQQLQJ LQRPRPVRUJ $YGHVMXNRPPXQ¸YHUJULSDQGHP§OHQEHG¸PVHWWP§OYDUDXSSI\OOWHWWP§O¦ULQWHXSSI\OOWRFK IHPP§OYDUDS§Y¦JDWWXSSQ§V6DPPDQWDJHWYLVDUXSSI¸OMQLQJHQDWWNRPPXQHQU¸UVLJLU¦WWULNW QLQJLQRPVDPWOLJDP§ORPU§GHQPHGIOHUDSRVLWLYDUHVXOWDWXQGHU§UHWVDPWLGLJWVRPIRUWVDWWIR NXVNU¦YVI¸UDWWP¸WDNYDUVW§HQGHRFKO§QJVLNWLJDRFKP§QJDJ§QJHUNRPSOH[DXWPDQLQJDU *HQRPV\VWHPDWLVNWNYDOLWHWVDUEHWHRFKUHJHOEXQGHQXSSI¸OMQLQJV¦NHUVW¦OOHUNRPPXQHQ VXQGDILQDQVHUHIIHNWLYYHUNVDPKHWVDPWDWWODJVWLIWQLQJRFKVW\UGRNXPHQWI¸OMV'HQVDP PDQWDJQDEHG¸PQLQJHQYLVDUDWW.¦YOLQJHNRPPXQXSSI\OOHUNULWHULHUQDI¸UJRGHNRQR PLVNKXVK§OOQLQJI¸U8SSI¸OMQLQJHQXWJ¸U¦YHQXQGHUODJI¸UNRPPXQVW\UHOVHQVXSS VLNWVSOLNWRFKLQJDRPVW¦QGLJKHWHUKDUIUDPNRPPLWVRPI¸UDQOHGHU\WWHUOLJDUH§WJ¦UGHU XW¸YHUGHWVRPUHGDQRPK¦QGHUWDVLQRPQ¦PQGHURFKVHNWRUHUSida 35 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     蚘蚓蚔蚕蚖蚗0‡/.¦YOLQJHNRPPXQ¦UHQDWWUDNWLYSODWVDWWERRFKOHYDL (IIHNW.¦YOLQJHNRPPXQKDUHQ§UOLJWLOOY¦[WDYDQWDOLQY§QDUH3ODQHUDGHRPU§ GHQEHE\JJV .¦YOLQJHNRPPXQIRUWV¦WWHUXSSIDWWDVVRPHQP\FNHWJRGSODWVDWWOHYDRFKERL'HW¦UV¦UVNLOW JO¦GMDQGHDWWLQY§QDUQDVYLOMDDWWUHNRPPHQGHUDNRPPXQHQVRPERVWDGVRUWKDUVW¦UNWV6DPWLGLJW NRQVWDWHUDVDWWEHIRONQLQJVWLOOY¦[WHQYDULWVYDJDUH¦USURJQRVWLVHUDWXQGHU§UHWIU¦PVWWLOOI¸OMGDY GHQQDWLRQHOODO§JNRQMXQNWXUHQRFKLQEURPVDGHE\JJLQYHVWHULQJDU6HWWE§GHHWWUHJLRQDOWRFKQDW LRQHOOWSHUVSHNWLYKDU.¦YOLQJHVWLOOY¦[WYDULWVWDUNDUH0§OHWEHG¸PVVRPS§Y¦JDWWXSSQ§VXWLIU§Q UHVXOWDWRFKIOHUDYLNWLJDLQVDWVHUVRPVNDSDUJRGDIUDPWLGVXWVLNWHU 8QGHU§UHWKDUNRPPXQHQDUEHWDWVWUDWHJLVNWPHGDWWP¸MOLJJ¸UDIRUWVDWWXWYHFNOLQJRFKQ\E\JJ QDWLRQ%\JJVWDUWHUKDUVNHWWLEODQGDQQDW$OPHOXQGG¦U¦YHQWRPWHUVO¦SSWVWLOON¸RFK3HDEKDU I¸UY¦UYDWPDUNLGHQY¦VWUDGHOHQΖ%DUVHE¦FNVE\KDULQIUDVWUXNWXUHQI¦UGLJVW¦OOWVYLONHWP¸MOLJ JMRUWE\JJVWDUW'HWDOMSODQHUQDI¸U/¸GGH˜VWHU.YDUWHUHW/LQGHQRFK7DOOJ§UGHQKDUYXQQLWODJD NUDIWRFKL6¸GUD6WDWLRQVVWDGHQKDUPDUNDQYLVQLQJVDYWDOWHFNQDWV (WWRPIDWWDQGHSODWVYDUXP¦UNHVDUEHWHKDURFNV§JHQRPI¸UWVXQGHU§UHWXQGHUSDUROOHQȋ6N§QHV JRGDJUDQQHȋ$UEHWHWKDUJHWWHQVDPODGRFKQ\DQVHUDGELOGDYNRPPXQHQVVW\UNRUXWPDQLQJDU RFKXWYHFNOLQJVSRWHQWLDO'HLQOHGDQGHVWHJHQLSURFHVVHQ¦UQXDYVOXWDGHRFKHQYLVXHOOYHUNW\JV O§GDVDPWLPSOHPHQWHULQJVSODQSODQHUDVLQ¦VWDVWHJ (QOLJWPHGERUJDUXQGHUV¸NQLQJHQ¦UWULYVHOQ¦UIRUWVDWWK¸JEODQGLQY§QDUQD.RPPXQHQKDU¦YHQ VW¦UNWVLQDWWUDNWLYLWHWJHQRPHWWVWUDWHJLVNWRFKLQNOXGHUDQGHSODWVYDUXP¦UNHVDUEHWH6DPWLGLJW¦U ERVWDGVE\JJDQGHWIRUWVDWW§WHUK§OOVDPWYLONHWS§YHUNDULQIO\WWQLQJHQΖQWUHVVHWIU§QE\JJDNW¸UHU NYDUVW§UYLONHWWLOOVDPPDQVPHGHQW\GOLJP§OELOGRFKHQJHPHQVDPEHU¦WWHOVHJHUI¸UXWV¦WWQLQJDU I¸UO§QJVLNWLJXWYHFNOLQJRFK¸NDGDWWUDNWLYLWHW 1\DELOGHUVRP§WHUVSHJODUGHQQ\DSODWVEH U¦WWHOVHQRFK6N§QHVJRGDJUDQQHKDUN¸SWV LQ'HWWD¦UHWWH[HPSHOSida 36 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     蚘蚓蚔蚕蚖蚗0‡/0HGERUJDUQDXSSOHYHUWU\JJDY¦OVN¸WWDRFKWLOOJ¦QJ OLJDRIIHQWOLJDPLOM¸HU (IIHNW'HQXSSOHYGDVDPWIDNWLVNDWU\JJKHWHQRFKWLOOJ¦QJOLJKHWHQ¸NDULGHW RIIHQWOLJDUXPPHW 6HGDQI¸UHJ§HQGHP§OXSSI¸OMQLQJKDUHQVWDELONXQVNDSVJUXQGLQU¦WWDWVRFKLQGLNDWRUHUI¸UP§OHW KDUIDVWVW¦OOWV9§UDLQGLNDWRUHUYLVDUDWWPHGERUJDUHXSSOHYHUPHUWU\JJKHW¦QWLGLJDUH'HWWD P\FNHWWDFNYDUHSROLVHQVDNWLYDDUEHWHRFKGHWO\FNDGHVDPDUEHWHWPHGGHPΖRPU§GHWRP¸NDG WLOOJ¦QJOLJKHWNRPPHUSODQHUDGI¸UIO\WWQLQJVNHXQGHUNRPPDQGH§UYDUI¸UP§OHWEHG¸PVYDUDS§ Y¦JDWWXSSQ§V 8QGHUSHULRGHQKDUYLDUEHWDWV\VWHPDWLVNWPHGDWWVW¦UNDNXQVNDSHQRPRUVDNHUQDWLOORWU\JJKHWL NRPPXQHQ0DOP¸XQLYHUVLWHWVRPU§GHVDQDO\VDY.RUVEDFNDKDUJHWWHQYLNWLJELOGDYYDURWU\JJ KHWHQNRQFHQWUHUDVRFKYLONDIDNWRUHUVRPS§YHUNDUGHQ8WLIU§QDQDO\VHQKDUYLHQP§OV¦WWQLQJ RPIRUWVDWWVDPYHUNDQG¦UIRNXVOLJJHUS§RUGQLQJVN¸WVHORFKJHPHQVDPWDQVYDUVWDJDQGHLGHQ I\VLVNDPLOM¸Q )¸UDWWEUHGGDNXQVNDSVXQGHUODJHWKDUYLEHVW¦OOW\WWHUOLJDUHRPU§GHVDQDO\VHUI¸U5RWHULQJHQRFK 7U¦GJ§UGVJDWDQVRPKDUOLNQDQGHI¸UXWV¦WWQLQJDURFKG¦UGHWEHK¸YVPHUXQGHUODJI¸UDWWS§E¸UMD VDPDUEHWHWPHGIDVWLJKHWV¦JDUHLRPU§GHW 9LKDURFNV§I§WWEXGJHWI¸UWLOOJ¦QJOLJKHWV§WJ¦UGHUVDPWI¸UEHO\VQLQJVXQGHUK§OOEHO¦JJQLQJVDU EHWHRFKDQGUDLQVDWVHUNRSSODGHWLOOUHQWVQ\JJWRFKWU\JJW3ODQHULQJHQLQI¸UWLOOJ¦QJOLJKHWV§WJ¦U GHUS§OHNSODWVHUKDURFNV§LQOHWWVRFKSUHVHQWHUDVLGHFHPEHU 3HULRGHQKDUJHWWRVVVYDULY§UDLQGLNDWRUHUIU§QSROLVHQVWU\JJKHWVP¦WQLQJI¸UORNDOSROLVRPU§GH .¦YOLQJH+¦UNDQYLVHIUDPVWHJLSUREOHPLQGH[RFKV¦UVNLOWL.¦YOLQJH˜VWHUG¦USUREOHPLQGH[ PLQVNDWWLOOM¦PI¸UWPHG§U'HWWDI¸OMHULVWRUWWUHQGHQI¸UWLGLJDUH§UG¦UYLVHUDWW WU\JJKHWHQLVWRUW¸NDWVHGDQ'HWQ\DDUEHWVV¦WWVRPJ¸UVWLOOVDPPDQVPHGIDVWLJKHWV¦JDUH EHILQQHUVLJLHWWWLGLJWVNHGHEHK¸YHUI¸OMDV¸YHUWLGLQQDQGHNDQY¦UGHUDV†YHQGHQXSSOHYGD WU\JJKHWHQVRPP¦WVLPHGERUJDUXQGHUV¸NQLQJHQYLVDUS§HQ¸NDGWU\JJKHWLQRPIOHUDRPU§GHQ 8QGHUY§UHQNRPPHUI\UDOHNSODWVHULNRPPXQHQDWWWLOOJ¦QJOLJKHWVDQSDVVDV(QWLOOJ¦QJOLJOHNSODWVVNDIXQJHUD I¸UV§Y¦OIXQNWLRQVYDULHUDGHYX[QDPHGOHNVXJQDEDUQVRPI¸UEDUQPHGROLNDW\SHUDYIXQNWLRQVYDULDWLRQHUSida 37 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     蚘蚓蚔蚕蚖蚗0‡/.¦YOLQJHNRPPXQKDUHWWJRWWRFKIUDP§WVWU¦YDQGHI¸UH WDJVNOLPDW0§OELOG¦UWRSSL6N§QH (IIHNW1¸MGDI¸UHWDJDUHVNDSDUHQDWWUDNWLYNRPPXQVRPLQQHE¦UDWWIOHUYLOO VWDUWDI¸UHWDJRFKIRUWVDWWYHUNDLNRPPXQHQ 0§OHW¦US§Y¦JDWWXSSQ§VRFKXWYHFNOLQJHQ¦UW\GOLJWSRVLWLY(IWHUIOHUD§UVQHGJ§QJKDUNRPPX QHQNO¦WWUDWIU§QSODWVWLOOSODWVL6YHQVNW1¦ULQJVOLYVUDQNLQJI¸U6N§QH'HWLQQHE¦UDWWP§OHW RPHQSODWVEODQGGHIHPIU¦PVWDQ¦UPDUVLJRFKDWWULNWQLQJHQ¦UU¦WW 'HWWD¦UJMRUW 6¦UVNLOWIRNXVKDUODJWVS§VDPRUGQLQJRFKVDPPDQVODJQLQJDYI¸UHWDJDUI¸UHQLQJDUI¸UDWWEOLHQ HQGDI¸UHQLQJYLONHWJHUW\GOLJDUHNRQWDNWY¦JRFKE¦WWUHI¸UXWV¦WWQLQJDUI¸UGLDORJPHGNRPPX QHQVI¸UHWDJ8)PDWHULDO¦UQXLPSOHPHQWHUDWLGHIOHVWDVNRORURFK§WHUNRPPDQGHEHV¸NRPDU EHWVPDUNQDGVNXQVNDSVNHULDOODIHPWHRFK§WWRQGHNODVVHULNRPPXQHQVDPW/¦UFHQWUXP-REE RFKXWELOGQLQJVP¦VVDQHWDEOHUDVVRPHQ§WHUNRPPDQGHYHUNVDPKHW0§OWHDPHWKDU¦YHQDQSDVV VDW§WJ¦UGHUI¸UDWWIRNXVHUDS§GHPHVWYHUNQLQJVIXOODLQVDWVHUQDLQI¸U 'HWVHQDVWH§UHWVI¸UE¦WWULQJDUYLVDUDWWGHWO§QJVLNWLJDDUEHWHWJHUUHVXOWDW9LKDUJHQRPI¸UWHQ W\GOLJI¸UIO\WWQLQJLUDQNLQJHQRFKLGHHQVNLOGDLQGLNDWRUHUQD6WRUWVHWWVWLJHUVDPWOLJDLQGLNDWRUHU RFKLP§QJDIDOOKDUYLEUXWLWHQIOHU§ULJQHG§WJ§HQGHWUHQG1¦VWDVWHJEOLUDWWI¸UGMXSDUHODWLRQHQ PHOODQQ¦ULQJVOLYRFKNRPPXQV¦UVNLOWLQRPRPU§GHQVRPWLOOVW§QGWLOOV\QRFKVHUYLFH*HQRP GHWWDNDQNRPPXQHQWD\WWHUOLJDUHNOLYPRWP§OHWDWWWLOOK¸UDWRSSL6N§QH (QDY§UHWVY¦OEHV¸NWDQ¦ULQJVOLYVOXQFKHUGHQK¦US§/DFNDO¦QJDJ§UGGHQDSULOG§1LFODV&DUOQ«QEHU¦WWDGHRPKXU0DOP¸)) KDUXWYHFNODWVVRPI¸UHQLQJRUJDQLVDWLRQRFKVDPK¦OOVDNW¸U     蚘蚓蚔蚕蚖蚗0‡/˜NDGDQGHOHOHYHUL§UVNXUVXSSQ§UJ\PQDVLHEHK¸ULJ KHW0§OELOG¦U (IIHNW$OODHOHYHUXWYHFNODVI¸UDWWQ§VLQIXOODSRWHQWLDOI¸UDWWNRPPDYLGDUHLQ LIRUWVDWWXWELOGQLQJRFKHQIUDPWLGVRPVM¦OYI¸UV¸UMDQGH 0§OXSSI\OOHOVH $QGHOHQHOHYHUVRPXSSQ§UJ\PQDVLHEHK¸ULJKHWKDU¸NDWYLONHWEU\WHUHQWLGLJDUHQHJDWLYWUHQG SURFHQWDYHOHYHUQDLKHPNRPPXQSHUVSHNWLYHW¦UQXEHK¸ULJDRFKSURFHQWLNRPPXQHQV HJQDVNRORU'HWPDUNHUDUHQYLNWLJY¦QGSXQNWPHQP§OHWRPSURFHQW¦U¦QQXLQWHQ§WWRFK P§OHWEHG¸PVG¦UI¸UVRPS§Y¦JDWWXSSQ§V 'HWKDUYLJMRUW .YDOLWHWVDUEHWHWKDUXWYHFNODWVWLOODWWYDUDPHUNRQWLQXHUOLJWLQGLYLGDQSDVVDWRFKIRNXVHUDWS§ ¸NDGUHVXOWDWDQDO\VNRSSODGWLOOLQVDWVHUQDYLONHWKDUVNDSDWJRGDI¸UXWV¦WWQLQJDUI¸UK¸JUH P§OXSSI\OOHOVH$UEHWVV¦WWHWKDURPIDWWDWVDPWOLJDQDWLRQHOODP§OLI¸UVNRODRFKVNRODLQWHHQEDUW GHVRPEHU¸UH[HPSHOYLVJ\PQDVLHEHK¸ULJKHWRFKNXQVNDSVP§WW'HWWDKDUP¸MOLJJMRUWLGHQWLILH ULQJDYI¸UE¦WWULQJVRPU§GHQV§VRPKDQWHULQJHQDY¸YHUJ§QJDUPHOODQI¸UVNRORUVNRORURFKVWD GLHU$QDO\VHQKDU¦YHQYLVDWDWWHOHYHUVJ\PQDVLHEHK¸ULJKHWS§YHUNDVDYIU§QYDURV¦UVNLOWEODQG HOHYHUPHGRPIDWWDQGHIU§QYDUR(IWHUDWWKDXWY¦UGHUDWROLNDPHWRGHUKDUHQV¦UVNLOGXQGHUYLV QLQJVJUXSSLQU¦WWDWVI¸UDWWIU¦PMD§WHUJ§QJWLOORUGLQDULHVWXGLHUI¸UIOHUHOHYHU8QGHU§UHWKDU GHVVXWRPVDPDUEHWHWPHOODQVNRODRFKHOHYK¦OVDLQLWLHUDWVHOOHUYLGDUHXWYHFNODWVYLONHWI¸UY¦QWDV JHSRVLWLYDHIIHNWHUS§V§Y¦OHOHYHUVY¦OP§HQGHVRPGHUDVP§OXSSI\OOHOVHRFKNXQVNDSVUHVXOWDW 9LGDUHYLVDUDQDO\VDUEHWHWDWWGHWLQGLYLGEDVHUDGHDUEHWVV¦WWHWKDUELGUDJLWWLOODWWIOHUHOHYHUPHG VWXGLHVY§ULJKHWHUXSSQ§WWJRGN¦QGDUHVXOWDW 'HVHQDVWHUHVXOWDWHQLQGLNHUDUHQI¸U¦QGULQJLXWYHFNOLQJHQΖNRPPXQDODVNRORUI¸U§UVNXUVȂ KDUGHQWLGLJDUHQHJDWLYDWUHQGHQDYJ\PQDVLHEHK¸ULJKHWXSSK¸UW6DPWLGLJWQRWHUDVHQPLQGUH PLQVNQLQJDYGHWJHQRPVQLWWOLJDPHULWY¦UGHWL§UVNXUVM¦PI¸UWPHGI¸UHJ§HQGH§U%HW\JHQL§UV NXUVYLVDUG¦UHPRWHQIRUWVDWWSRVLWLYXWYHFNOLQJPHGK¸JUHUHVXOWDWS§Q¦VWDQVDPWOLJDLQGLNDWR UHULQNOXVLYHUHNRUGK¸JDJHQRPVQLWWOLJDPHULWY¦UGHQRFKHQVW¸UUHDQGHOHOHYHUPHGJRGN¦QGD EHW\JLVDPWOLJD¦PQHQ )¸UE¦WWULQJDUREVHUYHUDV¦YHQLI¸UVNROHNODVVHQG¦UNDUWO¦JJQLQJHQXSSYLVDUE¦WWUHUHVXOWDW¦QXQ GHUWLGLJDUHO¦V§U'HVVDUHVXOWDWW\GHUS§DWWGHLQVDWVHUVRPJHQRPI¸UVLGHO¦JUHVNRO§UHQE¸UMDU JHO§QJVLNWLJDHIIHNWHU %LOGIU§Q0DVNRW%LOGE\U§$%     蚘蚓蚔蚕蚖蚗0‡/)¦UUHEDUQRFKXQJDXSSYLVDUHWWULVNEHWHHQGHHOOHUOLGHU DYSV\NLVNRK¦OVD (IIHNW%DUQRFKXQJDKDUWU\JJDXSSY¦[WYLOONRUHQPHQLQJVIXOOIULWLGRFKHQ IXOOJMRUGVNROJ§QJ0LQVNDWGURJPLVVEUXNRFKXWDQI¸UVNDS 0§OHWKDU¦QQXLQWHXSSQ§WWVPHQDUEHWHWXQGHUKDUOHWWWLOOSRVLWLYDIUDPVWHJLQRPNRPPX QHQVWY¦UVHNWRULHOODLQVDWVHUI¸UEDUQRFKXQJDVRPXSSYLVDUULVNEHWHHQGHQVDPWXSSOHYHUSV\NLVN RK¦OVD*HQRPJHQRPI¸UGDDNWLYLWHWHUKDUGHQJHPHQVDPPDNXQVNDSHQRFKI¸UVW§HOVHQDYQXO¦ JHWVW¦UNWVYLONHWEHG¸PVYDUDHQYLNWLJI¸UXWV¦WWQLQJI¸UIUDPWLGDP§OXSSI\OOHOVH8QGHU NRPPHUNRPPXQHQDWWIRUWV¦WWDXWYHFNODGHVVDI¸UXWV¦WWQLQJDUPHGV¦UVNLOWIRNXVS§LQVDWVHUULN WDGHWLOOJUXSSHUDYEDUQRFKXQJDPHGIOHUDLGHQWLILHUDGHULVNIDNWRUHU (QVDPRUGQLQJVIXQNWLRQI¸UVRFLDOK§OOEDUKHWKDUHWDEOHUDWVYLONHWKDUI¸UVW¦UNWVDPDUEHWHWPHOODQ I¸UVNRODVNRODVRFLDOWM¦QVWRFKIULWLGVYHUNVDPKHW8WELOGQLQJVLQVDWVHUKDUJHQRPI¸UWVRFKULNWDGH §WJ¦UGHUKDUYLGWDJLWVI¸UEDUQLKXVK§OOPHGHNRQRPLVNWELVW§QGVDPWLRPU§GHQPHGVRFLRHNRQR PLVNDXWPDQLQJDU9¦[WKXVHWKDU¸SSQDWVVRPP¸WHVSODWVRFKHWWDYWDOJ¦OODQGHHQQ\)DPLOMHFHQ WUDOKDULQJ§WWV )¸UDWWXSSQ§P§OHWNU¦YVDWWDPELWLRQHURFKVWUXNWXUHU¦UY¦OI¸UDQNUDGHLQRPNRPPXQHQRFK ELGUDUWLOOHIIHNWLYLQWHUQRFKH[WHUQVDPYHUNDQ6HGDQMXOLOHGHURFKNRRUGLQHUDUHQQ\NRP PXQDOIXQNWLRQGHWVHNWRUV¸YHUJULSDQGHDUEHWHWPHGVRFLDOK§OOEDUKHW 8QGHUK¸VWHQKDUUHSUHVHQWDQWHUIU§QI¸UVNRODVNRODIULWLGRFKVRFLDOWM¦QVWVDPODWVI¸UNXQVNDSV K¸MDQGHDNWLYLWHWHURFKGLDORJEDVHUDWS§UHVXOWDWHQIU§QIRONK¦OVRHQN¦WHQRPEDUQRFKXQJDL NRPPXQHQ5HVXOWDWHWXWJ¸UHWWXQGHUODJI¸UXWYHFNOLQJDYIUDPWLGDLQVDWVHU)RNXVOLJJHUS§JH PHQVDPPDULVNRFKVN\GGVIDNWRUHUI¸UIOHUDSUREOHPRPU§GHQRFKGLJLWDOXWELOGQLQJNULQJXQJD PHGQRUPEU\WDQGHEHWHHQGHKDULQI¸UVNDIIDWVI¸UROLNDYHUNVDPKHWHU9LGDUHKDUWHDPWLOOVDWWVI¸U DWWXWDUEHWDVWUDWHJLHUI¸UY§OGVSUHYHQWLRQXQGHU8QGHUK¸VWHQLQYLJGHVP¸WHVSODWVHQ9¦[W KXVHWRFKDYWDOWHFNQDGHVI¸U)DPLOMHFHQWUDO&HQWHUV\GYLONHWWLOOVDPPDQVI¸UY¦QWDVVNDSD¸NDGH P¸MOLJKHWHUDWWP¸WDLQY§QDUQDVEHKRYVDPWIU¦PMDP§OXSSI\OOHOVH %DUQRFKXQJDPHGIOHUDULVNIDNWRUHU§WHUILQQVH[HPSHOYLVLKXVK§OOPHGHNRQRPLVNWELVW§QGHOOHUL JHRJUDILVNDRPU§GHQPHGVRFLRHNRQRPLVNDXWPDQLQJDU8QGHUKDUV¦UVNLOGDLQVDWVHUULNWDWV PRWEDUQLKXVK§OOPHGHNRQRPLVNWELVW§QGRFKEDUQRFKXQJDERHQGHS§.RUVEDFND'HWWDDUEHWH IRUWV¦WWHUXQGHUPHGIRNXVS§DWWVW¦UNDVN\GGVIDNWRUHUI¸UGHVVDJUXSSHURFKGHUDVIDPLOMHU 'HJHQRPI¸UGDDNWLYLWHWHUQDKDUUHVXOWHUDWL¸NDGVDPYHUNDQNULQJP§OJUXSSHQG¦UNRPPXQHQV ROLNDYHUNVDPKHWHUDUEHWDUPRWJHPHQVDPPDP§OV¦WWQLQJDU†YHQH[WHUQDVDPDUEHWVSDUWQHUV KDUYDULWLQYROYHUDGHYLONHWEHG¸PVVRPHQSRVL WLYIDNWRU7URWVGHVVDLQVDWVHUNYDUVW§UXWPD QLQJHQDWWDQWDOHWEDUQRFKXQJDPHGULVNEHWHHQ GHQRFKSV\NLVNRK¦OVDLQWHPLQVNDUYLONHWLQGLNH UDUEHKRYHWDYDWWNRPSOHWWHUDGHWVWUXNWXUHOOD DUEHWHWPHGULNWDGH§WJ¦UGHUI¸UVSHFLILNDJUXS SHUDYEDUQ'HWWDJ¦OOHUE§GHGHWWY¦UVHNWRULHOOD VDPDUEHWHWRFKYHUNVDPKHWHUQDVJUXQGXSSGUDJ %LOGIU§Q0DVNRW%LOGE\U§$%Sida 40 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     蚘蚓蚔蚕蚖蚗0‡/˜NDDWWUDNWLYLWHWHQLQRPRPVRUJV\UNHWV§DWWDQWDOV¸ NDQGHWLOOOHGLJDWM¦QVWHUPRWVYDUDUEHKRYHW (IIHNW9LO¸VHURPVRUJVXSSGUDJHWRFKORFNDUNRPSHWHQWSHUVRQDO¦YHQQ¦UEH KRYHW¸NDU 8QGHU¦UP§OHWXSSQ§WWG§NRPPXQHQIUDPJ§QJVULNWKDUUHNU\WHUDWWLOOU¦FNOLJWP§QJDPHGDU EHWDUHI¸UDWWV¦NHUVW¦OODEHPDQQLQJHQLQRPRPVRUJHQXQGHU§UHW'HWWDLQGLNHUDUDWWGHJHQRP I¸UGDUHNU\WHULQJVLQVDWVHUQDKDUKDIW¸QVNDGHIIHNW 'HW¦UHPHOOHUWLGW\GOLJWDWWEHKRYHWDYSHUVRQDOLQRPY§UGRFKRPVRUJNRPPHUDWW¸NDEHW\GOLJW IUDP¸YHU$YGHQQDDQOHGQLQJIRUWV¦WWHUGHWO§QJVLNWLJDDUEHWHWPHGDWWVW¦UND\UNHWVDWWUDNWLYLWHW RFKWU\JJDNRPSHWHQVI¸UV¸UMQLQJHQ¸YHUWLG(WWFHQWUDOWXWYHFNOLQJVRPU§GH¦UIUDPWDJDQGHWDYHQ DNWXHOORFKK§OOEDUNRPSHWHQVI¸UV¸UMQLQJVSODQYDUVXWDUEHWDQGHKDULQOHWWVXQGHURFKSODQH UDVYDUDI¦UGLJVW¦OOGXQGHU 8QGHUKDUV¦UVNLOGYLNWODJWVYLGDWWV\QOLJJ¸UDRPVRUJV\UNHWVDPW¸NDLQWUHVVHWI¸U\UNHVRP U§GHWKRVSRWHQWLHOODIUDPWLGDPHGDUEHWDUH3DUDOOHOOWKDULQVDWVHUJHQRPI¸UWVI¸UDWWVW¦UNDDU EHWVJLYDUYDUXP¦UNHWJHQWHPRWEHILQWOLJSHUVRQDOLV\IWHDWWIU¦PMDVWROWKHWRFKHQJDJHPDQJ 6DPDUEHWHWPHOODQNRPPXQHQVYHUNVDPKHWHUDPEDVVDG¸UHU%HPDQQLQJVHQKHWHQRFKNRPPX QLNDWLRQVDYGHOQLQJHQKDUI¸UGMXSDWVI¸UDWWHIIHNWLYWO\IWDIUDPRPVRUJV\UNHW'HQULNWDGHNRPPX QLNDWLRQHQKDUKXYXGVDNOLJHQEHVW§WWDYILOPSURGXNWLRQHURFKLQO¦JJS§VRFLDODPHGLHUVRPV\IWDU WLOODWWJHHQ¦UOLJRFKLQVSLUHUDQGHELOGDYDUEHWHWLQRPRPVRUJHQ 9LGDUHKDUVDWVQLQJDUULNWDWVPRW\QJUHP§OJUXSSHUJHQRPHWW¸NDWDQWDO3UDRSODWVHUVDPWHWDEOH ULQJHQDY8QJ2PVRUJVYHUNVDPKHWLQRPV¦UVNLOGDERHQGHQ'HVVDLQLWLDWLYKDUJ\QQDWJHQHUDW LRQV¸YHUVNULGDQGHP¸WHQRFKELGUDJLWWLOODWW¸NDXQJDVI¸UVW§HOVHI¸URPVRUJV\UNHW(QXWY¦UGH ULQJEODQGGHOWDJDQGHXQJGRPDUYLVDUDWWPDMRULWHWHQI§WWHQPHUSRVLWLYXSSIDWWQLQJRP\UNHW .RPSHWHQVXWYHFNODQGHLQVDWVHUKDURFNV§SULRULWHUDWVI¸UDWWVW¦UNDRFKXWYHFNODPHGDUEHWDUQD 8QGHUKDUYDOLGHULQJDYNRPSHWHQVP¸MOLJJMRUWI¸UIOHUPHGDUEHWDUHDWWH[DPLQHUDVWLOOXQGHU VN¸WHUVNRUΖQRP/66YHUNVDPKHWHUQDKDUPHGDUEHWDUHS§E¸UMDW<UNHVUHVDQYLONHQDYVOXWDV RFKVDPPDXWELOGQLQJVLQVDWVNRPPHUDWWODQVHUDVLQRP¦OGUHRPVRUJHQIU§QRFKPHG .RPSHWHQVI¸UV¸UMQLQJHQLQRPY§UGRFKRPVRUJXWJ¸UIRUWVDWWHQNRPSOH[RFKO§QJVLNWLJXWPD QLQJ'HW¦UJO¦GMDQGHDWWEHPDQQLQJHQI¸UV¦NHUVW¦OOGHVVDPWLGLJWVRPGHQGHPRJUDILVND XWYHFNOLQJHQLQQHE¦UHWW¸NDQGHIUDPWLGDEHKRY‡UHWVJHQRPI¸UGDLQVDWVHUKDUELGUDJLWWLOO¸NDG V\QOLJKHWI¸U\UNHWVDPWVW¦UNWLQWUHVVHWKRVE§GHXQJDRFKEHILQWOLJDPHGDUEHWDUH'HQUHYLGHUDGH NRPSHWHQVI¸UV¸UMQLQJVSODQHQNRPPHUDWWYDUDHWWFHQWUDOWVW\UYHUNW\JLGHWIRUWVDWWDDUEHWHW'HW WY¦UVHNWRULHOODVDPDUEHWHWKDURFNV§YDULW IUDPJ§QJVULNWRFKDYVHVYLGDUHXWYHFNODV XQGHUGHNRPPDQGH§UHQ6DPPDQIDWW QLQJVYLVYLVDUUHVXOWDWHQDWWNRPPXQHQ U¸UVLJLU¦WWULNWQLQJPHQDWWIRUWVDWWIRNXV S§O§QJVLNWLJDRFKVWUXNWXUHOOD§WJ¦UGHU¦U DYJ¸UDQGHI¸UDWWP¸WDIUDPWLGHQVEHKRY 3HWHU9DWHU+DQQDK$QGHUVVRQ6WULGVEHUJRFK0RQLFD &DUOVVRQXWELOGDGHVXQGHUWLOOY§UGRFKRPVRUJV DPEDVVDG¸UHUSida 41 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     蚘蚓蚔蚕蚖蚗0‡/1\DLQQRYDWLYDDUEHWVV¦WWVNDSDUK§OOEDUDI¸UXWV¦WW QLQJDUDWWNODUDGHWNRPPXQDODXSSGUDJHW (IIHNW2UJDQLVDWLRQHQEOLUPHUHIIHNWLYRFKPHGERUJDUHQEOLUPHUVM¦OYVW¦QGLJ 0§OXSSI\OOHOVH 0§OHW¦US§Y¦JDWWXSSQ§V8QGHU§UHWKDUDUEHWHWIRUWVDWWPHGDWW¸NDI¸UVW§HOVHQRFKNXQVNDSHQ NULQJLQQRYDWLRQ*HQRPDWWDOODPHGDUEHWDUHY§JDUW¦QNDDQQRUOXQGDSURYDQ\WWRFKLIU§JDV¦WWD KLWWDUYLQ\DDUEHWVV¦WWRFKVPDUWDYHUNW\JVRPI¸UHQNODURFKHIIHNWLYLVHUDUY§UWDUEHWHVDPWJHU RVVK§OOEDUDI¸UXWV¦WWQLQJDUI¸UDWWNODUDIUDPWLGHQVNRPPXQDODXSSGUDJRFKQ\DDUEHWVV¦WW'LJL WDOLVHULQJRFK$Ζ¦UFHQWUDODYHUNW\JVRPS§VLNWVNDSDI¸UXWV¦WWQLQJDUI¸UQ\DLG«HUVRPELGUDUWLOO ¸NDGHIIHNWLYLWHWRFKVRPVW¦UNHUPHGERUJDUQDVVM¦OYVW¦QGLJKHW 8WLIU§QHQWHVWSHULRGDY6YHD*37XQGHU§UHWSODQHUDVHWWEUHGGLQI¸UDQGHWLOOYLONHWPDUNHUDU HQVWUDWHJLVNVDWVQLQJS§$ΖLNRPPXQHQVRPVNDELGUDWLOOPHUV\VWHPDWLVNDQY¦QGQLQJRFKNRP SHWHQVXWYHFNOLQJ%HVOXWHWEHG¸PVVNDSDJRGDI¸UXWV¦WWQLQJDUI¸UHWWPHUHQKHWOLJWRFKV\VWHPD WLVNWDQY¦QGDQGHDY$ΖLE§GHDGPLQLVWUDWLYDRFKYHUNVDPKHWVQ¦UDSURFHVVHUVDPWELGUDWLOONRP SHWHQVXSSE\JJQDGLQRPRUJDQLVDWLRQHQ 7HVWHUPHG&RSLORWKDUYLVDWYLVVQ\WWDPHQPHGYDULHUDQGHHIIHNW<WWHUOLJDUHWHVWHUSODQHUDVG¦U I¸UXQGHUNRPPDQGH§ULQI¸UHYHQWXHOOWEHVOXWRPEUHGDUHLQI¸UDQGH $UEHWHWPHGDWWXWYHFNODHQLQQRYDWLYNXOWXUVRPHQLQWHJUHUDGGHODYRUJDQLVDWLRQVNXOWXUHQKDU S§J§WWNRQWLQXHUOLJWXQGHU§UHW3RUWI¸OMVW\UQLQJHQKDUVW¦UNWVI¸UDWWP¸MOLJJ¸UDHIIHNWLYXSSI¸OM QLQJDYJHQRPI¸UDQGHRFKHIIHNWHUDYXWYHFNOLQJVSURMHNW(WWQ\WWΖ7DYWDOKDUI¸UE¦WWUDWI¸UXWV¦WW QLQJDUQDI¸UVDPYHUNDQ (WWGLJLWDOWNRPSHWHQVFHQWUXPKDUHWDEOHUDWVI¸UDWWVDPODNRPSHWHQVLQRPEODQGDQQDW3RZHU%Ζ 53$PHGDUEHWDUGULYHQDXWRPDWLRQRFKV\VWHPLQWHJUDWLRQ)UDPWLGVVWDWLRQHQ I¸UHGHWWD0DNHU VSDFH KDUI§WWQ\DORNDOHURFKELGUDUWLOO¸NDGGLJLWDOPRJQDGLRUJDQLVDWLRQHQ2QERDUGLQJSURFHV VHQKDUGLJLWDOLVHUDWVRFKQ\DO¸VQLQJDULQRPHRPVRUJVDPWO¦NHPHGHOVGLVSHQVHUKDUI¸UEHUHWWV 5HVXOWDWDQDO\V .RPPXQHQKDUYLGWDJLWYLNWLJD§WJ¦UGHUI¸UDWWP¸MOLJJ¸UDPHULQQRYDWLYDDUEHWVV¦WWLP¸WHWPHG IUDPWLGHQVXWPDQLQJDUG¦UGLJLWDOXWYHFNOLQJ¦UHQFHQWUDOGHO8WYHFNOLQJHQ¦UHQO¦UDQGHSURFHVV VRPS§VLNWEHG¸PVELGUDWLOOIOHUQ\DO¸VQLQJDUS§E§GHNRPPXQ¸YHUJULSDQGHQLY§RFKLQRPYHUN VDPKHWHUQD $ΖRFKDXWRPDWLVHULQJ¦UQXLQWHJUHUDGHGHODUDY XWYHFNOLQJVDUEHWHWΖPSOHPHQWHULQJHQDY6YHD *37RFK&RSLORWYLVDUNRPPXQHQVDPELWLRQDWW DUEHWDV\VWHPDWLVNWRFKDQVYDUVIXOOWPHG$Ζ6DP WLGLJWILQQVEHKRYDYIRUWVDWWPHWRGXWYHFNOLQJI¸U HIIHNWXSSI¸OMQLQJI¸UDWWV¦NHUVW¦OODP¦WEDUDYHUN VDPKHWVI¸UE¦WWULQJDU(WDEOHULQJHQDYGHWGLJLWDOD NRPSHWHQVFHQWUXPHWEHG¸PVS§VLNWELGUDWLOO ¸NDGVNDOEDUKHWPLQVNDWGXEEHODUEHWHRFKNRU WDUHOHGWLGHUIU§QLG«WLOOLQI¸UDQGHYLONHWWLOOVDP PDQVPHGXWYHFNOLQJHQDYLQQRYDWLRQVNXOWXUHQ VW¦UNHUNRPPXQHQVO§QJVLNWLJDXWYHFNOLQJVI¸U P§JD (QOHNIXOOURERWIU§Q)UDPWLGVVWDWLRQHQ IG0DNHUVSDFH KDUI§WW Q\DORNDOHURFKELGUDUWLOO¸NDGGLJLWDOPRJQDGLRUJDQLVDWLRQHQSida 42 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     8WY¦UGHULQJDYUHVXOWDWRFKHNRQRPLVNVW¦OOQLQJ 8WY¦UGHULQJHQDY.¦YOLQJHNRPPXQVILQDQVLHOODVW¦OOQLQJXWJ§UIU§QNRQFHUQSHUVSHNWLY(QVNLOGD NRQFHUQHQKHWHUNRPPHQWHUDVG¦UGHW¦UUHOHYDQW ‡UHWVUHVXOWDWRFKUHVXOWDWXWYHFNOLQJ 5HVXOWDWHWI¸UNRQFHUQHQXSSJ§UWLOOPQNU  .RQFHUQHQVLQYHVWHULQJDUXSSJ§UWLOO PQNU  WLOOI¸OMGDYGHPRJUDILVNDI¸U¦QGULQJDUQ\E\JJQDWLRQRFKI¸UQ\HOVHEHKRY.RQ FHUQHQVVROLGLWHWLQNOXVLYHDQVYDUVI¸UELQGHOVHQOLJJHUS§SURFHQW  .RQFHUQHQVHNRQRPLKDU VW¦UNWVW\GOLJWXQGHUGHQVHQDVWHIHP§UVSHULRGHQ‡UHWVUHVXOWDWKDU¸NDWIU§QPQNUWLOO PQNUPHGV¦UVNLOWVWDUNI¸UE¦WWULQJXQGHUGHWY§VHQDVWH§UHQ .¦YOLQJHNRPPXQUHGRYLVDUHWWSRVLWLYWUHVXOWDWS§PQNU  'HWEXGJHWHUDGHUH VXOWDWHWXSSJ§UWLOOPQNU  YLONHWJHUHQSRVLWLYEXGJHWDYYLNHOVHS§PQNU  5HVXO WDWHWI¸UGHODUVLJS§VNDWWHILQDQVLHUDGYHUNVDPKHWPQNURFKDYJLIWVILQDQVLHUDGYHUNVDPKHW PQNU%XGJHWDYYLNHOVHUSHUQ¦PQGRFKLQYHVWHULQJVXWIDOONRPPHQWHUDVLDYVQLWWHWGULIWRFK LQYHVWHULQJVUHGRYLVQLQJΖVDPEDQGPHGSURJQRVHQSHUVLVWHVHSWHPEHUSURJQRVWLVHUDGHVUHVXOWD WHWWLOOPQNUH[NOXVLYHRUHDOLVHUDGHPDUNQDGVY¦UGHQS§Y¦UGHSDSSHU%XGJHWDYYLNHOVHQ I¸UNODUDVWLOOVWRUGHODY x PQNUUHDOLVDWLRQVYLQVWHUIU§QIDVWLJKHWVI¸UV¦OMQLQJH[SORDWHULQJVUHVXOWDWRFKH[ SORDWHULQJVELGUDJ x PQNUSHQVLRQVNRVWQDGHU x ȂPQNUQHGVNULYQLQJSURMHNWNRVWQDGHU x PQNURXWQ\WWMDGHPHGHONRPPXQVW\UHOVHQV¸YULJDDQVODJ x PQNUUHDOLVDWLRQVYLQVWY¦UGHSDSSHU x ȂPQNU§WHUI¸UGDRUHDOLVHUDGHYLQVWHURFKI¸UOXVWHULY¦UGHSDSSHU x PQNURUHDOLVHUDGHYLQVWHURFKI¸UOXVWHUY¦UGHSDSSHU .RPPXQHQVUHVXOWDWHIWHUEDODQVNUDYVMXVWHULQJDUXSSJ§UWLOOPQNURFKG¦UPHGXSSI\OOHU NRPPXQHQNRPPXQDOODJHQVNUDYS§HQHNRQRPLLEDODQVYLG§UVERNVOXWHW6HUXEULNHQȋ%DODQV NUDYVUHVXOWDWȋI¸UI¸UGMXSDGLQIRUPDWLRQ ‡UHWVUHVXOWDWPQNU .RQFHUQHQ    .RPPXQHQ    .RPPXQHQEXGJHWHUDWUHVXOWDW    .RPPXQHQEXGJHWDYYLNHOVH    .RQFHUQEXGJHWVDNQDV%RNVOXWKDUMXVWHUDWVI¸UILQDQVLHOODOHDVLQJDYWDOVRPWRJVLGULIWPHQVRPWHFNQDGHVVDPW IHOLEHU¦NQLQJVXQGHUODJHWI¸U     ‡UHWVUHVXOWDWH[NOXVLYHM¦PI¸UHOVHVW¸UDQGHSRVWHUXSSJ§UWLOOPQNU'HM¦PI¸UHOVHVW¸UDQGH LQW¦NWHUQDXSSJ§UWLOOPQNUYDUDYPQNUDYVHUH[SORDWHULQJVLQW¦NWHURFKPQNUDYVHU RUHDOLVHUDGHYLQVWHUS§Y¦UGHSDSSHU'HM¦PI¸UHOVHVW¸UDQGHNRVWQDGHUQDXSSJ§UWLOOPQNU ‡UHWVUHVXOWDW ‡UHWVUHVXOWDWNRQFHUQHQ    ‡UHWVUHVXOWDWNRPPXQHQ    -¦PI¸UHOVHVW¸UDQGHSRVWHUNRQFHUQHQ    5HDOLVDWLRQVYLQVWYLGIDVWLJKHWVI¸UV¦OMQLQJ    6WDWOLJWHOVW¸G Ȃ   8WUDQJHULQJDU    (OLPLQHULQJNRQFHUQLQWHUQUHDOLVDWLRQVYLQVW    -¦PI¸UHOVHVW¸UDQGHSRVWHUNRPPXQHQ    5HDOLVDWLRQVYLQVWI¸UV¦OMQLQJDYDQO¦JJQLQJVWLOOJ§QJDU Ȃ Ȃ Ȃ $YVOXWH[SORDWHULQJVSURMHNWRFKH[SORDWHULQJVLQW¦NWHU Ȃ Ȃ Ȃ ‡WHUEHWDOQLQJSXQNWVNDWWELRJDV   Ȃ 8SSO¸VQLQJDYV¦WWQLQJDU  Ȃ  6WDWVELGUDJ0LJUDWLRQVYHUNHW  Ȃ  )¸UV¦NULQJVHUV¦WWQLQJ  Ȃ  (UV¦WWQLQJNRVWQDGHURFKVMXNO¸QHU&RYLG Ȃ   6WDWOLJWHOVW¸G Ȃ   %LGUDJWLOOVWDWOLJLQIUDVWUXNWXU    9¦UGHUHJOHULQJRPV¦WWQLQJVWLOOJ§QJDU    8WUDQJHULQJDU    5HDOLVDWLRQVYLQVWHUY¦UGHSDSSHU  Ȃ Ȃ 2UHDOLVHUDGHPDUNQDGVY¦UGHQ Ȃ Ȃ Ȃ ‡WHUI¸UGDRUHDOLVHUDGHPDUNQDGVY¦UGHQ    ‡UHWVUHVXOWDWH[NOXVLYHM¦PI¸UHOVHVW¸UDQGHSRVWHUNRQFHUQHQ    ‡UHWVUHVXOWDWH[NOXVLYHM¦PI¸UHOVHVW¸UDQGHSRVWHUNRPPXQHQ    JHWI¸U $YVW¦PQLQJILQDQVLHOODLQGLNDWRUHU .¦YOLQJHNRPPXQKDUI\UDILQDQVLHOODLQGLNDWRUHUVDPWOLJDXSSI\OOVXQGHU .¦YOLQJHNRPPXQVQHWWRNRVWQDGVDQGHODYVNDWWHLQW¦NWHUQDXSSJ§UWLOOK¸JVWSURFHQW ΖQGLNDWRU1HWWRNRVWQDGVDQGHODYVNDWWHLQW¦NWHUQDXQGHUHQUXOODQGHI\UD§UVSHULRG ERNVOXWȂERNVOXW  $FFHSWD EHOWY¦UGH 5XOODQGH SHULRG %RNVOXW  1HWWRNRVWQDGVDQGHOHQXSSJ§UWLOOSURFHQW RFKXQGHUGHQUXOODQGHI\UD§UVSHULRGHQERNVOXW ȂERNVOXWWLOOSURFHQW    .¦YOLQJHNRPPXQKDUHQW\GOLJHNRQRPLVW\UQLQJRFKJRGNRQWUROO ΖQGLNDWRU9HUNVDPKHWHQVQHWWRNRVWQDGLUHODWLRQWLOOEXGJHWHUDGQLY§ $FFHSWD EHOWY¦UGH  %RNVOXW  %XGJHWDYYLNHOVHQI¸UNRPPXQHQVQ¦PQGHU¦USR VLWLYRFKXSSJ§UWLOOPQNU ȲPQNU  PQNU .¦YOLQJHNRPPXQKDUHQRI¸U¦QGUDGVNDWWHVDWVXQGHUPDQGDWSHULRGHQ ΖQGLNDWRU6NDWWHVDWV $FFHSWD EHOWY¦UGH  %RNVOXW  'HQWRWDODNRPPXQDODVNDWWHVDWVHQH[NOXVLYHN\U NRDYJLIWHQXSSJLFNWLOONU'HQSULP¦UNRP PXQDODVNDWWHVDWVHQXSSJLFNWLOONUYLONHW¦U NUO¦JUH¦QJHQRPVQLWWHWL6N§QHO¦QRFK NUO¦JUH¦QJHQRPVQLWWHWLULNHW        .¦YOLQJHNRPPXQKDUO§QJVLNWLJWK§OOEDULQYHVWHULQJVWDNW ΖQGLNDWRU6XPPDQDY§UHWVUHVXOWDWRFKDYVNULYQLQJDULUHODWLRQWLOOVNDWWHILQDQVLHUDGHLQYHVWHULQJDUXQGHUHQUXOODQGH I\UD§UVSHULRG ERNVOXWȂERNVOXW  $FFHSWD EHOWY¦UGH 5XOODQGH SHULRG %RNVOXW  .¦YOLQJHNRPPXQKDUVRPP§ODWWKDHQO§QJVLNWLJ K§OOEDULQYHVWHULQJVWDNW'HWWDP¦WVJHQRPVXP PDQDY§UHWVUHVXOWDWRFKDYVNULYQLQJDULUHODWLRQ WLOOVNDWWHILQDQVLHUDGHLQYHVWHULQJDU1\FNHOWDOHW VNDYDUDVW¸UUH¦QSURFHQW8QGHUSHULRGHQ ERNVOXWERNVOXWXSSJ§UQ\FNHOWDOHWWLOO SURFHQW !   9HUNVDPKHWHQVLQW¦NWHURFKNRVWQDGHU .RQFHUQHQVLQW¦NWHUXSSJ§UWLOOPQNURFKKDU¸NDWPHGPQNUVHGDQ˜NQLQJHQDY VHHQGHK\URURFKDUUHQGHQEHVW§UDY§UOLJK\UHV¸NQLQJVDPWHWW¸NDWDQWDOXWK\UGDERVW¦GHULQ\ SURGXNWLRQHQ3LOHYDOO 9HUNVDPKHWHQVLQW¦NWHUNRQFHUQHQPQNU )¸UV¦OMQLQJVLQW¦NWHU    7D[RURFKDYJLIWHU    +\URURFKDUUHQGHQ    %LGUDJ    )¸UV¦OMQLQJDYYHUNVDPKHW    ([SORDWHULQJVLQW¦NWHU    5HDOLVDWLRQVYLQVWHU    ˜YULJDLQW¦NWHU    6XPPDYHUNVDPKHWHQVLQW¦NWHU    .RPPXQHQVLQW¦NWHUKDU¸NDWPHGPQNUVHGDQ([SORDWHULQJVLQW¦NWHUQDLIRUPDYJDWX NRVWQDGVHUV¦WWQLQJDURFKPDUNI¸UV¦OMQLQJDUXSSJ§UWLOOPQNUYDUDYPQNUDYVHUI¸UV¦OM QLQJDULQRPH[SORDWHULQJVSURMHNWVRPJMRUWWLGLJDUH§UΖQW¦NWHUQDIU§QWD[RURFKDYJLIWHUKDU¸NDW PHGPQNUVHGDQ'HW¦UIUDPI¸UDOOWWD[RURFKDYJLIWHULQRPYDWWHQRFKDYORSSVRP¸NDW 9HUNVDPKHWHQVLQW¦NWHUNRPPXQHQPQNU )¸UV¦OMQLQJVLQW¦NWHU    7D[RURFKDYJLIWHU    +\URURFKDUUHQGHQ    %LGUDJ    )¸UV¦OMQLQJDYYHUNVDPKHW    ([SORDWHULQJVLQW¦NWHU    5HDOLVDWLRQVYLQVWHU    6XPPDYHUNVDPKHWHQVLQW¦NWHU    .RQFHUQHQVNRVWQDGHUXSSJ§UWLOOPQNURFKKDU¸NDWPHGPQNUVHGDQI¸UHJ§HQGH§U 9HUNVDPKHWHQVNRVWQDGHUNRQFHUQHQPQNU /¸QHURFKVRFLDODDYJLIWHU Ȃ Ȃ ȫ 3HQVLRQVNRVWQDGHU Ȃ Ȃ ȫ $QO¦JJQLQJVRFKXQGHUK§OOVPDWHULDO Ȃ Ȃ ȫ %U¦QVOHHQHUJLRFKYDWWHQ Ȃ Ȃ ȫ .¸SDYYHUNVDPKHW Ȃ Ȃ ȫ /RNDORFKPDUNK\URU Ȃ Ȃ ȫ /¦PQDGHELGUDJ Ȃ Ȃ ȫ ˜YULJDWM¦QVWHURFKNRVWQDGHU Ȃ Ȃ ȫ %RODJVVNDWW Ȃ Ȃ ȫ 6XPPDYHUNVDPKHWHQVNRVWQDGHU Ȃ Ȃ ȫ JHWI¸USida 45 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     .RPPXQHQVNRVWQDGHUKDUPLQVNDWPHGPQNURFKXSSJ§UWLOOPQNU3HQVLRQVNRVWQD GHUQDVPLQVNDWPHGPQNU'HWEHURUS§DWWLQIODWLRQHQQXOLJJHUS§HQQRUPDOQLY§RFKG¦U PHGKDUXSSU¦NQLQJHQDYSHQVLRQVXQGHUODJHQPLQVNDW/¸QHNRVWQDGHUQD¸NDUPHGPQNUWLOO I¸OMGDYDYWDOVHQOLJO¸QHXSSU¦NQLQJ/¦PQDGHELGUDJ¸NDUPHGPQNUKXYXGVDNOLJHQEHURHQGH S§DWWPHGILQDQVLHULQJVSURMHNWHW/RPPDEDQDQKDULQGH[HUDWVPHGPQNU 9HUNVDPKHWHQVNRVWQDGHUNRPPXQHQPQNU /¸QHURFKVRFLDODDYJLIWHU Ȃ Ȃ Ȃ 3HQVLRQVNRVWQDGHU Ȃ Ȃ Ȃ $QO¦JJQLQJVRFKXQGHUK§OOVPDWHULDO Ȃ Ȃ Ȃ %U¦QVOHHQHUJLRFKYDWWHQ Ȃ Ȃ Ȃ .¸SDYYHUNVDPKHW Ȃ Ȃ Ȃ /RNDORFKPDUNK\URU Ȃ Ȃ Ȃ /¦PQDGHELGUDJ Ȃ Ȃ Ȃ ˜YULJDWM¦QVWHURFKNRVWQDGHU Ȃ Ȃ Ȃ 6XPPDYHUNVDPKHWHQVNRVWQDGHU Ȃ Ȃ Ȃ JHWI¸U $YVNULYQLQJDU .RQFHUQHQVDYVNULYQLQJDURFKXWUDQJHULQJDUXSSJ§UWLOOPQNU $YVNULYQLQJDUNRQFHUQHQPQNU $YVNULYQLQJDU Ȃ Ȃ ȫ 8WUDQJHULQJDU Ȃ Ȃ ȫ 6XPPDDYVNULYQLQJDU Ȃ Ȃ ȫ .RPPXQHQVDYVNULYQLQJDUXSSJ§UWLOOPQNU8WUDQJHULQJDUXSSJ§UWLOOPQNURFKDY VHULQYHQWDULHUIU§QQHGODJGDI¸UVNRORURFKEXOOHUSODQNL6WDWLRQVVWDGHQ%XOOHUSODQNHW¦JVDY7UD ILNYHUNHW $YVNULYQLQJDUNRPPXQHQPQNU $YVNULYQLQJDU Ȃ Ȃ Ȃ $YVNULYQLQJDUILQDQVLHOOWOHDVDGHWLOOJ§QJDU Ȃ Ȃ Ȃ 8WUDQJHULQJDU Ȃ Ȃ Ȃ 6XPPDDYVNULYQLQJDU Ȃ Ȃ Ȃ JHWI¸U 1HWWRNRVWQDGHUQDVDQGHODYVNDWWHLQW¦NWHUQD 1HWWRNRVWQDGHUQDVDQGHODYVNDWWHLQW¦NWHUQDXSSJ§UWLOOSURFHQW6NDWWHLQW¦NWHUQDLQNOX VLYHNRPPXQDOHNRQRPLVNXWM¦PQLQJ¸NDGHXQGHUPHGSURFHQWRFKXSSJ§UWLOO PQNU8QGHUPLQVNDGHQHWWRNRVWQDGHUQDPHGSURFHQWRFKXSSJLFNWLOO PQNU6NDWWHLQW¦NWHUQDVI¸U¦QGULQJEHURUWLOOVWRUGHOS§WLOOY¦[WLVNDWWHXQGHUODJHW 1HWWRNRVWQDGVDQGHODYVNDWWHLQW¦NWHU 1HWWRNRVWQDGVDQGHODYVNDWWHLQW¦NWHUQD    6NDWWHLQW¦NWHUI¸U¦QGULQJL    1HWWRNRVWQDGI¸U¦QGULQJL   Ȃ JHWI¸U     )LQDQVQHWWR .RQFHUQHQVILQDQVQHWWR¦UQHJDWLYWRFKXSSJ§UWLOOPQNU .RPPXQHQVILQDQVQHWWRXSSJ§UWLOOPQNU2UHDOLVHUDGHPDUNQDGVY¦UGHQS§Y¦UGHSDSSHUKDU S§YHUNDWUHVXOWDWHWSRVLWLYWPHGPQNUΖMXQLJMRUGHVHQRPDOORNHULQJLY¦UGHSDSSHUVSRUWI¸OMHQ VRPUHVXOWHUDGHLHQUHDOLVDWLRQVYLQVWS§PQNU‡WHUI¸UGDRUHDOLVHUDGHYLQVWHURFKI¸UOXVWHU XSSJ§UWLOOPQNU6DPPDQWDJHWJDYGHWWDHQUHDOLVDWLRQVYLQVWS§PQNU )LQDQVQHWWRNRQFHUQHQPQNU )LQDQVQHWWRNRQFHUQHQ   Ȃ )LQDQVQHWWRNRPPXQHQ    YDUDYRUHDOLVHUDGHPDUNQDGVY¦UGHQY¦UGHSDSSHU    YDUDYU¦QWDS§ILQDQVLHOOWOHDVDGHWLOOJ§QJDU Ȃ Ȃ Ȃ JHWI¸U /LNYLGLWHW .RQFHUQHQVOLNYLGLWHWXSSJ§UWLOOPQNU'HW¦UHQPLQVNQLQJPHGPQNU 'HOLNYLGDPHGOHQLNRPPXQHQXSSJLFNYLG§UVVNLIWHWWLOOPQNU'HWLQQHE¦UDWWGHOLNYLGD PHGOHQKDUPLQVNDWPHGPQNU.RPPXQHQVDQGHODYOLNYLGLWHWHQS§NRQFHUQNRQWRWXSSJ§U WLOOPQNU.RPPXQHQKDUVHGDQHWWO§QS§PQNUIU§Q.¦YOLQJHNRPPXQDOD+ROGLQJ $%ΖVDPEDQGPHGN¸SHWDYIDVWLJKHWHQ([SRUWHQ.RPPXQKXVHW¸YHUWRJVHWWO§QL.RPPXQLQ YHVWS§PQNU.DVVDOLNYLGLWHWHQXSSJLFNYLG§UVVNLIWHWWLOOSURFHQW /LNYLGLWHW /LNYLGLWHWNRQFHUQHQPQNU    .DVVDOLNYLGLWHWNRQFHUQHQ    /LNYLGLWHWNRPPXQHQPQNU    .DVVDOLNYLGLWHWNRPPXQHQ    6ROLGLWHWRFKVNXOGV¦WWQLQJVJUDG 9LGXWJ§QJHQDYYDUVROLGLWHWHQI¸UNRQFHUQHQSURFHQWLQNOXVLYHSHQVLRQVVNXOGRFKSUR FHQWH[NOXVLYHDQVYDUVI¸UELQGHOVHQ..%)DVWLJKHWHU$%KDUHQV\QOLJVROLGLWHWS§SURFHQWRFKHQ MXVWHUDGVROLGLWHWS§SURFHQW'HQV\QOLJDVROLGLWHWHQL../)DVWLJKHWHU$%XSSJ§UWLOOSURFHQW 6ROLGLWHWNRQFHUQHQLSURFHQW 6ROLGLWHW    Ȃ7LOOJ§QJVI¸U¦QGULQJ    Ȃ)¸U¦QGULQJDYHJHWNDSLWDO    6ROLGLWHWH[NODQVYDUVI¸UELQGHOVH    JHWI¸U 6ROLGLWHWHQI¸UNRPPXQHQLQNOXVLYHDQVYDUVI¸UELQGHOVHYDUYLG§UVVNLIWHWSURFHQW 6ROLGLWHWNRPPXQHQLSURFHQW 6ROLGLWHWLQNODQVYDUVI¸UELQGHOVHQ    Ȃ7LOOJ§QJVI¸U¦QGULQJ    Ȃ)¸U¦QGULQJDYHJHWNDSLWDO    6ROLGLWHWH[NODQVYDUVI¸UELQGHOVH    JHWI¸USida 47 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     6NXOGV¦WWQLQJVJUDGHQI¸UNRQFHUQHQOLJJHUS§SURFHQWRFKKDUVMXQNLWQ§JRWVHGDQI¸UHJ§HQGH §U.RQFHUQHQVXSSO§QLQJLEDQNHURFKNUHGLWLQVWLWXWOLJJHUL..%)DVWLJKHWHU$%RFKL../)DVWLJ KHWHU$%RFKXSSJ§UYLG§UVVNLIWHWWLOOPQNU 6NXOGV¦WWQLQJVJUDGHQI¸UNRPPXQHQXSSJ§UWLOOSURFHQW'HO§QJIULVWLJDVNXOGHUQDDYVHUDQVOXW QLQJVDYJLIWHUI¸UYDLQYHVWHULQJVELGUDJIU§QRIIHQWOLJDDNW¸UHURFKO§QJIULVWLJDVNXOGHUI¸UILQDQVL HOODOHDVLQJNRQWUDNW 6NXOGV¦WWQLQJVJUDGLSURFHQW 6NXOGV¦WWQLQJVJUDGNRQFHUQHQ    YDUDYO§QJIULVWLJVNXOGV¦WWQLQJ    6NXOGV¦WWQLQJVJUDGNRPPXQHQ    YDUDYO§QJIULVWLJVNXOGV¦WWQLQJ    JHWI¸U Sida 48 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     %DODQVNUDYVUHVXOWDW .¦YOLQJHNRPPXQKDUHQO§JVNDWWHVDWVRFKHQVWDUNRFKVROLGHNRQRPL*RGDUHVXOWDWJHQRP§UHQ KDUJMRUWDWWNRPPXQHQNXQQDWILQDQVLHUDVLQDLQYHVWHULQJDULVWRUWVHWWXWDQO§QHILQDQVLHULQJ'HW ODJVWDGJDGHEDODQVNUDYHWLQQHE¦UDWWNRPPXQHQVUHVXOWDWVNDOO¸YHUVWLJDQROO(QPLQVNQLQJDYGHW HJQDNDSLWDOHWWLOOI¸OMGDYXQGHUVNRWWVND§WHUVW¦OODVLQRPWUH§U.¦YOLQJHNRPPXQKDULQWHQ§JRW QHJDWLYWUHVXOWDWDWW§WHUVW¦OODVHGDQWLGLJDUH§U 9LGEHU¦NQLQJHQDYEDODQVNUDYVUHVXOWDWHWVND§UHWVUHVXOWDWUHQVDVIU§QSRVWHUVRPLQWHK¦UU¸UIU§Q GHQHJHQWOLJDYHUNVDPKHWHQ'HWJ¦OOHUWLOOH[HPSHOUHDOLVDWLRQVYLQVWHUYLGI¸UV¦OMQLQJDYDQO¦JJ QLQJVWLOOJ§QJDUVDPWRUHDOLVHUDGHYLQVWHULY¦UGHSDSSHU5HDOLVDWLRQVYLQVWHUYLGI¸UV¦OMQLQJDYDQ O¦JJQLQJVWLOOJ§QJDUDYVHUI¸UV¦OMQLQJDYPDUNRFKPDVNLQHU8QGHU§UHWKDUGHWJHQRPI¸UWVHWW PDUNE\WHPHOODQIDVWLJKHWHUQD)¸UU§GHWRFK%RODJVJ§UGHQL.¦YOLQJHΖVDPEDQGPHGGHWWD XSSVWRGHQUHDOLVDWLRQVYLQVWS§PQNU 3HQVLRQVSRUWI¸OMHQVPDUNQDGVY¦UGHXSSJ§UYLG§UVVNLIWHWWLOOPQNURFKSHQVLRQV§WDJDQ GHWWLOOPQNU.RPPXQHQVVROLGLWHWLQNOXVLYHSHQVLRQV§WDJDQGHWXSSJ§UWLOOSURFHQW %DODQVNUDYHW¦UXSSI\OOW JHWI¸U 5HVXOWDWUHVHUY 5HJOHUI¸UUHVXOWDWUHVHUY 5(5 EHVOXWDGHVLVDPEDQGPHG§UVUHGRYLVQLQJHQ9LGVDPPDWLOO I¦OOHDYVDWWHVPQNUWLOOUHVXOWDWUHVHUYHQ5HVHUYHULQJI§UJ¸UDVPHGGHWEHORSSVRPPRWVYDUDU GHWO¦JVWDDYDQWLQJHQGHQGHODY§UHWVUHVXOWDWHOOHUDY§UHWVUHVXOWDWHIWHUEDODQVNUDYVMXVWHULQJDU VRP¸YHUVWLJHUHQSURFHQWDYVXPPDQDYVNDWWHLQW¦NWHUJHQHUHOODVWDWVELGUDJRFKXWM¦PQLQJ(Q ¸YUHJU¦QVI¸UVWRUOHNHQS§UHVHUYHQIDVWVW¦OOVRFKPRWVYDUDUIHPSURFHQWDYVXPPDQDYVNDWWHLQ W¦NWHUJHQHUHOODVWDWVELGUDJRFKXWM¦PQLQJ   %DODQVNUDYPQNU ‡UHWVUHVXOWDW    6DPWOLJDUHDOLVDWLRQVYLQVWHU Ȃ Ȃ Ȃ 5HDOLVDWLRQVYLQVWHUHQOLJWXQGDQWDJVP¸MOLJKHW    5HDOLVDWLRQVI¸UOXVWHUHQOLJWXQGDQWDJVP¸MOLJKHW    2UHDOLVHUDGHYLQVWHURFKI¸UOXVWHULY¦UGHSDSSHU Ȃ Ȃ Ȃ ‡WHUI¸ULQJDYRUHDOLVHUDGHYLQVWHURFKI¸UOXVWHULY¦UGHSDSSHU    ‡UHWVUHVXOWDWHIWHUEDODQVNUDYVMXVWHULQJDU    %DODQVNUDYVUHVXOWDW    5HVHUYHULQJDYPHGHOWLOOUHVXOWDWUHVHUY  Ȃ  $QY¦QGQLQJDYPHGHOIU§QUHVXOWDWUHVHUY    %DODQVNUDYVUHVXOWDW   Sida 49 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     9¦VHQWOLJDSHUVRQDOI¸UK§OODQGHQ .¦YOLQJHNRPPXQ¦UNRPPXQHQVVW¸UVWDDUEHWVJLYDUHPHGFLUNDP§QDGVDYO¸QDGHPHGDUEH WDUHLQRPQ¦UPDUH\UNHVNDWHJRULHU0HGDUEHWDUQD¦UHQDYJ¸UDQGHUHVXUVI¸UDWWV¦NHUVW¦OOD NYDOLWHWWU\JJKHWRFKJRGVHUYLFHWLOONRPPXQHQVLQY§QDUH)¸UDWWO§QJVLNWLJWP¸WDYHUNVDPKHWHU QDVEHKRY¦UGHWYLNWLJWDWWNRPPXQHQ¦UHQDWWUDNWLYDUEHWVJLYDUHG¦UPHGDUEHWDUHWULYVXWYHFN ODVRFKN¦QQHUGHODNWLJKHW8QGHUKDUDUEHWHWIRUWVDWWPHGDWWIU¦PMDJRGDUEHWVPLOM¸K§OO EDUDDUEHWVYLOONRURFKP¸MOLJKHWHUWLOONRPSHWHQVXWYHFNOLQJ'HWNRPPXQDODXSSGUDJHW¦USHUVR QDOLQWHQVLYWRFKSHUVRQDOIU§JRUQD¦UG¦UI¸UHQNULWLVNIUDPJ§QJVIDNWRU˜NDGHNUDYS§WLOOJ¦QJOLJ KHWGLJLWDODO¸VQLQJDURFKLQGLYLGDQSDVVDGVHUYLFHVW¦OOHUK¸JUHNUDYS§NRPSHWHQVRFKDUEHWVV¦WW YLONHWLQQHE¦UHWWIRUWVDWWEHKRYDYVWUDWHJLVNWDUEHWHPHGUHNU\WHULQJRFKNRPSHWHQVI¸UV¸UMQLQJ $WWUDNWLYDUEHWVJLYDUHSULRULWHUDGHLQULNWQLQJDU )ULVNIDNWRUHU x 6\IWHDWWVNDSDSRVLWLYI¸U¦QGULQJPRWYHUNDVWLJDQGHVMXNWDORFKIU¦PMDHWWO¦QJUH RFKK§OOEDUWDUEHWVOLY$WWNRPPXQHQVRPDUEHWVJLYDUHYHUNDUI¸UHQE¦WWUHDUEHWVGDJ YDUMHGDJL.¦YOLQJHNRPPXQ +HOWLGVDUEHWHVRPQRUP x 6\IWHDWWKHOWLGVNDYDUDQRUPHQI¸UY¦OI¦UGHQ(QIUDPJ§QJVIDNWRUI¸U.¦YOLQJHNRP PXQI¸UDWWNXQQDP¸WDXWPDQLQJHQPHGDWWKDWLOOU¦FNOLJWNYDOLILFHUDGHPHGDUEHWDUH IUDP¸YHU )¸UO¦QJDUEHWVOLYHW x 6\IWHDWWWLOOYDUDWD¦OGUHPHGDUEHWDUHVNRPSHWHQVP¸MOLJJ¸UDXWYHFNOLQJJHQRPKHOD \UNHVOLYHWRFKVNDSDI¸UXWV¦WWQLQJDUI¸UDWWPHGDUEHWDUHVNDYLOMDRFKNXQQDDUEHWD O¦QJUH 6DPPDQIDWWDQGHQ\FNHOWDO ථ    7RWDOVMXNIU§QYDUR    .RUWWLGVVMXNIU§QYDUR GDJDU    .RUWWLGVVMXNIU§QYDUR GDJDU    /§QJWLGVVMXNIU§QYDUR!GDJDU    6MXNGDJDUDQVW¦OOG    6MXNIU§QYDURSHUVRQHUXSSWLOO§U    6MXNIU§QYDURSHUVRQHUPHOODQ§U    6MXNIU§QYDURSHUVRQHUPHOODQ§U    6MXNIU§QYDURSHUVRQHUPHOODQ§U    $QWDODQVW¦OOGDPHGP§QDGVO¸Q    YDUDYWLOOVYLGDUHDQVW¦OOGD    YDUDYYLVVWLGVDQVW¦OOGD    $QGHONYLQQRU    3HUVRQDORPV¦WWQLQJHJHQEHJ¦UDQ    $QWDO§UVDUEHWDUHWLOOJ¦QJOLJWLGP§QDGVDYO¸QDGH    $QGHOKHOWLGVDQVW¦OOGD    $WWUDKHUDRFKUHNU\WHUD $UEHWVJLYDUYDUXP¦UNH )¸UDWWVW¦UNDDUEHWVJLYDUYDUXP¦UNHWKDU.¦YOLQJHNRPPXQXQGHUKDIWVWRUWIRNXVS§LQVDWVHU NRSSODWWLOOP§ODWW¸NDDWWUDNWLYLWHWHQLQRPRPVRUJV\UNHWV§DWWDQWDOV¸NDQGHQWLOOOHGLJDWM¦QVWHU PRWVYDUDUEHKRYHW(QYLNWLJDNWLYLWHWKDUYDULWDWWVW¦UNDRFKXWYHFNODVDPDUEHWHWPHGY§UGRFK RPVRUJVDPEDVVDG¸UHUQD7LOOVDPPDQVGHOWRJNRPPXQHQS§IOHUUHNU\WHULQJVP¦VVRU¦QWLGLJDUH YLONHWE§GHXQGHUO¦WWDGHVRPPDUUHNU\WHULQJHQRFKVW¦UNWH.¦YOLQJHVDUEHWVJLYDUYDUXP¦UNHSida 50 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     .RPPXQHQKDUPDUNQDGVI¸UWVRPPDUUHNU\WHULQJHQPHGILOPHULVRFLDODPHGLHUG¦UDPEDVVDG¸ UHUEHU¦WWDGHRPMREEHWLRPVRUJHQVDPWHQQ\ILOPVRPI¸UNODUDGHUHNU\WHULQJVSURFHVVHQRFK ILFNVWRUVSULGQLQJ 9LNDULHLQWURGXNWLRQHQDUEHWDGHVRPI¸UDWWEOLPHUO¦WWLOOJ¦QJOLJVNULYHQLNODUVSU§NRFKPRELODQ SDVVDG(QDWWUDNWLYLWHWVVW¦PSHO¦UDWWLXWY¦UGHULQJHQDYVRPPDUUHNU\WHULQJHQEHVNUHYNDQGLGD WHUQDDWWGHYDUQ¸MGDHOOHUP\FNHWQ¸MGDPHGE§GHEHP¸WDQGHWYLGLQWHUYMXQRFKKHODUHNU\WH ULQJVSURFHVVHQ'HQPHVWLPSRQHUDQGHGHOHQLXWY¦UGHULQJHQYDUDWWVDPWOLJDYLNDULHUVRPVYD UDGHS§HQN¦WHOOHUWHOHIRQLQWHUYMXDQJDYDWWGHNDQW¦QNDVLJDWWDUEHWDLQRPRPVRUJHQLJHQ 5HNU\WHULQJVEHKRYRFKNRPSHWHQVI¸UV¸UMQLQJ .RPPXQHQVW§U¦YHQIUDP¸YHULQI¸UEHW\GDQGHXWPDQLQJDUNRSSODGHWLOOUHNU\WHULQJVEHKRYRFK O§QJVLNWLJNRPSHWHQVI¸UV¸UMQLQJ'HPRJUDILVNDI¸U¦QGULQJDUSHQVLRQVDYJ§QJDURFK¸NDGNRQNXU UHQVRPDUEHWVNUDIWS§YHUNDUIOHUDYHUNVDPKHWHUV¦UVNLOWLQRPY¦OI¦UGVVHNWRUQ8QGHUKDU NRPPXQHQIRUWVDWWDWWDUEHWDDNWLYWRFKO§QJVLNWLJWPHGUHNU\WHULQJRFKNRPSHWHQVI¸UV¸UMQLQJ $UEHWHWKDULQULNWDWVS§DWWP¸WDIUDPWLGDEHKRYJHQRPVWUDWHJLVNNRPSHWHQVSODQHULQJXWYHFNOLQJ DYOHGDUVNDSVDPWULNWDGHLQVDWVHULQRPDOODVHNWRUHUI¸UNRPSHWHQVXWYHFNOLQJ)¸UDWWVW¦UNDDW WUDNWLYLWHWHQVRPDUEHWVJLYDUHKDUIRNXVOHJDWS§DUEHWVPLOM¸K§OOEDUDDUEHWVWLGHURFKVDPSODQH ULQJ0¸MOLJKHWHUWLOOKHOWLGVDUEHWHJHQRPDWWIU¦PMDLQWHUQU¸UOLJKHWLQRPVHNWRU2PVRUJ'LJLWDOD VW¸GLUHNU\WHULQJVSURFHVVHQKDUYLGDUHXWYHFNODWVRFKHQPHUV\VWHPDWLVNRFKGLJLWDOLVHUDGLQWUR GXNWLRQKDUVM¸VDWWV6DPPDQWDJHWXWJ¸UGHVVDLQVDWVHUHQYLNWLJJUXQGI¸UDWWV¦NHUVW¦OODU¦WW NRPSHWHQVRFKHQK§OOEDUSHUVRQDOI¸UV¸UMQLQJ¸YHUWLG3URMHNWHWȊ3UDNWLVHUDPHUDȋ¦UHWWWY¦UVHN WRULHOOWVDPDUEHWHPHGP§OHWDWWV\VVHOV¦WWDSHUVRQHUVRPKDUKDIWVY§UWDWWNRPPDLQS§DUEHWV PDUNQDGHQ8QGHUGHOWRJSHUVRQHULSURMHNWHW$OODGHOWDJDUHKDUHIWHUSURMHNWHWJ§WWYL GDUHLQRPNRPPXQHQLROLNDDQVW¦OOQLQJVIRUPHU *RUDQ+HFLPRYLFRFK3¦U/LQGNYLVWE§GDDUEHWVPDUNQDGVKDQGO¦JJDUHS§$UEHWHRFKΖQWHJUDWLRQRFK+HQULN)¦OWS§%HPDQQLQJV HQKHWHQKDUVDPDUEHWDWI¸UDWWKLWWDIOHUSUDNWLNSODWVHULQRP.¦YOLQJHNRPPXQ 2OLNDIDNWRUHUVDPYHUNDUI¸UDWWVNDSDWUHQGHUVRPS§YHUNDUNRPPXQHQVROLNDGHODU0LQVNDGH I¸GHOVHWDOVDPWO¦JUHLQIO\WWQLQJVWDNWS§YHUNDUE§GHI¸UVNRODRFKVNROD6DPWLGLJW¦UGHQJHQHUDW LRQVRPEUXNDUEHVNULYDVVRP6YHULJHVVW¸UVWDWDOLVWHUQDS§Y¦JLQLHQSHULRGDY¸NDWRP VRUJVEHKRYYLONHWS§YHUNDURPVRUJVVHNWRUQVROLNDYHUNVDPKHWHU'HVVXWRPVNHUP§QJDSHQVLRQV DYJ§QJDUQ¦UWDOLVWJHQHUDWLRQHQO¦PQDUDUEHWVPDUNQDGHQ‡UVNXOODUQDVRPQXO¦PQDUXWELOG QLQJVY¦VHQGHWRFKJ§ULQS§DUEHWVPDUNQDGHQEOLUPLQGUH¦QWLGLJDUHRFKLNRPELQDWLRQPHGDWW GHVVDLO¦JUHXWVWU¦FNQLQJ¦QWLGLJDUHKDUYDOWXWELOGQLQJDUWLOOEULVW\UNHQDJ¸UGHWDWWNRPPXQHQ P§VWHW¦QNDQ\WW7UDGLWLRQHOOD§WJ¦UGHUVRPUHNU\WHULQJEHK¸YVPHQ¦YHQQ\DDUEHWVV¦WWRFKUHQSida 51 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     GLJLWDOLVHULQJ%§GHJDPODRFKQ\D§WJ¦UGHUEHK¸YHUXWYHFNODVRFKDQSDVVDVI¸UDWWIRUWV¦WWDHIIHN WLYD 6WUXNWXUI¸U¦QGULQJ 9LGLQOHGQLQJHQDYJHQRPI¸UGHVHQRPVWUXNWXUHULQJDYI¸UVNROHYHUNVDPKHWHQLNRPPXQHQ .RUVEDFNDI¸UVNRODRFK%XOOHUE\QVI¸UVNROD¸YHUJLFNWLOO$UYLGVERUJUHVSHNWLYH7ROY§NHUI¸UVNROD 'HQQDI¸U¦QGULQJௗ¦UHWWOHGLௗDQSDVVQLQJWLOOGHQGHPRJUDILVNDXWYHFNOLQJHQPHGPLQVNDWDQWDO EDUQLI¸UVNROH§OGHUௗ ˜YHUJ§QJHQIU§QௗYHUNVDPKHWVWLOOY¦[WௗWLOOௗYHUNVDPKHWVDYYHFNOLQJS§JUXQGDYௗPLQVNDWHOHYDQWDOௗNU¦ YHUQ\DௗSODQHULQJVPHWRGHUௗRFKௗQ\DV¦WWDWWOHGDRUJDQLVDWLRQHQௗ0LQVNDQGHHOHYDQWDOVDPWௗRPRU JDQLVDWLRQHUௗWLOOI¸OMGDYI¸U¦QGUDGVNROSHQJௗKDUXQGHUௗYLQWHURFKௗY§UௗVDWWௗLJ§QJௗHWWRPIDW WDQGHDUEHWHௗPHGDWWKDQWHUDI¸OMGHUQDRFKXQGHUY§UHQௗJHQRPI¸UGHVHQௗDUEHWVEULVWSURFHVVௗI¸UௗDWW DQSDVVDVNRORUJDQLVDWLRQHQௗ3URFHVVHQௗS§YHUNDGHௗKHODVNRORUJDQLVDWLRQHQVRPGLUHNWௗEH U¸UGHௗௗVW\FNHQௗPHGDUEHWDUHௗௗDYGHVVDVDGHVVHQDUHXSSௗ8W¸YHUGHௗXSSVDJGDௗRPSODFHUD GHVௗHOOHUVWDGLJYDUDQGHI¸UIO\WWDGHVRFNV§ௗPHGDUEHWDUHௗWLOOQ\DDUEHWVXSSJLIWHUHOOHUQ\DVNRORUௗ9LOO NRUHQI¸UXSSV¦JQLQJDUQDI¸OMHUGHNROOHNWLYDYWDOVI¸UKDQGODGHYLOONRUHQLௗGHௗDOOP¦QQDEHVW¦PPHO VHUQDௗ$UEHWHWௗKDUKDIWVRPP§ODWWI§IXOOHNRQRPLVNHIIHNWWLOOK¸VWWHUPLQHQௗௗ8SSI¸OMQLQJRFK XWY¦UGHULQJDYVHNWRUQVDUEHWVSURFHVVS§J§UI¸UDWWௗGUDO¦UGRPDUDYDUEHWHWௗௗ 3HQVLRQVSURJQRV  $QWDOSHUVRQHUSHQVLRQVDYJ§QJDUSHU§U 3URJQRVHQYLVDUHWW¸NDQGHDQWDOSHQVLRQVDYJ§QJDUL.¦YOLQJHNRPPXQXQGHUNRPPDQGH§U$Q WDOHWDYJ§QJDU¸NDUIU§QRPNULQJSHUVRQHUSHU§UXQGHUȂWLOORPNULQJȂSHU§U IU§QRFKPHGPHGHQWRSSUXQWYDUHIWHUQLY§HUQDI¸UEOLUK¸JD'HQK¸MGDSHQVLRQV§O GHUQKDUHQG¦PSDQGHHIIHNWS§SHQVLRQVDYJ§QJDUQDS§NRUWVLNWRFKELGUDUWLOODWWYLVVNRPSHWHQV NDQVWDQQDO¦QJUHLRUJDQLVDWLRQHQ6DPWLGLJWYLVDUSURJQRVHQDWWNRPPXQHQWURWVK¸MGSHQVLRQV §OGHUVW§ULQI¸UHWWRPIDWWDQGHJHQHUDWLRQVVNLIWH8WYHFNOLQJHQLQQHE¦UEHW\GDQGHXWPDQLQJDUI¸U NRPPXQHQVNRPSHWHQVI¸UV¸UMQLQJRFKO§QJVLNWLJDSODQHULQJ(WWIRUWVDWWVWUDWHJLVNWDUEHWHPHG NRPSHWHQVI¸UV¸UMQLQJK§OOEDUDDUEHWVYLOONRURFKNXQVNDSV¸YHUI¸ULQJ¦UG¦UI¸UDYJ¸UDQGH )¸UYDUMH§ULWDEHOOHQRYDQNDQXWIDOOHWYDULHUDPHQGHWWDVNDVHVVRPJROYHWLNRPPXQHQVVDP ODGHUHNU\WHULQJV§WDJDQGHGHQ¦UPDVWHWLR§UHQ'HVDPODGHSHQVLRQVDYJ§QJDUQDPRWVYDUDUGU\JW HQIHPWHGHODYNRPPXQHQVQXYDUDQGHWLOOVYLGDUHDQVW¦OOGD )UDPWLOORFKPHGNRPPHU.¦YOLQJHNRPPXQEHK¸YDUHNU\WHUDGU\JWQ\DPHGDUEHWDUH HQEDUWI¸UDWWHUV¦WWDGHVRPDYROLNDDQOHGQLQJDUDYVOXWDUVLQDQVW¦OOQLQJ8W¸YHUGHWWLOONRPPHU GHWUHNU\WHULQJDUI¸UDWWP¸WDI¸U¦QGUDGHXSSGUDJRFKGHQGHPRJUDILVNDXWYHFNOLQJHQPHGWLOOH[ HPSHOHQ§OGUDQGHEHIRONQLQJSida 52 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     (QFHQWUDOGHODYNRPSHWHQVI¸UV¸UMQLQJHQ¦UVHPHVWHUYLNDULHUQDIUDPI¸UDOOWLQRPVHNWRU2PVRUJ G¦UYHUNVDPKHWHQIRUWV¦WWHULQ¦VWDQIXOORPIDWWQLQJXQGHUVHPHVWHUSHULRGHQ(WWVHPHVWHUYLNDULDW ¦UGHQIU¦PVWDQDWXUOLJDY¦JHQLQLGHNRPPXQDODYHUNVDPKHWHUQDRFKG¦UI¸UHQVWRUGHODYGHQ O§QJVLNWLJDNRPSHWHQVI¸UV¸UMQLQJHQ(WWK¸JWV¸NWU\FNS§GHVVDWM¦QVWHU¦UG¦UI¸UDYVWRUYLNWRFK V¸NWHVW\FNHQWLOOVHNWRU2PVRUJV¸NWHVW\FNHQXQGHUVDPPDSHULRG'HWKDU JHWWHQJRGJUXQGI¸UHQIRUWVDWWNRPSHWHQVI¸UV¸UMQLQJE¦JJH§UHQ .¸QVI¸UGHOQLQJSHUVRQDORPV¦WWQLQJRFK§OGHUVI¸UGHOQLQJ 'HQJHQRPVQLWWOLJDPHGHO§OGHUQI¸UP§QDGVDYO¸QDGHPHGDUEHWDUHLNRPPXQHQXQGHUYDU HQ¸NQLQJIU§QI¸UHJ§HQGH§U'HWWDEHURUWLOOVW¸UVWDGHOS§IRUWVDWWQHGGUDJQLQJLRUJD QLVDWLRQHQ1¦UI¦UUHQ\DWM¦QVWHUXWDQQRQVHUDVRFKSULP¦UWQ\DQVW¦OOGDRFKG§\QJUHPHGDUEH WDUHV¦JVXSSG§¸NDUJHQRPVQLWWV§OGHUQSURFHQWDYPHGDUEHWDUQDLQRPNRPPXQHQVYHUN VDPKHWHU¦ULQRP§OGHUVVSDQQHWȂRFKJHQRPVQLWWV§OGHUQI¸UNYLQQRU¦UIRUWVDWWK¸JUH¦QI¸U P¦Q$QGHOHQP¦Q¸NDUWLOOSURFHQWI¸U)¸UGHOQLQJHQEHURUEODQGDQQDWS§DWWPDMRULWH WHQDYPHGDUEHWDUQDLNRPPXQHQDUEHWDULQRPVHNWRU2PVRUJRFKVHNWRU8WELOGQLQJG¦UNYLQQR GRPLQHUDQGH\UNHVJUXSSHU¦UVWRUD'HWWD¦UE§GHS§O§QJRFKNRUWVLNWHQVWUDWHJLVNXWPDQLQJ I¸UNRPPXQHQG¦UGHWGHPRJUDILGULYQDEHKRYHWDY¸NDGDUEHWVNUDIWGHQ¦UPDVWH§UHQJ¸UDWW DQGHOHQP¦QRFKNYLQQRUXUKHODDUEHWVNUDIWHQVRPDUEHWDULY§UGRFKRPVRUJV\UNHQEHK¸YHU ¸NDVRPHQDYIOHUDGHOO¸VQLQJDU9LG§UVVNLIWHWYDUSURFHQWDYNRPPXQHQVFKHIHUP¦QYLONHW ¦UHQ¸NQLQJIU§QSURFHQWI¸UHJ§HQGH§U      'HQNRPPXQ¸YHUJULSDQGHSHUVRQDORPV¦WWQLQJHQS§HJHQEHJ¦UDQVMXQNHUIU§QWLOOSURFHQW XQGHUHQQLY§VRPWLOOVLQRPIDWWQLQJ¦URSUREOHPDWLVN9DUMHHQKHWVFKHIKDUWLOOXSSJLIWDWW I¸OMDXSSRUVDNHUWLOOSHUVRQDORPV¦WWQLQJS§VLQHQKHWRFKLPSOHPHQWHUD§WJ¦UGHUI¸UDWWK§OODGHQ S§HQLQLY§VRPWLOO§WHUHQRUJDQLVNXWYHFNOLQJDYHQKHWHQRFKVRPVDPWLGLJWLQWHVW¸UGULIWHQ'HQ VMXQNDQGHRPV¦WWQLQJHQEHURUWLOOVWRUGHOS§O§JNRQMXQNWXUHQRFKPHUEHJU¦QVDGU¸UOLJKHWS§DU EHWVPDUNQDGHQ ϳй ϱϭй ϰϮй ůĚĞƌƐĨƂƌĚĞůŶŝŶŐŬǀŝŶŶŽƌ ͲϮϵ ϯϬͲϰϵ ϱϬн ϭϱй ϰϲй ϯϵй ůĚĞƌƐĨƂƌĚĞůŶŝŶŐŵćŶ ͲϮϵ ϯϬͲϰϵ ϱϬн ϵй ϱϬй ϰϭй ůĚĞƌƐĨƂƌĚĞůŶŝŶŐƐĂŵƚůŝŐĂ ͲϮϵ ϯϬͲϰϵ ϱϬнSida 53 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     2UJDQLVDWLRQVNXOWXU 2UJDQLVDWLRQVNXOWXUHQ¦UHWWYLNWLJWUDPYHUNI¸UKXUPHGDUEHWDUHL.¦YOLQJHNRPPXQVDPDUEHWDU IDWWDUEHVOXWRFKXWYHFNODUYHUNVDPKHWHQ'HQWDUVLJXWWU\FNLYDUGDJOLJDEHWHHQGHQRFKYLODUS§ Y¦UGHULQJDUQD¸SSHQKHWHQJDJHPDQJRFKXWYHFNOLQJ 8QGHU§UHWKDUDUEHWHWS§E¸UMDWVPHGDWWVW¦UNDRFKXWYHFNODRUJDQLVDWLRQVNXOWXUHQJHQRPDWWLQ YROYHUDDOODFKHIHULRUJDQLVDWLRQHQ1\FNHOQWLOOHQVWDUNNXOWXUE¸UMDUKRVFKHIHQRFKDWWHWWW\GOLJW JHPHQVDPWOHGDUVNDSVNDSDUI¸UXWV¦WWQLQJDUI¸U¸QVNDGHEHWHHQGHQLKHODRUJDQLVDWLRQHQ(WWV¦U VNLOWIRNXVKDUG¦UI¸UOHJDWS§GHJHPHQVDPPDFKHIVWU¦IIDUQD/HGDUIRUXPȋ+XUE\JJHUYLHQIUDP J§QJVULNRUJDQLVDWLRQVNXOWXUYLONDNRQNUHWDEHWHHQGHQOHGHURVVGLWȋ)RUXPHWKDUELGUDJLWWLOOHQ JHPHQVDPI¸UVW§HOVHI¸UYLONDI¸UK§OOQLQJVV¦WWRFKEHWHHQGHQVRPVW¦UNHUHQVXQGNXOWXURFKJHWW VW¸GLKXUFKHIHUNDQRPV¦WWDGHWWDLSUDNWLNHQ(QVXQGRUJDQLVDWLRQVNXOWXU¦UHQYLNWLJIUDP J§QJVIDNWRUI¸UDWWQ§NRPPXQHQVYLVLRQRFKP§OVDPWI¸UDWWVW¦UNDHQJDJHPDQJDQVYDUVWD JDQGHRFKHWWSURIHVVLRQHOOWEHP¸WDQGHJHQWHPRWY§UDLQY§QDUH ΖVOXWHWDYJDYVHWWW\GOLJWXSSGUDJWLOOVDPWOLJDFKHIHULNRPPXQHQDWWWLOOVDPPDQVPHGVLQD PHGDUEHWDUHDNWLYWDUEHWDPHGXWYHFNOLQJHQDYRUJDQLVDWLRQVNXOWXUHQLQRPUHVSHNWLYHYHUNVDP KHWΖVDPEDQGPHGGHWWDODQVHUDGHVUROOHQ.XOWXUSLORWVRPLQQHE¦UHQYLGDUHXWYHFNOLQJDYGHW WLGLJDUHY¦UGHJUXQGVOHGDUXSSGUDJHWRFKV\IWDUWLOODWWVW¦UNDGHWJHPHQVDPPDNXOWXURFKY¦UGH JUXQGVDUEHWHWLRUJDQLVDWLRQHQ.XOWXUSLORWV\IWDUWLOODWWVW¦UNDRFKXWYHFNODRUJDQLVDWLRQVNXOWXUHQ JHQRPDWWYDUDHQI¸UHELOGLGHWGDJOLJDDUEHWHWVW¸GMDFKHIRFKNROOHJRUVDPWELGUDWLOOHWW¸SSHW O¦UDQGHRFKHQJDJHUDQGHVDPDUEHWVNOLPDW*HQRPGHWWDELGUDUUROOHQWLOOHQVXQGDUEHWVPLOM¸RFK VNDSDUI¸UXWV¦WWQLQJDUI¸UHWWVDPDUEHWHRFKEHP¸WDQGHVRPVW¦UNHUE§GHLQGLYLGRFKRUJDQLVDW LRQ (QQ\ELOGKDU WDJLWVIUDPPHG KM¦OSDY$ΖI¸UDWW LQVSLUHUD.XOWXU SLORWHUQDLVLWW Q\DDUEHWH /HGDUVNDSRFKPHGDUEHWDUVNDS 9§UDOHGDUH )¸UDWWV¦NHUVW¦OODJHQRPI¸UDQGHWDY.¦YOLQJHNRPPXQVXSSGUDJ¦UGHWDYJ¸UDQGHDWWNRPPXQHQ IUDPJ§QJVULNWNDQDWWUDKHUDUHNU\WHUDEHK§OODRFKXWYHFNODNRPSHWHQWDFKHIHURFKOHGDUHSida 54 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     .RPPXQHQHUEMXGHUG¦UI¸UIOHUDROLNDXWYHFNOLQJVLQVDWVHUI¸UDWWVW¦UNDE§GHOHGDUHRFKFKHIHU LQRPRUJDQLVDWLRQHQ8QGHUKDU.¦YOLQJHNRPPXQIRUWVDWWIRNXVHUDS§DWWXWYHFNODVLWWOHGDU VNDSJHQRP/HGDUXWYHFNOLQJVSURJUDPPHW6\IWHW¦UDWWVW¦UNDGHOWDJDUQDVI¸UP§JDDWWXWI¸UDVLQD OHGDUXSSGUDJ3URJUDPPHWLQOHGGHVRFKKDUKLWWLOOVKDIWHWWVWRUWGHOWDJDQGHIU§QFKHIHUPHG JHQRPJ§HQGHSRVLWLYDXWY¦UGHULQJVUHVXOWDW'HWKDUVNDSDWXWU\PPHI¸UUHIOHNWHUDQGHO¦UDQGH YLONHWLQQHE¦UHQSUDNWLVNWLOO¦PSQLQJDYWHRULHURFKPRGHOOHULQRPYHUNVDPKHWHQ'HOWDJDUJUXS SHQVVDPPDQV¦WWQLQJP¸MOLJJ¸UP¸WHQPHOODQVHNWRUHUYLONHWIU¦PMDUYHUNOLJWVDPDUEHWHRFKHUID UHQKHWVXWE\WH0§QJDGHOWDJDUHEHWRQDUY¦UGHWDYDWWNXQQDWLOO¦PSDNXQVNDSHUQDE§GHLQRP WHDPPDQ¦UPHGOHPLRFKGHVRPPDQVM¦OYOHGHUௗ %UDRUJDQLVDWRULVNDI¸UXWV¦WWQLQJDUJ¸UFKHIV\UNHWPHUDWWUDNWLYWRFKJ\QQDUE§GHIUDPJ§QJRFK Y¦OP§HQGH(QYLNWLJP¸WHVSODWV¦U/HGDUIRUXPG¦UFKHIHURFKWM¦QVWHSHUVRQHUNDQWU¦IIDVRFK VDPDUEHWD8QGHUK¸OOVI\UD/HGDUIRUXPI¸UDWWNRPSHWHQVXWYHFNODVW¦UNDVDPDUEHWHWRFK GLVNXWHUDYLNWLJDIUDPWLGVIU§JRUI¸UNRPPXQHQ'HWVWRUDWHPDWXQGHU§UHWKDUYDULWDWWXWYHFNOD RUJDQLVDWLRQVNXOWXUHQWLOOVDPPDQVI¸UDWWLGHQWLILHUDYLONDEHWHHQGHQVRPE\JJHUHQIUDPJ§QJVULN RUJDQLVDWLRQ 8QGHUYDUGHQNRPPXQ¸YHUJULSDQGHSHUVRQDORPV¦WWQLQJHQI¸UFKHIHU§WWDSURFHQW IHPLQ GLYLGHU HQOLWHQ¸NQLQJVHGDQ 9§UDPHGDUEHWDUH 0HGDUEHWDUHLGHQNRPPXQDODNRQFHUQHQVDPWOLJDDQVW¦OOGD §UVDUEHWDUH  7RWDOW    YDUDYWLOOVYLGDUHDQVW¦OOGD    YDUDYWLGVEHJU¦QVDWDQVW¦OOGDPHGP§QDGVO¸Q    YDUDYWLPDYO¸QDGHDQVW¦OOGD    YDUDYI\OOQDGVWM¦QVWJ¸ULQJ     YDUDY¸YHUWLG     (Q§UVDUEHWDUHPRWVYDUDUWLPPDUWLOOJ¦QJOLJDUEHWVWLG6RPWLOOJ¦QJOLJDUEHWVWLGU¦NQDVDUEHWVWLGHQLQQDQQ§JRQW\S DYIU§QYDUR )\OOQDGVWM¦QVWJ¸ULQJVDPW¸YHUWLGXWI¸UVDYDOODNDWHJRULHUWLPDYO¸QDGHWLGVEHJU¦QVDGHVDPWWLOOVYLGDUHDQVW¦OOGDPHG P§QDGVO¸Q $QWDOHW§UVDUEHWDUHXSSJ§UWLOOXQGHUYLONHWLQQHE¦UHQIRUWVDWWPLQVNQLQJM¦PI¸UW PHGWLGLJDUH§U0LQVNQLQJHQDYVHUIU¦PVWWLOOVYLGDUHDQVW¦OOGDPHGDQDQWDOHWWLGVEHJU¦QVDWDQ VW¦OOGDRFKWLPDYO¸QDGH¦UUHODWLYWRI¸U¦QGUDW)\OOQDGVWM¦QVWJ¸ULQJHQKDUPLQVNDWW\GOLJWM¦PI¸UW PHGRFKYLONHWEHURUS§¦QGULQJDULGHFHQWUDODNROOHNWLYDYWDOHQ0¸MOLJKHWHQDWWDQ Y¦QGDI\OOQDGVWLGI¸UGHVRPDUEHWDUGHOWLG¦UVHGDQERUWWDJHQ'HOWLGVDQVW¦OOGDVRP DUEHWDUO¦QJUH¦QGHQI¸UXWEHVW¦PGDDUEHWVWLGHQI§UQXHUV¦WWQLQJVRPDOODQQDQ¸YHUWLG˜YHUWL GHQKDU¸NDWQ§JRWM¦PI¸UWPHGI¸UHJ§HQGH§UPHQOLJJHUIRUWVDWWS§HQM¦PI¸UEDUQLY§¸YHUWLG ˜NQLQJHQEHURUGHOYLVS§GHQWLGLJDUHQ¦PQGDNROOHNWLYDYWDOV¦QGULQJHQ2UJDQLVDWLRQHQVDQSDVV QLQJHIWHUHNRQRPLQV\QV¦YHQK¦UIU¦PVWPHGHQPLQVNQLQJDYDQWDOHWDUEHWDGHWLPPDULJUXS SHQWLOOVYLGDUHDQVW¦OOGD'HWEHURUIU¦PVWS§DWWWM¦QVWHULQWHHUV¦WWVHOOHUVW§UYDNDQWXQGHUHQWLG Q¦UHQPHGDUEHWDUO¦PQDWRUJDQLVDWLRQHQ(QGHOLQRPVHNWRU8WELOGQLQJȂVNRODEHURUS§DYLVH UDGDUEHWVEULVWRFKXSSV¦JQLQJDU +HOWLGVDUEHWHVRPQRUPDWWUDNWLYDDQVW¦OOQLQJVYLOONRU (QSULRULWHUDGLQULNWQLQJI¸U.¦YOLQJHNRPPXQ¦U+HOWLGVDUEHWHVRPQRUP'HW¸YHUJULSDQGH P§OHWVRPSDUWHUQDVDWWQDWLRQHOOWI¸UI¸U¦QGULQJVDUEHWHW¦UDWWKHOWLGVNDYDUDQRUPHQI¸UY¦OI¦U GHQ+HOWLGVUHVDQ¦UIRUWVDWWHQYLNWLJVWUDWHJLVNLQVDWVI¸UDWWO§QJVLNWLJWV¦NUDNRPSHWHQVI¸UV¸UM QLQJHQ6HNWRU2PVRUJKDUXQGHU§UHWIRUWVDWWDUEHWHWPHGDWW¸NDPHGDUEHWDUQDVV\VVHOV¦WWQLQJV JUDG6HNWRUQKDUQXI§PHGDUEHWDUHVRPHIWHUIU§JDU¸NDGV\VVHOV¦WWQLQJVJUDG'HIOHVWD¸QVNHP§O KDUNXQQDWWLOOJRGRVHVYLONHWW\GHUS§DWWDUEHWHWPHGDWWP¸MOLJJ¸UDKHOWLGKDUJHWWHIIHNW)RUVN QLQJYLVDUDWWK¸JUHDQGHODYKHOWLGRFKDUEHWVJUXSSHUPHGO§JSHUVRQDORPV¦WWQLQJPLQVNDUSida 55 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     EHODVWQLQJHQI¸UE¦WWUDU§WHUK¦PWQLQJHQRFKI¸UHE\JJHURK¦OVDYLONHWOHGHUWLOOO¦JUHNRUWWLGVVMXN IU§QYDUR $YWDOVU¸UHOVHQȂO¸QH¸YHUV\Q §UVO¸QH¸YHUV\QJDYHQJHQRPVQLWWOLJ¸NQLQJS§SURFHQW˜NQLQJHQVW§UVLJY¦OLI¸UK§O ODQGHWLOODQGUDNRPPXQHUVO¸QH¸YHUV\QVQLY§HU(QH[WUDVDWVQLQJJMRUGHVS§DOLQMHQVFKHIHUXW IDOOHWI¸UGHQJUXSSHQEOHYSURFHQW )¸UP§QHU 6RPHWWOHGLNRPPXQHQVDUEHWHI¸UK§OOEDUKHWHUEMXGHU.¦YOLQJHNRPPXQWLOOVYLGDUHDQVW¦OOGD P¸MOLJKHWWLOOI¸UP§QVF\NHO)¸UP§QHQELGUDUWLOOPLQVNDGNOLPDWS§YHUNDQJHQRPDWWIU¦PMDPLOM¸ Y¦QOLJDUHVRUWLOORFKIU§QDUEHWHWVDPWLGLJWVRPGHQVW¸GMHUK¦OVDRFKI\VLVNDNWLYLWHWKRVPHGDU EHWDUQD*HQRPDWWHUEMXGDI¸UP§QVF\NHOYLVDUNRPPXQHQHWWW\GOLJWDUEHWVJLYDUDQVYDURFK VNDSDUI¸UXWV¦WWQLQJDUI¸UPHGDUEHWDUHDWWJ¸UDK§OOEDUDRFKK¦OVRIU¦PMDQGHYDOLYDUGDJHQ6H GDQVWDUWHQKDUNRPPXQHQKDIWWUHWWRQWLOOI¦OOHQRPDWWWHFNQDI¸UP§QVF\NHOG§VDPPDQODJW PHGDUEHWDUHWHFNQDWVLJI¸UI¸UP§QVF\NODU8QGHUWHFNQDGHPHGDUEHWDUHDYWDORP I¸UP§QF\NHO $UEHWVPLOM¸ $UEHWVPLOM¸DUEHWHWKDUXQGHU§UHWEHGULYLWVV\VWHPDWLVNWPHGIRNXVS§I¸UHE\JJDQGHRFKK¦OVR IU¦PMDQGHLQVDWVHU5HVXUVHUKDUWLOOVDWWVI¸UDWWNXQQDVW¦UNDXSSNRPPXQHQLGHWK¦OVRIU¦PMDQGH RFKI¸UHE\JJDQGHDUEHWHW*HQRPVDPYHUNDQFKHIVVW¸GWLGLJDUHKDELOLWHULQJV§WJ¦UGHURFKXW YHFNOLQJDYDUEHWVV¦WWKDUI¸UXWV¦WWQLQJDUQDI¸UHQJRGRFKK§OOEDUDUEHWVPLOM¸VW¦UNWV )ULVNIDNWRUDUEHWH )ULVNIDNWRUHU¦UI¸UK§OODQGHQLDUEHWVPLOM¸QVRPELGUDUWLOODWWPHGDUEHWDUHP§UEUD¦UHQJDJHUDGH RFKNDQSUHVWHUDLVLWWDUEHWH(WWDNWLYWV\VWHPDWLVNWRFKO§QJVLNWLJWDUEHWHPHGIULVNIDNWRUHU¸NDU I¸UXWV¦WWQLQJDUQDI¸UHQJRGDUEHWVPLOM¸RFKELGUDUWLOODWWPLQVNDVMXNIU§QYDURQ$UEHWVOLYHWVW§U LQI¸URPIDWWDQGHI¸U¦QGULQJDURFK¸NDGHNUDYYLONHWVW¦OOHUK¸JDNUDYS§RUJDQLVDWLRQHQVI¸UP§JD DWWDUEHWDI¸UHE\JJDQGHRFKK¦OVRIU¦PMDQGH)ULVNIDNWRUHUXWJ¸UHQDYWUHSULRULWHUDGHLQULNWQLQJDU XQGHURFKV\IWDUWLOODWWVNDSDK§OOEDUDDUEHWVI¸UK§OODQGHQVRPPRWYHUNDU¸NDQGHVMXNWDORFK IU¦PMDUHWWO¦QJUHRFKK§OOEDUWDUEHWVOLY*HQRPGHWWDDUEHWHYHUNDUNRPPXQHQI¸UHQE¦WWUHDU EHWVGDJYDUMHGDJI¸UPHGDUEHWDUQDL.¦YOLQJHNRPPXQ8QGHUKDUIULVNIDNWRUDUEHWHWEODQG DQQDWIRNXVHUDWS§DWWXWYHFNODV\VWHPDWLNHQLDUEHWHWXWYHFNODOHGDUVNDSGHODNWLJKHWEHPDQ QLQJVSODQHULQJRFKULPOLJEDODQVLDUEHWVEHODVWQLQJI¸UDWWVNDSDK§OOEDUDDUEHWVI¸UK§OODQGHQ)DFN OLJDSDUWHURFKVN\GGVRPEXGKDUEOLYLWPHULQYROYHUDGHLIULVNIDNWRUDUEHWHWLNRPPXQHQYLDVDP YHUNDQRFKXWELOGQLQJI¸UDWWE¦WWUHNXQQDELGUDWLOO¸NDGNYDOLWHWRFKI¸UDQNULQJLJHQRPI¸UDQGHW 6MXNIU§QYDUR 6MXNIU§QYDURQYDULHUDUIRUWVDWWPHOODQQ¦PQGHURFKPHOODQNYLQQRURFKP¦Q6DPPDQWDJHWKDU VMXNGDJDUSHUDQVW¦OOGPLQVNDWQ§JRWM¦PI¸UWPHGIUDPI¸UDOOWEODQGNYLQQRU2PVRUJVRFK 8WELOGQLQJVQ¦PQGHQKDUIRUWVDWWK¸JVWVMXNIU§QYDURYLONHWOLNQDUWLGLJDUH§URFKVSHJODUYHUNVDP KHWHUQDVSHUVRQDOLQWHQVLYDXSSGUDJΖQRP.RPPXQVW\UHOVHQKDUP¦QQHQVVMXNIU§QYDUR¸NDWXQ GHUPHGDQNYLQQRUVVMXNIU§QYDURKDUPLQVNDW6WRUDYDULDWLRQHUXQGHU%\JJRFKPLOM¸Q¦PQ GHQE¸UWRONDVPHGI¸UVLNWLJKHWWLOOI¸OMGDYVP§SHUVRQDOJUXSSHU.YLQQRUVVMXNIU§QYDUR¦UIRUWVDWW K¸JUH¦QP¦QVPHQVNLOOQDGHQKDUPLQVNDW8WIDOOHWYLVDUEHKRYDYHWWIRUWVDWWV\VWHPDWLVNWDU EHWVPLOM¸RFKIULVNIDNWRUDUEHWHV¦UVNLOWLYHUNVDPKHWHUPHGK¸JEHODVWQLQJRFKO§QJYDULJVMXNIU§Q YDUR     6MXNGDJDUSHUDQVW¦OOG   P¦Q  NYLQQRU  P¦Q  NYLQQRU  P¦Q  NYLQQRU .RPPXQVW\UHOVHQ       $UEHWVOLYRFKIULWLGVQ¦PQGHQ       %\JJRFKPLOM¸Q¦PQGHQ       8WELOGQLQJVQ¦PQGHQ       2PVRUJVQ¦PQGHQ       7RWDOWNRPPXQHQ       6MXNIU§QYDURSURFHQW 7RWDOVMXNIU§QYDUR    $QGHODYVMXNIU§QYDURQVRPDYVHUIU§QYDURXQGHUHQVDPPDQK¦QJDQGHWLGDYGDJDUHOOHUPHU    6MXNIU§QYDURI¸UNYLQQRU    6MXNIU§QYDURI¸UP¦Q    6MXNIU§QYDURL§OGUDUQD§UHOOHU\QJUH    6MXNIU§QYDURL§OGUDUQD§U    6MXNIU§QYDURL§OGUDUQD§U    6MXNIU§QYDURL§OGUDUQD§U    'HQWRWDODVMXNIU§QYDURQL.¦YOLQJHNRPPXQXSSJ§UWLOOSURFHQWXQGHUYLONHWLQQHE¦UHQ I¸UE¦WWULQJM¦PI¸UWPHGI¸UHJ§HQGH§U0LQVNQLQJHQLQNOXVLYHHQO¦JUHDQGHOO§QJWLGVVMXNIU§QYDUR YLVDUDWWNRPPXQHQVO§QJVLNWLJDVDWVQLQJDUS§DUEHWVPLOM¸UHKDELOLWHULQJRFKIULVNIDNWRUHUJHUHI IHNW¦YHQRPXWPDQLQJDUNYDUVW§U$QGUDELGUDJDQGHIDNWRUHU¦UDUEHWHWPHGKHOWLGVRPQRUP LQRPVHNWRU2PVRUJ¦YHQGHQHNRQRPLVNDNRQMXQNWXUHQJHUHIIHNWLIRUPDYO¦JUHVMXNIU§QYDUR .RQMXQNWXUHQELGUDUGRFNLQWHWLOOHQIULVNDUHDUEHWVSODWVXWDQELGUDUWLOODWWKLQGUDRFKPLQVND IU§QYDUR 6MXNIU§QYDURQ¦UIRUWVDWWK¸JUHEODQGNYLQQRU¦QP¦QYLONHWVSHJODUVWUXNWXUHOODVNLOOQDGHULDUEHWV LQQHK§OORFKEHODVWQLQJLQRPGHQNRPPXQDODYHUNVDPKHWHQ6DPWLGLJWKDUVNLOOQDGHUQDPLQVNDW Q§JRWYLONHW¦UHWWSRVLWLYWWHFNHQ'HQK¸JUHVMXNIU§QYDURQEODQG¦OGUHPHGDUEHWDUHXQGHUVWU\NHU YLNWHQDYHWWK§OOEDUWDUEHWVOLYG¦UI¸UHE\JJDQGHDUEHWVPLOM¸DUEHWHRFKDQSDVVDGHDUEHWVYLOONRU¦U FHQWUDODI¸UDWWP¸MOLJJ¸UDHWWO¦QJUH\UNHVOLY .RVWQDGHUQDVRPXSSVW§UWLOOI¸OMGDYVMXNIU§QYDUREHVW§UDYIOHUDROLNDGHODU)OHUDDYGHVVD¦U NRPSOLFHUDGHDWWNDUWO¦JJDRFKNU¦YHURPIDWWDQGHYHUNVDPKHWVN¦QQHGRPVDPWNYDQWLILHULQJDY YDULDEOHU'HQGHODYNRVWQDGHUQDVRPW\GOLJDVWXSSVW§U¦UVMXNO¸QHQ/¸QHXWEHWDOQLQJDUWLOOVMXND PHGDUEHWDUHVRPNRPPXQHQJ¸UI¸UWLGG§PHGDUEHWDUHQLQWHSURGXFHUDUY¦UGHI¸UNRPPXQLQ Y§QDUH ^ũƵŬůƂŶĞŬŽƐƚŶĂĚ͕ŵŶŬƌ  .RPPXQVW\UHOVHQ    $UEHWVOLYRFKIULWLGVQ¦PQGHQ    %\JJRFKPLOM¸Q¦PQGHQ    8WELOGQLQJVQ¦PQGHQ    2PVRUJVQ¦PQGHQ    7RWDOW        +§OOEDUKHW +§OOEDUKHW¦UHQJUXQGI¸UXWV¦WWQLQJI¸UHQIUDPJ§QJVULNNRPPXQYHUNVDPKHWVRPNDQWLOOJRGRVH PHGERUJDUQDVEHKRYJHQRPKHODOLYHW.¦YOLQJHNRPPXQKDUHQYLNWLJUROODWWVSHODVRPP¸MOLJJ¸ UDUHI¸UHJ§QJDUHRFKVDPDUEHWVSDUWQHUI¸UDWWGULYDS§DUEHWHWPRWHQK§OOEDUXWYHFNOLQJLE§GH NRPPXQYHUNVDPKHWHQQ¦ULQJVOLYHWRFKKRVHQVNLOGDPHGERUJDUH)¸UY¦QWDQS§YDGK§OOEDUKHWV DUEHWHWVNDLQQHK§OODK¸MVLWDNWPHGGHY¦[DQGHXWPDQLQJDUQDLRPY¦UOGHQ 'HWUHGLPHQVLRQHUQDDYK§OOEDUKHW )¸UDWWEHVNULYDKXUNRPPXQHQI¸UK§OOHUVLJWLOO$JHQGDRFKKXUYLVHUS§NRPPXQHQVUROOL DUEHWHWPRWHQK§OOEDUXWYHFNOLQJXWJ§UYLIU§QGHVMXVWUDWHJLVNDRPU§GHQDL.¦YOLQJHNRPPXQV +§OOEDUKHWVVWUDWHJLQHGDQ 6W\UQLQJI¸UK§OOEDUXWYHFNOLQJ ΖQN¸SRFKXSSKDQGOLQJ¦UQ\FNHORPU§GHQG¦UY§UDEHVOXWNDQKDY¦VHQWOLJK§OOEDUKHWVS§YHUNDQ(Q VWRUGHODYNRPPXQHQVS§YHUNDQLQWHPLQVWNOLPDWS§YHUNDQNRPPHUIU§QGHSURGXNWHURFKWM¦QV WHUVRPNRPPXQHQXSSKDQGODURFKN¸SHULQ'HULNWOLQMHUVRPILQQVL8SSKDQGOLQJVRFKLQN¸SV SROLF\QXWJ¸UHQJRGJUXQGPHQGHWILQQVIRUWVDWWI¸UE¦WWULQJVSRWHQWLDOYDGJ¦OOHUYLONDNUDYRFKL KXUVWRUXWVWU¦FNQLQJVRPNUDYVW¦OOV.RPPXQHQVOLYVPHGHOVXSSKDQGOLQJXWJ¸UHWWJRWWH[HPSHO G¦UW\GOLJDNUDYVW¦OOVS§DOOWIU§QXSSI¸GQLQJSURGXNWLRQWUDQVSRUWVDPWVRFLDOWDQVYDU .RPPXQHQVLQYHVWHULQJVYHUNVDPKHW¦URFNV§HQY¦VHQWOLJK§OOEDUKHWVIU§JD$QVYDUVIXOODLQYHVWH ULQJDURPIDWWDUWUHRPU§GHQPLOM¸VRFLDODDVSHNWHUVDPWERODJVVW\UQLQJ+¦UXWJ¸U)LQDQVSROLF\Q HWWW\GOLJWUDPYHUNI¸UK§OOEDUDSODFHULQJDU 5LNWOLQMHUI¸UK§OOEDUDP¸WHQRFKUHVRURFK(WLNSROLF\¦UDQGUDH[HPSHOS§KXUNRPPXQYHUNVDP KHWHQVW\UPRWK§OOEDUDEHVOXWLYDUGDJHQ +§OOEDUKHWVU§GHWPHGUHSUHVHQWDQWHUIU§QDOODVHNWRUHUKDUXQGHU§UHWEHYLOMDWSURMHNWPHGHOWLOO SURMHNWPHGV\IWHDWWVNDSDK§OOEDUDUHO¸VQLQJDULNRPPXQHQVYHUNVDPKHWHUVDPW¸NDHQJDJH PDQJHWI¸UIU§JRUQDSida 58 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     +§OOEDUVWDGVXWYHFNOLQJ 6DPK¦OOHWEHK¸YHUL¸NDQGHJUDGDQSDVVDVWLOOVWLJDQGHWHPSHUDWXUHURFKHWWI¸U¦QGUDWNOLPDWG¦U SHULRGHUPHGPHUQHGHUE¸UGYDUYDVPHGO¦QJUHWRUURFKY¦UPHSHULRGHU)¸UDWWP¸WDGHVVDXW PDQLQJDUKDU.¦YOLQJHNRPPXQWDJLWIUDPHQNOLPDWDQSDVVQLQJVSODQVRPDQWRJVXQGHU3OD QHQEHVNULYHUKXUNRPPXQHQNDQS§YHUNDVDYNOLPDWI¸U¦QGULQJDUQD3ODQHQUHGRYLVDU¦YHQ§WJ¦U GHUI¸UDWWEHJU¦QVDNRQVHNYHQVHUQDRFKPLQVNDULVNHQI¸UVNDGRURO\FNRURFKDQGUDQHJDWLYDHI IHNWHUΖHWWI¸UVWDVWHJNRPPHUNOLPDWDQSDVVQLQJDYVNRORFKI¸UVNROHPLOM¸HUDWWVHV¸YHU 1\EHE\JJHOVHVNDK§OODK¸JPLOM¸RFKNOLPDWSUHVWDQGDRFKVDPWLGLJWELGUDWLOOHQVRFLDOWK§OOEDU XWYHFNOLQJDYNRPPXQHQ$WWPLQVNDHQHUJLDQY¦QGQLQJHQLE§GHIDVWLJKHWHURFKYHUNVDPKHWHUJHU YLQVWHUE§GHHNRQRPLVNWRFKXUNOLPDWV\QSXQNW'HWIRUWVDWWDDUEHWHWNRPPHUDWWWDVLQXWJ§QJV SXQNWLGHQNOLPDWRFKHQHUJLSODQVRPI¸UQ¦UYDUDQGHWDVIUDP)RNXVLGHQQDNRPPHUDWWYDUD DWWO\IWDIUDPVWUDWHJLVNDRPU§GHQG¦UNRPPXQHQKDUU§GLJKHWRFKP¸MOLJKHWDWWJHQRPI¸UDI¸U E¦WWULQJVDUEHWH 6NRODI¸UK§OOEDUXWYHFNOLQJ +§OOEDUXWYHFNOLQJ¦ULQWHJUHUDGLXQGHUYLVQLQJHQLNRPPXQHQVI¸UVNRORURFKVNRORUJHQRPE§GH RUGLQDULHYHUNVDPKHWRFKULNWDGHSURMHNW.RPPXQHQDUEHWDUDNWLYWI¸UDWWVNDSDJU¸QDRFKNOL PDWDQSDVVDGHVNROPLOM¸HU9DUMHVNRODRFKI¸UVNRODY¦OMHUDWWDUEHWDPHGROLNDSURMHNWLQRPVRFLDO RFKPLOM¸P¦VVLJK§OOEDUKHWXWLIU§QVLQDEHKRY Ζ.¦YOLQJHNRPPXQSULRULWHUDVUHVXUVKXVK§OOQLQJRFKK§OOEDUDP§OWLGHUVRPVW¦UNHUHOHYHUQDV K¦OVDRFKO¦UDQGH8QGHU§UHWKDU0§OWLGVVHUYLFHWLOOVDPPDQVPHGVNRORURFKI¸UVNRORUKDIWWHPD YHFNRUV§VRPVN¸UGHYHFNDRFK(DUWKKRXUYHFNDPHGIRNXVS§NOLPDWK§OOEDUKHWVDPWIU§QMRUG WLOOERUGWLOOMRUGI¸UDWW¸NDHOHYHUQDVI¸UVW§HOVHI¸UPDWHQVEHW\GHOVHI¸UNOLPDWRFKK§OOEDUXWYHFNO LQJ 8WELOGQLQJ¦UHQJUXQGI¸UXWV¦WWQLQJI¸UVRFLDOGHODNWLJKHWJRGK¦OVDRFKIUDPWLGDDUEHWVP¸MOLJ KHWHU(WWQ\VWDUWDWSURMHNWKDUIRNXVS§DWWI§HOHYHUPHGK¸JIU§QYDURDWWWDGHODYDUEHWVPDUN QDGVNXQVNDSI¸UDWWVWLPXOHUDWLOOIRUWVDWWVNROJ§QJRFKI¸UHE\JJDIUDPWLGDVRFLDOWXWDQI¸UVNDS +§OOEDUDQDWXUPLOM¸HU .¦YOLQJHNRPPXQVQ¦UKHWWLOOYDULHUDGHQDWXURPU§GHQJHUP¸MOLJKHWWLOOUHNUHDWLRQRFKIU¦PMDUJRG K¦OVD)¸UDWWEHYDUDGHVVDY¦UGHQ¦UGHWYLNWLJWDWWVN\GGDRFKXWYHFNODQDWXUPLOM¸HUQD)U§JRU NULQJJU¸Q\WRURFKELRORJLVNP§QJIDOGO\IWVG¦UI¸ULQWLGLJWLGHWDOMSODQHDUEHWHWI¸UDWWV¦NHUVW¦OODDWW JU¸QDVDPEDQGEHYDUDVRFKXWYHFNODV $UEHWHWPHGDWW¸NDNXQVNDSRPQDWXUHQKRVLQY§QDUQDKDUS§J§WWXQGHU§UHW([HPSHOS§GHWWD ¦UIUDPWDJDQGHDYHQWU¦GYDQGULQJL.¦YOLQJHW¦WRUWRFKXQGHUK§OODY.¦YOLQJHI§JHOVWLJO¦QJVPHG .¦YOLQJH§Q(QNDUWO¦JJQLQJDYLQYDVLYDDUWHUKDURFNV§JMRUWVRFKHQKDQGOLQJVSODQI¸UDWWKDQWHUD GHVVD¦UXQGHUIUDPWDJDQGH +§OOEDUYDWWHQDQY¦QGQLQJ¦UHWWEHW\GHOVHIXOOWRPU§GH9§WPDUNHURFKYDWWHQGUDJEHK¸YHUUHVWDX UHUDVI¸UDWW¸NDPRWVW§QGVNUDIWPRWNOLPDWXWPDQLQJDU.RPPXQHQDUEHWDUK¦UWLOOVDPPDQVPHG .¦YOLQJH§QVYDWWHQY§UGVI¸UEXQGPHGYDWWHQY§UGRFKUHFLSLHQWNRQWUROO(QJUXSSGHGLNHUDGWLOOYDW WHQIU§JRUKDU¦YHQELOGDWVRFKDUEHWDWI¸UDWWI¸UE¦WWUDVN¸WVHOQDYYDWWHQGUDJLQRPNRPPXQHQ (WWDNWXHOOWSURMHNW¦UDQO¦JJDQGHWDY5LQQHE¦FNVY§WPDUN &LUNXO¦UHNRQRPLRFKK§OOEDUNRQVXPWLRQ +§OOEDUNRQVXPWLRQRFKSURGXNWLRQKDQGODURPDWWIULNRSSODHNRQRPLVNXWYHFNOLQJIU§QPLOM¸S§ YHUNDQRFKDQY¦QGDUHVXUVHUPHUHIIHNWLYW)¸UEHUHGHOVHUQDI¸UDWWI§WLOOVW§QGHQIDVWLJKHWVQ¦UD LQVDPOLQJDYDYIDOOKDUS§J§WWXQGHURFKVNDYDUDS§SODWVVHQDVWPHGP§OHWDWW¸ND §WHUYLQQLQJHQRFKI¸UE¦WWUDDYIDOOVKDQWHULQJHQI¸UNRPPXQLQY§QDUQDΖQRPE\JJRFKDQO¦JJ QLQJVYHUNVDPKHWG¦UPLOM¸S§YHUNDQ¦UEHW\GDQGHHIWHUVWU¦YDVFLUNXO¦UDPDWHULDOIO¸GHQRFK¸NDGSida 59 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     §WHUDQY¦QGQLQJDYPDWHULDOYLGULYQLQJRFKQ\E\JJQDWLRQ0LQVNDWOLYVPHGHOVVYLQQLQRPRPVRUJ RFKVNRODKDUYDULWHWWIRNXVRPU§GHXQGHU(QNDUWO¦JJQLQJJHQRPI¸UGDY/LYVPHGHOVYHUNHW YLVDUS§DWW.¦YOLQJHNRPPXQ¦UWUHGMHE¦VWL6N§QHRFKS§HQGHODGVMXQGHSODWVLKHODODQGHWQ¦U GHWJ¦OOHUDWWPLQVNDPDWVYLQQHWΖQRPVNRODRFKI¸UVNRODJHQRPI¸UV§UOLJHQVNU¦SSORFNDUYHFNDQ I¸UDWW¸NDI¸UVW§HOVHQI¸UNUHWVORSSVW¦QNRFKEHKRYHWDYDWWWDYDUDS§DOODUHVXUVHU +§OOEDUWRFKLQNOXGHUDQGHDUEHWVOLY /HGDUVNDSHW¦UDYJ¸UDQGHI¸UDWWXWYHFNODHQRUJDQLVDWLRQVNXOWXUG¦UK§OOEDUKHWJHQRPV\UDUYDU GDJHQRFKG¦UK§OOEDUDYDOEOLUHQQDWXUOLJGHODYDUEHWVV¦WWHW8QGHUKDUHWWRPIDWWDQGHDU EHWHJHQRPI¸UWVPHGDWWVW¦UNDRUJDQLVDWLRQVNXOWXUHQJHQRPDWWO\IWDY¦UGHJUXQGHQVNRSSOLQJWLOO ROLNDNRQNUHWDEHWHHQGHQLYDUGDJHQ'HWWDDUEHWHNRPPHUDWWIRUWJ§RFKI¸UGMXSDVS§VHNWRUV RFKHQKHWVQLY§XQGHU .¦YOLQJHNRPPXQEHK¸YHUDNWLYWDUEHWDI¸UDWWPLQVNDULVNHQI¸UVWUHVVUHODWHUDGRK¦OVDRFKVMXN IU§QYDURVDPWVNDSDHQLQNOXGHUDQGHDUEHWVSODWVVRPWDUYDUDS§PHGDUEHWDUHPHGROLNDHUIDUHQ KHWHURFKI¸UXWV¦WWQLQJDU(QJRGDUEHWVPLOM¸SU¦JODVDYGHODNWLJKHWDUEHWVJO¦GMHRFKP¸MOLJKHWWLOO O¦UDQGHRFKNRPSHWHQVXWYHFNOLQJ -¦POLNDRFKWU\JJDOHYQDGVYLOONRU 9¦[WKXVHWS§.RUVEDFNDRPU§GHWLQYLJGHVXQGHUK¸VWHQ9¦[WKXVHWKDUWLOONRPPLWJHQRPHWWVDP DUEHWHPHOODQΖ)2¸SSHQI¸UVNRODVNRODRFKELEOLRWHNRFKVNDYDUDHQP¸WHVSODWVI¸UEDUQRFKGH UDVIDPLOMHU$YWDOKDU¦YHQWHFNQDWVI¸U)DPLOMHFHQWUDO&HQWHUV\G (QDQDO\VDYGHQ¸NDQGHXQJGRPVDUEHWVO¸VKHWHQKDUOHWWWLOOSODQHUDGH§WJ¦UGHUEODQGDQQDWI¸U E¦WWUDWVDPDUEHWHPHGH[WHUQDJ\PQDVLHUPHGV\IWHDWWI¸UHE\JJDDYKRSSRFKP¸WDXSSPHG VW¸GYLGHYHQWXHOOSV\NLVNRK¦OVDRFKHOOHUVNDGOLJWEUXN0DULD6N§QH0HOOHUVWD VW¸GPRWWDJQLQJ I¸UXQJDXQGHU§URFKGHUDVQ¦UVW§HQGH KDURFNV§§WHUXSSWDJLWVLQVDWHOOLWPRWWDJQLQJL.¦Y OLQJH (QSULRULWHUDGP§OJUXSS¦UȂ§ULQJDUPHGDYVHHQGHS§V\VVHOV¦WWQLQJSV\NLVNK¦OVDRFKVNDG OLJWEUXNRFKEHURHQGH$UEHWHWKDUOHWWWLOOI¸UGMXSDGNXQVNDSRPEHKRYKRVP§OJUXSSHQRFKPHU ULNWDGHLQVDWVHUI¸UDWWJ\QQDXWYHFNOLQJPRWVM¦OYVW¦QGLJKHW .RPPXQHQKDUIRUWVDWWDWWI¸UGMXSDGHWEURWWVI¸UHE\JJDQGHDUEHWHI¸UDWWP¸WDVDPK¦OOVXWPD QLQJDUQD(QVHNWRUV¸YHUJULSDQGHJUXSSGULYHUDUEHWHWPHGDWW¸NDNRPPXQHQVPRWVW§QGVNUDIW PRWY¦OI¦UGVEURWWVOLJKHW(QDQQDQGHO¦UP\QGLJKHWVJHPHQVDPWLOOV\QG¦UVDPYHUNDQPHGDQGUD P\QGLJKHWHUJHUE¦WWUHP¸MOLJKHWHUDWWNRPPD§WROLNDW\SHUDYEURWWVOLJKHW8QGHU§UHWKDU¦YHQ EHUHGVNDSVDUEHWHWIRUWVDWWDWWI¸UGMXSDV 0LOM¸UDQNQLQJ $NWXHOO+§OOEDUKHWV§UOLJDNRPPXQUDQNQLQJJHUHQELOGDYKXU.¦YOLQJHI¸UK§OOHUVLJWLOODQGUDNRP PXQHUXUHWWPLOM¸SHUVSHNWLY.RPPXQHQKDPQDGHL§US§SODWVHYLONHW¦UHQNODUI¸UV¦PULQJ M¦PI¸UWPHGHSODWVHQ§UHWLQQDQΖHWWO¦QJUHSHUVSHNWLYKDUGRFNUHVXOWDWHWIOXNWXHUDWUHODWLYW P\FNHWPHGHQHSODWVV§VHQWVRP$WWHQN¦WIU§JRUQDGHOYLV¦QGUDVIU§Q§UWLOO§UJ¸UGHW VY§UDUHDWWM¦PI¸UDUHVXOWDWHQ     )¸UY¦QWDGXWYHFNOLQJ 7UHW\GOLJDXWJ§QJVSXQNWHU¦UDWW.¦YOLQJHNRPPXQVNDKDIRUWVDWWRUGQLQJRFKUHGDLHNRQRPLQ I¸UE¦WWUDVHUYLFHRFKEHP¸WDQGHVDPWI¸UVW¦UNDVDPYHUNDQPHGYLNWLJDDNW¸UHUI¸UDWWVW¦UNDGHQ NRPPXQDODYHUNVDPKHWHQ8QGHUKDUNRPPXQHQDUEHWDWIRNXVHUDWPHGVMXNRPPXQ¸YHU JULSDQGHP§O$PELWLRQVLQULNWQLQJHQVO§UIDVWDWWY§UNRPPXQVNDIRNXVHUDS§N¦UQXSSGUD JHWVDPWDWWYHUNVDPKHWHUQDVNDK§OODHQK¸JNYDOLWHW 5HVXOWDWXWYHFNOLQJIUDP¸YHU 6DPWOLJDQ¦PQGHUJ§ULQLPHGEDODQVHUDGHNRQRPLRFKJRGDYHUNVDPKHWVUHVXOWDWΖNRP PDQGHWUH§UVSODQI¸U.¦YOLQJHNRPPXQLQIULDVXSSVDWWDILQDQVLHOODLQGLNDWRUHU5HVXOWDWQLY§HUQD VRP¦UEXGJHWHUDGHOLJJHUS§FLUNDPQNU§UOLJHQYLONHWPRWVYDUDUFLUNDSURFHQWDYNRPPX QHQVLQW¦NWHULIRUPDYVNDWWHURFKELGUDJ'HVWRUDILQDQVLHOODXWPDQLQJDUQD¦UEHIRONQLQJVWLOOY¦[ WHQRFKHYHQWXHOODVWRUDRPVW¦OOQLQJDULNRPPXQHUQDVLQNRPVWRFKNRVWQDGVXWM¦PQLQJVV\VWHP 7\GOLJDEHVOXWRFKJRGHNRQRPLVW\UQLQJLVDPWOLJDQ¦PQGHURFKVW\UHOVHUELGUDUWLOOWU\JJKHWE§GH I¸UYHUNVDPKHWHUQDVHNRQRPLVNDRFKYHUNVDPKHWVP¦VVLJDUHVXOWDW(QW\GOLJIUDPJ§QJVIDNWRUI¸U EUDYHUNVDPKHW¦UDWWEXGJHWI¸UXWV¦WWQLQJDUQD¦UVWDELODRFKO§QJVLNWLJD (QQ\GHPRJUDILVNYHUNOLJKHWXWPDQDURVV )¸UDWWP¸WHIUDPWLGHQV§P§VWHYLYDUDS§W§UQDRFKVNDSDK¸JDQJHO¦JHQKHWNULQJVW¦QGLJDI¸U E¦WWULQJDU9LDQY¦QGHULQQRYDWLYDPHWRGHUI¸UXWYHFNOLQJRFKI¸UQ\HOVH9LP§VWHDUEHWDE§GHP§O V¸NDQGHRFKP§OLQULNWDWWURWVDWWYLKDUJRGDILQDQVLHOODI¸UXWV¦WWQLQJDURFKEUDYHUNVDPKHWVUHVXO WDW .RQMXQNWXUHQI¸UY¦QWDVY¦QGDRP¦QLI¸UVLNWLJWDNWG§GHWILQQVP§QJDRV¦NHUKHWVIDNWRUHUL Y§URPY¦UOG$OOD6YHULJHVNRPPXQHUP§UE¦WWUHRPIOHUP¦QQLVNRUNRPPHULDUEHWHWRFKNDQ¸ND NRQVXPWLRQRFKWLOOY¦[W'HWYLKRSSDVS§¦UHQVWDUNDUHWURS§IUDPWLGHQVRPJ¸UDWWNRPPX QHQVDWWUDNWLYDERVWDGVRPU§GHQEHE\JJVRFKORFNDUQ\DLQY§QDUH.RQNXUUHQVHQRPYDUMHNRP PXQLQY§QDUH¦UK§UGYLONHWJ¸UDWWJRGNRPPXQDOYHUNVDPKHW¦UHQYLNWLJIUDPJ§QJVIDNWRUI¸UEH IRONQLQJVWLOOY¦[W )¸UDWWOHYHUHUDEUDYHUNVDPKHWNU¦YVVNLFNOLJDPHGDUEHWDUHRFKFKHIHUȂY§UDDQVW¦OOGD¦UY§UYLN WLJDVWWLOOJ§QJȂGHW¦ULP¸WHWPHGPHGERUJDUHQYLNDQO\FNDVVRPNRPPXQ)¸UDWWO\FNDVP§VWH YLDUEHWDJHPHQVDPWRFKIRNXVHUDW 'HW¦UWLOOVDPPDQVYLQ§UIUDPJ§QJ 6HNWRUVW\UQLQJRFKVW¸G    0LNDHO3HUVVRQ  9LFWRULD*DOEH .RPPXQGLUHNW¸U  (NRQRPLFKHI        )LQDQVLHOODUDSSRUWHU 5HVXOWDWU¦NQLQJ 0QNU .RPPXQHQ .RQFHUQHQ  1RW 8WIDOO %XGJHW 8WIDOO 8WIDOO  8WIDOO 9HUNVDPKHWHQVLQW¦NWHU       9HUNVDPKHWHQVNRVWQDGHU  Ȃ Ȃ ȫ Ȃ ȫ $YVNULYQLQJDU  Ȃ Ȃ ȫ Ȃ ȫ 9HUNVDPKHWHQVQHWWRNRVWQDGHU  Ȃ Ȃ ȫ Ȃ ȫ 6NDWWHLQW¦NWHU       8WM¦PQLQJRFKELGUDJ       9HUNVDPKHWHQVUHVXOWDW       )LQDQVLHOODLQW¦NWHU       )LQDQVLHOODNRVWQDGHU  Ȃ Ȃ ȫ Ȃ ȫ 5HVXOWDWHIWHUILQDQVLHOODSRVWHU       ([WUDRUGLQ¦UDSRVWHU              YDUDYUHDOLVDWLRQVYLQVWI¸UV¦OMQLQJ DQO¦JJQLQJVWLOOJ§QJDU  Ȃ  ȫ  ȫ YDUDYH[SORDWHULQJVRFKJDWXNRVW QDGVLQW¦NWHU  Ȃ Ȃ ȫ Ȃ ȫ YDUDY§WHUEHWDOQLQJSXQNWVNDWW ELRJDV    ȫ  ȫ YDUDYXSSO¸VQLQJDYV¦WWQLQJDU  Ȃ   Ȃ  YDUDYVWDWVELGUDJ0LJUDWLRQVYHU NHW  Ȃ   Ȃ  YDUDYI¸UV¦NULQJVHUV¦WWQLQJ  Ȃ   Ȃ  YDUDYPHGILQDQVLHULQJWLOOVWDWOLJ LQIUDVWUXNWXU       YDUDYY¦UGHUHJOHULQJRPV¦WWQLQJV WLOOJ§QJDU       YDUDYXWUDQJHULQJDU       YDUDYUHDOLVDWLRQVYLQVWI¸UV¦OMQLQJ ILQDQVLHOODRPV¦WWQLQJVWLOOJ§QJDU  Ȃ  ȫ Ȃ ȫ YDUDYRUHDOLVHUDGHYLQVWHUY¦UGH SDSSHU  Ȃ  ȫ Ȃ ȫ YDUDY§WHUI¸UGDRUHDOLVHUDGH PDUNQDGVY¦UGHQ       YDUDYRUHDOLVHUDGHI¸UOXVWHUY¦U GHSDSSHU       -¦PI¸UHOVHUHVXOWDW           %DODQVU¦NQLQJ 0QNU  .RPPXQHQ .RQFHUQHQ  1RW 8WIDOO  %XGJHW  8WIDOO  8WIDOO  8WIDOO  7LOOJ§QJDU       $QO¦JJQLQJVWLOOJ§QJDU       0DWHULHOODDQO¦JJQLQJVWLOOJ§QJDU       0DUNE\JJQDGHURFKWHNQLVNDDQO¦JJ QLQJDU       0DVNLQHURFKLQYHQWDULHU       )LQDQVLHOODDQO¦JJQLQJVWLOOJ§QJDU       9¦UGHSDSSHUDQGHODUHWF       /§QJIULVWLJDIRUGULQJDU       2PV¦WWQLQJVWLOOJ§QJDU       )¸UU§GODJHURFKH[SORDWHULQJVIDVWLJ KHWHU       )RUGULQJDU       .RUWIULVWLJDSODFHULQJDU       .DVVDRFKEDQN       7LOOJ§QJDU              (JHWNDSLWDODYV¦WWQLQJDURFKVNXOGHU       (JHWNDSLWDO       YDUDYUHVXOWDWUHVHUY       (JHWNDSLWDO       $YV¦WWQLQJDU       $YV¦WWQLQJI¸USHQVLRQHU       ˜YULJDDYV¦WWQLQJDU       6NXOGHU       /§QJIULVWLJDVNXOGHU       .RUWIULVWLJDVNXOGHU       (JHWNDSLWDODYV¦WWQLQJDURFKVNXOGHU       $QVYDUVI¸UELQGHOVH       %RUJHQVI¸UELQGHOVHU       6W¦OOGDV¦NHUKHWHURFKHYHQWXDOI¸USOLNWHO VHU           .DVVDIO¸GHVDQDO\V 0QNU .RPPXQHQ .RQFHUQHQ  1RW 8WIDOO  %XGJHW  8WIDOO  8WIDOO  8WIDOO  'HQO¸SDQGHYHUNVDPKHWHQ       ‡UHWVUHVXOWDW       -XVWHULQJI¸UHMOLNYLGLWHWVS§YHUNDQGHSRVWHU       ˜YULJDOLNYLGLWHWVS§YHUNDQGHSRVWHU  Ȃ  ȫ  ȫ 3RVWHUVRPUHGRYLVDVLDQQDQVHNWLRQ    ȫ  ȫ 0HGHOIU§QYHUNVDPKHWHQI¸UHI¸U¦QGULQJ DYU¸UHOVHNDSLWDOHW       )¸U¦QGULQJDYSHULRGLVHUDGHDQVOXWQLQJVDYJLI WHU    ȫ  ȫ )¸U¦QGULQJNRUWIULVWLJDIRUGULQJDU  Ȃ  ȫ  ȫ )¸U¦QGULQJDYNRUWIULVWLJDVNXOGHU     Ȃ  .DVVDIO¸GHIU§QGHQO¸SDQGHYHUNVDPKHWHQ       ΖQYHVWHULQJVYHUNVDPKHWHQ       ΖQYHVWHULQJLPDWHULHOODDQO¦JJQLQJVWLOOJ§QJDU  Ȃ Ȃ ȫ Ȃ ȫ )¸UV¦OMQLQJDYPDWHULHOODDQO¦JJQLQJVWLOOJ§QJDU       ΖQYHVWHULQJLNRPPXQNRQFHUQI¸UHWDJώ  ȫ   ȫ  )¸UY¦UYDYILQDQVLHOODDQO¦JJQLQJVWLOOJ§QJDU      ȫ .DVVDIO¸GHIU§QLQYHVWHULQJVYHUNVDPKHWHQ  Ȃ Ȃ ȫ Ȃ ȫ )LQDQVLHULQJVYHUNVDPKHW       1\XSSWDJQDO§Q      ȫ $PRUWHULQJDYVNXOGHUI¸UILQDQVLHOOOHDVLQJ  Ȃ  ȫ Ȃ ȫ .DVVDIO¸GHIU§QILQDQVLHULQJVYHUNVDPKHW  Ȃ  ȫ  ȫ 8WEHWDOQLQJDYELGUDJWLOOVWDWOLJLQIUDVWUXNWXU  Ȃ Ȃ ȫ Ȃ ȫ ‡UHWVNDVVDIO¸GH    ȫ  ȫ /LNYLGDPHGHOYLG§UHWVE¸UMDQ       /LNYLGDPHGHOYLG§UHWVVOXW       )¸U¦QGULQJDYOLNYLGDPHGHO   Ȃ ȫ  ȫ     1RWHU 0QNU 1RW5HGRYLVQLQJVSULQFLSHU ‡UVUHGRYLVQLQJHQ¦UXSSU¦WWDGLHQOLJKHWPHGODJ  RPNRPPXQDOERNI¸ULQJRFKUHGRYLVQLQJ /.%5 RFKUHNRPPHQGDWLRQHUIU§Q 5§GHWI¸UNRPPXQDOUHGRYLVQLQJ5.5RPLQJHWDQQDWDQJHV'¦UXW¸YHUI¸OMVGHWUHJHOYHUNRFKGHQQRUPJLYQLQJVRPJ¦OOHUI¸U¸YULJD VHNWRUHULVDPK¦OOHWRFKVRPLQQHIDWWDVLEHJUHSSHWJRGUHGRYLVQLQJVVHG'HWWDLQQHE¦UEODQGDQQDWI¸OMDQGH ȏΖQW¦NWHUUHGRYLVDVLGHQRPIDWWQLQJGHW¦UVDQQROLNWDWWGHHNRQRPLVNDWLOOJ§QJDUQDNRPPHUDWWWLOOIDOODNRPPXQHQRFKDWWLQW¦NWHUQDNDQ EHU¦NQDVS§HWWWLOOI¸UOLWOLJWV¦WW ȏ)RUGULQJDUKDUXSSWDJLWVWLOOGHEHORSSYDUPHGGHEHU¦NQDVLQIO\WD ȏ7LOOJ§QJDURFKVNXOGHUKDUXSSWDJLWVWLOODQVNDIIQLQJVY¦UGHG¦ULQJHWDQQDWDQJHV ȏ9¦UGHULQJDYILQDQVLHOODRPV¦WWQLQJVWLOOJ§QJDUKDUJMRUWVSRVWI¸USRVWWLOOYHUNOLJWY¦UGH ȏ3HULRGLVHULQJDUDYLQNRPVWHURFKXWJLIWHUKDUVNHWWHQOLJWJRGUHGRYLVQLQJVVHG %\WHDYUHGRYLVQLQJVSULQFLS 8QGHUKDUNRPPXQHQ¸YHUJ§WWIU§QDWWJ¸UDUHVXOWDWDYVOXWSHUDYVOXWDWH[SORDWHULQJVSURMHNWWLOODWWUHGRYLVDH[SORDWHULQJVUHVXOWDW SHUWRPWI¸UV¦OMQLQJ)¸UV¦OMQLQJDYH[SORDWHULQJVPDUNXSSJ§UWLOOPQNUYDUDYPQNUDYVHUI¸UV¦OMQLQJDUWLGLJDUH§UΖ¸YULJW KDUVDPPDUHGRYLVQLQJVSULQFLSHUWLOO¦PSDWVVRPWLGLJDUH 6DPPDQVW¦OOGDU¦NHQVNDSHU 'HVDPPDQVW¦OOGDU¦NHQVNDSHUQDRPIDWWDU.¦YOLQJHNRPPXQDODKROGLQJ$%VRPLVLQWXU¦JHU..%)DVWLJKHWHU$%RFK../)DVWLJKHWHU $%†JDUDQGHOHQ¦ULVDPWOLJDIDOOSURFHQW2PUHGRYLVQLQJVSULQFLSHUQDLNRPPXQHQRFKGHWNRPPXQDODERODJHWY¦VHQWOLJWDYYLNHU IU§QNRPPXQHQRFKGHWNRPPXQDODERODJHWY¦VHQWOLJWDYYLNHUIU§QYDUDQGUDMXVWHUDVERODJHWVU¦NHQVNDSHURPP¸MOLJWI¸UHVDPPDQ VW¦OOQLQJ'HQVDPPDQVW¦OOGDUHGRYLVQLQJHQXSSU¦WWDVHQOLJWNO\YQLQJVPHWRGHQ $QO¦JJQLQJVWLOOJ§QJDU 7LOOJ§QJDUDYVHGGDI¸UVWDGLJYDUDQGHEUXNHOOHULQQHKDYPHGHQQ\WWMDQGHWLGRPPLQVWWUH§UNODVVLILFHUDVVRPDQO¦JJQLQJVWLOOJ§QJRP EHORSSHW¸YHUVWLJHUHWWSULVEDVEHORSS$YVNULYQLQJDUS§PDWHULHOODDQO¦JJQLQJVWLOOJ§QJDUJ¸UVI¸UGHQEHU¦NQDGHQ\WWMDQGHSHULRGHQPHG OLQM¦UDYVNULYQLQJEDVHUDWS§DQVNDIIQLQJVY¦UGHWH[NOXVLYHHYHQWXHOOWUHVWY¦UGH3§WLOOJ§QJDULIRUPDYPDUNNRQVWRFKS§J§HQGHDUEHWHQ J¸UVLQJDDYVNULYQLQJDUΖQRUPDOIDOOHWWLOO¦PSDVOLQM¦UDYVNULYQLQJ$YVNULYQLQJDUEHU¦NQDVRFKERNI¸UVIU§QRFKPHGGHWNYDUWDODQVNDII QLQJHQVNHUHOOHUWDVLEUXN+XYXGVDNOLJHQWLOO¦PSDVI¸OMDQGHDYVNULYQLQJVWLGHU 2PV¦WWQLQJVWLOOJ§QJDU .RPPXQHQVSHQVLRQVPHGHOVSRUWI¸OM¦UNODVVLILFHUDGVRPRPV¦WWQLQJVWLOOJ§QJ'HQ¦UY¦UGHUDGWLOOYHUNOLJWY¦UGHHQOLJWE¸UVNXUVHQSHU 3RUWI¸OMHQVI¸UYDOWQLQJUHJOHUDVL)LQDQVSROLF\QVRPDQWRJVDYNRPPXQIXOOP¦NWLJHLVHSWHPEHU 7RPWHUI¸UI¸UV¦OMQLQJY¦UGHUDVNROOHNWLYWSHUH[SORDWHULQJVHWDSS8WJLIWHUQDI¸UGHODVSHUWRPWXWLIU§Q\WDΖDQVNDIIQLQJVY¦UGHWLQJ§U PDUNDQGHODYSURMHNWHULQJRFKGLUHNWDXWJLIWHUI¸U§WJ¦UGHUS§WRPWPDUNHQ 5.55HNRPPHQGDWLRQHU 5%RNI¸ULQJRFKDUNLYHULQJ 8SSI\OOV 5%\WHDYUHGRYLVQLQJVSULQFLSHUPP 8SSI\OOV 5ΖQW¦NWHU 8SSI\OOV 5.DVVDIO¸GHVDQDO\V 8SSI\OOV 5ΖPPDWHULHOODDQO¦JJQLQJVWLOOJ§QJDU 8SSI\OOV 5'ULIWRFKLQYHVWHULQJVUHGRYLVQLQJ 8SSI\OOV 50DWHULHOODDQO¦JJQLQJVWLOOJ§QJDU 8SSI\OOV 5)¸UYDOWQLQJVEHU¦WWHOVH 8SSI\OOV 5/HDVLQJ 8SSI\OOV 56DPPDQVW¦OOGDU¦NHQVNDSHU 8SSI\OOV 51HGVNULYQLQJ 8SSI\OOV 5'HO§UVUDSSRUW 8SSI\OOV 5)LQDQVLHOODWLOOJ§QJDURFKVNXOGHU 8SSI\OOV 5˜YULJDXSSO\VQLQJDU 8SSI\OOV 5'HULYDWRFKV¦NULQJVUHGRYLVQLQJ (MDNWXHOO 5)¸UU§GRFKODJHU 8SSI\OOV 5$YV¦WWQLQJDURFKDQVYDUVI¸UELQGHOVHU 8SSI\OOV 55HGRYLVQLQJDYNRPPXQDODSHQVLRQVVWLIWHOVHU (MDNWXHOO 53HQVLRQHU 8SSI\OOV 5%LGUDJWLOOLQIUDVWUXNWXU 8SSI\OOV 5([WUDRUGLQ¦UDRFKM¦PI¸UHOVHVW¸UDQGHSRVWHU 8SSI\OOV   $YVNULYQLQJVWLGHU %\JJQDGHURFKWHNQLVNDDQO¦JJQLQJDU RFK§U 0DVNLQHURFKLQYHQWDULHU RFK§U .RPSRQHQWHUIDVWLJKHW  .RPSRQHQWPDUN Ȃ§U .RPSRQHQWE\JJQDG Ȃ§U .RPSRQHQWLQVWDOODWLRQHU Ȃ§U .RPSRQHQWE\JJQDGVLQYHQWDULHU Ȃ§U .RPSRQHQWHUJDWDRFKSDUN  .RPSRQHQWVWRPPHOHGQLQJDURFKNRQVWUXNWLRQHU Ȃ§U .RPSRQHQWEHO¦JJQLQJVOLWODJHURFKSODQHULQJ Ȃ§U .RPSRQHQWEHO\VQLQJRFKLQVWDOODWLRQHU Ȃ§U .RPSRQHQWXWUXVWQLQJRFK¸YULJW Ȃ§U      .RPPXQHQ  .RQFHUQHQ  .RQFHUQHQ  3HQVLRQHU 3HQVLRQVVNXOGRFKSHQVLRQV§WDJDQGHQUHGRYLVDVHQOLJWEODQGPRGHOOHQ)¸USOLNWHOVHUI¸USHQVLRQV§WDJDQGHQI¸UDQVW¦OOGDLNRPPXQHQ¦U EHU¦NQDGHHQOLJW5Ζ36RFKLQNOXGHUDUO¸QHVNDWWS§SURFHQW9LVVWLGVI¸URUGQDQGHQVRPJHUU¦WWWLOOV¦UVNLOGDYWDOVSHQVLRQUHGRYLVDV VRPDYV¦WWQLQJQ¦UGHW¦UWUROLJWDWWGHNRPPHUDWWOHGDWLOOXWEHWDOQLQJ$YWDOVRPLQWHO¸VWVXWUHGRYLVDVVRPDQVYDUVI¸UELQGHOVH3HQV LRQV§WDJDQGHQI¸UDQVW¦OOGDLGHERODJVRPLQJ§ULGHQNRPPXQDODNRQFHUQHQUHGRYLVDVHQOLJW. 1RW8SSVNDWWQLQJDURFKEHG¸PQLQJDU )¸OMDQGHSRVWHULQQHK§OOHUV§GDQDEHG¸PQLQJDUDWWRPY¦VHQWOLJDI¸UXWV¦WWQLQJDU¦QGUDVV§NDQGHWKDHIIHNWS§NRPPXQHQV UHVXOWDW 2PV¦WWQLQJVWLOOJ§QJDU .XQGIRUGULQJDUVNULYVQHGPHGSURFHQWRPI¸UIDOORGDJHQ¦U¦OGUH¦QGDJDU8W¸YHUGHWNDQUHVHUYDWLRQI¸URV¦NUDNXQGIRUG ULQJDUJ¸UDVXWLIU§QEHG¸PQLQJS§LQGLYLGXHOONXQGQLY§ ([SORDWHULQJ 5HVXOWDWDYU¦NQLQJVNHUI¸UYDUMHI¸UV¦OMQLQJDYWRPWHU(QEHG¸PQLQJDYVOXWUHVXOWDWHWJ¸UVO¸SDQGHXQGHU§UHWRFKYLGYDUMHGHO§UVRFK §UVERNVOXW3URMHNWSURJQRVHUQDXWY¦UGHUDVUHJHOEXQGHWXQGHUUHVSHNWLYHH[SORDWHULQJVSURMHNWHWVO¸SWLGRFKMXVWHUDVYLGEHKRY5LVNILQQV DWWVOXWOLJWUHVXOWDWNDQDYYLNDIU§QVXFFHVVLYWUHGRYLVDW -¦PI¸UHOVHVW¸UDQGHSRVWHU -¦PI¸UHOVHVW¸UDQGHSRVWHUV¦UUHGRYLVDVQ¦UGHVVDI¸UHNRPPHU6RPM¦PI¸UHOVHVW¸UDQGHEHWUDNWDVSRVWVRP¦UV¦OODQI¸UHNRPPDQGH VDPWOLJJHUXWDQI¸UNRPPXQHQVRUGLQDULHYHUNVDPKHWRFK¸YHUVWLJHUY¦VHQWOLJWEHORSS'HVVXWRPUHGRYLVDVDOOWLGVRPM¦PI¸UHOVHVW¸ UDQGHNRPPXQHQVUHDOLVDWLRQVYLQVWHUYLGIDVWLJKHWVI¸UV¦OMQLQJDURFKILQDQVLHOODRPV¦WWQLQJVWLOOJ§QJDU'¦UXW¸YHUUHGRYLVDVDOOWLGQHG VNULYQLQJDUHOOHU§WHUI¸ULQJDUDYWLGLJDUHQHGVNULYHWDNWLHY¦UGHVRPM¦PI¸UHOVHVW¸UDQGHSRVW 1RW9HUNVDPKHWHQVLQW¦NWHU )¸UV¦OMQLQJVLQW¦NWHU     7D[RURFKDYJLIWHU     +\URURFKDUUHQGHQ     %LGUDJRFKNRVWQDGVHUV¦WWQLQJDUIU§QVWDWHQ     ˜YULJDELGUDJ     )¸UV¦OMQLQJDYYHUNVDPKHW     ([SORDWHULQJVLQW¦NWHU     5HDOLVDWLRQVYLQVWHU     ˜YULJDLQW¦NWHU     6XPPDYHUNVDPKHWHQVLQW¦NWHU     -¦PI¸UHOVHVW¸UDQGHSRVWHUYHUNVDPKHWHQVLQW¦NWHU     5HDOLVDWLRQVYLQVWI¸UV¦OMQLQJDQO¦JJQLQJVWLOOJ§QJDU     ([SORDWHULQJVLQW¦NWHU     8SSO¸VQLQJDYV¦WWQLQJDU     8SSO¸VQLQJVWDWVELGUDJ0LJUDWLRQVYHUNHW     8SSO¸VQLQJI¸UV¦NULQJVHUV¦WWQLQJ     1RW9HUNVDPKHWHQVNRVWQDGHU /¸QHURFKVRFLDODDYJLIWHU Ȃ ȫ Ȃ ȫ 3HQVLRQVNRVWQDGHU Ȃ ȫ Ȃ ȫ $QO¦JJQLQJVRFKXQGHUK§OOVPDWHULDO Ȃ ȫ Ȃ ȫ %U¦QVOHHQHUJLRFKYDWWHQ Ȃ ȫ Ȃ ȫ .¸SDYYHUNVDPKHW Ȃ ȫ Ȃ ȫ /RNDORFKPDUNK\URU Ȃ ȫ Ȃ ȫ ˜YULJDWM¦QVWHU Ȃ ȫ Ȃ ȫ /¦PQDGHELGUDJ Ȃ ȫ Ȃ ȫ ˜YULJDNRVWQDGHU Ȃ ȫ Ȃ ȫ %RODJVVNDWW   Ȃ ȫ 6XPPDYHUNVDPKHWHQVNRVWQDGHU Ȃ ȫ Ȃ ȫ -¦PI¸UHOVHVW¸UDQGHSRVWHUYHUNVDPKHWHQVNRVWQDGHU     .RVWQDGHULQGH[HULQJI¸UELGUDJWLOOVWDWOLJLQIUDVWUXNWXU Ȃ ȫ Ȃ ȫ 1HGVNULYQLQJSURMHNWNRVWQDGHU Ȃ ȫ Ȃ ȫ      .RPPXQHQ  .RQFHUQHQ  .RQFHUQHQ  1RW$YVNULYQLQJDU $YVNULYQLQJPDUNE\JJQDGHURFKWHNQLVNDDQO¦JJQLQJDU Ȃ ȫ Ȃ ȫ $YVNULYQLQJPDVNLQHURFKLQYHQWDULHU Ȃ ȫ Ȃ ȫ 8WUDQJHULQJDU Ȃ ȫ Ȃ ȫ 6XPPDDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ -¦PI¸UHOVHVW¸UDQGHQHGVNULYQLQJDU     8WUDQJHULQJ Ȃ ȫ Ȃ ȫ 1RW6NDWWHLQW¦NWHU 3UHOLPLQ¦UNRPPXQDOVNDWW     3UHOLPLQ¦UVOXWDYU¦NQLQJLQQHYDUDQGH§U  ȫ  ȫ 6OXWDYU¦NQLQJVGLIIHUHQVI¸UHJ§HQGH§U Ȃ ȫ Ȃ ȫ 6XPPDVNDWWHLQW¦NWHU     1RW%LGUDJRFKXWM¦PQLQJ ΖQNRPVWXWM¦PQLQJ     .RVWQDGVXWM¦PQLQJ     5HJOHULQJVELGUDJ     .RPPXQDOIDVWLJKHWVDYJLIW     $YJLIWI¸U/66XWM¦PQLQJ Ȃ ȫ Ȃ ȫ ˜YULJDJHQHUHOODELGUDJIU§QVWDWHQ     6XPPDELGUDJRFKXWM¦PQLQJ     1RW)LQDQVLHOODLQW¦NWHU 5¦QWRUOLNYLGDPHGHO     $YNDVWQLQJY¦UGHSRUWI¸OM     8WGHOQLQJDNWLHURFKDQGHODU     ˜YULJDU¦QWHLQW¦NWHU     ‡WHUI¸UHQLQJRUHDOLVHUDGHI¸UOXVWHUY¦UGHSDSSHU     6XPPDILQDQVLHOODLQW¦NWHU     -¦PI¸UHOVHVW¸UDQGHILQDQVLHOODLQW¦NWHU     5HDOLVDWLRQVYLQVWY¦UGHSDSSHU     ‡WHUI¸UGDRUHDOLVHUDGHI¸UOXVWHUY¦UGHSDSSHU     2UHDOLVHUDGHYLQVWHUY¦UGHSDSSHU     1RW)LQDQVLHOODNRVWQDGHU 5¦QWHNRVWQDGHUILQDQVLHOODOHDVLQJDYWDO Ȃ ȫ Ȃ ȫ ˜YULJDU¦QWHNRVWQDGHU Ȃ ȫ Ȃ ȫ 6XPPDILQDQVLHOODNRVWQDGHU Ȃ ȫ Ȃ ȫ -¦PI¸UHOVHVW¸UDQGHILQDQVLHOODNRVWQDGHU     ‡WHUI¸UGDRUHDOLVHUDGHYLQVWHUY¦UGHSDSSHU Ȃ ȫ Ȃ ȫ 2UHDOLVHUDGHI¸UOXVWHUY¦UGHSDSSHU  ȫ  ȫ 1RW0DUNE\JJQDGHURFKWHNQLVNDDQO¦JJQLQJDU ΖQJ§HQGHDQVNDIIQLQJVY¦UGH     ΖQN¸S     )¸UV¦OMQLQJ   Ȃ  8WUDQJHULQJ  ȫ Ȃ  ˜YHUI¸ULQJ Ȃ  Ȃ  8WJ§HQGHDQVNDIIQLQJVY¦UGH     YDUDYS§J§HQGHLQYHVWHULQJDU     ΖQJ§HQGHDFNXPXOHUDGHDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ )¸UV¦OMQLQJ     8WUDQJHULQJ     ˜YHUI¸ULQJ     ‡UHWVDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ 8WJ§HQGHDFNXPXOHUDGHDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ ΖQJ§HQGHDFNXPXOHUDGHQHGVNULYQLQJDU Ȃ ȫ Ȃ ȫ 8WUDQJHULQJ Ȃ ȫ Ȃ ȫ 8WJ§HQGHDFNXPXOHUDGHQHGVNULYQLQJDU Ȃ ȫ Ȃ ȫ 8WJ§HQGHUHGRYLVDWY¦UGH     '¦UDYILQDQVLHOOOHDVLQJ     8WUDQJHULQJKDUJMRUWVS§PQNU $YVNULYQLQJVWLGHU JHQRPVQLWWOLJD  /LQM¦UDYVNULYQLQJWLOO¦PSDVI¸UVDPWOLJDWLOOJ§QJDU          .RPPXQHQ  .RQFHUQHQ  .RQFHUQHQ  1RW0DVNLQHURFKLQYHQWDULHU ΖQJ§HQGHDQVNDIIQLQJVY¦UGH     ΖQN¸S     )¸UV¦OMQLQJ  ȫ  ȫ 8WUDQJHULQJ  ȫ Ȃ ȫ ˜YHUI¸ULQJ     8WJ§HQGHDQVNDIIQLQJVY¦UGH     YDUDYS§J§HQGHLQYHVWHULQJDU     ΖQJ§HQGHDFNXPXOHUDGHDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ )¸UV¦OMQLQJ     8WUDQJHULQJ     ‡UHWVDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ 8WJ§HQGHDFNXPXOHUDGHDYVNULYQLQJDU Ȃ ȫ Ȃ ȫ ΖQJ§HQGHDFNXPXOHUDGHQHGVNULYQLQJDU Ȃ ȫ Ȃ ȫ 8WUDQJHULQJ  ȫ  ȫ ‡UHWVQHGVNULYQLQJDU§WHUI¸ULQJDU     8WJ§HQGHDFNXPXOHUDGHQHGVNULYQLQJDU Ȃ ȫ Ȃ ȫ 8WJ§HQGHUHGRYLVDWY¦UGH     '¦UDYILQDQVLHOOOHDVLQJ     $YVNULYQLQJVWLGHU JHQRPVQLWWOLJD  /LQM¦UDYVNULYQLQJWLOO¦PSDVI¸UVDPWOLJDWLOOJ§QJDU     1RW)LQDQVLHOODDQO¦JJQLQJVWLOOJ§QJDU .RPPXQDNWLHERODJHWVW     .¦YOLQJHNRPPXQDODKROGLQJ$%     6\GYDWWHQVW     .RPPXQDVVXUDQV6\G$%     6<6$9VW     $QGHODU     %RVWDGVU¦WWHU     ΖQHUD$%     .RPPXQLQYHVW     )¸UVNRWWHULQJ/RPPDEDQDQ     ˜YULJDY¦UGHSDSSHUVLQQHKDY     8SSVNMXWHQVNDWWHIRUGUDQ     6XPPD)LQDQVLHOODDQO¦JJQLQJVWLOOJ§QJDU     1RW)¸UU§GODJHURFKH[SORDWHULQJVIDVWLJKHWHU )¸UU§GRFKODJHU     ([SORDWHULQJ     6XPPDI¸UU§GODJHURFKH[SORDWHULQJVIDVWLJKHWHU     1RW)RUGULQJDU .XQGIRUGULQJDU     .RPPXQDOVNDWWHIRUGULQJDU     ˜YULJDNRUWIULVWLJDIRUGULQJDU     )RUGUDQNRPPXQDOIDVWLJKHWVDYJLIW     ˜YULJDI¸UXWEHWDOGDNRVWQDGHURFKXSSOXSQDLQW¦NWHU     6XPPDNRUWIULVWLJDIRUGULQJDU     1RW.RUWIULVWLJDSODFHULQJDU $NWLHIRQGHU     5¦QWHIRQGHU     2UHDOLVHUDGHPDUNQDGVY¦UGHQ     6XPPDNRUWIULVWLJDSODFHULQJDU     1RW.DVVDEDQN +DQGNDVVRU     %DQN     6XPPDNDVVDEDQN     1RW(JHWNDSLWDO ΖQJ§HQGHHJHWNDSLWDO     /§QJIULVWLJVNXOG9$ Ȃ ȫ Ȃ ȫ ‡UHWVUHVXOWDW     6XPPDHJHWNDSLWDO          .RPPXQHQ  .RQFHUQHQ  .RQFHUQHQ  1RW$YV¦WWQLQJDU ΖQJ§HQGHDYV¦WWQLQJWLOOSHQVLRQHULQNOO¸QHVNDWW     1\LQWM¦QDGSHQVLRQVU¦WWRFKQ\D§WDJDQGHQ     YDUDYI¸UP§QVEHVW¦PG§OGHUVSHQVLRQ     YDUDY23)./     YDUDYV¦UVNLOGDYWDOVSHQVLRQ     ‡UHWVXWEHWDOQLQJDU Ȃ Ȃ Ȃ Ȃ 5¦QWHRFKEDVEHORSSVXSSU¦NQLQJ     †QGUDGVDPRUGQLQJRFK¸YULJW Ȃ Ȃ Ȃ Ȃ 8WJ§HQGHDYV¦WWQLQJWLOOSHQVLRQHULQNOO¸QHVNDWW     8SSVNMXWHQVNDWWHVNXOG     %LGUDJWLOOVWDWOLJLQIUDVWUXNWXU/RPPDEDQDQ ˜NDGNDSDFLWHWS§EDQDQI¸UDWWP¸MOLJJ¸UDSHUVRQW§JVWUDILNJHQRP3§JDW§JPHGKDOYWLPPHVWUDILN3§.¦YOLQJHVWDWLRQJHQRPI¸UVSODWW IRUPVI¸UO¦QJQLQJI¸UDWWP¸MOLJJ¸UDY¦QGQLQJDYW§J3ODQHUDWJHQRPI¸UDQGHPHGDPELWLRQDWWJHQRPI¸UD§WJ¦UGHUQDS§.¦Y OLQJHVWDWLRQWLGLJDUH ΖQJ§HQGHDYV¦WWQLQJ     ΖQGH[HULQJ     )¸UVNRWWHULQJWLOO0DOP¸VWDG7UDILNYHUNHW  Ȃ  Ȃ 8WEHWDOQLQJ Ȃ Ȃ Ȃ Ȃ 8WJ§HQGHDYV¦WWQLQJ     %LGUDJWLOOVWDWOLJLQIUDVWUXNWXU*&Y¦JO¦QJVDQ %\JJQDWLRQDYJ§QJRFKF\NHOY¦JO¦QJVY¦JL.¦YOLQJHNRPPXQIU§Q/XQGWLOO.¦YOLQJHW¦WRUW*HQRPI¸UDQGHWKDUS§J§WWRFK EHU¦NQDVEOLNODUWXQGHUI¸UVWDKDOY§UHW ΖQJ§HQGHDYV¦WWQLQJ     $YVOXWDYV¦WWQLQJ Ȃ  Ȃ  8WJ§HQGHDYV¦WWQLQJ     %LGUDJWLOOVWDWOLJLQIUDVWUXNWXU+LVVDU.¦YOLQJHVWDWLRQ 7UDILNYHUNHW¸YHUWDU¦JDQGHWRFKGULIWHQDYVDPWOLJDKLVVDUS§.¦YOLQJHVWDWLRQ$YWDOHWLQQHE¦UDWWKLVVDUQDE\WVXWWLOOQ\DHQOLJW7UDILNYHU NHWVVWDQGDUG3URMHNWHWS§E¸UMDGHVXQGHUI¸UVWDKDOY§UHW ΖQJ§HQGHDYV¦WWQLQJ     $YVOXWDYV¦WWQLQJ Ȃ  Ȃ  8WJ§HQGHDYV¦WWQLQJ     %LGUDJWLOOVWDWOLJLQIUDVWUXNWXU8WUHGQLQJ*&Y¦J )¸UGMXSDGXWUHGQLQJRPVWU¦FNQLQJRFKDPELWLRQI¸U*&Y¦JPHOODQ+RIWHUXSRFK/DQGVNURQD ΖQJ§HQGHDYV¦WWQLQJ     ΖQGH[HULQJ     8WJ§HQGHDYV¦WWQLQJ     6XPPDDYV¦WWQLQJDU     1RW/§QJIULVWLJDVNXOGHU /§QLEDQNHURFKNUHGLWLQVWLWXW     /§QJIULVWLJOHDVLQJVNXOG     ΖQYHVWHULQJVELGUDJ     $QVOXWQLQJVDYJLIWHUYD     %DODQVHUDWUHVXOWDWYDYHUNVDPKHW     6XPPDO§QJIULVWLJDVNXOGHU          .RPPXQHQ  .RQFHUQHQ  .RQFHUQHQ  1RW.RUWIULVWLJDVNXOGHU /HYHUDQW¸UVVNXOGHU     8SSOXSQDO¸QHURFKVHPHVWHUO¸QHU     8SSOXSQDVRFLDODDYJLIWHU     3HUVRQDOHQVVNDWWHUDYJLIWHURFKO¸QHDYGUDJ     8SSOXSHQV¦UVNLOGO¸QHVNDWW     $YJLIWVEHVW¦PG§OGHUVSHQVLRQ     6NXOGHUWLOONUHGLWLQVWLWXW     .RUWIULVWLJDVNXOGHU¸YULJW     6XPPDNRUWIULVWLJDVNXOGHU     1RW$QVYDUVI¸UELQGHOVHRFKERUJHQV§WDJDQGHQ $QVYDUVI¸UELQGHOVH     ΖQJ§HQGHDQVYDUVI¸UELQGHOVHI¸USHQVLRQHULQNOO¸QHVNDWW     5¦QWHRFKEDVEHORSSVXSSU¦NQLQJ     ‡UHWVXWEHWDOQLQJDU Ȃ Ȃ Ȃ Ȃ ˜YULJSRVW  Ȃ  Ȃ 8WJ§HQGHDQVYDUVI¸UELQGHOVHI¸USHQVLRQHULQNOO¸QHVNDWW     %RUJHQV§WDJDQGHQ     .RPPXQDODERODJ     6\GYDWWHQ     6\VDYSHQVLRQVXWI¦VWHOVH     6XPPDERUJHQV§WDJDQGHQ     1RW/HDVLQJ )LQDQVLHOODOHDVLQJDYWDO     )DVWLJKHWHU     7RWDODPLQLPLOHDVHDYJLIWHU     1XY¦UGHPLQLPLOHDVHDYJLIWHU     '¦UDYI¸UIDOOLQRP§U     '¦UDYI¸UIDOOLQRP§U     '¦UDYI¸UIDOOVHQDUH¦Q§U     0DVNLQHURFKLQYHQWDULHU     7RWDODPLQLPLOHDVHDYJLIWHU     1XY¦UGHPLQLPLOHDVHDYJLIWHU     '¦UDYI¸UIDOOLQRP§U     '¦UDYI¸UIDOOLQRP§U     '¦UDYI¸UIDOOVHQDUH¦Q§U          9DUDYNRQFHUQLQWHUQDILQDQVLHOODOHDVLQJDYWDO     )DVWLJKHWHU     7RWDODPLQLPLOHDVHDYJLIWHU     1XY¦UGHPLQLPLOHDVHDYJLIWHU     '¦UDYI¸UIDOOLQRP§U     '¦UDYI¸UIDOOLQRP§U     '¦UDYI¸UIDOOVHQDUH¦Q§U     1RW-XVWHULQJI¸UHMOLNYLGLWHWVS§YHUNDQGHSRVWHU $YVNULYQLQJDU     8WUDQJHULQJDU     *MRUGDDYV¦WWQLQJDU     8SSO¸VQLQJDYELGUDJWLOOLQIUDVWUXNWXU Ȃ  Ȃ  ˜YHUI¸UWWLOOH[SORDWHULQJ     $QVNDIIQLQJILQDQVLHOODOHDVLQJDYWDO Ȃ ȫ Ȃ ȫ -XVWHULQJILQDQVLHOODOHDVLQJDYWDO  ȫ  ȫ $YVOXWDGHDYWDOILQDQVLHOOOHDVLQJ  ȫ  ȫ ˜YULJDHMOLNYLGLWHWVS§YHUNDQGHSRVWHU     6XPPDHMOLNYLGLWHWVS§YHUNDQGHSRVWHU     1RW˜YULJDOLNYLGLWHWVS§YHUNDQGHSRVWHU 8WEHWDOQLQJDYDYV¦WWQLQJI¸USHQVLRQHU Ȃ ȫ Ȃ ȫ ˜YULJDOLNYLGLWHWVS§YHUNDQGHSRVWHU    ȫ 6XPPD¸YULJDOLNYLGLWHWVS§YHUNDQGHSRVWHU Ȃ ȫ  ȫ      .RPPXQHQ  .RQFHUQHQ  .RQFHUQHQ  ˜YULJDQRWXSSO\VQLQJDU 1RW3HQVLRQVI¸UP§QHU 3HQVLRQVI¸UP§QHUQDHIWHUOHYDQGHSHQVLRQWLOOYX[HQHIWHUOHYDQGHSHQVLRQWLOOEDUQRFKNRPSOHWWHUDQGH§OGHUVSHQVLRQKDUI¸UV¦NUDWV 3HQVLRQVNDSLWDOHWXSSJ§UWLOONUSHU˜YHUVNRWWVIRQGHQXSSJ§UWLOONUSHU 1RW8SSO\VQLQJRPXSSU¦WWDGV¦UUHGRYLVQLQJ 6¦UUHGRYLVQLQJKDUXSSU¦WWDWVI¸UYDYHUNVDPKHWHQ'HQILQQVS§VLGDQL§UVUHGRYLVQLQJHQ 1RW.RVWQDGHUI¸UUHGRYLVQLQJVUHYLVLRQ .RVWQDGHUI¸UUHGRYLVQLQJVUHYLVLRQ     1RW.RQFHUQLQWHUQDI¸UK§OODQGHQ  8WGHOQLQJDURFK NRQFHUQELGUDJ %RUJHQVDYJLIWHU .RVWQDGHURFKLQ W¦NWHU )RUGULQJDURFK VNXOGHU %RUJHQ  *LYDUH 0RWWD JDUH *LYDUH 0RWWD JDUH .¸SDUH 6¦OMDUH *LYQD 0RW WDJQD *LYDUH 0RWWD JDUH .¦YOLQJHNRPPXQ           .¦YOLQJHNRPPX QDODKROGLQJ$%           ..%)DVWLJKHWHU$%           ../)DVWLJKHWHU$%               'ULIWRFKLQYHVWHULQJVUHGRYLVQLQJ .¦YOLQJHNRPPXQUHGRYLVDUI¸UHWWVWDUNWHNRQRPLVNWUHVXOWDWS§PQNUM¦PI¸UWPHGHQ EXGJHWS§PQNU5HVXOWDWHWKDUS§YHUNDWVSRVLWLYWDYLQW¦NWHUDYM¦PI¸UHOVHVW¸UDQGHNDUDNW¦U GHWYLOOV¦JDLQW¦NWHUVRPLQWH¦U§WHUNRPPDQGH'HVW¸UVWDHQJ§QJVLQW¦NWHUQDDYVHUPDUNI¸UV¦OM QLQJDUS§WRWDOWPQNUVDPWHUV¦WWQLQJDUI¸UXWE\JJGLQIUDVWUXNWXUS§PQNU†YHQUHDYLQV WHUVDPWRUHDOLVHUDGHPDUNQDGVY¦UGHQS§ILQDQVLHOODWLOOJ§QJDU¸NDUUHVXOWDWHWPHGWRWDOW PQNU6DPWOLJDQ¦PQGHUYLVDUHNRQRPLVNEDODQV5HVXOWDWHWH[NOXVLYHM¦PI¸UHOVHVW¸UDQGH SRVWHUS§PQNUJHUHQSRVLWLYEXGJHWDYYLNHOVHS§PQNUYLONHWI¸UNODUDVDYK¸JUHVNDW WHLQW¦NWHURFKILQDQVLHOODLQW¦NWHU¦QEXGJHWHUDWVDPWHWWVDPODW¸YHUVNRWWI¸UQ¦PQGHURFKNRP PXQVW\UHOVHQV¸YULJDDQVODJ %XGJHWDYYLNHOVHPQNU    .RPPXQVW\UHOVHQLQNOVDPK¦OOVE\JJQDG   .V¸YULJDDQVODJ   ˜YULJDQ¦PQGHU   $UEHWVOLYRFKIULWLGVQ¦PQGHQ   %\JJRFKPLOM¸Q¦PQGHQ   8WELOGQLQJVQ¦PQGHQ   2PVRUJVQ¦PQGHQ   6NDWWHLQW¦NWHURFKELGUDJ   )LQDQVI¸UYDOWQLQJHQ   %XGJHWDYYLNHOVH   %XGJHWHUDWUHVXOWDW   ‡UHWVUHVXOWDW   YDUDYUHDOLVDWLRQVYLQVWHUY¦UGHSDSSHU Ȃ Ȃ YDUDYPDUNQDGVY¦UGHULQJILQDQVLHOODDQO¦JJQLQJVWLOOJ§QJDU Ȃ Ȃ YDUDY§WHUI¸UGDY¦UGHQILQDQVLHOODDQO¦JJQLQJVWLOOJ§QJDU   YDUDY§WHUEHWDOQLQJVSXQNWVNDWWELRJDV  Ȃ YDUDYUHDOLVDWLRQVYLQVWHUPDUN Ȃ Ȃ YDUDYH[SORDWHULQJVRFKJDWXNRVWQDGVHUV¦WWQLQJDU Ȃ Ȃ YDUDYY¦UGHUHJOHULQJH[SORDWHULQJVSURMHNW   YDUDYPHGILQDQVLHULQJVWDWOLJLQIUDVWUXNWXU   YDUDY¸YULJDM¦PI¸UHOVHVW¸UDQGHSRVWHU Ȃ  -¦PI¸UHOVHUHVXOWDW   1¦PQGHUQDVUHVXOWDW 3URJQRVRFKERNVOXWPQNU  .Y 'HO§U .Y %RNVOXW .VVW\UQLQJRFKVW¸G     .V¸YULJDDQVODJ     .VVDPK¦OOVE\JJQDG     ˜YULJDQ¦PQGHU     $UEHWVOLYRFKIULWLGVQ¦PQGHQH[NOH[WHUQWJ\PQDVLXP     ([WHUQWJ\PQDVLXP$)1     %\JJRFKPLOM¸Q¦PQGHQ     8WELOGQLQJVQ¦PQGHQ     2PVRUJVQ¦PQGHQ     )LQDQVI¸UYDOWQLQJHQ     )LQDQVI¸UYDOWQLQJHQRUHDOLVHUDGHPDUNQDGVY¦UGHQ  Ȃ Ȃ Ȃ %XGJHWDYYLNHOVH     %XGJHWHUDWUHVXOWDW     ‡UHWVUHVXOWDW          6§K¦UI¸UGHODGHVVNDWWHSHQJDUQDXQGHU 1HWWRNRVWQDGVDYYLNHOVH 1HWWRNRVWQDGVDYYLNHOVHQ¦UVNLOOQDGHQPHOODQQHWWRNRVWQDGRFKUHIHUHQVNRVWQDGI¸UHQNRPPXQ HOOHUUHJLRQ1HWWRNRVWQDGVDYYLNHOVHQ¦UHWWM¦PI¸UDQGHP§WWPHOODQDOODNRPPXQHUVNRVWQDGHUΖ M¦PI¸UHOVHQOLJJHU.¦YOLQJHNRPPXQXQGHUULNVVQLWWHWI¸UDOODYHUNVDPKHWHUXWRPJ\PQDVLHVNROD 1HWWRNRVWQDGVDYYLNHOVHLSURFHQWRFKPQNU 2PU§GH     )¸UVNRODSURFHQW Ȃ Ȃ Ȃ Ȃ )¸UVNRODPQNU Ȃ Ȃ Ȃ Ȃ )ULWLGVKHPSURFHQW Ȃ Ȃ Ȃ Ȃ )ULWLGVKHPPQNU Ȃ Ȃ Ȃ Ȃ *UXQGVNROD)SURFHQW Ȃ Ȃ Ȃ Ȃ *UXQGVNROD)PQNU Ȃ Ȃ Ȃ Ȃ *\PQDVLHVNRODSURFHQW  Ȃ   *\PQDVLHVNRODPQNU  Ȃ   ΖQGLYLGRFKIDPLOMHRPVRUJSURFHQW Ȃ Ȃ Ȃ Ȃ ΖQGLYLGRFKIDPLOMHRPVRUJPQNU Ȃ Ȃ Ȃ Ȃ †OGUHRPVRUJSURFHQW Ȃ Ȃ Ȃ Ȃ †OGUHRPVRUJPQNU Ȃ Ȃ Ȃ Ȃ 1HWWRNRVWQDG9HUNVDPKHWHQVQHWWRNRVWQDGGHWYLOOV¦JDYDGYHUNVDPKHWHQIDNWLVNWNRVWDUPHGK¦QV\QWLOOYHUNVDPKHWHQVLQW¦NWHU 5HIHUHQVNRVWQDG5HIHUHQVNRVWQDGHQE\JJHUS§NRVWQDGVXWM¦PQLQJHQRFKLQGLNHUDUYDGUHVSHNWLYHYHUNVDPKHWERUGHNRVWDHQOLJW NRVWQDGVXWM¦PQLQJVV\VWHPHWRPNRPPXQHQEHGULYHUGHQYHUNVDPKHWHQPHGJHQRPVQLWWOLJDPELWLRQVQLY§RFKHIIHNWLYLWHWVDPW PHGK¦QV\QWDJHWWLOOUHVSHNWLYHNRPPXQVVWUXNWXUHOODI¸UXWV¦WWQLQJDU 1HWWRNRVWQDGVDYYLNHOVH1HWWRNRVWQDGVDYYLNHOVH¦UGLIIHUHQVHQPHOODQUHIHUHQVNRVWQDGHQI¸UHQYHUNVDPKHWRFKIDNWLVNQHWWRNRVW QDGI¸UHQYHUNVDPKHWLHQYLVVNRPPXQ     .RPPXQVW\UHOVHQ .RPPXQVW\UHOVHQVRPKHOKHWUHGRYLVDUHWW¸YHUVNRWWS§PQNUΖ¸YHUVNRWWHWOLJJHUPQNU KRVVW\UQLQJRFKVW¸GPQNUKRVVDPK¦OOVE\JJQDGRFKPQNUKRVNRPPXQVW\UHOVHQV¸Y ULJDDQVODJ 'HWSRVLWLYDXWIDOOHWLQRPVHNWRUVW\UQLQJRFKVW¸GI¸UNODUDVIU¦PVWDYHMQ\WWMDGHSURMHNWPHGHO VDPWLYLVVP§QDYO¦JUHSHUVRQDONRVWQDGHUWLOOI¸OMGDYYDNDQWDWM¦QVWHUI¸UGU¸MGDHUV¦WWQLQJVUHNU\ WHULQJDUVDPWO§QJWLGVVMXNVNULYQLQJDURFKI¸U¦OGUDOHGLJKHWHU8WEHWDOQLQJDY(8ELGUDJDYVHHQGH VDPWH[WHUQDEUHGEDQGVLQW¦NWHUS§YHUNDURFNV§UHVXOWDWHWSRVLWLYW ΖQRPVHNWRUVDPK¦OOVE\JJQDGKDU9$YHUNVDPKHWHQLQWHXSSDUEHWDWOLNDK¸JDNRVWQDGHUI¸USODQH UDGHXQGHUK§OOV§WJ¦UGHUVRPEXGJHWHUDWYLONHWWLOOVDPPDQVPHG§WHUEHWDOGSXQNWVNDWWS§ PQNURFKK¸JUH9$LQW¦NWHUJHUHWWWRWDOW¸YHUVNRWWS§PQNU .RPPXQVW\UHOVHQVFHQWUDODDQVODJKDULQWHDQY¦QWVIXOOWXWRFKO¦PQDUHWW¸YHUVNRWWS§PQNU 'HWI¸UNODUDVDYO¦JUHNRVWQDGHUI¸UO¸QH¸YHUV\QO¦JUHNRVWQDGHUI¸UORNDOHURFKNDSLWDONRVWQDGHU VDPWHMDQY¦QGDPHGHOI¸URI¸UXWVHGGDNRVWQDGHU8QGHU§UHWKDUNRPPXQVW\UHOVHQIDWWDWEHVOXW RPDWWVDWVDPQNUH[WUDS§WU\JJDRFKDWWUDNWLYDPLOM¸HU $UEHWVOLYRFKIULWLGVQ¦PQGHQ $UEHWVOLYRFKIULWLGVQ¦PQGHQLQNOXVLYHH[WHUQWJ\PQDVLXPYLVDUHWW¸YHUVNRWWS§PQNU'HWSR VLWLYDUHVXOWDWHWI¸UNODUDVKXYXGVDNOLJHQDYSHUVRQDOYDNDQVHUVDPWHWWIUDPJ§QJVULNWWHDPEDVHUDW DUEHWVV¦WWPHGVW¸GLQVDWVHULQRPIDPLOMRFKIDPLOMHKHPYLONHWKDUPHGI¸UWI¦UUHLQVWLWXWLRQVSODFH ULQJDU¦QEXGJHWHUDW6WDWVELGUDJKDURFNV§ELGUDJLWWLOOGHWSRVLWLYDXWIDOOHW([WHUQWJ\PQDVLXP O¦PQDUHWW¸YHUVNRWWS§PQNUG¦UDQWDOHWHOHYHUYDULWI¦UUH¦QEXGJHWHUDW.RVWQDGHUQDI¸UHNR QRPLVNWELVW§QG¦UK¸JUH¦QWLGLJDUH§US§JUXQGDYHQVYDJDUHDUEHWVPDUNQDGPHQU\PVLQRP Q¦PQGHQVWRWDODEXGJHWUDPௗௗ 'HQWLGLJDSURJQRVHQRPHWWSRVLWLYWHNRQRPLVNWUHVXOWDWKDUP¸MOLJJMRUWVDWVQLQJDUV§VRPXWYHFNO LQJDYP¸WHVSODWVHQ9¦[WKXVHWWXQQHOP§OQLQJH[WUDI¸UIDWWDUEHV¸NRFKI¸UE¦WWULQJDULQRPRP U§GHIULWLG %\JJRFKPLOM¸Q¦PQGHQ %\JJRFKPLOM¸Q¦PQGHQUHGRYLVDUHWWUHVXOWDWS§PQNUG¦U¸YHUVNRWWHWIU¦PVWNRPPHUIU§Q E\JJORYVYHUNVDPKHWHQ9HUNVDPKHWHQKDUDQSDVVDWVLJWLOOGHWPLQVNDGHDQWDOHWLQNRPPDQGH E\JJORYRFKKDUGHVVXWRPE¸UMDWDUEHWDPHUDNWLYWPHGWLOOV\QLQRPE\JJRPU§GHW1¦UGHWJ¦OOHU WLOOV\QDYOLYVPHGHOPLOM¸RFKK¦OVRVN\GGQ§UPDQGRFNLQWHXSSWLOOGHEXGJHWHUDGHLQW¦NWHUQD)¸U DWWP¸WDXSSVDWWDP§ODYVHHQGHWD[DQS§J§UDUEHWHPHGDWWHIIHNWLYLVHULQJVDPWLGLJWVRPVDPDU EHWHWNULQJWLOOV\QPHGDQGUDP\QGLJKHWHU¸NDU 8WELOGQLQJVQ¦PQGHQ 8WELOGQLQJVQ¦PQGHQYLVDUHWWUHVXOWDWSHUVLVWHGHFHPEHUS§PQNU'HWSRVLWLYDUHVXOWDWHWEH URUIU¦PVWS§I¦UUHDQWDOEDUQRFKXQJGRPDULNRPPXQHQM¦PI¸UWPHGGHQEXGJHWHUDGHEHIRON QLQJVXWYHFNOLQJHQVRPLQWH¸NDWLGHQWDNWVRPI¸UY¦QWDW'HWWLOOVDPPDQVPHGK¸JUHLQW¦NWHUI¸U IULWLGVKHPVDYJLIWHUVDPWJRGDUHVXOWDWLQRPHQKHWHUQDJHQHUHUDU¸YHUVNRWWHW 2PVRUJVQ¦PQGHQ 2PVRUJVQ¦PQGHQXSSYLVDUYLG§UHWVVOXWHQSRVLWLYDYYLNHOVHS§PQNULI¸UK§OODQGHWLOOEXGJHW 'HQQDDYYLNHOVH§WHUILQQVLQRPRPVRUJVYHUNVDPKHWHQPHGDQP§OWLGVVHUYLFHUHGRYLVDUHWWUHVXO WDWLOLQMHPHGEXGJHW0DMRULWHWHQDYHQKHWHUQDKDUI¸OMWEXGJHWUDPDUQDWDFNYDUHEDODQVHUDGH SHUVRQDONRVWQDGHU 8QGHUKDUEHKRYHWDYKHPWM¦QVWRFKV¦UVNLOWERHQGH 6†%2 YDULWO¦JUH¦QEHU¦NQDWVDPWL GLJWVRPNRUWWLGVYHUNVDPKHWHQKDIWHQK¸JUHYHUNVDPKHWVYRO\P¦QSODQHUDW/66YHUNVDPKHWHQ YLVDUHWW¸YHUVNRWWLQRPGHQHJQDRUJDQLVDWLRQHQGRFN¸YHUVWLJHUNRVWQDGHUQDI¸UN¸SWSida 74 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869     YHUNVDPKHWGHEXGJHWHUDGHQLY§HUQD3§JUXQGDY¸NDGHEHKRYDYSHUVRQOLJDVVLVWDQVRFKHUV¦WW QLQJI¸UVMXNNRVWQDGHUXSSVW§UHWWXQGHUVNRWWM¦PI¸UWPHGEXGJHW )LQDQVI¸UYDOWQLQJHQ )LQDQVI¸UYDOWQLQJHQUHGRYLVDUHWW¸YHUVNRWWS§PQNUYDUDYPQNUDYVHURUHDOLVHUDGHYLQV WHUS§Y¦UGHSDSSHU ΖQGH[HULQJDYPHGILQDQVLHULQJVSURMHNWHW/RPPDEDQDQO¦PQDUHWWXQGHUVNRWWS§PQNU$Y V¦WWQLQJHQKDULQGH[HUDWVWLOOI¸OMGDYEHIDUDGHNRVWQDGV¸NQLQJDUI¸U7UDILNYHUNHWVHQWUHSUHQDG ([SORDWHULQJVLQW¦NWHULIRUPDYJDWXNRVWQDGVHUV¦WWQLQJDUXSSJ§UWLOOS§PQNU)¸UV¦OMQLQJDY PDUNJHUHWWSRVLWLYWH[SORDWHULQJVUHVXOWDWS§PQNU)¸UV¦OMQLQJDUKDUJMRUWVLH[SORDWHULQJV SURMHNWHQ+DQGHOVSODWV&HQWHU6\G$OPHOXQG+DUULHYDOOHQ/¸GGHN¸SLQJH&RFK/¸GGHN¸SLQJH˜ 9¦UGHUHJOHULQJDYH[SORDWHULQJVSURMHNWJHUHQQHJDWLYDYYLNHOVHS§PQNU.RVWQDGHUQDDYVHU SURMHNWHQ)ORUDY¦JHQ˜VWUD5LQQHE¦FN‡VWDGHQ7U¦K¦VWHQ.Y2ORIRFK6¸GUD6WDWLRQVVWDGHQ ΖVDPEDQGPHGPDUNE\WHW)¸UU§GHW%RODJVJ§UGHQKDUNRPPXQHQJMRUWHQUHDOLVDWLRQVYLQVWS§ PQNU 3HQVLRQVNRVWQDGHUQDO¦PQDUHWW¸YHUVNRWWS§PQNU2UVDNHQ¦UO¦JUHLQIODWLRQVXSSU¦NQLQJ¦Q YDGVRPDQWRJVLVDPEDQGPHGEXGJHWEHVOXWHW 5HGRYLVQLQJHQDYILQDQVLHOOWOHDVDGHWLOOJ§QJDULQQHE¦UHQNRVWQDGVHIIHNWS§PQNU/HDVLQJ RFKK\UHVDYWDOVRPXSSI\OOHUNULWHULHUQDI¸UILQDQVLHOOOHDVLQJUHGRYLVDVVRP¦JGDWLOOJ§QJDU'HW LQQHE¦UDWWOHDVLQJNRVWQDGHUQDRFKK\UHVNRVWQDGHUQDPLQVNDVK\UHVRFKOHDVLQJDYWDOHQU¦NQDV RPWLOOHQWLOOJ§QJRFKPRWVYDUDQGHVNXOGVDPWDWWDYVNULYQLQJDURFKU¦QWDS§WLOOJ§QJRFKVNXOGEH ODVWDUUHVXOWDWHW.RVWQDGVHIIHNWHQOLJJHUS§ILQDQVI¸UYDOWQLQJHQ (IIHNWHUILQDQVLHOOOHDVLQJPQNU  )LQDQVLHOOWOHDVDGO¸VHJHQGRP )LQDQVLHOOWOHDVDGIDVWHJHQGRP 0LQVNDGOHDVLQJRFKK\UHVNRVWQDG Ȃ Ȃ $YVNULYQLQJDU   )LQDQVLHOODNRVWQDGHU   6XPPD   $YVNULYQLQJDUQDO¦PQDUHWWXQGHUVNRWWS§PQNU$YVNULYQLQJDUS§ILQDQVLHOOWOHDVDGHWLOOJ§QJDU XSSJ§UWLOOPQNU'HKDULQWHEXGJHWHUDWVRFKRUVDNDUG¦UPHGHWWXQGHUVNRWWΖDYVNULYQLQJ DUQDLQJ§UXWUDQJHULQJDUS§PQNU 6NDWWHLQW¦NWHUXWM¦PQLQJRFKELGUDJO¦PQDUHQSRVLWLYKHO§UVDYYLNHOVHS§PQNU2UVDNHQ¦U IUDPI¸UDOOWDWWHQGHOVWDWVELGUDJVRPWLGLJDUHYDULWULNWDGHNODVVLILFHUDWVVRPJHQHUHOOD'HWWDYDU LQWHN¦QWG§EXGJHWHQEHVOXWDGHV )LQDQVQHWWRW¦USRVLWLYWRFKXSSJ§UWLOOPQNU2UHDOLVHUDGHPDUNQDGVY¦UGHQS§Y¦UGHSDSSHU KDUS§YHUNDWUHVXOWDWHWSRVLWLYWPHGPQNUΖMXQLJMRUGHVHQRPDOORNHULQJLY¦UGHSDSSHUVSRUW I¸OMHQVRPUHVXOWHUDGHLHQUHDOLVDWLRQVYLQVWS§PQNU‡WHUI¸UGDRUHDOLVHUDGHYLQVWHURFKI¸U OXVWHUXSSJ§UWLOOPQNU6DPPDQWDJHWJDYGHWWDHQUHDOLVDWLRQVYLQVWS§PQNU8WGHOQLQJ IU§Q.¦YOLQJHNRPPXQDOD+ROGLQJ$%EXGJHWHUDGHVWLOOPQNU0HQS§JUXQGDYNRPPXQHQV SRVLWLYDUHVXOWDWSURJQRVEHVOXWDGHVDWWLQWHO¦PQDQ§JRQXWGHOQLQJ'HWWDJHUHWWXQGHUVNRWWS§ PQNU˜YULJDILQDQVLHOODLQW¦NWHUV§VRPXWGHOQLQJIU§Q¸YHUVNRWWVIRQGS§SHQVLRQVI¸UV¦NULQJ RFKERUJHQVDYJLIWHUJHURFNV§SRVLWLYDDYYLNHOVHU'HILQDQVLHOODNRVWQDGHUQDUHGRYLVDUHWWXQGHU VNRWWS§PQNUWLOOI¸OMGDYU¦QWHNRVWQDGHUI¸UILQDQVLHOOWOHDVDGHWLOOJ§QJDUS§PQNURFK §WHUI¸UGDRUHDOLVHUDGHYLQVWHUS§PDUNQDGVY¦UGHQ     'ULIWEXGJHWDYU¦NQLQJ 0QNU  8WIDOOLQW¦NWHU 8WIDOONRVWQDGHU 8WIDOOQHWWR %XGJHWQHWWR $YYLNHOVH 6W\UHOVHQ¦PQG           .RPPXQVW\UHOVHQLQNO VDPK¦OOVE\JJQDG   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   .V¸YULJDDQVODJ  Ȃ Ȃ   Ȃ Ȃ Ȃ   ΖWHQKHWHQ   Ȃ Ȃ       5HYLVLRQVQ¦PQGHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   9DOQ¦PQGHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   ˜YHUI¸UP\QGDUQ¦PQG   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   $UEHWVOLYRFKIULWLGV Q¦PQGHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   %\JJRFKPLOM¸ Q¦PQGHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   8WELOGQLQJVQ¦PQGHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   2PVRUJVQ¦PQGHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   )LQDQVI¸UYDOWQLQJHQ   Ȃ Ȃ       -XVWHUDV3RVWHUVRPHM ¦UK¦QI¸UEDUDWLOOYHUN VDPKHWHQVLQW¦NWHURFK YHUNVDPKHWHQVNRVWQD GHU Ȃ Ȃ   Ȃ Ȃ Ȃ Ȃ   9HUNVDPKHWHQVLQ W¦NWHURFKYHUNVDP KHWHQVNRVWQDGHUHQ OLJWUHVXOWDWU¦NQLQJHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   0QNU  8WIDOOLQW¦NWHU 8WIDOONRVWQDGHU 8WIDOOQHWWR %XGJHWQHWWR $YYLNHOVH 9HUNVDPKHW           3ROLWLVNYHUNVDPKHW  Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   ΖQIUDVWUXNWXUVN\GG PP   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   )ULWLGRFKNXOWXU   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ  3HGDJRJLVNYHUNVDP KHW   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ  9§UGRFKRPVRUJ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ  6¦UVNLOWULNWDGHLQVDWVHU   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ $II¦UVYHUNVDPKHW   Ȃ Ȃ   Ȃ Ȃ   *HPHQVDPPDYHUN VDPKHWHU   Ȃ Ȃ       -XVWHUDV3RVWHUVRPHM ¦UK¦QI¸UEDUDWLOOYHUN VDPKHWHQVLQW¦NWHURFK YHUNVDPKHWHQVNRVWQD GHU Ȃ Ȃ   Ȃ Ȃ Ȃ Ȃ   9HUNVDPKHWHQVLQ W¦NWHURFKYHUNVDP KHWHQVNRVWQDGHUHQ OLJWUHVXOWDWU¦NQLQJHQ   Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ       2PEXGJHWHULQJDUXQGHU§UHW 0QNU .V .V¸YU DQVODJ ΖW 9DO 5HY ˜IQ $IQ %PQ 8Q 2Q )LQ 5HVXO WDW %XGJHWEHVOXWNI Ȃ Ȃ  Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   32S§O¦JJ Ȃ      Ȃ  Ȃ Ȃ   7DO¸Q+HO§UVHIIHNW Ȃ      Ȃ Ȃ Ȃ Ȃ   9DNWP¦VWDUWM¦QVW       Ȃ      /66%RHQGH          Ȃ   7DO¸QY§UGI¸UEXQ GHWKHO§UVHIIHNW         Ȃ Ȃ   -XVWHULQJSULVNRPSHQ VDWLRQORNDOK\URU  Ȃ           32S§O¦JJ  Ȃ           .DSLWDONRVWQDGHU%DUVH E¦FNVY¦JHQ Ȃ            7ROY§NHUDNWLYLWHWVSDUN             %HIRONQLQJVNRPSHQVDW LRQ         Ȃ Ȃ   /RNDOK\UDKDQGO¦JJD UHQKHWHQ          Ȃ   0§OSHQJDU          Ȃ   0DNHUVSDFH Ȃ            .DSLWDONRVWQDGHU$O PHOXQG Ȃ            0§OSHQJDU          Ȃ   .DSLWDONRVWQDGHU+¸JD OLGVΖ3       Ȃ      ˜YHUI¸ULQJVSRVW Ȃ      Ȃ Ȃ Ȃ    9DNDQWDK\URU Ȃ            .DSLWDONRVWQDGHU%DUVH E¦FNVWUDQGEDG  Ȃ           +M¦UWXSSURUHW Ȃ            7U\JJDRFKDWWUDNWLYDRI IHQWOLJDPLOM¸HU Ȃ            7HNQLVNHQKHW Ȃ            *HVWDOWDGOLYVPLOM¸ Ȃ            7DO¸Q Ȃ      Ȃ Ȃ Ȃ Ȃ   /¸GGHLGURWWVKDOO  Ȃ           7LOO¦JJV.6WLOOI¸UIR JDQGH  Ȃ           0§OSHQJDU          Ȃ   9¦JI¸UHQLQJVDYJLIW6N¸ QDGDO Ȃ            ˜SSHQI¸UVNROD         Ȃ    /66ERHQGH          Ȃ   .DSLWDONRVWQDGHU'¸ VMHEURΖ3       Ȃ      .DSLWDONRVWQDGHUH[SOR DWHULQJ Ȃ            8%%XGJHW Ȃ Ȃ  Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ Ȃ   .V .RPPXQVW\UHOVHQ .V¸YUDQVODJ .RPPXQVW\UHOVHQV¸YULJDDQVODJ ΖW 6DPDUEHWVQ¦PQGΖW 9DO 9DOQ¦PQGHQ 5HY 5HYLVLRQVQ¦PQGHQ ˜IQ ˜YHUI¸UP\QGDUQ¦PQGHQ $IQ $UEHWVOLYRFKIULWLGVQ¦PQGHQ 0EQ 0LOM¸RFKE\JJQDGVQ¦PQGHQ 8Q 8WELOGQLQJVQ¦PQGHQ 2Q 2PVRUJVQ¦PQGHQ )LQ )LQDQVI¸UYDOWQLQJHQ ..%)DVWLJKHWHU$%RFK../)DVWLJKHWHU$% ..%)DVWLJKHWHU$%VUHVXOWDWHIWHUILQDQVLHOODSRVWHUI¸UEOHYPQNUDWWM¦PI¸UDPHGI¸UUD §UHWVPQNU%RODJHWVWRWDODLQW¦NWHU¸NDGHXQGHU§UHWRFKXSSJ§UWLOOPQNU'HQ§UOLJD K\UHV¸NQLQJHQXSSJLFNWLOOSURFHQWI¸UERVW¦GHUPHGYDUPK\UDRFKSURFHQWI¸UERVW¦GHU PHGNDOOK\UD8QGHU§UHWKDUIDVWLJKHWHQ3LOHYDOOI¦UGLJVW¦OOWV'HWKDUOHWWWLOO¸NDGHK\UHVLQW¦NWHU PHQRFNV§¸NDGHNRVWQDGHULIRUPDYGULIWRFKDYVNULYQLQJDU%RODJHWVILQDQVLHOODNRVWQDGHUKDU ¸NDWRFKXSSJ§UWLOOPQNU2UVDNHQ¦UHQK¸JUHEHO§QLQJWLOOI¸OMGDYQ\SURGXNWLRQVDPW¦YHQ S§JUXQGDYU§GDQGHHNRQRPLVNDRPVW¦QGLJKHWHULRPY¦UOGHQPHGU¦QWHK¸MQLQJDUSida 77 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    ../)DVWLJKHWHU$%VUHVXOWDWI¸UEOHYHIWHUILQDQVLHOODSRVWHUSRVLWLYWRFKUHVXOWDWHWXSSJ§UWLOO PQNUDWWM¦PI¸UDPHGI¸UUD§UHWVPQNU5HVXOWDWHW¦ULOLQMHPHG¦JDUGLUHNWLYHWVP§ORPDWW ERODJHWVLQW¦NWHURFKNRVWQDGHUVNDEDODQVHUD%RODJHWVGLUHNWDIDVWLJKHWVNRVWQDGHU H[NODYVNULY QLQJDU VWDQQDGHI¸UU¦NHQVNDSV§UHWS§PQNUYLONHW¦UHQ¸NQLQJPHGPQNUM¦PI¸UW PHGYLONHWWLOOYLVVGHOEHURUS§K¸JUHNRVWQDGHUI¸UUHSDUDWLRQRFKXQGHUK§OOVDPW¸NQLQJDY VNDGHGMXULIDVWLJKHWVEHVW§QGHW0HGLDNRVWQDGHUQD¦ULQLY§PHG%RODJHWVILQDQVLHOODNRVWQD GHUKDUXQGHUGHVHQDVWH§UHQ¸NDWNUDIWLJWPHQKDUXQGHUPLQVNDWG§ERODJHWKDUDPRUWHUDW PQNU .¦YOLQJHNRPPXQVKHO¦JGDERODJ..%)DVWLJKHWHU$%RFK../)DVWLJKHWHU$%VW\UVILQDQVLHOOWL ¦JDUGLUHNWLYHQPHGQHGDQVW§HQGHHNRQRPLVNDQ\FNHOWDO)¸U¦UERODJHQVHNRQRPLLEDODQV M¦PI¸UWPHGXSSVDWWDP§OV¦WWQLQJDU ..%)DVWLJKHWHU$%  %RNVOXW 0§O¦JDUGLUHNWLY 'LUHNWDYNDVWQLQJ SURFHQW ȂSURFHQW 7RWDODYNDVWQLQJ SURFHQW SURFHQWSOXVLQIODWLRQ 6\QOLJVROLGLWHW SURFHQW ȂSURFHQW ../)DVWLJKHWHU$%  %RNVOXW 0§O¦JDUGLUHNWLY 5HVXOWDW¸YHUWUH§U   PQNU %DODQV 6\QOLJVROLGLWHW SURFHQW ȂSURFHQW ΖQYHVWHULQJVUHGRYLVQLQJ .RQFHUQHQVLQYHVWHULQJVXWIDOOXSSJ§UWLOOPQNURFKVM¦OYILQDQVLHULQJVJUDGHQXSSJ§UWLOO SURFHQW.RQFHUQHQJHQRPJ§UHQLQYHVWHULQJVLQWHQVLYIDVVRPWLOOVWRUGHOEHURUS§GHPR JUDILVNDI¸U¦QGULQJDURFKI¸UQ\HOVHEHKRY.RPPXQHQVI¸UYDOWQLQJVIDVWLJKHWHU¦JVDY../IDVWLJ KHWHU$%'HWLQQHE¦UDWWIDVWLJKHWVUHODWHUDGHLQYHVWHULQJDUXWI¸UVLERODJHW.RPPXQHQVVM¦OYIL QDQVLHULQJVJUDGXSSJ§UWLOOSURFHQW .RQFHUQHQVLQYHVWHULQJDU 8QGHUKDU..%LQYHVWHUDWPQNULS§J§HQGHRFKDNWLYHUDGHSURMHNW6W¸UVWVXPPDILQQVL Q\E\JJQDGVSURMHNWHWS§([SRUWHQPQNU$QGUDVW¸UUHLQYHVWHULQJDUVRP¦UJMRUGD¦UUHQR YHULQJHQS§%\KRUQHWVDPWDWWSURMHNWHWS§/DYHQGHOQKDUS§E¸UMDWV8QGHUKDU../LQYHVWH UDWWRWDOWPQNULQ\I¸UY¦UYRFKLS§J§HQGHSURMHNW.RPPXQKXVHW([SRUWHQKDUV§OWVWLOO .¦YOLQJHNRPPXQ .RQFHUQHQVLQYHVWHULQJDUPQNU  8WIDOO 8WIDOO .RPPXQHQLQYHVWHULQJDU   ..%)DVWLJKHWHU$%   ../)DVWLJKHWHU$%   .RQFHUQLQWHUQDLQYHVWHULQJDU Ȃ Ȃ .RQFHUQHQVLQYHVWHULQJDU   ΖQYHVWHULQJDU  %RNVOXW  %RNVOXW  %RNVOXW  1HWWRLQYHVWHULQJDUNRQFHUQHQPQNU    1HWWRLQYHVWHULQJDUNRPPXQHQPQNU    ΖQYHVWHULQJVYRO\PVNDWWHLQW¦NWHUNRPPXQHQ    6M¦OYILQDQVLHULQJVJUDGNRQFHUQHQ    6M¦OYILQDQVLHULQJVJUDGNRPPXQHQ   Sida 78 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    .¦YOLQJHNRPPXQVLQYHVWHULQJDU .¦YOLQJHNRPPXQVLQYHVWHULQJDUI¸UXSSJ§UWLOOPQNUYLONHW¦UPQNUPLQGUH¦Q EXGJHWHUDW8QGHU§UHWKDUNRPPXQHQI¸UY¦UYDWIDVWLJKHWHQ([SRUWHQ NRPPXQKXVHW IU§Q../ )DVWLJKHWHU$%I¸UPQNUΖQYHVWHULQJDUQDL¸YULJWEHVW§UIU¦PVWDYLQIUDVWUXNWXULQYHVWHULQJDUL XWE\JJQDGVRPU§GHQVRPUHLQYHVWHULQJDULJDWXEHO\VQLQJJDWRUWRUJJ§QJRFKF\NHOY¦JDUVDPWL 9$LQIUDVWUXNWXUHQ 'HVW¸UUHEXGJHWDYYLNHOVHUQDILQQVLQRPEODQGDQQDWSURMHNWHWI¸UJ§QJRFKF\NHOY¦JHQ+RIWHUXSȂ '¸VMHEURVRPYLVDUHWW¸YHUVNRWWM¦PI¸UWPHGEXGJHWHQS§PQNU3URMHNWHWI¸U¸YHUI¸ULQJV OHGQLQJHQJDYHWW¸YHUVNRWWS§PQNU'HVVDUHVXOWDWEHURUKXYXGVDNOLJHQS§ROLNDI¸UVHQLQJDU RFK¸YHUNODJDQGHQ ΖQYHVWHULQJVWDNWHQI¸UH[SORDWHULQJVYHUNVDPKHWHQS§YHUNDVDYU§GDQGHO§JNRQMXQNWXUYLONHW¦U IU¦PVWDDQOHGQLQJHQWLOODWWXWIDOOHWODQGDGHS§PQNUDYEXGJHWHUDGHPQNU ΖQRPIULWLGVRPU§GHWKDUNRQVWJU¦VSODQHQS§'¸VMHEURΖ3I¸UQ\DWV .¦YOLQJHNRPPXQPQNU 6W\UHOVHQ¦PQG %XGJHW 8WIDOO $YYLNHOVH .RPPXQVW\UHOVHQLQNOVDPK¦OOVE\JJQDG    ȂYDUDY6W\UQLQJRFKVW¸G    ȂYDUDY6DPK¦OOVE\JJQDG    ȂYDUDY.RPPXQVW\UHOVHQV¸YULJDDQVODJ    ΖWȂHQKHWHQ    $UEHWVOLYRFKIULWLGVQ¦PQGHQ    8WELOGQLQJVQ¦PQGHQ    2PVRUJVQ¦PQGHQ    6XPPDLQYHVWHULQJDU    ([SORDWHULQJVUHGRYLVQLQJ ([SORDWHULQJPQNU 3URMHNW )¸UY¦QWDWUHVXOWDWYLGDYVOXW $OPHOXQG  +DQGHOVSODWV&6¸VWUDGHOHQ  ˜VWUD5LQQHE¦FN  +DUULHYDOOHQ Ȃ 2ORI˜KUVWU¸PV.¦YOLQJH  6¸GUDVWDWLRQVVWDGHQ Ȃ /¸GGHIRONHWVSDUN  /¸GGHFHQWUXP  /¸GGH¸VWHU  6WRUD+DUULH  3ODWWDQ)XUXOXQGPIO  6SDQQHW  7DOOJ§UGHQ.DUOVOXQG  6XPPD  Ζ$OPHOXQGKDUWRPWI¸UV¦OMQLQJWLOOWRPWN¸QVNHWWXQGHU§UHWVMXWRPWHUKDUKLWWLOOVV§OWV$QV¸NDQ RPDYVW\FNQLQJDY\WWHUOLJDUHQLRWRPWHUKDQGO¦JJVDY/DQWP¦WHULHWRFKWRPWHUQDNRPPHUDWWHU EMXGDVWRPWN¸QXQGHU3($%KDUWLOOWU¦WWVLQDWRPWHULMDQXDULRFKKDUIHP§US§VLJDWW VOXWI¸UDVLQE\JJQDWLRQIU§QWLOOWU¦GHVGDJHQ$QGUDDNW¸UHUKDUXWWU\FNWLQWUHVVHI¸UPDUNDQYLVQLQJ ΖQRP+DQGHOVSODWV&HQWHU6\GKDU\WWHUOLJDUHWY§PDUNDQYLVQLQJVDYWDOWHFNQDWVYDUDYWLOOWU¦GHKDU VNHWWWLOOHQDYWRPWHUQDΖQXO¦JHWILQQVI\UDWRPWHUWLOOI¸UV¦OMQLQJ'LVNXVVLRQRPNRPPDQGHHWD EOHULQJDUI¸UVPHGROLNDLQWUHVVHQWHU )¸U+DUULHYDOOHQKDUQLRWRPWHUV§OWVYLDWRPWN¸Q(IWHUV\QSXQNWHUS§WRPWHUQDIU§QWRPWN¸SDUH KDUI¸UV¦OMQLQJJHQRPP¦NODUHDYEUXWLWV)¸UV¦OMQLQJHQJHQRPWRPWN¸KDU§WHUXSSWDJLWVXQGHU K¸VWHQSida 79 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    ΖQRP6¸GUD6WDWLRQVVWDGHQKDUULYQLQJDY/DQWPDQQHQRFK %\JGHJDWDQ JHQRPI¸UWVVDPW IO\WWDYWU¦G1\WWDYWDOI¸U5LNVE\JJHQEHVOXWDGHVLMXQLPHGEODQGDQQDWHQNRVWQDGI¸UNRPPX QHQDYVHHQGHVN\GGVUXP)¸UEHUHGHOVHI¸UULYQLQJDYJDPODNRPPXQKXVHWKDUS§E¸UMDWVXQGHU K¸VWHQRFKULYQLQJHQEHU¦NQDVYDUDDYVOXWDGL406%KDUJRGN¦QWDQV¸NDQRPWLOOI¦O OLJEHJU¦QVQLQJDYVN\GGVUXPLQI¸UNRPPDQGHULYQLQJ ΖQWHUQUHGRYLVQLQJVSULQFLSHU ΖGULIWUHGRYLVQLQJHQLQJ§UNRPPXQLQWHUQDSRVWHUV§VRPN¸SRFKI¸UV¦OMQLQJPHOODQQ¦PQGHURFK YHUNVDPKHWHU3RVWHUVRPILQQVLUHVXOWDWU¦NQLQJHQPHQLQWHLGULIWUHGRYLVQLQJHQ¦UVNDWWHLQW¦N WHUJHQHUHOODVWDWVELGUDJRFKXWM¦PQLQJVDPWH[WUDRUGLQ¦UDSRVWHU3RVWHUVRPNDON\OP¦VVLJWVL PXOHUDVLGULIWUHGRYLVQLQJHQ¦U ȏSHUVRQDORPNRVWQDGHULIRUPDYDUEHWVJLYDUDYJLIWHUDYWDOVSHQVLRQRFKO¸QHVNDWW'HVVDNDON\OH UDVVFKDEORQP¦VVLJWWLOODWWXSSJ§WLOOSURFHQWDYO¸QHNRVWQDGHQ ȏNDSLWDONRVWQDGHULIRUPDYDYVNULYQLQJDURFKLQWHUQU¦QWD.DSLWDONRVWQDGHUQDEHU¦NQDVHQOLJW UDNQRPLQHOOPHWRGYLONHWLQQHE¦UDWWNRVWQDGHQEHVW§UDYOLQM¦UDYVNULYQLQJRFKU¦QWDS§WLOOJ§QJ DUQDVERNI¸UGDUHVWY¦UGHΖQWHUQU¦QWDQXSSJ§UWLOOSURFHQW *HPHQVDPPDNRVWQDGHUI¸UGHODVVRPJHQRPLQWHUQGHELWHULQJ¦U ȏ%LODU.RVWQDGHUQDI¸UGHODVWLOOUHVSHNWLYHQ¦PQGXWLIU§QN¸UGDPLO ȏ0§OWLGVVHUYLFH'HELWHULQJWLOOUHVSHNWLYHQ¦PQGEDVHUDWS§SRUWLRQVSULV ȏ%HPDQQLQJVHQKHWHQ)¸UGHOQLQJDYNRVWQDGHUQDWLOOUHVSHNWLYHQ¦PQGEDVHUDWS§DUEHWDGHWLP PDU 'ULIWȂRFKLQYHVWHULQJVUHGRYLVQLQJHQVVDPEDQGPHG§UVUHGRYLVQLQJHQV¸YULJDGHODU "‡I>“‡("i«I‹bIb@ Ib«(‹“(‡Ib@‹‡("i«I‹bIb@ bÛıIJî IIJťÛħť XĺŜťIJÍî bÛıIJî ˜ťČĖċť
ϱIJÛıIJî „ŘĺĤôħťώ
ϱIJÛıIJî „ŘĺĤôħťώ ϱIJÛıIJî ‹ŪııÍώĖIJŽôŜťôŘĖIJČŜŘôîĺŽĖŜIJĖIJČ
ŽČáŘϡώĖIJťôŘIJÍώŕĺŜťôŘ ‹ŪııÍώŘôŜŪīťÍťŘÛħIJĖIJČ X
‹‹
>[r"(‹
b
[´‹ [ŃŕÍIJîôώŽôŘħŜÍıēôť IIJŽôŜťôŘĖIJČŜŽôŘħŜÍıēôť ‡(‹˜[“
“‡XbIb@ >ĖIJÍIJŜĖôŘĖIJČŜŽôŘħŜÍıēôť «ôŘħŜÍıēôťôIJŜώĖIJťÛħťôŘ ˜ťæôťÍīIJĖIJČώťĖīīώĖIJċŘÍŜťŘŪħťŪŘ «ôŘħŜÍıēôťôIJŜώħĺŜťIJÍîôŘ 
[
b‹‡XbIb@ ŘôťŜώħÍŜŜÍċīŃîô
ŽŜħŘĖŽIJĖIJČÍŘ
IJīÛČČIJĖIJČŜťĖīīČáIJČÍŘ «ôŘħŜÍıēôťôIJŜώIJôťťĺħĺŜťIJÍîôŘ iıŜÛťťIJĖIJČŜťĖīīČáIJČÍŘ (ČôťώħÍŕĖťÍī ŘôťŜώŘôŜŪīťÍť ‹ħŪīîôŘSida 80 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    'LUHNWLYRFKXSSGUDJ 'LUHNWLY $QVYDULJ 3ROLWLVNW§WHUUDSSRUWHULQJ 2WLOO§WQDVXEVWDQVHULDYORSSVYDWWQHW /LQD5RVHQVWU§OH  ΖQDUEHWDUHJOHUI¸UUHVXOWDWUHVHUY 5(5 L(NRQRPLVNDVW\USULQ FLSHU 9LFWRULD*DOEH  8SSGUDJDWWXWUHGDXQJGRPVSDUODPHQW 0LNDHO3HUVVRQ  %HIRONQLQJVNRPSHQVDWLRQVPRGHOOHQ 9LFWRULD*DOEH  .OLPDWY¦QOLJDSHQGOLQJVP¸MOLJKHWHUVRPHQSHUVRQDOI¸UP§Q 0DULH3HWWHUVVRQ  )¸U¦QGUDGSROLWLVNRUJDQLVDWLRQLQI¸UDQGHDYVDPK¦OOVE\JJ QDGVQ¦PQG *DHOOH6\GH  -¦PI¸UEDUDLQGLNDWRUHUVRPYLVDUNRPPXQHQVDUEHWHPRWDP ELWLRQVLQULNWQLQJHQ 3¦UQLOOD$KQIRUV/LQG VWUDQG  )ULVNY§UGVWLPPHI¸UDQVW¦OOGDLQRPRPVRUJ /HLOD0LVLUOL  ΖQQRYDWLRQRFKGLJLWDOLVHULQJVDPW¸YHUV\QDYDYJLIWHULQRP E\JJRFKPLOM¸Q¦PQGHQ /LQD5RVHQVWU§OH  *HQRPGLJLWDOLVHULQJVNDSDHQPHUWLOOJ¦QJOLJNXOWXUVNROD $QQHOL1LOVVRQ  %HVOXWVXQGHUODJI¸UQ\IXOOVWRULGURWWVKDOO -RKDQ$QGUHDVVRQ  %DGSODWVL.¦YOLQJH§Q /LQD5RVHQVWU§OH  8WYHFNOLQJDYP¸WHVSODWV9LNHQRPU§GHW $QQHOL1LOVVRQ  67(0VDWVQLQJ -RKDQ+ROPTYLVW  .XOWXULVNRODQ -RKDQ+ROPTYLVW  9$ȂYHUNVDPKHW 5HVXOWDWU¦NQLQJPQNU 9HUNVDPKHWHQVLQW¦NWHU   9HUNVDPKHWHQVNRVWQDGHU Ȃ Ȃ $YVNULYQLQJDU Ȃ Ȃ 9HUNVDPKHWHQVQHWWRNRVWQDGHU   )LQDQVLHOODLQW¦NWHU   )LQDQVLHOODNRVWQDGHU Ȃ Ȃ ‡UHWVUHVXOWDW   %DODQVU¦NQLQJPQNU 7LOOJ§QJDU   $QO¦JJQLQJVWLOOJ§QJDU   2PV¦WWQLQJVWLOOJ§QJDU   $YU¦NQLQJVVNXOG 1RW    6XPPDWLOOJ§QJDU   (JHWNDSLWDODYV¦WWQLQJDURFKVNXOGHU   (JHWNDSLWDO   (JHWNDSLWDO   ‡UHWVUHVXOWDW   6NXOGHU   /§QJIULVWLJDVNXOGHU 1RW    6XPPDHJHWNDSLWDODYV¦WWQLQJDURFKVNXOGHU   1RWHUPQNU 1RW   ΖDYU¦NQLQJVVNXOGLQJ§U¸YULJDNRUWIULVWLJDVNXOGHURFKIRUG ULQJDUNXQGIRUGULQJDUOLNYLGDPHGHOOHYHUDQW¸UVVNXOGHU PRPVXSSOXSHQVHPHVWHUO¸QHVNXOGVDPW¸YHUWLGDUEHWVJL YDUDYJLIWHURFK¸YULJDLQWHUULPVSRVWHU   1RW   5HYHUVHU   $QVOXWQLQJVDYJLIWHU   6XPPD  Sida 81 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    ΖQYHVWHULQJDUPQNU $OPHOXQG   ˜YHUI¸ULQJVOHGQLQJIU§QY¦VWWLOO¸VW   3XPSVWDWLRQHURPE\JJQDG   9$OHGQLQJDU   § 593URFHVV   2PE\JJQDG$59   6ROFHOOVDQO¦JJQLQJ9$YHUNHW   9DGDWDNRPPXQLNDWLRQRFKV¦NHUKHW   6WDWLRQVVWDGHQ   6WDWLRQVVWDGHQHWDSS   1\D'DOD   %DUVHE¦FNVERVW¦OOH   9$OHGQLQJDU%DUVHE¦FNVY¦JHQ   9$OHGQLQJDU3DUNJDWDQPIO   /¸GGHFHQWUXPLQYLH[SO   02'9   ΖQYHVWHULQJVXWIDOO   9$YHUNVDPKHWHQUHGRYLVDUPQNU¸YHUVNRWWI¸UPQNUEHURUS§DWWGHWWRWDODXWIDOOHW I¸UDYJLIWHUQDEOLYLWK¸JUH¦QYDGVRPODGHVLEXGJHWVDPWDWWPQNUDYVHU§WHUEHWDOQLQJI¸UGHQ VNDWWVRPEHWDODWVLQDYVHHQGHSURGXFHUDGELRJDV 6NDWWHLQEHWDOQLQJDUQDKDUS§J§WWVHGDQ6YHULJHKDUWLGLJDUHLQWHNXQQDWVNDWWHEHIULDELRJDV RFKELRJDVROS§JUXQGDYHQ(8GRPVWROVGRPPHQQXKDU(8NRPPLVVLRQHQJRGN¦QWVNDWWHEHIUL HOVHUQDRFKHWWEHVOXWRP§WHUEHWDOQLQJNRPPXQLFHUDGHVXQGHUPDMP§QDG 'HQVW¸UVWDHQVNLOGDSRVLWLYDEXGJHWDYYLNHOVHQKRV9$XSSJ§UWLOOPQNURFKEHURUS§SHUVRQDO I¸U¦QGULQJDURFKGHQWLGGHWWDULDQVSU§NDWWLQWURGXFHUDQ\DPHGDUEHWDUHVRPJ¸UDWWDUEHWH PHGSHULRGLVNWXQGHUK§OOVDUEHWHRFKLQYHVWHULQJDUHMNXQQDWJHQRPI¸UDVL¸QVNDGRPIDWWQLQJ ΖQI¸UK¸MGHV9$WD[DQPHGSURFHQW 3ODQHUDGHLQYHVWHULQJDU ˜YHUI¸ULQJVOHGQLQJHQIRUWJ§ULQS§3URMHNWHWO¦PQDUPQNU¸YHUVNRWWPRWEXGJHW )U§QE¸UMDQYDUSURMHNWHWSODQHUDWPHGVOXWI¸UDQGHXQGHU 2UVDNHQWLOOI¸UVHQLQJ¦UDWWGHWWDJLWWLGDWWXSSQ§¸YHUHQVNRPPHOVHPHG7UDILNYHUNHWNULQJI¸U O¦JJQLQJDYOHGQLQJDUXQGHUGHUDVY¦JDUVDPWVY§UDY¦GHUI¸UK§OODQGHQVRPPHGI¸UWDWWPDQEH K¸YWDYYDNWDPHGHQGHODYDUEHWHW (WWRPWDJKDURFNV§JMRUWVJ¦OODQGHHQ¦OGUHSXPSVWDWLRQG¦UHQQ\EHK¸YHUXSSI¸UDVI¸UDWWNODUD J¦OODQGHDUEHWVPLOM¸NUDY 6ROFHOOVDQO¦JJQLQJUHGRYLVDU¸YHUVNRWWS§PQNUPRWEXGJHWHUDGHPQNU3URMHNWHWEOHYELOOL JDUH¦QNDON\OHUDW   Sida 83 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 1(2)

§25 Dnr: KS 2026/53 Godkännande av avslut och ombudgetering av investeringsanslag år 2025 Beslut Investeringsobjekt, enligt bilaga Kf § 25/2026, avslutas. Överföringar från 2025 till 2026 års investeringsbudget, enligt bilaga godkänns och överföring görs till ansvarig nämnd för 2026. Samtliga projekt som överförts och ombudgeterats enligt ovan beviljas igångsättning. I samband med bokslutet för 2025 avslutas investeringsobjekten enligt bilaga. Totalt uppgår investeringarna till 312,4 mnkr att jämföra med en total investeringsbudget på 429,9 mnkr. Investeringsramarna för varje enskilt projekt ligger generellt sett inom budgeterad ram. Några projekt har smärre negativa avvikelser men nämndernas totala investeringsram har ej överskridits. Av bilagan framgår avvikelsen från budget i kolumnen ”redovisning bokslut 2025”. Sektorerna har inkommit med begäran om att överföra ej slutförda investeringar 2025 till 2026 års investeringsbudget motsvarande 24,3 mnkr. 90027 Överföringsledning VA 11,0 mnkr 90038 Gång- och cykelväg mellan Hofterup och Dösjebro 5,0 mnkr 90073 Vikenområdet, rivning och återställning 8,3 mnkr (vara 0,3 mnkr föreslås tas från projekt 90060 och 0,3 mnkr från projekt 90049) Efter överföringen av investeringar uppgår 2026 års investeringsbudget till 175,8 mnkr.  Kommunstyrelsens beslut § 37/2026, Avslut och ombudgetering av investeringsanslag år 2025  Bilaga 1, Investeringsredovisning 2025Sida 84 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(2) Yrkande Annsofie Thuresson (M) yrkar bifall till kommunstyrelsens förslag med tillägget att för projekt 90038 GC-väg Hofterup-Dösjebro förs 33,6 mkr över till år 2026. Beslutsgång Ordförande ställer föreliggande förslag och Annsofie Thuressons (M) yrkande under beslutsgång och finner att kommunfullmäktige har beslutat enligt kommunstyrelsens förslag med Annsofie Thuressons (M) tilläggsyrkande. För kännedom Sektor samhällsbyggnad Victoria Galbe, ekonomichefSida 85 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 ,QYHVWHULQJVUHGRYLVQLQJRFK|YHUI|ULQJWLOO 5HGRYLVQLQJ $WW|YHUI|UD 3URMHNWQU %HQlPQLQJ %XGJHW 8WIDOO ERNVOXW WLOO .RPPXQVW\UHOVHQ 9DWWHQRFKDYORSS  1\|YHUI|ULQJVOHGQLQJYlVWWLOO|VW      3XPSVWDWLRQHURPE\JJQDG      9$OHGQLQJDUNRPSRQHQWXWE\WH      $593URFHVV      2PE\JJQDG$59      9$GDWDNRPPXQLNDWLRQVlNHUK      6ROFHOOVDQOlJJQLQJ9$YHUNHW     6XPPD     3nXSSGUDJDYVWUDWHJLVNDLQYHVWHULQJDUDYVHHQGHH[SORDWHULQJDU9$  %DUVHElFNVERVWlOOH      9$SnXSSGUDJDYVWUDWHJLVND      $OPHOXQG      6|GUD6WDWLRQVVWDGHQ      6WRUD+DUULH      6WDWLRQVVWDGHQHWDSS      6SDQQHW      /|GGHFHQWUXP      6WDWLRQVVWDGHQ      6WDWLRQVVWDGHQHWDSS      02'9     6XPPD     6XPPD9$     *DWDSDUNDYIDOO  7UDILNUHJOHULQJ      .RPSRQHQWXWE\WHDVIDOW      *&YlJ+RIWHUXS'|VMHEUR      *&YlJDU      *DWRURFKWRUJ      %HO\VQLQJXSSJUDGHULQJ     6XPPD     3nXSSGUDJDYVWUDWHJLVNDLQYHVWHULQJDUDYVHHQGHH[SORDWHULQJDUJDWD  %DUVHElFNVERVWlOOH      *3$SnXSSGUDJDYVWUDWHJLVND      $OPHOXQG      6|GUD6WDWLRQVVWDGHQ      6WRUD+DUULH      6WDWLRQVVWDGHQHWDSS      6SDQQHW      )ULGVER/|GGH|VWHU      /|GGHFHQWUXP      6WDWLRQVVWDGHQ      /RPPDEDQDQHJQDDQOlJJQLQJDU      6WDWLRQVVWDGHQHWDSS      6WDWLRQVVWDGHQHWDSS      .U|VHQHW      1\D'DOD      02'9      +DQGHOVSODWV&HQWHU6\G     6XPPD     6DJDWDSDUN     )DVWLJKHW  .XOWXUVFHQHQRFK/DOOHUVWHGVND      8WE\WHIDVWLJKHWVNRPSRQHQWHU      9HUNVDPKHWVDQSDVVQLQJIDVWLJKHWHU      )|UYlUYNRPPXQKXV([SRUWHQ     6XPPD    6XPPD.6VHNWRU6DPKlOOVE\JJQDG     .RPPXQVW\UHOVHQVW\UQLQJRFKVW|G 6W\UQLQJRFKVW|G  ,7LQIUDVWUXNWXU      .VRVSHFLILFHUDW      'LJLWDOLVHULQJ      .lYOLQJHNRPPXQKXVLQYHQWDULHURFK,7     6XPPD.6VHNWRU6W\UQLQJRFKVW|G     6800$.2008167<5(/6(1     %LODJD.IiSida 86 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 ,QYHVWHULQJVUHGRYLVQLQJRFK|YHUI|ULQJWLOO 5HGRYLVQLQJ $WW|YHUI|UD 3URMHNWQU %HQlPQLQJ %XGJHW 8WIDOO ERNVOXW WLOO .RPPXQVW\UHOVHQ $UEHWVOLYRFKIULWLGVQlPQGHQ  5HLQYHVWHULQJDUIULWLGNXOWXU     9LNHQRPUnGHWULYQLQJnWHUVWlOOQLQJ      .RQVWJUlV'|VMHEUR,3     6800$$5%(76/,92&+)5,7,'661b01'(1     8WELOGQLQJVQlPQGHQ  5HLQYLQYI|UVNROD      5HLQYLQYVNROD      $UEHWVPLOM|XWELOGQLQJVVHNWRUQ     6800$87%,/'1,1*61b01'(1     2PVRUJVQlPQGHQ  9lOIlUGVWHNQLN      +HPYnUGKMlOSPHGHOVlUER      6lNHUKHWOnVRFKI|UYDULQJ      0|EOHURFKPLOM|2PVRUJ      0nOWLGVVHUYLFHLQYHQWDULHU      ,QQQ\WW/66ERHQGH      9HQWLODWLRQ$&     6800$20625*61b01'(1     6DPDUEHWVQlPQG,7  /LYVF\NHOKDQWHULQJVHUYHUKDOO      5HLQYHVWHULQJWUnGO|VWQlWYHUN      ,7LQYHVWHULQJDGP     6800$6$0$5%(761b01',7     727$/6800$    Sida 87 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 1(3)

§26 Dnr: KS 2026/120 Information om ny politisk majoritet och av antagande av reviderad inkallelseordning för mandatperioden 2023-2026 Beslut Kommunfullmäktige noterar informationen om ny politisk majoritet i Kävlinge kommun. Reviderad inkallelseordning för styrelse och nämnder resterande tid för mandatperioden 2023- 2026, enligt bilaga Kf § 26/2026, antas. Initiativärende som väckts vid dagens sammanträde av Johan Douglies (M). Vid fastställande av dagordning, Ks § 32/2026, beslutade kommunstyrelsen att ärendet fick ställas. Bakgrund Moderaterna, Sverigedemokraterna, Liberalerna och Kristdemokraterna har ingått en överenskommelse om att bilda en ny politisk majoritet i Kävlinge kommun från och med 2026-03- 16. Denna överenskommelse inkluderar samverkansavtal samt politisk plattform för år 2026 (se bilaga 1). Överenskommelsen syftar till att säkerställa en stabil, långsiktig och handlingskraftig politisk ledning för kommunen under återstoden av mandatperioden. Den nya majoriteten innebär ett tydliggjort politiskt samarbete kring styrning, budgetprioriteringar och strategiska utvecklingsfrågor. Rättslig grund Enligt 5 kap, första paragrafen kommunallagen (2017:725) utövar kommunfullmäktige den högsta beslutanderätten i kommunen.Sida 88 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(3) Bildandet av en ny politisk majoritet utgör en politisk överenskommelse mellan partier och medför i sig inga formella ändringar av kommunens organisation eller av fullmäktige tidigare fattade valbeslut. I enlighet med kommunallagens bestämmelser kvarstår därmed samtliga valda uppdrag presidier och nämnds sammansättningar oförändrade, men ny inkallelseordning ska kungöras från respektive parti i fullmäktige. Syfte Syftet med ärendet är att: • Formellt informera kommunfullmäktige om den nya majoritetsbildningen • Tydliggöra den politiska ansvarsfördelningen • Markera fortsatt stabilitet och styrförmåga i kommunens ledning Vid sammanträdet meddelar Kristdemokraterna och Vänstern att de inte önskar ändra tidigare beslutad inkallelseordning för respektive parti.  Kommunstyrelsens beslut § 47/2026, Initiativärende - Information om ny politisk majoritet och av kommunfullmäktige antagande av ny inkallelseordning  Reviderad inkallelseordning för ersättare under mandatperioden 2023-2026  Initiativärende – Information om ny politisk majoritet och fortsatt stabil ledning  Initiativärende – Information om ny politisk majoritet och fortsatt stabil ledning, Bilaga 1 Politisk plattform 2026 Kävlinge kommun  Kommunfullmäktiges beslut § 62_2022, Inkallelseordning för ersättare för mandatperiod 2023–2026 Yrkande Annsofie Thuresson (M) yrkar med instämmande av Henrik Ekberg (SD) och Anette Bååth (L) bifall till kommunstyrelsens förslag. För kännedom Omsorgsnämnden Samarbetsnämnd IT UtbildnigsnämndenSida 89 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 3(3) ValnämndenSida 90 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 %LODJD.Ii     .RPPXQVW\UHOVHQ $QQD.DULQ-RKDQVVRQ ȏ$QQD.DULQ-RKDQVVRQ#NDYOLQJHVH .¦YOLQJHNRPPXQ ˜VWUD6WDWLRQVWRUJHW.¦YOLQJH ȏNRPPXQHQ#NDYOLQJHVHȏZZZNDYOLQJHVH  _'QU.6 5HYLGHUDGLQNDOOHOVHRUGQLQJI¸UHUV¦WWDUH XQGHUPDQGDWSHULRGHQ  )¸UOHGDPRWWLOOK¸UDQGH QHGDQVW§HQGHSDUWL ΖQWU¦GHUHUV¦WWDUHIU§QDQQDWSDUWLLQHGDQ DQJLYHQRUGQLQJ'¦UHIWHUJ¦OOHU VWRUOHNVRUGQLQJ 0 6' .' /      6 9 03 & /%    6' 0 .' / 6 9 03 /% & & /% 03 6      / 0        /% 03 & 6     03 & /% 6     .' 0 6' / & 03    9 6       Sida 91 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 1(2)

§27 Dnr: KS 2026/95 Godkännande av överenskommelse om fastighetsreglering avseende Beslut Överenskommelse om fastighetsreglering avseende Löddeköpinge 23:3 och 23:34 godkänns, enligt bilaga Kf § 27/2026. Ägare av Löddeköpinge 23:34, HME Huset 17 AB (nedan ”Fastighetsägaren”) har inkommit med förfrågan om att köpa del av den kommunalägda fastigheten Löddeköpinge 23:3 (nedan ”marken”). Fastighetsägaren avser att uppföra en veterinärklinik på Löddeköpinge 23:34 och är i behov av att genom fastighetsreglering utöka fastigheten för att rymma byggnaden, parkering och in- och utfart. Fastighetsregleringen och det planerade projektet bedöms överensstämma med gällande detaljplan. Förslag till överenskommelse om fastighetsreglering har upprättats och innebär sammanfattningsvis: -Marken ska överlåtas från kommunen till fastighetsägaren för en ersättning på 700 kronor per kvadratmeter. Den exakta arealen bestäms i lantmäteriförrättningen men uppskattas uppgå till ca 9 500 kvadratmeter. Marken utgör ingen avstyckad tomt utan innebär endast att Löddeköpinge 23:34 utökas varför inget separat markanvisningsavtal träffas. Tomtpriset överensstämmer med beslutade priser för verksamhetstomter i området enligt beslut KF § 33 / 2014. -Fastighetsägaren ska bekosta den lantmäteriförrättning som krävs för genomförandet av överenskommelse. -Marken överlåts i befintligt skick. Inga garantier för markens skick lämnas undantaget om kostnad för arkeologi uppstår vilket då ska betalas av kommunen. Denna kostnad hade kommunen normalt tagit inför en tomtförsäljning.Sida 92 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(2)  Kommunstyrelsens beslut § 41/2026, Överenskommelse om fastighetsreglering rörande  Överenskommelse om fastighetsreglering  Överenskommelse bilaga 1  Bilaga 2 fornlämning  Bebyggelseförslag Yrkande Anders Lindvall (M) yrkar bifall till kommunstyrelsens förslag. För kännedom Victora Galbe, ekonomichef Lina Rosenstråle, sektorschef samhällsbyggnad Eric Arnehed, exploateringsingenjörSida 93 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    ˜9(5(16.200(/6(20)$67Ζ*+(765(*/(5Ζ1* %(5˜5'$)$67Ζ*+(7(5 2&+3$57(5 .†9/Ζ1*(.20081   %R[ .¦YOLQJH V§VRPODJIDUHQ¦JDUHWLOOIDVWLJKHWHQ/¸GGHN¸SLQJHQHGDQ NDOODGȋ.RPPXQHQȋ RFK +0(+86(7$%   %R[ /¸GGHN¸SLQJH V§VRPODJIDUHQ¦JDUHWLOOIDVWLJKHWHQ/¸GGHN¸SLQJH QHGDQNDOODGȋ)DVWLJKHWV¦JDUHQȋ .RPPXQHQRFK)DVWLJKHWV¦JDUHQEHQ¦PQVJHPHQVDPW ȋ3DUWHUQDȋ ˜9(5(16.200(/6( 3DUWHUQD¦U¸YHUHQVRPI¸OMDQGH i0$5.˜9(5/‡7(/6( )DVWLJKHWVUHJOHULQJVNDVNHV§DWWHWWRPU§GHDY/¸GGHN¸SLQJH  ȋ2PU§GHWȋ ¸YHUI¸UVWLOO/¸GGHN¸SLQJH2PU§GHW XWJ¸UVDYFLUNDPRFKUHGRYLVDVPHGU¸GI¦UJLELIRJDG NDUWDELODJD2PU§GHWVH[DNWDDUHDOEHVW¦PVYLG ODQWP¦WHULI¸UU¦WWQLQJHQ i(56†771Ζ1* )DVWLJKHWV¦JDUHQVNDWLOO.RPPXQHQHUO¦JJDHUV¦WWQLQJI¸U 2PU§GHWRPNURQRUSHUNYDGUDWPHWHU (UV¦WWQLQJHQVNDHUO¦JJDVVHQDVWGDJDUHIWHUGHWDWW /DQWP¦WHULHWVEHVOXWRPIDVWLJKHWVUHJOHULQJYXQQLWODJDNUDIW 2PEHWDOQLQJVNHUG¦UHIWHUEHWDODVU¦QWDHQOLJWiU¦QWHODJHQ IU§QVLVWDEHWDOQLQJVGDJWLOOVEHWDOQLQJVNHU i7Ζ//75†'( 7LOOWU¦GHWLOO2PU§GHWVNHUIU§QRFKPHGGHQGDJG§GHQQD ˜YHUHQVNRPPHOVHXQGHUWHFNQDWVDYE§GD3DUWHU )DVWLJKHWV¦JDUHQ¦JHUIU§QWLOOWU¦GHVGDJHQU¦WWDWWQ\WWMD 5HJOHULQJVRPU§GHWLHQOLJKHWPHGJ¦OODQGHSODQEHVW¦PPHOVHU RFKGHQQD˜YHUHQVNRPPHOVHWH[I¸UDWWXWI¸UDJHRWHNQLVN XQGHUV¸NQLQJ†JDQGHU¦WWHQ¸YHUJ§UGRFNI¸UVWQ¦U /DQWP¦WHULHWVEHVOXWRPIDVWLJKHWVUHJOHULQJYXQQLWODJDNUDIW %LODJD.IiSida 94 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    i)$67Ζ*+(76%Ζ/'1Ζ1* 00 'HQQD¸YHUHQVNRPPHOVHXWJ¸UDQV¸NDQRPIDVWLJKHWVELOGQLQJ .RPPXQHQO¦PQDULQDQV¸NDQWLOO/DQWP¦WHULHW )¸URPU§GHWJ¦OOHUGHWDOMSODQ3ODJDNUDIW 3DUWHUQD¦UVN\OGLJDDWWW§ODPLQGUHMXVWHULQJDUDY PDUNRPU§GHWVDUHDOJU¦QVHUU¦WWLJKHWHUPPVRP I¸UU¦WWQLQJVODQWP¦WDUHQDQVHUQ¸GY¦QGLJD i%(/$671Ζ1*$5 2PU§GHW¸YHUO§WVLEHILQWOLJWVNLFNXQGDQWDJHWIRUQO¦PQLQJPHG EHWHFNQLQJ/VRPILQQVLQRP2PU§GHWVHELODJD .RPPXQHQKDUO¦PQDWLQDQV¸NDQRPDWWI§J¸UDDYJU¦QVDQGH I¸UXQGHUV¸NQLQJDYIRUQO¦PQLQJHQRFK§WDUVLJDWWVW§I¸U VDPWOLJDNRVWQDGHUI¸UNQLSSDGHPHGDUNHRORJLLQRP2PU§GHW i)˜55†771Ζ1*6 .2671$'(5 i*Ζ/7Ζ*+(7 .RVWQDGHQI¸UODQWP¦WHULI¸UU¦WWQLQJHQI¸UJHQRPI¸UDQGHWDY GHQQD¸YHUHQVNRPPHOVHRFKHYHQWXHOOIDVWLJKHWVEHVW¦PQLQJ EHWDODVDY)DVWLJKHWV¦JDUHQ 'HQQD˜YHUHQVNRPPHOVHJ¦OOHUXQGHUI¸UXWV¦WWQLQJDWW  )DVWLJKHWVUHJOHULQJHQJRGN¦QQVRFKJHQRPI¸UVDY /DQWP¦WHULHWVDPW  ˜YHUHQVNRPPHOVHQJRGN¦QQVDYNRPPXQIXOOP¦NWLJHL .¦YOLQJHNRPPXQ 2PQ§JRWDYRYDQVW§HQGHYLOONRULQWHXSSI\OOVVND ˜YHUHQVNRPPHOVHQXSSK¸UDDWWJ¦OODXWDQ HUV¦WWQLQJVVN\OGLJKHWI¸U3DUWHUQD   § 97$/6(;(03/$5 'HQQD¸YHUHQVNRPPHOVH¦UXSSU¦WWDGLWUHOLNDO\GDQGH H[HPSODUYDUDYSDUWHUQDWDJLWYDUVLWWRFKHWWVNLFNDVWLOO /DQWP¦WHULHW   .¦YOLQJH /¸GGHN¸SLQJH )¸U.¦YOLQJHNRPPXQ «««««««««««««««« /LQD5RVHQWU§OHVDPK¦OOVE\JJQDGVFKHI ȐȐȐȐȐȐȐȐȐȐȐȐȐȐȐ 0LNDHO3HUVVRQNRPPXQGLUHNW¸U )¸U+0(+XVHW$% «««««««««««««««« 0LNDHO+RIPDQQ Lantmäteriet februari 5, 2026Kävlinge 1:2 000 o 50 0 50 100 150 [m]Sida 96 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 Sida 97 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 3URJUDPYlJHQ )|UHWDJVYlJHQ       1  (  1  6.$/$$ 6.,66)g56/$*/g''(.g3,1*( %<$ )5$07,'$.21725 %<$ )5$07,'$%<**1$' %<$ - H 7207$5($&$ %<$ .21725 .21725Sida 98 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 1(3)

§28 Dnr: KS 2025/459 Motion om att avsätta en idrottspott för att stärka idrott/rörelse inom skolor och fritidshem Beslut Motionen avslås. Centerpartiet föreslår i sin motion: att 1,5 miljoner från Kommunstyrelsen till förfogande avsätts som idrottspott där kommunens skolor (både kommunala och fristående) kan söka medel för att stärka sin idrottsundervisning samt stärka idrott/rörelse inom fritidshem. Utbildningsnämnden har bistått kommunstyrelsens 1:e vice ordförande Johan Douglies (M) med faktaunderlag i ärendet. Kommunstyrelsens 1:e vice ordförande, Johan Douglies(M), svarar på motionen enligt nedan. Motionärens förslag om ökade möjligheter till idrott och rörelse inom både idrottsämnet och fritidshemmen är lovvärt. Ökad fysisk aktivitet bland barn och unga är eftersträvansvärt. Trots goda intentioner gör dock andra delar av motionen att den är svår att bifalla. Elevpengen är uppdelad i olika kostnadsslag, till exempel en viss summa för undervisning (främst lärartjänster), en annan för läromedel, och så vidare. Skolorna får en hel elevpeng per elev men kan själva förhålla sig fritt till hur pengen används inom de olika slagen, givet att mkt är intecknat i tjänster, lokaler etc. Att skolorna inte detaljstyrs, utan själva får avgöra fördelning, följer av skollagen som tydligt ger respektive rektor ansvar och mandat att organisera det inre arbetet, inklusive att prioritera inköp, fördela undervisningsutlägg på lärare och mycket annat. Vi ska därför vara försiktiga med att fatta detaljerade politiska beslut särskilt inom skolansSida 99 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(3) område. Med det sagt kan det ändå vara rimligt att det fattas politiska beslut i den anda som föreslås i motionen – att avsätta pengar som skolorna kan söka, efter respektives skolas behov och önskemål. Ett sådant beslut bör dock fattas av Utbildningsnämnden och inte av fullmäktige. Jag delar inte motionärernas syn på att det inte finns pengar på totalen till skolorna att göra något extra. Utbildningsnämnden har i en lång rad år gått med överskott. Enstaka år av överskott ska man vara försiktig med att ta i anspråk men det handlar ju ett antal år som Utbildningsnämnden har visat positiva ekonomiska resultat. Det ter sig då lite märkligt att man skulle skjuta till medel till nämnden för en sådan här sak. Ett förslag som detta borde därför väckas i Utbildningsnämnden och inte i fullmäktige. Enda anledningen till att ta ett beslut som detta i fullmäktige skulle vara om Utbildningsnämnden inte kan klara initiativet inom ram. Då anser jag att det borde hanteras i budgetprocessen och inte som en motion under innevarande verksamhetsår och som ett beslut över huvudet på Utbildningsnämnden. Med vad som ovan anförts föreslår jag att motionen avslås  Kommunstyrelsens beslut § 43/2026 Motion om att avsätta en idrottspott för att stärka idrott/rörelse inom skolor och fritidshem  Utbildningsnämndens beslut § 87/2025 Information och frågor från ordförande och ledamöter, motion idrottspott  Motion om att avsätta en idrottspott för att stärka idrott/rörelse inom skolor och fritidshem Yrkande Pia-Maria Bondesson (C) yrkar bifall till motionen. Johan Douglies (M) yrkar bifall till kommunstyrelsens förslag. Beslutsgång Ordförande ställer kommunstyrelsens förslag och Pia-Maria Bondessons (C) yrkande under beslutsgång och finner att kommunfullmäktige har beslutat enligt kommunstyrelsens förslag varvid omröstning begärs och verkställs.Sida 100 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 3(3) Omröstning Följande omröstningsordning godkänns: JA-röst för kommunstyrelsens förslag NEJ-röst för Pia-Maria Bondessons (C) yrkande om att bifalla motionen Omröstningsresultat Omröstningen utfaller med 28 röster för JA och 3 röster NEJ samt 18 röster AVSTÅR enligt omröstningsbilaga Kf § 28/2026. Kommunfullmäktige har därmed beslutat enligt kommunstyrelsens förslag. Jäv Annsofie Thuresson (M) och Magnus Thuresson (M) deltar inte i ärendet på grund av jäv. För kännedom Johanna Laurell Stina Larsson Martin BåfältSida 101 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2PU¸VWQLQJVELODJD   .¦YOLQJHNRPPXQ ZZZNDYOLQJHVH 2PU¸VWQLQJVELODJDi 1DPQ -D 1HM $YVW§U )UHGULN6WXUHVVRQ 0     ΖQJYDU:LOOH[EHUJ 6     +HQULN(NEHUJ 6'     6RILD/LQGEORP 0     .HUVWLQ1LOVVRQ 6     -RKDQ'RXJOLHV 0     /DUV$QGHUVVRQ 6'     -RKDQQD/DXUHOO &     *¸UDQ/DUVVRQ /     5LJHO$UYLGVVRQ 0     5XQH6DQGVWU¸P 6     -HVSHU$QGHUVVRQ /%     7KRPDV6DORPRQ 6'     &DWKDULQD7KRWW 0     *XQLOOD7RUQTYLVW 6     $QGHUV6M¸KROP 03     0DWKLDV+¸UVWHGW 0     7KRPDV+ROPEHUJ 6'     6XVDQQH/XQG 6     /XFUHWLD:LHGHUKLHOP .'     3LD$OPVWU¸P 0     -R\1LOVVRQ    3LD0DULD%RQGHVVRQ &     7KRPDV%RUJ 6'     /DUV-RKDQVVRQ 6     7RP/HRQDUGVVRQ 9     &KULVWLDQ/LQGEORP 0     $QHWWH%§§WK /     -LPP\5XQHVVRQ 6     (PHOL0DJQXVVRQ /%     -HQV/DUVVRQ 6'     3DWULN%HQJWVVRQ 0     0LNDHO(OPYLN 0     6HEDVWLDQ)RUVEHUJ 6     /HQQDUW(NVWU¸P 6'     8OOD1RUGVWU¸P 0     0DUNXV1RUGTYLVW 6    Sida 102 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    8OI1RUGVWU¸P 0     0DUWLQ%§I¦OW &     -RQDV3HWWHUVVRQ 6'     2ORI&HUQH 03     $QQD/DQGLQ 6     $QGHUV/LQGYDOO 0     3HWHU/MXVOXQG 6'     /DUV'DKOYLG /     -RKDQ:HVWLQ 0     )UHGULN-¸QVVRQ 6     -RDNLP3HUVVRQ /%     $QQD(OPYLN 0     5HVXOWDW    2026-04-13 1(3)

§29 Dnr: KS 2025/541 Motion rörande e-förslag Beslut Motionen avslås. Nämnder och styrelse får i uppdrag att på prov, från och med den 4 maj 2026 till och med den 31 augusti 2027, bjuda in förslagslämnare till det sammanträde där e-förslaget beslutas. Vid det aktuella sammanträdet ska förslaglämnare ha yttranderätt och möjlighet att delta i diskussion i det aktuella e-förslaget. Kommunfullmäktige ger administrativa avdelningen i uppdrag att utvärdera och återrapportera till kommunstyrelsen senast juni 2027, för nytt ställningstagande. Kommunstyrelsens ordförande, Annsofie Thuresson (M), svarar på motionen enligt nedan. Centerpartiet lämnade, i maj 2025, in en motion med ämne e-förslag och föreslog att e-förslag skulle debatteras i fullmäktige efter det att de var avgjorda i nämnd eller styrelse (se bilaga 1 för tidigare motion). Centerpartiet drog tillbaka denna motion samma kväll som den skulle behandlas i kommunfullmäktige samt lämnade därefter in en ny motion i samma ärende men med ny lydelse och att-sats. Centerpartiet yrkar i sin motion på följande: - att alla e-förslag som uppnått det röstkrav som krävs för politisk behandling (för närvarande 50 röster) ska behandlas precis som motioner görs. Vilket innebär att Kommunfullmäktige fattar det slutliga beslutet. Jag vill först och främst tacka Centerpartiet för deras uppdaterade motion gällande e-förslag. E- förslag är, som Centerpartiet beskriver, en möjlighet för kommunens invånare att komma med förslag som rör kommunen. Och så som jag svarade förra gången är det för oss just det som är kärnan i e-förslag. Invånarnas möjlighet att påverka och lämna in förslag – inte partiers rättighet att få debattera. I tidigare motion föreslogs en debatt efter att frågan var avgjord, det är nu detta som är justerat så att frågan också avgörs i samma instans som debatten. Men fortsatt är inte tanken från Centerpartiet att inkludera medborgaren och låta den som faktiskt lämnat förslaget göra sin röst hörd, vilket tidigare var vårt förslag och fortsatt är. Att medborgaren får möjlighet att delta och föra fram sin talan när e-förslaget hanteras är fortsatt en tilltalande idé och tanke för oss – för det är ju ändå deras idé som ska debatteras.Sida 104 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 2(3) Jag föreslår att Centerpartiets yrkande avslås och föreslår i stället: Kommunfullmäktige ger nämnder och styrelse i uppdrag att på prov, från och med den 4 maj 2026 till och med den 31 augusti 2027, bjuda in förslagslämnare till det sammanträde där e- förslaget beslutas. Vid det aktuella sammanträdet ska förslaglämnare ha yttranderätt och möjlighet att delta i diskussion i det aktuella e-förslaget. Kommunfullmäktige ger administrativa avdelningen i uppdrag att utvärdera och återrapportera till kommunstyrelsen senast juni 2027, för nytt ställningstagande.  Kommunstyrelsens beslut § 44/2026, Motion rörande e-förslag  Bilaga 1 Motion e-förslag centern 25 maj 2025  Motion rörande e-förslag Yrkande Johanna Laurell (C) yrkar bifall till motionen samt bifall till delen i kommunstyrelsens förslag om att nämnder och styrelse ska få i uppdrag att på prov, från och med den 4 maj 2026 till och med den 31 augusti 2027, bjuda in förslagslämnare till det sammanträde där e-förslaget beslutas. Vid det aktuella sammanträdet ska förslaglämnare ha yttranderätt och möjlighet att delta i diskussion i det aktuella e-förslaget. Samt att administrativa avdelningen får i uppdrag att utvärdera och återrapportera till kommunstyrelsen senast juni 2027, för nytt ställningstagande. Annsofie Thuresson (M) yrkar med instämmande av Peter Ljuslund (SD) samt Johan Douglies (M) bifall till kommunstyrelsens förslag. Jesper Andersson (LB) yrkar bifall till Johanna Laurells (C) yrkande. Ingvar Willexberg (S) yrkar bifall till motionen. Beslutsgång Ordförande ställer kommunstyrelsens förslag och yrkanden under beslutsgång och finner att kommunfullmäktige har beslutat enligt kommunstyrelsens förslag varvid omröstning begärs och godkänns. Omröstning Följande omröstningsordning godkänns: JA-röst för föreliggande förslag NEJ-röst för Johanna Laurells (C) m.fl. yrkandeSida 105 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 3(3) Omröstningsresultat Omröstningen utfaller med 28 röster för JA och 20 röster NEJ samt 1 röst AVSTÅR enligt omröstningsbilaga Kf § 29/2026. Kommunfullmäktige har därmed beslutat enligt kommunstyrelsens förslag. För kännedom Omsorgsnämnden Utbildningsnämnden Marie Göransson, kommunsekreterareSida 106 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2PU¸VWQLQJVELODJD   .¦YOLQJHNRPPXQ ZZZNDYOLQJHVH 2PU¸VWQLQJVELODJDi 1DPQ -D 1HM $YVW§U $QQVRILH7KXUHVVRQ 0     ΖQJYDU:LOOH[EHUJ 6     +HQULN(NEHUJ 6'     6RILD/LQGEORP 0     .HUVWLQ1LOVVRQ 6     -RKDQ'RXJOLHV 0     /DUV$QGHUVVRQ 6'     -RKDQQD/DXUHOO &     *¸UDQ/DUVVRQ /     0DJQXV7KXUHVVRQ 0     5XQH6DQGVWU¸P 6     -HVSHU$QGHUVVRQ /%     7KRPDV6DORPRQ 6'     &DWKDULQD7KRWW 0     *XQLOOD7RUQTYLVW 6     $QGHUV6M¸KROP 03     0DWKLDV+¸UVWHGW 0     7KRPDV+ROPEHUJ 6'     6XVDQQH/XQG 6     /XFUHWLD:LHGHUKLHOP .'     3LD$OPVWU¸P 0     -R\1LOVVRQ    3LD0DULD%RQGHVVRQ &     7KRPDV%RUJ 6'     /DUV-RKDQVVRQ 6     7RP/HRQDUGVVRQ 9     &KULVWLDQ/LQGEORP 0     $QHWWH%§§WK /     -LPP\5XQHVVRQ 6     (PHOL0DJQXVVRQ /%     -HQV/DUVVRQ 6'     3DWULN%HQJWVVRQ 0     0LNDHO(OPYLN 0     6HEDVWLDQ)RUVEHUJ 6     /HQQDUW(NVWU¸P 6'     8OOD1RUGVWU¸P 0     0DUNXV1RUGTYLVW 6    Sida 107 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869    8OI1RUGVWU¸P 0     0DUWLQ%§I¦OW &     -RQDV3HWWHUVVRQ 6'     2ORI&HUQH 03     $QQD/DQGLQ 6     $QGHUV/LQGYDOO 0     3HWHU/MXVOXQG 6'     /DUV'DKOYLG /     -RKDQ:HVWLQ 0     )UHGULN-¸QVVRQ 6     -RDNLP3HUVVRQ /%     $QQD(OPYLN 0     5HVXOWDW    2026-04-13 1(1)

§30 Dnr: KS 2026/137 Interpellation till arbetsliv och fritidsnämnden angående Klockaregården Beslut Interpellation, enligt beslutsunderlag, får ställas. Interpellationen besvaras vid kommunfullmäktiges sammanträde måndagen den 25 maj 2026. Johanna Laurell (C), Stina Larsson (C) och Martin Båfält (C) har lämnat in interpellation till arbetsliv och fritidsnämnden angående Klockaregården.  Interpellation till arbetsliv och fritidsnämnden angående Klockaregården, tjänsteskrivelse  Interpellation till arbetsliv och fritidsnämnden angående Klockaregården i KävlingeSida 109 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 2026-04-13 1(1)

§31 Dnr: KS 2026/39 Redovisning av skrivelser Beslut Redovisning av skrivelser, enligt nedan, godkänns. Kommunstyrelsens beslut § 29/2026, Yttrande över kommunrevisionens granskningsrapport – Granskning av investeringsprocessen Burlövs kommun, Kommunfullmäktiges beslut § 21/2026, Ställningstagande angående Svedala kommuns inträde i Räddningstjänsten Syd Svedala kommun, Kommunfullmäktiges beslut § 11/2026, Inträde i kommunalförbundet Räddningstjänsten Syd Motion från Löddebygden om att en särskild trafikanalys som tar ett helhetsgrepp om trafiksituationen i Löddeköpinge tas fram. Länsstyrelsen i Skåne län, Beslut om ny ledamot i kommunfullmäktige Svea Hovrätt, Mark- och miljödomstolen, Protokoll 2026-02-18, Detaljplan för gång- och cykelväg Hofterup - Dösjebro i Kävlinge kommun; nu fråga om inhibition.  Redovisning av skrivelser, tjänsteskrivelseSida 110 av 110Signature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869 ordförande: Lars Andersson ledamot: Lars Dahlvid ledamot: Tom LeonardssonSignature reference: d9b042ea-af64-40e7-8e0b-00951fcb3869Kopia/bekräftelse på e-signerat dokument.Signed by: LARS ANDERSSONDate: 2026-04-20 08:09:11BankID refno: 019da981-b516-7f16-a5ab-7a2d535148ebSigned by: Lars Ingvar DahlvidDate: 2026-04-16 15:37:56BankID refno: 019d9682-e531-798b-87dd-0cfab7efaef4Signed by: TOM JENS KJELL LEONARDSSONDate: 2026-04-17 14:06:55BankID refno: 019d9b56-29b5-7065-9237-1a71547752d4