Lentis jaarverslag 2015

Page 1

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

AA


BPPaeTab[PV!-+,0

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-


A]W^dSb^_VPeT !

!

M^ ^ a f ^ ^ a S !J P P S !e P ] !9 T b c d d a! 0

!

,! ! D T ] c X b '! f X T !i X Y ] !f T '!f P P a! b c P P ] !f T !e ^ ^ a! 1

!

-! ! D T ] c X b!X ] !R X Y U T a b! 4

!

.! ! < ^ T [ T ] !T ] !a T b d [ c P c T ] ! , +

!

/ ! ! N P c !e X ] S T ] !^ ] i T !_ P c X v ] c T ] !T ] !W d ] ! ] P P b c Q T c a ^ Z ZT ] T ] !T a e P ] ! , 1

!

0! ! J P P S !e P ] !L^ T i X R W c ! , 3

!

1! ! F ^ a \ T ] !e ^ ^ a! T T ] !V ^ T S! Q T b c d d a! - +

!

2!! O^aV! -/

!

3 ! ! 9 T S a X Y U b e ^ T a X ] V ! _ [ P ] ] X ] V !T ] !R ^ ] c a ^ [ R hR [ d b5 ! b [ P ] ZT a! T ] ! b [ P V e P P aS X V T a ! - 1

!

4! ! D T ] c X b!X ] ! T T ] ! e T a P ] S T a T ] S T !f T a T [ S ! - 2

! , +!! K c P ] S !e P ] !i P ZT ] !c a P ] b X c X T b!*! i ^ a V e T a Z ^ ^ _! . 0 ! , ,!! E T S T i T V V T ] b R W P _ ! . 1 ! , - !! D T ] c X b !Z X Y Z c ! e ^ ^ a d X c '!\ T T a Y P a T ] e X b X T ! . 3 ! ,. !! G ] i T !Q T b c d a X ] V b U X [ ^ b ^ U X T ! e a X Y W T X S !X ] ! e T a Q ^ ] S T ] W T X S ! / + ! , / !! > X ] P ] R X v ] ! / . ! , 0 !! E T S T f T a ZT a b! / / ! , 1!! C [ P R W c T ] ! T ] ! \ T [ S X ] V T ] !X ] R X S T ] c T ] ! i ^ a V ! / 2 ! , 2 !! D T ] c X b !X ] ! S T !b P \ T ] [ T e X ] V ! 0 + ! , 3 !! A ] U ^ a \ P c X T b T a e X RT ! [ T ] c X b! $ X b [ %! 0 , ! , 4!! G ] b!Z f P [ X c T X c b Q T [ T X S! 0 ! - +!! G ] S T a i ^ T Z ! 0 / !

!

9 X Y [ P V T ] !Y P P a e T a b [ P V !- + , 0 ! 0 4

!

!

9 X Y [ P V T ! ,! 8 ] P [ h b T b !X ] R X S T ] c \ T [ S X ] V T ] ! 1 +

!

!

9 X Y [ P V T ! - !M a P V T ] ! V T b c T [ S!e X P !S T !X ] U ^ a \ P c X T b T a e X RT ' !- + , 0! 1 4

!

!

9 X Y [ P V T ! .! A ] c T a ] T !_ a T b c P c X T ( X ] S X R P c ^ a T ]*S P b W Q ^ a S ! 2 +

!

!

9 X Y [ P V T ! / !D T ] c X b! J T b T P a R W !_ d Q [ X R P c X T b!- + , 0! 2 ,

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

/


M^^af^^aS!JPPS!eP]!9Tbcdda Pgf\ge#gfk#ra]f#o]#_jgl]#n]jYf\]jaf_]f#gh#kg[aYYd+#eYYlk[`Yhh]dabc#]f#][gfgeak[`#_]Za]\-#BYl# d]n]jl#nggj#J]flak#af#1/04#\]#fg\a_]#mal\Y_af_]f#oYYj#o]#]]f#hYkk]f\#]f#\mmjrYYe#Yfloggj\#gh# oadd]f#_]n]f-# Mh#`]l#_]Za]\#nYf#coYdal]al#nYf#rgj_#`]ZZ]f#o]#af#1/04#Z]dYf_jabc]#klYhh]f#_]r]l-#U]#oadd]f# e]\]o]jc]jk#\]#_]d]_]f`]a\#_]n]f#kf]d#af#l]#kh]d]f#gh#n]jYf\]j]f\]#Z]`g]^l]f-#BYYjge#_]n]f# o]#l]Yek#rgn]]d#eg_]dabc#]a_]f#n]jYfloggj\]dabc`]\]f-#Me#\]#coYdal]al#nYf#`mf#`Yf\]d]f#l]# oYYjZgj_]f#jgd\]f#o]#`]l#`gjargflYYd#coYdal]alkkqkl]]e#QKGJC#mal-#BYl#kl]dl#l]Yek+#rgj__jg]h]f# ]f#`]l#[gf[]jf#af#klYYl#ge#ra[`r]d^#l]#lg]lk]f-# Gf`gm\]dabc]#l`]eYuk#oYYj#o]#n]]d#Z]dYf_#YYf#`][`l]f#rabf#\oYf_#]f#\jYf_#]f#km}[a\]hj]n]fla]-# Gf_jabh]f#gh#\]#c]mr]njab`]a\#ak#nggj#hYla|fl]f#r]]j#af_jabh]f\-#BoYf_#]f#\jYf_#`]ZZ]f#o]#\Yf# ggc#kl]jcl#Z]h]jcl-#Gf#\]#cdafa]c]f#`]ZZ]f#o]#YYf\Y[`lk^mf[lagfYjakk]f#YYf_]kl]d\-#Mgc#rabf#]j# n]jZ]l]jY[la]k#\ggj_]ng]j\#nYfmal#`]l#NdYl^gje#BoYf_#]f#BjYf_-#U]#rabf#Zdab#\Yl#o]#]j#kl]]\k#af# kdY_]f#`]l#YYflYd#Y^rgf\]jaf_]f#l]jm_#l]#Zj]f_]f-# Gf_jabh]f\#rabf#ggc#km}[a\]k-#J]flak#`]]^l#]]f#`g_]#YeZala]#e]l#Z]lj]ccaf_#lgl#`]l#n]jeaf\]j]f# nYf#`]l#YYflYd#km}[a\]k-#Gf#1/04#ak#`]l#hjgb][l#Qm}[a\]hj]n]fla]#Y^_]jgf\-#?dd]#l]Yek#rabf#_]ljYaf\-# U]#gj_Yfak]]j\]f#hmZda]ckZab]]fcgekl]f#ge#`]l#l`]eY#gf\]j#\]#YYf\Y[`l#l]#Zj]f_]f#]f# YfYdqk]]j\]f##km}[a\]k#ge#e]]j#afra[`l#l]#cjab_]f#af#^Y[lgj]f#\a]#`a]jZab#kh]d]f-#

B]#\qfYea]c#af#o]l,#]f#j]_]d_]naf_+#af,#]f#]pl]jf]#fgje]f#]f#klYf\YYj\]f#njY_]f#n]]d#nYf#gfr]# gj_YfakYla]-#Gf#1/04#ljg^^]f#o]#]]f#YYflYd#eYYlj]_]d]f#ge#Z]l]j#klmmj#l]#cjab_]f#]f#ge#l]#ngd\g]f# YYf#\]#j]_]dk#nYf#_g]\#Z]klmmj-#U]#gfloacc]d\]f#]]f#j]_]djYYeo]jc#ge#egfalgjaf_#]f#lg]ra[`l# _g]\#ngje#l]#cmff]f#_]n]f-#F]l#j]_]djYYeo]jc#`]dhl#ggc#ge#l]#o]l]f#oYYj#o]#YYf#o]dc]#j]_]dk# eg]l]f#ngd\g]f#]f#`g]#o]#\Yl#cmff]f#\g]f-# Gf#\]#n]jYfloggj\af_#fYYj#gn]j`]a\#]f#"fYf[a]jk#rabf#lab\a_`]a\#]f#ngdd]\a_`]a\#nYf#j]_akljYla]# ]f#^Y[lmjYla]#nYf#_jggl#Z]dYf_-#K]l#`]l#kqkl]]e#TYdm]#AYj]#`]ZZ]f#o]#_]YmlgeYlak]]j\]# Z]`]]jkeYYlj]_]d]f#af_]ng]j\-#F]l#kqkl]]e#`]dhl#e]\]o]jc]jk#ge#o]l,#]f#j]_]d_]naf_#_g]\#fY# l]#d]n]f#]f#kl]dl#r]#af#klYYl#ge#njg]_#af#`]l#hjg[]k#jaka[guk#l]#Z]`]]jk]f-# BYYjfYYkl#ak#]]f#klYh#_]eYYcl#ge#malng]jaf_k,#]f#[gfljgd]lYc]f#l]#k[`]a\]f-# # B]#o]j]d\#nYf#\]#rgj_#n]jYf\]jl#kf]d-#J]flak#gja|fl]]jl#ra[`#gh#fa]mo]#kYe]fo]jcaf_kn]jZYf\]f# ge#_g]\]#]f#\ggjdgh]f\]#rgj_#l]#cmff]f#Zdabn]f#Za]\]f-#Mgc#\]]dl#J]flak#e]l#kl]]\k#e]]j# kYe]fo]jcaf_kj]dYla]k#c]ffak+#ghd]a\af_+#gf\]jrg]c+#`makn]klaf_#]f#GAR-#Gf#1/04#rabf#o]# _]khj]cc]f#_]klYjl#e]l#TLL#ge#gf\]jrg]c#l]#\g]f#fYYj#]]f#fYmo]#kYe]fo]jcaf_-#K]l#o]]j# Yf\]j]#hYjlab]f#ogj\l#fYmo]#kYe]fo]jcaf_#_]rg[`l#Zab#\]#@Ykak#EEX-#BYYj#klj]n]f#o]#e]l# Bae]f[]+#Lggj\,FgddYf\#Lggj\#]f#EEX#Caf\`gn]f#fYYj#]]f#dYf\]dabc]#f]lo]jc#nYf#n]kla_af_]f# nggj#@Ykak#EEX-##

Tggj#\]#T&T#ak#af#1/04#`]l#k[`]a\]f#nYf#ogf]f#]f#rgj_#]]f#Z]dYf_jabc#l`]eY-#NYla|fl]f#Zdabn]f# kl]]\k#dYf_]j#l`mak#ogf]f-#Me#af#l]#cmff]f#kh]d]f#gh#njY_]f#nYf#gm\]j]f#o]jc]f#o]#af#\]# gm\]j]frgj_#YYf#]]f#n]j\]j_YYf\]#YeZmdYflak]jaf_-#K]fk]f#Zdabn]f#dYf_]j#l`mak#ogf]f#]f#\g]f# ]]f#Z]jg]h#gh#l`makn]jhd]_af_+#]]f#afl]_jYYd#YYfZg\#nYf#n]jhd]_af_+#h]jkggfdabc]#n]jrgj_af_#]f# Z]_]d]a\af_-#BYYj#ja[`l]f#o]#gfr]#gj_YfakYla]#gh#af-#

Bal#rabf#eYYj#]]f#YYflYd#nYf#\]#klYhh]f#\a]#o]#af#1/04#`]ZZ]f#_]r]l-#?d#\a]#klYhh]f#`]ZZ]f#]]f# \af_#e]l#]dcYYj#_]e]]f-#X]#\jY_]f#Zab#YYf#]]f#_g]\]#\mmjrYe]#]f#lg]_Yfc]dabc]#EEr#e]l#Z]l]j]# eg_]dabc`]\]f#lgl#`]jkl]d#nYf#hYla|fl]f-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

0


,!DT]cXb'!fXT!iXY]!fT'!fPPa!bcPP]!fT!e^^a < ^T[ bcT[[ X]V ! T] ! \XbbXT

Bda XSXbRWT! bca dRcdda!

J]flak#ak#]]f#YeZala]mr]#gj_YfakYla]#nggj#_]]kl]dabc]#_]rgf\`]a\krgj_+#^gj]fkak[`]#_]]kl]dabc]# _]rgf\`]a\krgj_#]f#gm\]j]frgj_-#J]flak#ogjl]dl#af#]]f#dYf_]#]f#jabc]#ljY\ala]-#Uab#n]jd]f]f#rgj_# kaf\k#0762# Mfr]#eakka]#afkhaj]]jl#]f#\jab^l#gfk9# v<]c"ab`WVccZ`_R]c"Z_"j`bX)"gVb\V_"gV"^Vd"jZV]"V_"jR\V]Z[\YVZU"cR^V_"^Vd"UV"aRdZp_d,T]Zp_d"V_" cdRR_"f``b"SVdb`\\V_)"SVcTYZ\SRRb"V_"SVdb`egSRRb+"OR_eZd"`_jV"T`^aRccZV"f``b"UV"^V_c"V_"jZ[_" fVbYRR]"gZ]]V_"gV"YVd"gV]SVfZ_UV_"fR_"`_jV"T]Zp_dV_"V_"aRdZp_dV_"fVbSVdVbV_+"PZ["U`V_"URd"U``b"YVd" fVbcdVb\V_"fR_"Ye_"Red`_`^ZV)"YVd"fVbXb`dV_"fR_"YVd"aVbc``_]Z[\"We_TdZ`_VbV_"V_"^RRdcTYRaaV]Z[\" aRbdZTZaVbV_)"R]c``\"U``b"YVd"`adZ^R]ZcVbV_"fR_"Ye_"\gR]ZdVZd"fR_"]VfV_"V_"U``b"YVd"fVb]ZTYdV_"fR_" Ye_"]Z[UV_+"PV"jZ[_"XVUbVfV_"U``b"`_jV"^RRdcTYRaaV]Z[\V"fVbR_dg``bUV]Z[\YVZU"V_"Z_Y`eUV]Z[\V" UVc\e_UZXYVZU+"PV"`_UVbcTYVZUV_"`_c"U``b"f``beZd"jZV_)"XbV_jV_"fVb]VXXV_"V_"Z_ZdZRdZVfV_"dV" `_da]``ZV_"`^"UV"j`bX"gRRbf``b"gV"cdRR_"dV"fVb_ZVegV_"V_"dV"fVbSVdVbV_+ PV"jZ[_"d``_RR_XVfV_U"Z_7" ! ! UV"\gR]ZdVZd"fR_"`_jV"UZV_cdfVb]V_Z_X8 ! ! YVd"VWWVTd"fR_"`_jV"SVYR_UV]Z_XV_8 ! ! UV"VW!TZV_Ti"fR_"`_jV"SVUbZ[Wcab`TVccV_+ PV"jZ[_"VV_"VVbcdV\]Rc"gVb\XVfVb"V_"SZVUV_"`_jV"^VUVgVb\Vbc"VV_"eZdURXV_UV"V_"ab`WVccZ`_VV]" `_dgZ\\V]bZ[\V"gVb\`^XVfZ_X+"PV"XVfV_"^VUVgVb\Vbc"beZ^dV"f``b"`_UVb_V^VbcTYRa"V_"cabV\V_"jV" RR_"`a"YVd"bVce]dRRd"fR_"Ye_"YR_UV]V_+l

@]klmmjkkla[`laf_#J]flak#ngjel#`]l#Z]klmmj#nYf#\]#Qla[`laf_#J]flak#KYYlk[`Yhh]dabc]#Mf\]j, f]eaf_+#Qla[`laf_#Ba_fak#]f#J]flak#Xgj_gf\]jf]eaf_]f#@T-#F]l#Z]klmmj#nYf#J]flak#ak#ggc#`]l# Z]klmmj#nYf#Qla[`laf_#DNA#Bj-#Q-#nYf#K]k\Y_-#@]klmmjkkla[`laf_#J]flak#]f#Qla[`laf_#DNA#Bj-#Q-#nYf# K]k\Y_#`]ZZ]f#]dc#]]f#]a_]f#PYY\#nYf#Rg]ra[`l-#TaY#J]flak#Xgj_gf\]jf]eaf_#ak#\]#\]]dfYe]#af# NkqO#_]j]_]d\-#J]flak#ak#YYf\]]d`gm\]j#]f#^jYf[`ak]f]e]j-# TaY#\]#NMF#Za]\l#J]flak#@Ykak#EEr#YYfBal#bYYj#ak#\]#bmja\ak[`]#kljm[lmmj#nYf#J]flak#n]j]]fngm\a_\-#NkqO#Lggj\#@T+#AYh#Lggj\#@T+# J]flak#Xgj_gf\]jf]eaf_#@T#]f#J]flak#KYYlk[`Yhh]dabc]#Mf\]jf]eaf_#rabf#_]^mk]]j\-#J]flak# KYYlk[`Yhh]dabc]#Mf\]jf]eaf_#ak#\]#n]jcjab_]f\]#kla[`laf_-#

M^ ^ a !f X T !f T a ZT ] !f X Y

NYla|fl]f.[da|fl]f#nYf#Ydd]#d]]^lab\]f#cmff]f#Zab#gfk#l]j][`l#nggj#\aY_fgkla]c+#Z]`Yf\]daf_+# gf\]jkl]mfaf_#]f#Z]_]d]a\af_#Zab#']jfkla_](#hkq[`aYljak[`]+#hkq[`g_]jaYljak[`]#]f#hkq[`gkg[aYd]# hjgZd]e]f-#Uab#Za]\]f#gfr]#`mdh#af#YeZmdYfl]#ngje+#hgdacdafak[`+#af#\]]dlab\#'\Y_Z]`Yf\]daf_(+# cdafak[`#'13#mmj(+#af#]]f#Z]k[`]je\]#oggfngje#g^#af#]]f#o]jc,#g^#d]]jhjgb][l-#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

1


GaV P]Xb PcXTbca dRcdda

B da XSXb RWT!bca dR cd da

J]flak#Z]klYYl#mal#rgj__jg]h]f+#gf\]jkl]mf]f\]#\a]fkl]f#]f#[gf[]jf\a]fkl]fKRRU#gR_#;Vdeffc OR_#UVc#A`V\# V_#;cfZ_d^R

O^aVVa^T_T]

#

@-T-

#

LYlmmjdabc#h]jkggf

!! KRRU#gR_#M`VkZTYe OVcdTYZ]]V_UV#]VUV_

#

Qla[`laf_ # Ca_]f\ge#.#YYf\]d]f

;Vdeffc# LeZTYeZ_X#EV_eZd

LeZTYeZ_X ?I<#=c*L*#gR_# FVdURX

LeZTYeZ_X# =ZX_Zd

LeZTYeZ_X EV_eZd#FH

9a`eYVV\# FRceZ_Z#;O

IHA#;O

# X]__]fk[`Yh#.#Z]klmmj

!!

!!

IdjJ#GVUVc]R_U# A`]UZ_X#;O

!! IdjJ#GVUVc]R_U# ;fdZ_Vdd#;O

IdjJ#=VcUV_# A`]UZ_X#;O

TgdoYkk]fhkq[`aYlja]# FWT^IZZMVMVXZ`KPQI[YQM"JQML[2 L! XYM]MV[QM]M"MV"K\YI[QM]M"aWYO"]WWY"]WT^IZZMVMV"JQR"XZ`KPQZKPM"MV"XZ`KPQI[YQZKPM" XYWJTMUI[QMS)"6Q["IIVJWL"SIV"JMZ[IIV"\Q["XYM]MV[QM]M'"OMVMYITQZ[QZKPM"WN"ZXMKQITQZ[QZKPM" aWYO"QV"IUJ\TIV[M"WN"QV[MVZQM]MYM"]WYUMV) L! JMPIVLMTQVO"MV"JMOMTMQLQVO"IIV"UMVZMV"UM["XZ`KPQZKPM"Z[WWYVQZZMV"MV"IVLMYZWWY[QOM" TIVOL\YQOM"MV"KWUXTM[M"XZ`KPQZKPM"MV"XZ`KPQI[YQZKPM"Z[WWYVQZZMV"M]MV[\MMT"QV" KWUJQVI[QM"UM["]MYZTI]QVOZXYWJTMUI[QMS Hgfp L! =WV_"YQKP["aQKP"UM["IUJ\TIV[M"IIVJWL"WX"XI[QiV[MV*KTQiV[MV"[W[",1"RIIY"MV"P\V"OMaQVVMV)" 6M"JMZKPMYUMVLM"^WWV]WYU"%4G"=M\OL&"JQML["^WWVJMOMTMQLQVO"]IV",/"[W["-."RIIY)" L! 6QOVQZ" L! 6QOVQZ"JQML["TM]MVZNIZM"OMJWVLMV"aWYO"]WWY"W\LMYMV"UM["XZ`KPQI[YQZKPM'"XZ`KPW( OMYQI[YQZKPM"WN"ZWUI[QZKPM"XYWJTMUI[QMS'"WN"MMV"KWUJQVI[QM"LIIY]IV) Mm\]j]fhkq[`aYlja] L! @MVZMV"]IV"aMZ[QO"RIIY"MV"W\LMY"UM["XZ`KPQI[YQZKPM"STIKP[MV"S\VVMV"[MYMKP["JQR"?MV[QZ" A\LMYMVXZ`KPQI[YQM"QV"LM"OMPMTM"XYW]QVKQM"9YWVQVOMV)"4QR"W\LMYMV"QZ"LM"SIVZ"OYW[MY"LI[" MY"UMMYLMYM"XYWJTMUMV"MV"IIVLWMVQVOMV"[MOMTQRS"ZXMTMV)"6I["S\VVMV"WWS"TQKPIUMTQRSM" STIKP[MV"WN"JQR]WWYJMMTL"JMOQVVMVLM"OMPM\OMVXYWJTMUMV"aQRV)"6Q["ITTMZ"]YIIO["ZXMKQ!MSM" SMVVQZ"MV"MY]IYQVO)"6IIY"TQO["WVaM"ZXMKQITQ[MQ[)"?MV[QZ"A\LMYMVXZ`KPQI[YQM"]MYaWYO[2 " ! =ZRX_`deZV\* " ! =RXSVYR_UV]Z_X(#XVdaVTZR]ZdVVcUV#V_#g``ceXVkVeeV#SVYR_UV]Z_XV_* " ! B_eV_dZVgV#MYfZdSVYR_UV]Z_X#&BM;'* " ! P``_g`c^V_#g``c#gVcS]Z[W#V_#\]Z_ZdTYV#`a_R^Vd* " ! MVR^.5,#gR_#UV#HfUVcV_adjTYZRecZV#`_UVcdeVf_e#^V_dV_#^Ve#UV^V_eZV#V_#Yf_# ^R_eV]k`cXVcd* Dgjafl L! 6M"NWYMVZQZKPM"XZ`KPQI[YQM"YQKP["aQKP"WX"UMVZMV"LQM"UMLM"LWWY"XZ`KPQI[YQZKPM"MV*WN" ]MYZTI]QVOZXYWJTMUMV"QV"IIVYISQVO"aQRV"LIV"^MT"LYMQOMV"[M"SWUMV"UM["LM"Z[YINYMKP[MY)" 8WYQV["KWUJQVMMY["MMV"P\UIVM"JM]MQTQOQVO"MV"bZ[I[M"WN"[PM"IY[c"aWYO)"?MV[QZ"MV"" 8B5"6Y)"D)"FIV"@MZLIO"^MYSMV"ZIUMV"WX"PM["OMJQML"]IV"NWYMVZQZKPM"XZ`KPQI[YQM"QV" aWYOOYWMX"8WYQV[) PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

2


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


.!<^T[T]!T]!aTbd[cPcT] Mfk#[gf[]jfbYYjhdYf#1/04#_]]^l#gfr]#\g]d]f#YYf-#F]l#[gf[]jfbYYjhdYf#ndg]al#dg_ak[`#nggjl#mal# \]#e]]jbYj]fnaka]#tJ]flak#_a\k#fYYj#hYkk]f\]#rgj_u#]f#_jgf\l#gh#\]#cY\]jZja]^#1/04-#B]#e]]j, bYj]f#naka]#]f#\]#cY\]jZja]^#rabf#_]k[`j]n]f#af#fYmo]#kYe]fo]jcaf_#e]l#e]\]o]jc]jk#]f#\]# Baj][la]jYY\#nYf#J]flak-# B]#[gfl]pl#nYf#\al#[gf[]jfbYYjhdYf#rabf#\]#_jgl]#n]jYf\]jaf_]f#ge#gfk#`]]f#gh#kg[aYYd+#eYYl, k[`Yhh]dabc#]f#][gfgeak[`#_]Za]\-#Me#gh#\]r]#mal\Y_af_]f#]]f#hYkk]f\#]f#\mmjrYYe#Yfloggj\# l]#cmff]f#_]n]f#ak#]]f#fa]mo]#cabc#]f#YYfhYc#fg\a_-#TYfmal#gfr]#c]jfY[lanal]al]f9#EEr+#TTR#]f# ^gj]fkak[`]#hkq[`aYlja]+#oadd]f#o]#gfr]#Zab\jY_]#d]n]j]f#YYf#]]f#\mmjrYYe#_]rgf\]#kYe]fd]naf_# ]f#\]#lg]_Yf_#lgl#rgj_#nggj#gfr]#[da|fl]f#fm#]f#af#\]#lg]cgekl#Zdabn]f\#eg_]dabc#eYc]f-#

p!

@M["QVOIVO"]IV","RIV\IYQ"-+,0"]IT["ITTM"RM\OLaWYO"%=M\OLP\TX]MYTMVQVO"MV"=M\OL(99a&"WVLMY" hhV"^M[)";QMYUMM"QZ"LM"=M\OL(99a"]IV\Q["LM"HFG'"LM"3G4H"MV"LM"G@A"VIIY"LM"=M\OL^M[" W]MYOMPM]MTL"MV"SWU["LM"]MYIV[^WWYLMTQRSPMQL"]WWY"LM"=M\OL(99a"JQR"OMUMMV[MV"[M"TQOOMV)" p!

J T S d R c X T ! e P ] ! S T ! Z [ X ] X b R W T !R P _ P R X c T X c

<V"PM["99a"4MZ[\\YZISSWWYL"]IV"-+,-"QZ"W]MYMMVOMSWUMV"LM"STQVQZKPM"KIXIKQ[MQ["[W["-+-+"UM[" MMV"LMYLM"[M"TI[MV"INVMUMV"[MV"WXaQKP[M"]IV"LM"KIXIKQ[MQ["QV"-++1)" p!

G ] i T ! P \ Q X c X T b! e ^ ^ a! - + , 0!

T]]d+#af_jabh]f\]#]f#Zgn]fYd#kf]dd]#n]jYf\]jaf_]f#naf\]f#hdYYlk#af#gfr]#kYe]fd]naf_-#Uab# ra]f#nggjl\mj]f\#e]]j#njY_]f#ge#`mdh#Zab#hkq[`ak[`]#hjgZd]e]f#]f#`]l#gm\]j#ogj\]f#]f#kf]d# lg]f]e]f\]#cgkl]f-#BYYjge#oadd]f#oab9 ! ! rg]c]f#fYYj#]f#gfk#afr]ll]f#nggj#fa]mo]#]f#\mmjrYe]#ghdgkkaf_]f#ge#\]#lg]_Yf_#lgl#]f#\]# coYdal]al#nYf#rgj_#l]#Zgj_]f; ! ! nYfmal#gfr]#c]jfY[lanal]al]f#EEr+#TTR#]f#Dgj]fkak[`]#hkq[`aYlja]#gfk#n]j`YYd#n]jl]dd]f#gn]j# \]#oYYj\]ngdd]#Zab\jY_]#\a]#o]#d]n]j]f#YYf#\]#rgj_-#Qaf\k#0762#ak#J]flak#]]f#afkl]ddaf_#\a]#]j# lg]#\g]l-#Uab#rabf#j]kh][lngd#fYYj#gfr]#[da|fl]f#\a]#n]jljgmo]f#gh#gfr]#rgj_-#Xab#rabf#]]jkl#]f# nggjYd#e]fk-#Mh#ZYkak#nYf#_]dabcoYYj\a_`]a\#o]jc]f#o]#e]l#\]#hYla|fl+#[da|fl#]f#Z]ogf]j# YYf#rgdYf_#]f#rgn]]d#eg_]dabc#ngdoYYj\a_#Zmj_]jk[`Yh+#`]jkl]d#]f#coYdal]al#nYf#d]n]f-# Uab#gf\]jk[`]a\]f#gfk#\ggj#gfr]#c]jfoYYj\]f#'Z]ljgcc]f+#Z]k[`acZYYj+#Z]ljgmoZYYj#]f# \]kcmf\a_(#\Y_]dabck#af#\]#hjYclabc#l]#Zj]f_]f-#U]#dYl]f#rgn]]d#Ydk#eg_]dabc#gfr]#hYla|fl]f+# [da|fl]f+#Z]ogf]jk#]f#e]\]o]jc]jk#YYf#`]l#oggj\#ge#`a]j#j]Ydaklak[`]#Z]l]c]fak#YYf#l]# _]n]f-#Uab#c]ff]f#\]#njY_]f#]f#o]fk]f#nYf#gfr]#hYla|fl-#BYl#o]l]f#o]#\ggj\Yl#o]#e]l#`]f# ]f#`mf#^Yeada]#]f#fYYklZ]ljgcc]f]f#af#_]khj]c#_YYf+#kha]_]dZab]]fcgekl]f#gj_Yfak]j]f#]f#r]# njY_]f#fYYj#`mf#e]faf_-#Fmf#n]jZ]l]jo]fk]f#rabf#gfr]#gh\jY[`l! ! e]l#gfr]#c]ffak#]f#]jnYjaf_#Zab\jY_]f#YYf#]]f#_]rgf\]j]#hkq[`ak[`]#gfloacc]daf_#nYf# e]fk]f#]f#`mf#coYdal]al#nYf#d]n]f#]f#\YYje]]#YYf#]]f#_]rgf\]#\mmjrYe]#kYe]fd]naf_-#Gf# \]#oabc#oYYj#Zmj_]jk#]dcYYj#gfleg]l]f#afn]kl]j]f#af#_]rgf\`]a\#]f#_]\jY_-#BYYj#`gj]f#ggc# ]F]Ydl`,ghdgkkaf_]f#Zab#\a]#_]ja[`l#rabf#gh#\]#]a_]f#cjY[`l#nYf#\]#Zmj_]jk! ! \]#n]jYfloggj\]dabc`]a\#nYf#Zmj_]jk#nggj#`mf#d]]^klabd#]f#_]\jY_#gf\]jkl]mf]f#e]l#Ydk#\g]d# hkq[`ak[`]#hjgZd]e]f#nggjcge]f+#njg]_lab\a_#ghdgkk]f#oYYj#r]#Z]_aff]f#]f#oYff]]j#rgj_# fg\a_#ak#\]r]#l]#Za]\]f#e]l#]]f#_g]\]#coYdal]al+#lg]_Yfc]dabc`]a\#]f#\g]deYla_`]a\-; ! ! Zaff]f#J]flak#Ydd]]f#\g]f#oYl#]j#lg]#\g]l-#BYYjZab#klYYf#`]jkl]dhjg[]k#]f#Zmj_]jk[`Yh# PricewaterhouseCoopers Accountants N.V. []fljYYd-#B]#j]kl#gj_Yfak]j]f#o]#]j#ge`]]f-#U]#o]jc]f#kaeh]d+#cgkl]f]^^][la]^#]f# Uitsluitend voor

< T !] X T d f T ! X ] S T [ X ] V !X ] ! S T ! i ^ a V!

6M"aWYO"^WYL["VQM\^"QVOMLMMTL"VIIY"P\QZIY[ZMVaWYO"MV"WVLMYZ[M\VQVO"99a'"OMVMYITQZ[QZKPM" 4IZQZ(99a"MV"DXMKQITQZ[QZKPM"99a)"GQR"^QTTMV"WWS"QV"-+,0"MMV"S^ITQ[I[QMN"]MYIV[^WWYL"IIVJWL" YMITQZMYMV"]WWY"LM"4IZQZ(99a"XIZZMVL"JQR"LM"!VIVKQiTM"YIVL]WWY^IIYLMV) p!

K R W T X S T ] !e P ] !f ^ ] T ] ! T ] ! i ^ a V !? ? i!

6Q["JM[MSMV["LI["XI[QiV[MV"UM["MMV"HHB",'"-"WN"."aMTN"UWM[MV"aWYOMV"]WWY"P\QZ]MZ[QVO)"6M" XI[QiV["SIV"LM"aWYO"JQR"?MV[QZ"WN"MMV"IVLMYM"IIVJQMLMY"INVMUMV) p!

K R W T X S T ] !f ^ ] T ] ! T ] ! i ^ a V !T ] !e T a S T a T !P \ Q d [ P ] c X b T a X ] V ! X ] !S T !M M L

<V"LM"]MYaWYOQVO'"]MYXTMOQVO"$"[P\QZaWYO"^WYL["PM["ZKPMQLMV"]IV"^WVMV"MV"aWYO"]WWY[OMaM[)" 6IIYUMM"]MYL^QRVMV"LM"HHBcZ",'"-"MV"."]WTTMLQO"MV"HHB"/"]WWY"LM"PMTN[)"@MVZMV"LQM"[P\QZ" JTQR]MV"^WVMV"S\VVMV"MMV"JMYWMX"LWMV"WX"[P\QZ]MYXTMOQVO'"MMV"QV[MOYIIT"IIVJWL"]IV" ]MYXTMOQVO'"XMYZWWVTQRSM"]MYaWYOQVO"MV"JMOMTMQLQVO)" p!

G e T a W T e T [ X ] V ! N E G!

6M"N\VK[QMZ"M_[YIU\YITM"QVLQ]QL\MTM"MV"OYWMXZJMOMTMQLQVO'"LIOJMZ[MLQVO"MV"SWY[L\YMVL" ]MYJTQRN"aQRV"UM["QVOIVO"]IV","RIV\IYQ"-+,0"W]MYOMOIIV"VIIY"LM"G@A)"6M"OMUMMV[MV"aQRV" PQMY]WWY"]MYIV[^WWYLMTQRS)";M["OII["PQMYJQR"]WWY"?MV[QZ"WU"MMV"WUaM["]IV",+"UQTRWMV"M\YW)" p!

> ^ a T ] b X b R W T ! _ b hR W X P c a X T

FIV\Q["LM"UMMYRIYMVINZXYISMV"UM["=\Z[Q[QM"SYQRO["?MV[QZ"[M"UISMV"UM["LITMVLM"[IYQM]MV'" MMV"[WMTWWX"]IV"[JZ(XI[QiV[MV"UM["[YIVZU\YIIT"]MYTWN"JQVVMV"LM"8B3"LQM"ZVMTTMY"UWM[MV" LWWYZ[YWUMV"%JMPIVLMTL\\Y]MYSWY[QVO&"MV"LM"%S^ITQ[I[QM]M&"VWWLaIIS"]IV"PM["]WYUOM]MV" ]IV"NWYMVZQZKPM"SM[MVaWYO)"6WWY"M_[YI"8B3(KIXIKQ[MQ["QV"PM["WWZ[MV"]IV"PM["TIVL"VMMU["LM" KWVK\YYMV[QM"UM["LM"8B3"]IV"?MV[QZ"[WM)"BMVQ[MV[QIQYM"QVYQKP[QVOMV"ZT\Q[MV'"^IIYLWWY"8WYQV[" UWM["QV]MZ[MYMV"QV"LM"YMZ[MYMVLM"]QVLXTII[ZMV"WU"LM"[WMTMQLQVO"W]MYMQVL"[M"PW\LMV"MV"[M" ]MYJM[MYMV)

Fa]jgf\]j#_]n]f#oab#]]f#Z]cfghl#gn]jra[`l#nYf#\]#Z]dYf_jabckl]#gfloacc]daf_]f9 p!

La P ] b X c X T ! B T d V S ( ? ? i

NT c ![ P ] V S d a X V T ! i ^ a V

;M["SIJQVM["PMMN["XMY","RIV\IYQ"-+,0"LM"VQM\^M"GM["TIVOL\YQOM"aWYO"%GTa&"QVOM]WMYL)"6M" ^M["YMOMT["PM["YMKP["WX"aWYO"]WWY"SQVLMYMV"MV"]WT^IZZMVMV"LQM"LM"PMTM"LIO"QV[MVZQM]M"aWYO" MV"[WMaQKP["LQKP[JQR"VWLQO"PMJJMV'"[P\QZ"WN"QV"MMV"QVZ[MTTQVO)";M["aWYOXISSM["SIV"JMZ[IIV" \Q["]MYJTQRN'"XMYZWWVTQRSM"]MYaWYOQVO'"JMOMTMQLQVO'"]MYXTMOQVO'"JMPIVLMTQVO'"PM["QVLQ]QL\MMT" OMJY\QS"]IV"UWJQTQ[MQ[ZP\TXUQLLMTMV"MV"]MY]WMY"VIIY"LIOJMZ[MLQVO"MV"LIOJMPIVLMTQVO)"6M" GTa"]MY]IVO["LM"P\QLQOM"3TOMUMVM"GM["4QRaWVLMYM"HQMS[MSWZ[MV"%3G4H&)"FWWY"P\QLQOM"KTQiV[MV" OMTL["MMV"W]MYOIVOZYMOMTQVO)

identificatiedoeleinden

$$!(>7?D4

,+


!!

!!

!!

!!

\g]dlj]^^]f\-#U]#\g]f#Ydd]]f#gf\]jkl]mf]f\]#]f#[g•j\af]j]f\]#Y[lanal]al]f#\a]#fgg\rYc]dabc# rabf#]f#Ydd]]f#\Yf#Ydk#r]#]^"[a|fl#_]gj_Yfak]]j\#rabf-#R]Yek#`]ZZ]f#]a_]f#Z]kdakjmael]#]f# gflnYf_]f#kqkl]eYlak[`#l]jm_cghh]daf_#gn]j#`mf#hj]klYla]k#rg\Yl#r]#kf]d#]f#Y\]imYYl# cmff]f#afkh]d]f#gh#\]#n]jk[`add]f\]#cdYflnjY_]f-#U]#r]ll]f#gfr]#k[`YYjk]#ea\\]d]f#rg#_g]\# ]f#rg#\mmjrYYe#eg_]dabc#af-#U]#j]_aklj]j]f#]f#Y\eafaklj]j]f#Ydd]]f#oYl#]j#lg]#\g]l#ge\Yl#o]# `]l#r]d^#fg\a_#naf\]f#nggj#\]#coYdal]al#]f#n]jYfloggj\af_#g^#ge\Yl#\]#kYe]fd]naf_#\Yl#nYf# gfk#njYY_l-#Cf#\YYj#`gm\]f#o]#gfk#ggc#YYfnYceYfk[`Yh#nggjgh#r]ll]f-#J]flak#ak#]]f#hjg^]kkagf]d]#gj_YfakYla]-#TYceYfk[`Yh#n]jZaf\l# ]f#c]fl#\]#n]jhda[`laf_#lgl#kYe]fo]jc]f-#TYceYfk[`Yh#ak#ggc#_]d]]f\#n]jljgmo]f-#Mh# ZYkak#nYf#ghd]a\af_+#[]jla"[]jaf_#]f#]jnYjaf_#_]fa]l#\]#nYceYf#`]l#n]jljgmo]f#nYf#e]l#oa]# ]f#nggj#oa]#`ab#o]jcl-#K]l#\Yl#n]jljgmo]f#gh#ZYkak#nYf#nYceYfk[`Yh#cgel#ggc#\]#hda[`l# lgl#n]jYfloggj\af_-#BYl#Z]l]c]fl#ggc#hjg[]kk]f#gf\]j_]k[`acl#eYc]f#YYf#`]l#rg#dYf_# ]f#rg#ngdoYYj\a_#eg_]dabc#eYc]f#nYf#Zmj_]jk[`Yh+#`]jkl]d#]f#coYdal]al#nYf#d]n]f#nYf#\]# hYla|fl+#[da|fl#]f#Z]ogf]j-#TYceYfk[`Yh#Z]l]c]fl#j]_]deYla_#r]d^#]f#e]l#[gdd]_Yuk#kladklYYf# Zab#]f#lg]lk]f#nYf#b]#`Yf\]d]f-#Rmkk]f#]f#Zaff]f#\g]d_jg]h]f#nYf#hYla|fl]f+#[da|fl]f#]f# Z]ogf]jk#nYja|j]f#\]#rgj_njY_]f-#BYl#Z]l]c]fl#\Yl#]j#ggc#n]jk[`add]f\]#Yfloggj\]f#rabf-# @aff]f#\]#J]flakcY\]jk#ak#\][]fljYd]#n]jk[`]a\]f`]a\#lg]_]klYYf-#tNYk#lg]#g^#d]_#malu#ak# \YYjZab#mal_Yf_khmfl-#U]#\]fc]f#]f#`Yf\]d]f#nYfmal#`]l#Z]k]^#\Yl#o]#nYYc#]]f#k[`Yc]d#af# ]]f#c]l]ff]lo]jc#rabf-#U]#rabf#gfk#Z]omkl#nYf#\]#[gfk]im]fla]k#nYf#gfk#`Yf\]d]f#]f#gfr]# Z]kdmal]f#nggj#\]#[da|fl+#hYla|fl#]f#Z]ogf]j#]f#nggj#[gdd]_Yuk+#Yf\]j]#l]Yek+#\]#gj_YfakYla]# ]f#hYjlf]jk-#TYceYfk[`Yh#n]jZaf\l#]f#c]fl#\]#n]jhda[`laf_#lgl#kYe]fo]jc]f-# B]#`makYjlk#`]]^l#Ydk#n]joabr]j#]]f#Z]dYf_jabc]#jgd#nggj#\]#Zmj_]j-#Uab#oadd]f#`]e#\YYjZab# gf\]jkl]mf]f-#QYe]f#e]l#`makYjlk]f+#_]f]jYdaklak[`]#@Ykak,EEr#]f#l`makrgj_#oadd]f#o]# \]#_]o]fkl]#Z]o]_af_#nYf#ura]cl]#]f#rgj_#fYYj#_]rgf\`]a\#]f#_]\jY_u#eYc]f#]f#gfr]# rgj_#\a[`lZab#\]#hYla|fl#YYfZa]\]f-#Tggj#\]#TTR#]f#\]#EEr#_YYf#o]#\]#gf\]jkl]mfaf_#]f# _a\k^mf[la]#afnmdd]f-#@ab#[gehd]p]#hjgZd]e]f#Za]\]f#o]#kh][aYdaklak[`]#rgj_-#Gf#_]nYd#nYf# [jakak#rabf#o]#]j#\aj][l#e]l#gfr]#Y[ml]#rgj_Gf#1/04#r]ll]f#o]#af#gh#n]j\]j]#n]jkl]jcaf_#nYf#gfr]#RMNEEX#Y^\]daf_]f9#?mlake]#R]Ye# Lggj\,L]\]jdYf\#]f#`]l#hjg_jYeeY#Nkq[`glak[`]#Qlggjfakk]f-#BYYjfYYkl#j]k]jn]j]f# oab#ea\\]d]f#naY#`]l#GffgnYla]^gf\k#]f#lj]^^]f#o]#nggjZ]j]a\af_]f#nggj#`]l#Z]`Yd]f#nYf#`]l# c]mje]jc#RMNEEX#nggj#\]#Y^\]daf_]f#JYf_\mja_]#P]`YZadalYla]#]f#`]l#A]fljme#nggj#Gfl]_jYd]# Nkq[`aYlja]-# B]#U]l]fk[`Yhh]dabc]#?\na]k#PYY\#Z]ggj\]]dl#\]#nggjl_Yf_#nYf#gfr]#RMNEEr#YeZala]k#]f# Y\nak]]jl#gn]j#\]#lg]c]ffaf_#nYf#\]#_]j]k]jn]]j\]#kmZka\a]_]d\]f#nggj#RMNEEr-

K]l#Z]lj]ccaf_#lgl#\]#]pl]jf]#gfloacc]daf_]f+#\]#nggjl_Yf_#nYf#\]#ljYfkala]k#]f#`]l#[gf[]jf, bYYjhdYf#]f#\]#Z]\jab^kj]kmdlYl]f#_]n]f#o]#`a]jgf\]j#]]f#gn]jra[`l-# C [ P ] c c T e a T S T ] W T X S!

J]flak#k[ggjl#af#`]]d#1/04#]]f#6-7#nggj#cdYfll]nj]\]f`]a\-#B]#Z]ggj\]daf_#Zdab^l#klYZa]d#gh#fan]Ym-# B]#oY[`llab\]f#nggj#Ajakakrgj_#k[gj]f#Zaff]f#\]#fgje-#@]b]_]faf_#k[ggjl#85%+#n]jnmddaf_#rgj_, o]fk]f#76%#]f#af^gjeYla]nggjra]faf_#]f#Z]ljgcc]f`]a\#Zab#Z]`Yf\]dhdYf#j]kh][la]n]dabc#64%#]f# 64%= U U T R c ' !Z f P [ X c T X c !T ] !e T X [ X V W T X S

Tggj,#]f#fYe]laf_#PMK#da__]f#fm#gh#\]#fgje#nYf#41%#'h]adege]fl#16#bYfmYja#1/05(-#@ab#BoYf_# ]f#\jYf_#Zdab^l#`]l#YYflYd#Y^rgf\]jaf_]f#\]#dYYlkl]#2#eYYf\]f#klYZa]d-#F]l#`gjargflYYd#coYdal]alk, kqkl]]e#'QKGJC(#ogj\l#ngd_]fk#hdYf#mal_]jgd\-#K]l#\al#kqkl]]e#cmff]f#l]Yek+#rgj__jg]h]f#]f#`]l# [gf[]jf#Ym\alk#malng]j]f#]f#n]jZ]l]jY^khjYc]f#Z]oYc]f9 T S a X Y U b \ P c X V !f T a ZT ]!

B]#hjg\m[lanal]al#nggj#\]#YeZmdYfl]#rgj_#cgel#mal#gh#67%-#Bal#ak#_]ra]f#\]#mal_Yf_khmfl]f#1/04# a]lk#l]#dYY_#'7/%(-#B]#n]jYf\]jaf_]f#af#\]#rgj_eYjcl#eYc]f#\Yl#\]#o]jc\jmc#`gg_#ak#]f#\Yl#ra]f# o]#l]jm_#af#\]#egfalgj#o]jcZ]d]naf_-# U]#[gfklYl]j]f#]]f#`g_]#\jmc#gh#\]#afkljgge#Zab#\]#cdafa]c]f#e]l#]]f#kl]]\k#roYYj\]j]#rgj_, njYY_Tggj#\]#JYf_\mja_]#EEX#'JEEX(+#ra]f#o]#]]f#ljY_]#af_jg]a-#NYla|fl]f#\a]#afea\\]dk#]]f#bYYj#af#\]# [mjYla]n]#rgj_#rall]f#_YYf#gn]j#fYYj#\]#JEEX-#Cj#ogj\l#o]d#]]f#n]j\]j]#afkljgge#n]joY[`l#af#\]# cge]f\]#bYj]fB]#afk[`Yllaf_#nYf#\]#"fYf[a|d]#jmael]#JEEX#ak#l]#`gg_#_]o]]kl#]f#]]f#Zm\_]llYaj]#gn]j`]n]daf_# fYYj#\]#[mjYla]n]#rgj_#ak#'fg_(#fa]l#`YYdZYYjA]]^ePcXT

G@]]d\Z]d#YYfkdmalaf_]f#ogj\]f#klYf\YYj\#ea\\]dk#TQ]]#mal_]ng]j\-#BYYj#oYYj#]j#Y^\]daf_k# aNY\k#af_]r]l#ogj\]f+#ogj\l#gf\]jdaf_#fg_#_]Zjmac#_]eYYcl#nYf#DY[]Rae]+#][`l]j#Ydd]]f#Zab# [gflY[l#lmkk]f#Z]`Yf\]dYYj#]f#`gg^\Z]`Yf\]dYYj-#?Yfkdmalaf_]f#nYf#fa]mo]#[da|fl]f#_]Z]mj\#gh# ]a_]f#YhhYjYlmmj-#F]l#YYflYd#Y[la]n]#Z]`Yf\]dYj]f#'2//*(#]f#[da|fl]f#'15//*(#e]l#]]f#Y[[gmfl# nggj#Mfdaf]#@]`Yf\]d]f#'Kaf\\aklja[l(#Zdab^l#klab_]f-#E]ja[`l]#YYf\Y[`l#]f#Y^khjYc]f#nYfmal# 'af`gm\]dabc(#eYfY_]e]fl#rabf#fgg\rYc]dabc-#BYYj#oYYj#\al#_]Z]mjl#ra]f#o]#_g]\]#j]kmdlYl]f# rgYdk#Zab#\]#@Ykak#EEX#]f#]]f#YYflYd#NkqO#Y^\]daf_]f-#J]flakJ]j]f#ak#af#1/04#_]klYjl#]f#rabf#]j# 1558#]J]Yjfaf_#eg\md]k#Y^_]jgf\-#Gf#1/04#ak#]j#700#c]]j#]]f#]RjaY_]#YYfnjYY_#_]\YYf#\ggj#`]l# J?Q-#Fa]jnYf#`]ZZ]f#436#'56%(#hYla|fl]f#\]#]RjaY_]#njY_]fdabkl#\YY\o]jc]dabc#af_]nmd\-#U]# `]ZZ]f#\YYje]]#ngd\YYf#YYf#\]#Kajjg#\g]dkl]ddaf_]f#nggj#\]#@Ykak#EEX#'2/%(-#Mh#`]l#_]Za]\# PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,,


= g cTa ]T! ^]c f XZZT[ X]VT]

nYf#Bgegla[Y#rabf#]j#01//#cYe]jk#Zaff]f#'_]`]]d(#J]flak#nggjra]f#nYf#YdYje]jaf_#]f#rabf#]j#1/6# cYe]jk#nggjra]f#nYf#\]#QMQ#'Qdaee]#Mhlak[`]#Q]fkgj(-#Mgc#rabf#]j#231#cYe]jk#nggjra]f#nYf#]]f# ghjg]hcYklb]#nYf#XAL#'Xgj_#A]fljYd]#L]\]jdYf\(-#@aff]f#`]l#Janaf_#JYZ#nYf#Ba_fak#ak#\]#lgn]jlY^]d# e]l#_jggl#km[[]k#_]}fljg\m[]]j\#]f#ogj\l#]j#gf\]jrg]c#_]\YYf#fYYj#g-Y-#`]l#_]Zjmack_]eYc# nYf#Bgegla[Y#af#\]#fY[`l-#Mgc#\]#o]Zkal]k#nYf#J]flak#`]ZZ]f#af#1/04#]]f#_g]\]#gfloacc]daf_# \ggj_]eYYcl-#Cj#cge]f#13%#e]]j#Z]rg]c]jk#fYYj#\]#o]Zkal]k#\ggj#n]jZ]l]jaf_]f#af#\]#naf\, ZYYj`]a\#]f#\YYjfYYkl#ak#]j#]]f#_jg]a]f\#_]Zjmac#nYf#\]#_jYlak#r]d^`mdhljYafaf_]f#'3/#h]j#eYYf\(# ]f#\]#r]d^l]kl]f#'nYf#5//#fYYj#25//#h]j#eYYf\(-# J]flakZj]]\#`Yd]f#o]#`]l#Y^_]khjgc]f#]F]Ydl`#h]j[]flY_]#'5+7%#QEEX(-#U]#ra]f#_jgl]#n]jk[`add]f# h]j#rgj__jg]h#]f#lmkk]f#l]Yek#]f#o]l]f#ggc#\Yl#]j#khjYc]#ak#nYf#gf\]j,j]_akljYla]-#B]#_]lYdd]f# nYfmal#\]#]F]Ydl`#Yhhda[Yla]k#r]d^#dYl]f#]]f#_jgl]j]#afr]l#ra]f-#U]#gf\]jrg]c]f#fa]mo]#lg], hYkkaf_]f#gh#n]jrg]c#nYf#\]#rgj_#rgYdk#]]f#n]ada_#Ydl]jfYla]^#nggj#U`Ylk?hh+#\]#lg]hYkkaf_#nYf# TajlmYd#P]Ydalq+#]]f#ljYfkemjYYd#rgj_\gkka]j#nggj#\]#b]m_\#'QYe]f0NdYf(#]f#]]f#e]\a[Yla]#[gfljgd]# Yhh-

8[VT\TT]

B]#Y^j]c]faf_]f#e]l#\]#_]e]]fl]f#n]jda]h]f#fa]l#Ydlab\#]n]f#kg]h]d-#J]flak#`]]^l+#]n]fYdk#n]d]# Yf\]j]#rgj_Z]\jabn]f+#nggj_]kl]d\#]]f#YYf_]hYkl#hjglg[gd#nYf#hjg\m[la]n]jYfloggj\af_#1/04#lg]# l]#hYkk]f-#B]#n]joY[`laf_#ak#\Yl#Ydd]#_]e]]fl]f#`a]je]]#afkl]ee]fB]#fgje]f#nYf#\]#eYl]ja|d]#[gfljgd]k#nggj#\]#rgj_n]jr]c]jaf_ko]l#ogj\]f#eg_]dabc]joabk#a]lk# n]jjmae\+#l]f]af\]#"fYf[a|d]#hjgZd]eYla]c#Zab#n]d]#rgj_afkl]ddaf_]f#l]#n]jeab\]f-# B]#L]\]jdYf\k]#Xgj_#?mlgjal]al#bma[`l#`]l#afalaYla]^#nYf#`]l#lg]hYkk]f#nYf#]]f#`gjargflYYd#lg]ra[`l# lg]+#`]l_]]f#\]#eg_]dabc`]a\#_]]^l#gh#ZYkak#nYf#YYflggfZYj]#coYdal]alkkqkl]e]f#]]f#n]jljgmo\]# j]dYla]#e]l#rgj_n]jr]c]jYYjk#l]#Zgj_]fO ^ a V e T a Z^ ^ _!N E G !, 3 & ! T ] ! 9 N! ? a ^ ] X ] V T ] !; T ] c a d \ !V T \ T T ] c T ] !$ _ a ^ e X ] R X P [ T !X ] Z^ ^ _% !9 T b R W T a \ S !N^ ] T ]

Xgo]d#nggj#Agflafm}l]al#Z]k[`]je\#ogf]f#'gn]j_Yf_kj][`l#[da|fl]f(#Ydk#Ugf]f#e]l#Z]_]d]a\af_#gh# eYYl#'fa]mo]#@U,[da|fl]f(#`]ZZ]f#o]#]]f#[gfljY[l+#]j#ak#_]]f#lYYckl]ddaf_#af#Y^Zgmo#nYf#Z]\\]f-# U]#ogj\]f#_][gf^jgfl]]j\#e]l#]]f#YYfra]fdabc]#cgjlaf_#\a]#nggj#J]flak#Zgn]f#\]#1/%#malcgel-# Mn]j#\]#`gg_l]#nYf#\]#cgjlaf_#rabf#o]#fg_#o]d#af#_]khj]c#e]l#\]#A]fljme_]e]]fl];#J]flak#ak# nYf#e]faf_#\Yl#\]#cgjlaf_#fa]l#af#n]j`gm\af_#ak#e]l#\]#cgjlaf_#\a]#gh#eY[jgfan]Ym#'dYf\]dabc]# n]j\]daf_#@U,ea\\]d]f(#ogj\l#\ggj_]ng]j\E P P c f T a Z !G ] S T a b c T d ] X ] V !N E G! , 3 & !Q T V T [ T X S X ] V! ? T \ T T ] c T !? a ^ ] X ] V T ] !T ] !LT ] !9 ^ T a

UGH,l]Yek9#TYfmal#TgdoYkk]f]fhkq[`aYlja]#`]ZZ]f#o]#\]#hdYYlkaf_#nYf#1#e]\]o]jc]jk# '1#^l](#Zaff]f#\]#UGH,l]Yek#_]_mf\#_]cj]_]f+#nYfmal#Ba_fak#EEX#0#e]\]o]jc]j#'/-4(#^l]Bal#ak#eaf\]j#\Yf#o]#`]ZZ]f#YYfZ]kl]]\-#Sal#l]jm_cghh]daf_#Zdabcl#\Yl#\al#kYe]f`Yf_l#e]l#`]l# _]g^^j]]j\]#lYja]^+#fa]l#e]l#\]#coYdal]al#nYf#\]#\a]fkln]jd]faf_#[-i-#g^^]jl]# KYYlo]jcgf\]jkl]mfaf_9#Bal#`]ZZ]f#o]#_]_mf\#_]cj]_]f-#F]l#lYja]^#ak#l]f#ghra[`l]#nYf#1/04# fa]l#n]]d#n]jYf\]j\;#\]#Z]rmafa_af_#ak#af#`]l#lYja]^#nYf#1/04#j]]\k#e]]_]fge]f-#Tggjlk#`gghl#\]# _]e]]fl]#e]]j#Z]_]d]a\af_#Zaff]f#Yd_]e]f]#nggjra]faf_]f#zf#\]#UGH,l]Yek#l]#_YYf#Za]\]f#rg\Yl# ]j#eaf\]j#]]f#Z]jg]h#gh#eYYlo]jcnggjra]faf_]f#_YYl#ogj\]f#_]\YYf# PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,-


G \ \ T [ P ] S T a !V T \ T T ] c T ]

A ] [ ^ ^ _ V T [ S T ] !? a ^ ] X ] V T ]

U]#`]ZZ]f#nYf#\]r]#afcggh[geZafYla]#nYf#01#Ejgfaf_]j#_]e]]fl]f#\]#\Y_Z]kl]\af_#fa]l# _]_mf\#_]cj]_]f-#F]l#Z]lj]^l#jmae#1//#[da|fl]f#]f#`]]^l#\aj][l#_]ngd_]f#nggj#fYYj#k[`Yllaf_# 1/#e]\]o]jc]jk-#F]l#]]jkl]#`Yd^#bYYj#nYf#1/05#ak#nggj#\]#gn]j\jY[`l#nYf#[da|fl]f-#Mf\]jlmkk]f# ogj\]f#]j#gh#kljYl]_ak[`#]f#lY[lak[`#fan]Ym#_]khj]cc]f#_]ng]j\#e]l#]fc]d]#_jgl]#YYfZa]\]jk#af# \]#j]_ag#YYf_YYf\]#\]#[gflafm}l]al#nYf#rgj_-#Fa]jZab#ogj\l#_]c]c]f#fYYj#tgn]j\jY_]fu#nYf#[da|fl]f+# e]\]o]jc]jk#]f#eg_]dabc#nggjra]faf_]f-#B]r]#YYfZa]\]jk#c]fe]jc]f#ra[`#\ggj#jYYcndYcc]f#e]l# \]#hkq[`aYlja]#]f.g^#`]l#[`jgfak[`#cYjYcl]j#nYf#\]#rgj_-## #

Gfdggh_]d\]f#rabf#_][gflafm]]j\#nggj#1/05-#Cj#ak#YYf_]_]n]f#\Yl#\al#`]l#dYYlkl]#bYYj#ak#\Yl#\]r]# ogj\]f#n]jklj]cl-#Gf#1/06#]af\a_l#\al;#fYYj#n]joY[`laf_#rmdd]f#\]#_]d\]f#ogj\]f#af_]r]l#nggj# Yd_]e]f]#nggjra]faf_]f# G ? ? O!E X S S T [ T ] !? a ^ ] X ] V T ]

B]#MEEX#rabf#nggj#`]l#\]]d#nYf#\]#_]e]]fl]#Ejgfaf_]f#ge_]r]l#af#]]f#kmZka\a]n]jklj]ccaf_#]f# lg]_]ng]_\#Ydk#gf\]j\]]d#nYf#\]#UGH,l]Yek-#B]#MEEX,ea\\]d]f#af#\]#j]kl#nYf#\]#hjgnaf[a]#ak# _][gflafm]]j\#

8 [ V T \ T ] T ! M^ ^ a i X T ] X ] V

Gf#T]]f\Ye#]f#N]c]dY#ogj\l+#ggc#\ggj#J]flak+#gn]jd]_\#`g]#\]#_jg]h#nYf#hYla|fl]f#e]l# Z]_]d]a\af_#\a]#fm#e]l#fYe]#naY#eYYlo]jc#nggjra]faf_]f#ogj\l#_]Zg\]f+#\al#af#\]#lg]cgekl# rgn]]d#eg_]dabc#_]_]n]f#cYf#ogj\]f#ea\\]dk#]]f#Yd_]e]f]#nggjra]faf_-#Tggj#]]f#Yd_]e]f]# nggjra]faf_#ak#_]]f#mal_]Zj]a\]#af\a[Yla]#fg\a_-# Cj#ogj\l#ggc#]]f#hdYf#gh_]kl]d\#ge#af#Uafk[`gl]f#]fc]d]#Z]klYYf\]#]f#fa]mo]#Y[lanal]al]f# '?PA#Agehml]jk+#FYjegfa]#]f#`]l#DgmflYaf#Fgmk]#[dmZ`mak#eg\]d(#af#]]f#Yd_]e]f]#nggjra]faf_# l]#ljYfk^gje]j]f-# #

<aT]cWT

Jgghlab\#nYf#[gfljY[l]f9#Tggj#1/04.1/05#rabf#o]d#YYfnmddaf_]f#gh#`]l#Ykkgjlae]fl#_]njYY_\#rgYdk# lab\]dabc#n]jZdab^#nggj#Ba_fak-#Bal#eg]l#fg_#af#\]#_]e]]fl]jY\]f#ogj\]f#_g]\_]c]mj\-#

K c P ] S! e P ] ! i P Z T ] ! i ^ a V e T a Z ^ ^ _! O M N !- + , 1

U]#`]ZZ]f#]]f#[gfljY[l#\ggj#ea\\]d#nYf#]]f#Z]klmmjdabc]#YYfZ]kl]\af_-

B]#[gfljY[l]jaf_#nggj#1/05#ak#af#1/04#]]j\]j#_]klYjl#l]f]af\]#nggj#0#\][]eZ]j#lgl#]]f#Y^jgf\af_# l]#cge]f-#U]#ra]f#]]f#n]jljY_af_#gflklYYf#oYYj\ggj#]j#hYk#dYYl#^gje]]d#Yccggj\]f#rabf-#B]#]]jkl]# o]j\#e]l#B]#Dja]kdYf\#Xgj_n]jr]c]jYYj#_]kdgl]f#af#^]ZjmYja#1/05-# U]#ra]f#\Yl#Zab#\]#rgj_n]jr]c]jYYjk#]pljY#n]]d#bmja\ak[`]#YYf\Y[`l#ogj\l#_]_]n]f#YYf#\]# [gfljY[l]f-#Bal#e]\]#ge#\]#j]na]o#gf\ma\]dabc`]\]f#l]#nggjcge]f-#Bal#rabf#njab#afl]fka]n]# hjg[]kk]f#\a]#n]]d#lab\#njY_]f-#R]n]fk#rabf#\]#]]jkl]#klYhh]f#Yd#_]r]l#nggj#\]#[gfljY[l]jaf_#1/06J]flak#`]]^l#ege]fl]]d#kl]]\k#e]]j#[gfljY[l]f#\a]#n]jk[`add]f#nYf#af`gm\+#dgghlab\#]f#Y^khjYc]f-# Cj#ak#]]f#[gfljY[l#egfalgj#kqkl]]e#af_]ng]j\#ge#\]#Y^khjYc]f#l]#cmff]f#ngd_]f#]f#l]#n]jlYd]f#fYYj# \]#rgj__jg]h]f-#

NT b c T a Z f P a c X T a

C=9A(S^T[ bcT[[X]VT]

TYfo]_]#`]l#_]jaf_]#YYflYd#[da|fl]f#]f#\]#`g_]#n]jng]jkcgkl]f#`]ZZ]f#o]#fa]l#YYf#Z]kl]]\-# E]e]]fl]f#`]ZZ]f#YYf_]_]n]f#\]#afkhYffaf_]f#af#\]#gn]j_Yf_kh]jag\]#o]d#l]#n]j_g]\]f-#Cj# ogj\]f#ghdgkkaf_]f#gh#[da|flfan]Ym#Z]\Y[`l#oYYjZab#ggc#lab\]dabc]#[gfljY[l]f#e]l#\]#_]e]]f#l# ]f# ogj\]f#_]kdgl]f#g^#[gfljY[l]f#oYYjZab#o]#Ydd]]f#\Y_Z]kl]\af_#]f#`]l#n]jng]j#fa]l#YYf#Z # a]\]f-#

Mf\]jklYYf\#n]je]d\]f#o]#\]#nggjl_Yf_#nYf#\]#\g]dkl]ddaf_]f#l]f#YYfra]f#nYf#gfr]#na]j#Ijalak[`]# Qm[[]k^Y[lgj]f9#IdYfll]nj]\]f`]a\+#C^^][lanal]al.coYdal]al.n]ada_`]a\#nYf#rgj_+#@]\jab^keYla_# o]jc]f#]f#GffgnYla]-#R]n]fk#_]n]f#o]#YYf#af#`g]n]jj]#o]#e]l#\]#n]jk[`add]f\]#\g]dkl]ddaf_]f#gh# k[`]eY#da__]f-

? T \ T T ] c T ! @ P a T ]!

FYj]f#eYYcl#_]Zjmac#nYf#\]#Zgn]fj]_agfYd]#^mf[la]k#nYf#Ba_fak#J]flak-#Tggj#J]flak#EEX#'2# [da|fl]f(#`]ZZ]f#o]#fa]l#YYfZ]kl]]\-#U]#rabf#e]l#\]#_]e]]fl]#FYj]f#af#gn]jd]_#_]lj]\]f# YYf_YYf\]#[gflafm}l]al#nYf#rgj_.gn]j\jY[`l#[da|fl]f#]f#^Y[lmjYla]#nYf#\]#afkhYffaf_]f# _]hd]]_\#_]\mj]f\]#\]#gn]j_Yf_kh]jag\]@ KK E !$ @ ^ ^ V T i P ] S !K P _ _ T \ T T a!E T ] c T a f ^ [ S T !K [ ^ R W c T a T ]!

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,.


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


/!NPc!eX]ST]!^]iT!_PcXv]cT]!T]!Wd]!]PPbcQTca^ZZT]T]!TaeP] ;[ Xv]c f PPaSTa X]V! VT\TcT] !X] ! -+ ,0! Fg]#oYYj\]j]f#gfr]#[da|fl]f#J]flak=#BYl#lg]lk]f#o]#]dc#bYYj-#T]jZ]l]jhmfl]f#ogj\]f#gh_]hYcl-# C]f#kYe]fnYllaf_#nYf#\]#malcgekl]f#nYf#\]#[da|floYYj\]jaf_9

C[ X]XTZT]! e^[f P bbT]T]

9T bRWTa \S !f^]T]! T] ! e^ ^a cVTiTc! eTaQ[ XYU

B_#@c`_Z_XV_(#PZ_dTY`eV_#V_#QfZU]RcV_ 6RSONZ3!\][[NW!-&-!NW!0&2

Jg[Yla]k#nYf#rgj__jg]h#TgdoYkk]f]f#]f#Hgfp 6RSONZ3!\][[NW!/&+!NW!0&0

)!

-&-!

!N P c ! V P P c !V ^ T S 5

#gVca]VVX\f_UZXV#Zd#SV]VVWU(#Vc#Zd#VV_#gVZ]ZXV# dWVVc*

0&2 !

*)

)!

!N P c !Z P ] !Q T c T a 5!

/&+!

! N P c !V P P c !V ^ T S 5

[da|fl#eg]l#Z]l]j#_]}f^gje]]j\#ogj\]f#gn]j# \]#eg_]dabc`]a\#nggj#]]f#k][gf\#ghafagf+# [da|fl#oad#e]]j#af^gjeYla]#gn]j#kggjl]f# Z]`Yf\]daf_]f#gh#\]#Y^\]daf_+#[da|fl#oad#e]]j# o]l]f#gn]j#\]#[da|fl]fjYY\-#

S]_]d]a\]j#`gm\l#ra[`#YYf#Y^khjYc]f#]f#rgj_l# nggj#n]ada_]#k^]]j+#]j#ak#_]fg]_#Z]_]d]a\af_# YYfo]ra_+#\]#Z]_]d]a\]j#cYf#_g]\#mald]__]f*

0&0 !

*)

!N P c !Z P ] ! Q T c T a 5!

\]#eg_]dabc`]a\#ge#[mjkmkk]f#l]#cmff]f# ngd_]f+#c]mr]#af#o]dc#`mak#\]#[da|fl# cYf#cge]f#l]#ogf]f#]f#\]#eYl]#oYYjaf# Z]_]d]a\]j#\]#[da|fl#YYfkhggjl#Zmal]fk`mak# \af_]f#l]#\g]f-#

?UJW\\N^ZNMNWQNRM3!0&1! '/+2%#_]kl]_]f#af#n]j_]dabcaf_#e]l#1/03(

5NSNPNWRWP&!QXN!_XZMNW!LURdW\NW!JJWPN[YZXTNW4!2/"!^JW!MN!XWMNZ^ZJJPMNW!R[!YX[R\RNO! 'f]l#Ydk#af#1/03(

;XNMN!NW!S]R[\N!RWOXZVJ\RN!XW\^JWPNW4!0."!^JW!MN!XWMNZ^ZJJPMNW!R[!YX[R\RNO! '/-1%#_]\YYd\#l]f#ghra[`l]#nYf#1/03(

=[!MN!LURdW\!KN\ZXTTNW!KRS!KNQJWMNUYUJW4!0."!^JW!MN!XWMNZ^ZJJPMNW!R[!YX[R\RNO! '66%#af#1/03(

HNZ^]UURWP!^JW!aXZP_NW[NW4!10"!^JW!MN!LURdW\NW!^RWM\!MJ\!MN!KNQJWMNURWP!MRN!aN!TZRSPNW!! JJW[U]R\!KRS!MN!YZXKUNVNW!NW!TUJLQ\NW! PricewaterhouseCoopers Accountants N.V. '0%#_]\YYd\#l]f#ghra[`l]#nYf#1/03(-# Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,1


O^aV! L WdXb ! $ < XV]Xb% Ba_fak#Za]\l#fYYkl#n]jrgj_af_#]f#n]jhd]_af_#ggc#rgj_#YYf#[da|fl]f#\a]#l`mak#ogf]f-#Cdc#bYYj#ogj\l# \]r]#Xgj_#R`mak#_]lg]lkl#\ggj#]]f#]pl]jf#Zmj]Ym-#Mf_]n]]j#4/%#nYf#\]#]fim{l]k#ak#af_]nmd\-#B]# njY_]f#_af_]f#nggjYd#gn]j#\]#coYdal]al#nYf#d]n]f+#\]#coYdal]al#nYf#\]#`mdhn]jd]faf_#]f#\]#coYdal]al# nYf#\]#rgj_afkl]ddaf_-#Gf#\al#_]nYd#Ba_fak-# Me_]j]c]f\#fYYj#jYhhgjl[ab^]jk+#k[ggjl#Xgj_#R`mak#nYf#Ba_fak#_g]\#gh#\]r]#njY_]f#mal#\]#]fim{l]9

8dcXb\TcTP\ !F ^ ^aS( FTSTa [ P]S ! $ B^] g % Jg[Yla]k#af#BjY[`l]f+#Ejgfaf_]f#]f#Fgg_]n]]f# 6RSONZ3!\][[NW!0&0!NW!0&2 )!

HNZ\ZX]_\!]!]_!aXZPRW[\NUURWP4!2'+ 0&0 ! 0&2 !

! N P c !V P P c !V ^ T S 5

#UV#Z_eV_dZVgV#SVXV]VZUZ_X(#UV#ViaVceZdV#gR_# UV#SVYR_UV]RRc*

*)

?]W\!]!MN!aXZPRW[\NUURWP!X^NZMJP!PXNM!KNZNRTNW4!2')

!N P c !Z P ] !Q T c T a 5!

e]]j#]nYdmYla]ege]fl]f#lab\]fk#\]# Z]`Yf\]daf_+#eaf\]j#dYf_]#oY[`llab\]f+#e]]j# jmael]#af#Y_]f\Y#nYf#Z]`Yf\]dYYj?ZRSP\!]!^NZaXZPRWP!XY!MN!VJWRNZ!aXJU[!]!MJ\!_RU\4!2')

?XV\!MN!aXZPRW[\NUURWP!MN!JO[YZJTNW!X^NZ!MN!aXZP!PXNM!WJ4! 1'2

@]R[\NZNW!MN!aXZP^NZUNWNZ[!JJWMJLQ\RP!WJJZ!]4!1'1 # C]f#n]jZ]l]jaf_#ak#eg_]dabc#gh#\]#njYY_#tImfl#m#e]]Z]kdakk]f#oa]#nYf#\]#l`makrgj_#Zab#m#cgel=# '2-8(+#\]#]fa_]#gfngd\g]f\]#mal#`]l#`]d]#gf\]jrg]cMgc#Ydk#o]#\]#_]_]n]fk#nYf#Xgj_#R`mak#n]j_]dabc]f#e]l#dYf\]dabc]#[ab^]jk+#\g]f#o]#`]l#_g]\-#F]l# n]jljgmo]f#af#\]#rgj_n]jd]f]j#ak#`g_]j#Zab#Xgj_#R`mak#\Yf#`]l#dYf\]dabc]#_]ea\\]d\]+#]n]fYdk#\]# nYcc]ffak#]f#\]#eYl]#oYYjaf#Y^khjYc]f#ogj\]f#fY_]cge]f-#

Sal_]Zj]a\]#jYhhgjl]f#naf\l#m#af#\]#ZabdY_]f-#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,2


0!JPPS!eP]!L^TiXRWc! E]dafcl#YYf#\]#Z]fg]eaf_#nYf#\]#Z]klmmjknggjrall]j#ak#\]#\ak[mkka]#gn]j#\]#`gfgj]jaf_#nYf#`]l# Z]klmmj-#Mfr]#fa]mo]#Z]klmmjknggjrall]j#ogj\l#Z]dggf\#[gf^gje#\]#ULR#1#\a]#kaf\k#0#bYfmYja#1/05# nYf#lg]hYkkaf_#ak#gh#`]l#`gfgjYjame#nYf#Z]klmmj\]jk-#Mh#AgjklaYYf#@jmafkeY#ak#\]#ULR#0#nYf# lg]hYkkaf_+#rabf#`gfgj]jaf_#ak#`a]je]]#af#gn]j]]fkl]eeaf_-

A ] !- + , 0! f X bb T [ S T ! W T c !e ^ ^ a i X c c T a b R W P _ !e P ] !S T !J P P S !e P ] !9 T b c d d a) !9 T a c !e P ] !S T a!@ ^ T Z! e T a [ X T c ! D T ] c X b!^ \! i X Y ] ! R P a a X u a T !T [ S T a b! e ^ ^ a c ! c T !i T c c T ] ) != X ] S! - + , 0 !f T aS !E P a c X ]! K X c P [ b X ] V !Q T ] ^ T \ S !] P !T T ] ! d X c V T Q a T X S T ! b ^ [ [ X R X c P c X T _ a ^ R T S d a T ! \ T c !X ] Q a T ] V !e P ] !S T! e T a b R W X [ [ T ] S T ! V T [ T S X ] V T ] !e P ] !S T !^ a V P ] X b P c X T !_ T a! ,! \ P P a c ! - + , 1 )!N X Y !S P ] Z T ] ! 9 T a c !e P ]! S T a! @ ^ T Z !e ^ ^ a !i X Y ] !Q X Y S a P V T !P P ] !D T ] c X b! X ] !S T !P U V T [ ^ _ T ] ! Y P a T ] )

F]l#`gfgjYjame#nYf#\]#PYY\#nYf#Rg]ra[`l#ak#]n]f]]fk#YYf_]hYkl#gh#_jgf\#nYf#\]#ULR#1-#F]l# Z]lj]^l#`a]j#]]f#n]j`g_af_#nYf#\]#n]j_g]\af_-#BYYjZab#`]ZZ]f#oab#fa]l#_]cgr]f#nggj#`]l#eYpaeYd]# fgjeZ]\jY_-#U]#`]ZZ]f#\]#n]j`g_af_#Z]h]jcl#lgl#\]#`]d^l#nYf#`]l#n]jk[`ad#lmkk]f#\]#Z]dgfaf_#af# 1/04#]f#\]#eYpaeYd]#Z]dgfaf_#ngd_]fk#\]#ULR#1-#Mh#ZdY\rab\]#11#lj]^l#m#]]f#gn]jra[`l#YYf#nYf#\]# Z]dgfaf_#nYf#\]#PYY\#nYf#Rg]ra[`l#af#1/04-

A ] !E P a c X ] !K X c P [ b X ] V !W T Q Q T ] !f T ! S T ! Y d X b c T !_ T a b ^ ^ ] !V T e ^ ] S T ] ! ^ \!\ T c !; ^ a b c X P P ]! 9 a d X ] b \ P ! D T ] c X b!S T !Z ^ \ T ] S T ! Y P a T ] !^ _! Z^ T a b !c T !W ^ d S T ] !X ] !T T ] !d X c T a b c !f ^ T [ X V T! ^\VTeX]V)

Uab#rabf#AgjklaYYf#@jmafkeY#r]]j#]jc]fl]dabc#\Yl#`ab#nggj#]]f#_jggl#\]]d#nYf#`]l#bYYj#Ydk#]fa_# Z]klmmj\]j#J]flak#gh#Z]coYe]#oabr]#`]]^l#_]d]a\#af#dYkla_]#]f#af_]oacc]d\]#\gkka]jk-#Gf#Y^, kl]eeaf_#e]l#gfk#ak#]]f#rg_]`]l]f#Z]klmjaf_kY_]f\Y#gh_]kl]d\#oYYjaf#Z]dYf_jabc]#gf\]j#o]jh]f# Ydk#YddaYfla]eYfY_]e]fl+#hgjl^gdag+#coYdal]al+#[gfljgd+#FPK#]f#nYkl_g]\#rabf#_]Y\j]kk]]j\-

C]f#Yf\]j#Z]dYf_jabc#eYYlk[`Yhh]dabc#akkm]#ak#\]#n]jYfloggj\af_#nYf#\]#\][dYjYla]k#nYf#Z]klmmj, \]jk-#Uab#oadd]f#nggjmaldgh]f\#gh#\]#fa]mo]#Egn]jfYf[]#Ag\]#`a]jgn]j#cdYj]#oabf#k[`]fc]f#]f# gh]f`]a\#n]jk[`Y^^]f-#I]jf#nYf#gfk#Z]d]a\#ak#\Yl#gfcgkl]fn]j_g]\af_]f#YYf#Z]klmmj\]jk#hdYYlk, naf\]f#gh#_jgf\#nYf#\ggj#gfk#nYkl_]kl]d\#Z]d]a\-#Uab#rmdd]f#\al#Z]d]a\#nYkld]__]f#]f#bYYjdabck# gh]fZYYj#eYc]f#naY#`]l#bYYjn]jkdY_-#T]j\]j#rmdd]f#oab#\]#\][dYjYla]k#_YYf#kh][a"[]j]f#af#`]l#bYYj, n]jkdY_#fYYj#hgkl]f#Ydk9#nYkl]#]f#nYjaYZ]d]#gfcgkl]fn]j_g]\af_]f+#j]akcgkl]f+#ghd]a\af_kcgkl]f# ]l#[]l]jY-

TaY#\]#[geeakka]#IoYdal]al#]f#T]ada_`]a\#`gm\]f#oab#lg]ra[`l#gh#Z]dYf_jabc]#Ykh][l]f#nYf#\]#c]jf, lYYc#nYf#J]flak9#\]#hYla|fl]frgj_-#Uab#[gfklYl]j]f#e]l#ngd\g]faf_#\Yl#\]#gj_YfakYla]#n]]d#YYf, \Y[`l#`]]^l#nggj#\]#n]ada_`]a\#]f#coYdal]al#nYf#\]#hYla|fl]frgj_-#B]kgf\Yfck#cmff]f#af[a\]fl]f# af#\]#rgj_#fa]l#Ydlab\#ogj\]f#nggjcge]f-#Tggj#J]flak#ak#\al#j]\]f#ge#af#_]nYd#nYf#]]f#gf#n]j`gghl# af[a\]fl#\al#_jgf\a_#l]#gf\]jrg]c]f#]f#l]#cge]f#e]l#n]jZ]l]jZ]d]a\-#Uab#Ydk#PYY\#nYf#Rg]ra[`l# ogj\]f#`a]jnYf#nYf#e]]l#Y^#YYf#gh#\]#`gg_l]#_]kl]d\-#B]#gf\]jo]jh]f#km}[a\]hj]n]fla]#]f#\oYf_# ]f#\jYf_#`]ZZ]f#af#1/04#Zabrgf\]j]#YYf\Y[`l#_]`Y\-#K]l#Z]lj]ccaf_#lgl#km}[a\]hj]n]fla]#ak##gf\]j# e]]j#]]f#mal_]Zj]a\#k[`gdaf_khjg_jYeeY#nggj#e]\]o]jc]jk#mal_]ng]j\+#ak#]j#YYf\Y[`l#nggj# fYYklZ]ljgcc]f]f#]f#ogj\l#kYe]f_]o]jcl#e]l#002+#gfdaf]#r]d^eggj\hj]n]fla]-#Mh#`]l#l]jj]af#nYf# \oYf_#]f#\jYf_#rabf#`]l#YYflYd#]f#\]#\mmj#nYf#\]#Y^rgf\]jaf_]f#!afc#_]\YYd\-

C]f#Z]dYf_jabc#l`]eY#ak#\]#lg]cgekl#nYf#gfk#[gf[]jf-#J]flak#c]fl#na]j#c]jfY[lanal]al]f9#^gj]fkak[`]# hkq[`aYlja]+#n]jrgj_af_#]f#n]jhd]_af_+#ngdoYkk]f]fhkq[`aYlja]#]f#caf\]j,#]f#b]m_\hkq[`aYlja]-# G]\]j#nYf#\]r]#c]jfY[lanal]al]f#^mf[lagf]]jl#af#]]f#]a_]f#[gfl]pl#e]l#kh][a"]c]#gfloacc]daf_]f+# "fYf[a]jaf_#]f#kYe]fo]jcaf_khYjlf]jk-#F]l#ak#gfr]#mal\Y_af_#ge#\]r]#Y[lanal]al]f#]]f#_g]\]# jgd#l]#cmff]f#dYl]f#kh]d]f#af#`mf#]a_]f#Zabrgf\]j]#ge_]naf_#]f#l]_]dabc]jlab\#l]#dYl]f#hjg"l]j]f# nYf#\]#e]]joYYj\]#]f#nggj\]d]f#nYf#]]f#_jggl#]f#kYe]f`Yf_]f\#[gf[]jf-#Mn]j#\]r]#mal\Y_af_# oakk]d]f#oab#af#kljYl]_ak[`]#k]kka]k#nYf#_]\Y[`l]f#e]l#\]#PYY\#nYf#@]klmmj-

Uab#klYYf#nggj#Eg]\#@]klmmj-#B]#Zja]^#nYf#\]#eafakl]j#TUQ#gn]j#\al#gf\]jo]jh#ak#mal_]Zj]a\#af# gfr]#PYY\#YYf#\]#gj\]#_]o]]kl#]f#rYd#af#[geZafYla]#e]l#\]#Y[lmYdakYla]#nYf#\]#Egn]jfYf[]# Ag\]#af#\]#eYYc#d]a\]f#lgl#YYfk[`]jhaf_#nYf#gfr]#klYlml]f#]f#j]_d]e]fl]f-#BYYjZab#ak#`]l#gfr]# gh\jY[`l#\Yl#Eg]\#@]klmmj#fa]l#Z]h]jcl#Zdab^l#lgl#hYha]j+#eYYj#lgl#mal\jmccaf_#cgel#af#\]#\Y_]dabck]# Z]klmmjkhjYclabc#nYf#J]flak-#Gf#\Yl#cY\]j#`]ZZ]f#o]#ggc#[gfkljm[la]^#]f#cjalak[`#_]c]c]f#fYYj#`]l# kYe]fkh]d#lmkk]f#PYY\#nYf#@]klmmj#]f#PYY\#nYf#Rg]ra[`l#gf\]j#Z]_]d]a\af_#nYf#]]f#\]kcmf\a_]# gh#`]l#_]Za]\#nYf#Egn]jfYf[]-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,3


Tggj#\]#bYYjj]c]faf_#1/04#oYk#]]f#k[`]jh#afra[`l#af#`]l#r]d^gf\]jrg]c#1/03#]f#1/04#nYf#_jggl# Z]dYf_#nggj#\]#Y^oacc]daf_#nYf#bYYjj]c]faf_-# Gf#^]ZjmYja#1/05#`]]^l#J]flak#\]#bYYjj]c]faf_#gn]j#1/03#cmff]f#\]hgf]j]f-#Mf\ma\]dabc`]a\#gn]j#\]# ge#r]l#]f#\YYje]]#`]l#"fYf[a]]d#Z]d]a\#ak#r]]j#gf_]o]fkl-#Mgc#ZYfc]f#cmff]f#ra[`#\Yf#_]]f#_g]\# Z]]d\#ngje]f#nYf#\]#"fYf[a|d]#hgkala]#nYf#gfr]#afkl]ddaf_-#Uab#rabf#Z]\m[`l#nggj#eg_]dabc#\]r]d^\]# hjgZd]eYla]c#Zab#\]#n]jYfloggj\af_#nYf#gfr]#rgj_#\ggj#_]e]]fl]f-#Jgk#nYf#\]#gfr]c]j`]a\#gn]j# \]#"fYf[a|d]#hgkala]#]f#\]#_]ngd_]f#\YYjnYf#nggj#gfk#"fYf[a]]d#Z]d]a\+#d]__]f#\]#n]d]#[gfljgd]k# ]]f#gf]n]fj]\a_#_jggl#Z]kdY_#gh#\]#ea\\]d]f#]f#e]fk]f#nYf#gfr]#gj_YfakYla]-#E]d\#\Yl#Z]l]j# Z]kl]]\#cYf#ogj\]f#YYf#\]#\aj][l]#rgj_-#Uab#hd]al]f#\Yf#ggc#af#fYngd_af_#nYf#EEX#L]\]jdYf\#nggj# ]]f#n]jkaeh]daf_#nYf#n]jYfloggj\af_#]f#[gfljgd]-#Uab#rabf#nggjklYf\]j#nYf#\]#mal_Yf_khmfl]f#Ydk# `a_`#ljmkl#af#[geZafYla]#e]l#`a_`#h]fYdlq-#C]f#_g]\]#ngje#nYf#[gfljgd]#ak#`gjargflYYd#lg]ra[`l-#Uab# gf\]jkl]mf]f#\Yl#J]flak#`a]jaf#afn]kl]]jlJ]flak#kdmal#1/04#Y^#e]l#]]f#hgkala]^#j]kmdlYYl#nYf#0+6#eadbg]f-#B]#malcgekl]f#oYj]f#]n]fYdk#af# 1/03#Z]}fndg]\#\ggj#\]#`a]jnggj#_]fg]e\]#hjgZd]eYla]c-#J]flak#eg]l#eg_]dabc#_]d\#l]jm_Z]lYd]f# YYf#\]#rgj_n]jr]c]jYYjk#nggj#rgj_#\a]#o]#o]d#`]ZZ]f#_]d]n]j\+#eYYj#\a]#fa]l#ngd_]fk#\]#j]_]dk#ak# _]\][dYj]]j\-#BYl#ak#kf]m#_]d\-#B]#gj_YfakYla]#r]l#Ydd]k#gh#Ydd]k#ge#\Yl#Z]l]j#gh#gj\]#l]#`]ZZ]f-# TggjoYYj\]#\YYjnggj#ak#o]d#\Yl#\]#j]_]dk#\ma\]dabc#rabf-#F]l#n]jda]k#ak#fg_#Z]lj]cc]dabc#_]jaf_# ge\Yl#J]flak#af#]]f#njg]_#klY\ame#ak#_YYf#o]jc]f#e]l#\]#BaY_fgk]#@]`Yf\]d#AgeZafYla]k#'B@Auk(# ]f#\ggj#`]l#hjg^]kkagf]]d#klYlmml#_g]\]#Y^khjYc]f#`]]^l#cmff]f#eYc]f#e]l#\]#rgj_n]jr]c]jYYjkUab#ngd_]f#\]r]#n]d]#ljYfkala]k#af#\]#rgj_#af#gfr]#l`]eYZab]]fcgekl]f-#Mgc#`]ZZ]f#oab#]]f#gh]f# gg_#nggj#fa]mo]#kYe]fo]jcaf_kngje]f#e]l#hYjlf]jk#af#\]#rgj_#]f#o]drabf-#Bggj#gfr]#hgjl^gdag, c]mr]k#]f#\]#ljYfkala]k#af#\]#rgj_#gflklYYf#fa]mo]#kYe]fo]jcaf_kn]jZYf\]f#]f#,hYjlf]jk-#Uab# naf\]f#\Yl#kYe]fo]jcaf_kngje]f#fY\jmcc]dabc#\]#rgj_#af`gm\]dabc#eg]l#gf\]jkl]mf]f-#F]l# eYc]f#nYf#kYe]fo]jcaf_k[gfkljm[la]k#eY_#fa]l#Y!]a\]f#nYf#gfr]#hjaeYaj]#lYYc@abrgf\]j]#YYf\Y[`l#ak#Z]kl]]\#YYf#\]#"fYf[a|d]#hgkala]#nYf#Ba_fak#af#]]f#Zmkaf]kk#[Yk]## gh_]kl]d\#e]l#Ydk#\g]d#l]#cge]f#lgl#]]f#"fYf[a]]d#_]rgf\]#Z]\jab^kng]jaf_-

R]fkdgll]#k[`mol#\]#PYY\#nYf#Rg]ra[`l#`]l#fa]l#ge#cjalak[`#fYYj#ra[`r]d^#l]#'dYl]f(#cabc]f-#Cdc# bYYj#`]]^l#]]f#'r]d^(]nYdmYla]#hdYYlk#_]ngf\]f#oYYjmal#l]dc]fk#YYfZ]n]daf_]f#nggj#n]jZ]l]jaf_# rabf#nggjl_]cge]f-#@abnggjZ]]d\#oYYj#`]l#\]#af^gjeYla]nggjra]faf_#Z]lj]^l#\ggj#\]#PYY\#nYf# @]klmmj-#K]l#Z]lj]ccaf_#lgl#\]#Z]`Yf\]daf_#nYf#Z]dYf_jabc]+#[gehd]p]#gf\]jo]jh]f#`]]^l#\]# PYY\#nYf#Rg]ra[`l#e]l#\]#PYY\#nYf#@]klmmj#\]#Y^khjYYc#_]eYYcl#ge#`a]jnggj#]]f#YYfhYc#naY#\ja]# ^Yk]f#lg]#l]#hYkk]f-#B]r]#^Yk]f#rabf#j]kh][la]n]dabc#\a]#nYf9#Z]]d\ngjeaf_+#ggj\]]dkngjeaf_#]f# Z]kdmalngjeaf_?dk#PYY\#nYf#Rg]ra[`l#]jnYj]f#oab#fY\jmcc]dabc#\]#hjg^]kkagf]d]#]f#Z]ljgcc]f#`YjlkdY_#nYf#J]flak# rgYdk#n]joggj\#af#`YYj#eakka]9#vMfr]#eakka]#ak#\]#_jgf\kdY_#nYf#gfk#Z]klYYf-#F]l#_]]^l#YYf# oYYj#ge#o]#\g]f#oYl#o]#\g]f-#?dk#hjg^]kkagfYdk#af#\]#rgj_#o]jc]f#o]#e]l#ra]d#]f#rYc]dabc`]a\# kYe]f#e]l#\]#[da|fl#g^#hYla|fl#]f#klYYf#o]#nggj#Z]ljgcc]f+#Z]k[`acZYYj#]f#Z]ljgmoZYYj-#TYfmal# gfr]#[gehYkka]#nggj#tB]#e]fk#]f#rabf#n]j`YYdu#oadd]f#o]#`]l#o]dZ]naf\]f#nYf#gfr]#[da|fl]f#]f# hYla|fl]f#n]jZ]l]j]fu-#Uab#\Yfc]f#\]#e]\]o]jc]jk#nYf#J]flak#nggj#`mf#Z]ljgcc]f`]a\#]f#faee]j# Y!Yl]f\]#afr]l#ge#_g]\]#rgj_#l]#d]n]j]f#YYf#gfr]#[da|fl]f-#Cf#\Yl#ak#hj][a]k#\]#Z]\g]daf_#nYf#gfr]# gj_YfakYla]N]l]j#J]jc+ O``bjZddVb"KRRU"fR_"M`VjZTYd

J]flak#ak#km[[]kngd-#T]]d#e]fk]f#gflnYf_]f#_g]\]#rgj_+#rabf#\YYjgn]j#l]nj]\]f#]f#\YYjZab#Zdabn]f# o]#Zaff]f#\]#Z]k[`acZYj]#"fYf[a|d]#cY\]jk-#J]flaku#km[[]kngd#^mf[lagf]j]f#ndg]al#nggjl#mal#\]# [gfklYfl]#Yd]jl`]a\#e]l#Z]lj]ccaf_#lgl#afl]jf]#]f#]pl]jf]#gfloacc]daf_]f-#Cdc]#\ja]#eYYf\]f# naf\l#]j#]]f#nggjl_Yf_kjYhhgjlY_]#hdYYlk#oYYjZab#la]flYdd]f#cjalak[`]#km[[]k^Y[lgj]f#kYe]f# e]l#\]#PYY\#nYf#Rg]ra[`l#ogj\]f#\ggj_]da[`l-#Bal#Z]lj]^l9#IdYfll]nj]\]f`]a\+#C^^][l#.#coYdal]al#.# n]ada_`]a\#nYf#\]#rgj_+#@]\jab^keYla_#o]jc]f#]f#GffgnYla]-#Bggj#kl]]\k#Ydk#PYY\#nYf#@]klmmj#]f#Ydk# PYY\#nYf#Rg]ra[`l#\]#naf_]j#YYf#\]#hgdk#l]#`gm\]f#eYYcl#Y[`l]jklYdda_#gf\]j`gm\#fa]l#n]]d#cYfk-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

,4


1!F^a\T]!e^^a!TT]!V^TS!QTbcdda J]flak#gf\]jk[`jab^l#\]#Xgj_Zj]\]#Egn]jfYf[][g\]#nYf#\]#@jYf[`]gj_YfakYla]#Xgj_#'@gX(-#B]# klYlml]f#j]_]d]f#gf\]j#e]]j9 ! ! \]#afndg]\#]f#Z]ljgcc]f`]a\#nYf#Z]dYf_`]ZZ]f\]f#Zab#`]l#Z]d]a\#nYf#J]flak; ! ! `]l#lg]c]ff]f#nYf#`]l#]fim{l]j][`l#YYf#\]#A]fljYd]#Ada|fl]fjYY\+#rg\Yl#\]#Ada|fl]fjYY\# lg]_Yf_#`]]^l#lgl#\]#Mf\]jf]eaf_kcYe]j#nYf#`]l#E]j][`lk`g^#l]#?ekl]j\Ye; ! ! `]l#Y^_]n]f#nYf#]]f#Z]klmmjkn]jcdYjaf_#\ggj#\]#PYY\#nYf#@]klmmj#]f#`]l#hmZda[]j]f#nYf#]]f# ]a_]f#bYYjn]jkdY_#\ggj#\]#PYY\#nYf#Rg]ra[`l; ! ! \]#j]dYla]#e]l#\]#Y[[gmflYfl#]f#\]#[geemfa[Yla]#nYf#\]#PYY\#nYf#Rg]ra[`l#e]l#\]#gf\]j\]d]f# nYf#J]flak; ! ! \]#hjg[]\mj]#nYf#^mf[lagf]jaf_k,#]f#Z]ggj\]daf_k_]khj]cc]f#\a]#\]#PYY\#nYf#Rg]ra[`l#ng]jl# e]l#\]#d]\]f#nYf#\]#PYY\#nYf#@]klmmj#af#gn]j]]fkl]eeaf_#e]l#\]r]#[g\]K]l#Z]lj]ccaf_#lgl#\]#_gn]jfYf[][g\]#_]d\l9#aRc"d`V"`W"]VX"eZd#

J P P S!e P ] !9 T b c d d a

B]#PYY\#nYf#@]klmmj#Z]klmmjl#J]flak#gf\]j#lg]ra[`l#nYf#\]#PYY\#nYf#Rg]ra[`l#]f#af#_g]\#gn]jd]_# e]l#\]#Y\na]kgj_Yf]f#af#\]#afkl]ddaf_-#B]#PYY\#nYf#@]klmmj#ak#]af\n]jYfloggj\]dabc#nggj#\]# Yd_]e]f]#_Yf_#nYf#rYc]f+#Z]d]a\kngjeaf_#]f#Z]d]a\kmalng]jaf_-#B]#d]\]f#nYf#\]#PYY\#nYf# @]klmmj#rgj_]f#]jnggj#\Yl#`a]jZab#_]]f#kljab\a_`]a\#ghlj]]\l#lmkk]f#h]jkggfdabc#Z]dYf_#]f# kla[`laf_kZ]dYf_-#B]#PYY\#nYf#@]klmmj#ng]jl#rabf#lYYc#Ydk#[gdd]_aYYd#Z]klmmj#mal+#oYYjZab#zzf#nYf# \]#d]\]f#Ydk#nggjrall]j#ak#Z]fg]e\-#Cj#ak#_]]f#khjYc]#nYf#]]f#n]j\]daf_#nYf#YYf\Y[`lk_]Za]\]f-# B]#Z]kdmalngjeaf_#naf\l#hdYYlk#af#\]#n]j_Y\]jaf_#nYf#\]#PYY\#nYf#@]klmmj-#B]#PYY\#nYf#@]klmmj# o]jcl#e]l#]]f#j]_d]e]fl+#oYYjaf#`]l#^mf[lagf]j]f#]f#rabf#n]jYfloggj\]dabc`]\]f#mal\jmcc]dabc#rabf# Z]k[`j]n]f-

C [ ^ Z ZT ] [ d X S T a b a T V T [ X ] V

Gf#J]flak#ak#]]f#KVXV]Z_X"^V]UZ_X"fR_"VV_"fVb^`VUV_"fR_"VV_"^ZccdR_U#'ggc#o]d#Idgcc]fdma\]jk, j]_]daf_#_]fg]e\(#nYf#cjY[`l-#B]r]#j]_]daf_#_YjYf\]]jl#\Yl#e]\]o]jc]jk#gh#]]f#n]ada_]#oabr]# e]d\af_#cmff]f#eYc]f#nYf#]]f#n]jeg]\]f#nYf#]]f#eakklYf\#Zaff]f#\]#gj_YfakYla]-#Gf#1/04#rabf# _]]f#n]jeg]\]fk#nYf#]]f#eakklYf\#_]e]d\-

LP Q T [ !, !(! K P \ T ] b c T [ [ X ] V ! J P P S !e P ] !9 T b c d d a 9Tbcddab(Ud]RcXT

8P]SPRWcb(

F T e T ] U d ] R c X T b !X ] !- + , 0

VTQXTST]

O``ckZeeVc =cd*#A*C*#gR_#UVc#A`V\# &e`e#-#`\e`SVc'

EZU# =cd*#<*E*#;cfZ_d^R# &gR_RW#-#`\e`SVc# gVcR_eh``cUV]Z[\#g``c# R]]V#RR_URTYedXVSZVUV_'

?Z_R_TZs_ IVcd`_VV] B<M FRc\VeZ_X LecReVXZV <`_TVc_g`c^Z_X ORdeX`VU IReZs_eV_k`cX OVc\``a LecReVXZV B__`gReZV DhR]ZeVZe OVZ]ZXYVZU

!# !# !# !# !#

EZU#KRRU#gR_#<`^^ZddRcZddV_#<V_ecR^VU# EZU#KRRU#gR_#M`VkZTYe#LeZTYeZ_X#9^Sf]R_TVk`cX#@c`_Z_XV_ EZU#KRRU#gR_#<`^^ZddRcZddV_#P``_S`cX# EZU#;Vdeffc#GOQ= EZU#;Vdeffc#I?QP

!# OZTV)g``ckZeeVc#;Vdeffc#@@Q#GVUVc]R_U !# OZTV)g``ckZeeVc#;Vdeffc#LeZTYeZ_X#;V_TY^Rc\#@@Q !# O``ckZeeVc#R]XV^V_V#gVcXRUVcZ_X#Ha]VZUZ_XdT`_d`ceZf^#IdjTYZRecZV#GH

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-+


L]n]f^mf[la]k#nYf#\]#PYY\#nYf#@]klmmj#rabf#Z]khjgc]f#e]l#]f#_g]\_]c]mj\#\ggj#\]#PYY\#nYf#Rg], ra[`l-#B]#PYY\#nYf#@]klmmj#d]_l#n]jYfloggj\af_#Y^#YYf#\]#PYY\#nYf#Rg]ra[`l#af#`]l#h]jag\a]c]#gn]j, d]_#lmkk]f#Z]a\]#gj_Yf]f#]f#gh#ege]fl]f#\Yl#\]#PYY\#nYf#Rg]ra[`l#\]r]#n]jYfloggj\af_#njYY_l-#

_]fk#\]#o]ll]dabc]#nggjoYYj\]f-#B]#PYY\#nYf#@]klmmj#]nYdm]]jl#bYYjdabck#rabf#]a_]f#^mf[lagf]j]f-# @gn]f\a]f#naf\]f#bYYjdabck#]nYdmYla]_]khj]cc]f#e]l#\]#PYY\#nYf#Rg]ra[`l#hdYYlkLP Z T ] ! T ] ! e T a P ] c f ^ ^ a S T [ X Y Z W T S T ]

B]#PYY\#nYf#Rg]ra[`l#`gm\l#lg]ra[`l#gh#`]l#Z]d]a\#nYf#\]#PYY\#nYf#@]klmmj#]f#gh#\]#Yd_]e]f]# _Yf_#nYf#rYc]f#af#J]flak-#Mgc#ak#\]#PYY\#nYf#Rg]ra[`l+#nYfmal#rabf#eYYlk[`Yhh]dabc]#Z]ljgcc]f`]a\# ]f#\]kcmf\a_`]a\+#]]f#cdYfcZgj\#]f#Y\na]kgj_YYf#nggj#\]#PYY\#nYf#@]klmmj-#Tgd_]fk#\]#klYlml]f# ak#nggj#Z]dYf_jabc]#Z]klmmjkZ]kdmal]f#_g]\c]mjaf_#fg\a_#nYf#\]#PYY\#nYf#Rg]ra[`l-#F]l#_YYl#\Yf# ge#\]#Z]_jglaf_+#`]l#bYYjn]jkdY_#]f#\]#bYYjj]c]faf_+#_jgl]#afn]kl]jaf_]f#]f#\mmjrYe]#kYe]f, o]jcaf_#e]l#Yf\]j]#j][`lkh]jkgf]f-

9Ti^[SXVX]V!T]!QT^^aST[X]V

B]#PYY\#nYf#Rg]ra[`l#`Yfl]]jl#\]#U]l#Lgje]jaf_#Rghafcge]fk#'ULR(#]f#`]l#`a]jmal#nggjlndg]a]f\# gn]j_Yf_kj][`l#nggj#\]#Z]rgd\a_af_#nYf#d]\]f#PYY\#nYf#@]klmmj-#K]l#\]#PYY\#nYf#@]klmmj#ak#]]f# njaboadda_]#n]jdY_af_#nYf#`mf#`gfgjYjame#gn]j]]f_]cge]f+#rg\Yl#\al#afcge]f#kf]dd]j#af#gn]j]]f, kl]eeaf_#cgel#e]l#\]#ULR-#Gf#\]#bYYjj]c]faf_#ak#af^gjeYla]#gn]j#\]#Z]rgd\a_af_#gh_]fge]f#ngd,

LP Q T [ !- !q ! K P \ T ] b c T [ [ X ] V !J P P S! e P ] ! L^ T i X R W c FPP\

8 P ] S P R W c b ( V T Q X T S*

OXccX]Vb(cTa\XY]

J ^ ^ b c T a !e P ]!

_a^UXT[

F T e T ] U d ] R c X T b! X ] !- + , 0!

P U c a T S T ]* e T a c a T Z!

=V#YVVc#ac`W*#Uc*#@*C*>*F*# LR_UVcd#&e`e#-#[f]Z#.,-1'

O``ckZeeVc#+#PVeV_dTYRa

.,--).,-1#&.V'

Cf]Z#.,-1

=V#YVVc#Uc*#I*<*#EVc\#&e`e# -#[f]Z6#]ZU7#gR_RW#-#[f]Z6# g``ckZeeVc' FVgc`fh#L*=*# ?cR_\V_)gR_#OV]kV_#

EZU#+#@Vk`_UYVZUdk`cX

.,-.#o#.,-2#&-V'#

FRRce#.,-2# &YVc)SV_`V^SRRc'

OZTV)g``ckZeeVc#+# ;VUcZ[Wd]VgV_

.,-.#o#.,-2#&-V'#

Cf]Z#.,-2# &YVc)SV_`V^SRRc'

=V#YVVc#Ucd*#E*I*#FZUUV]#

EZU#+#HaV_SRRc#;Vdeffc

.,-.#o#.,-2#&-V'#

Cf]Z#.,-2# &YVc)SV_`V^SRRc'

=V#YVVc#^c*#>*9*H*# Fffc^R_d#F;9 =V#YVVc#Ucd*#C*A*F*#gR_# UVc#FVVc#K9

EZU#+#;VUcZ[Wd]VgV_

.,-.#o#.,-2#&-V'

EZU#+#?Z_R_TZs_

.,,5#o#.,-3#&.V'

Cf]Z#.,-2# &YVc)SV_`V^SRRc' .,-3#

!# A``X]VcRRc#D_cdZdedZ`_R]"<UfR_TV^V_d#RR_#GjV_c`UV# ;fdZ_Vdd#N_ZgVcdZeVZe !# O``ckZeeVc#KRRU#gR_#M`VkZTYe#PReVc#ERS`cRe`cZf^#G``cU# &PEG' !# O``ckZeeVc#SVdeffc#LeZTYeZ_X#@c`_Z_XV_#G``cU !# O``ckZeeVc#KgM#?I<#=c*#L*#gR_#FVdURX !# O``ckZeeVc#<`^^ZddZV#XV_VVd^ZUUV]^R_RXV^V_e#GOQ9 !# EZU#+#O``ckZeeVc#KgM#?I<#=c*#L*#gR_#FVdURX !# EZU#GVUVc]R_UdV#gVcV_ZXZ_X#gR_#<`^^ZddRcZddV_#V_# =ZcVTeVfcV_ !# ;Vdeffcd]ZU#ER_UV]Z[\V#OVcV_ZXZ_X#gR_#<cV^Re`cZR !# EZU#KgM#AR_kVY`XVdTY``]#@c`_Z_XV_ !# O``ckZeeVc#Kg<#?<#@c`_Z_XV_ !# O``ckZeeVc#Kg<#9K>9#KVZ_ZXZ_X !# @VSZVUdcVXZddVfc#H`de)@c`_Z_XV_ !# EZU#KgM#?I<#=c*#L*#gR_#FVdURX !# EZU#Kg<#LeZTYeZ_X#P``_hRRcU#G``cU#DV__V^Vc]R_U !# EZU#KgM#?I<#=c*#L*#gR_#FVdURX !# EZU#KgM#<RcZ_e#KVXXV]R_U#@c`Va !# EZU#Kg<#P`_Z_XdeZTYeZ_X#LPQ !# EZU#Kg<#<`f_efd#@c`Va#;O !# EZU#Kg<#Q`cX^V_dV_#DPQ9 PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-,


B]#lYc]f#]f#n]jYfloggj\]dabc`]\]f#nYf#\]#'d]\]f#nYf#\](#PYY\#nYf#Rg]ra[`l#da__]f#nYkl#af# ]]f#j]_d]e]fl-#Gf#\Yl#j]_d]e]fl#rabf#Z]hYdaf_]f#gh_]fge]f#gn]j#\]#gfY^`Yfc]dabc`]a\#nYf#\]# lg]ra[`l#`gm\]jk-#Ba]#gfY^`Yfc]dabc`]a\#ogj\l#af#\]#PYY\#_]Zgj_\#\ggj#d]\]f#l]#Z]fg]e]f#\a]# ngd\g]f#YYf#`]l#[jal]jame#nYf#gfY^`Yfc]dabc`]a\#af#\]fc]f#]f#h]jkggf-#Gf#1/03#ak#_]]f#Z]dYf_]f, n]jklj]f_]daf_#_][gfklYl]]j\#lmkk]f#d]\]f#PYY\#nYf#Rg]ra[`l#]f#\]#gj_YfakYla]-#

8 R R^ d ] c P ] c

B]#]pl]jf]#Y[[gmflYfl#ak#af#\]#Ym\al[geeakka]#YYfo]ra_#Zab#\]#Z]khj]caf_#nYf#`]l#bYYjn]jkdY_+# \]#bYYjj]c]faf_#]f#\]#eYfY_]e]fld]ll]j-#@gn]f\a]f#ak#\]#Y[[gmflYfl#YYfo]ra_#af#\]#hd]fYaj]# n]j_Y\]jaf_#nYf#\]#PYY\#nYf#Rg]ra[`l#oYYjaf#\]#bYYjj]c]faf_#ogj\l#Z]khjgc]f-# =eP[dPcXT

Me#_g]\#lg]ra[`l#l]#cmff]f#`gm\]f#Z]k[`acl#\]#PYY\#nYf#Rg]ra[`l#gn]j#fgg\rYc]dabc]#c]ffak# ]f#]ph]jlak]#gh#n]jk[`add]f\]#l]jj]af]f-#F]l#_YYl#ge#Z]klmmjdabc]#c]ffak#]f#]jnYjaf_+#"fYf[a|d]# ]ph]jlak]#]f#afra[`l#af#\]#rgj_#]f#YYfhYd]f\]#k][lgj]f-#B]#n]j\]daf_#nYf#\]kcmf\a_`]\]f#af# \]#PYY\#nYf#Rg]ra[`l#ak#gh_]fge]f#af#gf\]jklYYf\]#lYZ]d-#G]\]j#da\#nYf#\]#PYY\#nYf#Rg]ra[`l# ngd\g]l#YYf#`]l#hjg"]d#da\#PYY\#nYf#Rg]ra[`l#]f#n]jl]_]foggj\a_l#]]f#nYf#\]#nYkl_]kl]d\]# YYf\Y[`lk_]Za]\]f#`a]jZaff]f-

B]#PYY\#nYf#Rg]ra[`l#]nYdm]]jl#bYYjdabck#rabf#^mf[lagf]j]f#]f#`]l#kYe]fkh]d#e]l#\]#PYY\#nYf# @]klmmj-#Tggj#`]l#kYe]fkh]d#lmkk]f#PYY\#nYf#@]klmmj#]f#PYY\#nYf#Rg]ra[`l#ogj\l#`]l#Z]dYf_# nYf#\]#cjalak[`]#[gf^jgflYla]#gek[`j]n]f-#B]#PYY\#nYf#Rg]ra[`l#`gm\l#bYYjdabck#^mf[lagf]jaf_k, _]khj]cc]f#e]l#\]#PYY\#nYf#@]klmmjMT a V ^ T S X ] V ![ T S T ] ! J P P S !e P ] !L^ T i X R W c!

B]#`gfgj]jaf_#nggj#\]#d]\]f#PYY\#nYf#Rg]ra[`l#ak#[gf^gje#\]#ja[`ldabf]f#nYf#ULR#YYf_]hYkl-#Gf# 1/04#ak#\]#`gfgj]jaf_#_]Y[lmYdak]]j\-#@]kdgl]f#ak#fa]l#mal#l]#_YYf#nYf#\]#eYpaeYd]#fgjeZ]\jY_]f# nYf#\]#ULR1#eYYj#\]#Z]dgfaf_#l]#n]j`g_]f#e]l#\]#`]d^l#nYf#`]l#n]jk[`ad#lmkk]f#\]#Z]dgfaf_#af# 1/03#]f#\]#Z]dgfaf_#ngd_]fk#\]#fgje#ULR1

A]U^a\PcXT_a^c^R^[

B]#PYY\#nYf#Rg]ra[`l#o]jcl#e]l#]]f#af^gjeYla]hjglg[gd-#Mf\]jklYYf\]#af^gjeYla]#gflnYf_l#\]# PYY\#nYf#Rg]ra[`l#nggj#rabf#o]jcrYYe`]\]f9 ! ! \]#af^gjeYla]#n]j]akl#ngd_]fk#\]#klYlml]f; ! ! Zabrgf\]j]#af^gjeYla]#rgYdk#hmZda[Yla]k#af#\]#h]jk+#[gflY[l]f#e]l#]pl]jf]#afklYfla]k#]f# Zabrgf\]j]#_]Z]mjl]fakk]f; ! ! af^gjeYla]#gn]j#dgh]f\]#gfloacc]daf_]f#Zaff]f#J]flak#\ggj#ea\\]d#nYf#nggjl_Yf_k, jYhhgjlY_]k; ! ! coYjlYYdjYhhgjlY_]k#gn]j#"fYf[a|d]#]f#fa]l#"fYf[a|d]#hYjYe]l]jk#]f#hj]klYla],af\a[Ylgj]f+# Y^_]d]a\#nYf#\]#Z]\jab^k\g]dkl]ddaf_]f#e]l#afZ]_jah#nYf#jaka[gYfYdqk]#'Ydke]\]#]]f#gn]jra[`l# nYf#\]#afl]jf]#Z]`]]jkaf_k,#]f#[gfljgd]eYYlj]_]d]f(; ! ! Y[`l]j_jgf\af^gjeYla]#naY#\]#La]mokZja]^#]f#`]l#HYYjn]jkdY_; ! ! af^gjeYla]#gn]j#[gflY[l]f#e]l#n]jr]c]jYYjk+#_]e]]fl]dabc]+#hjgnaf[aYd]#]f#dYf\]dabc]#gn]j, `]\]f; ! ! af^gjeYla]#gn]j#malcgekl]f#nYf#Z]rg]c]f#nYf#\]#Gfkh][la]#nggj#\]#E]rgf\`]a\krgj_#]f# afl]jf]#]f#]pl]jf]#Ym\alk; ! ! Z]dYf_jabc]#kljYl]_ak[`]#gf\]jo]jh]f#cge]f#l`]eYlak[`#YYf#\]#gj\]#af#\]#PYY\#nYf#Rg]ra[`l# YYf#\]#`Yf\#nYf#YfYdqk]k#gh_]kl]d\#\ggj#\]#PYY\#nYf#@]klmmj#]f#]pl]jf]#\]kcmf\a_]f-

LP Q T [ ! .! (!@ ^ ] ^ a P a X d \ !$ e X RT (% e ^ ^ a i X c c T a! T ] ! [ T S T ] !J P P S! e P ] !L^ T i X R W c >d ] R c X T

O``ckZeeVc EVUV_

-+,0

.,*1., -/*2,,

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

--


B]#PYY\#nYf#Rg]ra[`l#coYe#7#c]]j#Zab]]f+#oYYjgf\]j#0#n]j_Y\]jaf_#e]l#\]#PYY\#nYf#Rg]ra[`l#nYf# DNA#Bj-#Q-#nYf#K]k\Y_-

; ^ \ \ X b b X T b! J P P S !e P ] !L^ T i X R W c!

B]#PYY\#nYf#Rg]ra[`l#c]fl#\]#ngd_]f\]#[geeakka]k9 ! ! ?m\al[geeakka] 6MaM"KWUUQZZQM"IL]QZMMY["LM"CIIL"]IV"EWMaQKP["W]MY"LM"YQZQKWcZ"]MYJWVLMV"IIV"Z[YI[MOQM'" JMTMQL"MV"\Q[]WMYQVO"]IV"LM"WVLMYVMUQVO"MV"LM"YQZQKWcZ"]MYJWVLMV"IIV"LM"\Q[SWUZ[MV" ]IV"LM"JMWWYLMTQVO"LWWY"LM"CIIL"]IV"4MZ[\\Y"]IV"LM"WXaM["MV"LM"^MYSQVO"]IV"LM"QV[MYVM" YQZQKWJMPMMYZQVOZ("MV"KWV[YWTMZ`Z[MUMV'"ITZUMLM"M]MV[\MTM"ZQOVQ!KIV[M"^QRaQOQVOMV" PQMYQV)"E^MM"TMLMV"]IV"LM"CIIL"]IV"EWMaQKP["UM["LM"XYW!MTMV"!VIVKQiV"$"QV[MYVM"KWV[YWTM* ILUQVQZ[YI[QM]M"WYOIVQZI[QM"MV"JMLYQRNZTM]MV"aQRV"TQL"]IV"LM"3\LQ[KWUUQZZQM2"LM"PMYMV"FIV"LMY" @MMY"%]WWYaQ[[MY&"MV"@\\YUIVZ)"3TZ"IL]QZM\YZ"VMUMV"LMMT"LM"]WWYaQ[[MY"CIIL"]IV"4MZ[\\Y'" ZMKYM[IYQZ"CIIL"]IV"EWMaQKP['"LM"LQYMK[M\Y"8QVIVKM"$"5WV[YWT"MV"PM["PWWNL"QV[MYVM"I\LQ[)"6M" M_[MYVM"IKKW\V[IV["SIV"INPIVSMTQRS"]IV"LM"IOMVLI"]IV"LM"KWUUQZZQM"M]MVMMVZ"ITZ"IL]QZM\Y" ^WYLMV"\Q[OMVWLQOL)"6M"KWUUQZZQM"S^IU"0"SMMY"JQRMMV)"6M"IKKW\V[IV["^IZ"IIV^MaQO" QV"LM"]MYOILMYQVO"W]MY"LM"RIIYYMSMVQVO)"AVLMY^MYXMV"^IYMV2"RIIYYMSMVQVO'"PMYZ[MTXTIV" RIIYYMSMVQVO'"N\ZQM"?MV[QZ"HWYOWVLMYVMUQVO"MV"?MV[QZ"@II[ZKPIXXMTQRSM"WVLMYVMUQVO'" S^IY[IIT"YIXXWY[IOMZ'"IKKW\V[IV[ZZ]MYZTIO'"UIVIOMUMV[TM[[MY'"QV]MZ[MYQVOMV'"!VIVKQiTM" XWZQ[QM"MV"[YIVZQ[QMXTIV"6QOVQZ'"YMOMTQVO"7MYLMY"D[WXXMV"UM["GMYSMV'"]IZ[OWMLKWV[YIK[MV'" QVNWYUI[QM"UIVIOMUMV['"JMOYW[QVO"MV"QUXIQYUMV["MV"aWYO]MYSWWX) ! ! P]emf]jYla][geeakka]# 6M"YMU\VMYI[QMKWUUQZZQM"IL]QZMMY["LM"CIIL"]IV"EWMaQKP["WVLMY"UMMY"W]MY"PM["JMTWVQVOZ( JMTMQL"]IV"LM"TMLMV"]IV"LM"CIIL"]IV"4MZ[\\Y)"?MLMV"aQRV"LM"PMYMV"DIVLMYZ"MV"@QLLMT"MV"]IVIN" ,"R\TQ"-+,0"LM"PMYMV"?MYS"MV"@QLLMT)" ! ! Ageeakka]#IoYdal]al#]f#T]ada_`]a\ 4MTIVOYQRSM"[IIS"]WWY"LMaM"KWUUQZZQM"QZ"PM["PW\LMV"]IV"[WMaQKP["WX"LM"^MYSQVO"]IV"QV[MYVM" Z`Z[MUMV"]WWY"LM"S^ITQ[MQ["MV"]MQTQOPMQL"]IV"aWYO)"6M"KWUUQZZQM"N\VOMMY["ITZ"IL]QMZWYOIIV"MV" STIVSJWYL"]WWY"LM"CIIL"]IV"EWMaQKP[)"?MLMV"]IV"LMaM"KWUUQZZQM"aQRV"LM"PMMY"?MYS"MV"UM]YW\^" 8YIVSMV"%]WWYaQ[[MY&) ! ! "*((&,,&$!.**+!/$+.&)%!$)!,$'$#-&$! 6MaM"KWUUQZZQM"JMYMQL["LM"^MY]QVO"MV"ZMTMK[QM"]IV"LM"TMLMV"CIIL"]IV"EWMaQKP["]WWY"MV"^WYL[" IK[QMN"QV"OM]IT"]IV"]IKI[\YMZ)"6M"KWUUQZZQM"PMMN["MMV"OYW[M"YWT"OMZXMMTL"JQR"LM"JMVWMUQVO" ]IV"LM"VQM\^M"]WWYaQ[[MY"CIIL"]IV"4MZ[\\Y)"<V"]MYJIVL"UM["LMaM"JMVWMUQVO"QZ"LM"KWUUQZZQM" [QRLMTQRS"\Q[OMJYMQL"UM["LM"PMMY"@\\YUIVZ) ! ! @abrgf\]j]#YYf\Y[`l#oYk#]j#nggj#\]#Zmkaf]kk#[Yk]#Ba_fak-#Gf#\]r]#[Yk]#o]j\]f#eYYlj]_]d]f# _]ljg^^]f#]f#hdYff]f#gfloacc]d\#ge#\]#`ma\a_]#f]_Yla]n]#j]kmdlYl]f#ge#l]#Zma_]f#fYYj#]]f# _]rgf\]#"fYf[a|d]#gj_YfakYla]-

Mf\]jo]jh]f#nggj#Z]khj]caf_#oYj]f#gf\]j#e]]j9 ! ! coYjlYYdjYhhgjlY_]k ! ! _]ngd_]f#ULR ! ! Y[[gmflYflkn]jkdY_ ! ! nggjl_Yf_#rgj_n]jcggh ! ! afl]jae#[gfljgd]#Y[[gmflYfl ! ! eYfY_]e]fld]ll]j#Y[[gmflYfl ! ! `]jkl]dhdYf#bYYjj]c]faf_ ! ! ^mf[lagf]j]f#.#]nYdmYla]#PYY\#nYf#Rg]ra[`l ! ! j]_]daf_#C]j\]j#Qlghh]f#e]l#U]jc]f ! ! @]klmjaf_#J]flak ! ! F]jafja[`laf_#DafYf[]#]f#Agfljgd ! ! J]flak#af#\]#K]\aY ! ! F]jabcaf_#_gn]jfYf[][g\]#]f#n]jYfloggj\af_#\][dYjYla]k# ! ! Lglala]#Gf^gjeYla]nggjra]faf_ ! ! TY[Ylmj]#nggjrall]j#Pn@ ! ! QljYl]_a]k]kka]#lg]cgekl#J]flak#]f#eg_]dabc]#kYe]fo]jcaf_kn]jZYf\]f ! ! cY\]jZja]^#1/05 ! ! kYe]fkh]d#jgdn]j\]daf_#PYY\#nYf#Rg]ra[`l#w#PYY\#nYf#@]klmmj# ! ! Z]dgfaf_#PYY\#nYf#Z]klmmj#]f#lg]hYkkaf_#ULRB]#PYY\#nYf#Rg]ra[`l#`]]^l#gf\]jklYYf\]#nYkl_]kl]d\9 ! ! Y[lmYdakYla]#gfcgkl]fn]j_g]\af_#d]\]f#PYY\#nYf#Rg]ra[`l ! ! Z]fg]eaf_#nggjrall]j#PYY\#nYf#Rg]ra[`l ! ! Z]fg]eaf_#nggjrall]j#PYY\#nYf#@]klmmjB]#PYY\#nYf#Rg]ra[`l#`]]^l#_g]\c]mjaf_#_]_]n]f#YYf9 ! ! [gf[]jfbYYjhdYf#1/05 ! ! Z]_jglaf_#1/05 ! ! bYYjn]jkdY_#1/03+#bYYjj]c]faf_#1/03 ! ! bmja\ak[`]#^mka]#J]flak#Xgj_gf\]jf]eaf_#]f#J]flak#KYYlk[`Yhh]dabc]#Mf\]jf]eaf_-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-.


2!O^aV @]dYf_jabc]#Xgj_af`gm\]dabc]#l`]eYuk#oYj]f9

Cj#ak#YYfkdmalaf_#_]ngf\]f#Zab#002Mfdaf]+#]]f#dYf\]dabc#hdYl^gje#\Yl#ra[`#ja[`l#gh#\]#km}[a\], hj]n]fla]J]flak#`]]^l#lg]_]r]_\#e]]#l]#\g]f#YYf#QSNP?LCR+#oYYjaf#\YlY#gn]j#km}[a\]#rmdd]f#ogj\]f# n]jrYe]d\#ge#Z]l]j#ra[`l#l]#cjab_]f#gh#nggjkh]dd]jk#nYf#km}[a\]-

H a ^ U T bb X ^ ] T [ T ! a X R W c [ X Y ] T ]

F]l#o]jc]f#ngd_]fk#hjg^]kkagf]d]#ja[`ldabf]f#ak#\]#d]a\jYY\#_]o]]kl#Zab#n]d]#gfloacc]daf_]f#af#\]# rgj_#Zaff]f#J]flak#\]#Y^_]dgh]f#bYj]f-#Uab#o]jc]f#kqkl]eYlak[`#]f#ngd_]fk#\]#emdla\ak[ahdafYaj]# ja[`ldabf]f-#F]l#_]Zjmac#nYf#rgj_hY\]f#rgj_l#nggj#\]#dg_akla]c]#n]jlYdaf_#nYf#\]#ja[`ldabf]f#af# rgj_hjg[]kk]f-#Mgc#gf\]jkl]mf]f#rgj_hY\]f#\]#ljYfkhYjYfla]#nYf#gfk#YYfZg\#ja[`laf_#hYla|fl]f# ]f#`]l#hjg[]k#nYf#k`Yj]\#\][akagf#eYcaf_-#LYYkl#`]l#Zgj_]f#nYf#ja[`ldabf]f#]f#Y^khjYc]f#'\gkka]j# ]f#`gg^\Z]`Yf\]dYYjk[`Yh(#Zdab^l#affgnYla]#]f#gf\]jrg]c#nYf#o]r]fdabc#Z]dYf_#nggj#`]l#n]j\]j# n]jZ]l]j]f#nYf#'\]#ja[`ldabf]f#af(#\]#rgj_-#B]#RMNEEr#Y^\]daf_]f#rabf#]]f#Z]dYf_jabc]#co]]cnabn]j# nggj#af`gm\]dabc]#affgnYla]k+#eYYj#ggc#Zmal]f#\a]#Y^\]daf_]f#ak#jmael]#nggj#affgnYla]k-

Gf#1/05#ogj\l#km}[a\]hj]n]fla]#gf\]j\]]d#nYf#\]#j]_mda]j]#Z]\jab^kng]jaf_-#U]#rmdd]f#\Yf#n]j\]j# _YYf#n]j\a]h]f? a T ] b ^ e T a b R W a X Y S T ] S! V T S a P V

Gf#1/04#ak#\]#[YehY_f]#tU]]l#oYYj#\]#_j]fk#da_l$u#_]klYjl-#B]r]#[YehY_f]#ak#_]ja[`l#gh#Z]omkl, ogj\af_#]f#hj]n]fla]#nYf#_j]fkgn]jk[`jab\]f\#_]\jY_#nYf#`mdhn]jd]f]j#fYYj#hYla|fl-#F]l#_]khj]c# `a]jgn]j#af#`]l#]a_]f#l]Ye#ak#Z]dYf_jabc-#?dk#gf\]jkl]mf]f\#eYl]jaYYd#nggj#\al#l]Ye_]khj]c# ak#]]f#Zg]cb]#_]eYYcl#e]l#nggjZ]]d\]f#mal#\]#hjYclabc-#Mgc#ak#]]f#]fim{l]#mal_]ng]j\#gn]j# \al#gf\]jo]jh-#Gf#fgn]eZ]j#`]]^l#]]f#\jmc#Z]rg[`l#[gf_j]k#hdYYlk_]ngf\]f+#e]l#YYf\Y[`l# nggj#o]l]f#k[`Yhh]dabc]#c]ffak+#\]#hjYclabc#nYf#J]flak#]f#[j]Yla]n]#o]jcngje]f#_]ja[`l#gh# [Ykm}kla]c-#BYYjfYYkl#ak#\]#e]d\hjg[]\mj]#jgf\ge#_j]fkgn]jk[`jab\]f\#_]\Y_#YYf_]k[`]jhl#]f# _][geemfa[]]j\#af#\]#gj_YfakYla]-#

MT X [ X V W T X S

T]ada_`]a\kl`]eYuk#klYYf#Zaff]f#J]flak#hjgeaf]fl#gh#\]#Y_]f\Y-#UYYj#]j#]fc]d]#bYj]f#_]d]\]f# fg_#gfZ]c]f\`]a\#oYk#l]f#YYfra]f#nYf#\]r]#l`]eYuk#]f#\]#cY\]jk#oYYj#Zaff]f#_]o]jcl#\a]f\]# l]#ogj\]f+#rabf#\a]#]j#fm#o]d-#Pa[`ldabf]f#rabf#`]d\]j#_]nYl#af#Ym\aleg\md]k+#\a]#Z]k[`acZYYj#rabf# nggj#l]Yek#ge#ra[`r]d^#l]_]f#\]#e]]ldYl#l]#`gm\]f#gh#`]l#_]Za]\#nYf#coYdal]al#]f#n]ada_`]a\#ge# n]jngd_]fk#YYf#\]#`Yf\#nYf#\]#Z]naf\af_]f#n]jZ]l]jaf_]f#\ggj#l]#ng]j]f-

E T S X R P c X T e T X [ X V W T X S!$ X ] !S T !Z T c T ]%

Gf#1/04#rabf#]j#!afc]#klYhh]f#_]eYYcl#gh#`]l#_]Za]\#nYf#e]\a[Yla]n]ada_`]a\-#Mh#ZYkak#nYf#]]f# J]flakZj]\]#YfYdqk]#ak#]]f#Y[la]hdYf#gh_]kl]d\+#e]l#\YYjaf#\]#Z]dYf_jabckl]#cf]dhmfl]f#'c]ffak#]f# `Yf\`Ynaf_(#]f#_]o]fkl]#ghdgkkaf_kja[`laf_]f-#B]#dYYlkl]#hmfl]f#mal#\al#Y[la]hdYf#eg]l]f#mal]jdabc# O0#1/05#gh_]dgkl#rabfF]l#malng]j]f#nYf#e]\a[Yla]Z]ggj\]daf_]f#nggj#[da|fl]f#af#\]#n]jhd]]_`mar]f#ak#af#1/04# Z]kl]f\a_\-#R]n]fk#ak#]]f#klYjl#_]eYYcl#e]l#`]l#malng]j]f#nYf#e]\a[Yla]Z]ggj\]daf_]f#nggj#\]# cdafak[`]#EEX,Y^\]daf_]f#gm\]j]fhkq[`aYlja]-#Fa]jgh#rYd#af#1/05#ogj\]f#nggjl_]Zgmo\-

KdwRXST_aTeT]cXT

J]flak#`]]^l#]]f#`g_]#YeZala]#e]l#Z]lj]ccaf_#lgl#`]l#n]jeaf\]j]f#nYf#`]l#YYflYd#km}[a\]k-#Bal# oadd]f#o]#Z]j]ac]f#\ggj#\]#coYdal]al#nYf#\]#rgj_#nggj#km}[a\Yd]#[da|fl]f#l]#h]j^][lagf]j]f+#rg#o]d# afl]jf#Ydk#]pl]jf-#Fa]jnggj#ogj\]f#\]#fYngd_]f\]#Y[lanal]al]f#gflhdgga\-#F]l#hjgb][l#km}[a\], hj]n]fla]#oYk#km[[]kngd#af#`]l#gf\]j#\]#YYf\Y[`l#Zj]f_]f#nYf#`]l#l`]eY#]f#`]l#gj_Yfak]j]f# nYf#hmZda]ckZab]]fcgekl]f-#B]#Y^_]dgh]f#bYj]f#ngd_\]f#ZabfY#Ydd]#EEX,l]Yek#nYf#J]flak#\]# ZYkakljYafaf_#km}[a\]hj]n]fla]-#BYYjaf#cj]_]f#e]\]o]jc]jk#nYf#\]r]#l]Yek#af^gjeYla]#gn]j#\]# Pa[`ldabf#e]l#Z]lj]ccaf_#lgl#`]l#ge_YYf#e]l#km}[a\Yd]#[da|fl]f-#Rab\]fk#\]r]#ZYkakljYafaf_#o]j\# _]g]^]f\#af#[gflY[l#d]__]f#e]l#]]f#km}[a\Yd]#[da|fl-#Mgc#o]j\#Z]khjgc]f#`g]#b]#Ydk#e]\]o]jc]jk# jaka[guk#cmfl#afk[`Yll]fU]#rabf#af#1/04#Z]_gff]f#e]l#`]l#]nYdm]j]f#nYf#l]flYe]f#km}[a\]k+#ge#e]]j#afra[`l#l]#cjab_]f#af# \]#n]jk[`add]f\]#^Y[lgj]f#\a]#kh]d]f-#B]#YfYdqk]#d]_l#\]#ZYkak#nggj#n]j\]j]#n]jZ]l]jaf_-# J]flak#d]n]jl#]]f#Y[la]n]#Zab\jY_]#YYf#`]l#j]Ydak]j]f#nYf#]^^][la]n]#c]l]frgj_#jgf\ge#km}[a\], hj]n]fla]-#X]#hYjla[ah]]jl#af#]]f#hjgb][l#e]l#\]#_]e]]fl]#Ejgfaf_]f+#\]#EEB#]f#`]l#Xgj_#GffgnYla]# Dgjme-#

< f P ] V !T ] ! S a P ] V

B]#Zgj_af_#nYf#`]l#YYflggfZYYj#ngd\g]f#YYf#hjg^]kkagf]d]#fgje]f#nggj#k]hYjYla]#ak#af#1/04#fg_# fa]l#ngdlgga\-#Cj#rabf#YYf\Y[`l^mf[lagfYjakk]f#YYf_]kl]d\-#Bal#rabf#n]jhd]]_cmf\a_]f#\a]#af#\]# Z]lj]^^]f\]#cdafa]c]f#o]jc]f-#Mf\]j#j]_a]#nYf#\]#E]f]]k`]]j,\aj][l]mj#ogj\l#_]o]jcl#YYf#\]# Zgj_af_#nYf#\]#fgje]f#gh#`]l#_]Za]\#nYf#k]hYj]j]f-#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-/


? T f T [ S! X ] !P U W P ] Z T [ X Y Z W T X S b a T [ P c X T b

@ hV X v ] T ! T ] ! X ] U T R c X T _ a T e T ] c X T

Gf#bmfa#1/04#`]]^l#]]f#\gkka]jYm\al#gh#\]#caf\[`][c#hdYYlk_]ngf\]f-#Sal#\]r]#Ym\al#ogj\l#\ma\]dabc# \Yl#]j#\ja]#nYjaYfl]f#rabf#Zab#\]#malng]jaf_#nYf#\]#caf\[`][c#Zab#J]flak9# -*# >c#Zd#_ZVe#Via]ZTZVe#RR_XVXVgV_#`W#UV#g`]hRddV_#T]Zs_e#&[`_XV'#\Z_UVcV_#YVVWe*# .*# >c#h`cUe#RR_XVXVgV_#URe#Vc#dacR\V#Zd#gR_#\Z_UVcV_*#AVe#h`cUe#_ZVe#UfZUV]Z[\#fZe#YVe#U`ddZVc#`W# UVkV#\Z_UVcV_#cZdZT`#]`aV_#`W#URe#Vc#gVcg`]XdeRaaV_#kZ[_#XVkVe*# /*# >c#S]Z[\e#dacR\V#gR_#VV_#cZdZT`g`]]V#dZefReZV#g``c#YVe#\Z_U#V_#UZe#cZdZT`#h`cUe#`aXV_`^V_#Z_#YVe# SVYR_UV]a]R_*# Mh#ZYkak#nYf#\]r]#Ym\alj]kmdlYl]f#ogj\l#af#1/05#]]f#n]jZ]l]jljYb][l#_]klYjl#gh#`]l#n]jZ]l]j]f# nYf#\]#j]_akljYla]+#`]l#`]jc]ff]f#]f#`]l#Y[l]j]f#oYff]]j#]j#khjYc]#ak#nYf#jaka[g#gh#_]o]d\#af# Y^`Yfc]dabc`]a\kj]dYla]k-#

Gf#1/04#ak#_]o]jcl#YYf#\]#Zgj_af_#nYf#\]#FGN,fgje]f#Zaff]f#\]#T&T-#Tggj#\]#EEr#ak#']n]fYdk#]j# Yd#oYk#nggj#\]#T&T(#]]f#c]jfl]Ye#FGN#_]klYjl-#Tggj#\]#EEr#rabf#fgje]f#Z]hYYd\#]f#]j#rabf#YYf, \Y[`l^mf[lagfYjakk]f#Z]fg]e\-#Gf#1/05#rYd#n]j\]j]#aehd]e]flYla]#]f#Zgj_af_#hdYYlknaf\]fCj#ak#n]]d#YYf\Y[`l#_]o]]kl#nggj#k[`gdaf_#]f#\Yl#rYd#ggc#af#1/05#\ggj_YYf-#Mh#\an]jk]#dg[Yla]k# Zaff]f#J]flak#rabf#Ym\alk#_]\YYf#]f#n]jZ]l]jY[la]k#af#_Yf_#_]r]l-#Gf#1/05#rYd#\al#nggjl_]r]l#ogj\]f# e]l#Ydk#ZYkak#\]#r]d^Ym\alk#af#QKGJC-# M^ ^ a Q T W ^ d S T ] ! W P ] S T [ X ] V T ]

Gf#1/04#rabf#o]#Zaff]f#J]flak#_YYf#o]jc]f#e]l#\]#IGAI,hjglg[gdd]f#nYf#TadYfk-#F]l#j]_d]e]fl# Z]_]d]a\af_k[geeakka]#nggjZ]`gm\]f#]f#jaka[gngdd]#`Yf\]daf_]f#]f#\]#Z]ng]_\`]a\kj]_]daf_# rabf#YYf_]hYkl-#Cj#ak#]]f#njY_]fdabkl#gfloacc]d\#l]f#Z]`g]n]#nYf#QKGJC-#Gf#1/05#rYd#\al#mal_]jgd\# ogj\]f#af#\]#gj_YfakYla]-

8VaTbbXT_aTeT]cXT

J]flak#afn]kl]]jl#Yd#dYf_]j]#lab\#af#Y_j]kka]hj]n]fla]#\ggj#gf\]j#e]]j#`]l#malng]j]f#nYf#jaka[g, afn]flYjakYla]#]f#,]nYdmYla]k+#`]l#YYfZa]\]f#nYf#?N&F,ljYafaf_]f#]f#\]#Kgfalgj#U]jcZ]d]naf_Gf#fgn]eZ]j#1/03#`]]^l#\]#Gfkh][la]#nYf#QXU#n]jk[`add]f\]#Y^\]daf_]f#nYf#J]flak#Z]rg[`l-# ?Yf\Y[`lkhmfl#oYk#`]l#dYf\]dabc]#hjgb][l#Nkq[`gkg[aYd]#?jZ]a\kZ]dYklaf_-#Agf[dmka]#nYf#\]# Gfkh][la]#oYk#\Yl#J]flak#Z]k[`acl#gn]j#]]f#Y[lm]d]#jaka[g,afn]flYjakYla]#]f#,]nYdmYla]#e]l#hdYf# nYf#YYfhYc-#@]dYf_jabc#hmfl#nYf#YYf\Y[`l#ak#\Yl#J]flak#YYf#`YYj#e]\]o]jc]jk#\ma\]dabc#eYYcl# oYl#o]d#]f#fa]l#gf\]j#Y_j]kka],#]f#_]o]d\kaf[a\]fl]f#ogj\l#n]jklYYf-#N]jag\a]c]#YfYdqk]#nYf#\]# e]d\af_]f#ak#_]o]fkl+#gh#_jgf\#oYYjnYf#`]l#Z]d]a\#e]l#Z]lj]ccaf_#lgl#Y_j]kka]#]f#_]o]d\#af\a]f# fg\a_#Zab_]kl]d\#cYf#ogj\]f-#P][]fl#`]]^l#J]flak#`]l#Z]d]a\#e]l#Z]lj]ccaf_#lgl#Y_j]kka]hj]n]fla]# \YYjge#fY\]j#_][gf[j]lak]]j\+#\al#af#[geZafYla]#e]l#]]f#r]d^]nYdmYla],Ym\aleg\md]#l]f#Z]`g]n]# nYf#rgj_Y^\]daf_]fB]#ljYafaf_]f#Y_j]kka]hj]n]fla]#]f#Y_j]kka]`Yfl]jaf_#rabf#Z]kl]e\#nggj#Ydd]#e]\]o]jc]jk#\a]#Zab# `]l#malg]^]f]f#nYf#`mf#^mf[la]#af#YYfjYcaf_#cmff]f#cge]f#e]l#]fa_]#ngje#nYf#Y_j]kka]-# F]l#\g]d#nYf#\]#ljYafaf_#ak#ge#\]]df]e]jk#rg#_g]\#eg_]dabc#lg]#l]#jmkl]f#af#\]#ge_Yf_#e]l# ghdgh]f\]#khYffaf_]f#nYf#Y_j]kka]n]#YYj\-#Agfljgd]Z]`gm\#af#Y_j]kka]n]#kalmYla]k#d]n]jl#]]f# hgkala]n]#Zab\jY_]#YYf#`]l#_]ng]d#nYf#n]ada_`]a\#gh#`]l#o]jc-#Ckk]fla|d]#mal_Yf_khmfl]f#\a]#af# \]#ljYafaf_#ogj\]f#_]`Yfl]]j\+#rabf#j]kh][l#nggj#\]#Yf\]j#]f#`]l#fYklj]n]f#nYf#]]f#rg#_jggl# eg_]dabc]#n]ada_`]a\#nggj#Ydd]#hYjlab]f-#B]#ljYafaf_]f#ogj\]f#\g]d_jg]h_]ja[`l#YYf_]Zg\]fGf#1/04#rabf#af#lglYYd#874#e]\]o]jc]jk#_]ljYaf\-#Bggj#gfnggjra]f]#geklYf\a_`]\]f#af#`]l#dYYlkl]# coYjlYYd#'ra]cl]#lo]]#ljYaf]jk(#ak#\]#ljYafaf_#nggj#6/#e]\]o]jc]jk#_]Yffmd]]j\-#B]r]#ogj\]f#af# 1/05#af_]`YYd\-

F ^ a \ T ] ! eT a P ] c f ^ ^ a S T !i ^ a V

Gf#1/04#`]ZZ]f#o]#Zaff]f#\]#T&T#\]#Y^khjYc]f#jgf\ge#\]#fgje]f#n]jYfloggj\]#rgj_#_]Zgj_\#]f# _]lg]lkl-# Tggj#\]#fgje]f#e]l#Z]lj]ccaf_#lgl#\][mZalmk+#\]hj]kka]+#_]\jY_khjgZd]e]f+#ng]\af_+#nYdd]f#]f# af[gflaf]fla]#rabf#nggj#\]#roYYj\]j]#\g]d_jg]h]f#af#`]l#CAB#]dc#`Yd^#bYYj+#nggjY^_YYf\#YYf#\]# rgj_d]]^hdYfZ]khj]caf_+#jaka[g,afn]flYjakYla]dabkl]f#af_]nmd\-#B]#malcgekl]f#\YYjnYf#ogj\]f# n]jo]jcl#Ydk#njY_]f+#\g]d]f#]f#Y[la]k#af#`]l#rgj_d]]^hdYf-#Tggj#\]#fgje]f#e]l#Z]lj]ccaf_#lgl# egf\rgj_+#e]\a[Yla]_]Zjmac#'af#]a_]f#Z]`]]j(#]f#Z]o]_]f#rabf#gh#\al#ege]fl#_]]f#jaka[g,# afn]flYjakYla]dabkl]f-#U]d#klYYf#gn]j#\]r]#gf\]jo]jh]f#Ydlab\#njYY_.\g]d.Y[la]#n]je]d\#af#`]l# rgj_d]]^hdYf-#TYfY^#1/05#ogj\]f#\]#\gkka]jYm\alk#_]\YYf#naY#QKGJCK ^ \ P c X b R W T !b R a T T ] X ] V

Gf#^]ZjmYja#1/04#ak#]]f#Z]d]a\khdYf#kgeYlak[`]#\a]fkl#J]flak#_]k[`j]n]f-#Gf#\][]eZ]j#1/04#ak# `]l#hjgb][l#tQgeYlak[`]#rgj_#Zaff]f#J]flaku#nYf#klYjl#_]_YYf-#J]flak#ak#n]jYfloggj\]dabc#nggj#\]# _]`]d]#rgj_#nYf#gh_]fge]f#hYla|fl]f-#Bmk#ggc#\]#kgeYlak[`]#rgj_-#Ada|fl]f#\a]#kgeYlak[`]#rgj_# fg\a_#`]ZZ]f+#`]ZZ]f#fYYkl#hkq[`ak[`]#hjgZd]e]f#ggc#da[`Ye]dabc]#'kgeYlak[`](#cdY[`l]f-#Cj#ak# Z]`g]^l]#YYf#]]f#\ma\]dabc]#Z]k[`jabnaf_#nYf#\]#_]o]fkl]#kgeYlak[`]#rgj_#]f#YYf#]]f#]]f\ma\a_]# ghr]l#nggj#\]#n]jk[`add]f\]#Y^\]daf_]f#]f#dg[Yla]k-#BYYj#rabf#\ja]#j]\]f]f#nggj9# ! ! \]#]pl]jf]#]ak]f#nggj#\]#kgeYlak[`]#rgj_#rabf#_]oabra_\+# ! ! \]#`ma\a_]#kgeYlak[`]#rgj_#n]jk[`adl#h]j#dg[Yla]+# ! ! ]f#\]#`ma\a_]#ghr]l#e]l#\]#kgeYlak[`]#Yjlk]f#ak#fa]l#lg]cgeklnYkl-# #B]#YYf_]kl]d\]#hjgb][ld]a\]j#_YYl#af#1/05#n]j\]j#e]l#`]l#malo]jc]f#nYf#`]l#hdYf#nYf#YYfhYcPricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-0


3!9TSaXYUbe^TaX]V!_[P]]X]V!T]!R^]ca^[RhR[db5! b[P]ZTa!T]!b[PVePPaSXVTa B]#NdYffaf_#]f#Agfljgd#[q[dmk#ak#af#J]flak#Ydk#ngd_l#af_]ja[`l9 ! ! B]#cY\]jZja]^#ngjel#\]#klYjl#nggj#\]#Z]_jglaf_-#Fa]jaf#klYYf#gfr]#Z]d]a\knggjf]e]fk#]f# "fYf[a|d]#cY\]jk-#B]#cY\]jZja]^#_]]^l#ja[`laf_#YYf#\]#hjagjal]al]f#nggj#\]#bYYjhdYff]f#]f#\]# Z]_jglaf_#nYf#`]l#cge]f\#bYYj-#U]#gj\]f]f#\]r]#hjagjal]al]f#ngd_]fk#\]#IC@G0,^gjemd]-#B]# cY\]jZja]^#ogj\l#gh_]kl]d\#af#\]#Baj][la]jYY\#]f#gh#_jgf\#nYf#afhml#nYf#`]l#Mh]f#@]jYY\! ! Cdc]#rgj__jg]h#]f#\a]fkl#eYYcl#af#gn]jd]_#e]l#rabf#eYfY_]jk#`]l#bYYjhdYf#]f#\]#Z]_jglaf_# nggj#rabf#Z]\jab^kgf\]j\]]d-# ! ! F]l#Agf[]jf#@mj]Ym#kl]dl#gh#ZYkak#nYf#\]r]#Z]_jglaf_]f#]f#\]#Z]k[`acZYj]#af^gjeYla]#nYf# ]pl]jf]#hYjlab]f#\]#[gf[]jfZ]_jglaf_#gh-#B]#[gf[]jfZ]_jglaf_#]f#`]l#[gf[]jfbYYjhdYf#ogj\]f# l]j#_g]\c]mjaf_#nggj_]d]_\#YYf#\]#PYY\#nYf#Rg]ra[`l! ! B]#PYY\#nYf#@]klmmj#eYYcl#n]jngd_]fk#e]l#\]#\aj][la]k#Y^khjYc]f#gn]j#\]#malng]jaf_#nYf#`mf# bYYjhdYf#]f#Z]_jglaf_-#B]#\aj][la]k#\g]f#\Yl#gh#`mf#Z]mjl#e]l#\]#eYfY_]jk! ! B]#Baj][la]jYY\#ngd_l#]f#Z]khj]]cl#eYYf\]dabck#\]#hjg\m[la]j]kmdlYl]f#]f#\]#]phdgalYla], j]kmdlYl]f#nYf#`]l#[gf[]jf#]f#\]#rgj__jg]h]f#]f#\a]fkl]f-#B]#eYfY_]jk#nYf#\]#Y^\]daf_]f# jYhhgjl]j]f#YYf#`mf#\aj][la]k-#Agf[]jf#Agfljgd#n]jrgj_l#\]#[gf[]jfeYYf\jYhhgjlY_]! ! N]j#coYjlYYd#ogj\l#af#\]#Baj][la]jYY\#\]#nggjl_Yf_#nYf#`]l#bYYjhdYf#Z]khjgc]f#]n]fYdk#\]# "fYf[a|d]#]f#h]jkgf]d]#j]kmdlYl]f#mal#\]#Z]\jab^kng]jaf_#nYf#rgj__jg]h]f#]f#\a]fkl]f-#TYfY^# \]#]]jkl]#coYjlYYdjYhhgjlY_]#_]n]f#\]#\aj][la]k#hjg_fgk]k#Y^#gn]j#]phdgalYla]#]f#hjg\m[la]-# ! ! B]#n]jYfloggj\af_#gn]j#`]l#_]`]d]#Zg]cbYYj#YYf#]pl]jf]#]f#afl]jf]#hYjlab]f#_]Z]mjl#naY# bYYjn]jkdY_#]f#bYYjj]c]faf_-

H a ^ RT S d a T !I !a P _ _ ^ a c P V T b

! HfVb]VX"^Vd">`_TVb_T`_db`]","f``bSVbVZUZ_Xc`fVb]VX B]#[gf[]hl#O,jYhhgjlY_]k#ogj\]f#Z]khjgc]f#af#`]l#gn]jd]_#lmkk]f#\aj][la]#e]l#[gfljgdd]j#]f# Agf[]jf#Agfljgd-#Bal#gn]jd]_#Z]j]a\l#ggc#\]#Z]khj]caf_#e]l#\]#PYY\#nYf#@]klmmj#nggj-#Sal#\al# gn]jd]_#cgel#]]f#k]d][la]#nYf#akkm]k#.#`Yf_hmfl]f#fYYj#ngj]f#nggj#`]l#gn]jd]_#e]l#\]#PYY\#nYf# @]klmmj# J"SVcabV\Z_X"^Vd"KRRU"fR_"=Vcdeeb" F]l#gn]jd]_#gn]j#\]#O,jYhhgjlY_]#e]l#\]#PYY\#nYf#@]klmmj#naf\l#hdYYlk#YYf#\]#`Yf\#nYf#]]f#nYkl]# Y_]f\Y-#B]#Y_]f\Y#nggj#\al#gn]jd]_#Z]nYl#\]#ngd_]f\]#gf\]jo]jh]f9 ! ! nggjl_Yf_kjYhhgjlY_]#]f#kh][a"]c#\]#akkm]k#nggjlndg]a]f\#mal#`]l#nggjZ]j]a\af_kgn]jd]_# ! ! kh][a"]c]#rgj__jg]h#hjgZd]eYla]c# ! ! rgj__jg]h#gn]jklab_]f\]#hjgZd]eYla]c#.#[gf[]jf#akkm]k! B]]df]e]jk#YYf#\]#O,Z]khj]caf_#h]j#rgj__jg]h#rabf9 ! ! rgj__jg]h#\aj][la]#]f#[gfljgdd]j# ! ! PYY\#nYf#@]klmmj# ! ! "fYf[a]]d#\aj][l]mj#&#[gf[]jf[gfljgdd]j#'Agf[]jf#Agfljgd(# ! ! \aj][l]mj#aJ]flak# ! ! \aj][l]mj#JQ?

!! Caf\#1/04#ak#`a]jaf#]]f#oabra_af_#_]ZjY[`l-#B]#hjg[]\mj]#ak#Ydk#ngd_l9

J*bRaa`bdRXV Gf#\]#]]jklngd_]f\]#Baj][la]jYY\#ogj\l#\]#[gf[]jfZj]\]#O,jYhhgjlY_]#Z]khjgc]f# =VcabV\Z_X"T`_TVb_"J*bRaa`bdRXV B]#[gf[]jf#O,jYhhgjlY_]#ogj\l#Z]khjgc]f#e]l#\]#PYY\#nYf#Rg]ra[`l#]f#\]#e]\]r]__]fk[`Yh9# AMP+#AAP#]f#ADP-

0#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

#IC@G#klYYl#nggj#IdYfll]nj]\]f`]a\+#C^^][l+#coYdal]al#]f#n]ada_`]a\#nYf#rgj_+#@]\jab^keYla_#o]jc]f#]f#GffgnYla]

$$!(>7?D4

-1


4!DT]cXb!X]!TT]!eTaP]STaT]ST!fTaT[S Mgc#`]l#Y^_]dgh]f#bYYj#kh]]d\]f#]j#n]jk[`add]f\]#cYfk]f#]f#jaka[guk-#Fa]jgf\]j#klYYf#\]# Z]dYf_jabckl]#gh_]kge\-#Mgc#rabf#gfr]#eYYlj]_]d]f#o]]j_]_]n]f-#Tggj#hj]klYla]klmjaf_# _]Zjmac]f#o]#\]#hj]klYla]_]Za]\]f#IC@G-#@ab#jaka[geYfY_]e]fl#gf\]jk[`]a\]f#o]#\]#ngd_]f\]# _]Za]\]f9 ! ! NYla|fl,#]f#e]\]o]jc]jkn]ada_`]a\; ! ! Gf^gjeYla]n]ada_`]a\; ! ! E]d\kljgge; ! ! Eg]\]j]fkljgge; ! ! E]Zgmo]fGfl]_jYYd#jaka[geYfY_]e]fl#gflklYYl#\ggj#afl]_jYla]#nYf#hj]klYla]klmjaf_#]f#jaka[geYfY_]e]fl-# @]a\]#`]ZZ]f#Z]lj]ccaf_#gh#`]l#klmj]f#gh#]f#`]l#egfalgj]f#nYf#kljYl]_ak[`]#\g]dkl]ddaf_]f-#

C P ] b T ] !T ] !J X b X R ^ ob

EPPcaTVT[T]

IReZs_e)#V_#^VUVhVc\VcdgVZ]ZXYVZU KZdZT`nd#^Ve#SVecV\\Z_X#e`e#^VUZTReZV) gVZ]ZXYVZU(#k`cXT`_eZ_fteVZe(#RXcVddZV#V_# XVhV]U#`a#UV#hVc\g]`Vc#V_#hVc\Ucf\*

I]R_#gR_#RR_aR\#RXcVddZVacVgV_eZV(#hRRc`_UVc#Z_g`VcZ_X#^`Uf]V#RXcVddZVacVgV_eZV#Z_#YVe#Y`cZk`_eRR]#\hR]ZeVZeddjdeVV^*#AKF#V_#DhR]ZeVZe#YVSSV_# Z_#.,-1#VV_#EV_eZdScVUV#R_R]jdV#fZeXVg`VcU#^Ve#SVecV\\Z_X#e`e#RXcVddZV#V_#UV#U``c#T]Zs_eV_#V_#^VUVhVc\Vcd#VcgRcV_#gVZ]ZXYVZU*#=V#SVgZ_UZ_XV_# kZ[_(#gVcXVkV]U#gR_#RUgZVkV_(#g``cXV]VXU#RR_#UV#=ZcVTeZVcRRU*#=V#_`eZeZV#Zd#``\#SVdac`\V_#Z_#UV#<`^^ZddZV#DhR]ZeVZe#V_#OVZ]ZXYVZU#gR_#UV#KRRU#gR_# M`VkZTYe*#

<XbVccZVabVfV_dZV KZdZT`6 !# Y`XV#adjTY`d`TZR]V#RcSVZUdSV]RdeZ_X# g``c#^VUVhVc\Vcd#^Ve#SZ[SVY`cV_U# gVckfZ^7#^VUVhVc\Vcd#kZ[_#`_g`]) U`V_UV#`a#UV#Y``XeV#hRe#hV]#`W# _ZVe#`_UVc#XVhV]UdZ_TZUV_eV_#^`Ve# h`cUV_#gVcdeRR_*# !# VV_#`_gVZ]ZXV#SVYR_UV]dVeeZ_X#UcRRXe# e*S*g*#T]Zs_eV_#_ZVe#SZ[#RR_#YVe#YVcdeV]* ?gR_X"V_"?bR_X" KZdZT`6#_ZVe#g`]U`V_#RR_#UV#gZXVcV_UV# ac`WVddZ`_V]V#_`c^V_*#

9R_deV]]V_#gR_#RR_URTYedWf_TeZ`_RcZddV_#`a#UV#\]Z_ZV\V_#V_#gVcSVeVcRTeZVd#gR_fZe#I]ReW`c^#=hR_X#V_#=cR_X*#9R_URTYedWf_TeZ`_RcZddV_#^V]UV_# YRaVcZ_XV_#SZ[#UV#S`cXZ_X#gR_#ac`WVddZ`_V]V#_`c^V_#`a#YVe#XVSZVU#gR_#dVaRcVcV_#V_#RWk`_UVcV_*#OR_RW#[R_fRcZ#.,-2#XRR_#UV#RR_URTYed) Wf_TeZ`_RcZddV_#V]\RRc#RfUZeV_(#`_UVc#cVXZV#gR_#UV#@V_VVdYVVc)UZcVTeVfc*# mAVe#gVca]ZTYe#gVcS]Z[W#`a#VZXV_#\R^Vcn#&^Ve#RWXVd]`eV_#UVfc'#h`cUe#_ZVe#^VVc#e`VXVdeRR_*#;Z[#UV#\]Z_ZV\#HfUVcV_adjTYZRecZV#Zd#YVe#d]`e#gR_#UV#UVfcV_# gVchZ[UVcU*#;Z[#UV#W`cV_dZdTY#adjTYZRecZdTYV#RWUV]Z_XV_#Zd#VV_#gVcS`fhZ_X#XVa]R_U*# PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-2


C P ] b T ] !T ] !J X b X R ^ ob

EPPcaTVT[T]

GVUZTRdZVfVZ]ZXYVZU" KZdZT`6#_ZVe#g`]U`V_#RR_#UV#_`c^V_# g``c#^VUZTReZVgVZ]ZXYVZU(#^Ve#URRc^VV# XVaRRcU#XRR_UV#cZdZT`nd#g``c#aReZs_eV_*#

AVe#ac`[VTe#FVUZTReZV`gVcUcRTYe#Z_#UV#\VeV_#V_#gVcSVeVcRTeZVd#`a#RWUV]Z_XV_*#=`V]#Zd#YVe#S`cXV_#gR_#^VUZTReZVgVZ]ZXYVZU*# AVe#ac`[VTe#FVUZTReZV`gVcUcRTYe#Z_#UV#\VeV_#Zd#Z_#fZeg`VcZ_X*#AVe#ac`[VTe#Zd#XVdeRce#SZ[#UV#O%O*#;Z__V_#UV#O%O#gVca]VXZ_X#Zd#UV#`gVcUcRTYe#`a#UV# ^VVdeV#`_UVcUV]V_#T`_W`c^#UV#cZTYe]Z[_*# ZEV_eZd#&EVR_#ac`XcR^^R'#V_#DhR]ZeVZe#`_UVck`V\V_#UV#acR\eZ[\#Z_#VV_#RR_eR]#gVck`cXZ_XdYfZkV_#V_#;Pnd7#UZe#`_UVck`V\#h`cUe#Z_#WVScfRcZ#.,-2# RWXVc`_U*# >c#h`cUe#Z_#.,-2#U`ddZVc`_UVck`V\#fZeXVg`VcU#^Ve#SVecV\\Z_X#e`e#UV#`gVcUcRTYe#gR_#^VUZTReZVXVXVgV_d#SZ[#deRce#gR_#UV#SVYR_UV]Z_X#Z_#EV_eZd# &\]Z_ZV\#V_#R^Sf]R_e'#`^#kZTYe#eV#\cZ[XV_#`a#deR_U#gR_#kR\V_#V_#\_V]af_eV_*# Ha#SRdZd#gR_#YVeXVV_#Z_^ZUUV]d#gR_fZe#gVcdTYZ]]V_UV#R_R]jdVd#SV\V_U#Zd(#h`cUV_#gVcdTYZ]]V_UV#`a]`ddZ_XdcZTYeZ_XV_#fZeXVhVc\e6 >V_#\`aaV]Z_X#efddV_#YVe#>I=#V_#D]Z_ZT`^(#k`URe#^VUZTReZVXVXVgV_d#U``cXVkVe#h`cUV_*# >V_#aZ]`e#mLVcgZTVUVd\#^VUZTReZV)`gVcUcRTYen* =RRc_RRde#h`cUe#g``c#EV_eZd#YVe#SV]VZU#^Ve#SVecV\\Z_X#e`e#^VUZTReZV`gVcUcRTYe#XVT`_TcVeZdVVcU*# 9]d#gVcSVeVcaf_e(#g``ce\`^V_U#fZe#UV#ADQ)RfUZe#gR_#_`gV^SVc#.,-1(#Zd#dR^V_hVc\Z_X#^Ve#UV#-V#]Z[_dRa`eYV\V_#`aXVaR\e*#9]]V#-V#]Z[_dRa`eYV\V_# hRRc^VV#EV_eZd#dR^V_hVc\e(#YVSSV_#VZ_U#.,-1#VV_#ScZVW#XVYRU#gR_fZe#EV_eZd#hRRcZ_#RR_XVXVgV_#h`cUe#URe#aReZs_egVZ]ZXYVZU#SZ[#EV_eZd#Y``X#Z_# YVe#gRR_UV]#deRRe#V_#URe#EV_eZd#URRc`^#gR_#UV#Ra`eYV\V_#gVchRTYe#URe#kV#kZTY#Y`fUV_#RR_#UV#cZTYe]Z[_V_#V_#gV]U_`c^V_*#H`\#eVR^]VZUVcd#V_# ^VUVhVc\Vcd#UZV#UZe#RR_XRRe#YVSSV_#Z_#[R_fRcZ#.,-2#VV_#ScZVW#XVYRU#hRRcZ_#deRRe#hRe#Vc#gR_#YV_#gVchRTYe#h`cUe#eV_#RR_kZV_#gR_#aReZs_egVZ]ZXYVZU# V_#UV#dR^V_hVc\Z_X#^Ve#-V#]Z[_dRa`eYV\V_*#

LeqTZUVabVfV_dZV" KZdZT`6#YVe#_ZVe#g`]U`V_#RR_#UV#cZTYe]Z[_# dftTZUVacVgV_eZV*

Ic`[VTe#LftTZUVacVgV_eZV* AVe#ac`[VTe#LftTZUVacVgV_eZV#Zd#SVsZ_UZXU*#>gR]fReZV#YVVWe#`aXV]VgVcU#URe#ehVV#gR_#UV#UcZV#`_UVcUV]V_#h`cUV_#`aXV_`^V_#Z_#UV#cVXf]ZVcV#SVUcZ[Wd) g`VcZ_X#gR_#EV_eZd*#AVe#XRRe#UR_#`^6 =Vd\f_UZXYVZUdSVg`cUVcZ_X7 DhR]ZeVZe#gR_#k`cX*# O``c#.,-2#h`cUV_#Z_eVc_#^`Uf]Vd#g``c#UVd\f_UZXYVZUdSVg`cUVcZ_X#RR_XVS`UV_(#UZV#UV#Z^a]V^V_eReZV#gR_#UV#cZTYe]Z[_#LftTZUVacVgV_eZV#gVcUVc# deZ^f]VVce*#O``c#\VeV_k`cX#UcRRZe#VV_#ac`[VTe(#hRRcSZ[#UV#@V_VVdYVVc)UZcVTeVfc#V_#\hR]ZeVZedRUgZdVfc#dR^V_hVc\V_#^Ve#UV#XV^VV_eV#@c`_Z_XV_#V_# YVe#Q`cX#B__`gReZV#?`cf^*#B_#WVScfRcZ#.,-2#h`cUe#UV#cZTYe]Z[_#gRdeXVdeV]U*# =V#TR]R^ZeVZeV_SVdacV\Z_XV_#kZ[_#Z_#fZeg`VcZ_X#Z_#UV#cVXZ`nd#@c`_Z_XV_(#PZ_dTY`eV_#V_#QfZU]RcV_#^Ve#R]d#U`V]#eV#]VcV_#gR_#Z_TZUV_eV_*#B_#.,-1#V_# VV_#UVV]#gR_#.,-2#XRRe#YVe#`gVc#YVe#]VcV_#gR_#Z_TZUV_eV_#`a#YVe#XVSZVU#gR_#&eV_eR^V_'#dftTZUVd*# H`\#Zd#RR_d]fZeZ_X#XVg`_UV_#SZ[#--/H_]Z_V(#VV_#]R_UV]Z[\#a]ReW`c^#URe#kZTY#cZTYe#`a#UV#dftTZUVacVgV_eZV*#EV_eZd#YVVWe#e`VXVkVXU#^VV#eV#U`V_#RR_# LNIK9G>M(#hRRcZ_#UReR#kf]]V_#h`cUV_#gVckR^V]U#`gVc#dftTZUV#`^#SVeVc#kZTYe#eV#\cZ[XV_#`a#g``cdaV]]Vcd#gR_#dftTZUV*#

BbV_c`fVbcTYbZ[UV_U"XVUbRX" KZdZT`6#g``c\`^V_#gR_#XVgR]]V_#gR_# XcV_d`gVcdTYcZ[UV_U#XVUcRX*

9R_dTYVcaV_#^V]Uac`TVUfcV(#afS]ZTZeVZedTR^aRX_V* =V#TR^aRX_V#gR_fZe#UV#KRRU#gR_#;Vdeffc#Zd#XVdeRce#Z_#RacZ]#.,-1*#FVUVhVc\Vcd#h`cUV_#XVdeZ^f]VVcU#YVe#XVdacV\#`gVc#&acVgV_eZV#gR_'#XcV_d`gVc) dTYcZ[UV_U#XVUcRX#Z_#YVe#VZXV_#eVR^#eV#g`VcV_*#=V#^V]Uac`TVUfcV#g``c#XcV_d`gVcdTYcZ[UV_U#XVUcRX#Zd#RR_XVdTYVcae#V_#Zd#g``cXV]VXU#RR_#UV#^VUV) kVXXV_dTYRa*#Ha#-.#_`gV^SVc#.,-1#g`_U#VV_#Ucf\#SVk`TYe#T`_XcVd#a]RRed#`gVc#UZe#`_UVchVca*#KfZ^#0,,#^VUVhVc\Vcd#_R^V_#UVV]#V_#YVSSV_#UV# URX#a`dZeZVW#XVsgR]fVVcU*#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-3


C P ] b T ] !T ] !J X b X R ^ ob

EPPcaTVT[T]

L`^RdZcTYV"T`^`bSZUZdVZd" KZdZT`6#eV#hVZ_ZX#RR_URTYe#g``c#d`^R) eZdTY#T`^`cSZUZeVZe#hRRcU``c#T]Zs_eV_# _ZVe#UV#[fZde#k`cX#\cZ[XV_*# #

9R_deV]]V_#ac`[VTe]VZUVc#L`^ReZdTYV#=ZV_de*# AVe#ac`[VTe#L`^ReZdTYV#Q`cX#Zd#XVdeRce#Z_#_`gV^SVc#.,-1*#=V#VVcdeV#WRdV#gR_#YVe#ac`[VTe#YVd"SVcTYbZ[fV_"V_"fRcdcdV]]V_"fR_"UV"c`^RdZcTYV"j`bX"RR_" UV"YR_U"fR_"UV"jVc"S`egcdV_V_"fR_"bZcZT`"bVUeTdZV"fR_"c`^RdZcTYV"T`^a]ZTRdZVc#Zd#SVXZ_#^RRce#.,-2#RWXVc`_U*#=Ze#Zd#`aXVdeV]U#U``c#UV#ac`[VTeXc`Va# V_#VV_#RR_eR]#hVc\Xc`VaV_#gVcUVV]U#_RRc#\`ceUfcV_UV#k`cX(#]R_XUfcV_UV#k`cX#V_#;P#k`cX*# =V#ehVVUV#WRdV#gR_#YVe#ac`[VTe#fRcdcdV]]V_"fR_"UV"^R_ZVb"gRRb`a"UV"c`^RdZcTYV"j`bX"%RTedV)"ebXV_dV"V_"V]VTdZVfV&"g`bUd"f`b^XVXVfV_#h`cUe#YZVc_R# SVdTYcVgV_*#

BVgV]U"Z_"RWYR_\V]Z[\YVZUcbV]RdZVc# KZdZT`6#^ZddV_#gR_#dZX_R]V_#V_+`W#YVe# _ZVe#fZeg`VcV_#gR_#UV#[fZdeV#Z_eVcgV_eZVd# hR__VVc#Vc#dacR\V#Zd#gR_#XVhV]U#Z_# RWYR_\V]Z[\YVZUdcV]ReZVd*#

LTY`]Z_X#^VUVhVc\Vcd(#fZeg`VcV_#kV]WVgR]fReZVd#Z_#LFBE>#V_#g`]XV_#gVcSVeVcRTeZVd*# LTY`]Z_X#`a#UZe#`_UVchVca#YVVWe#a]RRedXVg`_UV_#SZ__V_#UV#k`cXXc`VaV_#=ZX_Zd(#C`_i#V_#O`]hRddV_V_adjTYZRecZV*#=V#g`]XV_UV#deRa#Zd#YVe# RR_e``_SRRc#^R\V_#gR_#UV#\Z_UTYVT\#Z_#YVe#>I=*#=V#UZcVTeZV#O`]hRddV_V_adjTYZRecZV#YVVWe#UZe#R]d#RR_URTYedaf_e*#B_#[f_Z#Zd#Vc#U``c#UV#RWUV]Z_X# DhR]ZeVZe#VV_#k`cXU`ddZVcRfUZe#DZ_UTYVT\#fZeXVg`VcU*#=V#cVdf]eReV_#V_#YVe#RUgZVd#kZ[_#gVcdeffcU#_RRc#UV#SVecVWWV_UV#UZcVTeZVd#V_#KRRU#gR_#;Vdeffc*# @@Q#GVUVc]R_U#deRce#Z_#.,-2#^Ve#VV_#TR^aRX_V#`^#UV#\Z_UTYVT\#Z_#XXk)Z_deV]]Z_XV_#eV#Z^a]V^V_eVcV_*#EV_eZd#Zd#YZVcg``c#RR_XV^V]U*#

=bR_UfVZ]ZXYVZU KZdZT`6#ScR_U*

O`]U`V_#RR_#hVe)#V_#cVXV]XVgZ_X*# EV_eZd#hVc\e#RTeZVW#RR_#ScR_UgVZ]ZXYVZU*#B_#gVV]#`akZTYeV_#U`Ve#EV_eZd#UZe#`a#VV_#hZ[kV#UZV#gVcXV]Z[\SRRc#Zd#^Ve#R_UVcV#Z_deV]]Z_XV_#hRRcSZ[#Vc#eR]# gR_#^RRecVXV]V_#kZ[_#XVec`WWV_#Z_#]Z[_#^Ve#hVe)#V_#cVXV]XVgZ_X#V_#RUgZVkV_#gR_fZe#UV#ScR_UhVVc*#DhVedSRRcYVUV_#kZ[_#ZUVRR]ejaZdTYV#a]R__V_#^Ve# SVaVc\eV#RR_URTYe#g``c#T]Zs_e\V_^Vc\V_*#=V#TRdfd#;cR_U#PZ_dTY`eV_#Zd#fZeg`VcZX#XVR_R]jdVVcU#V_#SVdac`\V_*#=V#TRdfd#Zd#``\#XVUVV]U#^Ve#UV# <`^^ZddZV#DhR]ZeVZe#%#OVZ]ZXYVZU#gR_#UV#KRRU#gR_#M`VkZTYe*#

>bZcZc^R_RXV^V_d","Q`bXT`_dZ_eqdVZd KZdZT`6#UZdT`_eZ_fteVZe#Z_#UV#k`cX#U``c# `_XVgR]#`W#cR^a*#

I]R_#Q`cXT`_eZ_fteVZe*# EV_eZd#hVc\e#RR_#YVe#`adeV]]V_#gR_#VV_#k`cXT`_eZ_fteVZeda]R_#Z_#RWdeV^^Z_X#^Ve#UV#@AHK#=cV_eYV#V_#@AHK#@c`_Z_XV_#&@V_VVd\f_UZXV#Af]a#SZ[# H_XVgR]]V_#V_#KR^aV_'*#EV_eZd#\V_e#VV_#SVcVZ\SRRcYVZUdUZV_de#k`cXT`_eZ_fteVZe*#<cZdZdT`ucUZ_Re`cV_#kZ[_#.0#ffc#aVc#URX#SVcVZ\SRRc#Z_#XVgR]#gR_# `_XVgR]]V_#`W#cR^aV_#hRRcSZ[#UV#T`_eZ_fteVZe#gR_#k`cX#Z_#YVe#XVUZ_X#Zd*#B_#UVTV^SVc#Zd#RR_URTYe#SVdeVVU#RR_#UV#deR_U#gR_#kR\V_#^Ve#SVecV\\Z_X# e`e#ScR_UgVZ]ZXYVZU#V_#k`cXT`_eZ_fteVZe#Z_#VV_#eYV^RSZ[VV_\`^de#gR_#UV#KRRU#gR_#M`VkZTYe*#AVe#a]R_#Zd#``\#SVdac`\V_#Z_#UV#<`^^ZddZV#DhR]ZeVZe#%# OVZ]ZXYVZU*#

CEQ KZdZT`6#_ZVe#g`]U`V_#RR_#g``chRRcUV_# TVceZ"TRRe*#ADQ#`W#gVcXV]Z[\SRRc# TVceZ"TRRe#h`cUe#XVgcRRXU#U``c#Z_\`aVcd# gR_#k`cX*#

DhR]ZeVZedSV]VZU* =V#RfUZe#g``c#UV#YVcTVceZ"TVcZ_X#Zd#U``c#=GO#Z_#_`gV^SVc#.,-1#fZeXVg`VcU*#>c#hRd#rr_#TReVX`cZV#-#SVgZ_UZ_X#V_#2#TReVX`cZV#.#SVgZ_UZ_XV_*#9]]V# af_eV_#kZ[_#Z_^ZUUV]d#k`gVc#`aXVaR\e#URe#YVe#ADQ)TVceZ"TRRe#g``c#UV#\`^V_UV#UcZV#[RcV_#hVVc#Zd#RWXVXVgV_*#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

-4


C P ] b T ] !T ] !J X b X R ^ ob

EPPcaTVT[T]

D_W`b^RdZVfVZ]ZXYVZU KZdZT`#^Ve#SVecV\\Z_X#e`e#UV#T`_eZ_fteVZe# gR_#Z_W`c^ReZV#V_#`_XVRfe`cZdVVcUV# e`VXR_X#e`e#djdeV^V_#V_#T]Zs_eXVXVgV_d* KZdZT`6#UZdT`_eZ_fteVZe#gR_#Z_W`c^ReZV#V_# `_XVRfe`cZdVVcUV#e`VXR_X* #

!# B_W`c^ReZVSVgVZ]ZXZ_X#&G>G#31-,' !# B_WcR]Z_\ !# =ZXZ=#e`VXR_XdT`_ec`]V =``c#YVe#`_eScV\V_#gR_#VV_#T`_eZ_fteVZeda]R_#V_#cVde`cV#eVdeV_#gR_#SRT\)fad#SVdeRRe#UV#\R_d#URe#SZ[#TR]R^ZeVZeV_#YVe#acZ^RZcV#ac`TVd#h`cUe# gVcde``cU(#^Ve#ac`UfTeZVgVc]ZVd#R]d#XVg`]X*#AVe#ac`[VTe#B_WcR]Z_\#g``ckZVe#_RRde#gVcgR_XZ_X#gR_#B<M)Z_WcRdecfTeffc#Z_#YVe#cVR]ZdVcV_#gR_#VV_#fZehZ[\# `a]`ddZ_X*#=V#]RRedeV#WRdV#SVecVWe#YVe#gVcSVeVcV_#gR_#UV#^VeY`UZdTYV#&SVYVVc'ac`TVddV_#V_#YVe#cVR]ZdVcV_#gR_#UV#WjdZV\V#fZehZ[\^`XV]Z[\YVZU*#=Ze# ]``ae#^`^V_eVV]*#GRRde#WjdZV\#cVR]ZdVcV_#gR_#UV#fZehZ[\^`XV]Z[\YVZU(#h`cUe#``\#YVe#;fdZ_Vdd#<`_eZ_fZej#FR_RXV^V_e#&;<F'#ac`TVd#Z_XVcZTYe*# Ha#YVe#XVSZVU#gR_#Z_W`c^ReZVSVgVZ]ZXZ_X#hZ]#EV_eZd#g`]U`V_#RR_#UV#G>G#31-,#_`c^*#;VXZ_#.,-0#YVVWe#Z_#UZe#\RUVc#VV_#_f]^VeZ_X#a]RRedXVg`_UV_*# NZe#UV#RfUZecRaa`ceRXV#S]Z[\e#URe#SV]R_XcZ[\V#ac`TVUfcVd#V_#^RRecVXV]V_#cVVUd#Z_XVg`VcU#kZ[_(#UR_#hV]#`a#\`ceV#eVc^Z[_#h`cUV_#XVt^a]V^V_eVVcU*# AZVcg``c#]``ae#^`^V_eVV]#VV_#ac`[VTe#SZ[#ZEV_eZd#&IcZd^R'#hRe(#_RRde#XVdeR_URRcUZdVVcUV#VWWVTeZVgV#hVc\ac`TVddV_#g``c#YVe#XVYV]V#B<M)U`^VZ_(# ``\#XVS`cXUV#ac`TVddV_#^Ve#SVecV\\Z_X#e`e#Z_W`c^ReZVgVZ]ZXYVZU#g`]XV_d#G>=#31-,#Z^a]V^V_eVVce*#

BV]Ucdb``^ GZNJ[]Z` KZdZT`nd#^Ve#SVecV\\Z_X#e`e#UV#]ZbfZUZeVZe(# YVc"_R_TZVcZ_X#V_#UVV]_R^V#RR_#YVe# PRRcS`cXW`_Ud#Q`cX*

=V#RfUZe#gR_#UV#=ZXZ=#e`VXR_XdT`_ec`]V#g``c#T]Zs_eV_#e`e#Yf_#U`ddZVc#Zd#RWXVc`_U*#AZVc#kZ[_#eV\`ce\`^Z_XV_#XVT`_deReVVcU*#=V#]VgVcR_TZVcd#gR_# d`WehRcV#g`]U`Ve#_ZVe#RR_#rr_#VZd*#AZVc#Zd#T`_eRTe#`gVc#^Ve#UV#]VgVcR_TZVc*#OVchRTYeZ_X#Zd#URe#.,-2#UZe#h`cUe#YVcdeV]U*#B_#J0#.,-1#Zd#U``c#UV# =ZcVTeZVcRRU#YVe#Z_eVXcR]V#Z_W`c^ReZVSVgVZ]ZXZ_Xda]R_#gRdeXVdeV]U*#GRRde#R]#UV#XV_`V^UV#ac`[VTeV_#h`cUe#Vc#_`X#VV_#RR_eR]#R_UVcV#&UVV]'ac`[VTeV_# XVdeRce(#hRRc`_UVc#VV_#SVhfdeh`cUZ_XdTR^aRX_V#&9hRcV_Vdd'*# # H_dfR_XcdV_"eZd"bVXe]ZVbV"SVUbZ[Wcf`VbZ_X =V#`_egR_XdeV_#fZe#UV#cVXf]ZVcV#SVUcZ[Wdg`VcZ_X#kZ[_#Y`XVc#UR_#SVXc``e*#=Ze#SVecVWe#^Ve#_R^V#UV#`_egR_XdeV_#fZe#WRTefcVcZ_X#gR_#UV#daVTZR]ZdeZdTYV# XXk*#B_#[R_fRcZ#.,-1#YVVWe#VV_#RWcV\V_Z_X#gR_#[VfXU#=;<nd#a]RRedXVg`_UV_#hV]\V#e`e#VV_#ViecR#`_egR_Xde#gR_#l#3#^]_*#YVVWe#XV]VZU*#=V#`_egR_XdeV_# fZe#UV#P]k#gR]]V_#]RXVc#fZe#UR_#SVXc``e*#=Ze#SVecVWe#_R^V]Z[\#UV#UVT]RcReZV#gR_#P]k#O%O*#H_egR_XdeV_#fZe#dfSdZUZVd#gR]]V_#Y`XVc#fZe#UR_#SVXc``e#U``c# VV_#`gVcYVgV]Z_X#gR_fZe#UV#P]k*# NZdXRfV_"eZd"bVXe]ZVbV"SVUbZ[Wcf`VbZ_X =V#fZeXRgV_#fZe#UV#cVXf]ZVcV#SVUcZ[Wdg`VcZ_X#gR]]V_#Y`XVc#fZe#UR_#SVXc``e*#=Ze#SVecVWe#g``c_R^V]Z[\#fZeXRgV_#Z_#YVe#\RUVc#gR_#UV#Z_kVe#gR_#aVcd`_VV]*# D_fVcdVbZ_XV_ NZeXRgV_#Z_#gVcSR_U#^Ve#Z_gVdeVcZ_XV_#kZ[_#^Ve#_R^V#eV_#RR_kZV_#gR_#cV_`gReZVac`[VTeV_#]RXVc#UR_#SVXc``e#U``c#_ZVe#]ReV_#U``cXRR_#`W#fZedeV]*#

AZ_R_TZVbZ_XV_ >c#kZ[_#Z_#.,-1#XVV_#]V_Z_XV_#RR_XVec`\\V_*#=V#gVc\``a#gR_#aR_UV_#YVVWe#RR_]VZUZ_X#XVXVgV_#e`e#VV_#ViecR#R!`ddZ_X#`a#VV_#]V_Z_X*#B_#.,-1#YVVWe# aVc#dR]U`#VV_#SVUcRX#gR_#l#1*3#^]_*#RR_#eVcfXSVeR]Z_X#gR_#g``cdTY`eeV_#RR_#k`cXgVckV\VcRRcd#a]RRedXVg`_UV_*#9WcV\V_Z_XV_#YVSSV_#a]RRed) XVg`_UV_#Z_kR\V#=;<)"_R_TZVcZ_X(#GQR#&Z_kR\V#GA<'#V_#CfdeZeZV#`gVc#g``cXRR_UV#[RcV_*# >`_T]ecZV EZbfZUZeVZe#YVVWe#kZTY#SVeVc#`_ehZ\\V]U#UR_#g``cdaV]U#hRRcU``c#YVe#RR_ecV\\V_#gR_#]V_Z_XV_#_ZVe#_``UkR\V]Z[\#Zd#SVg`_UV_*#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.+


C P ] b T ] !T ] !J X b X R ^ ob

EPPcaTVT[T]

9R[LJUR\NR\ KZdZT`nd#^Ve#_R^V#_RRc#RR_]VZUZ_X# gR_#YVe#fZehVc\V_#gR_#YVe#MRi#<`_ec`]# ?cR^Vh`c\*

=V#gVcdTYfZgZ_X#gR_#VV_#XVUVV]eV#gR_#k`cX#_RRc#YVe#XV^VV_eV]Z[\#U`^VZ_#SVeV\V_e#URe#_ZVe#R]]V#k`cX#SZ__V_#UV#gcZ[deV]]Z_X#gR_#UV#;MP#S]Z[We*# F`^V_eVV]#h`cUe#U``c#EV_eZd#`_UVck`TYe#g``c#hV]\V#dVcgZTVd#URe#hV]#^`XV]Z[\#Zd*#>V_#R_UVc#cZdZT`#Zd#UV#`a#YR_UV_#kZ[_UV#RWdTYRW"_X#gR_#UV#O9K#Z_# gVcSR_U#^Ve#UV#PVe#=;9*#FVe#UV#"dTfd#Zd#RWXVdac`\V_#V]\RRc#eV#S]Z[gV_#Z_W`c^VcV_#`gVc#UV#g``ceXR_X*#

8FAI KZdZT`#gR_#"dTR]V#YVW"_X#gR_#1.$#`gVc# UV#cVXV]Z_X#>VcUVc#Le`aaV_#FVe#PVc\V_

B_#YVe#VVcdeV#YR]W#[RRc#Zd#UZe#cZdZT`#U``c#VV_#VieVc_#UVd\f_UZXV#`_UVck`TYe*#=fZUV]Z[\#XVh`cUV_#Zd#URe#EV_eZd#Xc`eV_UVV]d#_ZVe#RR_#UVkV#gVca]ZTYeZ_X# `_e\`^e*#NZek`_UVcZ_X#g`c^V_#UV#^VUVhVc\Vcd#UZV#^VVc#UR_#.#[RRc#gR_#Yf_#9HP#URef^#RW#kZeeV_#V_#^Z_UVc#UR_#3,$#dR]RcZd#YVSSV_#`_egR_XV_*##

>]ZRMR[LQN!J[YNL\NW KZdZT`#^Ve#SVecV\\Z_X#e`e#[fcZUZdTYV# gVca]ZTYeZ_XV_#g``ce\`^V_U#fZe# T`_ecRTeV_*# KZdZT`6#_ZVe#`W#_ZVe#eZ[UZX#g`]URR_#RR_# [fcZUZdTYV#gVca]ZTYeZ_XV_#^Ve#"_R_TZs]V# cZdZT`nd#gR_#UZV_*#

<`_ecRTeSVYVVc*# =V#dR^V_hVc\Z_Xd`gVcVV_\`^deV_#V_#T`_ecRTeV_#kZ[_#XVt_gV_eRcZdVVcU#V_#Vc#Zd#VV_#ac`TVUfcV#`aXVdeV]U#g``c#YVe#RR_XRR_#gR_#T`_ecRTefV]V# gVca]ZTYeZ_XV_#V_#UV#SVhR\Z_X#YZVc`^ecV_e*#=V#Z_\``aT`_ecRTeV_#h`cUV_#X`VU#SVYVVcU(#UZe#XV]Ue#_`X#_ZVe#g``c#UV#gVcdTYZ]]V_UV#dR^V_#hVc\Z_Xd) `gVc#VV_\`^deV_#V_#T`_ecRTeV_#^Ve#gVckV\VcRRcd#V_#XV^VV_eV_*#AZVc#`_edeRRe#VV_#_ZVfhV#Uj_R^ZV\*#=V#gVcdTYZ]]V_UV#T`_ecRTeV_#SVgReeV_#deVVUd# fZeXVScVZUVcV#gVca]ZTYeZ_XV_#g``c#EV_eZd#UZV#hV#RUVbfRRe#^`VeV_#XRR_#SVYVcV_*#=V#fZeg`VcZ_X#Zd#^VUV#RWYR_\V]Z[\#gR_#TRaRTZeVZe#g``c#Z_g`Vc#V_# SVYVVc#gR_#T`_ecRTeV_*#AVe#SVYVVcdV_#V_#YVe#gVceR]V_#VcgR_(#R]d#``\#UV#S`cXZ_X#cZTYeZ_X#`_UVc#^VVc#`_UVcRR__V^Vcd(#h`cUe#`aXVaR\e#gZR#VV_# ac`[VTe*#OVcUVc#g`]XV_#hV#hZ[kZXZ_XV_#Z_#hVe)#V_#cVXV]XVgZ_X*#CfcZUZdTYV#QR\V_#XVScfZ\e#YZVcg``c#hVSdZeVd#gR_#UV#`gVcYVZU*#ERdeZX#Zd#YVe#^`^V_e# gR_#T`^^f_ZTVcV_#YZVc`gVc#Z_#UV#`cXR_ZdReZV*#OVV]#hVeXVgZ_X#\V_e#kZ[_#eZ[U(#eVchZ[]#R_UVcV#hVeXVgZ_X#d_V]#h`cUe#Z_XVg`VcU#&PGM'*#

CUJWWRWP!#!6XW\ZXU!(!YZXM]L\RN

O``c#.,-1#deVgV_V_#hV#RW#`a#VV_#`gVcac`UfTeZV#gR_#TR*#0*1#^]_*#>c#h`cUe#`gVc]VXU#^Ve#UV#k`cXgVckV\VcRRcd#eV_VZ_UV#VV_#^`XV]Z[\V#gVcX`VUZ_X#eV# \cZ[XV_*#EV_eZd#YVVWe#hV]#0(/#^]_*#RR_#`^kVe_fR_TVcZ_X#^VVXV_`^V_#`^#UVkV#`gVcac`UfTeZV#V_#^ReVcZs]V#T`_ec`]V#VWWVTeV_#`a#eV#gR_XV_*# O``cR]#UV#RU^Z_ZdecReZVgV#RWYR_UV]Z_X#gR_fZe#YVe#XV^VV_eV]Z[\#gV]U#kZ[_#_`X#_ZVe#`a#`cUV*#EV_eZd#YVVWe#VV_#SVdeffc]Z[\#`gVc]VX#^Ve#UV#XV^VV_eV_# SV]VXU#eV_VZ_UV#UV#cZdZT`nd#eV#SVaVc\V_*#O``c#=ZX_Zd#O%O#XV]UV_#UV#RR_URTYedaf_eV_#g``c#UV#^VVc[RcV_gZdZV#V_#a]R_g`c^Z_X#hRRcgR_#`_UVc# R_UVcV#\cZ^adTV_RcZ`nd(#`aVcReZ`_V]V#VW"TZV_Tj#V_#`aS`fh#ViecR^fcR]V#k`cX*#OR_fZe#UV#=ZcVTeZVcRRU#V_#UV#UZcVTeZV#gR_#=ZX_Zd#kZ[_#YZVcg``c#RTeZVd# `_UVcYR_UV_*# @V]Ve#`a#UV#dacVZUZ_X#Z_#UV#`gVcac`UfTeZV#V_#UV#`_UVcac`UfTeZV#`gVc#gVcdTYZ]]V_UV#gVckV\VcRRcU#YVVWe#?Z_R_TV#%#<`_ec`]#RR_SVg`]V_#RR_#UV# =ZcVTeZVcRRU#+#KRRU#gR_#;Vdeffc#`^#Z_#`gVc]VX#V_#RWdeV^^Z_X#`a#`gVc\`VaV]V_U#_ZgVRf#^Ve#UV#k`cXgVckV\VcRRcd#Z_#T`_eRTe#eV#ecVUV_(#eV#^VVc#URRc# UV#T`_ecRTecfZ^eV#SZ[#UV#Z_UZgZUfV]V#gVckV\VcRRcd#SVaVc\e#]Z[\e*# O``c#UV#e`V\`^de#h`cUe#gVcUVc#Z_XVkVe#`a#^`_Ze`cZ_X#gR_#UV#T`_ecRTeV_#Z_#XVkR^V_]Z[\YVZU#^Ve#UV#gVckV\VcRRcd*#NZe\`^deV_#gR_#UVkV#^`_Ze`cZ_X# \R_#]VZUV_#e`e#dZefReZVd#hRRcZ_#EV_eZd#_`UV#XVUh`_XV_#Zd#T]Zs_eV_#U``c#eV#gVchZ[kV_#_RRc#UV#k`cXSV^ZUUV]Z_X#gR_#k`cXgVckV\VcRRcd*#=VkV#dZefReZV# \R_#XVg`]XV_#YVSSV_#g``c#YVe#RR__V^V_#gR_#T]Zs_eV_#V_#UV#URRc^VV#dR^V_YR_XV_UV#hRTYeeZ[UV_*# =V#^Z_ZdeVc#gR_#OPL#YVVWe#Z_#UVTV^SVc#.,-0#YVe#I]R_#gR_#RR_aR\#CRRccV\V_Z_XV_#XXk#&agR'#RR_XVS`UV_#RR_#UV#MhVVUV#DR^Vc*#=`V]#hRd#eV#\`^V_# e`e#VV_#X`VU\VfcV_UV#T`_ec`]VgVc\]RcZ_X#SZ[#UV#[RRccV\V_Z_X#.,-0#V_#ac`S]V^V_#c`_U#UV#`^kVegVcR_eh``cUZ_X#Z_#UV#e`V\`^de#eV#g``c\`^V_*# @VUfcV_UV#.,-1#YVVWe#VV_#kV]W`_UVck`V\#.,-/#a]RRedXVg`_UV_(#hRRcgR_#UV#RWhZ\\V]Z_X#^Ve#UV#k`cXgVckV\VcRRcd#_`X#`_UVcYR_UV_#Zd*#KVUV_#Zd# URe#Z_#UVTV^SVc#.,-1#cVdeVcV_UV#`_kV\VcYVUV_#kZ[_#`_edeRR_#`gVc#UV#&Z_eVcacVeReZV#gR_'#UV#cVXV]XVgZ_X*#PRRc`a#OPL#Z_#WVScfRcZ#.,-2#UV#GQR#YVVWe# gVck`TYe#UV#cVXV]XVgZ_X#^Ve#eVcfXhVc\V_UV#\cRTYe#e`e#.,-/#RR_#eV#aRddV_*#=V#[RRccV\V_Z_X#.,-0(#^Ve#gVchVc\Z_X#gR_#UV#"_R_TZs]V#RWhZ\\V]Z_X# ^ReVcZs]V#T`_ec`]V#.,-/#V_#.,-0(#Zd#g``c#-#^RRce#^Ve#VV_#X`VU\VfcV_UV#gVc\]RcZ_X#XVUVa`_VVcU*# @VUfcV_UV#.,-2#Zd#YVe#kV]W`_UVck`V\#XVdeRce*#=VkV#Z_kZTYeV_#YVSSV_#XV]VZU#e`e#YVe#ecVWWV_#gR_#V_\V]V#g``ckZV_Z_XV_#Z_#UV#[RRccV\V_Z_X#.,-1*#AVe#Zd# UV#gVchRTYeZ_X#URe#UZe#kV]W`_UVck`V\#Z_#YVe#g``c[RRc#gR_#.,-3#\R_#h`cUV_#RWXVc`_U*

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.,


C P ] b T ] !T ] !J X b X R ^ ob

EPPcaTVT[T]

6X[\!AJWJPNVNW\! KZdZT`#^Ve#SVecV\\Z_X#e`e#UV#eZ[UZXV# RR_aRddZ_X#gR_#\`deV_#RR_#]RXVcV# ac`UfTeZV*#

=V#cV]ReZV#gR_#UV#RWXVdac`\V_#ac`UfTeZV#`^gR_X#V_#YVe#SZ[aRddV_UV#\`deV__ZgVRf#gcRRXe#`^#ViecR#RR_URTYe#g``c#UV#!ViZSZ]ZeVZe#gR_#UV#\`deV_*# =Ze#kZV_#hV#eVcfX#Z_#UV#gRcZRSV]V#dTYZ]#gR_#aVcd`_VV]#V_#YVe#gRdeV#\`deV_#SV]VZU(#XVSRdVVcU#`a#gVc^Z_UVcZ_X#gR_#UV#Z_gVdeVcZ_XV_(#g``c_R^V]Z[\# gRdeX`VU*#=V#e`V_V^V_UV#SVkfZ_ZXZ_XdUcf\#gR_fZe#UV#XV^VV_eV_#V_#[fdeZeZV#gVcdeVc\e#UV#Ucf\#`^#eV#SVkfZ_ZXV_(#^Ve#YVe#cZdZT`#_ZVe#`gVcR]#eV# \f__V_#g`]U`V_#RR_#UV#^RRedTYRaaV]Z[\V#k`cXgcRRX*#=V#cVR]ZdReZV#Z_kZTYeV_#XVgV_#RR_#URe#UV#U``c#k`cX"_R_TZVcZ_X#XVUV\eV#`^kVe#YRcUVc#UcRRZe# UR_#UV#\`deV_#SZ__V_#EV_eZd*#Ha#`_UVcUV]V_#&O%O'#Zd#dacR\V#gR_#W`cdV#decfTefcV]V#UR]Z_X#gR_#UV#`^kVe#P]k#&PVe#]R_XUfcZXV#k`cX'*#?Z_R_TV#%#<`_ec`]# YVVWe#UV#=ZcVTeZVcRRU#+#KRRU#gR_#;Vdeffc#RR_SVg`]V_#`^#EV_eZdScVVU#VV_#<`de#<`_ec`]#ac`XcR^^R#eV#deRceV_#Z_#gVcSR_U#^Ve#UV#decfTefcV]V#`^kVe)# V_#eRcZVWUcf\#V_#RWS`fh#gR_#\`deV_Ucf\#eV#cVR]ZdVcV_#SZ[#UZV#SVUcZ[Wd`_UVcUV]V_#hRRc#dacR\V#Zd#gR_#decfTefcV]V#\cZ^adTV_RcZ`nd*#AZVcSZ[#Zd#YVe#eVgV_d# gR_#SV]R_X#URe#UZcVTeZVd#V_#]Z[_^R_RXV^V_e#S]Z[gV_U#defcV_#`a#UV#W`c^ReZV#eV_#`akZTYe#gR_#UV#SVXc`eZ_X*#

<EA KZdZT`#eV_#RR_kZV_#gR_# S`gV_eR]]ZXYVZU#V_#UV#`aS`fh#gR_#YVe# aVcd`_VV]dSVdeR_U*# KZdZT`nd6#S`gV_eR]]ZXYVZU(# `_VgV_hZTYeZXV#`aS`fh# aVcd`_VV]dSVdeR_U*#

>ieVc_V#`_ehZ\\V]Z_XV_#Z_#UV#k`cX#YVSSV_#T`_dVbfV_eZVd#g``c#UV#aVcd`_V]V#SVkVeeZ_X(#k`hV]#\hR_eZeReZVW#R]d#\hR]ZeReZVW*#;Z[#^Ve#_R^V#=ZX_Zd# V_#O`]hRddV_V_adjTYZRecZV#YVVWe#URe#R]#XV]VZU#e`e#T`_TcVeV#RTeZVd#`a#\`ceV#eVc^Z[_#eV_#RR_kZV_#gR_#S`gV_eR]]ZXYVZU#Z_#daVTZ"V\V#TReVX`cZVs_# aVcd`_VV]*#>c#Zd#VV_#RR_aR\#RWXVdac`\V_#Z_#UV#=ZcVTeZVcRRU#`^#T`_dVbfV_eZVd#`a#]R_XVcV#eVc^Z[_(#V_#Z_#ScVUVc#gVcSR_U#Z_#\RRce#eV#ScV_XV_*# =RRcSZ[#h`cUe#XVt_gV_eRcZdVVcU#Y`V#YVe#Zd#XVdeV]U#^Ve#acVdeReZVgVc^`XV_#V_#`_ehZ\\V]Z_XdgVc^`XV_#Z_#UV#`cXR_ZdReZV#V_#hRRc#UZe#o#RWXVkVe#eVXV_# SVXc`eZ_X#V_#W`cVTRdeZ_X#o#]VZUe#e`e#\hR_eZeReZVgV#V_+`W#\hR]ZeReZVgV#WcZTeZV*#AZVc`a#\f__V_#dTV_RcZ`nd#`_ehZ\\V]U#h`cUV_#^Ve#SVecV\\Z_X#e`e#k`hV]# W`c^ReZV(#Wf_TeZ`_V]V#^Zi#R]d#T`^aVeV_eZVd*#=Ze#]VZUe#e`e#fZeg`VcZ_Xda]R__V_#g``c#W`c^ReZV+^`SZ]ZeVZe#V_#`a]VZUV_(#UZV#[RRc]Z[\d#\f__V_#h`cUV_# SZ[XVdeV]U*#AVe#d`TZRR]#a]R_#kR]#fZeVcRRcU#Y`fgRde#XVgV_#eV_#RR_kZV_#gR_#VgV_efV]V#\cZ^adTV_RcZ`nd*#>c#kR]#eZ[UZX#V_#k`cXgf]UZX#^Ve#UV#gR\S`_UV_# h`cUV_#XVT`^^f_ZTVVcU(#RR_XVkZV_#VV_#X`VUV#hVUVckZ[UdV#gVcdeR_UY`fUZ_X#_`UZX#kR]#kZ[_#g``c#UV#fZeg`VcZ_X#gR_#dTV_RcZ`nd*# OVckfZ^#deRRe#_`X#deVVUd#`a#UV#RXV_UR*#AVe#]Z[\e#Vc#`a#URe#UV#XVcZTYeV#RR_URTYe#gcfTYeV_#RWhVcae*#=V#TZ[WVcd#deRSZ]ZdVcV_#V_#deV\V_#Z_#J0#hVVc# a`dZeZVW#RW#eV_#`akZTYeV#gR_#UV#GVUVc]R_UdV#SV_TY^Rc\*#ER_XUfcZX#gVckfZ^#YVVWe#_`X#deVVUd#VV_#Xc``e#RR_UVV]*#=RRc#Zd#VV_#Xc`eVc#cZdZT`#RR_# gVcS`_UV_(#`^URe#UVkV#g`c^#gR_#gVckfZ^#]RdeZXVc#eVcfX#eV#UcZ_XV_#Zd*# =V#_RUVcV#VZdV_#gR_#UV#^Z_ZdeVc#gR_#OPL#RR_#YVe#Y``WUSVYR_UV]RRcdTYRa#Z_#UV#@@k#YVVWe#T`_dVbfV_eZVd#g``c#UV#`aS`fh#gR_#YVe#aVcd`_VV]d) SVdeR_U(#VgV_R]d#UV#SVc`VadSVg`VXUYVZU#gR_#^VUVSVYR_UV]RRcd*#FVe#Z_XR_X#gR_#.,-0#XV]Ue#VV_#]Z^ZeReZVgV#]Z[de#gR_#SVc`VaV_(#R]]VV_#k`cX) gVc]V_Vcd#^Ve#rr_#gR_#UZV#SVc`VaV_#^`XV_#Y``WUSVYR_UV]RRc#kZ[_*#OVcUVc#kZ[_#UV#gVcR_eh``cUV]Z[\YVUV_#gR_#UV#Y``WUSVYR_UV]RRc#gVcUVc# gVcUfZUV]Z[\e*#H`\#g``c#^VUVSVYR_UV]RRcd#Z_#UV#@@k#XV]UV_#SVaVc\Z_XV_#bfR#SVg`VXUYVZU#V_#SV\hRR^YVZU*#9]]VV_#k`cXgVc]V_Vcd#^Ve#VV_# k`XV_RR^U#<HGH)SVc`Va#^`XV_#SVYR_UV]Z_X#SZVUV_#V_#cVXZdecVcV_*#AVe#<HGH)SVc`Va#h`cUe#SVaRR]U#`a#SRdZd#gR_#UZa]`^Rnd#`W#;B@)cVXZdecReZV*# Q`cX#gVc]V_V_#k`_UVc#UV#gVcVZdeV#cVXZdecReZV#YVVWe#R]d#T`_dVbfV_eZV#URe#UV#k`cX#^`XV]Z[\#_ZVe#XV"_R_TZVcU#h`cUe*#B^a]V^V_eReZV#gR_#YVe#Y``WU) SVYR_UV]RRcdTYRa#Zd#gVcXVg`cUVcU*#Ha#UZe#^`^V_e#Zd#UV#SVc`VadcVXZdecReZV#_RXV_`VX#`a#`cUV(#^Ve#_`X#VV_#YR_Ug`]#cVXZdecReZVd#eV#T`_ec`]VcV_*#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.-


?^TSTaT]bca^^\

Gf#1/04#ak#\]#Y^\]daf_#Gfcggh#ghfa]mo#_]kljm[lmj]]j\#gh#ZYkak#nYf#]]f#gf\]jrg]c#]f#YYf, Z]n]daf_]f#nYf#`]l#Gfcggh#?\na]k#@mj]Ym#DgjYd\Y-#Gf#`]l#\]j\]#coYjlYYd#nYf#1/04#ak#]j#]]f# QljYl]_ak[`#Gfcggh#@]d]a\khdYf#gh_]kl]d\#oYYjaf#\]#Z]dYf_jabc]#gfloacc]daf_]f#]f#YYf\Y[`lk, hmfl]f#rabf#Z]fg]e\-#Qh]]jhmfl]f#`a]jaf#rabf#n]j`g_af_#]^"[a]f[q#afcgghhjg[]k+#YYfkdmal]f#Zab# \]#gfloacc]daf_]f#af#\]#rgj_+#oYYjZab#e]l#fYe]#]phda[a]l]#YYf\Y[`l#ak#nggj#\]#gfloacc]daf_]f# jgf\#Q[`]a\]f#nYf#Ugf]f#]f#Xgj_+#`]l#cd]afk[`Yda_#ogf]f#]f#\]#cgekl#nYf#\]#r]d^j]\rYe]#l]Yek-# Mf\]jrg[`l#ogj\]f#fa]mo]#afcggh#e]l`g\]k#rgYdk#`]l#o]jc]f#e]l#Nmf[`,gml#kqkl]e]f#]f# cd]afk[`Yda_]#afcggh#]f#Z]d]n]jaf_#nYfmal#_jgglk[`Yda_]#YYfcgghJ]flak#`]]^l#ggc#l]#eYc]f#e]l#oabra_af_]f#af#\]#rgj_#\a]#e]\]#_]hYYj\#_YYf#e]l#\Ydaf_#af#\]# afljYemjYd]#hjg\m[la]#]f#\YYje]]#\Yd]f\]#afcgekl]f-#Fa]jgh#j]Y_]]jl#\]#gj_YfakYla]#\ggj#kljYc# l]#klmj]f#gh#\]#cgkl]f-#Me#l]#cge]f#lgl#]]f#kljm[lmj]d]#\Ydaf_#nYf#cgkl]f#rYd#\]#Y^\]daf_#Gfcggh# ra[`#fY\jmcc]dabc#_YYf#ja[`l]f#gh#`]l#Z]`Yd]f#nYf#ghlaeYd]#afcggh#j]kmdlYl]f#\a]#ra[`#n]jlYd]f#af# ]]f#n]jdY_af_#nYf#\]#]phdgalYla]cgkl]f#nYf#J]flak-#F]l#afcgh]f#]f#YYfZ]kl]\]f#nYf#hjg\m[l]f#]f# \a]fkl]f#rYd#hdYYlknaf\]f#ea\\]dk#gh#eYYl#_]kf]\]f#YYfZ]kl]\af_]f#\a]#af#fYmo#gn]jd]_#e]l#\]# cdYfl]f#nYf#\]#Y^\]daf_#Gfcggh#rYd#hdYYlknaf\]fMh#\al#ege]fl#ogj\l#]j#_]o]jcl#YYf#`]l#aehd]e]fl]j]f#]f#nmdd]f#nYf#`]l#[gfljY[l,#Z]`]]j, kqkl]]e#?VG-#Bal#kqkl]]e#_]]^l#Ydd]#n]jhda[`laf_]f#o]]j#Ydk#ggc#af^gjeYla]#Z]lj]^^]f\]#dgghlab\]f+# ]phajYla]#\YlY+#af\]p]f#]f#k]jna[]#d]n]d#Y_j]]e]flk-#K]l#`]l#_]Zjmac#nYf#?VG#ogj\]f#lo]]#\g]d]f# Z]j]acl;#`]l#c]ff]f#nYf#\]#jaka[guk#Ydk#ggc#\]#gf\]j`Yf\]daf_keg_]dabc`]\]f#\a]#gflklYYf#Zab# ]af\]#dgghlab\#[gfljY[l+#af\]pYla]k#g^#Yf\]j]#nYjaYZ]d]f-#Mh#\al#ege]fl#rabf#[aj[Y#3//#[gfljY[l]f# _]j]_aklj]]j\#]f#ngjel#`]l#\]#ZYkak#nggj#[gfljY[leYfY_]e]fl-#Mh#ZYkak#nYf#]]f#af\]daf_#fYYj# rgj__jg]h#]f#hjg\m[l_jg]h]f#rabf#]j#Y[[gmfl,#[-i-#d]n]jYf[a]jeYfY_]jk#Z]fg]e\#Zaff]f#\]#Y^, \]daf_#Gfcggh+#kYe]f#e]l#\]#cdYfl#rmdd]f#rab#\]#[gfljY[l]f#_YYf#Z]`]j]f#]f#hYkk]f\]#eYYlj]_]d]f# lj]^^]f#Zab#`]l#_]Zjmac]f+#Z]ggj\]d]f#]f#Y^kdmal]f#nYf#[gfljY[l]f#]f#afcgh]f-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

..


?TQ^dfT]

B]#oabra_af_]f#af#\]#"fYf[a]jaf_#nYf#\]#rgj_#`]]^l#_]ngd_]f#nggj#\]#Z]cgkla_af_#nYf#`]l#rgj_, nYkl_g]\-#B]#fa]mo]#Z]cgkla_af_kkqkl]eYla]c#`]]^l#lgl#_]ngd_#\Yl#\]#n]j_g]\af_]f#nggj#`]l# nYkl_g]\+#nggj`]]f#ngje_]_]n]f#af#\]#fY[Yd[mdYla]+#fm#Y^`Yfc]dabc#rabf#_]ogj\]f#nYf#\]#YYj\#]f# \]#genYf_#nYf#\]#hjg\m[la]-#B]#`makn]klaf_kn]j_g]\af_#ak#]]f#\]]d#_]ogj\]f#nYf#`]l#rg_]fYYe\# afl]_jYYd#lYja]^-#Tgd_]f\#gh#\]#oabra_af_]f#af#\]#Z]cgkla_af_kkqkl]eYla]c#`]]^l#ggc#`]l#Q[`]a\]f# nYf#Ugf]f#]f#Xgj_#'QUX(#`YYj#aflj]\]#_]\YYf#]f#ak#]]f#\]]d#nYf#`]l#rgj_YYfZg\#nYf#J]flak# gn]j_]`]n]d\#fYYj#\]#U]l#KYYlk[`Yhh]dabc]#Mf\]jkl]mfaf_#'UKM(-#F]l#_]ngd_#nYf#`]l#QUX#]f# \]#gn]j`]n]daf_#fYYj#\]#UKM#ak#]]f#Y^fYe]#af#e]l#fYe]#\]#afljYemjYd]#rgj_-#Fa]je]\]#ogj\l#\]# njYY_#nYfmal#\]#rgj_#fYYj#`makn]klaf_#cd]af]j#]f#rYd#]j#]]f#gn]jk[`gl#YYf#nYkl_g]\#gflklYYf-#Rgl# gh#\al#ege]fl#`]]^l#J]flak#\YYjgh#Y\]imYYl#cmff]f#j]Y_]j]f#]f#ak#`]l#gn]jk[`gl#YYf#nYkl_g]\# gh_]dgkl#\ggj#hYf\]f#l]#n]jcgh]f#g^#\]#`mmj#\YYjnYf#gh#l]#r]__]f-#Me#af#\]#lg]cgekl#`]l# nYkl_g]\#l]#cmff]f#Zdabn]f#eYfY_]f#`]]^l#\]#Y^\]daf_#TYkl_g]\+#gf\]j\]]d#nYf#J]flak#Q]jna[]# ]f#?\na]k#]]f#QljYl]_ak[`#TYkl_g]\#NdYf#'QTN(#gh_]kl]d\-#Fa]jaf#klYYf#k[]fYjaguk#Z]k[`j]n]f#gh# _]Zgmo#fan]Ym#]f#ogj\]f#\ggjj]c]faf_]f#_]eYYcl#gh#`]l#fan]Ym#nYf#_]Zgmo]f+#rgj__jg]h]f#]f# J]flak#gn]jYdd-#B]#j]kmdlYl]f#gh#`]l#nYkl_g]\#nYf#J]flak#dYl]f#lgl#]f#e]l#1/04#]]f#hgkala]^#j]kmdlYYl# ra]f-#Mgc#af#\]#cge]f\]#bYj]f#rYd#]j#]]f#hgkala]^#j]kmdlYYl#ogj\]f#Z]`YYd\#gf\]j#nggjoYYj\]# \Yl#\]#Z]k[`j]n]f#eYYlj]_]d]f#af#`]l#QljYl]_ak[`#TYkl_g]\#NdYf#mal_]ng]j\#ogj\]f#]f#\Yl#\]# hjg_fgk]#gh#\]#hjg\m[la]#bmakl#ak-#U]#[gfklYl]j]f#o]d#\Yl#`]l#j]f\]e]fl#af#YZkgdml]#genYf_#Y^, f]]el#]f#\Yl#]j#YYfnmdd]f\]#eYYlj]_]d]f#_]ljg^^]f#\a]f]f#l]#ogj\]f#ge#ggc#af#\]#bYj]f#fY#1/1/# ]]f#hgkala]^#nYkl_g]\#j]kmdlYYl#l]#cmff]f#Z]`Yd]fB]#gfloacc]daf_]f#\a]#_YYf\]#rabf#af#\]#rgj_#]f#\YYje]]#ggc#Zab#J]flak#d]a\]f#fYYj#\]#lg]cgekl# lg]#eg_]dabc#lgl#fa]mo]#aehYaje]flk-#B]#aehYaje]fl#hjgZd]eYla]c#cYf#gh_]dgkl#ogj\]f#\ggj#gh# ZYkak#nYf#Y^k[`jabnaf_]f#\]#Zg]coYYj\]#l]#n]jdY_]f#g^#ea\\]dk#`]l#n]jZ]l]j]f#nYf#\]#hjg\m[la]# ghZj]f_kl-#Gf#fYmo#gn]jd]_#e]l#\]#Y^\]daf_#Agf[]jf#DafYf[]#&#Agfljgd#]f#\]#rgj__jg]h]f#rmdd]f# c]mr]k#_]eYYcl#ogj\]f-#Bal#gf\]jo]jh#cjab_l#e]\]#YYf\Y[`l#af#`]l#QTN-# #

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

./


,+!KcP]S!eP]!iPZT]!caP]bXcXTb!*!i^aVeTaZ^^_ O ^ a V e T a Z ^ ^ _ !i ^ a V e T a i T ZT a P P a b

La P ] b X c X T !] P P a !S T !V T \ T T ] c T

J]flak#eYYcl#a]\]j#bYYj#Y^khjYc]f#e]l#rgj_n]jr]c]jYYjk#gn]j#\]#rgj_#\a]#rab#_YYf#n]j_g]\]f-# @ab#\]#gf\]j`Yf\]daf_]f#_YYl#`]l#gn]j#_]d\+#eYYj#ggc#gn]j#\]#nggjoYYj\]f#oYYjgf\]j#\]#rgj_# _]d]n]j\#eg]l#ogj\]f-#Xg#oad\]f#o]#\]#Y^khjYc]f#\a]#dYf\]dabc#rabf#_]eYYcl#af#`]l#cY\]j#nYf#\]# bYYjj]c]faf_hjgZd]eYla]c#'gn]j#ZabnggjZ]]d\#n]joabraf_#]f#`gg^\Z]`Yf\]dYYjk[`Yh(#Zgj_]f#af#\]# [gfljY[l]f#nggj#1/04-# K]l#]]f#_jggl#\]]d#nYf#\]#rgj_n]jr]c]jYYjk#o]j\]f#\]#gf\]j`Yf\]daf_]f#hgkala]^#Y^_]jgf\-# Mf\]jl]c]faf_#nYf#\]#[gfljY[l]f#ngf\#nYYc#fY#\]#bYYjoakk]daf_#hdYYlk-#BYYje]]#oYk#`]l#nggj# [da|fl]f#hYk#dYYl#\ma\]dabc#af#`g]n]jj]#rab#\]#rgj_#n]j_g]\#cj]_]f-#Gf#]]f#gfr]c]j]#kalmYla]#`]ZZ]f# o]#\]#Z]`Yf\]daf_#nggj#Z]klYYf\]#[da|fl]f#]f#fa]mo]#hYla|fl]f#e]l#]]f#\jaf_]f\]#rgj_njYY_# _][gflafm]]j\-# K]l#\]#n]jr]c]jYYjk#nYfmal#\]#afcggh[geZafYla]#Kmdlargj_#'rgYdk#MLTX#]f#?QP(#dmcl]#`]l#fa]l#ge# nggj#\]#bYYjoakk]daf_#Y^khjYc]f#l]#eYc]f-#Fa]j#kh]]d\]#]]f#"fYf[a]]d#njYY_klmc#Ydk#_]ngd_#nYf# ]]f#n]jk[`manaf_#nYf#'\mj](#n]jr]c]j\]f-# Tggj#kgeea_]#hgdakk]f#o]j\#]j#Z]h]jcl#_][gfljY[l]]j\#nggj#cdY[`l]f#Ydk#ZabnggjZ]]d\#\]hj]kka]+# Yf_kl#]f#kgeYlg^gje]#klggjfakk]f-#

K]l#\]#afng]jaf_#nYf#\]#U]l#KYYlk[`Yhh]dabc]#Mf\]jkl]mfaf_#'UKM(#ak#]dc]#_]e]]fl]# n]jYfloggj\]dabc#nggj#]]f#kYe]f`Yf_]f\#gf\]jkl]mfaf_kZ]d]a\#nYf#co]lkZYj]#Zmj_]jk-#BYYj# nYdd]f#ggc#e]fk]f#e]l#]]f#hkq[`aYljak[`]#YYf\g]faf_#gf\]j-#B]#fa]l,e]\ak[`]#gf\]jkl]mfaf_#]f# \]#^mf[la]#n]jZdab^#nggj#e]fk]f#e]l#]]f#XXN#A#af\a[Yla]#'n]jZdab^#rgf\]j#Z]`Yf\]daf_(#rabf#af#1/04# gn]j_]_YYf#fYYj#\]#_]e]]fl]f-#Xab#eg]l]f#ngdoYYj\a_#cmff]f#\]]df]e]f#YYf#\]#eYYlk[`Yhhab-# J]flak#r]l#ra[`#\YYjnggj#af#e]l#hjg^]kkagf]d]#EEX#]f#rgj_#af#oabc]f+#\gjh]f#]f#kl]\]f-#Bal#\g]l# J]flak#ge\Yl#eYYlk[`Yhh]dabc]#hYjla[ahYla]#Zab\jYY_l#lgl#`]l#`]jkl]d#Zab#e]fk]f#e]l#hkq[`aYljak[`]# YYf\g]faf_]f-#Gf#\]#Y^_]dgh]f#bYj]f#`]ZZ]f#o]#YYfkdmalaf_#_]rg[`l#Zab#kg[aYd]#oabcl]YekJ]flak#ak#af#1/04#gh#n]jk[`add]f\]#fan]Ymk#af#gn]jd]_#_]o]]kl#e]l#Ydd]#_]e]]fl]f#af#\]#j]_ag#ge# \]#gn]j_Yf_#rg#_g]\#eg_]dabc#l]#dYl]f#n]jdgh]f-#Gf#\]#hjgnaf[a]#Ejgfaf_]f#`]ZZ]f#\]#_]e]]fl]f# ra[`#n]j]fa_\#nggj#\]r]#ljYfkala]-#F]l#mal_Yf_khmfl#nYf#\]r]#_]e]]fl]f#ak#\Yl#a]\]j]]f#nYfY^# 0#bYfmYja#\]#rgj_#Zdab^l#gflnYf_]f#\a]#`ab.rab#nggj`]]f#gflnaf_+#ealk#\]#af\a[Yla]#fg_#_]d\a_#ak-#B]# ljYfkala]#_af_#_]hYYj\#e]l#]]f#Z]rmafa_af_#nYf#06+4#%#gh#\]#]pljYemjYd]#rgj_#]f#Z]_]d]a\af_-#BYl# Z]l]c]fl#d]n]j]f#nggj#eaf\]j#_]d\-#Cj#ak#]f#ogj\l#fg_#kl]]\k#gf\]jrg[`l#g^#\ggj#kYe]fo]jcaf_# \]#[gflafm}l]al#nYf#rgj_#nggj#gfr]#\g]d_jg]h+#gf\Yfck#\]#\Yd]f\]#lYja]n]f+#_]gj_Yfak]]j\# cYf#ogj\]f-#J]flak#oYk#af#1/04#ngdgh#af#gn]jd]_#e]l#_]e]]fl]f#]f#ogfaf_Zgmokla[`laf_]f# ge#\]#hYf\]f#gn]j#l]#\jY_]f#YYf#\]r]#hYjlab]f-#UYYj#fg\a_#ogj\]f#_]Zgmo]f#YYf_]hYkl#nggj# af\ana\m]d]#Z]ogfaf_-# # Caf\#1/04#o]j\#Z]c]f\#\Yl#J]flak#_]]f#[gfljY[l#cjab_l#af#Lggj\,#]f#Mgkl#Ejgfaf_]f#nggj#?&P, Y[lanal]al]f#]f#UKM,Z]_]d]a\af_#]pljYemjYYd-#F]l#_YYl#ge#\]#_]e]]fl]f#B]d^rabd+#?hhaf_]\Ye+# Jghh]jkme+#@]\me+#Uafkme+#B]#KYjf]+#C]ekegf\+#QlY\kcYfYYd+#Md\YeZl+#TdY_lo]\\]+#T]]f\Ye# ]f#N]c]dY-#F]l#^]al#\Yl#o]#_]]f#[gfljY[l#`]ZZ]f#_]cj]_]f#`]]^l#n]j_YYf\]#_]ngd_]f#nggj#[da|fl]f# ]f#e]\]o]jc]jk-#Uab#rmdd]f#rgj_\jY_]f#nggj#[gflafm}l]al#nYf#rgj_#nggj#[da|fl]f-# Mgc#nggj#e]\]o]jc]jk#rabf#]j#n]jn]d]f\]#_]ngd_]f-#U]jc#n]j\oabfl#fYYj#Yf\]j]#YYfZa]\]jk#]f#\Yl# Z]l]c]fl#\Yl#]j#Zab#gfk#ZYf]f#rmdd]f#n]j\oabf]f-#U]#rg]c]f#mal#g^#`]l#eg_]dabc#ak#\Yl#e]\]o]jc]jk# `]l#o]jc#fYYj#]]f#Yf\]j]#YYfZa]\]j#cmff]f#ngd_]f-# Mgc#\]#b]m_\rgj_#_af_#gn]j#fYYj#\]#_]e]]fl]-#Tggj#\]#Y[lanal]al]f#gh#`]l#_]Za]\#nYf#H]m_\rgj_# af#\]#Lggj\]dabc]#hjgnaf[a]k#ak#]]f#cgjlaf_#gh_]d]_\#nYf#2/%#gh#`]l#Zm\_]l-#B]#hjg\m[l]f#\a]# Hgfp#`Y\#af_]\a]f\+#rabf#lg]_]c]f\-#F]l#_YYl#ge9#Qh][aYdaklak[`]#EEX+#E]f]jYdaklak[`]#@Ykak#EEX+# afl]_jYYd#ljYb][l#Ymlake]+#`]l#Tjg]_#CjZab#R]Ye+#D?AR+#Ngda#Raeh+#Ngda#R]jm_#fYYj#k[`ggd+#n][`l, k[`]a\af_khjgZd]eYla]c+#b]m_\`mdh+#[jakakrgj_+#]ph]jlhggd#]f#\]kcmf\a_`]a\kZ]ngj\]jaf_-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.0


,,!ETSTiTVVT]bRWP_ NYla|fl]f+#e]\]o]jc]jk+#^Yeada]#]f#fYYklZ]ljgcc]f]f#rabf#ggc#n]jl]_]foggj\a_\#af#\]#e]\], r]__]f#k[`Yh#Zaff]f#J]flak-#Gf#n]jk[`add]f\]#jY\]f#hjYl]f#rab#e]]#gn]j#\]#cg]jk#]f#`]l#Z]d]a\#nYf# J]flak-

;; J !< X V ] X b!W T T U c !V T _ P a c X R X _ T T a S! X ] 5!

!! !! !! !! !!

; [ X v ] c T ] a P P S!

B]#Ada|fl]fjYY\#ak#\]#^gje]d]#n]jl]_]foggj\a_af_#nYf#[da|fl]f#]f#_]khj]ckhYjlf]j#nggj#\]# eYfY_]jk#nYf#J]flak-#@ab#J]flak#_YYf#o]#mal#nYf#\]#o]fk]f#]f#Z]`g]^l]f#nYf#[da|fl]f-#BYYj, ge#hjYl]f#[da|fl]f#gh#n]jk[`add]f\]#hd]cc]f#e]]-#U]#`][`l]f#\YYjge#ggc#YYf#]]f#_g]\]# e]\]r]__]fk[`Yh-

BXM;#lg]cgekl#gf\]j\]d]f#\a]fkl#rgj_gf\]jkl]mfaf_ Njg"]dk[`]lk#fa]mo#\aj][la]da\#J]flak;#Y\na]k_]khj]c#cYf\a\YYl#nggjrall]j#Pn@ @]fg]eaf_#lo]]\]#oYYjf]e]f\#nggjrall]j#cdY[`l]f[geeakka]#J]flak.SAN# @]fg]eaf_#oYYjf]e]f\#YeZl]dabc#k][j]lYjak#cdY[`l]f[geeakka]#J]flak.SAN-# Gfl]_jYla]hdYf#Xa]c]fY^\]daf_#K]\ak[`#A]fljme#'XYKA(#]f#\]#ghfYe]cdafa]c#Xma\]jhYnadbg]f# 'MN(-

> P \ X [ X T ! T ] !] P P b c Q T c a ^ Z ZT ] T ]!

B]#A]fljYd]#DYeada]jYY\#ak#\]#^gje]d]#_]khj]ckhYjlf]j#nYf#\]#PYY\#nYf#@]klmmj#]f#Z]`Yjla_l#\]# Z]dYf_]f#nYf#fYYklZ]ljgcc]f]f#nYf#hYla|fl]f.[da|fl]f#\a]#rgj_#gflnYf_]f#nYf#J]flak-#LYYkl#\]# A]fljYd]#DYeada]jYY\#ak#]j#]]f#^Yeada]jYY\#nggj#TgdoYkk]f]fhkq[`aYlja]#]f#^Yeada]\]]djY\]f#nggj# Hgfp.Ymlake]#]f#Dgjafl.GXX@]dYf_jabc]#gf\]jo]jh]f#nggj#\]#A]fljYd]#DYeada]jYY\#oYj]f9 ! ! maljgd#l]nj]\]f`]a\kgf\]jrg]c#fYYklZ]ljgcc]f]f ! ! \]#gfloacc]daf_]f#gh#`]l#_]Za]\#nYf#\]#ljYfkala]k ! ! kljggedabf]f#[gflY[l]f.[geemfa[Yla]#lmkk]f#^Yeada]'\]]d(jY\]f#]f#\]#ADP ! ! ]]f#^Yeada]jYY\#nggj#gm\]j]fB]#A]fljYd]#DYeada]jYY\#Zj]f_l#]]f#]a_]f#bYYjn]jkdY_#mal-

J]flak#`]]^l#nggj#\]#__r9 ! ! C]f#A]fljYd]#Ada|fl]fjYY\#\]#_]khj]ckhYjlf]j#nYf#\]#PYY\#nYf#@]klmmj ! ! Tggj#a]\]j]#rgj__jg]h#]]f#Ada|fl]f\]]djYY\+#\]#_]khj]ckhYjlf]j#nYf#\]#\aj][la] ! ! Ada|fl[geeakka]k#gh#dg[Yla]k#]f#af#\]#j]_ag@Ykak#nYf#`]l#gn]jd]_#e]l#\]#A]fljYd]#Ada|fl]fjYY\#ak#\]#U]l#K]\]r]__]fk[`Yh#Ada|fl]f#Xgj_, k][lgjB]#e]\]r]__]fk[`Yh#af#\]#T]jhd]_af_#&#T]jrgj_af_#nggj#Ba_fakZj]\]#gf\]jo]jh]f#da_l#Zab#\]# A]fljYd]#Ada|fl]fjYY\#nYf#Ba_fak-#BYYjfYYkl#rabf#]j#[da|fl]fjY\]f#h]j#`mak-#

E T S T f T a Z T a b!

@]dYf_jabc]#gf\]jo]jh]f#oYYjgn]j#\]#e]\]r]__]fk[`Yh#ra[`#malkhjYc#oYj]f9

Gf#J]flak#hjYl]f#e]\]o]jc]jk#e]]#gn]j#\]#gj_YfakYla]#nYf#`]l#o]jc-#G]\]j]#e]\]o]jc]j#`]]^l# afndg]\#gh#\]#Y[lanal]al]f#]f#\]#o]jcoabr]#Zaff]f#rabf#]a_]f#Y^\]daf_#naY#`]l#o]jcgn]jd]_#]f#\]# bYYj_]khj]cc]f-

;; J !D T ] c X b

Gf#1/04#`]]^l#\]#AAP#J]flak#Y\na]k#_]_]n]f#gn]j#\]#ngd_]f\]#gf\]jo]jh]f9 ! ! ?\na]knjYY_#ng]\af_#Z]lj]^^]f\]#kdmalaf_#[]fljYd]#c]mc]f#AAP#J]flak ! ! Mf_]njYY_\#n]jroYYj\#Y\na]k#RT#]f#afl]jf]l#J]flak#nggjra]faf_]f! ! ?\na]knjYY_#oabra_af_#Ba]fkl#Xgj_gf\]jkl]mfaf_#'EAP(# ! ! ?\na]knjYY_#Yd[g`gdZ]d]a\#B]#Iaee]-#

BYYjfYYkl#ak#]j#\]#W`b^V]V#e]\]r]__]fk[`Yh-#B]#gf\]jf]eaf_kjYY\#ak#]]f#Z]dYf_jabc]#_]khj]ck, hYjlf]j#nYf#`]l#eYfY_]e]fl-#J]flak#c]fl9 ! ! C]f#A]fljYd]#Mf\]jf]eaf_kjYY\+#\]#_]khj]ckhYjlf]j#nYf#\]#PYY\#nYf#@]klmmj! ! Tggj#a]\]j]#rgj__jg]h#]]f#gf\]jf]eaf_kjYY\+#\]#_]khj]ckhYjlf]j#nYf#\]#\aj][la]! ! Ageeakka]k#nggj#kh][a"]c]#gf\]jo]jh]f-

;; J !< X V ] X b! M#M

!! !! !!

Uabra_af_#IdY[`l]fj]_]daf_#^Yeada]#]f#fYYklZ]ljgcc]f]f Tggj_]fge]f#Z]kdmal#tkdmalaf_#[]fljYd]#c]mc]f#J]flak#Xma\dYj]fu;#fa]mo]#ng]\af_knaka]#]f# ng]\af_kgj_YfakYla] Tggj_]fge]f#Z]kdmal#tafkl]dd]f#\aj][la]^mf[la]#@]`Yf\]drYc]f#Ba_fak#T&Tu-

B]#U]l#gh#\]#Mf\]jf]eaf_kjY\]f#ak#\]#ZYkak#nggj#gfr]#kYe]fo]jcaf_-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.1


8SeXTb5

Cj#coYe]f#af#1/04#]]f#YYflYd#Y\na]kYYfnjY_]f#Zab#\]#AMP9 ! ! Rg]cgekl#\a]fkl#Xgj_gf\]jkl]mfaf_ ! ! La]mo]#e]\]r]__]fk[`Yh ! ! Gfl]_jYla]#ra]c]fY^\]daf_#af#Idafa]c#Mm\]j]fhkq[`aYlja] ! ! Gfkl]dd]f#\aj][la]^mf[la]#Z]`Yf\]drYc]f#Ba_fak#T&T ! ! @]fg]eaf_#fa]mo]#nggjrall]j#PYY\#nYf#@]klmmjA]bcT\\X]V5

B]#AMP#kl]e\]#af#e]l9 ! ! N]jkgf]]dkj]_]daf_#@jaf_#Wgmj#Mof#B]na[]#'@WMB(# ! ! IdY[`l]fj]_]daf_#^Yeada].fYYklZ]ljgcc]f]f ! ! ?^k[`Y^"f_#j]_]daf_#N]fkag]f#af#Xa[`l#'NGX( ! ! P]akcgkl]fj]_]daf_#YeZmdYfl]#e]\]o]jc]jk< T ! ;G J ! b c T \ S T !] X T c ! X ] !\ T c 5

!!

Tggj_]fge]f#Z]kdmal#13,mmjk[jakak\a]fkl#'Fa]jgh#ngd_\]#Z]_af#1/05#]]f#YYf_]hYkl# nggj_]fge]f#Z]kdmal+#oYYje]]#\]#AMP#o]d#cgf#afkl]ee]f-(

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.2


,-!DT]cXb!ZXYZc!e^^adXc'!\TTaYPaT]eXbXT <T!ETTaYPaT]eXbXT

G]iT!\TTa fPPaST

Gf#1/02#`]ZZ]f#o]#kYe]f#e]l#gfr]#e]\]o]jc]jk#gfr]#K]]jbYj]fnaka]#J]flak#uEa\k#fYYj# hYkk]f\]#rgj_t#1/02#w#1/04#nYkl_]kl]d\-#K]l#\]r]#naka]#ra]f#o]#af#gfr]#rYc]f#nggjmal-#K]l#gfr]# K]]jbYj]fnaka]#kdmal]f#oab#YYf#gh#`]l#Z]klmmjdabc#Yccggj\#af#\]#EErMfr]#K]]jbYj]fnaka]#Z]`]dkl#cgjl#\]#ngd_]f\]#gf\]jo]jh]f9

Uab#d]n]j]f#e]l#\]#EEr#]f#\]#rgj_#nggj#gm\]j]f#]]f#Z]dYf_jabc]#Zab\jY_]#YYf#gfr]#kYe]fd]naf_-# Uab#eg]l]f#fY\jmcc]dabc]j#`]l#n]j`YYd#n]jl]dd]f#nYf#\]#oYYj\]9 ! ! \a]#hkq[`ak[`#_]rgf\]#e]fk]f#`]ZZ]f#nggj#ra[`r]d^+#`mf#ge_]naf_+#`mf#o]jc#]f#\]# eYYlk[`Yhhab; ! ! \a]#_]rgf\]#e]fk]f#e]l#]]f#[`jgfak[`#hkq[`aYljak[`]#ra]cl]#`]ZZ]f#af#gfr]#kYe]fd]naf_; ! ! nYf#ZYdYfk#lmkk]f#da[`YYe#]f#_]]kl#]f#\]#Zab\jY_]#\a]#\]#EEr#cYf#d]n]j]f#YYf#\]#_]rgf\`]a\# nYf#Zmj_]jk#af#gfr]#kYe]fd]naf_-

<T!bP\T][TeX]V

Mfr]#kYe]fd]naf_#n]jYf\]jl#kf]d-#U]#ra]f#kg[aYd]+#eYYlk[`Yhh]dabc]#]f#][gfgeak[`]#hjgZd]e]f# \a]#o]#nYfmal#gfr]#`ma\a_]#ra]fkoabr]#]f#_]\jY_af_]f#fa]l#e]]j#cmff]f#Z]Yfloggj\]f9 ! ! B]#`ma\a_]#rgj_#d]a\l#fa]l#lgl#]]f#_]rgf\]j]#kYe]fd]naf_9#\]#njYY_#ge#`mdh#Zab#hkq[`ak[`]# hjgZd]e]f#]f#`]l#gm\]j#ogj\]f#Zdab^l#lg]f]e]f! ! C]f#lg]f]e]f\]#rgj_njYY_#Z]l]c]fl#_jg]a#nYf#\]#cgkl]f! ! Mh#af\ana\m]]d#fan]Ym#rabf#gfr]#hYla|fl]f.[da|fl]f#l]nj]\]f+#Zdabcl#mal#gfr]#cdYfll]nj]\]f`]a\+# gh#hghmdYla]fan]Ym#ra]f#o]#][`l]j#_]]f#n]j\]j]#lg]fYe]#nYf#_]rgf\`]a\! ! B]#n]jk[`add]f\]#gf\]j\]d]f#nYf#\]#EEr#]f#TTR+#nYf#`makYjlk#lgl#cdafa]c+#rabf#n]jkfahh]j\! ! U]#`]ZZ]f#af#\]#rgj_#n]]d#fY\jmc#_]d]_\#gh#`]l#e]l]f#]f#\]#Z]`Yf\]daf_#nYf#ra]cl]f#]f# `]l#afja[`l]f#nYf#rgj_9#\]#o]_#fYYj#Z]`Yf\]daf_]f#ak#\YYj\ggj#]j_#dYf_#_]ogj\]f+#oYYj\ggj# e]fk]f#kgek#l]#dYYl#af#rgj_#cge]f! ! B]#`makYjlk#]jnYYjl#]]f#_jgl]#Y^klYf\#lgl#EEr,gj_YfakYla]k#]f#ng]dl#ra[`#gfngd\g]f\]#gf\]j, kl]mf\#\ggj#gfr]#]ph]jlak]-#Ql]]\k#e]]j#\a]fkln]jd]faf_kY[lanal]al]f#rabf#mal#gfk#hYcc]l# n]j\o]f]f-#BYYje]]#ak#`]l#[]e]fl#lmkk]f#\]#n]jk[`add]f\]#Zjgcklmcc]f#nYf#\]#EEr#]f#\]]dk# ggc#\]#TTR#n]j\o]f]f-

Uab#`]ZZ]f#c]ffak+#cmf\]#]f#]jnYjaf_#e]l#\]#gfloacc]daf_#nYf#hkq[`ak[`]#_]rgf\`]a\-#BYYj, e]]#cmff]f#oab#Zab\jY_]f#YYf#]]f#_]rgf\]j]#gfloacc]daf_#nYf#e]fk]f#nYf#Ydd]#d]]^lab\]f#]f#\]# c # oYdal]al#nYf#`mf#d]n]f-#Uab#rabf#_]]f#cgkl]fhgkl#eYYj#]]f#afn]kl]jaf_#e]l#j]f\]e]fl#nggj#a]\]j, ]]f-#BYYjge#oadd]f#o]#af#\]#oabc#YYfo]ra_#rabf#gh#\]#hdYYlk]f#oYYj#Zmj_]jk#]dcYYj#gfleg]l]f#]f# afn]kl]j]f#af#_]rgf\`]a\#]f#_]\jY_-#Fa]j#`gj]f#mal]jYYj\#ggc#\]#najlm]d]#rg]chdYYlk]f#Zab-#BYYj# oadd]f#o]#YYfo]ra_#rabf#e]l#]F]Ydl`,ghdgkkaf_]f#_]ja[`l#gh#\]#]a_]f#cjY[`l#]f#r]d^j]\rYYe`]a\# nYf#Zmj_]jk-#@mj_]jk#rmdd]f#e]]j#n]jYfloggj\]dabc`]a\#_YYf#f]e]f#nggj#d]]^klabd#]f#_]\jY_#]f# e]]j#r]d^#\]#j]_a]#_YYf#ng]j]f#gn]j#\]#gf\]jkl]mfaf_#]f#rgj_#\a]#rab#\YYjnggj#fg\a_#`]ZZ]f-# @ # ]dYf_jabc]#\g]d]f#\YYjZab9#nggjcge]f#nYf#hkq[`ak[`]#hjgZd]e]f+#hjgZd]e]f#njg]_lab\a_#ghdgk, k]f#\YYj#oYYj#r]#Z]_aff]f#]f#oYff]]j#rgj_#fg\a_#ak#\a]#Za]\]f#e]l#]]f#_g]\]#coYdal]al+#lg]_Yfc], dabc`]a\#]f#\g]deYla_`]a\-

G ] i T !d X c V P ] V b _ d ] c T ] !T ] !_ a X ] R X _ T b

Uab#\]fc]f#]f#`Yf\]d]f#nYfmal#\]#ngd_]f\]#oYYj\]f9 ! ! AgehYkka]#nggj#\]#e]fk#]f#rabf#n]j`YYd! ! U]#rabf#\a]fklZYYj#YYf#gfr]#[da|fl]f+#hYla|fl]f#]f#Z]ogf]jk! ! U]#rabf#nYccmf\a_#]f#ljglk#gh#gfk#nYceYfk[`Yh! ! U]#klYYf#nggj#gfr]#eYYlk[`Yhh]dabc]#n]jYfloggj\]dabc`]a\#]f#\jY_]f#Zab#YYf#]]f#_g]\]# lg]_Yf_#lgl#hYkk]f\]#rgj_Mfr]#d]a\]f\]#hjaf[ah]k#\YYjZab#rabf9 ! ! B]#hYla|fl#`]]^l#rg#dYf_#eg_]dabc#r]d^#\]#j]_a]! ! B]#hjg^]kkagfYd#klYYl#nggj#rabf#nYceYfk[`Yh#]f#f]]el#\YYjnggj#n]jYfloggj\]dabc`]a\! ! B]#Z]klmjaf_#]f#gf\]jkl]mfaf_#nYf#J]flak#ak#]j#gh#_]ja[`l#e]\]o]jc]jk#l]#`]dh]f# Z]l]c]fakngdd]#rgj_#l]#n]jd]f]f+#l]#n]jZaf\]f#]f#\]#Zmal]fo]j]d\#Zaff]f#l]#`Yd]fPricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.3


N P c !S ^ T ] !f T

M^ a \ V T e X ] V

Gf#`]l#cgjl#cgel#`]l#`a]j#gh#f]]j9 ! ! U]#gf\]jkl]mf]f#\]#`makYjlk#Ydk#j]_akk]mj#]f#gf\]jkl]mf]f#\]#Z]ngdcaf_#e]l#hj]n]fla]-# B]#fY\jmc#cgel#l]#da__]f#gh#gfr]#gf\]jkl]mfaf_#]f#_a\k^mf[la]-#Bal#\g]f#o]#e]l#]]f#oabc, _]ja[`l]#^g[mk! ! @ab#[gehd]p]#hjgZd]e]f#Za]\]f#o]#kh][aYdaklak[`]#rgj_-#Mfr]#\]kcmf\a_`]a\#af#\]# _]kh][aYdak]]j\]#EEr+#TTR#]f#RMNEEr#ngjel#\]#ZYkak#nggj#\]#Z]o]_af_#\a]#ogj\l#_]eYYcl# ge#\]#hkq[`ak[`]#_]rgf\`]a\#nYf#\]#hghmdYla]#l]#Z]ngj\]j]f! ! @ab#[jakak#rabf#o]#]j#\aj][l#e]l#gfr]#Y[ml]#rgj_! ! C]f#hgjl^gdag#oYYjaf#o]#j]_a]#\]d]f#]f#kYe]fo]jc]f#nggjYYf#af#\]#c]l]f-#QYe]fo]jcaf_#e]l# `makYjlk]f#]f#_]f]jYdaklak[`]#ZYkak#__r#]f#l`makrgj_#ak#]kk]fla]]d#ge#\]#Z]o]_af_#nYf#rgj_# nggj#ra]cl]#fYYj#_]\jY_#]f#_]rgf\`]a\#l]#eYc]f-#U]#cmff]f#fa]l#Ydd]k#r]d^#\g]f-#Uab#\g]f# Ydd]]f#_]f]jYdaklak[`]#ZYkak#__r#]f#l`makrgj_#Ydk#\al#]]f#YYflggfZYj]#e]]joYYj\]#`]]^l#nggj# Zmj_]jk#af#\]#kYe]fd]naf_-

@ab#`]l#ngje_]_]n]f#nYf#gfr]#gj_YfakYla]#kh]]dl#`]l#ngd_]f\]9 ! ! T]jZaf\af_#e]l#gfr]#Z]dYf_`]ZZ]f\]f! ! T]jYfloggj\]dabc`]a\#nggj#nYceYfk[`Yh#Zab#\]#nYceYf.nYcnjgmo! ! Mf\]jkl]mfaf_#\a[`lZab#oYYj#fg\a_! ! Mf\]jkl]mfaf_#_]e]]fk[`Yhh]dabc#oYYj#nggj\]da_! ! C]f#gh]f#]f#hdYll]#eYfY_]e]flkljm[lmmjE T c T ] !_ a T b c P c X T b

Mfr]#hj]klYla]k#e]l]f#o]#gh#Ydd]#fan]Ymk#af#gfr]#gj_YfakYla]#Y^#YYf#na]j#cjalak[`]#km[[]k^Y[lgj]f+# g^o]d#IC@G9 ! ! IdYfll]nj]\]f`]a\; ! ! C^^][l+#coYdal]al#]f#n]ada_`]a\#nYf#rgj_; ! ! @]\jab^keYla_#o]jc]f ! ! GffgnYla].Gf^gjeYlak]jaf_-#

Gf#gfr]#hgjl^gdag#ca]r]f#o]#\YYjge#nggjYd#nggj9 ! ! Nj]n]fla]#]f#r]d^eYfY_]e]fl! ! B]#gf\]jkl]mfaf_k,#]f#_a\k^mf[la]! ! Qh][aYdaklak[`]#__r#]f#RMNEEr-

Mfr]#K]]jbYj]fnaka]#`]]^l#gfk#\]#Y^_]dgh]f#h]jag\]#ja[`laf_#_]_]n]f-#U]#]nYdm]j]f#\]# K]]jbYj]fnaka]#af#1/04-#

G ] b! R^ ] RT a ]

U]#rabf#]]f#gj_YfakYla]#oYYjaf#gf\]j\]d]f#ra[`#n]jZgf\]f#o]l]f#e]l#Zmj_]jk#]f#kYe]fd]naf_#]f# \]#gf\]j\]d]f#kYe]f#klYYf#nggj#`]l#j]kmdlYYl#nYf#J]flak-#TYfmal#\]r]#n]jZgf\]f`]a\#ogj\l#\]# Z]o]_af_#nYf#rgj_#nggj#ra]cl]#fYYj#_]\jY_#]f#_]rgf\`]a\#_]eYYcl-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

.4


,.!G]iT!QTbcdaX]VbUX[^b^UXT!eaXYWTXS!X]!eTaQ^]ST]WTXS @aff]f#J]flak#\g]f#o]#Ydd]]f#a]lk#Ydk#\]#hYla|fl.[da|fl#]j#a]lk#e]]#ghk[`a]l-#?f\]jk#\g]f#o]#`]l# fa]l?dd]k#oYl#o]#\g]f#gf\]jkl]mfl#`]l#`]jkl]d#nYf#\]#hYla|fl-#U]drabf#]f#coYdal]al#nYf#d]n]f#rabf# \YYjZab#d]a\]f\-#P]kh][l#nggj#\]#e]fk#]f#rabf#n]j`YYd#klYYf#fa]l#l]j#\ak[mkka]-#J]flak#ak#]]f# ]l`ak[`]#gj_YfakYla]#]f#eYYlk[`Yhh]dabc]#n]jYfloggj\]dabc`]a\#ak#gfr]#\jab^n]]j-#K]\]o]jc]jk# ]f#l]Yek#rabf#ra[`#Z]omkl#nYf#oYl#\]#kYe]fd]naf_#nYf#`]f#njYY_l-#Mfr]#Z]klmjaf_#`]]^l#]]f# Z]dYf_jabc]#jgd#ge#n]jZaf\af_#l]#d]__]f#e]l#\a]#kYe]fd]naf_-#X]__]fk[`Yh#cjab_]f#_YYl#kYe]f# e]l#n]jYfloggj\]dabc`]a\#f]e]f-#Mh#\]r]#eYfa]j#Za]\l#J]flak#[da|fl_]ja[`l]+#n]ada_]#]f#Z]lYYdZYj]# rgj_-#U]#klYYf#af#]]f#gh]f#]f#Z]omkl]#n]jZaf\af_#e]l#Ydd]#Z]dYf_`]ZZ]f\]f-#U]#ngd\g]f#YYf#\]# o]fk]f#nYf#\]#kYe]fd]naf_#l]f#YYfra]f#nYf#cdYflh]jkh][la]^+#]^^][lanal]al+#coYdal]al#]f#n]ada_`]a\+# e]l#Ydk#ZYkak#]]f#_]rgf\]#"fYf[a|d]#Z]\jab^kng]jaf_-

U]#oadd]f#rgn]]d#eg_]dabc#n]jYfloggj\]dabc`]a\#d]__]f#Zab#\]#l]Yek#r]d^-#BYl#rYd#fa]l#Ydlab\# eg_]dabc#rabf-#Agehd]pal]al+#'Y^Zj]mc(jaka[guk+#l]Yegn]jklab_]f\]#hjg[]kk]f#]f.g^#o]ll]dabc]#]ak]f# cmff]f#]jlg]#d]a\]f#\Yl#\]#n]jYfloggj\]dabc`]a\#nggj#]]f#g^#e]]j#nYf#\]#hjg[]kgf\]j\]d]f#Zmal]f# ]]f#l]Ye#ogj\l Z]d]_\-#TYfmal#`]l#hjaf[ah]#_]]f#r]__]fk[`Yh#rgf\]j#n]jYfloggj\]dabc`]a\#]f#_]]f#n]jYfl, oggj\]#dabc`]a\#rgf\]j#r]__]fk[`Yh+#eg]l#\al#nggjY^#nggj#a]\]j]]f#\ma\]dabc#rabf+#rg\Yl#a]\]j]]f# tZ]omkl#Z]ng]_\u#ak9TbcdaX]VbbcadRcdda

Me#kdY_nYYj\a_#l]#rabf+#af#n]jZaf\af_#e]l#rgo]d#e]\]o]jc]jk#Ydk#e]l#\]#Zmal]fo]j]d\+#ak#`]l# ]kk]fla]]d#ge#kf]dd]j#]f#\aj][l]j#e]l#]dcYYj#l]#[geemfa[]j]f-#BYYjge#oadd]f#o]#eaf\]j#dY_]f+# cgjl]j]#dabf]f#]f#\aj][l]j]#afndg]\#nYf#e]\]o]jc]jk-#

U]#oadd]f#lo]]#gfloacc]daf_]f#j]Ydak]j]f9 ! ! ]]f#n]jk[`manaf_#nYf#rgj_#nggj#ra]cl]#fYYj#rgj_#_]ja[`l#gh#_]\jY_#]f#_]rgf\`]a\-#BYYj#nggj# oadd]f#o]#\]#rgj_#\a[`l]j#Zab#\]#Zmj_]j#Zj]f_]f#]f#\a]#Zmj_]j#`]dh]f#e]]j#n]jYfloggj\]dabc, `]a\#l]#'cmff]f(#_YYf#f]e]f#nggj#rabf#]a_]f#_]rgf\`]a\-# ! ! e]\]o]jc]jk#jmael]#_]n]f#nggj#`mf#nYceYfk[`Yh+#eg_]dabc`]\]f#Za]\]f#r]d^#l]#cmff]f# Z]kdakk]f#]f#nggjYd#ggc#\]#gf\]jkl]mfaf_#\a[`lZab#gj_Yfak]j]f-

U]#_YYf#Zaff]f#J]flak#mal#nYf#\ja]#fan]Ymk9 ! ! ANMN_NZTNZ[#rabf#n]jYfloggj\]dabc#nggj#\]#malng]jaf_#nYf#Z]l]c]fakngdd]+#]^^][la]n]#]f# n]ada_]#rgj_-#X]#`]ZZ]f#r]__]fk[`Yh#gn]j#\]#\aj][l]#gf\]jkl]mfaf_#\a]#\YYjnggj#fg\a_#ak-# Fmf#n]jYfloggj\]dabc`]a\#ak#_]ZYk]]j\#gh#`mf#nYceYfk[`Yh-#X]#cjab_]f#lab\a_#lg]_]kf]\]f# af^gjeYla]#gn]j#`mf#hj]klYla]k-#Ba]#af^gjeYla]#Z]fmll]f#r]#ge#]jnYf#l]#d]j]f+#lgl#n]jfa]moaf_# nYf#rgj_#l]#cge]f#]f#ge#ra[`#lab\a_#fYYj#Z]dYf_`]ZZ]f\]f#l]#n]jYfloggj\]f! ! AJWJPNVNW\#'l]Yed]a\]jk#]f#eYfY_]jk( 6MaM"TMQLQVOOM]MVLMV"aQRV"]MYIV[^WWYLMTQRS"]WWY"LM"KWjYLQVI[QM"MV"IIVZ[\YQVO"]IV"LM" W " XMYI[QWVMTM"XYWKMZZMV)"HM"Z[QU\TMYMV"LM"aMTNYMLaIIUPMQL"]IV"P\V"UMLM^MYSMYZ"MV"ZIUMV( YMLaIIUPMQL"]IV"P\V"[MIUZ)"HM"]WMOMV"LI[OMVM"[WM"^I["[MIUZ"VWLQO"PMJJMV"WU"P\V"^MYS" OWML"[M"S\VVMV"LWMV)"HM"TI[MV"aQKP"LIIYJQR"TMQLMV"LWWY"LM"]YIIO"]IV"LM"XI[QiV["MV"LM"MQZMV"\Q[" LM"ZIUMVTM]QVO)"HM"JWYOMV"LI["QV"LM"JMZT\Q[MV'"LM"SMVVQZ"MV"WX]I[[QVOMV"]IV"UMLM^MYSMYZ" ^WYLMV"UMMOMVWUMV"MV"aM"KWUU\VQKMYMV"LIIY"[QRLQO'"L\QLMTQRS"MV"YMKP[Z[YMMSZ"W]MY) ! ! F\ZJ\NPR[LQ!VJWJPNVNW\#'PYY\#nYf#@]klmmj#]f#\aj][la]k( ;M["Z[YI[MOQZKP"UIVIOMUMV["QZ"]MYIV[^WWYLMTQRS"]WWY"LM"Z[YI[MOQZKPM"SWMYZ"MV"Z[YI[MOQZKPM" JMZT\Q[]WYUQVO)"6M"SWMYZ"^WYL["JMXIITL"IIV"LM"PIVL"]IV"WVaM"UQZZQM'"]QZQM"MV"^IIYLMV'" WV[^QSSMTQVOMV"QV"LM"WUOM]QVO"MV"LM"SMVVQZ'"]QZQM"MV"QLMMiV"]IV"UMLM^MYSMYZ)"<V"LM" Z[YI[MOQZKPM"JMZT\Q[]WYUQVO"^WYL["LM"QVJYMVO"]IV"UMLM^MYSMYZ"MV"IVLMYM"Z[ISMPWTLMYZ" ]MYIVSMYL)"

Me#\al#oYYj#l]#eYc]f#ak#]]f#Z]klmjaf_#fg\a_#\a]#nggjra]l#af#]]f#_jgl]#eYl]#nYf#njab`]a\#af#Z]kdmal, ngjeaf_+#malng]jaf_#]f#Zgj_af_#nYf#rgj_hjg[]kk]f-#Bal#e]l#afY[`lf]eaf_#nYf#n]jYfloggj\]dabc, `]\]f#l]f#YYfra]f#nYf#cdYflh]jkh][la]^+#]^^][lanal]al+#coYdal]al#]f#n]ada_`]a\#]f#"fYf[a]]d# j]f\]e]fl-#Igjlge9#tTjab`]a\#af#n]jZgf\]f`]a\u9 T f d b c !Q T e ^ T V S

F]l#km[[]k#nYf#J]flak#`Yf_l#Y^#nYf#cjalak[`]#km[[]k^Y[lgj]f#]f#\]#oabr]#oYYjgh#o]#YYf#cmff]f# lgf]f#g^#o]#\]#\g]d]f#\a]#o]#`]ZZ]f#_]^gjemd]]j\#ggc#\YY\o]jc]dabc#Z]j]ac]f-# Fa]jZab#eYc]f#o]#Z]omkl#n]jZaf\af_#e]l#Ydd]#Z]dYf_`]ZZ]f\]f#]f#\mk#ggc#\]#o]fk]f#nYfmal#\]# kYe]fd]naf_-#Ba]#o]fk]f#cmff]f#ggc#n]joggj\#rabf#af#]ak]f#oYYj#\]#rgj_#YYf#eg]l#ngd\g]f-#XgYdk# \ggj#\]#Gfkh][la]#nggj#\]#E]rgf\`]a\krgj_#\a]#nggj#\a]#kYe]fd]naf_#[gfljgd]k#\g]l#g^#\a]#]ak]f# ggc#ogj\]f#fY_]d]]^\-#Bal#cYf#kgek#]]f#\oaf_]f\#cYjYcl]j#`]ZZ]f-# TYfo]_]#\Yl#Z]dYf_#kl]dd]f#o]#nYkl#oYl#\a]#njYY_#nYf#\]#kYe]fd]naf_#ak+#oa]#af#\]#gj_YfakYla]# n]jYfloggj\]dabc#ak#nggj#\]#n]jlYdaf_#nYf#\a]#njYY_#fYYj#Z]d]a\+#oa]#n]jYfloggj\]dabc#ak#nggj#\]# bmakl]#malng]jaf_+#oa]#n]jYfloggj\]dabc#ak#nggj#n]jYfloggj\af_#]f#Zgj_af_#]f#`g]#'\a[`lZab#g^# _]e]]fk[`Yhh]dabc(#l]Yek#Zab#\a]#\ja]#hjg[]kgf\]j\]d]f#ogj\]f#gf\]jkl]mf\-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

/+


Gf#\]#lglYd]#hdYfngjeaf_#Zaff]f#J]flak#ak#`]l#nYf#Z]dYf_#\Yl#o]#gg_#`]ZZ]f#nggj#n]jk[`add]f# lmkk]f#\g]d_jg]h]f+#l]Yek#]f#rgj__jg]h]f-#KYYj#ggc#\Yl#o]#af#`]l#da[`l#nYf#gfr]#kljYl]_ak[`]# cg]jk#\]#kYe]f`Yf_#Z]oYc]f#]f#kqf]j_a]#j]Ydak]j]f-#BYl#n]j]akl#\Yl#o]#rg#kaeh]d#]f#j][`lklj]]ck# eg_]dabc#\]#n]jZaf\af_#Zgj_]f#lmkk]f#rgj_l]Yek+#gf\]jkl]mfaf_#]f#`]l#kljYl]_ak[`#eYfY_]e]fl-# BYl#oadd]f#o]#j]Ydak]j]f#\ggj#\]#n]jYfloggj\]dabc`]a\#nggj#\]#hdYff]f#Zab#\]#l]Yek#l]#d]__]f+# Zaff]f#`]d\]j]#cY\]jk#]f#kh]dj]_]dk-#

9 T b [ d X c e ^ a \ X ] V !T ] !Q T [ T X S b e ^ a \ X ] V

NZdXR_Xcae_dV_ U]#f]e]f#lab\a_#af`gm\]dabc#_g]\]#Z]kdmal]f+#af#dabf#e]l#gfr]#eakka]+#oYYj\]f#]f#d]a\]f\]# hjaf[ah]k+#_]ZYk]]j\#gh#]]f#_g]\]#afn]flYjakYla]#nYf#^]al]f#]f#ghnYllaf_]f#nYf#\aj][l#Z]ljgcc]f# e]\]o]jc]jk#]f#af#n]jZaf\af_#e]l#\]#]ak]f#]f#o]fk]f#nYf#\]#kYe]fd]naf_-#U]#[geemfa[]j]f# Z]kdmal]f#lab\a_+#\ma\]dabc#]f#j][`lklj]]ck-#@]ng]_\`]\]f#rabf#]phda[a]l#lg]Z]\]]d\+#rg#dYY_#Ydk# eg_]dabc+#rg#`gg_#Ydk#fgg\rYc]dabc-

R]Yek#eYc]f#bYYjdabck#]]f#[gehY[l#hdYf#e]l#`mf#YeZala]k#]f#\]#\g]dkl]ddaf_]f#\a]#r]#oadd]f# j]Ydak]j]f-#X]#_]n]f#YYf#oYl#]j#nggj#\]#malng]jaf_#fg\a_#ak#YYf#e]fk]f#]f#ea\\]d]f#]f#`g]#r]#\Yl# oadd]f#Z]cgkla_]f-#R]Yek#rabf#r]d^#n]jYfloggj\]dabc#`mf#`mak`gm\Zg]cb]#gh#gj\]#l]#`gm\]f-#Gf#`]l# hdYfngjeaf_khjg[]k#Zgj_]f#o]#gh#rgo]d#`]l#fan]Ym#nYf#\]#rgj__jg]h#Ydk#nggj#J]flak#lglYYd#\] kYe]f`Yf_#lmkk]f#\]r]#hdYff]f#]f#\]#kljYl]_a]-

HaV_"=VbRRU @]d]a\#eg]l#nggj#rgo]d#e]\]o]jc]jk#Ydk#eYfY_]e]fl#Z]l]c]fakngd#rabf#]f#Zab\jY_]f#YYf#`]l# Z]dYf_#nYf#hYla|fl]f#]f#[da|fl]f-#BYYjge#oadd]f#o]#af#\]#Z]d]a\kngjeaf_#\]#naka]#]f#ghnYllaf_]f# nYf e]\]o]jc]jk#fY\jmcc]dabc#e]]f]e]f-#Tggj\Yl#]j#Z]kdmal]f#ogj\]f#_]fge]f#gj_Yfak]j]f#o]# ]]f#Mh]f#@]jYY\-#Gf#\al#Mh]f#@]jYY\#ogj\l#e]l#e]]j\]j]#_]d]\af_]f#mal#\]#gj_YfakYla]#Z]d]a\# gfloacc]d\#l]f#Z]`g]n]#nYf#'kljYl]_ak[`](#Z]kdmalngjeaf_-#TggjY^#ak#\]#YYfd]a\af_#]f#njYY_kl]ddaf_# `]d\]j#_]^gjemd]]j\+#]n]fYdk#`]l#lab\khY\#oYYjZaff]f#]]f#Z]d]a\kY\na]k#eg]l#ogj\]f#_]_]n]f-# Hmakl#Zab Z]dYf_jabc]#fa]mo]#o]fk]f#nYfmal#\]#kYe]fd]naf_+#\a]#njY_]f#ge#]]f#oabra_af_#af#cg]jk#g^# hgkalagf]jaf_#ak#\Yl#gh]f#Z]jYY\#o]fk]dabc-#KYYj#ggc#fgg\rYc]dabc]#n]jYf\]jaf_]f#af#o]jc, hjg[]kk]f#e]l#_jgl]#[gfk]im]fla]k#d]f]f#ra[`#kl]jc#nggj#]]f#Mh]f#@]jYY\-#BYYjZab#cYf#`]l#_YYf# ge#^qka]c]#Zab]]fcgekl]f+#eYYj#ggc#ge#Mh]f#@]jYY\#naY#kg[aYd#e]\aY#'ra]#\]#malo]jcaf_#nYf#`]l# Mh]f#@]jYY\#af#ZabdY_]#3(-

EgR]ZdVZdcTiT]ec R]Yek#o]jc]f#e]l`g\ak[`#]f#YYflggfZYYj#YYf#n]jZ]l]jZ]d]a\-#BYl#cYf#af#]]f#YhYjl]#coYdal]alk, [q[dmk#ogj\]f#_]gj_Yfak]]j\+#gn]j#\]#_j]fr]f#nYf#`]l#bYYj#`]]f-#@Ykak#`a]jnggj#ngjel#]]f#af,#g^# ]pl]jf]#'r]d^(Ym\al-#BYYjfYYkl#o]l]f#o]#\Yl#km[[]kngdd]#gj_YfakYla]k#kl]jc#rabf#af#`]l#\]d]f#]f# maloakk]d]f#nYf#c]ffak-#BYYjge#cYf#]]f#`gjargflYYd#Ym\alkqkl]]e+#oYYjZab#l]Yek#bYYjdabck#\]# \aYdgg_#YYf_YYf#e]l#hjg^]kkagfYdk#nYf#Yf\]j]#gj_YfakYla]gf\]j\]d]f#]]f#Z]dYf_jabc#afkljme]fl# rabf#af#\]#coYdal]alk[q[dmk?Yf#\]#`Yf\#nYf#]]f#Ym\alk[`]eY#oYYjaf#\]#n]jZaf\af_#e]l#\]#_]njYY_\]#coYdal]al#nYfmal#\] kYe]fd]naf_#ogj\l#_]d]_\+#ogj\l#kYe]f#]]f#t^glgu#_]eYYcl#nYf#`]l#gj_YfakYla]gf\]j\]]d-#Ba] _]rYe]fdabc]#t^glgu+#\g]l#j][`l#YYf#\]#n]jk[`add]f#lmkk]f#gj_YfakYla]gf\]j\]d]f#]f#ak#\]# ZYkak#nggj#\]#n]j\]j]#n]jZ]l]jaf_#]f#affgnYla]#af#\Yl#gj_YfakYla]gf\]j\]]d#]f#\]#klYjl#nYf#\]# coYdal]alk[q[dmk-

I]R_f`b^Z_X"V_"eZdf`VbZ_X U]#oadd]f#Z]l]c]fakngdd]#rgj_#d]n]j]f+#af#n]jZgf\]f`]a\#e]l#\]#Zmal]fo]j]d\-#BYYjnggj#eYc]f#o] hdYff]f+#egfalgj]f#\]#j]kmdlYl]f+#klmj]f#rg#fg\a_#Zab+#Zgj_]f#\]#hjg[]kk]f#]f#n]jYfloggj\]f#gfk# YYf#Z]dYf_`]ZZ]f\]f-#T]jlj]chmfl#nggj#\]#hdYfngjeaf_#ak#\]#'coYdal]al#nYf(#rgj_-#NdYff]f#rabf#rg# kaeh]d#Ydk#`]l#cYf+#eYYj#o]d#rg\Yfa_#\Yl#o]#ljYfkhYjYfl#rabf#af#oYl#o]#oadd]f#]f#\g]f-#TggjoYYj\]# ak#\Yl#\]#]ak]f#nYfmal#\]#kYe]fd]naf_#Z]c]f\#rabf-#U]#oadd]f#Zgj_]f#\Yl#e]\]o]jc]jk#lab\a_#ra[`l# `]ZZ]f#gh#gfloacc]daf_]f#]f#oabra_af_]f#af#o]l,#]f#j]_]d_]naf_#]f#af#\]#Z]cgkla_af_#nYf#\]#rgj_-# BYYje]]#cmff]f#r]#nYfmal#`mf#nYceYfk[`Yh#]f#n]jYfloggj\]dabc`]a\#rgn]]d#eg_]dabc#r]d^#lab\a_ afkh]d]f#gh#\a]#gfloacc]daf_]f#]f#oabra_af_]f-

=`bXZ_X"V_"fVbR_dg``bUZ_X B]#Zgj_af_#]f#n]jYfloggj\af_#da_l#rgn]]d#eg_]dabc#Zab#l]Yek#r]d^-#Agehd]pal]al+#'Y^Zj]mc(jaka[guk+ l]Yegn]jklab_]f\]#hjg[]kk]f#]f.g^#o]ll]dabc]#]ak]f#cmff]f#]jlg]#d]a\]f#\Yl#\]#n]jYfloggj\]dabc, `]a\#nggj#\]#Zgj_af_#]f#n]jYfloggj\af_#Zmal]f#]]f#l]Ye#ogj\l#Z]d]_\-#BYYjZab#Zdab^l#]]f#l]Ye# o]d#n]jYfloggj\]dabc#nggj#\]#Z]oYcaf_#nYf#\]#malng]jaf_#[gf^gje#`]l#Y^_]khjgc]f#Z]d]a\#]f.g^# ja[`l#dabf]f#]f#\]#n]jYfloggj\af_#\YYjgn]j-#@aff]f#J]flak#`]]^l#a]\]j]]f#ngd\g]f\]#ra[`l#gh#\]# j# ]kmdlYl]f#ge#rabf#n]jYfloggj\]dabc`]a\#Z]omkl#l]#cmff]f#\jY_]f-#R]Yek#]f#af\ana\m]d]#e]\], o]jc]jk#cjab_]f#eYYf\]dabck#gh#`]f#lg]_]kf]\]f#af^gjeYla]#gn]j#`mf#j]kmdlYl]f-#Ba]#af^gjeYla]# eg]l#`]f#`]dh]f#ge#`mf#]a_]f#o]jchjg[]kk]f#l]#Z]oYc]f+#'Zab(#l]#klmj]f+#l]#d]j]f#]f#rgj_#l]# n]jfa]mo]f#]f#\YYj#ggc#n]jYfloggj\]dabc`]a\#nggj#l]#cmff]f#\jY_]f-#BYYjfYYkl#`]]^l#\]r]#af^gj, PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

/,


eYla]#]]f#Z]dYf_jabc]#jgd#af#\]#Zgj_af_#]f#n]jYfloggj\af_-#F]l#l]Ye#ak#]j#nggj#n]jYfloggj\]dabc# \Yl#\]#\aj][la]#_g]\#ra[`l#`]]^l#gh#\]#j]kmdlYl]f-# K`]"f`]gRccV_YVZU"V_"fVbdb`egV_ C]f#Z]dYf_jabc]#nggjoYYj\]#nggj#\]#fa]mo]#Z]klmjaf_k"dgkg"]#ak#jgdngdoYkk]f`]a\#]f#n]jljgmo]f-# Gf#]]f#ngdoYkk]f#l]Ye#`]]^l#a]\]j]]f#rabf#]a_]f#jgd#]f#c]fl#a]\]j]]f#\]#n]jYfloggj\]dabc`]\]f#]f Z]ng]_\`]\]f#\a]#hYkk]f#Zab#\a]#jgd-#B]#d]a\af__]n]f\]#ng]_l#lg]#oYl#`]l#l]Ye#fg\a_#`]]^l#ge# `mf#o]jc#km[[]kngd#l]#cmff]f#\g]f-#BYYjfYYkl#`]]^l#\]#d]a\af__]n]f\]#]]f#Z]dYf_jabc]#jgd#Ydk#`]l# _YYl#ge#n]jZaf\af_#l]#eYc]f9#e]l#\]#kYe]fd]naf_+#e]l#e]\]o]jc]jk#gf\]jdaf_+#e]l#YYfhYd]f\]# Y^\]daf_]f#]f#e]l#`]l#kljYl]_ak[`#eYfY_]e]fl-#Gf#]]f#ngdoYkk]f#l]Ye#ak#]j#n]jljgmo]f#]f# gh]f`]a\#gn]j#oYl#_g]\#_YYl+#eYYj#ggc#gn]j#oYl#]j#fa]l#_g]\#_YYl#]f#ak#]j#Z]j]a\`]a\#nYf#]dcYYj#l]# d]j]f-# B]#gfloacc]daf_]f#\a]#gfk#nggj#g_]f#klYYf#\g]f#]j#lg]-#U]#oadd]f#\]#lg]_Yf_#lgl#Z]l]c]fakngdd]# rgj_#rg#\mmjrYYe#eg_]dabc#eYc]f-#Cf#o]#oadd]f#Zmj_]jk#`]dh]f#rg#r]d^j]\rYYe#eg_]dabc#l]# ogj\]f-#KYYj#Ydk#]j#e]]j#YYf#\]#`Yf\#ak+#oadd]f#o]#]j#rabf#nggj#\a]#Zmj_]j#]f#o]d#\a[`lZab-#Xg\Yl# \j]eh]dk#dYY_#rabf#]f#\]#rgj_#rg#kaeh]d#]f#cgjl\mj]f\#Ydk#eg_]dabc#cYf#rabf-#Cf#eg[`l#]j#e]]j# fg\a_#rabf+#\Yf#`]ZZ]f#o]#gfk#kh][aYdake]-#K]l#\]#coYdal]al#\a]#fg\a_#ak+#fa]l#e]]j#eYYj#ggc#fa]l# eaf\]j#]f#Zgn]fYd#Z]lYYdZYYj-#BYYj#klYYf#o]#nggjMe#\Yl#l]#Z]j]ac]f#oadd]f#o]#gfr]#e]\]o]jc]jk#jmael]#_]n]f-#Pmael]#ge#`mf#nYceYfk[`Yh#l] cmff]f#malg]^]f]f-#K]l#hjg^]kkagf]d]#mal\Y_af_#]f#e]fk]dabc]#ngd\g]faf_-#BYYjnggj#f]e]f#r]#`mf n]jYfloggj\]dabc`]a\+#af#n]jZgf\]f`]a\#e]l#\]#ge_]naf_-#J]flak#oadd]f#o]#gj_Yfak]j]f#nYf# gf\]jY^+#nYfmal#\]#rgj_+#rg#kaeh]d#eg_]dabc-#?dd]]f#\g]f#oYl#]j#lg]#\g]l-#Gf#`]l#Z]dYf_#nYf#gfr]# [da|fl]f+#hYla|fl]f#]f#Z]ogf]jk-#Ba]#gfloacc]daf_]f#cgkl]f#lab\-#KYYj#o]#_YYf#]j#nggj+#oYfl#o]# _]dgn]f#]j#af-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

/-


,/!>X]P]RXv] > X ] P ] R X T T [ !9 T [ T X S

A ] eT b c T a X ] V T ]

F]l#"fYf[a|d]#Z]d]a\#ak#_]ja[`l#gh#klYZadak]j]f#nYf#\]#n]jeg_]fkhgkala]#]f#l]n]fk#l]#cmff]f# Zdabn]f#afn]kl]j]f#af#\mmjrYe]+#coYdalYla]n]#rgj_`makn]klaf_#]f#rgj_affgnYla]-#Bggj# gn]j`]a\keYYlj]_]d]f#rabf#\]#jaka[guk#lg]_]fge]f-#Bg]d#ak#bYYjdabck#`]l#`ma\a_]+#Y\]imYl]+#\ggj# cYhalYYdn]jklj]cc]jk#n]j]akl]+#fan]Ym#nYf#daima\al]al#]f#kgdnYZadal]al#l]#Z]`gm\]f#af#dabf#e]l#\]# n]j\]j]#lg]fYe]#nYf#jaka[guk#-

Gf#1/04#`]]^l#]]f#Z]h]jcl#afn]kl]jaf_khjg_jYeeY#hdYYlk_]ngf\]f-#Bal#Z]lj]^l#nggjfYe]dabc# j]fgnYla]o]jcrYYe`]\]f-B]#hjgb][l]f#rabf#Zaff]f#\]#hjgb][lZ]_jglaf_]f#mal_]ng]j\-#B]# afn]kl]jaf_kmal_Yn]f#ogj\]f#_]ngd_\#af#`]l#afn]kl]jaf_kegfalgjaf_#gn]jd]_-#C]f#YYfk[`]jhaf_# nYf#\]#hjg[]\mj]k#]f#Y^khjYc]f#jgf\#[]fljYd]#]f#\][]fljYd]#afn]kl]jaf_]f#rabf#Zdabn]f\#hmfl#nYf# YYf\Y[`l+#_]ra]f#\]#Z]rmafa_af_]f#]f#_]o]fkl]#ea\\]d]f#nggj#affgnYla]-

9 T W P P [ S T !^ \ i T c !T ] !a T b d [ c P c T ]

CPbbca^\T]!T]!UX]P]RXTaX]VbQTW^TU cT

F]l#_][gfkgda\]]j\]#j]kmdlYYl#gn]j#1/04#Z]\jYY_l#s#0+57#edf-#hgkala]^-#B]#hgkala]n]#j]kmdlYl]f#rabf# lg]_]ng]_\#YYf#\]#j]k]jn]#Yd_]e]f]#cgkl]f#]f#\]#Yd_]e]f]#j]k]jn]-

K]\]#\Yfcrab#`]l#hgkala]n]#]phdgalYla]j]kmdlYYl#nYf#s#0+57#edf#]f#\]#\Ydaf_#nYf#\]#oYYj\]#nYf# \]#nYkl]#Y[lanY#ak#\]#kgdnYZadal]al#e]l#/+33%#_]kl]_]f#fYYj#08+54%#nYf#`]l#ZYdYfklglYYd-#B]# oYYj\]\Ydaf_#nYf#\]#nYkl]#Y[lanY#ak#`]l#_]ngd_#nYf#]]f#Z]h]jcaf_#nYf#`]l#afn]kl]jaf_khjg_jYeeY-

B]#ghZj]f_kl]f#Z]\jY_]f#s#175+5#edf-#Bal#ak#]]f#\Ydaf_#nYf#s#0+6#edf#l]f#ghra[`l]#nYf#1/03-#B]# Z]dYf_jabckl]#gfloacc]daf_]f#af#\]#ghZj]f_kl]f#rabf9# s#5+/#edf#\Ydaf_#'7+2%(#af#k]_e]fl#T&T# s#/+0#edf#\Ydaf_#ghZj]f_kl]f#'/+1%(#nYf#DNA#Bj-#Q-#nYf#K]k\Y_ s#3+0#edf#klab_af_#'1+2%(#af#k]_e]fl#EEX#

9 T [ T X S !e ^ ^ a! S T !Z ^ \ T ] S T !Y P a T ]

B]#Z]rmafa_af_keYYlj]_]d]f#af#\]#k][lgj#njY_]f#ge#]]f#kljYc#"fYf[a]]d#Z]d]a\#l]f#YYfra]f#nYf# ger]l,#]f#cgkl]fZ]`]]jkaf_-#B]#ljYfkala]#fYYj#\]#_]e]]fl]f#`]]^l#hdYYlk_]ngf\]f#]f#`]]^l#\]# fg\a_]#YYf\Y[`l#_]njYY_\-#Bggj#hjg,Y[la]^#l]#gh]j]j]f#rabf#\]#]^^][l]f#`a]jnYf#Z]h]jcl#_]Zd]c]f-

B]#cgkl]f#mal#j]_mda]j]#Z]\jab^kng]jaf_#rabf#_]\YYd\+#e]l#fYe]#nYf#\]#gf\]jkl]mf]f\]#\a]fkl]f-# Gf#1/04#rabf#h]jkgf]d]#cgkl]f#af#`]l#cY\]j#nYf#\]#j]_]daf_#C]j\]j#Qlghh]f#K]l#U]jc]f#l]f#dYkl]# nYf#\]#af#nggj_YYf\]#bYj]f#_]ljg^^]f#j]k]jn]jaf_#_]ZjY[`l-#BYYjfYYkl#rabf#cgkl]f#_]\YYd\#Ydk# _]ngd_#nYf#dY_]j]#`mmj,#]f#"fYf[a]jaf_kcgkl]f-# B]#Z]\jab^k][gfgeak[`]#oYYj\]jaf_#nYf#nYkl_g]\#gh#Z]\jab^k][gfgeak[`]#_jgf\kdY_]f#`]]^l# _]d]a\#lgl#Zabrgf\]j]#oYYj\]n]jeaf\]jaf_#'#s#1+0#edf(-

B]#]phdgalYla]\jmc#ogj\l#n]jlYYd\#fYYj#]]f#kl]jc]#n]jdY_af_#nYf#\]#nYkl]#cgkl]f+#l]f]af\]# \]#!]paZadal]al#nYf#\]#oafkl#]f#n]jda]kj]c]faf_#l]#n]j_jgl]f-#Bal#mal#ra[`#af#]]f#j]klja[la]^# afn]kl]jaf_kZ]d]a\#]f#]]f#_]rgf\#lj]Ykmjq#Z]d]a\M^ ^ a i X T ] X ] V T ]

J]flak#`]]^l#af#1/04#\]#nggjra]faf_]f#nggj#bmZad]men]jhda[`laf_]f#]f#h]jkggfdabc#Zm\_]l# d]n]fk^Yk]#'N@J(#_]Y[lmYdak]]j\#e]l#\]#ghZgmo#nYf#\]#j][`l]fTggj#e]\]o]jc]jk#\a]#_]Zgj]f#rabf#n~~j#0843#ak#af#1/03#\]#eg_]dabc`]a\#_]Zg\]f#ge#]]j\]j#l] klghh]f#e]l#o]jc]f+#oYYjZab#J]flak#]]f#YYfnmddaf_#gh#\]#M@S#nYf#\]#af\ana\m]d]#e]\]o]jc]jk n]jklj]cl-#Gf#1/04#rabf#e]\]o]jc]jk#mal#\a]fkl#_]_YYf#gh#ZYkak#nYf#\]r]#j]_]daf_-

MRSV]"1"m"AZ_R_TZp]V"\V_XVdR]]V_ 9 T b c d d a bb c X R W c X ] V !D T ] c X b

- + ,.

-+,/

-+,0

GVee`#FRcXV

,*./$

)+),(0.$

#,(15$

EZbfZUZeVZe

,(35

,(4/

,(53

L`]gRSZ]ZeVZe#&Z_#$#gR_#e`eR]V#`aScV_XdeV_'

-0(/-$

-/(54$

-0(21$

L`]gRSZ]ZeVZe#&Z_#$#gR_#SR]R_de`eRR]'

-4(/,$

-5(.-$

-5(21$

# $$!(>7?D4

/.

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


,0!ETSTfTaZTab B]#rgj_#]f#\]#o]j]d\#\YYj#ge`]]f#rabf#nggjl\mj]f\#af#Z]o]_af_-#Mgc#af#1/04+#g^#eakk[`a]f# o]d#n~~jYd#af#1/04+#`]ZZ]f#_jgl]#n]jYf\]jaf_]f#hdYYlk_]ngf\]f-#B]#Y^k[`Y^"f_#nYf#\]#?U@X+# oabra_af_]f#af#\]#UKM+#\]#afng]jaf_#nYf#\]#H]m_\o]l#]f#\]#U]l#dYf_\mja_]#rgj_#]f#U]l#dYf_\mja_]# EEX-#Uabra_af_]f#\a]#fa]l#Ydd]]f#nggj#[da|fl]f#eYYj#r]c]j#ggc#nggj#\]#e]\]o]jc]jk#`]]d#Z]hYd]f\# rabf#_]o]]kl-#UYfl#`g]#rabf#_]e]]fl]f#ge_]_YYf#e]l#\]#rgj_#\a]#rab#lg]_]o]r]f#`]ZZ]f# _]cj]_]f=#Cf#`g]#`]]^l#ra[`#\Yl#n]jlYYd\#fYYj#J]flak=#Caf\#1/04#ak#\ma\]dabc#\Yl#nggjYd#?[lan]jaf_# ]f#P],afl]_jYla]#gf\]j#\jmc#cgel#l]#klYYf-

8aQTXSbeTaidX\

?Yf\Y[`lkhmfl]f#ak9 ! ! F]l#n]jrmae#gn]j#1/04#ak#`g_]j#\Yf#1/03-#TggjYd#`]l#dYf_\mja_#n]jrmae#klab_l+#\]r]#lj]f\#cgel# gn]j]]f#e]l#\]#lj]f\#Zab#Yf\]j]#rgj_afkl]ddaf_]fDT]cXbDTaT]

J]flak#r]l#af#gh#fa]mo]#eYfa]j]f#ge#c]ffak#l]#n]j_Yj]f#g^#l]#n]j^jakk]f-#Tggj#a]\]j]#e]\]o]jc]j# ak#\]#\a_alYd]#d]]jge_]naf_#J]flakJ]j]f#Z]k[`acZYYj-#TYfY^#0#Yhjad#1/04#'dan]_Yf_#J]flakd]j]f(# `]ZZ]f#0718#e]\]o]jc]jk#af_]dg_\#gh#J]flakd]j]f-#Gf#lglYYd#`]ZZ]f#rab#1558#],d]Yjfaf_#eg\md]k# Y^_]jgf\NghmdYaj]#gf\]j\]d]f#rabf#@FT+#jaka[gngdd]#nggjZ]`gm\]f#`Yf\]daf_]f#'afb][l]j]f#]f#ZdYYk, cYl`]l]jakYla](#nggj#Ba_fak#]f#N]jkggfdabc]#gfloacc]daf_#'Qlj]kk#ak#"bf#]f#Me\]fc]f(-#tJ]flakd]j]f# ^Y[adal]]jl#\]#e]\]o]jc]j#ge#r]d^#`]l#jg]j#af#`Yf\]f#f]e]f#Ydk#`]l#_YYl#ge#`]l#f]e]f#nYf#]a_]f# j]_a]#af#`mf#d]]j,#]f#gfloacc]daf_khjg[]k-#Cf#coYdalYla]^#_g]\#gh_]d]a\]#hjg^]kkagfYdk#klYYf# _ # YjYfl#nggj#`]l#n]jd]f]f#nYf#`gg_oYYj\a_]#rgj_#YYf#gfr]#[da|fl]fu+#r]_l#\]#hjgb][ld]a\]j#J]flak, J]j]f-#

K ^ R X P P [ !H [ P ]

Mh#0#k]hl]eZ]j#nYf#1/04#ak#]]f#fa]mo#Qg[aYYd#NdYf#af#o]jcaf_#_]_YYf-#Sal_Yf_khmfl]f#\YYjnYf# rabf# ! ! #Z]`gm\#nYf#o]jc_]d]_]f`]a\+# ! ! _]]f#_]\ogf_]f#gflkdY_]f+ ! ! gf\]jkl]mfaf_#nYf#o]jc#fYYj#o]jcTggj#`]l#Qg[aYYd#NdYf#_]d\l#n]j\]j9 J]flak#Ydk#o]jc_]n]j#`]]^l#\]#n]jhda[`laf_#ra[`#`a]jnggj#lgl#`]l#mal]jkl]#af#l]#khYff]f-#TYf#\]# e]\]o]jc]jk#ogj\l#]]f#!]paZ]d]#`gm\af_#n]joY[`lK]l#\]#K]]jbYj]fnaka]#nYf#J]flak#Ydk#n]jlj]chmfl#ak#`]l#N&M,Z]d]a\#nggj#\]#cge]f\]#bYj]f# _]^gjemd]]j\-#BYYjZab#_YYl#`]l#gfn]jeaf\]j\#ge#\]#bmakl]#eYf.njgmo#gh#\]#bmakl]#hdYYlk-#

M X c P [ T ] c X b 5 !\ T T a !T ] T a V X T !X ] !W T c ! f T a Z

Gf#1/04#rabf#\]#Y[lanal]al]f#\a]#nggj`]]f#gf\]j#\]#ndY_#TalYd]flak#,#o]jc]f+#d]n]f+#ZYdYfk#w#hdYYlk, ngf\]f#e]]j#n]jk[`gn]f#fYYj#`]l#j]_mda]j]#o]jc#\Yl#nYfmal#N&M#hdYYlknaf\l+#ZabnggjZ]]d\#gh# `]l#_]Za]\#nYf#n]jrmae+#egZadal]al+#J]flakd]j]f+#h]jkggfdabc],#]f#l]Yegfloacc]daf_-#?Yf\Y[`l# nggj#d]]^klabd+#ZYdYfknjYY_klmcc]f+#o]jc\jmc#]f#nalYdal]al#ak#]]f#afl]_jYYd#gf\]j\]]d#nYf#gfk# h]jkgf]]dkZ]d]a\-#R]j#gf\]jkl]mfaf_#Zdab^l#tTalYd]flaku#Ydk#gf\]j\]]d#gh#`]l#J]flakf]l#Z]k[`acZYYj-# Fa]jaf#klYYf#gf\]jo]jh]f#Ydk#ZYdYfk#lmkk]f#o]jc#]f#hjanz+#d]]^klabd+#dgghZYYf+#ge_YYf#e]l# [gf!a[l]f+#afr]lZYYj`]a\#]f#e]]j-

MRSV]"2"*"@_\V]V"\V_XVdR]]V_"^Vd"SVdbV\\Z_X"d`d"UV"W`b^RdZV# OXTZcTeTaidX\

.,-/ .,-0 .,-1

"

0(4 0(5 1(,

>a T ` d T ] c X T

-(,(5 -(,

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

//


Jgh]f\]#`]l#bYYj#1/04#ak#e]l#]]f#YYflYd#Y[lanal]al]f#_]klghl+#rgYdk#`]l#n]jrgj_]f#nYf#\]#TalYd]flak# fa]mokZja]n]f#]f#km[[]kn]j`Yd]f+#\]#td]]^klabd#&#_]oa[`l,ljYb][l]fu+#]f#`]l#n]jrgj_]f#]f#YYfZa]\]f# nYf#[dafa[kB]#[dafa[#Kaf\^mdf]kk#ngjel#]]f#malrgf\]jaf_-#B]r]#ak#\al#bYYj#na]j#eYYd#YYf_]Zg\]f#\a]#Ydd]#oYj]f# ngd_]Zg]cl-# Bggj#Zgn]fklYYf\]#c]mr]k#cgf#e]]j#YYf\Y[`l#ogj\]f#_]_]n]f#YYf#Yf\]j]#o]jcrYYe`]\]f+#e]l# fYe]#gh#`]l#_]Za]\#nYf#l]Yegfloacc]daf_-#

DTXSTabRWP_

B]#TalYd]flak\Y_#]f#\]#3#eabd#nYf#Ejgfaf_]f#`]ZZ]f#o]\]jge#hdYYlk_]ngf\]f-#B]r]#Y[lanal]al]f# ogj\]f#\ggj#e]\]o]jc]jk#r]]j#_]oYYj\]]j\-# ! ! TalYd]flak\Y_#gh#00#k]hl]eZ]j#1/04-#B]]dfYe]#37#ngdd]qZYdl]Yek+#n]jo]fl]fl#'jmae#1//# Z]`Yf\]daf_]f(+#1/#"]lk]jk+#6/#oYf\]dYYjk#'32#h]jkgf]f#da]h]f#0/#ce#]f#16#h]jkgf]f#5#ce(# ]f#1/#`Yj\dgh]jk-#Mgc#oYj]f#]j#ogjck`ghk#qg_Y+#hadYl]k#]f#Zggl[Yeh! ! 3#eabd#nYf#Ejgfaf_]f#gh#00#gclgZ]j#1/04-#B]]dfYe]#\ggj#]]f#[da|fl]fl]Ye#]f#na]j#e]\], o]jc]jkl]Yek+#af#lglYYd#24#\]]df]e]jk-

Cj#rabf#fglala]k#_]k[`j]n]f#gn]j#'naka]#gh(#d]a\]jk[`Yh#]f#l]Yegfloacc]daf_#]f#gn]j#\]# eYfY_]e]fl#kljm[lmmj#Zaff]f#J]flak-#Bal#\a]fl#af#1/05#fYngd_af_#l]#cjab_]f-

Gf#fYngd_af_#nYf#`]l#ljYb][l#tQKMCJ#_]n]f#YYf#d]a\]jk[`Yhu#`]ZZ]f#af#1/04#fg_#lo]]#Zab]]f, cgekl]f#hdYYlk_]ngf\]f#l]j#afkhajYla]#nggj#Ydd]#d]a\af__]n]f\]f-#Gf#^]ZjmYja#rabf#]jnYjaf_]f# _]\]]d\#e]l#\]#ge#ra[`l#l]#cjab_]f#gh#`]l#l]Ye^mf[lagf]j]f-#F]l#\]d]f#nYf#_gg\,hjY[la[]# ]jnYjaf_]f#gh#\an]jk]#l]jj]af]f#oYk#]]f#Z]dYf_jabc#al]eMh#05#Yhjad#`]]^l#gf\]j#Yf\]j]#Ugml]j#FYjl+#afkhajYlagfYd#kh]Yc]j#]f#k[`jabn]j+#_]khjgc]f#gn]j#rabf# Zg]c#tB]#n]j\jYYa\]#gj_YfakYla]u#]f#ZjY[`l#\al#af#j]dYla]#lgl#d]a\]jk[`Yh-#

8 a Q T X S b ^ \b c P ] S X V W T S T ] !T ] !\ T S T f T a Z T a b*P a Q T X S b e T X [ X V W T X S!

J]flak#cjab_l#nYfmal#\]#?jZ]a\kgeklYf\a_`]\]fo]l#\]#gh\jY[`l#rgj_#l]#\jY_]f#nggj#]]f#rg# _jggl#eg_]dabc]#n]ada_`]a\+#\]#_]rgf\`]a\#nYf#\]#e]\]o]jc]jk#eg]l#rg#_g]\#eg_]dabc#ogj\]f# Z]k[`]je\#]f#`]l#o]drabf#Zab#YjZ]a\#Z]ngj\]j]f-#TYfmal#?jZ]a\+#E]rgf\`]a\#]f#T]jrmae#ak#]j#]]f# [gfklYfl]#egfalgj#gh#n]ada_#]f#_]rgf\#o]jc]f#\ggj#\]#e]\]o]jc]jk#nYf#J]flak-# J]flak#ak#\al#bYYj#ghfa]mo#Z]rg[`l#\ggj#\]#Gfkh][la]#nYf#`]l#eafakl]ja]#nYf#QXU#ge#\]#gh_]d]_\]# ]ak#gh#Nkq[`gkg[aYd]#YjZ]a\kZ]dYklaf_#'NQ?(#w#Y_j]kka]+#l]#Z]ggj\]d]f-#B]#afkh][la]#QXU#`]]^l# YYf_]_]n]f#hgkala]^#l]#rabf#gn]j#\]#eYfa]j#oYYjgh#J]flak#\]#ghr]l#nggj#\]#Y_j]kka]#fgje#]f#\]# [gfklYfl]#egfalgjaf_#\ggj#ea\\]d#nYf#nYkl]#Ym\alk#gh#`]l#_]Za]\#nYf#Y_j]kka]+#`]]^l#gh_]hYcl-#B]# \ggj#\]#afkh][la]#QXU#_]kl]d\]#]ak#gh#`]l#_]Za]\#nYf#NQ?,Y_j]kka]#ak#\Yf#ggc#af_]ljgcc]fB]#n]ada_`]a\kcmf\a_]#f]]el#nggj#`]l#YjZ]a\kn]ada_`]a\k[gehgf]fl#\]]d#YYf#\]#FGN#'Fq_a|f]# ]f#Gf^][la]#Nj]n]fla](#[geeakka]-#Bal#bYYj#rabf#\]#ja[`ldabf]f#nggj#`q_a|fak[`#]f#n]ada_#o]jc]f# YYf_]k[`]jhl-#Bggj#ea\\]d#nYf#fa]mo#^gd\]j#eYl]jaYYd#rabf#Ydd]#fa]mo]#e]\]o]jc]jk#nYf#J]flak#gh# \]#`gg_l]#_]ZjY[`l#nYf#\]#]ak]f#\a]#J]flak#kl]dl#YYf#`q_a|fak[`#]f#n]ada_#o]jc]fB]#Paka[g#Gfn]flYjakYla]#]f#CnYdmYla]#hdmk#\]#hdYff]f#nYf#YYfhYc#nggj#\]#rgj__jg]h#TgdoYkk]f]f# rabf#ghfa]mo#gh_]kl]d\#]f#_]lg]lkl-#Cj#ak#]]f#klYjl#_]eYYcl#e]l#Ba_fak+#Dgjafl#]f#Hgfp-# B]#AYdYeal]al]fgj_YfakYla]#cjab_l#kl]]\k#nYkl]j]#ngje9#]j#ak#]]f#nYkl#l]Ye#nYf#[jakak[g•j\afYlgj]f+# ]j#da_l#]]f#gfloacc]dY_]f\Y#]f#]]f#[gf[]hlhdYf#Xgj_[gflafm}l]al-#

LT P \ ^ ] c f X Z ZT [ X ] V !T ] !i T [ U a T S i P P \ W T X S

F]l#gf\]j\]]d#N&M,?\na]k#`]]^l#af#1/03#]]f#YYflYd#l]Yeafkljme]fl]f#gh#]]f#jab#_]r]l#Ydk#ZYkak# nggj#l]Yek#ge#`mf#l]Ye]^^][lanal]al#l]#n]jZ]l]j]f-#Bal#rabf9#R]Yekha]_]d+#R]Yejgdd]f+#Rjglk,#]f# n]jZ]l]jhmfl]f#]f#R]YeZYjge]l]j-#N&M,?\na]k#Za]\l#oYYj#fg\a_#gf\]jkl]mfaf_#]f#Y\na]k#af#`]l# _]Zjmac#nYf#\]r]#afkljme]fl]fMgc#af#1/04#rabf#\an]jk]#l]Yek#Zaff]f#J]flak#fY\jmcc]dabc#Z]ra_#_]o]]kl#e]l#`]l#Z]ngj\]j]f#nYf# l]Yegfloacc]daf_#]f.g^#r]d^j]\rYYe`]a\-#Qgek#Ydk#n]jngd_#gh#\]#hadgl#X]d^j]\rYe]#R]Yek#\Yl# af#Yhjad#1/03#ak#Y^_]jgf\-#?f\]j]#c]j]f#ge#l]#]ph]jae]fl]j]f#e]l#]]f#fa]mo]#e]l`g\a]c#nggj# l]Yegfloacc]daf_+#rgYdk#`]l#l]Ye#D?AR#Uafk[`gl]f-#Gf#1/04#`]]^l#\al#l]Ye#]]f#hadgl#Y^_]jgf\#e]l# tR`]#@a_#Dan]#Dgj#Ja^]u#e]l`g\a]c-# @aff]f#\]#rgj__jg]h]f#`]ZZ]f#gfloacc]dljYb][l]f#hdYYlk_]ngf\]f+#rgYdk#ZabnggjZ]]d\#Zab#Ydd]# l]Yek#nYf#Xgj_#R`mak#Zab#Ba_fak-#Xab#`]ZZ]f#ea\\]dk#]]f#afl]fka]^#ljYb][l#ra[`#cmff]f#gfloacc]d]f# af#gf\]j#Yf\]j]#`]l#\]d]f#nYf#c]ffak#]f#cmf\]#]f#`]l#gfloacc]d]f#nYf#YeZYkkY\]mjk[`Yh#ge#rg# afnmddaf_#l]#_]n]f#YYf#\]#n]jYf\]j\]#njYY_#YYf#gfr]#hjg^]kkagfYdk#af#\]#]pljYemjYd]#rgj_-# TYfmal#N&M#rabf#\an]jk]#Zab]]fcgekl]f#nggj#l]Yegfloacc]daf_#]f#l]YeZmad\af_k\Y_]f#Z]_]d]a\+# fYYkl#\Yl#l]Yek#r]d^klYf\a_#ge#e]l#]]f#]pl]jf#Zmj]Ym#e]l#l]Yegfloacc]daf_#Z]ra_#rabf#_]o]]kl-

D d R P b !D X ] S T Q ^ ^ \ U ^ ] S b

F]l#Jm[Yk#Jaf\]Zgge^gf\k#ak#]]f#kg[aYYd#^gf\k#nggj#e]\]o]jc]jk#af#\]#_]]kl]dabc]#_]rgf\`]a\k, rgj_-#K]\]o]jc]jk#cmff]f#]j#]]f#Z]jg]h#gh#\g]f+#Ydk#rab#\ggj#Zabrgf\]j]#geklYf\a_`]\]f#af# "fYf[a|d]#hjgZd]e]f#rabf#_]cge]f#]f#Ydk#\]#j]_mda]j]#o]l,#]f#j]_]d_]naf_#fa]l#'e]]j(#nYf#lg], hYkkaf_#ak-#B]#`mdh#cYf#Z]klYYf#mal#]]f#j]fl]dgr]#d]faf_#g^#]]f#k[`]fcaf_-

X]d^j]\rYYe`]a\#ogj\l#l]n]fk#_]klaemd]]j\#\ggj#gfr]#\a_alYd]#d]]jge_]naf_+#J]flakJ]j]f#'ra]# ggc#]d\]jk#af#`]l#bYYjn]jkdY_(-#RjYafaf_]f#nYf#Egg\FYZalr#]f#EEX][Y\]ea]#rabf#nggj#Yd#gfr]# e]\]o]jc]jk#_jYlak#Z]k[`acZYYj-#B]r]#d]]jge_]naf_#cYf#ggc#nggj#l]Yegfloacc]daf_#ogj\]f# _]Zjmacl-

$$!(>7?D4

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

/0


J]flak#gf\]jkl]mfl#`]l#Jm[Yk#Jaf\]Zgge^gf\k#\ggj#ea\\]d#nYf#]]fr]d^\]#"fYf[a|d]#Zab\jY_]# Ydk#\]#o]jcf]e]jk#nYf#J]flak#\a]#da\#rabf#nYf#`]l#^gf\k-#T]jl]_]foggj\a_]jk#nYf#o]jc_]n]jk# ]f#o]jcf]e]jk#nYf#\]#YYf_]kdgl]f#afkl]ddaf_#ngje]f#`]l#Z]klmmj#nYf#Qla[`laf_#Jm[Yk#Jaf\], Zgge^gf\kGf#]dc]#YYf_]kdgl]f#afkl]ddaf_+#oYYjgf\]j#J]flak+#ak#]]f#NdYYlk]dabc#?\na]k[geeakka]#'N?A(B]#e]fk]f#\a]#af#\]#N?A#rall]f#ogj\]f#g^"[a]]d#Z]fg]e\#\ggj#\]#PYY\#nYf#@]klmmj#]f#\]#A]fljYd]# Mf\]jf]eaf_kjYY\-#P][`lklj]]ck#g^#naY#\]#Y^\]daf_#N]jkgf]]dkrYc]f#cmff]f#e]\]o]jc]jk#e]l#\]# NdYYlk]dabc]#?\na]k[geeakka]#[gflY[l#ghf]e]f-#B]#N?A#f]]el#]dc]#YYfnjYY_#nggj#"fYf[a|d]#`mdh# af#Z]`Yf\]daf_Me#]]f#Z]jg]h#l]#cmff]f#\g]f#gh#`]l#^gf\k#eg]l#e]f#eafaeYYd#r]k#eYYf\]f#\]]df]e]j#rabfB]]df]e]jk#Z]lYd]f#/+/0#hjg[]fl#nYf#`mf#^mddlae]#Zjmlg#eYYf\kYdYjak-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

/1


,1!C[PRWcT]!T]!\T[SX]VT]!X]RXST]cT]!i^aV C [ P R W c T ] R^ \ \ X b b X T !- + , 0

9 T \ X S S T [ X ] V b V T b _ a T Z Z T ] ! T ] !X ] V T c a ^ Z Z T ] !Z [ P R W c T ]

B]#cdY[`l]f[geeakka]#Z]`Yf\]dl#cdY[`l]f#nYf#hYla|fl]f#nYf#J]flak+#`]l#Sfan]jkalYaj#A]fljme# Nkq[`aYlja]#Ejgfaf_]f#]f#\]#DNA#Bj-#Q-#nYf#K]k\Y_-#Gf#1/04#`Y\#\]#[geeakka]#30#d]\]f#oYYjnYf# \]#e]]kl]f#o]jc]f#Zab#]]f#nYf#\]#Z]ljgcc]f#gj_YfakYla]k-#X]k#h]jkgf]f#rabf#nggj_]\jY_]f#\ggj# ]]f#[da|fl]f,#g^#^Yeada]jYY\-#B]#nggjrall]j+#lo]]#oYYjf]e]f\#nggjrall]jk+#lo]]#oYYjf]e]f\# k][j]lYjakk]f#]f#]]f#]pl]jf#da\#rabf#fa]l#o]jcrYYe#Zab#]]f#nYf#\]#Z]ljgcc]f#gj_YfakYla]k-# J]flak#af^gje]]jl#hYla|fl]f#gn]j#\]#cdY[`l]f[geeakka]-#Gf#^gd\]jk#]f#gh#\]#o]Zkal]#klYYl#n]je]d\# oYl#e]f#cYf#\g]f#Ydk#]j#khjYc]#ak#nYf#]]f#cdY[`l#]f#oYl#\]#jgd#nYf#\]#cdY[`l]f[geeakka]#ak-#

Gf#\]jla]f#cdY[`lrYc]f#`]]^l#Z]ea\\]daf_#hdYYlk_]ngf\]f-#Gf#loYYd^#nYf#\]r]#_]nYdd]f#ak#\ggj# \]#nggjrall]j#nYf#\]#cdY[`l]f[geeakka]#fYYj#l]nj]\]f`]a\#nYf#cdY_]j.cdYY_kl]j#Z]ea\\]d\-#Gf# ]]f#kalmYla]#oYk#\]#cdYY_kl]j#fa]l#l]nj]\]f#gn]j#\]#malcgekl#nYf#`]l#Z]ea\\]daf_k_]khj]c+#]f# ak#\]#cdY[`l#Z]`Yf\]d\#af#]]f#`ggjrallaf_-#Tab^#cdY[`l]f#o]j\]f#nggjlab\a_#\ggj#cdY_]j.cdYY_kl]j# af_]ljgcc]f-#B]jla]f#cdY_]jk#_Yn]f#]j#gh#]fa_#ege]fl#Zdabc#nYf#_]]f#Z]dYf_#e]]j#l]#`][`l]f#YYf# ]]f#n]j\]j]#Z]`Yf\]daf_#nYf#\]#af_]\a]f\]#cdY[`l-#Bja]#cdY[`l]f#rabf#k[`ja^l]dabc#Y^_]`Yf\]d\+#nab^# cdY[`l]f#o]j\]f#fa]l#gflnYfc]dabc#n]jcdYYj\+#\ja]#cdY[`l]f#rabf#\ggj#\]#Y^\]daf_#Y^_]`Yf\]d\#]f# ]]f#cdY[`l#ak#gh#Yf\]j]#oabr]#Y^_]`Yf\]d\-

C [ P R W c T ] a T V T [ X ] V !e ^ ^ a !U P \ X [ X T !T ] !] P P b c Q T c a ^ Z Z T ] T ]

@^^aiXccX]VT]

@aff]f#J]flak#ak#\]#tIdY[`l]fj]_]daf_#nggj#^Yeada]#]f#fYYklZ]ljgcc]f]fu#nYf#lg]hYkkaf_-#B]r]# j]_]daf_#Za]\l#^Yeada]d]\]f#]f#fYYklZ]ljgcc]f]f#\]#eg_]dabc`]a\#ge#]]f#Z]ea\\]daf_k_]khj]c# l]#ng]j]f#e]l#\]#h]jkggf#oYYjgh#\]#cdY[`l#Z]lj]ccaf_#`]]^l-#Qaf\k#1/04#ak#`]l#eg_]dabc#\Yl#ggc# ^Yeada]#]f#fYYklZ]ljgcc]f]f#]]f#`ggjrallaf_#`]ZZ]f#e]l#\]#cdY[`l]f[geeakka]-

Gf#lglYYd#o]j\]f#35#cdY[`l]f+#oYYjnYf#kgeea_]#e]l#e]]j\]j]#cdY[`lgf\]j\]d]f+#af#]]f#`ggj, rallaf_#nYf#\]#cdY[`l]f[geeakka]#Z]`Yf\]d\-#TYf#\]r]#cdY[`l]f#o]j\]f#\]jla_#gf_]_jgf\# n]jcdYYj\+#r]n]f#cdY[`l]f#\]]dk#_]_jgf\.\]]dk#gf_]_jgf\#n]jcdYYj\+#Y[`l#cdY[`l]f#_]_jgf\# n]jcdYYj\-#@ab#zzf#`ggjrallaf_#rabf#lab\]fk#\]#rallaf_#Y^khjYc]f#_]eYYcl#gn]j#`]l#n]jngd_#nYf#\]# Z]`Yf\]daf_+#]]f#malkhjYYc#nYf#\]#cdY[`l]f[geeakka]#oYk#`a]jZab#fa]l#fg\a_-#Ta]j#cdY[`l]f#\a]# ogj\]f#Z]`Yf\]d\#af#]]f#`ggjrallaf_#ogj\]f#af#1/05#Y^_]`Yf\]d\"

C [ P R W c T ] P U W P ] S T [ X ] V ! Q X Y! D T ] c X b!X ] ! - + , 0 C [ P R W c T ] !d X c !- + , / !\ T T V T ] ^ \ T ] !] P P a! - + , 0

N P P a !V X ] V T ] !S T !Z [ P R W c T ] !^ e T a7

Gf#1/04#rabf#la]f#cdY[`l]f#Y^_]`Yf\]d\#\a]#rabf#af_]\a]f\#af#1/03 +"L]_]f#cdY[`l]f#rabf#_]ZYk]]j\# gh#Yjlac]d#1#nYf#\]#U]l#cdY[`lj][`l#[da|fl]f#rgj_k][lgj#'UIAX(-#Czf#cdY[`l#ak#_]ZYk]]j\#gh#Yjlac]d# 30#nYf#\]#U]l#@ghr-#BYl#klYYl#nggj#U]l#@abrgf\]j]#ghf]eaf_#hkq[`aYljak[`]#ra]c]f`mar]fCzf#cdY[`l#ak#af_]ljgcc]f#]f#zzf#cdY[`lrYYc#ak#k[`ja^l]dabc#Y^_]`Yf\]d\-#Czf#cdY_]j#ak#n]jo]r]f# fYYj#\]#hYla|fl]fn]jljgmo]fkh]jkggf-#Czf#cdY[`l#ak#lab\]fk#]]f#Z]ea\\]daf_k_]khj]c#gh_]dgkl-# Ro]]#cdY[`l]f#rabf#fY#\]#Z]ea\\]daf_k_]khj]c#Ydkfg_#Z]`Yf\]d\#af#]]f#^gje]d]#`ggjrallaf_-#Gf# r]k#cdY[`lrYc]f#`]]^l#\]#cdY[`l]f[geeakka]#]]f#malkhjYYc#_]\YYf-#Ro]]#cdY[`l]f#rabf#_]_jgf\# n]jcdYYj\#]f#na]j#cdY[`l]f#gf_]_jgf\-

B]#af#]]f#`ggjrallaf_#Z]`Yf\]d\]#cdY[`lrYc]f#']p#UIAX(#_af_]f#gn]j#\]#ngd_]f\]#gf\]jo]jh]f9 ! ! Z]b]_]faf_ ! ! Y^oabr]f#gn]jhdYYlkaf_kn]jrg]c ! ! _]Zjmac#nYf#^qka]c#_]o]d\#]f#kd][`l]#fYrgj_ ! ! gf\]kcmf\a_`]a\#af#\]#ge_Yf_#e]l#nYf#af^gjeYla] ! ! gfbmakl]#af^gjeYla]#n]je]d\#af#\gkka]j ! ! k[`]f\af_#nYf#\]#hjanY[q ! ! k[`]f\af_#nYf#\]#hjanY[q#]f#gfZ]`ggjdabc]#Z]b]_]faf_ ! ! \]#Z]`Yf\]daf_# ! ! _]\ogf_]f#gflkdY_-#

C [ P R W c T ] !X ] V T S X T ] S! X ] !- + , 0

Gf#1/04#rabf#YYf#\]#cdY[`l]f[geeakka]#80#cdY[`l]f#l]j#Z]`Yf\]daf_#nggj_]d]_\+#f]_]f#\YYjnYf# ogj\]f#af#1/05#Y^_]`Yf\]d\-#B]#malcgekl]f#\YYjnYf#cge]f#\mk#l]jm_#af#`]l#n]jkdY_#nYf#1/05-#

>`^SZ"PE>Q,=HIQ ! ! ghd]__af_#Z]h]jcaf_#Z]o]_af_knjab`]a\#]f#`]l#fa]l#n]jklj]cc]f#nYf#]]f#cgha]#nYf#`]l#\gkka]j-

TYf#\]#80#af_]\a]f\]#cdY[`l]f#'oYYjnYf#na]j#_]ja[`l#l]_]f#rgo]d#e]\]o]jc]jk#nYf#J]flak#Ydk#nYf# `]l#SAN(#oYj]f#]j#4/#_]ZYk]]j\#gh#Yjlac]d#1#nYf#\]#U]l#cdY[`lj][`l#[da|fl]f#rgj_k][lgj#'UIAX(#]f# 16#gh#Yjlac]d#30#nYf#\]#U]l#@ghr#'U]l#@abrgf\]j]#ghf]eaf_]f#af#hkq[`aYljak[`]#ra]c]f`mar]f(-#Czf# cdY[`l#Z]nYl#Ykh][l]f#nYf#Z]a\]#o]ll]f-#X]n]f#cdY[`l]f#oYj]f#_]ZYk]]j\#gh#\]#cdY[`l]fj]_]daf_# nggj#^Yeada]d]\]f#]f#fYYklZ]ljgcc]f]f-#Ro]]#cdY[`l]f#Z]nYll]f#l]#o]afa_#af^gjeYla]#ge#l]#cmff]f# Z]ggj\]d]f#gh#o]dc]#o]l#g^#j]_]daf_#\]r]#oYj]f#_]ZYk]]j\-#Ta]j#cdY[`l]f#oYj]f#fa]l#gflnYfc]dabc-

B]#af#]]f#`ggjrallaf_#Z]`Yf\]d\]#cdY[`lrYc]f#']p#U]l#@ghr(#`Y\\]f#Z]lj]ccaf_#gh#\]#ngd_]f\]# 'nggj_]fge]f(#Z]kdakkaf_]f9# ! ! \oYf_e]\a[Yla]#'loYYd^#c]]j( ! ! k]hYjYla]#'\ja]#c]]j( ! ! Z]h]jcaf_#njab`]\]f PricewaterhouseCoopers Accountants N.V. ! ! lg]hYkkaf_#ea\\]d]f#]f#eYYlj]_]d]f Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

/2


!! !! !!

\oYf_e]\a[Yla]#]f#Z]h]jcaf_#njab`]\]f Z]h]jcaf_#njab`]\]f+#k]hYjYla]#]f#fgg\e]\a[Yla] k]hYjYla]#]f#lg]\a]faf_#e]\a[Yla]#h]j#afb][la]+#n]jroYjaf_#cYe]jhjg_jYeeY#]f#ng]\af_-#

MhnYdd]f\#oYk#\Yl#nYfmal#Ba_fak#n]]d#Z]`g]^l]#oYk#YYf#nggjda[`laf_#l]f#Z]`g]n]#nYf#l]Yed]a\]jk# gn]j#RjaYko]Z#]f#gn]j#`g]#e]d\af_]f#Y^#l]#`Yf\]d]f-#Cj#ak#j]\]dabc#n]jdggh#_]o]]kl#gf\]j#\]#l]Ye, d]a\]jk#]f#afo]jc]f#af#RjaYko]Z#oYk#ZdabcZYYj#_]]f#gf\]j\]]d#af#`]l#afo]jchjg_jYeeYB]#eg_]dabc`]a\#ge#[gflY[l#l]#njY_]f#e]l#\]#[geeakka]#KGX#Zdabn]f#e]\]o]jc]jk#Z]fmll]f+#Yd# cge]f#ggc#_jggl#YYflYdd]f#e]\]o]jc]jk#`a]j#fY#rg]c]f#[gflY[l#gh#l]jm_#]f#Z]`g]n]f#r]#nYYc# _]]f#n]j\]j#[gflY[l@aff]f#\]#[geeakka]#KGX#ak#e]\a[Yla]n]ada_`]a\#fY\jmcc]dabc]j#af#Z]]d\#_]cge]f-#Gf#kYe]f`Yf_# e]l#\]#Yhgl`]]c#rabf#`a]j#YYfhYkkaf_]f#af#_]\YYf-

C [ P V T a b '!Z [ P P V b c T a b '! _ P c X v ] c '! U P \ X[ X T

TYf#\]"73#nggj_]d]_\]#cdYY_k[`ja^l]f+#o]j\]f"42"af_]\a]f\#\ggj#g^#fYe]fk#]]f#eYf#]f"18" af_]\a]f\#\ggj#g^#fYe]fk#]]f#njgmo-#Czf#cdY[`l#o]j\#af_]\a]f\#\ggj#]]f#eYf#]f#]]f#njgmo# kYe]f#]f#zzf#cdY[`l#o]j\#af_]\a]f\#\ggj#]]f#eYf#\a]#fa]l#af#Z]`Yf\]daf_#oYk#Zab#J]flak-# TYf#\]#6#cdY[`l]f#\a]#rabf#af_]\a]f\#gh#ZYkak#nYf#\]#cdY[`l]fj]_]daf_#nggj#^Yeada]#]f#fYYkl, Z]ljgcc]f]f#ak#lo]]#c]]j#]]f#cdY[`l#af_]\a]f\#\ggj#]]f#nY\]j+#zzf#c]]j#\ggj#]]f#][`l_]fggl+#zzf# c]]j#\ggj#]]f#']p(hYjlf]j+#zzf#c]]j#\ggj#]]f#rggf+#zzf#c]]j#\ggj#]]f#\g[`l]j#]f#k[`ggfrggf#]f# zzf#c]]j#\ggj#]]f#rmk-

B]#Ageeakka]#KGX#`]]^l#e]l#e]\]o]jc]jk#[gflY[l]f#_]`Y\#fYYj#YYfd]a\af_#nYf#e]d\af_]f-#T]]dYd# _af_#\al#gn]j#\]#ghnYf_#fY#]eglagf]]d#k[`gcc]f\]#_]Z]mjl]fakk]f#nYf#h]jkgf]]d-#Fa]jaf#rabf#]]f# YYflYd#Y^\]daf_]f#gf\]jkl]mf\#]f#rabf#e]d\]jk#kgek#\ggjn]jo]r]f#fYYj#n]j\]j]#gf\]jkl]mfaf_# rgYdk#Z]\jab^kYjlk+#Z]\jab^keYYlk[`Yhh]dabc#o]jc-#MhnYdd]f\#oYk#\Yl#]j#]]f#YYflYd#cdY[`l]f#Zab#\]# [geeakka]#Zaff]f#coYe#gn]j#]]f#NTN#^mf[lagfYjak-#B]r]#rabf#\ggj_]kh]]d\#fYYj#Agf[]jfZmj]YmB]#nggjrall]j#nYf#\]#[geeakka]#KGX#eYYcl#gf\]j\]]d#mal#nYf#]]f#J]flakZj]]\#gn]jd]_#nYfmal#\]# [geeakka]#BoYf_#&#BjYf_+#oYYjZab#n]ada_`]a\#nggj#[da|fl]f#]f#e]\]o]jc]jk#kh]]jhmfl#ak-

8 P ] Q T e T [ X ] V T ] !e P ] !Z [ P R W c T ] R ^ \ \ X bb X T

B]#cdY[`l]f[geeakka]#`]]^l#af#1/04#r]k#c]]j#]]f#YYfZ]n]daf_#YYf#\]#rgj_YYfZa]\]j#_]_]n]f-#Ba]# _af_]f#gn]j9#

!!

!! !!

!!

fY_YYf#g^#af#\]#o]jcoabr]#nYf#Z]`Yf\]dYj]f#]f#k][j]lYjaYl]f#Y^\g]f\]#_]oYYjZgj_\#ak#\Yl# ]j#[gjj][l#af#]]f#\gkka]j#ogj\l#nYkl_]d]_\#o]dc]#af^gjeYla]#mal#\Yl#\gkka]j#]j#oYff]]j#]f#gh# o]dc]#eYfa]j#YYf#\]j\]f#g^#YYf#\]#[da|fl#r]d^#ogj\]f#n]jklj]cl; fY\]j#gf\]jrg]c#n]jja[`l]f#fYYj#]n]flm]d]#n]jklggj\]#n]j`gm\af_]f#lmkk]f#l]Yek#\Yf#o]d# Z]hYYd\]#h]jkgf]f; \]#o]ll]dabc]#n]j]akl]f#jgf\#`]l#oadkZ]coYYe`]a\kggj\]]d#]f#\]#jgd#nYf#\]#n]jl]_]f, oggj\a_]j#Zab#Z]kdmal]f#gn]j#`]l#lg]hYkk]f#nYf#\oYf_#Z]l]j#l]#aehd]e]fl]j]f#af#`]l#rgj_, hjg[]k; \ma\]dabc`]a\#n]jk[`Y^^]f#gn]j#oYl#]j#`]]^l#l]#_]d\]f#YYf_YYf\]#Z]`Yf\]dYYjk[`Yh#]f#`gg^\, Z]`Yf\]dYYjk[`Yh#e]l#ZabZ]`gj]f\]#lYc]f+#Z]ng]_\`]\]f#]f#n]jYfloggj\]dabc`]\]f-

D_"/-.2"RR_dR]]V_" Gf[a\]fl#rgj_## Gf[a\]fl#e]\]o]jc]j# Paka[g#g^#_]nYYjdabc]#kalmYla]# ?_j]kka]e]d\af_]f# #

Bal#`gm\l#af#\Yl#]j#]]f#n]j`g_af_#ak#nYf#`]l#YYflYd#e]d\af_]f#l-g-n-#1/03+#\YYjZab#ogj\]f#jaka[gngdd]# g^#_]nYYjdabc]#kalmYla]k#]f#Y_j]kka]#af[a\]fl]f#e]]j#_]e]d\-#Cj#`]]^l#ra[`#]]f#kl]jc]#\Ydaf_#dYl]f# ra]f#af#Idafa]c#Xma\dYj]f#'`a]j#oYj]f#af#1/03#n]]d#kYe]fo]jcaf_khjgZd]e]f+#\a]#fm#\ggj#Z]d]a\k, n]jYf\]jaf_]f#eaf\]j#YYfo]ra_#rabf(#]f#]]f#kl]jc]#klab_af_#af#Idafa]c#Ejgfaf_]f#?d_]e]]f#Ajakak# ]f#Idafa]c#Uafk[`gl]f#E]kdgl]f#?^\]daf_+#'n]jeg]\]dabc#\ggj#Yf\]j]#[da|fl]fhghmdYla](-

; ^ \ \ X b b X T !E X S S T [ T ] !T ] !E P P c a T V T [ T ]!

B]#Ageeakka]#KGX#`]]^l#af#1/04#]]f#eg]arYYe#bYYj#_]`Y\-#F]l#Zdabcl#\Yl#gn]jd]_#ng]j]f#e]l# \aj][la]d]\]f#fa]l#]]fngm\a_#j]Ydak]]jZYYj#Zdab^l-#U]d#rabf#klYhh]f#_]r]l#af#\]#kYe]fo]jcaf_#e]l# `]l#Zmj]Ym#nYf#\]#E]f]]k`]]j,\aj][l]mj-#LY#Y^kl]eeaf_#gn]j#jYYcndYcc]f+#ggc#e]l#\]#Y^\]daf_# IoYdal]al+#ak#]]f#klYjl#_]eYYcl#e]l#\]#maloakk]daf_#nYf#]jnYjaf_]f#]f#e]l#`]l#[gf[j]l]j#ogj\]f# af#`]l#Y^khj]c]f#e]l#\aj][la]#nYf#rgj__jg]h]f#`g]#n]ada_`]a\#gh#[da|fl,#]f#e]\]o]jc]jfan]Ym#l]# Zgj_]f-#Mh#ZYkak#nYf#\]#e]]kl#j][]fl]#FIX#Ym\al#Zd]]c#\Yl#Zgj_af_#nYf#\]r]#_]o]fkl]#coYdal]al# eg]arYYe#n]jda]h-#?^_]khjgc]f#ak#`a]j#YYf\Y[`l#nggj#l]#[gf[j]lak]j]fTa]jo]c]dabck#ak#]j#gn]jd]_#_]ng]j\-#B]#lj]f\k#af#\]#e]d\af_]f#af#RjaYko]Z#o]j\]f#Z]khjgc]f#]f# oYYj#_]o]fkl#Y[la]#gf\]jfge]f#fYYj#e]d\]jk-

$$!(>7?D4

181/+#n]jeaf\]jaf_#nYf#gf_]n]]j#0//#e]d\af_]f #51+#n]jeaf\]jaf_#nYf#gf_]n]]j#0/#e]d\af_]f 136+#n]je]]j\]jaf_#nYf#gf_]n]]j#4/#e]d\af_]f 0576+#n]je]]j\]jaf_#nYf#gf_]n]]j#1//#e]d\af_]f 3805#e]d\af_]f#lglYYd

B]#d]\]f#nYf#\]#[geeakka]#KGX#_]n]f#YYf#fg_#kl]]\k#n]]d#Z]h]jcaf_]f#l]#gf\]jnaf\]f#nYf#\]# hjg\m[la]\jmc#gh#\]#o]jcY^\]daf_+#rg\Yl#`]l#dYkla_#ak#ge#o]jcrYYe`]\]f#af#`]l#cY\]j#nYf#\]#KGX# l]#\g]fLR^V_cdV]]Z_X"Zc"_ZVd"XVgZ[jZXU+ U]d#rmdd]f#af#1/05#lo]]#d]\]f#`mf#lYc]f#f]]jd]__]f#nggj#\]#KGXPricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

/3


?`V]cdV]]Z_XV_"f``b"/-.37 T]j\]j]#gfloacc]daf_#Zgj_af_#Y^khjYc]f#e]l#\aj][la] T]j\]j]#gfloacc]daf_#af#Y\nak]jaf_#fYYj#BoYf_#&#BjYf_ ?YfhYkkaf_#af#\]#kYe]fkl]ddaf_-

p!

<V"-+,."PIL"LM"KWUUQZZQM"IT"MVSMTM"XYW[WKWTTMV"]IV"LM"VW[I"b6^IVO[WMXIZZQVO"QV"?MV[QZc" OMi]IT\MMYL"MV"JQROMZ[MTL)"6M"W]MYQOM"LWK\UMV[MV"]IV"LM"VW[I"aQRV"QV"-+,/"OMi]IT\MMYL"MV" JQROMZ[MTL)" p!

!!

!! !! !! !!

M^ ^ a [ X R W c X ] V !T ] ! P S e X T b

6M"KWUUQZZQM"PMMN["UMMYUIITZ"IL]QMZ"OMOM]MV"IIV"LM"LWZZQMYKWUUQZZQM"W]MY"LM"QVPW\L"]IV" LWK\UMV[MV"MV"LM"XTII[Z"^IIY"LMaM"LWK\UMV[MV"QV"PM["7B6"WXOMZTIOMV"UWM[MV"^WYLMV) 7MV"TQL"]IV"LM"KWUUQZZQM"PMMN["QV"LMKMUJMY"WX"IIV]YIIO"]IV"LM"INLMTQVO"MMV"STQVQZKPM"TMZ" OMOM]MV"WX"PM["@MLQZKP"5MV[Y\U)" 6M"KWUUQZZQM"PMMN["WX"]MYaWMS"]IV"MMV"INLMTQVO"ZKPYQN[MTQRS"IL]QMZ"OMOM]MV"W]MY"LM" [WMLQMVQVO"]IV"WYITM"UMLQKI[QM"QV"YMTI[QM"[W["L^IVO)"

< T ! c P ZT ] ! e P ] ! S T !R ^ \ \ X b b X T !i X Y ] 5

!! !!

F ^ c P !S f P ] V c ^ T _ P b b X ] V

`]l#ghkl]dd]f#nYf#]]f#Z]d]a\kfglY#ea\\]d]f#]f#eYYlj]_]d]f#]f#\oYf_Z]`Yf\]daf_; `]l#gfloacc]d]f#nYf#mfa^gje]#afkljm[la]k+#ja[`ldabf]f#]f#j]_d]e]fl]f#e]l#Z]lj]ccaf_#lgl# ea\\]d]f#]f#eYYlj]_]d]f#]f#\oYf_Z]`Yf\]daf_#af#J]flak#__r; `]l#h]jag\a]c#]nYdm]j]f#]f#Zabkl]dd]f#nYf#\]#Z]d]a\kfglY#ea\\]d]f#]f#eYYlj]_]d]f#]f# \oYf_Z]`Yf\]daf_+#afkljm[la]k+#ja[`ldabf]f#]f#hjglg[gdd]f#YYf#\]#`Yf\#nYf#hjYclabc, Z]naf\af_]f#]f#bmjakhjm\]fla]; `]l#^mf_]j]f#Ydk#njYY_ZYYc#]f#Y\na]kgj_YYf#e]l#Z]lj]ccaf_#lgl#ea\\]d]f#]f#eYYlj]_]d]f#]f# \oYf_Z]`Yf\]daf_; `]l#j]_]deYla_#nakal]j]f#nYf#Y^\]daf_]f#oYYj#ea\\]d]f#]f#eYYlj]_]d]f#n]]dnmd\a_#ogj\]f# _]hjYclak]]j\; `]l#'`Yd^(bYYjdabck#ng]j]f#nYf#gn]jd]_#e]l#\]#0]#_]f]]kcmf\a_]f#]f#`]l#da\#nYf#\]#PYY\#nYf# @]klmmj#\Yl#n]jYfloggj\]dabc#ak#nggj#\]#'coYdal]al#nYf#\](#hYla|fl]frgj_; `]l#rgj_]f#nggj#]]f#_g]\]#j]_akljYla]#nYf#ea\\]d]f#]f#eYYlj]_]d]f#]f#\oYf_Z]`Yf\]daf_#]f# ]]f#kqkl]eYlak[`]#^]]\ZY[c#e]l#afZ]\\af_#af#`]l#coYdal]alkeYfY_]e]flkqkl]]e#'IKQ(-

p!

G e T a [ T V !\ T c !S T !J P P S! e P ] ! 9 T b c d d a

6M"]WWYaQ[[MY"]IV"LM"KWUUQZZQM"PMMN["QV"R\TQ"W]MYTMO"OM]WMYL"UM["LM"CIIL"]IV"4MZ[\\Y"VIIY" IIVTMQLQVO"]IV"PM["RIIY]MYZTIO"]IV"LM"KWUUQZZQM)"7hV"]IV"LM"OMZXYMSZWVLMY^MYXMV"^IZ"LM" XWZQ[QM"]IV"LM"KWUUQZZQM"QV"LM"P\QLQOM"Z[Y\K[\\Y)"4MZTW[MV"QZ"WU"MMYZ["VILMY"WVLMYaWMS"[M" LWMV'"IT]WYMVZ"PQMYW]MY"]MYOIIVLM"JMZTQZZQVOMV"[M"VMUMV)" p!

G e T a [ T V !\ T c !9 ^ _ i !R ^ \ \ X b b X T !M#M

<V"IXYQT"PMJJMV"LM"]WWYaQ[[MY"MV"MMV"TQL"]IV"LM"KWUUQZZQM"W]MYTMO"OM]WMYL"UM["MMV"TQL"]IV"LM" 4WXa(KWUUQZZQM"F$F"W]MY"PM["OMJY\QS"]IV"!_I[QMUQLLMTMV)";M["LWMT"]IV"LQ["W]MYTMO"^IZ"PM[" \Q[^QZZMTMV"]IV"QVNWYUI[QM)" p!

B]#[geeakka]#Z]klYYl#mal#f]_]f#d]\]f-#B]#ngd_]f\]#^mf[la]k#oYj]f#n]jl]_]foggj\a_\9#hkq[`aYl]j# '2p(+#n]jhd]]_cmf\a_]#'2p(+#hkq[`gdgg_#'0p(+#bmjakl#'0p(+#k][j]lYj]kk]#'0p(-#B]#[geeakka]#`]]^l#]d^# c]]j#n]j_Y\]j\-#

LP ZT ] !R ^ \ \ X bb X T !X ] ! S T ! ] X T d f T !b c a d R c d d a

<V"]MYJIVL"UM["LM"IIVZ[MTTQVO"]IV"MMV"9MVMMZPMMY(LQYMK[M\Y"QV"-+,.'"MV"[WMSWUZ[QOM" ^QRaQOQVOMV"QV"LM"^M[OM]QVO'"PMMN["LQ["RIIY"MMV"PMYJMaQVVQVO"XTII[ZOM]WVLMV"[MV"IIVaQMV" ]IV"ITTM"KWUUQZZQMZ'"Z[\\YOYWMXMV"MV"^MYSOYWMXMV"LQM"bL^IVO"MV"LYIVOc"QV"P\V"XWY[MNM\QTTM" PMJJMV)"

@]dYf_jabc]#gf\]jo]jh]f#nggj#\]#[geeakka]#oYj]f9 p!

J T V X b c a P c X T !S f P ] V c ^ T _ P b b X ] V

CMOQZ[YI[QM"L^IVO[WMXIZZQVO"QZ"MMV"]IZ["X\V["WX"LM"IOMVLI"]IV"LM"5WUUQZZQM)"EQRLMVZ"LM" ]MYOILMYQVOMV"aQRV"LM"UIIVLMTQRSZM"W]MYaQKP[MV"L^IVO[WMXIZZQVO"JMZXYWSMV)"9MKWVZ[I[MMYLM" NW\[MV"WN"WVL\QLMTQRSPMLMV"aQRV"JQR"LM"JM[YMNNMVLM"INLMTQVOMV"WVLMY"LM"IIVLIKP["OMJYIKP[) p!

M X b X c P c X T ! S f P ] V c ^ T _ P bb X ] V!

<V"PM["SILMY"]IV"LM"LWWYTWXMVLM"]QZQ[I[QMKIYYW\ZMT"aQRV"QV"-+,/"IKP["INLMTQVOMV"JMaWKP[)"4QR" hhV"]IV"LMaM"INLMTQVOMV"aIO"LM"KWUUQZZQM"IIVTMQLQVO"WU"QV"PM[aMTNLM"RIIY"MMV"PMY]QZQ[I[QM"[M" XTIVVMV)" 4QR"LM"\Q[OM]WMYLM"]QZQ[I[QMZ"QZ"OMJY\QS"OMUIIS["]IV"LWWY"UMLM^MYSMYZ"]IV"LM"INLMTQVO"QV" MMV"aMTNM]IT\I[QM"]MYZ[YMS[M"OMOM]MVZ)"6M"KWUUQZZQM"PMMN["LM"JM[YWSSMV"TMQLQVOOM]MVLMV'" LQYMK[QMZ"MV"LM"CIIL"]IV"4MZ[\\Y"ZKPYQN[MTQRS"WX"LM"PWWO[M"Z[MT["]IV"PIIY"JM]QVLQVOMV)" p!

$$!(>7?D4

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

/4


,2!DT]cXb!X]!ST!bP\T][TeX]V E P P c b R W P _ _ T [ X Y Z !MT a P ] c f ^ ^ aS !G ] S T a ] T \ T ]!

J]flak#ak#zzf#nYf#\]#cghdgh]jk#af#\]#KYYlk[`Yhh]dabc#T]jYfloggj\#Mf\]jf]e]f# 'KTM,(]ph]\ala]#BmmjrYe]#Xgj_#Gf#Lggj\,L]\]jdYf\+#]]f#f]lo]jc#nYf#afkl]ddaf_]f#]f#Z]\jabn]f# \a]#\ggj#`]l#maloakk]d]f#nYf#c]ffak#]f#]jnYjaf_#\]#rgj_#\mmjrYe]j#oadd]f#eYc]f-#Qh]]jhmfl]f#af# \]r]#]ph]\ala]#rabf#hgkala]n]#_]rgf\`]a\#]f#[aj[mdYaj]#]f#af[dmka]n]#][gfgea]-#B]#\]]dfYe]#YYf# `]l#f]lo]jc#klaemd]]jl#J]flak#ge#e]]j#kYe]f`Yf_#l]#Zj]f_]f#af#`]l#KTM,Z]d]a\#]f#fg_#e]]j#o]jc# l]#eYc]f#nYf#\mmjrYYe`]a\#af#`]l#nYkl_g]\+#\]#afcggh+#\]#FPK#]f#\]#\aj][l]#rgj_-#Mn]ja_]fk# o]jcl#J]flak#Zab#`]l#Z]`]]j#]f#gfloacc]d]f#nYf#nYkl_g]\#Yd#dYf_]#lab\#ngd_]fk#\]#hjaf[ah]k#nYf# [aj[mdYaj#Zgmo]f+#[jY\d],lg,[jY\d]#]f#\mmjrYYe#_]Zjmac#nYf#]f]j_a]-#Gf#`]l#FPK,Z]d]a\#ak#tkg[aYd# j]lmjfu#]]f#Z]dYf_jabc#KTM,l`]eY+#\]#YYfhYc#ge#e]]j#o]jc#l]#[j]|j]f#nggj#e]fk]f#e]l#]]f# Y^klYf\#lgl#\]#YjZ]a\keYjcl-

#

A]]^ePcXTb

J]flak#ak#Y[la]^#af#`]l#gfloacc]d]f#nYf#fa]mo]#]f#`]l#n]jZ]l]j]f#nYf#Z]klYYf\]#hjg\m[l]f#]f# \a]fkl]f#af#]f#jgf\ge#\]#rgj_-#B]fc#ZabnggjZ]]d\#YYf#l]d]rgj_#'tZ]]d\Z]dd]fu(+#\gegla[Y+#]]f# t`]Ydaf_#]fnajge]flu#af#gm\]j]fhkq[`aYlja]+#gfdaf]#Z]`Yf\]d]f#]f#`]l#_]Zjmac#nYf#Ydd]jd]a# Yhhda[Yla]k#af#\]#YeZmdYfl]#rgj_-#KYYj#ggc#YYf#]]f#Z]o]_af_,#]f#Z]d]]^lmaf#nggj#\]e]fl]j]f\]# gm\]j]f+#]]f#tlgn]jlY^]du#]f#`]l#gh]fkl]dd]f#nYf#nggjra]faf_]f#nggj#oabcZ]ogf]jk-# D T ] c X b!X ] ! S T ! b P \ T ] [ T e X ] V

J]flak#kh]]dl#]]f#Z]dYf_jabc]#eYYlk[`Yhh]dabc]#jgd#af#\]#rgj_#nggj#e]fk]f#e]l#lab\]dabc]#g^#dYf_]j, \mj]f\]#hkq[`ak[`]#hjgZd]e]f-#@ab#\a]#jgd#`ggjl#ggc#`]l#\]d]f#nYf#\]#_jgl]#k[`Yl#YYf#c]ffak#]f# ]jnYjaf_#oYYjgn]j#J]flak#Z]k[`acl-#Bal#_]Z]mjl#\ggj#e]]#l]#o]jc]f#YYf#hmZda[Yla]k#af#\]#e]\aY+# g^#r]d^#Y[la]^#\]#e]\aY#l]#Z]fY\]j]f+#\ggj#]]f#_g]\]#]f#lg]_Yfc]dabc]#o]Zkal]+#\ggj#`]l#_]Zjmac# nYf#kg[aYd#e]\aY#]f#fYlmmjdabc#af#Ydd]jd]a#kYe]fo]jcaf_kn]jZYf\]f#]f#gn]jd]__]f#oYYjYYf#J]flak# \]]df]]el-#TaY#Yd#\]r]#cYfYd]f#ak#J]flak#af#1/04#r]]j#Y[la]^#_]o]]kl-#Gf#1/04#o]j\]f#]j#nggj#`]l# ]]jkl#lo]]#Zab]]fcgekl]f#_]gj_Yfak]]j\#nYf#\]#J]flak#NmZda]ckY[Y\]ea]+#]]f#kYe]fo]jcaf_# e]l#`]l#BY_ZdY\#nYf#`]l#Lggj\]f-#Gf#dYY_\j]eh]da_]#dg[Yla]k+#rgYdk#]]f#k[`gmoZmj_+#_Yn]f# ]ph]jlk#nYf#J]flak#]f#]jnYjaf_k\]kcmf\a_]f#af^gjeYla]#gn]j#\]e]fla]#]f#gn]j#hkq[`gk]f-#@]a\]# Zab]]fcgekl]f#ljgcc]f#ngdd]#rYd]f#nYf+#h]j#c]]j#2//#\]]df]e]jk-#TYf#\]#Zab]]fcgekl]f#rabf# na\]gj]_akljYla]k#_]eYYcl#\a]#rabf#_]hdYYlkl#gh#`]l#WgmRmZ]cYfYYd#nYf#J]flak-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

0+


,3!A]U^a\PcXTbTaeXRT![T]cXb!$Xb[% B]#Gf^gjeYla]k]jna[]#'GQJ(#Z]Yfloggj\l#njY_]f#\a]#Zaff]fcge]f#naY#l]d]^ggf+#o]ZeYad+#af^gjeYla], k]jna[]>d]flak-fd-#B]#GQJ#ak#\]#njYY_ZYYc#nYf#J]flak-#J]flak#gflnaf_#jmae#071/#njY_]f#af#1/04-# NYla|fl]f#njg]_]f#nggjYd#g^#rab#e]l#`mf#`mdhnjYY_#Zab#J]flak#l]j][`l#cmff]f-#Mgc#kl]d\]f#r]#n]]d# njY_]f#gn]j#rgj_cgkl]f-#BYl#_]d\l#ggc#nggj#^Yeada]d]\]f-#Cpl]jf]#`mdhn]jd]f]jk#kl]dd]f#n]]d#njY_]f# gn]j#`]l#YYfZg\#nYf#J]flak-#Mgc#rabf#n]]d#e]fk]f#_]}fl]j]kk]]j\#af#o]jc]f#Zab#J]flak-#Qlm\]fl]f# cdghh]f#YYf#nggj#af^gjeYla]#nggj#k[jahla]k#g^#`mf#klY_]-#Gf#ZabdY_]#5#lj]^l#m#[ab^]jk#YYf#gn]j#`]l# YYflYd#njY_]f-# B]#GQJ#gj_Yfak]]jl#]f#^Y[adal]]jl#]]f#Zj]]\#k[YdY#YYf#nYYc#[gf[]jfZj]\]#Y[lanal]al]f+#\a]#ggc# Zab\jY_]f#YYf#\]#Z]]d\ngjeaf_#nYf#J]flak-#B]r]#o]jcrYYe`]\]f#naf\]f#hdYYlk#gh#n]jrg]c#nYf#\]# Pn@+#gf\]j#j]_a]#nYf#Ageemfa[Yla]#&#KYjc]laf_-#TggjZ]]d\]f#rabf9 ! ! ?[lanal]al]f#jgf\#\]#\Y_#nYf#\]#hkq[`aYlja]! ! Gf^g#nggj#[gf_j]kk]f+#kqehgkaY#]l#[]l]jY! ! BY_#nYf#\]#eYfl]drgj_ ! ! KYjcl]f+#rgYdk#\]#Xgj_eYjcl+#oYYj#gj_YfakYla]k#_]njYY_\#ogj\]f#ra[`#l]#cge]f#hj]k]fl]j]f! ! NP,o]jc ! ! Cl#[]l]jYTYYc#naf\]f#\]r]#Y[lanal]al]f#hdYYlk#af#kYe]fo]jcaf_#e]l#n]jk[`add]f\]#rgj__jg]h]f#]f.g^# Y^\]daf_]fB]#Y[lanal]al]f#Z]klYYf#mal#`]l#gj_Yfak]j]f#nYf#af^gjeYla]eYl]jaYYd+#hjgegl]f#naY#YYfo]ra_`]a\# nYf#J]flak#]f.g^#rgj__jg]h]f+#afja[`l]f#af^gklYf\k+#nggjda[`laf_#]l#[]l]jY-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

0,


,4!G]b!ZfP[XcTXcbQT[TXS Uab#Z]k[`acc]f#kaf\k#1//6#gn]j#`]l#FIX,[]jla"[YYl#nggj#EEr#]f#T&TB]#oYYj\]#nYf#]]f#[]jla"[YYl#ak#\Yl#o]#gfr]#rYc]f#gh#gj\]#`]ZZ]f#]f#\al#ggc#YYf#gfr]#klYc], `gd\]jk#]f#\]#Zmal]fo]j]d\#cmff]f#dYl]f#ra]f-#F]l#FIX,c]mje]jc#Z]l]c]fl#aee]jk#\Yl#gfk# coYdal]alk#eYfY_]e]flkqkl]]e#bYYjdabck#ogj\l#_]lg]lkl-#BYl#_YjYf\]]jl#\Yl#gfk#coYdal]alk, eYfY_]e]fl#kqkl]]e#fa]l#Ydd]]f#YYflggfZYYj#_]j]_]d\+#eYYj#ggc#]^^][la]^#gh]jYlagf]]d#ak-#Mgc# lggfl#`]l#\Yl#\]#gj_YfakYla]#ra[`#kl]jc#eYYcl#nggj#n]jZ]l]jaf_-#J]flak#oad#][`l]j#]]f#klYh#n]j\]j# _YYf#\Yf#`]l#FIX,[]jla"[YYl-#BYl#Zgj_l#af#gfr]#g_]f#gfr]#hjg[]kk]f#gh#]]f#Y\]imYl]#oabr]-# Uab#oadd]f#nggj#gfk#r]d^#\YYjZgn]f#nYklkl]dd]f#gh#o]dc]#hmfl]f#oab#gfk#coYdalYla]^#oadd]f#gf\]j, k[`]a\]f#nggj#gfr]#Z]dYf_`]ZZ]f\]f#]f#\YYj#r]d^#gfr]#fgje]f#kl]dd]f#oYYjYYf#o]#mal]jYYj\# _]`gm\]f#cmff]f#ogj\]f-

@ ^ a X i ^ ] c P P [ !P d S X c b h b c T T \

Gf#YYfkdmalaf_#gh#\]#e]]jbYj]fnaka]#nYf#J]flak#ak#_]klYjl#e]l#]]f#`gjargflYYd#coYdal]alkkql]]e# Zaff]f#J]flak-#Gf#\]#e]]jbYj]fnaka]#klYYl#\Yl#J]flak#klj]]^l#fYYj#r]d^j]\rYe]#l]Yek#]f#\]#oab#\]# hjg^]kkagfYdal]al#nYf#e]\]o]jc]jk#oadd]f#n]j_jgl]f-##R]_]dabc]jlab\#ogj\l#\ggj#]pl]jf]#hYjlab]f#nYf# J]flak#_]njYY_\#kl]]\k#Z]l]j#afra[`l]dabc#l]#eYc]f#g^+#]f#`g]#`]l#YYf#Z]hYYd\]#fgje]f#ngd\g]l-# Me#\al#l]#Z]j]ac]f#ak#]]f#YYfhYc#gfloacc]d\#oYYje]]#l]Yek#r]d^#e]]j#[gfljgd]#`]ZZ]f#gh#Z]d]a\# ]f#fgje]f-#Me#l]Yek#_g]\#l]#af^gje]j]f#gn]j#`]l#Z]d]a\#]f#\]#fgje]f#oYYj#r]#YYf#eg]l]f# ngd\g]f#`]]^l#\]#Y^\]daf_#IoYdal]al#kYe]f#e]l#\]#l]Yek#eg\md]k#nggj#hYla|fln]ada_`]a\k#gf\]j, o]jh]f#gfloacc]d\-#B]r]#eg\md]k#Z]k[`jabn]f#`]l#Z]d]a\+#lYc]f#]f#n]jYfloggj\]dabc`]\]f#]f# Z]nYll]f#njY_]f#ge#l]#cmff]f#lg]lk]f#g^#ngd\YYf#ogj\l#YYf#\]#fgje]f-##

Uab#o]jc]f#YYf#]]f#coYdal]alk[mdlmmj#oYYjaf#a]\]j]]f#Yd]jl#ak#gh#n]jZ]l]jeg_]dabc`]\]f#]f#[gflafm #w#gh#]]f#kqkl]eYlak[`]#oabr]#w#\]#coYdal]al#n]jZ]l]jl+#]f#ra[`#\YYjZab#_]kl]mf\#o]]l#\ggj# `]l#eYfY_]e]fl-#@]dYf_jabc]#nggjoYYj\]f#nggj#]]f#_g]\#coYdal]alkZ]d]a\#rabf#h]jkggfdabc# [geeale]fl#nYf#\]#PYY\#nYf#@]klmmj#]f#\aj][la]k#nggj#`]l#coYdal]alkZ]d]a\#]f#]]f#dabf#\a]#`a]j# Z]omkl#gh#klmmjl-#Gfhml#nggj#`]l#coYdal]alkZ]d]a\#cgel#mal#gfr]#Ym\alk+#[da|fl#l]nj]\]f`]a\k, e]laf_]f+#e]d\af_]f#af[a\]fl]f#hYla|fl]frgj_+#cdY[`l]f#]f#ea\\]d]f#]f#eYYlj]_]d]f-#

F]l#_YYl#gf\]j#e]]j#ge#eg\md]k#hYla|fl\gkka]j+#e]\a[Yla]n]ada_`]a\+#\oYf_#]f#\jYf_+#km}[a\], hj]n]fla]#]f#kgeYlak[`]#k[j]]faf_#]f#d]]^klabdZ]_]d]a\af_-#F]l#cge]f\]#bYYj#rmdd]f#ggc#eg\md]k# nggj#Yf\]j]#hYla|fln]ada_`]a\kgf\]jo]jh]f#ogj\]f#gfloacc]d\-#Mgc#ogj\]f#eg\md]k#nggj#\]# gf\]jkl]mf]f\]#hjg[]kk]f#gfloacc]d\-# Gf#1/03#ak#]]f#\a_alYYd#Ym\alkqkl]]e#'Qead](#af_]ja[`l#oYYj#l]Yek#r]d^#\]#lg]lknjY_]f#nYf#\]# n]jk[`add]f\]#eg\md]k#af#cmff]f#Z]Yfloggj\]f-#T]jngd_]fk#`]ZZ]f#\]#l]Yek##gfea\\]ddabc#]]f# gn]jra[`l#nYf#\]#fgje]f#oYYj#r]#o]d#]f#fa]l#YYf#ngd\g]f-#Mgc#cmff]f#af#QKGJC#\]#n]jZ]l]j, eYYlj]_]d]f#ogj\]f#_]r]l#zf#ogj\]f#_]ngd_\#\ggj#\]#`]d]#dabf-# T]jZ]l]jhmfl]f#mal#n]jk[`add]f\]#hYla|fln]ada_`]a\keg\md]k#cmff]f#ogj\]f#_]cghh]d\#YYf#zzf# n]jZ]l]jhdYf-#F]l#kqkl]]e#_]]^l#]]f#ka_fYd]jaf_#'eYad(#oYff]]j#\]Y\daf]k#nggj#`]l#malng]j]f#nYf# ]]f#Ym\al+#g^#nggj#`]l#Z]`Yf\]d]f#nYf#n]jZ]l]jeYYlj]_]d]f#fY\]j]f-#

Gfl]jf]#Ym\alk J]flak#c]fl#]]f#dYf_]#ljY\ala]#e]l#Z]lj]ccaf_#lgl#afl]jf]#Ym\alk-#?m\algjk#ogj\]f#afl]jf#_]ljYaf\# ]f#gn]j#\]#afr]l#nYf#Ym\algjk#]f#`]l#Ym\alhjg_jYeeY#rabf#`]d\]j]#Y^khjYc]f#_]eYYcl-#Bg]d#nYf#\]# afl]jf]#Ym\alk#ak#`]l#kqkl]eYlak[`#n]jZ]l]j]f#nYf#\]#coYdal]al#nYf#rgj_#]f#\a]fkln]jd]faf_-#Mn]j#\]# malcgekl]f#nYf#\]#Ym\alk+#`]l#Z]khj]c]f#]jnYf#]f#\]#n]jZ]l]jhdYff]f#\a]#fYYj#YYfd]a\af_#nYf#\]# Ym\alk#rabf#gh_]kl]d\#rabf#]f#\]#egfalgjaf_#nYf#\]#n]jZ]l]jY[la]k#rabf#Y^khjYc]f#_]eYYclJ]flak#c]fl#\]#ngd_]f\]#Ym\alk9 ! ! r]d^]nYdmYla]k; ! ! l`]eY,Ym\alk; ! ! rg_]`]l]f#ljY[]j#Ym\alk#'oYYjZab#\]#hYla|fl.[da|fl+#]]f#e]\a[abf#g^#eYYlj]_]d#Zab#rabf#_Yf_# \ggj#\]#afkl]ddaf_#ogj\l#_]ngd_\; ! ! j]_mda]j]#Ym\alk-

F]l#]]jkl]#`Yd^bYYj#nYf#1/04#ogj\l#QKGJC#_]l]kl#ge#l]#gf\]jrg]c]f#g^#\]#afn]kl]jaf_#af#\al# kqkl]]e#`]l#_]o]fkl]#j]kmdlYYl#ghd]n]jl-#F]l#_YYl#`a]jZab#ge#`]l#l]kl]f#nYf#`]l#kqkl]]e#r]d^#eYYj# ggc#ge#afra[`l]dabc#l]#cjab_]f#oYl#]j#fg\a_#ak#YYf#jYf\nggjoYYj\]f#'gf\]j#Yf\]j]-#ljYafaf_(#ge# QKGJC#l]#aehd]e]fl]j]f-# LYYkl#\]#`gjargflYd]#lg]lkaf_#rYd#ggc#\]#n]jla[Yd]#lg]lkaf_+#lg]lkaf_#\ggj#]]f#Ym\algj#\a]#fa]l# Zab#\]#Y^\]daf_#Z]ljgcc]f#ak+#Zdabn]f#Z]klYYf-#F]l#_YYl#\Yf#ge#gf\]jo]jh]f#\a]#rg#jaka[gngd#rabf# \Yl#`gjargflYd]#lg]lkaf_#fa]l#_]fg]_#r]c]j`]a\#Za]\l#nggj#\]#gj_YfakYla]-#T]jla[Yd]#Ym\alk#rmdd]f# ggc#Ydk#kl]]chjg]^#ogj\]f#af_]r]l#ge#l]#lg]lk]f#g^#\]#malcgekl]f#nYf#\]#`gjargflYd]#Ym\alk# gn]j]]fcge]f#e]l#\]#malcgekl]f#nYf#]]f#Ym\algj#\a]#fa]l#Zab#\]#Y^\]daf_#Z]ljgcc]f#ak-##

B]#r]d^]nYdmYla]k#g^#o]d#`]l#`gjargflYYd#coYdal]alkkqkl]]e#ak#]]f#gfloacc]daf_#oYYjgh#o]#ljglk# rabf-#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

0-


!!

8 d S X c b! d X c V T e ^ T a S !X ] ! - + , 0

Gf#1/04#rabf#gf\]j#e]]j#\]#ngd_]f\]#Ym\alk#mal_]ng]j\9

!! !! !! !! !! !! !! !! !!

\gkka]jYm\al#?DNL,hgda \gkka]jYm\al#?DNL,Dgj^Y[l Ym\al#QgeYlak[`]#k[j]]faf_#.#Ydd]#cdafak[`]#k]llaf_]f e]\a[Yla]Z]rg]c]f#\ggj#\]#Yhgl`]]c FIX,Ym\al Iaf\[`][c,Ym\al Qm}[a\]#hj]n]fla] K]\a[Yla]#n]ada_`]a\ BoYf_#]f#\jYf_

!!

!!

Rgl#\]#bYYjdabck]#hdYffaf_&#[gfljgd[q[dmk#Z]`ggjl#l]n]fk#\]#Z]`Yf\]daf_#]f#nYklkl]ddaf_#nYf# \]#bYYjdabck]#hjgb][l]fhgjl^gdag-#Bal#ak#]]f#_]coYfla"[]]j\#\g[me]fl#'^mf[lagfYdal]al+#\ggj, dgghlab\+#e]fkcjY[`l#]f#gn]ja_]#]]feYda_],#]f#]phdgalYla]cgkl]f(B]#_]f]ja]c#_]Zjmacl]#]f#_]klYf\YYj\ak]]j\]#GR,af^jYkljm[lmmj#]f#_]f]ja]c]#lg]hYkkaf_]f# rgYdk#l]ckln]jo]jcaf_+#],eYad+#Y_]f\Yuk+#l]d]^gfa]#]f#n]j_]dabcZYYj#ogj\]f#gh#[gf[]jffan]Ym# nYkl_]kl]d\B]#af^gjeYla]eYfY_]e]fl^mf[la]#ak#gf\]j_]ZjY[`l#Zab#aJ]flak-

Cf P [ X c T X c !e P ] !i ^ a V!

B]#ZYkakk]l#hj]klYla],af\a[Ylgj]f#EEr#]f#T&T+#ak#Yd#_]jmae]#lab\#\ggj#gfk#af#_]Zjmac#ge# n]jYfloggj\af_#Y^#l]#d]__]f-#J]flak#n]jo]jcl#\]#ZYkakk]l#EEr#]f#T&T#Zgn]f\a]f+#nggj#rgn]j# eg_]dabc+#af#\]#]a_]f#hdYffaf_]f#[gfljgd[q[dmk-#Mn]j#\]#lg]hYkZYYj`]a\#nYf#\]#ZYkakk]lk#naf\l# afl]jf#gn]jd]_#hdYYlk+#eYYj#ggc#e]l#n]jr]c]jYYjk#]f#[da|fl]f-#Nj]klYla],af\a[Ylgj]f#cge]f# Zgn]f\a]f#l]jm_#af#\]#eYfY_]e]fl[gfljY[l]f-

A ] U ^ a \ P c X T Q T W T T a! T ] ! ( e T X [ X V W T X S

Gf#1/03#ak#af#]]f#dYf_#dgh]f\#_jggl#hjgb][l#]]f#Z]dYf_jabc#\]]d#nYf#\]#[]fljYd]#af^jYkljm[lmmj# n]jfa]mo\-#Fa]je]]#ak#\]#Z]k[`acZYYj`]a\#nYf#af^gjeYla]#]f#\YYje]]#Z]\jab^k[gflafm}l]al#Z]l]j# _]oYYjZgj_\#]f#_jah#gh#af^gjeYla]#n]jkl]na_\-#B]#[da|fl,hgjlYd]f#nYf#J]flak#rabf#]pl]jf#_],Ym\al# ]f#ngd\g]f#\YYje]]#YYf#\]#na_]j]f\]#o]l,#]f#j]_]d_]naf_-#Bggj#\]#[gflafm]#YYf\Y[`l#nggj# af^gjeYla]#Z]n]ada_af_#Zaff]f#J]flak#ak+#e]\]#e]l#\]#Z]fg]e\]#k][mjalq#g^"[]j+#`]l#af^gjeYla]# k][mjalq#eYfY_]e]fl#kqkl]]e#n]j\]j#_]nmd\#]f#mal_]Zj]a\A L( ? ^ e T a ] P ] RT !D T ] c X b '! Q T b [ d X c T ] ! J P P S !e P ] !9 T b c d d a!

K]l#Z]lj]ccaf_#lgl#\]#GAR,Egn]jfYf[]#ak#`]l#ngd_]f\]#Z]d]a\#nYkl_]kl]d\#af#J]flak9 ! ! F]l#mal_Yf_khmfl#nggj#`]l#Gf^gjeYla]Z]d]a\#']f#`]l#\YYjnYf#Y^#l]#d]a\]f#?mlgeYlak]jaf_k, Z]d]a\(#dma\l#\Yl#`]l#'0(#ak#n]jYfc]j\#af#\]#kljYl]_ak[`]#lgh#]f#'1(#ak#Z]d]_\#af#\]#dabf-#B]#PYY\# nYf#@]klmmj#kl]dl#af#gn]jd]_#e]l#\]#\aj][l]mj]f#\]#Yd_]e]f]#Z]d]a\kcY\]jk#nYkl-#B]#rgj_, _jg]h]f#rabf#Zaff]f#\]r]#cY\]jk#nggj#`]l#af^gjeYla]eYfY_]e]fl#af#\]#td]Y\u-#B]#\aj][la]k#nYf# \]#rgj__jg]h]f#]f#YYfkdmal]f\#\a]#nYf#\]#gf\]jkl]mf]f\]#\a]fkl]f+#_]n]f#nYfmal#`mf#lYc]f# ]f#n]jYfloggj\]dabc`]\]f#YYf+#o]dc]#'_]YmlgeYlak]]j\](#af^gjeYla]nggjra]faf_#'af#\]#lg], cgekl(#fgg\rYc]dabc#g^#_]o]fkl#ak-#B]#PYY\#nYf#@]klmmj#Zgj_l#\]#Y^kl]eeaf_#Zaff]f#J]flak# Ydk#_]`]]d! ! B]#PYY\#nYf#@]klmmj#kl]dl#fY#Y^kl]eeaf_#e]l#\]#_]rYe]fdabc]#\aj][la]k#`]l#Gf^gjeYla],#]f# ?mlgeYlak]jaf_kZ]d]a\#nggj#\]#gj_YfakYla]#Ydk#_]`]]d#nYkl-# ! ! Gf#\]#Baj][la]jYY\#ogj\l+#Ydk#gf\]j\]]d#nYf#\]#hdYffaf_#&#[gfljgd[q[dmk+#[gf[]hl#Z]d]a\k,#]f# malng]jaf_khdYff]f#Z]khjgc]f#]f#\]#nggj_]fge]f#Z]kdmalngjeaf_#gn]j#_jgl]#hjgb][l]f-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

0.


-+!G]STai^TZ MXbXT

NT c T ] b R W P _ _ T [ X Y Z !F T c f T a Z !$ N = L = F %

B]#e]\ak[`]#o]l]fk[`Yh#ak#kf]d#af#Z]o]_af_-#Gf#\]#hkq[`aYlja]#]f#hkq[`gdg_a]#ogj\l#n]]d#fa]mo]# c]ffak#n]jogjn]f#\a]#l]f#_g]\]#cYf#cge]f#YYf#\]#hYla|fl]frgj_-#Me#Ydk#rgj_afkl]ddaf_#Y[la]^#l]# cmff]f#Zab\jY_]f#YYf#\]r]#gfloacc]daf_]f+#ak#]]f#gf\]jrg]ck[mdlmmj#]kk]fla]]d-#Mgc#nYfmal#\]# ghd]a\af_#lgl#hkq[`aYl]j+#hkq[`gdgg_+#hkq[`gl`]jYh]ml#]f#n]jhd]]_cmf\a_#kh][aYdakl#ak#]]f#o]l]f, k[`Yhh]dabc#cdaeYYl#Zaff]f#\]#ghd]a\af_kafklalml]f#]]f#n]j]akl]-#BYYjfYYkl#ak#o]l]f#k[`Yhh]dabc# \]fc]f#gfeakZYYj#nggj#coYdal]alkgfloacc]daf_#]f#coYdal]alklg]lkaf_#Zaff]f#gj_YfakYla]k-#B]# h # Yjla[ahYla]#nYf#J]flak#af#o]l]fk[`Yhh]dabc#gf\]jrg]c#Z]ngj\]jl#]]f#gfloacc]daf_k#_]ja[`l#]f# a# ffgnYla]^#cdaeYYl-#Bal#rYd#\]#coYdal]al#nYf#rgj_#]f#l]nj]\]f`]a\#gh#\]#o]jc#ndg]j#hgkala]^#Z]}f, ndg]\]f-

F]l#U]l]fk[`Yhh]dabc#L]lo]jc#'UCRCL(#Z]klYYl#mal#k]fagj#gf\]jrg]c]jk#\a]#_]rYe]fdabc#`]l#`Yjl# ngje]f#nYf#J]flak#P]k]Yj[`-#B]#d]\]f#nYf#UCRCL#Z]ngj\]j]f#`]l#[j]|j]f#nYf#f]lo]jc]f#nYf# gf\]jrg]c]jk+#Yd#\Yf#fa]l#e]l#`mdhn]jd]f]jk+#\a]#]dcYYj#klaemd]j]f#]f#`]dh]f#Zab#`]l#mal\]fc]f#]f# malng]j]f#nYf#o]l]fk[`Yhh]dabc#gf\]jrg]c-#UCRCL#^mf[lagf]]jl#Ydk#[]fljYYd#cfgghhmfl+#oYYjaf# 'afl]jf]#g^#]pl]jf](#gf\]jrg]c]jk#gf\]jdaf_#e]l#]dcYYj#af#[gflY[l#cmff]f#cge]fBYYjfYYkl#`]dhl#UCRCL#Zab#`]l#afala|j]f#nYf#o]l]fk[`Yhh]dabc#gf\]jrg]c+#_]]^l#r]#hjagjal]al#YYf# gf\]jrg]cknggjkl]dd]f#gh#ZYkak#nYf#coYdal]alk[jal]jaY#]f#`YYdZYYj`]a\-#Mgc#`]dhl#UCRCL#Zab#\]# kYe]fkl]ddaf_#nYf#hjgb][ll]Yek#]f#gf\]jkl]mfl#r]#\]r]#l]Yek#Zab#`]l#gfloacc]d]f#]f#malng]j]f# nYf#gf\]jrg]ckhjgb][l]f-

G a V P ] X b P c X T !D T ] c X b! J T b T P a R W

J]flak#P]k]Yj[`#ak#]]f#afkhaj]j]f\]+#gh#affgnYla]#_]ja[`l]#]f#!]paZ]d]#gj_YfakYla]+#_]ja[`l#gh# klaemd]jaf_#]f#gf\]jkl]mfaf_#nYf#e]\]o]jc]jk#\a]#Zaff]f#J]flak#gf\]jrg]ckY[lanal]al]f#oadd]f# gflhdgga]f-

Ha^YTRccTP\b

Cdc#gf\]jrg]c#`]]^l#]]f#]a_]f#hjgb][ll]Ye#e]l#]]f#'`gg^\(gf\]jrg]c]j#Ydk#]af\n]jYfloggj\]dabc]-# Njgb][ll]Yek#rabf#n]]dYd#kYe]f_]kl]d\#mal#e]\]o]jc]jk#nYf#n]jk[`add]f\]#\ak[ahdaf]k-#Njgb][l, l]Yek#klj]n]f#fYYj#`]l#rg#_g]\#]f#]^"[a|fl#eg_]dabc#Z]`Yd]f#nYf#\]#gf\]jrg]ck\g]d]f-

J]flak#P]k]Yj[`#Z]klYYl#mal#]]f#YYflYd#gf\]j\]d]f9#\]#o]l]fk[`Yhh]dabc]#Y\na]kjYY\#'U?P(+#`]l# o]l]fk[`Yhh]dabc#f]lo]jc#'UCRCL(+#hjgb][ll]Yek#]f#`]l#gf\]jrg]ckZmj]Ym#'ra]#hY_afY#44(-#B]r]# gf\]j\]d]f#rmdd]f#`a]jfY#lg]_]da[`l#ogj\]f-

D T ] c X b! J T b T P a R W !^ ] S T a i ^ T Z b Q d a T P d

F]l#gf\]jrg]ckZmj]Ym#rgj_l#nggj#\]#\Y_]dabck]#d]a\af_#nYf#J]flak#P]k]Yj[`-#B]#d]\]f#gf\]j, kl]mf]f#\]#gj_YfakYla]#af#\]#malng]jaf_#nYf#o]l]fk[`Yhh]dabc#gf\]jrg]c#naY#Zm\_]lZ]`]]j#]f# o]l]fk[`Yhh]dabc]#[gfkmdlYla]-#B]#d]\]f#nYf#`]l#gf\]jrg]ckZmj]Ym#klaemd]j]f#f]lo]jcngjeaf_# nYf#e]\]o]jc]jk+#Y^\]daf_]f#]f#gj_YfakYla]k-#BYYjfYYkl#Za]\l#J]flak#P]k]Yj[`#gf\]jkl]mfaf_#Zab# `]l#ghr]ll]f#]f#malng]j]f#nYf#gf\]jrg]c+#Ydke]\]#`]l#k[`jabn]f#nYf#kmZka\a]YYfnjY_]f-#

NT c T ] b R W P _ _ T [ X Y Z !8 S e X T b a P P S !$ N8 J %

B]#U]l]fk[`Yhh]dabc]#?\na]kjYY\#'U?P(#ak#]]f#Z]dYf_jabc#kljm[lmmj]d]e]fl#nYf#J]flak#P]k]Yj[`-# B]#U?P#_]]^l#Y\na]k#YYf#\]#PYY\#nYf#@]klmmj#gn]j#`]l#gf\]jrg]ckZ]d]a\+#Zm\_]lZ]`]]j#]f# "fYf[a|d]#hjagjal]al]f#af#`]l#o]l]fk[`Yhh]dabc#gf\]jrg]c-#Mgc#cYf#`]l#\]#PYY\#nYf#@]klmmj# af^gje]j]f#gn]j#affgnYla]k#af#\]#rgj_#e]l#\]#eg_]dabc]#gj_YfakYlgjak[`]+#h]jkgf]d]#]f#"fYf[a|d]# [gfk]im]fla]k-#BYYjfYYkl#Zj]f_l#\]#U?P#]]f#Y\na]k#mal#YYf#\]#PYY\#nYf#@]klmmj#gn]j#afalaYla]n]f# \a]#\ggj#Y^\]daf_]f#ogj\]f#_]fge]f#ge#nggj#`]l#RghEEr#I]mje]jc#af#YYfe]jcaf_#l]#cge]f-# @gn]f\a]f#_]]^l#\]#U?P#Y\na]k#gn]j#`]l#gf\]jrg]ckZ]d]a\#]f#af#l]#r]ll]f#ea\\]d]f#rgo]d#YYf# \]#PYY\#nYf#@]klmmj#Ydk#YYf#`]l#U]l]fk[`Yhh]dabc#L]lo]jc#'UCRCL(-#Gf\a]f#]j#hjgZd]e]f#rabf#Zab# gf\]jrg]ckhjgb][l]f#cYf#\]#U?P#Ydk#Y\nak]mj#g^#Z]ea\\]dYYj#ghlj]\]f#Zab#UCRCLCj#ak#]]f#gfY^`Yfc]dabc]#nggjrall]j9#\]#hjg_jYeeYd]a\]j.\aj][l]mj#nYf#`]l#PgZ#Ea]d#Mf\]jrg]c, []fljme-#T]j\]j#Z]klYYl#\]#o]l]fk[`Yhh]dabc#jYY\#mal#]]f#\ggj#\]#PYY\#nYf#@]klmmj#l]#Z]fg]e]f# k][j]lYjak+#`]l#'hdYYlkn]jnYf_]f\(#`gg^\#o]l]fk[`Yhh]dabc#gf\]jrg]c#Ydke]\]#\]#ghd]a\]jk#nYf# \]#?,ghd]a\af_+#N,ghd]a\af_#]f#\]#ghd]a\af_#lgl#n]jhd]]_cmf\a_#kh][aYdakl-

< ^ T [ T ] ! D T ] c X b!J T b T P a R W

!! !! !!

F]l#Z]ngj\]j]f#nYf#o]l]fk[`Yhh]dabc#gf\]jrg]c#l]j#n]jZ]l]jaf_#nYf#\]#hYla|fl]frgj_#Zaff]f# J]flak; F]l#d]n]j]f#nYf#]]f#Zab\jY_]#YYf#\]#gfloacc]daf_#nYf#]]f#c]ffak[mdlmmj#Zaff]f#J]flak; F]l#Z]ngj\]j]f#nYf#kYe]fo]jcaf_#nYf#J]flak#e]l#mfan]jkalYaj]#afklalml]f#]f#`g_]k[`gd]f-

Tggj#]]f#mal_]Zj]a\]#Z]k[`jabnaf_#nYf#Ydd]#'dgh]f\]#]f#Y^_]jgf\](#gf\]jrg]ckhjgb][l]f#h]j#rgj_, _jg]h#ogj\l#n]jo]r]f#fYYj#`]l#bYYjn]jkdY_#nYf#J]flak#P]k]Yj[`-#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

0/


> XV dd a!.!q!G aV P] ^V a P\ !D T ]cXb !JT b T PaRW

/8B85#! >V_#hVeV_dTYRaaV]Z[\# \]Z^RRe#SZ[#EV_eZd#kR]# \hR]ZeVZe#gR_#k`cX# SVg`cUVcV_

*5>C8B!-5B51A37

0%-

)1>B5>#! DV_^Vc\V_#gR_#UV# `cXR_ZdReZV# Ha]VZUZ_X# K`feZ_V#HfeT`^V# F`_Ze`cZ_X# LR^V_hVc\Z_X# FRRcdTYRaaV]Z[\V# `_ehZ\\V]Z_XV_

05C5>

,A?953C" C51=B

'?5<5>#! =``c#`_UVck`V\#aReZs_eV_k`cX# gVcSVeVcV_ LR^V_hVc\Z_X#^Ve#f_ZgVcdZeVZeV_# V_#Y`XVdTY`]V_#SVg`cUVcV_ DV__ZdTf]effc#YV]aV_#`_ehZ\\V]V_ <cVscV_#gR_# `_ehZ\\V]Z_Xd^`XV]Z[\YVUV_## g``c#^VUVhVc\Vcd

+>45AF?5;B" 2DA51D

-51<8B1C85#! =cRRXg]R\ QZTYeSRRcYVZU

.?5;?=BC865! ?>CE8;;5<8>65># B%9 ?Z_R_TZVV] Ha]VZUZ_XV_ PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

00


?DIMPRGLECL

?DNL# ?GM# ?M.GA# ?MU# ?PA# ?QQ# ?RL# ?U@X# ?&E# ?&P# @@J# @FT# @GE# @afE# @HX# @ghr# @MP# @gX# @RU# @T# @U# @WMB# @&U# A?E# A?R# A@@# A@M# AA?D# AAP# ABP# ADP# AG@E# AGN# AIN# AKM# ALN# AMP# AMR# AOa#

# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

$$!(>7?D4

?eZmdYfl]#Dgj]fkak[`]#Nkq[`aYlja]#Lggj\,L]\]jdYf\ ?jlk#af#ghd]a\af_ ?\eafakljYla]n]#Mj_YfakYla].Gfl]jf]#Agfljgd] ?d_]e]f]#Mm\]j\geko]l ?[lan]jaf_#]f#P]}fl]_jYla]#A]fljme ?mlake]#Qh][ljme#Qlggjfakk]f ?mlake]#R]Ye#Lggj\#L]\]jdYf\ ?d_]e]f]#U]l#@abrgf\]j#Xa]cl]cgkl]f ?jZ]a\#&#E]rgf\`]a\ ?[lan]jaf_#&#P]}fl]_jYla] @]jg]hkZ]_]d]a\]f\]#d]]jo]_ @]\jab^k`mdhn]jd]faf_ P]_akljYla]#]f#Gf^gjeYla]#@]jg]hkZ]g]^]fYj]f#af#\]#rgj_ @]eg]argj_#af#Ejgfaf_]f @mj]Ym#H]m_\rgj_ 'U]l(#@abrgf\]j]#ghf]eaf_]f#hkq[`aYljak[`]#ra]c]f`mar]f @]\#gh#P][]hl @jYf[`]gj_YfakYla]#Xgj_ @]dYklaf_#Rg]_]ng]_\]#UYYj\] @]kdgl]f#T]ffgglk[`Yh @]k[`]je]f\]#Uggfngje @jaf_#Wgmj#Mof#B]na[] @mj_]e]]kl]j#]f#U]l`gm\]jk Agehd]e]flYaj]#]f#?dl]jfYla]n]#E]f]]koabr]f A]fljYd]#?Yfe]d\af_#]f#Rg]d]a\af_ Ada|fl#@]dYf_]fZmj]Ym A]fljYYd#@]d]a\kgn]jd]_ A]fljme#A]jla"[]jaf_#?AR#]f#D?AR A]fljYd]#Ada|fl]fjYY\ Ada|fl]f#B]]djYY\ A]fljYd]#DYeada]jYY\ A]fljYYd#Gf^gjeYla]hmfl#@]jg]h]f#E]rgf\`]a\krgj_ A]fljme#nggj#Gfl]_jYd]#Nkq[`aYlja] A]fljme#nggj#Idafak[`]#Nkq[`gl`]jYha] A]fljme#nggj#KYYlk[`Yhh]dabc]#Mfloacc]daf_ A]fljme#nggj#L]mjghkq[`aYlja] A]fljYd]#Mf\]jf]eaf_kjYY\ Gfklalmml#nggj#T]ada_`]a\k,#]f#AjakakeYfY_]e]fl#'n`#Ajakak#Mf\]jrg]ck#R]Ye( Agfkme]j#OmYdalq#af\]p

AQ# B@?# B@A# B@M# BDgjXg# BHG# Ba_aKT# BLT# BTM# C@K# CAB# CAR# CdYff## CNA# CNB# CTT# D?AR# D?Q# D@C# DDD# DN?# DNA# DNI# DRC# EEr# EFMP# F@M# FCC# FGA# FIX# FLU# FgLMQ# FPK# G@A# G@M# GAR# GDXM# GD@C# GEX# 01

# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

Agf[]jfklY^ U]l#B]_]jmd]jaf_#@]ggj\]daf_#?jZ]a\kj]dYla]k# BaY_fgk]#@]`Yf\]d#AgeZafYla] Ba]fkl#@]\jab^kgf\]jkl]mfaf_ Baj][la]#Dgj]fkak[`]#Xgj_ Ba]fkl#Hmklala|d]#Gfja[`laf_]f Ba_alYd]#KYYlk[`Yhh]dabc]#T]jYfloggj\af_ B]l#Lgjkc]#T]jalYk Ba]fkln]jd]faf_kgn]j]]fcgekl Cna\]f[]#@Yk]\#K]\a[af] Cd][ljgfak[`#Ada|fl]f\gkka]j Cd]cljg[gfnmdka]l`]jYha]# C]jkl]#Jabfk#?\na]k#Lggj\,L]\]jdYf\ Cf]j_a]hj]klYla][g|^"[a|fl Cd][ljgfak[`#NYla|fl]f\gkka]j C]jkl#T]jYfloggj\]dabc]#T]jrgj_]f\] Dmf[la]#?kk]jlan]#Ageemfalq#Rj]Yle]fl Dg]lYYd#?d[g`gd#Qqf\jgge Dgj]fkak[`#@]`Yf\]dC^^][l DN?.DNI.DM@?,gn]jd]_ Dgj]fkak[`#Nkq[`aYljak[`]#?^\]daf_ Dgj]fkak[`#Nkq[`aYljak[`#A]fljme Dgj]fkak[`#Nkq[`aYljak[`]#Idafa]c Dmddlae]#CimanYd]fl E]]kl]dabc]#E]rgf\`]a\krgj_ E]f]]kcmf\a_]#Fmdhn]jd]faf_kgj_YfakYla]#af#\]#P]_ag Fg_]j#@]jg]hkgf\]joabk F]jkl]d#Cehgo]je]fl#CjnYjaf_k\]kcmf\a_`]a\ Fa_`#Gfl]fkan]#AYj]# 'Qla[`laf_(#FYjegfakYla]#IoYdal]alkZ]ggj\]daf_#af#\]#Xgj_k][lgj F]l#La]mo]#U]jc]f F]Ydl`#g^#l`]#LYlagf#Mml[ge]#Q[Yd]k FmeYf#P]kgmj[]#KYfY_]e]fl Gfl]jf]#@]roYj]f#Ageeakka] Gfl]_jYYd#@]d]a\kgn]jd]_ Gf^gjeYla]#]f#Ageemfa[Yla]l][`fgdg_a] Gf^gjeYla]kqkl]]e#Dgj]fkak[`]#Xgj_ Gf\ana\m]]d#Dgj]fkak[`#@]`Yf\]d]^^][l Gfkh][la]#nggj#\]#E]rgf\`]a\krgj_

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


GNE# GQJ# GQM# GR# GXX# IC@G# # IKQ# J?A# JEEX# JJD# JTE# K@M# KA# KB# KB# KBM# KBP# K]laEE# KGX# KH@N# KR# KTM# KX# K&K# LCL# LFA# LGDN# LKY# LMGQ# LNM# LT?# LTRX# LTX?# LTXB# LXY# M@S# MEEr# MN#

# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

Gfl]fka]n]#Nkq[`aYljak[`]#E]rafkZ]`Yf\]daf_ Gf^gjeYla]k]jna[]#J]flak Gfl]jfYlagfYd]#Mj_YfakYla]#nggj#QlYf\YYj\akYla] Gf^gjeYla]#R][`fgdg_a] Gfl]fka]n]#Xgj_#Xma\dYj]f IdYfll]nj]\]f`]a\+#C^^][l+#coYdal]al#]f#n]ada_`]a\#nYf#rgj_+## @]\jab^keYla_#o]jc]f#]f#GffgnYla] IoYdal]al#KYfY_]e]fl#Qqkl]]e J]flak#?Yfe]d\k]jna[]#]f#Ajakak\a]fkl JYf_\mja_]#EEX Jm[Yk#Jaf\]Zgge^gf\k Ja[`l#T]jklYf\]dabc#E]`Yf\a[Yhl]f Ka\\]dZYYj#@]jg]hkgf\]joabk K]\ak[`#A]fljme K]\ak[`]#Ba]fkl KYfY_]e]fl#B]n]dghe]fl Kmdla\ak[ahdafYaj#Mn]jd]_ Kmdla\ak[ahdafYaj]#Pa[`ldabf K]\ak[`#]lak[`]#lg]lklaf_k[geeakka]#nggj#\]#__r K]d\af_#Gf[a\]fl]f#af#\]#Xgj_ K]]jbYj]fZ]d]a\khdYf KYfY_]e]fll]Ye KYYlk[`Yhh]dabc#T]jYfloggj\#Mf\]jf]e]f K]\]r]__]fk[`Yh Ka\\]d]f#]f#KYYlj]_]d]f L]\]jdYf\k]#Lgje LgjeYla]n]#Fmakn]klaf_k#Agehgf]fl L]\]jdYf\k#Gfklalmml#Dgj]fkak[`]#Nkq[`aYlja]#]f#Nkq[`gdg_a] L]\]jdYf\k]#K]\]\af_af_kYmlgjal]al L]lo]jc#Mf\]jkl]mf]f\#Gf^gjeYla]#Qqkl]]e LYlagfYYd#Njg_jYeeY#Mm\]j]frgj_ L]\]jdYf\]#T]j]fa_af_#nggj#?mlake] L]\]jdYf\k]#T]j]fa_af_#nggj#Rg]ra[`l`gm\]jk#af#Xgj_afkl]ddaf_]f L]\]jdYf\k]#T]j]fa_af_#nYf#Xa]c]f`makYhgl`]c]jk L]\]jdYf\k]#T]j]fa_af_#nYf#Xa]c]f`mak#Baj][l]mj]f L]\]jdYf\k]#Xgj_Ymlgjal]al Mn]jZjm__af_kmalc]jaf_# Mh]fZYj]#E]]kl]dabc]#E]rgf\`]a\krgj_ Mm\]j]fhkq[`aYlja]

MNI# # MP# # MTB@# # N?A# # NBA?# # NE@# # NFQ# # NGX# # NM# # NMF# # NNN# # NNT@# # NTN# # NUA# # N&A# # O0+1+2+3# # PEMT# # PG@U# # PG&C# # PM?# # PMA# # PMK# # PSE# # Pn@# # PnA# # PnR# # Q?U# # Q@E# # QJ?# # QMT?# # QNT# # QUMR# # QUX# # R@Q# # RIX# # RLM# # SKAE# # SAN# # T?GM# #

MfY^`Yfc]dabc]#N]jag\a]c]#IoYdal]alklg]lk#nYf#\]#EEr Mf\]jf]eaf_kjYY\ MhfYe]n]jnYf_]f\]#B]]dlab\Z]`Yf\]daf_ NdYYlk]dabc]#?\na]k[geeakka] NdYf+#Bg+#A`][c+#?[l N]jkggfkE]Zgf\]f#@m\_]l Njg^]kkgj#F]qeYfkkla[`laf_ N]fkag]f#Gf#Xa[`l N]jkgf]]d#]f#Mj_YfakYla] NjYclabc#Mf\]jkl]mf]j#FmakYjlk]f Njgnaf[aYd]#Njg_jYeeY_jg]h#Nkq[`glak[`]#klggjfakk]f#Ejgfaf_]f Ngda#Nkq[`aYlja]#T]jklYf\]dabc]#@]h]jcaf_ NYla|fln]jljgmo]fkh]jkggf Nja[]UYl]j`gmk]Aggh]jk NdYffaf_#&#Agfljgd C]jkl]+#lo]]\]+#\]j\]+#na]j\]#coYjlYYd PgZ#Ea]d#Mf\]jrg]ckTV_dbe^ P]_agfYd]#Gfkl]ddaf_#nggj#@]k[`]je]f\]#Uggfngje]f Paka[g,Gfn]flYjakYla]#]f#CnYdmYla] Pgmlaf]#Mml[ge]#?kk]kke]fl P]_agfYYd#Mhd]a\af_k#A]fljme Pgmlaf]#Mml[ge]#K]Ykmj]e]fl Pabck#Sfan]jkal]al#Ejgfaf_]f PYY\#nYf#@]klmmj PYY\#nYf#AgeeakkYjakk]f PYY\#nYf#Rg]ra[`l Qg[aYYd#?_g_ak[`#U]jc Qla[`laf_#@]f[`eYjc#EEr Q]jna[]#J]n]d#?_j]]e]fl Qla[`laf_#MhnYf_#&#TYcYfla]#?mlakl]f Qg[aYYd#Nkq[`aYljak[`#T]jhd]]_cmf\a_] Qlj]f_l`k+#U]Ycf]kk]k+#Mhhgjlmfala]k+#Yf\#R`j]Ylk Q[`]a\]f#nYf#Ugf]f#]f#Xgj_ R]j#@]k[`accaf_kl]ddaf_ Rghcdafak[`]#Xgj_ L]\]jdYf\k]#Mj_YfakYla]#nggj#Rg]_]hYkl#LYlmmjo]l]fk[`Yhh]dabc#Mf\]jrg]c Sfan]jkalYaj#K]\ak[`#A]fljme#Ejgfaf_]f PricewaterhouseCoopers Sfan]jkalYaj#A]fljme#Nkq[`aYlja] Accountants N.V. T]jhd]]_`makYjlk#af#ghd]a\af_ Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

02


T?P# TGK# TKQ# TME# TNR# TTR# TUQ# TLL# TSKA# T&T# U?P# UCRCL# U^X# UE?# UG?# UIAX# UII# UJX## UKAX# UKM# ULR# UXL# UMNR# UMP# URXa# UU?# X?R# XaXg# XL# XNM# XXN# XTU#

# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #

T]jcdYjaf_#YjZ]a\kj]dYla] T]ada_#Gf[a\]fl]f#K]d\]f T]ada_`]a\k#KYfY_]e]fl#Qqkl]]e T]jcdYjaf_#Melj]fl#E]\jY_ Tgdd]\a_#NYcc]l#R`mak T]jhd]_af_#T]jrgj_af_#R`mak 'Kafakl]ja]#nYf(#Tgdck_]rgf\`]a\+#U]drabf#]f#Qhgjl T]jkdYnaf_krgj_#Lggj\#L]\]jdYf\ Tjab]#Sfan]jkal]al#K]\ak[`#A]fljme T]jhd]_af_#]f#T]jrgj_af_ U]l]fk[`Yhh]dabc]#?\na]kjYY\ U]l]fk[`Yhh]dabc#L]lo]jc UYYjZgj_^gf\k#nggj#\]#Xgj_k][lgj U]jc`]jnYllaf_#E]\]]dl]dabc#?jZ]a\kgf_]k[`acl]f 'U]l(#U]jc#]f#Gfcge]f#fYYj#?jZ]a\kn]jeg_]f U]l#IdY[`lj][`l#Ada|fl]f#Xgj_k][lgj UYjel]cjY[`lcghh]daf_ U]l#JYf_\mja_]#Xgj_ U]l#K]\]r]__]fk[`Yh#Ada|fl]f#Xgj_afkl]ddaf_]f U]l#KYYlk[`Yhh]dabc]#Mf\]jkl]mfaf_ U]l#Lgje]jaf_#Rghafcge]fk Uggfrgj_#L]\]jdYf\ U]l#Mh]fZYYjeYcaf_#mal#NmZda]c]#ea\\]d]f#_]"fYf[a]j\]#Rghafcge]fk# U]l#Rg]dYlaf_#Xgj_afkl]ddaf_]f U]l#Rg]dYlaf_#Xgj_afkl]ddaf_]f Uggf,.U]jc_]e]]fk[`Yh#?mlakl]f Xgj_Y\na]kl]Yek Xa[`lZYj]#Xgj_ Xgj_n]jr]c]jYYjk#L]\]jdYf\ Xgj_hjg[]kgf\]jkl]mfaf_ Xgj_#XoYYjl]#NYcc]ll]f Xgj_n]jr]c]jaf_ko]l#

DGESPCL 0## 1## 2##

Hmja\ak[`]#kljm[lmmj#J]flak# # Mj_Yfg_jYe#h]j#20,01,1/03# Mj_Yfg_jYe#J]flak#P]k]Yj[`

#

R?@CJJCL 0# 1# 2# 3# 4#

QYe]fkl]ddaf_#PYY\#nYf#@]klmmj QYe]fkl]ddaf_#PYY\#nYf#Rg]ra[`l# FgfgjYjame#'na[],(nggjrall]j#]f#d]\]f#PYY\#nYf#Rg]ra[`l DafYf[a|d]#c]f_]lYdd]f Cfc]d]#c]f_]lYdd]f#e]l#Z]lj]ccaf_#lgl#\]#^gjeYla]

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

03


9XY[PVT]!YPPaeTab[PV!-+,0 0#

?fYdqk]#af[a\]fle]d\af_]f

1#

TjY_]f#_]kl]d\#naY#\]#af^gjeYla]k]jna[]+#1/04

2#

Gfl]jf]#hj]klYla],af\a[Ylgj]f.\Yk`Zgj\

3#

J]flak#P]k]Yj[`#hmZda[Yla]k#1/04

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

04


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden


9XY[PVT!-!MaPVT]!VTbcT[S!eXP!ST!X]U^a\PcXTbTaeXRT'!-+,0 # # #

1% 1% 33%

#

01%

24% 31%

31%

77%

10% M a P V T ] ! W d [ _ e T a [ T ] T a b! X ] c T a ] !6 !4 +

# # #

FmdhnjYY_.YYfZg\#<#20 Salrg]c]f#<#0/ Tggjda[`laf_keYl]jaYYd#<#3/

Ma P V T ] !W d [ _ e T a [ T ] T a b! T g c T a ] !6 !- + ,

# # # #

01%

M a P V T ] !b c d S T ] c T ]*b R W ^ [ X T a T ] !6 !, 2 +

FmdhnjYY_.YYfZg\#<#74 Salrg]c]f#<#0/7 Tggjda[`laf_keYl]jaYYd#<#3 U]jc.ghd]a\af_.klY_]#<#3

# #

8%

Salrg]c]f#<#1/ U]jc.ghd]a\af_.klY_]#<#04/

0%

/%

13% 27%

3/% 62%

1%

4/%

41%

M a P V T ] ! e P ] ! _ P c X v ] c T ] !6 ! / , 0

# # # #

FmdhnjYY_.YYfZg\#<#046 Salrg]c]f#<#1/6 Tggjda[`laf_keYl]jaYYd#<#/ Xgj_cgkl]f#<#38#

Ma P V T ] !e P ] !U P \ X [ X T !T ] !] P P b c T ] !6 !-. 0

# # #

FmdhnjYY_.YYfZg\#<#8/ Salrg]c]f#<#004 Xgj_cgkl]f#<#1/#

M a P V T ] !e P ] !^ e T a X V ! 6! 2 + 4

# # # #

FmdhnjYY_.YYfZg\#<#8 Salrg]c]f#<#41/ Xgj_cgkl]f#<#0/# U]jc.ghd]a\af_.klY_]#<#06/ PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

14


9XY[PVT!.!A]cTa]T!_aTbcPcXT(X]SXRPc^aT]*SPbWQ^aS IcVdeReZV)Z_UZTRe`c = U U T R c *Z f P [ X c T X c ! T ] ! e T X [ X V W T X S !e P ] !i ^ a V

-*## KVda`_daVcTV_eRXV#KHF#&g``c^VeZ_X#V_#g``c)#V_# _R^VeZ_X' -*.## OVcR_UVcZ_X#Vc_de#ac`S]V^ReZV\#&KHF' -*/## OVcR_UVcZ_X#Z_#YVe#URXV]Z[\d#Wf_TeZ`_VcV_#gR_#UV#T]Zs_e# &KHF' -*0## OVcR_UVcZ_X#Z_#UV#VcgRcV_#\hR]ZeVZe#gR_#]VgV_#gR_#UV# T]Zs_e#&KHF' -*3## =c`a)`fe#&gc`VXeZ[UZXV#VV_kZ[UZXV#SVsZ_UZXZ_X#gR_#UV# SVYR_UV]Z_X' -*4## L`^ReZdTYV#dTcVV_Z_X#&_R#RR_gR_X#`a_R^V#V_#SZ[# ]R_XUfcZXV#`a_R^V' -*--##<`_eZ_fteVZe#SZ[#gVcR_UVcZ_X#gR_#k`cXd``ce6#eZ[UZX#T`_eRTe# _R#`_ed]RX# " OVZ]ZXYVZU -*## OBF#`ag`]XZ_X#deRefd .*2## B_TZUV_eV_#T]Zs_eV_k`cX .*-## KZdZT`g`]]V#Z_eVcRTeZV#efddV_#^VUZTZ[_V_ .*.## B_W`c^ReZV#`gVc#SZ[hVc\Z_XV_#gR_#^VUZTZ[_V_

C[P]ccTeaTST]WTXS

9TSaXYUb\PcXV!fTaZT]

-*## 9R_hVkZXYVZU#RTefVV]#SVYR_UV]a]R_

-*## 9R_eR]#RWXVd]`eV_#=;<nd

/*/## B_W`c^VU#T`_dV_e#&XV^VeV_#fZe#U`ddZVc' /*2## >gR]fReZV#gR_#SVXV]VZUZ_Xd)#V_#SVYR_UV]a]R__V_

.*## Ic`UfTeZgZeVZe#^VUVhVc\Vcd /*## B_UZcVTeV#eZ[U

.*## MVgcVUV_YVZU#\]R_eV_

0*## G`#dY`h

/*## OVcSVeVca]R__V_#RR_hVkZX

1*## OVckfZ^aVcTV_eRXV(#^V]UZ_XdWcVbfV_eZV

0*## PRTYeeZ[UV_#+#hRTYe]Z[deV_

2*## CRRcXVdacV\\V_

/*0## DVfkVgcZ[YVZU#&[RRc]Z[\d#<J#eYVc^`^VeVc7#R_UVcd#KHF'

3*## Ic`UfTeZV

/*1## OVcgf]]Z_X#k`cXhV_dV_#&cRaa`ceRXV#fZe#KHF' /*3## <`_eZ_fteVZe#gR_#k`cX6#X`VUV#dR^V_hVc\Z_X#V_# RWdeV^^Z_X#^Ve#\VeV_aRce_Vcd#&<J'# /*5## P``_)#V_#]VVW`^deR_UZXYVUV_6#T]Zs_e``cUVV]#`gVc#h``_)# V_#]VVW`^deR_UZXYVUV_ /*-,#9UVbfReV#SV[VXV_Z_X#U``c#UV#Yf]agVc]V_Vc#&KHF' /*--##9UVbfReV#Z_W`c^ReZVgVcdecV\\Z_X#U``c#Yf]agVc]V_Vcd# &KHF'

4*## IVcd`_V]V#+#^ReVcZs]V#SfUXVeeV_ 5*## =;<nd#^Ve#8#-,,#URXV_#Z_RTeZgZeVZe

.*0## =hR_X#V_#UcR_X .*1## IVcTV_eRXV#dftTZUVd(#XVcV]ReVVcU#RR_#Z_deV]]Z_XdXc``eeV# &R^Sf]R_e'

#A ] ] ^ e P c X T

-*## 9R_eR]#]`aV_UV#`_UVck`V\decR[VTeV_ .*## 9R_eR]#VieVc_V#afS]ZTReZVd /*## 9R_eR]#VieVc_V#acVdV_eReZVd 0*## 9R_eR]#dfSdZUZVd 1*## ;fUXVefZeafeeZ_X#

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

2+


9XY[PVT!/!DT]cXb!JTbTPaRW!_dQ[XRPcXTb!-+,0 ?V"aVbc`_V_"XV^Rb\VVbU"^Vd"VV_"'"jZ[_"gVb\jRR^"SZ["FV_dZc+

!! H a ^ T U b R W a X U c T ] !* !S X b b T a c P c X ^ ] b

!!

E]joaf#@dYfc]nggjl)-#N`qka[Yd#h]j^gjeYf[]#Yf\#[g_falagf#af#gd\]j#Y\mdlk#oal`#Yf\#oal`gml# \]e]flaY-

!!

!!

H d Q [ X R P c X T b!X ] !W T c ! F T S T a [ P ] S b! *!H d Q [ X R P c X ^ ] b! X ] !< d c R W

!! !! !! !!

!!

!!

!!

!!

!!

!!

!! !!

\]#@g]j#K#]f#If]_l]jaf_#P)-#Q]ckm]d]#Zabo]jcaf_]f#nYf#Yflahkq[`gla[Y-#Lmjk]#Y[Y\]eq#EEr+# ]\ala]#0+#1/04\]#@g]j#K#]f#If]_l]jaf_#P)-#?flahkq[`gla[Y#]f#k]ckm]d]#Zabo]jcaf_]f-#Nkq^Yj+#fmee]j#1+# 1/04P-#@jm__]eYf+#U-#T]daf_+#D-#TYf#Ck+#H-#OmYc+#D-#La]f`mak+#P-#If]_l]jaf_)-#F]l#]af\]#nYf# k[`arg^j]fa]#af#L]\]jdYf\=#Lg_#]n]f#fa]l-#Rab\k[`ja^l#nggj#Nkq[`aYlja]#46#'1/04(#4+#260#w#261K-K-H-#Jafkr]f+#F-#If]_l]jaf_)#]f#P-#nYf#U]klj`]f]f#'1/04(-#tBgcl]j+#ac#cjab_#`]e#fa]l#e]]j# ge`gg_u#058,064-#Gf9#P-#nYf#U]klj`]f]f+#R-#nYf#E]d\]j+#H-D-D-#J]cc]jc]jc]j+#H-F-K-#Q[`]dd]fk# 'j]\Y[la](;#NjgZd]]e_]gja|fl]]j\#\]fc]f#af#\]#^YjeY[gl`]jYha]+#]]f#hjYclabcZg]c#nggj#\]# ghd]a\af_#]f#\]#cdafa]c-#Sal_]n]jab#B]#Rab\kljggeC-N-#nYf#\]j#JYYf+#?-K-#Cmk]j)+#G-B-A-#nYf#@Ydcge)-#B]#kg[aYd]#\ae]fka]#nYf#coYdal]al#nYf#d]n]f# Zaff]f#\]#rgj_#nggj#ngdoYkk]f]f#e]l#Ymlake]-#Ro]]#"dgkg"k[`]#[gf[]hl]f#e]l#hjYclak[`]# lg]hYkkaf_]f-#Rab\k[`ja^l#nggj#Nkq[`aYlja]#46'1/04(6+#415,42/ TYf#\]j#Kggd]f#?+#Kmd\]j,NYYdeYf#K)+#Ugdl]jk#E)#]f#If]_l]jaf_#P)-#B]hglYflahkq[`gla[Y# Yffg#1/04+#]]f#n]jhd]]_cmf\a_#h]jkh][la]^-#E]hmZda[]]j\#af#fmjk]#Y[Y\]eq#EEr+#]\ala]#0+# 1/04M\]ll]#@jmafk#]f#QoYffq#Ij]e]j)-#Jac]$#Bggj#ea\\]d#nYf#Qg[aYd#K]\aY#[gflY[l]f#malZj]a\]f# ]f#gf\]j`gm\]f#Ydk#R@Qu]j-#Gk#\al#o]fk]dabc=#EEr]l#U]l]fk[`Yhh]dabc+#HYYj_Yf_#08+#fmee]j#0+# 4,03Pacmk#If]_l]jaf_)+#Igj#Qhg]dkljY)+#A]]k#@YYk)#]f#DjYfc#nYf#Ck-#JmjYka\gf#]]f#fa]mo]#ghla]#Zab# \]#Z]`Yf\]daf_#nYf#hkq[`gk]f#]f#ZahgdYaj]#\]hj]kka]-#EEr]l#U]l]fk[`Yhh]dabc+#HYYj_Yf_#08+# fmee]j#0+#04,12Qa_ja\#Na]faf_)+#Ddggj#K-#FYYab]j,PmkcYeh+#QYZaf]#K-H-K-#QljYmk+#Na]l]j#?-#\]#EjY]^^+#N]l]j# E-K-#Kgd-#Paka[g[geemfa[Yla]#gn]j#]jfkla_]#Zabo]jcaf_]f#nYf#_]f]]kea\\]d]f9#C]f#^g[mk# gh#Baj][l#F]Ydl`[Yj]#Njg^]kkagfYd#Ageemfa[Ylagfk-#EEr]l#U]l]fk[`Yhh]dabc+#HYYj_Yf_#08+# fmee]j#0+#63,74C-K-#IggheYfk)+#K-F-#C]f\]ZYc)+#F-#If]_l]jaf_)+#Q-#AYkl]d]af)-#RjYmeYZ]`Yf\]daf_#Zab# hYla|fl]#e]l#hkq[`glak[`]#klggjfak-#E]nYdkZ]k[`jabnaf_-#Rab\k[`ja^l#nggj#Nkq[`aYlja]#46#'1/04(# 7+#5/3#w#5/6 Jg`mak)-#Kg]adabc]#ege]fl]f#e]l#dYkla_]#e]fk]f,#_]khj]c#e]l#rgj_eab\]jk-#QN,lab\k[`ja^l# nggj#Qg[aYd]#Nkq[`aYlja];#bYYj_Yf_#23#bmfa#1/04+#hY_-#04,11Jg`mak)-#B]#o]_#l]jm_#mal#\]#_ggl#ak#]]f#dYf_]-#Rab\k[`ja^l#nggj#P]`YZadalYla];#12]#bYYj_Yf_+#

fmee]j#3#\][]eZ]j#1/03+#hY_-#44,45G-#nYf#JY]j]+#E-#Jg`mak)-#Qa_fYd]f#lg]fYe]#n]joYj\]#h]jkgf]f-#Rab\k[`ja^l#NYjla[ahYla]#]f# F]jkl]d##13]#bYYj_Yf_#bmfa#1/04+#hY_-#3,0/Bgj`gml#K)+#@Ykl]f#K+#@gkk[`]j#P#]f#Q[`]^^]jk#K-#@]Ymlq#gj#@]Ykl=#C]f#hkq[`ge]ljak[`# gf\]jrg]c#fYYj#\]#@g\q,AYl`]pak#Q[`YYd+#e]]lafkljme]fl#nggj#da[`YYekoYYj\]jaf_-# Rab\k[`ja^l#nggj#TYcl`]jYha];#2#k]hl]eZ]j#1/04+#fj-#3+#15,21Qlqfc]#AYkl]d]af)+#C\al`#H-#Ja]eZmj_)+#Hadd#Q-#\]#JYf_]+#DjYfc#B-#nYf#Ck+#Cdd]f#Takk]j+#?f\jz# ?d]eYf+#Pa[`Yj\#@jm__]eYf#]f#F]f\]jacmk#If]_l]jaf_)-#BYdaf_#km}[a\][ab^]j#fY#]]jkl]# hkq[`gk]-#L]\#Rab\k[`j#E]f]]kc\-#1/04;0489?8454+#20#\][]eZ]j#1/04-

H d Q [ X R P c X T b! X ] !W T c != ] V T [ b! *!H d Q [ X R P c X ^ ] b! X ] != ] V [ X b W

!! !!

!!

!!

!!

!!

!!

!!

P]_]deYla_#n]jk[`abf]f#L]\]jdYf\k]#n]jka]k#nYf#gf\]jklYYf\]#Yjlac]d]f#af#\]#EEr]l# U]l]fk[`Yhh]dabcKYjjal#I-#\]#@g]j+#Qlqfc]#AYkl]d]af)+#Bmjc#Ua]jkeY+#PgZ]jl#?-#Q[`g]n]jk+#Yf\# F]f\]jacmk#If]_l]jaf_)-#R`]#DY[lk#?Zgml#Q]pmYd#'Bqk(^mf[lagf#af#Q[`argh`j]faY9#?f#Mn]jna]o# g^#Adafa[Yddq#P]d]nYfl#Daf\af_k-#Q[`argh`j]faY#@mdd]laf-#ChmZ#Y`]Y\#g^#hjaflaf_-#D]ZjmYjq#14+# 1/04Qlqfc]#AYkl]d]af)+#C\al`#H-#Ja]eZmj_)+#Hadd#Q-#\]#JYf_]+#DjYfc#B-#nYf#Ck+#Cdd]f#Takk]j+#?f\jz# ?d]eYf+#Pa[`Yj\#@jm__]eYf+#F]f\]jacmk#If]_l]jaf_)-#Qma[a\]#af#P][]fl#Mfk]l#Nkq[`gkak# P]nakal]\9#Qa_fa"[Yfl#P]\m[lagf#g^#Qma[a\]#PYl]#gn]j#l`]#JYkl#Rog#B][Y\]k#w#?#P]hda[Ylagf# Qlm\q#g^#Y#Bml[`#Gf[a\]f[]#Ag`gjl-#Ndgk#Mf]#01#bmf]#1/04BdYZY[,\]#JYf_]#HH+#@Yak#J)+#nYf#Ck#DB+#Takk]j#@E+#P]afafc#C)+#@Ycc]j#@)+#nYf#\]f#F]mn]d#CP+# ?d]eYf#?+#If]_l]jaf_#F)-#C^"[Y[q#g^#ZadYl]jYd#j]h]lalan]#ljYfk[jYfaYd#eY_f]la[#klaemdYlagf# ^gj#f]_Ylan]#kqehlgek#g^#k[`argh`j]faY9#j]kmdlk#g^#Y#emdla[]fl]j#\gmZd],Zdaf\#jYf\gear]\# [gfljgdd]\#ljaYd-#Nkq[`gd#K]\-#1/04#?hj;34'5(90152,64BdYZY[,\]#JYf_]#HH+#Ja]eZmj_#CH)+#@Yak#J)+#P]fc]f#PH+#If]_l]jaf_#F)+#?d]eYf#?-#C^^][l#g^# jRKQ#gf#ZjYaf#Y[lanYlagf#af#k[`argh`j]faY#oal`#f]_Ylan]#kqehlgek9#?#hjgg^,g^,hjaf[ahd]# klm\q-#Q[`argh`j#P]k-#1/04#Hmd#03Ja]eZmj_#CH)+#BdYZY[,B]#JYf_]#HH+#@Yak#J)+#If]_l]jaf_#F)+#nYf#Mk[`#KH+#P]fc]f#PH+#?d]eYf# ?-#L]mjYd#[gjj]dYl]k#g^#hdYffaf_#h]j^gjeYf[]#af#hYla]flk#oal`#k[`argh`j]faYwj]dYlagfk`ah#oal`# YhYl`q-#Q[`argh`j#P]k-#1/04#D]Z;050'1,2(9256,64C\al`#H-#Ja]eZmj_)+#Qlqfc]#AYkl]d]af)+#DjYfc#nYf#Ck+#?ff]#L]]dlb]#Q[`gdl],QlYd]f`g]^+#E]jYj\# nYf#\]#Uadda_]+#F]f\]jacmk#Qea\+#Cdd]f#Takk]j+#F]f\]jacmk#If]_l]jaf_)+#Pa[`Yj\#@jm__]eYf-# R`]#Nkq[`gkak#P][]fl#Mfk]l#Ejgfaf_]f#Qmjn]q#'NPMEP,Q(9#\]"faf_#\ae]fkagfk#Yf\#aehjgnaf_# gml[ge]k#af#]Yjdq#hkq[`gkak-#EEr]l#U]l]fk[`Yhh]dabc+#HYYj_Yf_#08+#fmee]j#0+#45,62?ff]eYja]#NK#Qla]c]eY)+#Naglj#H#Om]])+#KYjaYf#B]l`e]jk)+#C\oaf#P#nYf#\]f#F]mn]d+#H]jg]f# C#P]\e]ab]j)+#I]]k#Pa]lZ]j_)+#B]ffak#QlYfl+#KYjl]#QoYjl)+#HYYh#nYf#U]]_`]d+#?f\jz#?d]eYf+# BYof#G#T]dda_Yf+#PgZ]jl#?#Q[`g]n]jk+#Pa[`Yj\#@jm__]eYf+#Jak]ll]#nYf#\]j#K]]j)-#C^^][lan]f]kk# PricewaterhouseCoopers Accountants N.V. Yf\#[gkl,]^^][lan]f]kk#g^#[g_falan]#Y\YhlYlagf#ljYafaf_#Yk#Y#fmjkaf_#afl]jn]flagf#af#dgf_,l]je# Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

2,


!!

!!

!! !!

!!

j]ka\]flaYd#hYla]flk#oal`#k]n]j]#e]flYd#addf]kk9#klm\q#hjglg[gd#^gj#Y#jYf\gear]\#[gfljgdd]\# ljaYd-#RjaYdk#1/04+#05938TYf#Mgkl]j`gml#@+#Qeal#D+#IjYZZ]f\Ye#J+#AYkl]d]af#Q)+#QlYjaf_#?@+#nYf#\]j#EYY_#K-# K]lY[g_falan]#ljYafaf_#^gj#k[`argh`j]faY#kh][ljme#hYla]flk9#Y#e]lY,YfYdqkak#gf#gml[ge]# klm\a]k-#Nkq[`gd#K]\-#1/04#Hmd#1/90,00AYkl]d]af#Q)+#@jm__]eYf#P+#BYna\kgf#J+#nYf#\]j#EYY_#K-#Aj]Ylaf_#Y#Qmhhgjlan]#Cfnajgfe]fl9# N]]j#Qmhhgjl#Ejgmhk#^gj#Nkq[`gla[#Bakgj\]jk-#Q[`argh`j]faY#@mdd]laf+#ngdme]#30;#Gkkm]#4# k]hl]eZ]j#1/04Fgg^\klmcc]f#af#Zg]c]f AYkl]d]af#Q)+#Qdgg^^#A+#TYf#@g]c]d#J+#Jg`mak#E)-#'1/04(#Fgg^\klmc#89#Qla_eYlak]jaf_#Zaff]f# \]#`mdhn]jd]faf_-#Gf9#TYf#U]]_`]d#H+#Nabf]fZgj_#K+#TYf#tl#T]]j#H+#Ia]f`gjkl#E-#FYf\Zg]c# \]kla_eYlak]jaf_#Zab#hkq[`ak[`]#YYf\g]faf_]f-#@mkkme9#Sal_]n]jab#Agmlaf`g;#1/04Qhgjl]d#C#&#AYkl]d]af#Q)#'1/04(#Fgg^\klmc#009#K]]lafkljme]fl]f#nggj#h]jkggfdabc#]f# hmZda]c#kla_eY-#Gf9#TYf#U]]_`]d#H+#Nabf]fZgj_#K+#TYf#tl#T]]j#H+#Ia]f`gjkl#E-#FYf\Zg]c# \]kla_eYlak]jaf_#Zab#hkq[`ak[`]#YYf\g]faf_]f-#@mkkme9#Sal_]n]jab#Agmlaf`g;#1/04-

K c d S X T b !f P P a!D T ] c X b !X ] !V T _ P a c X R X _ T T a S !W T T U c

!!

\]#@gfl#N?+#nYf#\]f#@]j_#BN+#nYf#\]j#Td]m_]d#@K+#\]#Pggk#A+#\]#Hgf_`#?+#nYf#\]j#EYY_# K+#nYf#Kaff]f#?-#Nj]\a[lan]#nYda\alq#g^#l`]#RjYmeY#Q[j]]faf_#Om]klagffYaj]#af#\]l][laf_# hgkl,ljYmeYla[#klj]kk#\akgj\]j#af#hYla]flk#oal`#hkq[`gla[#\akgj\]jk-#@j#H#Nkq[`aYljq-#1/04# KYq;1/5'4(93/7,05-

PricewaterhouseCoopers Accountants N.V. Uitsluitend voor identificatiedoeleinden

$$!(>7?D4

2-


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.